Real Estate Team in Burnaby, Tricities, and New Westminster

October 2024 Market Statistics

Posted on Nov 06, 2024 in Statistics

Real Estate Market Statistics for the Greater Vancouver Realtors, Fraser Valley Real Estate Board, and the Vancouver Island Real Estate Board

Well, well, well. The political and financial climate has changed pretty radically over last month. Both the Bank of Canada and the US Fed have lowered their base interest rates by 50 points or 0.50% each, citing low inflation and economic growth. Both are expected to continue this downward trend in subsequent meetings.

The expectation of this cut h...

September 2024 Market Statistics

Posted on Oct 04, 2024 in Statistics

Multiboard Real Estate Statistics for GVR, FVREB, and VIREB for September 2024

As we move deeper into the fall, with crisp mornings and shorter days becoming more noticeable, the real estate market remains sluggish, most notably through late summer and early fall. It’s clear that potential buyers without homes to sell first are waiting for anticipated further reductions in mortgage rates. Meanwhile, sellers are facing stiff c...

August 2024 Market Statistics

Posted on Sep 05, 2024 in Statistics

Multiboard Statistics for VIREB, GVR, and FVREB for August 2024

We hope that everyone had an enjoyable summer and had a chance to celebrate the season with friends and family while the weather was clear.

Condo inventories have surged by 40%, and townhouse inventories by 44% since August of 2023 in the GVR, with similar patterns occurring in other regions.

Despite the rise in condo inventories, falling average pr...

July 2024 Market Statistics

Posted on Aug 05, 2024 in Statistics

Multiboard Statistics for VIREB, GVR, and FVREB for July 2024

We hope that everyone is enjoying the lovely summer weather.

It may be that there is some additional respite from the Bank of Canada on the horizon, which should be welcome news to those thinking of entering the real estate market, as well as those homeowners that will be renewing soon.

The recent volatility in the stock market caused by the "unwindi...

June 2024 - Market Statistics

Posted on Jul 04, 2024 in Statistics

Multiboard Statistics for VIREB, GVR, and FVREB for June 2024

Cute Patriotic Canadian Beaver Smiling and Waving a Canadian Flag

We hope that everyone had an enjoyable Canada Day long weekend!

Our current real estate market is trending towards a buyer's market as many buyers are remaining on the sideline perhaps waiting for more significant cuts to the Bank of Canada rate.

I believe the Financial Post had the best headline about the recent interest rate reduction by the Bank o...

May 2024 Market Statistics

Posted on Jun 05, 2024 in Statistics

We're almost to the beginning of the summer season and the real estate market is still hibernating. There has been activity in home sales but generally the market is slow. Buyers are waiting on the sidelines, hoping for some relief from the banks. As of June 5th, the Bank of Canada has lowered their base lending rate by 25 (whole) basis points. Hop...

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