2023 is on it's way to have the fewest new property listings in a year since 2002.
The BC NDP has swiftly passed several bills to increase the housing supply and control speculation. One of them deals with short-term rentals and regulations imposed on short-term rental platforms such as Airbnb. We expect there will be a notable impact on both the resale and rental markets. Other new bills are aimed at increasing density. More information can be found in this article from the Vancouver Sun: LINK. Unfortunately, the current numbers in the real estate market aren't looking great: sales are decreasing each month falling below the 10-year average and absorption rates are low, meaning fewer new listings are being sold.
Despite these challenges, there's a sense of optimism in the real estate market, and this positive outlook might lead to more activity after the December 6th Bank of Canada announcement that they will be holding rates firm. It seems that the era of rate increases is over, and a shift toward quicker and earlier rate decreases is expected.
The BC NDP has swiftly passed several bills to increase the housing supply and control speculation. One of them deals with short-term rentals and regulations imposed on short-term rental platforms such as Airbnb. We expect there will be a notable impact on both the resale and rental markets. Other new bills are aimed at increasing density. More information can be found in this article from the Vancouver Sun: LINK. Unfortunately, the current numbers in the real estate market aren't looking great: sales are decreasing each month falling below the 10-year average and absorption rates are low, meaning fewer new listings are being sold.
Despite these challenges, there's a sense of optimism in the real estate market, and this positive outlook might lead to more activity after the December 6th Bank of Canada announcement that they will be holding rates firm. It seems that the era of rate increases is over, and a shift toward quicker and earlier rate decreases is expected.
REBGV: BALANCED CONDITIONS COME TO THE METRO VANCOUVER HOUSING MARKET FOR THE HOLIDAY SEASON
With one month left in 2023, a steady increase in housing inventory is offering home buyers across Metro Vancouver among the largest selection to choose from since 2021.
“We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years,” Andrew Lis, REBGV’s director of economics and data analytics said. “When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.”
“Balanced market conditions typically come with flatter price trends, and that’s what we’ve seen in the market since the summer months. These trends follow a period where prices rose over 7% earlier in the year,” Lis said. “You probably won’t find Cyber Monday discounts, but prices have edged lower by a few percent since the summer. And with most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favorable we’ve seen in some time in our market.”
LINK to the November 2023 REBGV statistics.
“We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years,” Andrew Lis, REBGV’s director of economics and data analytics said. “When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.”
“Balanced market conditions typically come with flatter price trends, and that’s what we’ve seen in the market since the summer months. These trends follow a period where prices rose over 7% earlier in the year,” Lis said. “You probably won’t find Cyber Monday discounts, but prices have edged lower by a few percent since the summer. And with most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favorable we’ve seen in some time in our market.”
LINK to the November 2023 REBGV statistics.
FVREB: HOME SALES FALL FOR THE FIFTH STRAIGHT MONTH IN THE FRASER VALLEY
The Fraser Valley real estate market continues to cool heading into the holiday season as buyers and sellers maintain the holding pattern seen over the latter half of this year.
“As we head into the holiday season, buyers and sellers are busy with other priorities and will most likely continue to wait on the sidelines,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We anticipate this holding pattern, defined by slow sales and declining new listings, will continue through the winter months until we see some downward movement in interest rates.”
“With seasonality and high interest rates continuing to dampen sales activity, we expect to see sales slow further into early 2024,” said FVREB CEO Baldev Gill.
The Fraser Valley real estate market continues to cool heading into the holiday season as buyers and sellers maintain the holding pattern seen over the latter half of this year.
“As we head into the holiday season, buyers and sellers are busy with other priorities and will most likely continue to wait on the sidelines,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We anticipate this holding pattern, defined by slow sales and declining new listings, will continue through the winter months until we see some downward movement in interest rates.”
“With seasonality and high interest rates continuing to dampen sales activity, we expect to see sales slow further into early 2024,” said FVREB CEO Baldev Gill.
LINK to the November October 2023 FVREB statistics.
VIREB: HOUSING MARKET WINDING DOWN TO YEAR END ON A SLOW NOTE
“November didn’t hold any surprises,” says Kelly O’Dwyer, 2023 Chair. “As we get closer to Christmas, the market usually slows down considerably.” O’Dwyer adds that there is undoubtedly demand out there, but high interest rates are deterring many buyers from moving forward. “Many potential buyers are opting to wait until spring, with the hope that rates will come down, so we’re expecting a decent spring market,” says O’Dwyer.
VIREB: HOUSING MARKET WINDING DOWN TO YEAR END ON A SLOW NOTE
“November didn’t hold any surprises,” says Kelly O’Dwyer, 2023 Chair. “As we get closer to Christmas, the market usually slows down considerably.” O’Dwyer adds that there is undoubtedly demand out there, but high interest rates are deterring many buyers from moving forward. “Many potential buyers are opting to wait until spring, with the hope that rates will come down, so we’re expecting a decent spring market,” says O’Dwyer.
LINK to the November 2023 VIREB statistics.