Don't wait on the sidelines too long!
This is the message from the Royal LePage 3rd Quarter forecast and definitely falls in line with what I am seeing and feeling in the markets that I specialize in.
The recent mortgage rate drops and various recent announcements that come into effect later this year will make it a more favourable environment for First Time Buyers who generally fuel the market. The environment for Buyers at the moment is favourable as there is generally time to make decisions and some deals to be had.
I always love to hear from you. Let's chat about what this means for you in your neighbourhood. If you have friends or family thinking of making a move, I am always happy to provide any information that would be helpful.
Take care,
Michele
Greater Vancouver
The aggregate price of a home in Greater Vancouver increased a modest 0.5% to $1,233,900 year over year in the third quarter of 2024. On a quarterly basis, however, the aggregate price of a home in the region decreased 1.4%.
Broken out by housing type, the median price of a single-family detached home increased 0.4% year over year to $1,754,500 in the third quarter of 2024, while the median price of a condominium increased 0.2% to $768,600 during the same period.
The aggregate price of a home in Greater Vancouver increased a modest 0.5% to $1,233,900 year over year in the third quarter of 2024. On a quarterly basis, however, the aggregate price of a home in the region decreased 1.4%.
Broken out by housing type, the median price of a single-family detached home increased 0.4% year over year to $1,754,500 in the third quarter of 2024, while the median price of a condominium increased 0.2% to $768,600 during the same period.
“The Greater Vancouver market has remained relatively steady through the third quarter, with September showing similar patterns to the summer months. We didn’t see a significant bump in activity and prices dipped just slightly compared to the second quarter,” said Randy Ryalls, general manager, Royal LePage Sterling Realty. “The slow activity across all segments can largely be attributed to buyers sitting on the fence waiting for further interest rate reductions, without any real urgency to make a move just yet.”
Ryalls noted that the detached home segment in particular continues to experience weaker demand, and remains firmly in buyer territory today.
“Interest rates are anticipated to continue their downward trend, and while the cuts so far haven’t sparked a surge in activity, a more substantial drop – a 50 basis point decrease – could have a more noticeable impact on the market. Many potential buyers are waiting for the bottom before making their move,” added Ryalls. “With inventory continuing to grow, this is an optimal environment for those who are ready to buy – prices are holding flat and there are more properties to choose from.”
Ryalls noted that the detached home segment in particular continues to experience weaker demand, and remains firmly in buyer territory today.
“Interest rates are anticipated to continue their downward trend, and while the cuts so far haven’t sparked a surge in activity, a more substantial drop – a 50 basis point decrease – could have a more noticeable impact on the market. Many potential buyers are waiting for the bottom before making their move,” added Ryalls. “With inventory continuing to grow, this is an optimal environment for those who are ready to buy – prices are holding flat and there are more properties to choose from.”
In the city of Vancouver, the aggregate price of a home increased 0.6% year over year to $1,409,800 in the third quarter of 2024. During the same period, the median price of a single-family detached home decreased 1.1% to $2,244,400, while the median price of a condominium remained virtually flat, increasing 0.2% to $839,600.
“Between now and the end of the year, I expect activity to remain fairly flat. However, Vancouver’s market trends tend to shift quickly, and if buyer urgency and activity reverse course, I wouldn’t be surprised to see an uptick in prices as well.”
Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase 3.0% in the fourth quarter of 2024, compared to the same quarter last year. The previous forecast has been revised downward to reflect current market conditions.
“Between now and the end of the year, I expect activity to remain fairly flat. However, Vancouver’s market trends tend to shift quickly, and if buyer urgency and activity reverse course, I wouldn’t be surprised to see an uptick in prices as well.”
Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase 3.0% in the fourth quarter of 2024, compared to the same quarter last year. The previous forecast has been revised downward to reflect current market conditions.
Comments:
Post Your Comment: