Trends, Rates, and Stability

Most of you know that I dedicate countless hours analyzing Greater Vancouver's real estate market along with the micro markets of North and West Vancouver. Though similar, each micro market holds unique characteristics, data, and trends crucial for property pricing, marketing and general understanding. Now, let's dive into recent news.

Interest Rates and Mortgage Trends:

The Bank of Canada has maintained interest rates, some “fence sitters” are now realizing that waiting for a rate drop might not pay off. That’s because real estate prices continue to go up. 3-year fixed-rate mortgages are most popular.  Most mortgage professionals tell me there will be no change in interest rate before July 2024, and even then it unknown if rates will increase, decrease or stay the same. It is impossible to predict.

Market Dynamics:

Low sales volumes and limited inventory are met home prices going up. Detached houses are in highest demand, with around one-third selling above the list price, while condos maintain a steady pace and townhouses remain robust.

Stability in Greater Vancouver:

Greater Vancouver stands out for its remarkable stability, offering a favourable environment for both buyers and sellers especially compared to other parts of British Columbia.

CRA & the Lenders:

CRA’s recent agreement with the Banks to share income verification information suggests stricter lending standards may be imminent. Considering the potential tightening of lending criteria, now may be the time to enter the market or expand your real estate portfolio. Lending will only get more strict.

Questions? I am always happy to chat about real estate.