The 2024 market is already on the “move”.
The Greater Vancouver Real Estate market has demonstrated an impressive trajectory as it kicked off the year with notable growth. Home values surged by $10,320 monthly and an impressive $84,637 year-over-year, resulting in an average home sale price of $1,252,392. The surge in yearly sale prices coincided with a remarkable 37.5% increase in overall market activity, while inventory saw a 2.4% uptick.
The real estate landscape in 2024 has started on a positive note, and industry experts predict a further acceleration in market conditions in the latter half of the year. This creates a timely opportunity for prospective home-buyers to make their move before the market potentially witnesses a resurgence of multiple offers and frenzied activity.
Buyer’s should be cautioned though, attempting to time a move to mortgage rate cuts may not be wise. No one can predict future interest rates, including experts like Governor of the BoC, Tiff Macklem. For first-time home buyers, it’s important to recognize that there’s no crystal ball for mortgage rates. Getting caught up in hype and uncertainty is risky. When buying your first home, prioritize certainty in your personal life and housing needs to avoid selling earlier than planned, potentially at a loss.
I can talk you through a list of helpful tips to make your home move ready and review our real estate stats to evaluate where your home currently stands in this market.
It is going to be an active year.
Contact me today to get started!