Great news! Read the Federal Government's Announcement here
16-09-2024
Federal Government Changes to Insured Mortgages
Lower Mainland housing weakness continues through August by Bryan Yu, Chief Economist, Central One Economics HIGHLIGHTS: -Lower Mainland home sales remained low in August -Full-time employment drove hiring contraction in B.C. -Unemployment level rose to 5.8 percent in August -Trade deficit increases The struggling Lower Mainland housing market failed to gain any traction in August even as interest rates continued to slip. MLS home sales remained low in August even as interest rates continued to slip. MLS Read more here
07-09-2024
Real Estate Market Update
News Release from Greater Vancouver Realtors FOR IMMEDIATE RELEASE: Sellers await buyers’ return after quieter summer market VANCOUVER, BC – September 4, 2024 – Home sales registered on the MLS® in Metro Vancouver1 remained below their ten-year seasonal averages in August as summer holidays come to a close. Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 1,904 in August 2024, a 17.1 percent decrease from the 2,296 sales recorded in August 2023. This total was also 26 percent below the 10-year seasonal average (2,572). “From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” Andrew Lis, GVR’s director of economics and data analytics said. “With that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.” There were 4,109 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2024. This represents a 4.2 per cent increase compared to the 3,943 properties listed in August 2023. This total was 1.7 per cent below the 10-year seasonal average (4,179). The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,812, a 37 percent increase compared to August 2023 (10,082). This total is also 20.8 percent above the 10-year seasonal average (11,432). Across all detached, attached and apartment property types, the sales-to-active listings ratio for August 2024 is 14.3 percent. By property type, the ratio is 9.6 percent for detached homes, 18 percent for attached, and 17.2 percent for apartments. Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months. “Buyers’ hesitancy to enter the market, paired with new listing activity on the part of sellers that is in line with historical averages, has allowed inventory to accumulate for a number of months and has moved the market firmly into balanced conditions,” Lis said. “With the Bank of Canada’s decision to reduce the policy rate today by another quarter percentage point, and with September being a month that typically sees an increase in sales from a seasonal perspective, the fall market is set up to bring more buyers off the sidelines. We will watch the upcoming September data to see whether they decide to show up.” The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,195,900. This represents a 0.9 percent decrease over August 2023 and a 0.13 percent decrease compared to July 2024. Sales of detached homes in August 2024 reached 509, a 13.9 percent decrease from the 591 detached sales recorded in August 2023. The benchmark price for a detached home is $2,048,400. This represents a 1.8 percent increase from August 2023 and a 0.1 percent decrease compared to July 2024. Sales of apartment homes reached 1,012 in August 2024, a 20.3 percent decrease compared to the 1,270 sales in August 2023. The benchmark price of an apartment home is $768,200. This represents a 0.1 percent decrease from August 2023 and is unchanged compared to July 2024. Attached home sales in August 2024 totalled 370, a 12.3 percent decrease compared to the 422 sales in August 2023. The benchmark price of a townhouse is $1,119,300. This represents a 0.8 percent increase from August 2023 and a 0.5 percent decrease compared to July 2024. See full stats here
05-09-2024
Vancouver Real Estate Market Update
From: Greater Vancouver REALTOR®’s2024 H2 Residential Market Forecast Update Celebrate the Ws When we penned our first-half (H1) forecast for the Greater Vancouver residential market in January, our outlook called for a steady pace of sales similar to 2023 paired with modest price growth of a few percent across all market segments. Our report also made a few additional predictions1 worth revisiting as we enter the second half (H2) of 2024: READ MORE HERE
03-09-2024
Vancouver Real Estate Market Update