News: Vancouver Real Estate Market

Canada’s housing market could return to more normal levels of activity and price trends next year, following several years of unprecedented ups and downs. The Bank of Canada is expected to lower its overnight lending rate in the second half of 2024, which will lead to an rise in demand from sidelined buyers as they adjust to today’s lending realities. New household formation and newcomers to Canada will put additional upward pressure on prices. 

“Looking ahead, we see 2024 as an important tipping...

Canadians may see the real estate market return closer to normal in 2024, after years of unprecedented irregularity. According to the Royal LePage Market Survey Forecast, the aggregate price of a home in Canada is set to increase 5.5 per cent year over year to $843,684 in the fourth quarter of 2024, with the median price of a single-family detached property and condominium projected to increase 6.0 per cent and 5.0 to $879,164 and $616,140.

“Looking ahead, we see 2024 as an important tipping point...

The Bank of Canada is widely expected to hold its benchmark interest rate when it meets next week, but a lot has changed since October. Cooling inflation, here and south of the border, and a weakening economy have turned markets’ attention from rate hikes to rate cuts. Investors are now fully pricing in a 25 bps rate cut by April, a 75 per cent chance by March and even a 20 per cent chance by next week.

Stephen Brown, deputy chief North American economist for Capital Economics, thinks odds of a cut...

With 2023 coming to an end, a steady increase in housing inventory is offering home buyers across Metro Vancouver among the largest selection to choose from since 2021.

 The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region was 1,702 in November 2023, which was a 4.7% increase from the 1,625 sales recorded in last year in November. This was 33% below the 10-year seasonal average (2,538).

Andrew Lis, REBGV’s director of economics and data analytics said,...