Vancouver Real Estate Market Update with Andrew Way (2024-12-14)

December 14, 2024

In this episode, Marko Gelo discusses the latest real estate statistics with Andrew Way of Oakwyn Realty, focusing on Greater Vancouver’s market dynamics for November 2024. Residential sales totaled 2,181, marking a significant 28.1% increase from November 2023, albeit still 12.8% below the 10-year seasonal average of 2,500. The market showed resilience despite being slightly below some expectations, with buyers benefiting from relatively balanced conditions.

Regarding listings, Metro Vancouver saw 3,725 new properties listed in November 2024, a 10.6% increase from the previous year and slightly above the 10-year average of 3,535. This uptick in inventory, while not dramatic, provides favorable conditions for buyers. The total active listings rose to 13,245, a notable 21.2% increase year-over-year and 26.1% above the 10-year seasonal average, signaling increased choice for prospective buyers.

Analyzing the sales-to-active-listings ratio, November 2024 showed a ratio of 17.1% across all property types, with detached homes at 12.7%, attached homes at 23.1%, and apartments/condos at 18.7%. These metrics indicate a balanced market overall, though detached homes face affordability challenges compared to other segments.

Looking ahead to December, Andrew Way anticipates strong sales figures due to recent interest rate cuts and favorable inventory levels. Policy changes effective mid-December, such as reduced minimum down payment thresholds and extended amortization periods for first-time homebuyers, are expected to stimulate market activity earlier than usual in the new year. These changes are poised to increase affordability and attract both first-time buyers and repeat buyers looking at new constructions.

Overall, while the market remains stable with steady pricing, continued strong demand coupled with potentially lagging new listings could lead to upward pressure on prices heading into 2025. The episode concludes with optimism for increased market activity in early 2025, driven by favorable economic policies and ongoing buyer interest.

For a deeper dive into their discussion, tune into the episode in the link above! 

Call Andrew Way at 604-802-2570 for his expert real estate advice and service.

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