Welcome to our latest update on the Greater Vancouver real estate market with Brittany! Despite a sluggish 2023, buyers wasted no time in pursuing their real estate goals in 2024. Our observations indicate a notable surge in activity, signalling pent-up demand following the preceding year's subdued market performance. In January alone, we witnessed an uptick in sales, with a staggering 38% increase compared to the same period in 2023. That being said, those figures still remain significantly lower than the 10-year average. Moreover, the market saw a 14.5% rise in newly listed properties which is also below the 10 year average for this time of year.

Interest Rates Getting A Lot of Attention

The bustling activity in January can be attributed in part to the climate surrounding interest rates. Many individuals prioritize low rates over high home prices. We've observed a significant amount of messaging emphasizing the inverse relationship between interest rates and property prices. The prevailing argument suggests that as rates decrease, prices tend to rise which has been shown time and time again in history, creating a competitive environment for buyers. Furthermore, there's a compelling case for opting for a higher rate at a lower purchase price. By doing so, buyers position themselves to capitalize on potential equity gains when renewing their mortgage after the recommended three-year term.

Population Growth + Increased Density

Our population growth has reached a point where meeting the demand for housing has become a significant challenge. Vancouver and the BC Government are implementing changes to RS-1 (single-family) zoned properties, allowing for the construction of 4 or more homes on a lot, contingent on its size. There is also more coming for those people who own single family homes within 800m of transit. The goal is to increase density in these areas and decrease the need for personal vehicles.

Difficulties of an Ever Changing Market

In the dynamic Greater Vancouver real estate market, navigation requires nuance and expertise. Each individual's circumstances are unique, and consequently, the advice we offer varies accordingly. Having worked with diverse clientele over the years, we understand the importance of listening to your story and assessing your specific situation against current market conditions. Whether you're contemplating a move this year or next, we encourage you to reach out. Let's initiate a conversation and develop a tailored plan to meet your real estate goals effectively.

You can find us here: https://www.glennandbrittany.com/contact/

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