October Newsletter | Latest Real Estate News and Community Updates

Bank of Canada Update

The Bank of Canada’s reduction of its overnight rate to 3.75% marks a pivotal shift that could reshape Vancouver’s real estate market. While September showed continued buyer caution with sales down 3.8% year-over-year, this rate cut, paired with upcoming mortgage rule changes, may create advantageous conditions for homebuyers.
Current inventory levels are up 31.2% from last year, and with the Bank signaling potential further rate reductions, we’re seeing a distinct opportunity in the market. However, many buyers may await the year’s final rate announcement before acting. Industry experts suggest this hesitation could lead to increased competition once rates reach more comfortable levels.

Featured Event of October: Howl-o-ween at The Shipyards

On October 26th, we enjoyed a family fun event with a SuperDogs show, with a canine costume contests, live music, zombie flash mobs, and Vancouver Circus School workshops.

The Monthly MLS® Housing Market Report for September 2024 reveals a complex landscape

Despite reduced borrowing costs, persistent buyer caution has pushed the market towards favouring buyers, resulting in modest but significant price declines across all residential segments.

Market Cooling Despite Lower Interest Rates: Despite recent reductions in borrowing costs, home sales in Metro Vancouver declined 3.8% year-over-year in September 2024, with sales 26% below the 10-year seasonal average. This suggests buyers remain cautious in the current economic climate.

Shift Towards a Buyer’s Market: The total number of properties listed for sale increased by 31.2% compared to last year, providing more options for buyers. With the sales-to-active listings ratio at 12.8%, the market is on the cusp of becoming a buyer’s market, which typically occurs when this ratio falls below 12% for a sustained period.

Price Pressures Emerging: While prices have been relatively stable in recent months, September data shows modest declines across all segments. The benchmark price for all residential properties is now $1,179,700, down 1.8% from last year and 1.4% from just last month, indicating emerging downward pressure on home values.

Community Spotlight: Gleneagles Elementary

The Whittall Real Estate team is proud to support Gleneagles Elementary School’s Annual PAC Event by donating 200 pumpkins for their fall fundraiser! 🎃

This fantastic community event, with all proceeds going directly to the school PAC, is a wonderful opportunity to come together for a great cause.

What our clients have said

❝ I have had the pleasure to work with Kim and Sean for many years. They have a great attention for detail, are knowledgeable, flexible, and really go the extra mile to get to know their client and their clients needs. They are both amazing to work with.❞ — Laura Pourdad