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!
Market Kick-off 2024
Posted in *Monthly Reports