We are seeing developers reducing their condo prices to make the sale. Two examples I've noticed in the past week.
1) Tuscany Village - For months, their full page ad in the Times Colonist stated how units have been held at June 2006 prices. This past week, in celebration of their
on-site show suite, prices have been "temporarily" reduced. We'll see how "temporary" those prices are! Did anyone check out what the discounts were like?
2) Reflections in
Langford - The website for
Reflections has prices starting at $299,900. For months, the lowest priced unit on MLS for the development was $289,900. Today, there is a unit on
MLS for $279,900. That's a $20,000 discount. Aren't you glad you didn't buy when it was first released! Won't you be glad in the future when you look back to your decision today to wait a little longer!
Any other discounted condos out there? I'm betting we'll see discounts at
Carey Hill Walk,
McConnell Place, the
Juliet, and others. Just you wait...
I received a glossy Bob Rennie marketing brochure for "The Falls" in the mail today. Prices are going down. The website for the development states that residences are $389000 to $499000. The brochure states that they are priced from $384000. Only a $5000 difference, but it's a lowering of prices, not an increase. 
