I reported that in the third quarter of 2008 the average sale price of metro Moncton homes was slightly lower than a year ago. Basically you may say prices are unchanged. But there is more. Are you, Mr. or Ms. home buyer, aware that every 1/4 % cut in mortgage rates is like a $2,335 reduction in the up front cost of your home purchase?
 
A $100,000 mortgage at 6.25 % (25 year amortization) is $654.75 monthly.
Drop the rate to 6% and that same $654.75 monthly payment will amortize $102,335.
That is $2,335 extra you can use to offset high ratio mortgage insurance or closing costs such as legal fees.

Same housing prices + lower interest rates = a good time to buy.