The Calgary Herald reports from Canada. "It was a crazy phenomenon a few months back that garnered attention across the country. But today's residential resale housing market has changed quite dramatically. It's like night and day compared to the spring."

"'Buyers have a little bit more leverage to work with now that the market has slowed and prices are coming down,' says realtor Desiree Wells. 'I think buyers are having a better negotiating tool to go in there because there's more homes to choose from. There are options out there and getting a better deal it's higher for them now than it was in the past. We're not seeing the multiple offers anymore.'"

"'A lot of the buyers are really taking their time. They see the market slowing and they're thinking if they wait another month the prices are still going to come down. With that and the influx of homes that we have on the market, of course, that pushes the prices down a little bit,' says Wells."

"'The homes have appreciated so fast,' she says. 'Now they're kind of wanting to cash out and maybe get into a bigger home.'"

"Total MLS combined residential sales dipped to 2,180 in September, a 13.35 per cent decrease from the previous month's sales of 2,516 and a 17.46 per cent decrease from September 2005 (2,641). At the same time, residential combined listings were 4,783, representing a 47.17 per cent increase over September 2005 (3,250) and an 11.99 per cent increase over the 4,271 homes listed in August."

"Kevin Clark, president of the Calgary Real Estate Board, says there is one word to describe the current Calgary housing market for prospective buyers: 'confusing.'"

"The reason the market is 'confusing' right now for buyers is because of the demographics. Listings are all over the place. Some areas have more listings than others. Some price ranges have more listings than others. As of last Thursday, 38 per cent of detached homes listed on the market had reduced their list price by an average of $25,000 and 25 per cent of listed condominiums had reduced their list price by an average of $15,000."

"'The next six months, the last quarter of 2006 and the first quarter of 2007 will be determined by the inventory levels. It is the inventory and only the inventory that we're watching,' Clark said."

"Broker Ted Zaharko says that 'buyers have become reluctant to get involved in the frenzy that has typified the city's market up until now.'"

"Richard Corriveau, regional economist for Canada Mortgage and Housing Corp. in Calgary, says today's Calgary real estate market compared to six months ago is 'night and day -- a totally different marketplace. Things change very rapidly in Calgary and the resale market isn't an exception to that rule.'"

"He says about three months ago, the local market saw the first year-over-year decline in sales in over two years and with that the market saw a $10,000 decline in average price."

"'That was the turning point in the marketplace,' says Corriveau. 'And with that, a lot of people became concerned about whether price pressures would be in a downward direction. And I think a lot of people who were postponing listing their properties, whether they be people upgrading to a new home..or speculators, they saw some concern once prices dropped that $10,000, and without risking further price collapse, they all listed their properties at the same time.'"

"He says another key defining factor is active listings, and they have increased almost three times from what they were in June and almost four times what they were earlier in the year."

"'This is good news for the buyer. They have tons of selection to choose from,' says Corriveau. 'So they won't be engaged in any bidding wars like they were earlier in the year. They can shop around, take their time. Offers no longer have to be unconditional, which is important. Overall, a market much more in favour of the buyer -- a feature that hasn't existed for some time.'"