Bank of Canada Rate Cuts Anticipated: Following a recent 50-point rate cut, further reductions are expected at the December 11th policy meeting to combat a stagnant economy marked by low inflation, weak job growth, and slow GDP. Lower rates are poised to benefit Canadians more than short-term government initiatives like the GST Holiday.
Seasonal Sales Slowdown with Positive Year-Over-Year Growth:
November Sales: 2,181 properties sold, a 28% increase from November 2023 and 34% higher than November 2022.
Sales dipped from October's peak but remain a significant improvement compared to prior years of elevated interest rates.
Total sales for 2024 are projected to slightly exceed 2023 figures, with a stronger spring market anticipated for 2025.
New Listings Decline Seasonally:
November Listings: 3,784 new properties, down 31% from October but up 10% year-over-year.
While new listings for 2024 are on track to surpass 2023 by a substantial margin, legislative measures like flipping taxes could restrict supply in 2025.
Active Listings and Market Trends:
Active listings dropped to 13,245 in November from October’s 14,477.
Inventory is expected to shrink further, ending 2024 around 10,500 active listings.
Months of supply remain steady at 6, with detached homes at 8, condos at 5, and townhomes nearing a seller's market at just over 4 months of supply.
Market Outlook: Despite recent hesitation due to economic and political uncertainties, lower interest rates and upcoming changes to mortgage rules should boost activity in 2025. Buyers may see increased competition for townhomes and condos, particularly as new housing starts decline.
The market reflects cautious optimism as we close out 2024, with pent-up demand likely to drive activity in the coming year.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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