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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!

-Dan Pigott

604-862-4124
 dan@pigottproperties.com

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Happy New Year and welcome to 2024!

Looking ahead to 2024, there is a growing sense of optimism in the Greater Vancouver real estate landscape. As the market anticipates potential interest rate decreases, the outlook is promising. The resilience displayed in 2023, coupled with projections from industry experts, paint a picture of a market poised for continued growth. 

Royal LePage’s market survey for 2024 predicts that home prices will make incremental gains in the first half of the year. Those gains will be followed by larger price increases in the second half of the year, spurred by expected interest rate cuts from the Bank of Canada after a historic rate-hiking cycle.

“We see 2024 as an important tipping point for the national economy as the majority of Canadians acknowledge that the ultra-low interest rate era is dead and gone,” Royal LePage CEO Phil Soper said in a press release on the research. 

“Based on this forecast, by the end of next year, home prices will have essentially climbed back to their pandemic peak, reached in the first quarter of 2022.”

With the spring market looming, now is the time to start preparing your home if you are thinking of selling. 

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!

-Dan Pigott

604-862-4124
dan@pigottproperties.com

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September Update - Affordability in the Housing Market

Affordability in our real estate market has long been a top of mind issue, exacerbated now by the rise in rates. We have discussed the inventory shortage over the past several months and many have asked, “why not simply build more homes to solve the problem?” 

Not only does the shortage of developeable land and cost to acquire it pose major hurdles, a recent study by the Urban Development Institute in Vancouver shows that taxes and fees to develop can be prohibitive for many smaller developers. The report looked at the costs of an 800 sqft. condo in Vancouver in 2023 and contributing factors to the unit’s staggering average price of $1,120,000. Fees and taxes per unit were 29.25% of the imagined condo’s cost. Keep in mind these do not include the cost to build or for land acquisition. (Click here to see the report)

 While the Vancouver market is already wildly out of price for many, developers will always look at their bottom line, keeping their prices as high as the market will allow. The only way forward in this situation would be to flood the market forcing prices down, and while the expense to build is so high, this scenario seems an unlikely solution.

 Creative home-ownership may be a way forward. 

 Rising values have led to an increasing number of homeowners opting to become co-owners. This can take various forms, whether it be splitting a single family dwelling with friends, building a laneway house, or buying duplexes for extended families to live next door. Census data shows that multi-generational households are now the fastest growing household type in Canada. In cases where home-buyers cannot afford to purchase on their own, they are combining their buying power with their parents, children, siblings or friends. (Click here to read the Royal Lepage article)

 Interested in learning more about The Urban Development Institute report? 

Call us today for more info and market updates!

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