Being Thoroughly Prepared is Paramount

Are you contemplating the prospect of buying or selling a property in Vancouver in 2024? It's not uncommon for individuals to find themselves less prepared than anticipated. Although we are still in the early stages of the year, there is a palpable buzz in the real estate market. Fixed mortgage rates have seen a decline, and there is an expectation that the Bank of Canada will continue to lower rates throughout the year. While the decrease will not match the previous increases, forecasts suggest a potential drop of 1%-1.5% by year-end. The prevailing sentiment indicates a preference for lower interest rates over higher home prices. As rates decline, prospective buyers will gain more confidence, intensifying…

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Curious about the current state of Greater Vancouver's real estate market? In this video, we delve into the highs and lows of 2023 and explore what's on the horizon for 2024.

2023 Recap: The peak of home prices hit in the Spring of 2022, just before interest rates began to climb. As anticipated, prices softened during this period. Historically, rising interest rates lead to price decreases, and vice versa. Despite 2023 seeing the highest interest rates in a decade, home prices rebounded, showcasing the resilience of the Vancouver market. Home prices across Greater Vancouver for all property types increased 5%. Where most of our clients live, Vancouver and South Surrey, prices increased 0.9% - 11.4% depending on property type.

Market Trends in…

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