This morning, the Bank of Canada (BoC) announced a 25-basis-point cut to its overnight rate, bringing it to 3%. This is the sixth consecutive rate cut since June 2024, signaling a continued effort to support Canada’s economy. Alongside this, the Bank also announced the end of its quantitative tightening policy and adjustments to its deposit rate. These decisions could have significant implications for the Greater Vancouver real estate market, and we’re here to break it down for you.

What You Need to Know

Lower Interest Rates Mean Lower Borrowing Costs
The reduction in the overnight rate impacts variable and adjustable-rate mortgages as well as home equity lines of credit. For buyers in Greater Vancouver—including Burnaby, New Westminster, and the Tri-Cities—this means lower monthly payments and increased affordability for properties like condos, townhouses, and detached homes.

Inflation is Steady, But Growth is Slower Than Expected
Canada’s inflation rate is holding steady at 2%, the BoC’s target. However, economic growth is projected at 1.8% for 2025 and 2026, slightly below earlier forecasts due to reduced immigration targets. A softer labor market, where unemployment remains at 6.7%, adds to the slower pace of recovery.

Spring Housing Market Set to Benefit
The rate cut arrives just before the traditionally active spring real estate season. Lower borrowing costs may encourage more buyers to enter the market, boosting demand for properties across Greater Vancouver. For sellers, this is a great opportunity to capitalize on increased interest, particularly in family-friendly areas like Burnaby East or amenity-rich neighborhoods in Vancouver and the Tri-Cities.

What Does This Mean for the Greater Vancouver Real Estate Market?

1. Increased Buyer Activity
   The lower cost of borrowing is expected to spur more activity in the housing market. Buyers who were previously sitting on the sidelines due to higher interest rates may now find themselves in a better position to make a move. For those looking at condos and townhouses in neighborhoods like New Westminster or Coquitlam, this could be an opportune time to take advantage of lower rates.

2. Potential for Price Growth
   With more buyers entering the market, competition for well-located and desirable properties could increase. This may lead to modest price growth in key areas, particularly for single-family homes and townhouses in sought-after neighborhoods like Burnaby North or Vancouver East.

3. Investment Opportunities
   Investors may see this as a chance to secure properties with lower financing costs. With the Bank of Canada signaling the potential for further rate cuts in the months ahead, this could create favorable conditions for those looking to invest in Greater Vancouver real estate.

4. Challenges to Watch
   While today’s announcement is positive for buyers, economic uncertainty remains, particularly around potential U.S. tariffs on Canadian goods. A significant trade conflict could dampen Canada’s economic growth and indirectly affect the housing market.

Practical Insights for Buyers and Sellers

For Buyers:

• Lock in Financing: If you’re considering a purchase, now is an excellent time to review your mortgage options. Variable-rate mortgages could see lower payments, but consult with your lender or broker to explore what’s best for your financial situation.

• Plan Ahead for the Spring Market: With increased demand expected, act early to secure the property that best fits your needs.

For Sellers:

• Prepare Your Home for Market: With demand set to rise, make sure your property is ready to stand out. Focus on curb appeal, staging, and pricing your home competitively.

• Capitalize on Timing: Listing during the spring market could maximize exposure to motivated buyers.

Our Take

The Bank of Canada’s latest rate cut will likely inject energy into the Greater Vancouver real estate market. Lower borrowing costs combined with the seasonal momentum of spring create a favorable environment for both buyers and sellers. Whether you’re looking to purchase a condo in Burnaby, sell a townhouse in New Westminster, or explore investment opportunities in the Tri-Cities, staying informed and proactive is key.

As always, we’re here to help you navigate the evolving market with personalized advice and expert guidance.

As we move into 2025, the Greater Vancouver real estate market is set for a notable shift, with experts forecasting a resurgence driven by declining interest rates, increased affordability, and pent-up demand. However, this optimistic outlook is tempered by potential challenges, such as economic uncertainties and supply constraints. Here’s a detailed review of what you can expect in the year ahead.

Anticipated Price Growth: What the Numbers Say

Predictions for 2025 suggest steady price growth across various property types:

• Royal LePage: A 4% year-over-year increase in aggregate home prices, with detached homes rising to $1.77 million (+2%) and condos reaching $795,000 (+4.5%).

• Re/Max Canada: A more bullish outlook, forecasting a 7% price growth across Greater Vancouver.

• BC Real Estate Association: A more moderate projection of "average long-run price growth," signaling cautious optimism.

While price increases are expected, the rate of growth will vary depending on market dynamics, making it crucial for buyers and sellers to keep an eye on local trends.

Sales Activity: A Surge in Demand

Greater Vancouver is expected to see a significant rebound in sales volume:

• Re/Max Canada projects a 20% surge in sales, driven by pent-up buyer demand.

• Recent November 2024 data already shows a 28% year-over-year increase in home sales, suggesting strong momentum heading into 2025.

Sales activity is expected to be particularly robust in entry-level single-family homes, which often appeal to first-time buyers and those looking to upsize from condos or townhouses.

Market Dynamics: From Balanced to Seller’s Market

The consensus among analysts is that 2025 will witness a shift toward a seller’s market:

• Re/Max Canada predicts strong competition, with demand from first-time and move-up buyers outpacing supply.

• Royal LePage expects multiple-offer scenarios to become common as demand outstrips supply.

• Conversely, the BC Real Estate Association forecasts a more balanced market, providing opportunities for both buyers and sellers.

This divergence of opinion underscores the importance of understanding micro-level market trends, as specific property types (e.g., entry-level townhouses) may experience unique dynamics.

Key Drivers of Market Change

Several factors are fueling this anticipated market resurgence:

1. Declining Interest Rates

The Bank of Canada’s downward trend in interest rates is a significant catalyst, reducing mortgage costs and improving affordability.

2. Pent-Up Demand

After years of high interest rates and market volatility, sidelined buyers are expected to return, boosting sales activity and prices.

3. Government Policies

Regulatory changes, such as extended amortization periods for first-time buyers, aim to enhance affordability. However, critics argue these measures fail to address underlying supply shortages.

Potential Challenges to Watch

While the outlook is generally positive, several challenges could temper market growth:

1. US Economic Policies

Uncertainty surrounding US trade policies, including potential tariffs on Canadian goods, could impact economic growth and housing demand.

2. Recessionary Risks

Canada faces potential economic headwinds, including a possible recession, which could lead to job losses and reduced consumer confidence.

3. Supply Constraints

Greater Vancouver continues to struggle with housing supply shortages, particularly in the single-family home segment, exacerbating upward pressure on prices.

Investor Sentiment: Shifting Landscape

Investor activity in the condo market may remain subdued in 2025:

• Declining rents and record levels of condo supply under construction are deterring new investments.

• Population growth, a key driver of rental demand, remains stagnant, further dampening investor confidence.

This could lead to price corrections in the condo segment, presenting opportunities for buyers seeking long-term value.

Opportunities for Buyers, Sellers, and Investors

For Buyers: The forecasted decline in interest rates and a surge in inventory for certain segments, such as condos, may create favorable conditions for entering the market.

For Sellers: A potential shift to a seller’s market presents opportunities to achieve competitive prices, particularly for properties in high-demand categories like entry-level single-family homes.

For Investors: While the condo market may face challenges, savvy investors can explore opportunities in underperforming segments or focus on long-term appreciation in high-demand areas.

Final Thoughts: A Dynamic Year Ahead

The 2025 Greater Vancouver real estate market offers a complex but promising landscape. Whether you’re planning to buy, sell, or invest, understanding key drivers, challenges, and localized trends will be essential for making informed decisions.

Ready to navigate the 2025 market? Contact us for personalized advice and insights tailored to your goals.

As of January 2025, BC Assessment has released updated property values for over 2.2 million properties across British Columbia. These assessments, based on market value as of July 1, 2024, play a critical role in determining property taxes and offer insights into the region’s real estate trends. Here’s everything you need to know about the 2025 property tax assessments and how they might impact you.

What Are BC Property Assessments?

BC property assessments estimate a property’s market value as of July 1 each year, reflecting its physical condition as of October 31. These assessments ensure fairness and equity in the property tax system.

Key factors influencing assessments include:

• Recent sales in your area.

• Property characteristics like size, age, quality, and location.

While assessments provide a snapshot of property value, it’s important to note that property tax rates are set by local governments in the spring and may vary based on budget needs.

Where Can You Find Your 2025 Property Assessment?

Homeowners can access their assessments online at bcassessment.ca. Paper notices are also being mailed, with most homeowners expected to receive theirs by the end of January 2025.

Lower Mainland Market Trends

For 2025, the overall housing market in the Lower Mainland has shown continued stabilization. Here’s a summary of key trends:

• Stable Values: Most residential properties saw modest changes in assessed values, ranging between -5% and +5%.

• Regional Total: The overall assessed value of properties increased slightly from $2 trillion in 2024 to $2.01 trillion.

• New Development: Nearly $27 billion of assessments stemmed from new construction, rezoning, and subdivisions.

Local Assessment Highlights

Here’s how assessments changed in key Metro Vancouver areas for 2025:

Single-Family Homes

• Burnaby: +4% ($1,973,000 to $2,044,000)

• Coquitlam: +1% ($1,722,000 to $1,738,000)

• New Westminster: +1% ($1,567,000 to $1,590,000)

• Vancouver: 0% ($2,209,000 to $2,206,000)

• Surrey: -3% ($1,608,000 to $1,563,000)

• Richmond: +1% ($1,874,000 to $1,890,000)

Strata Properties (Condos and Townhouses)

• Burnaby: 0% ($731,000 to $732,000)

• Port Coquitlam: +2% ($669,000 to $680,000)

• Port Moody: +2% ($826,000 to $841,000)

• Surrey: -2% ($710,000 to $696,000)

How Do Assessments Impact Property Taxes?

A common misconception is that an increase in assessed value directly results in higher property taxes. However, this is only true if your property’s value increases more than the average change in your community. Local governments determine tax rates based on budget needs, so your tax bill might not change even if your assessed value does.

What if You Disagree with Your Assessment?

If you believe your assessment doesn’t accurately reflect your property’s market value, BC Assessment provides options for review:

1. Initial Inquiry: Contact a BC Assessment appraiser to discuss your concerns.

2. Formal Appeal: File a Notice of Complaint by January 31, 2025, for a review by the independent Property Assessment Review Panel.

Key Takeaways for Homeowners

• Market Value ≠ Sale Price: Assessed values are a helpful reference but may not reflect the exact price your home could sell for today.

• Stay Informed: Use tools on bcassessment.ca to compare your assessment with similar properties and track market trends.

For more personalized advice or to understand how your assessment might impact your buying or selling strategy, contact us today! Whether you’re considering listing your home or exploring new investment opportunities, we’re here to guide you.

As of January 1, 2025, the BC Home Flipping Tax has come into effect. Whether you're considering selling a condo in Burnaby North, buying a townhouse in Port Moody, or investing in a house in Vancouver, this tax may directly impact your real estate decisions. Below, we break down everything you need to know about this new legislation, including its implications, exemptions, and practical examples.

What Is the BC Home Flipping Tax?

The BC Home Flipping Tax, officially called the Residential Property (Short-Term Holding) Profit Tax, is designed to discourage short-term property speculation and promote housing stability. The tax applies to profits earned from the sale of residential properties held for less than 730 days (two years).

Who Does This Tax Impact?

• Homeowners: Those considering selling their homes within two years of purchase.

• Real Estate Investors: Especially those in the business of flipping properties for short-term gains.

• Potential Buyers: Understanding how this tax might influence the market is critical.

How Is the Tax Calculated?

The tax is based on net taxable income, which is the profit made from the sale after deducting eligible expenses. Here's a simplified example:

• Purchase Price: $600,000

• Selling Price: $700,000

• Eligible Expenses (e.g., closing costs, renovation expenses): $20,000

• Net Taxable Income: $700,000 - $600,000 - $20,000 = $80,000

If the property is sold within 365 days of ownership, the tax rate is 20%:

• Tax Owed: $80,000 x 20% = $16,000

The tax rate decreases for sales within the second year of ownership, eventually reaching 0% after 730 days.

Exemptions to the BC Home Flipping Tax

Certain life events and circumstances exempt individuals from this tax, including:

• Significant Life Changes: Divorce, death, severe illness, or job relocation.

• Commercial Properties: Properties used exclusively for business purposes.

• Indigenous Lands: Properties located on Indigenous lands (minimal impact in Burnaby and nearby areas).

FAQs About the BC Home Flipping Tax

1. Does the tax apply to all property types?
   Yes, the tax applies to houses, condos, and townhouses, among others.

2. Are first-time homebuyers affected?
   First-time homebuyers may still be subject to the tax if they sell within the two-year period.

3. Can renovation costs be deducted when calculating net taxable income?
   Yes, eligible renovation and closing costs can be deducted.

4. How do I file for an exemption?
   Exemptions require documentation and must be claimed when filing your tax return.

5. What happens if I fail to file or pay the tax?
   Penalties apply for late filing, with increased penalties for repeated offenses.

Why Does This Matter for Burnaby and Beyond?

In areas like Burnaby North, Burnaby South, and Burnaby East, as well as New Westminster, Vancouver, and Coquitlam, real estate activity often includes short-term transactions. Understanding this tax is essential for making informed decisions, whether you're selling a condo in Burnaby North or investing in a townhouse in Port Coquitlam.

How We Can Help

Every individual’s real estate goals are unique. Whether you’re planning to sell, buy, or invest, understanding how the BC Home Flipping Tax affects your specific situation is critical. Let’s discuss your goals and create a plan tailored to your needs. Contact us today to start the conversation.

The Bank of Canada has announced a significant 50-basis-point (0.50%) rate cut today, December 11, 2024. This marks another step toward reducing borrowing costs and stimulating the Canadian economy. The Bank’s overnight lending rate now stands at 3.25%, while most lenders’ prime rate has adjusted to 5.45%. Let’s explore what this means for buyers, sellers, and homeowners in Metro Vancouver.

Key Takeaways from Today’s Announcement

1. Lower Borrowing Costs
   Variable and adjustable-rate mortgage holders, as well as those with lines of credit, will see immediate relief in their monthly payments. For fixed-rate mortgage holders, however, this rate cut won’t directly affect their rates, as these are tied to bond yields rather than the Bank of Canada’s overnight rate.

2. Expanded Buying Power
   Starting next week, new federal and provincial housing initiatives will provide further opportunities:

   • 30-Year Amortization: Qualified first-time buyers and those purchasing newly built homes can extend their mortgage to 30 years, reducing monthly payments and increasing affordability.

   • Higher Purchase Price Eligibility: Buyers with less than 20% down can now finance homes priced up to $1.5 million, enabling them to move beyond condos into townhomes or detached properties.

3. Next Rate Decision
   The Bank of Canada’s next announcement is scheduled for January 29, 2025, leaving the real estate market poised for further adjustments depending on economic conditions.

Impact on the Metro Vancouver Real Estate Market

1. Buyers:
   Lower rates and expanded affordability options will likely encourage more buyers to enter the market. Detached homes and townhomes, particularly in areas like Burnaby, New Westminster, and the Tri-Cities, could see renewed interest due to the increased purchase price cap.

2. Sellers:
   With more buyers re-entering the market, sellers may benefit from increased competition, particularly for homes priced near or below the $1.5 million threshold. Strategic pricing and effective marketing will be key to capitalizing on this activity.

3. Investors:
   Lower borrowing costs may entice investors to explore opportunities in Metro Vancouver’s condo and townhouse segments, particularly in areas with stable rental demand like Vancouver East and Coquitlam.

What to Watch Moving Forward

While today’s rate cut brings relief to many, fixed-rate mortgages and bond yields remain separate considerations. Buyers and sellers should consult with professionals to fully understand their options in this evolving market.

As Metro Vancouver continues to adapt to changing economic conditions, today’s announcement could be the catalyst for heightened real estate activity heading into 2025. Whether you’re buying a condo in Burnaby, selling a townhouse in Vancouver, or investing in New Westminster, this is an ideal time to explore your opportunities.

Ready to Make a Move?
Let’s craft a plan tailored to your real estate goals. Contact me today for personalized advice and insights.

The Government of Canada has introduced the Canada Secondary Suite Loan Program (CSSL), aiming to assist homeowners in creating additional rental units within their properties. Initially, the program offered up to $40,000 in low-interest loans; however, as of December 10, 2024, the loan limit has been increased to $80,000, with the program set to launch in early 2025.

Key Features of the CSSL Program:

• Loan Amount: Eligible homeowners can access up to $80,000 in low-interest loans to construct or renovate secondary suites, such as basement apartments or laneway homes.

• Interest Rate and Term: The loans are offered at a low-interest rate of 2% with a 15-year term, making it financially feasible for homeowners to add secondary suites.

• Eligibility Criteria: Homeowners must ensure compliance with local zoning laws and obtain necessary permits. The secondary suite must be a new, self-contained legal unit with its own kitchen and bathroom, located on the same property as the homeowner's principal residence.

Pros of the CSSL Program:

• Increased Housing Supply: By facilitating the creation of secondary suites, the program aims to alleviate housing shortages and increase rental availability in various communities.

  Government of Canada

   

• Financial Support for Homeowners: The program provides an affordable financing option for homeowners to generate additional income through rentals, potentially easing personal financial strains.

   

• Support for Multigenerational Living: It enables families to create separate living spaces for aging parents or adult children, promoting multigenerational living arrangements.

   

Cons of the CSSL Program:

• Insufficient Loan Amount for Some Projects: In high-cost areas, the $80,000 loan may not cover the full expenses of constructing a secondary suite, requiring homeowners to secure additional funding.

   

• Regulatory Hurdles: Homeowners may face challenges with municipal zoning bylaws and permitting processes, which can vary significantly across different regions.

   

• Potential for Overleveraging: Access to increased financing might lead some homeowners to overextend financially, especially if rental income projections are not met.

   

Comparison with BC Housing's Secondary Suite Incentive Program (SSIP):

In British Columbia, the SSIP offers homeowners a forgivable loan of up to $40,000, covering 50% of renovation costs for creating new affordable rental suites. To qualify, homeowners must rent the suite at below-market rates for at least five years and meet specific income and property value criteria.

Key Differences:

• Loan Structure: The CSSL provides a low-interest loan repayable over 15 years, whereas the SSIP offers a forgivable loan, contingent upon meeting program conditions.

• Affordability Requirements: The SSIP mandates below-market rental rates for a specified period, while the CSSL does not impose such conditions, offering homeowners more flexibility in setting rental prices.

Considerations for Homeowners:

Before deciding to add a secondary suite, homeowners should evaluate:

• Personal Readiness: Assess whether managing a rental property aligns with personal preferences and capabilities, considering the responsibilities involved in being a landlord.

• Property Suitability: Examine if the property's size, layout, and existing structure can accommodate a secondary suite without compromising the functionality and appeal of the primary living space.

• Financial Implications: Evaluate the total costs of construction or renovation, the potential rental income, and the impact on property value. It's essential to ensure that the investment aligns with your financial goals and avoids the risk of overleveraging.

• Market Demand: Research local rental market conditions to determine the demand in the area, which can influence the success of the investment.

Consulting with real estate professionals and financial advisors can provide valuable insights tailored to individual circumstances, helping homeowners make informed decisions about participating in the CSSL program.

Winter is here, and it’s time to prepare your home for the colder months. Whether you live in a detached home, condo, or townhome, maintenance tasks vary based on your property type. Here are tailored tips to keep your home safe, comfortable, and efficient this season.

For Detached Homes: Comprehensive Care Inside and Out

Detached homeowners are responsible for both the interior and exterior of their property, making winter preparation essential.

1. Inspect and Maintain Your Roof

• Check for damaged or missing shingles and clear debris to prevent leaks.

• Ensure gutters and downspouts are clean to avoid ice dams.

2. Winterize Outdoor Spaces

• Trim tree branches near your home to prevent damage from snow or ice.

• Drain outdoor faucets and cover pipes to avoid freezing.

3. Check Windows and Doors

• Inspect for drafts, cracks, or gaps in seals. Apply caulk or weather stripping to retain heat.

4. Holiday Lighting Safety

• Use Outdoor-Rated Equipment: Ensure lights, cords, and outlets are appropriate for exterior use.

• Ladder Safety: Set up on even ground and secure the ladder while installing decorations.

• Energy-Efficient Lights: Switch to LED lights to reduce energy use and minimize fire risks.

5. Heating System Maintenance

• Schedule furnace servicing and replace air filters for better efficiency.

• Test smoke and carbon monoxide detectors, especially if you use fireplaces or space heaters.

For Condos: Focus on Interior Comfort and Compliance

In condos, strata corporations handle the building's exterior, windows, and often heating systems, so residents should concentrate on interior maintenance.

1. Heating and Ventilation

• Many condos have common heating systems; ensure vents are clear to optimize warmth.

• If individual units control their heating, test thermostats and consider smart devices to manage temperature.

2. Check for Gaps in Windows and Doors

• While exterior windows are typically strata-managed, report cracks or failed seals to your strata promptly.

• Use draft stoppers on doors to keep your unit cozy.

3. Holiday Decoration Guidelines

• Follow Strata Rules: Check restrictions for balcony, window, and door decorations.

• Safe Decorating: Use command hooks or other non-damaging materials for indoor holiday displays.

4. Emergency Preparedness

• Familiarize yourself with the building's emergency plan and evacuation routes.

• Keep essentials like flashlights and portable phone chargers for power outages.

For Townhomes: A Mix of Interior and Limited Exterior Maintenance

Townhomes often have small yards or private outdoor spaces to maintain while strata handles the building's overall exterior.

1. Outdoor Maintenance

• Clear walkways and stairs of snow and ice; use salt or sand to prevent slips.

• Prune plants and store outdoor furniture for the winter.

2. Heating Systems

• Some townhomes share heating systems through strata, but others have individual furnaces and hot water tanks. If you maintain your system:

  • Schedule servicing for your furnace.

  • Insulate your hot water tank and pipes to prevent heat loss.

3. Inspect Windows and Doors

• Report any cracks or gaps to your strata for repair. Use draft stoppers and heavy curtains for extra insulation.

4. Holiday Decoration Tips

• Know the Rules: Strata may have guidelines for exterior lighting or yard decorations.

• Install Safely: Use clips or adhesive hooks to avoid damaging siding or trim.

General Tips for All Home Types

• Test Safety Devices: Check smoke detectors, carbon monoxide alarms, and fire extinguishers.

• Driveway and Walkway Safety: Use de-icing materials to reduce hazards.

• Energy Efficiency: Use programmable thermostats and timers for lights to save energy and lower bills.

A Safe and Cheerful Winter

From hanging lights on a detached home to decorating a condo balcony or a townhome’s front yard, these winter maintenance tips will keep your home safe, cozy, and festive all season long. For specific advice, consult your strata bylaws or a home maintenance professional.

Stay warm, stay safe, and enjoy the holiday season!

As we approach the year-end, the November 2024 Greater Vancouver real estate market showcased steady activity amidst evolving buyer and seller dynamics. A combination of increased inventory, balanced conditions, and modest price adjustments continues to shape the market. Let’s dive into the key highlights from this month’s report and what they mean for buyers, sellers, and investors.

Key Market Highlights

1. Sales Activity

   • Residential sales totaled 1,990 units, a 4.5% decrease year-over-year and 18% below the 10-year seasonal average.

   • Detached homes saw increased interest, with a 3.2% rise in sales compared to November 2023, while condos and townhomes experienced slight declines in activity.

2. Inventory Levels

   • New listings reached 4,786, representing a 5.6% increase from November 2023, adding further options for buyers heading into the holiday season.

   • Total active listings climbed to 13,512, a 30% increase compared to last year, creating a more favorable environment for buyers.

3. Pricing Trends

   • The MLS® Home Price Index composite benchmark price for all residential properties sits at $1,165,900, reflecting a 1.3% decrease year-over-year and a 0.5% month-over-month decline.

   • Detached homes: Benchmark price of $2,012,000 (-0.8% YoY).

   • Townhomes: Benchmark price of $1,112,300 (-1.2% YoY).

   • Condos: Benchmark price of $756,000 (-0.5% YoY).

Area Insights

Burnaby:

• Detached homes in Burnaby South held steady, while townhome and condo markets in Burnaby North showcased resilient demand.

• Burnaby East experienced modest price decreases, providing attractive opportunities for buyers.

New Westminster:

• With its affordability and accessibility, New Westminster condos continue to attract first-time buyers and investors, with a benchmark price of $652,200.

Vancouver East & West:

• Vancouver West remains the most expensive market, with a detached home benchmark of $3,462,000, while Vancouver East offers relative affordability with a benchmark of $1,776,500 for detached homes.

Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):

• Coquitlam's townhome segment showed robust performance, while Port Moody and Port Coquitlam detached homes experienced steady activity.

Market Dynamics

The sales-to-active listings ratio sits at 14.7%, maintaining balanced conditions across most property types:

• Detached homes: 10.8% (buyer’s market territory).

• Townhomes: 17.6%.

• Condos: 18.4%.

This ratio signals stable prices overall but highlights opportunities for buyers in the detached home segment.

What This Means for Buyers and Sellers

• For Buyers: Increased inventory across Greater Vancouver provides a wider selection heading into 2025. Detached homes in areas like Burnaby South and Coquitlam present particularly good value.

• For Sellers: Competitive pricing and strategic marketing will remain critical to attract active, motivated buyers in a market with expanded choices.

Looking Ahead

With the final Bank of Canada rate decision for the year on the horizon and expectations of continued economic stabilization, the real estate market could see an uptick in activity as we move into 2025. Whether you’re buying a condo in New Westminster, selling a townhome in Burnaby, or exploring investment opportunities in the Tri-Cities, understanding the latest trends is key to success.

Contact me today for personalized advice on navigating this dynamic market. Together, we’ll craft a plan tailored to your goals.

The fall market in Greater Vancouver has shown signs of renewed activity, with a significant uptick in sales for October. With a 31.9% increase in sales compared to last year, recent interest rate cuts appear to be breathing life into the market, although sales remain just below the 10-year seasonal average. Here’s a look at the key trends and what they mean for buyers, sellers, and investors across Burnaby, New Westminster, Vancouver East, Vancouver West, and the Tri-Cities.

Market Snapshot

• Sales Increase: October saw a notable rise in residential sales, reaching 31.9% above last year’s levels. However, overall sales still sit 5.5% below the 10-year seasonal average.

• New Listings Surge: The number of new listings rose by 16.9% year-over-year, providing buyers with more options and maintaining balanced conditions across many segments.

• Sales-to-Active Listings Ratio: At 18.8%, the overall ratio suggests a balanced market, with attached homes and apartments moving toward a seller’s market at 22.5% and 22.2%, respectively.

Area Highlights

Burnaby

• Burnaby East: The benchmark price for residential properties stands at $1,139,700, with stability in detached home prices at $1,995,600.

• Burnaby North: The detached home benchmark price is $2,130,700. Attached homes have seen a small rise in sales activity, with prices remaining relatively stable.

• Burnaby South: Detached homes in this area show a slight increase in benchmark prices, now at $2,241,800, while apartments are experiencing modest price drops.

New Westminster

Sales in New Westminster have picked up pace, especially in detached homes, which have a stable benchmark price of $1,597,800. Apartment prices are slightly down at $646,000, though demand remains consistent.

Vancouver East

Vancouver East shows a strengthening market, particularly for detached homes, with a benchmark price of $1,891,900. The attached and apartment segments are stable, leaning toward a seller’s market as activity rises.

Vancouver West

Detached homes in Vancouver West maintain high benchmark prices at $3,369,100, although prices are slightly down. Both the attached and apartment markets are holding steady, demonstrating resilience in demand.

Tri-Cities (Coquitlam, Port Moody, Port Coquitlam)

• Coquitlam: Detached home prices are stable, with a benchmark of $1,804,300. Apartment prices have shown slight gains, indicating steady demand.

• Port Moody: Detached homes are valued at $2,126,400, reflecting slight dips but steady demand, especially for attached homes.

• Port Coquitlam: Detached homes benchmark at $1,456,900, with stable demand across other property types as well.

What This Means for Buyers, Sellers, and Investors

• Buyers: With more listings on the market, buyers have greater choice, creating an opportunity to explore properties without excessive price pressure. If sales momentum continues, competition could increase, so those ready to buy may want to consider acting soon.

• Sellers: Demand is particularly strong in attached and apartment segments across Vancouver East, Burnaby, and the Tri-Cities. Sellers in these areas may benefit from the market’s current strength, but competitive pricing and good presentation are key to capturing buyer interest.

• Investors: Stabilizing prices in key areas like Vancouver West and Burnaby, combined with recent rate cuts, create opportunities for investors to secure financing at more favorable rates while entering the market during a period of relative price stability.

Looking Forward

With four rate cuts from the Bank of Canada in recent months, potential buyers who had previously hesitated may now be encouraged to enter the market. As we move further into the fall, there is a possibility of heightened activity if interest rates continue to favorably impact borrowing conditions.