Is Now the Right Time to Buy in Greater Vancouver?
More Choices, Better Deals
July saw an increase in new listings, with 5,689 properties coming onto the market. This growing inventory gives buyers more options than we've seen in recent years. With active listings now up 39% year-over-year, there’s a good chance you’ll find a property that fits your needs and budget.
The market remains balanced overall, with a 6-month supply of listings and a sales-to-listings ratio holding steady at 41%. While this might not sound like a buyer’s market, it means that conditions are not heavily favoring sellers, giving you more negotiating power.
Economic Factors in Your Favour
One of the most encouraging signs for buyers is the recent trend in interest rates. The Bank of Canada made another interest rate cut in July, bringing the rate down to 4.5%. With more rate cuts likely on the horizon, mortgage rates could continue to drop, making home ownership more affordable.
Prices have remained relatively stable, with the House Price Index down just 0.8% month-over-month. This stability, combined with the potential for lower mortgage rates, could mean that now is the perfect time to lock in a deal before competition heats up again.
What to Watch for in the Coming Months
As we move into the latter half of 2024, the number of new listings is expected to decline, which is typical for this time of year. However, with the economic landscape favouring buyers, there’s a window of opportunity to find a home that meets your needs before the market shifts again.
If you’re ready to start your home search or if you have any questions about the market, I’m here to help. Let’s explore the options available and find the right property for you.
