For every challenge there is an opportunity.

Because constant news of a topsy-turvy economy has caused fearful consumers to rein in their purse strings, many retailers have responded with a range of sales incentives.

Tour companies and airlines offer tantalizing prices on vacations and car and truck dealerships are slashing prices on every new vehicle as wells as giving away vacations and X-Box 360s, whatever they are.

So, it makes perfect sense that home builders are also playing the incentives game, particularly if they hold standing inventory that is heavily financed.

During the worst of the moribund U.S. housing market, builders were offering incentives such as free Mercedes sedans and backyard swimming pools.

Not here. Yes, there were one or two fringe developers giving away free cars with each condo purchased, but meaningful incentives, such as legitimate price reductions -- some $100,000 and more on larger single-detached homes -- are hugely beneficial to cash-strapped home buyers.

Recently, I have noticed other advertised enticements, such as two-year prepaid monthly condo maintenance fees, and premium upgrade features included as standard in all homes. Here's a very interesting one. A prominent builder of single-detached homes is offering a peace-of-mind guarantee. The ad reads, we are "so confident in our current pricing, that we guarantee if the price you pay today is actually lower in one year, we'll pay you the difference in cash."

Now that's a confidence-builder. This incentive is an answer to those people who fear home prices will drop further for a while longer and have decided to delay their purchases.

Look, here's the thing. This return to a balanced market allows first-time home buyers to finally climb onto that elusive first rung of the home ownership ladder. Those young folks can take their time to assess their situations, then commit to a home that both serves their needs and meets their budget.

If you bought a home during the past, say, six months, and you are fretting that the home might have since lost some of its value, don't let this consume you. As I have said and written many times, your investment is in a home, for your family, not in some short-term commodity stock. Real estate values always come back.

I am not advocating that everyone should rush out and buy a home, but if a new home is in your plans, now might just be your time. On my office windowsill is a photo of a codger of well over 90 years young. The caption reads, "this is the young man who waited for real estate values to come down."

Peter Simpson is chief executive officer of the Greater Vancouver Home Builders' Association.