News: Vancouver Real Estate Market

Typically, spring marks the peak activity season for Canada's real estate sector, as warmer weather prompts a surge in buying and selling nationwide. However, in 2024, this bustling spring market began earlier than usual and is experiencing added pressure. Aspiring homebuyers, who had been waiting on the sidelines, are now reentering the market ahead of anticipated interest rate cuts. This rush is expected to intensify competition and drive home prices even higher.

Royal LePage® projects that the overall...

Canada's aggregate home prices are predicted to grow 1% by the end of 2020 in a best-case scenario. If the restrictions remain in place through late summer, a national home price decrease of 3% is expected by the end of 2020. In the first quarter of 2020, the aggregate home price in Canada climbed 4.4% year-over-year.

Where does Greater Vancouver stand in all of this?

During the first quarter of 2020, the aggregate price of a home in Greater Vancouver decreased by 2.1% year-over-year to $1,083,166...

According to the Royal LePage House Price Survey and Market Survey Forecast released today, if the strict stay-at-home restrictions are eased during the second quarter Canada's aggregate home price could grow a modest 1% by the end of 2020, to $653,800. If the restrictions on personal movement continues through summer, the home prices to go down by 3%, to $627,900 year-over-year.

"The impact of COVID-19 on the Canadian economy has been swift and violent, with layoffs driving high levels of unemployment...