Vancouver real estate rate cuts have yet to take effect
Vancouver real estate market trends for September 2024.
Recently, Canada cut interest rates for the third time in a row, and the question was how it would affect the real estate market.
So far, the effect of the three rate cuts on Vancouver real estate appears to be muted.
According to the Greater Vancouver Realtor’s, there were 1,926 homes sold in Metro Vancouver in September last year and 1,852 homes sold in September this year, a 3.8% drop from the number of homes sold in September last year.
This is 26% below the 10-year seasonal average of 2502.
The number of new listings this September was 6,144, an increase of 12.8% over September of last year. The number of homes currently listed in Metro Vancouver is 14,932, an increase of 31.2% over September of last year.
In line with this trend, prices have also seen a slight decrease from last month, continuing the trend of market conditions favoring buyers.
Based on the above, the impact of the rate cut on Vancouver real estate appears to be small.
Some real estate experts even expect the Vancouver real estate market to pick up later this year, as the U.S. has also cut interest rates and there’s still a chance they could go lower.
However, there are concerns about a recession alongside the positive signals from the rate cuts, so you should use your best judgment based on your own situation.
You can also read about it in the link below.
https://www.gvrealtors.ca/market-watch/monthly-market-report/september-2024.html