As we embrace the fall season, here is my monthly thoughts in how the real estate market performed in September here in Greater Vancouver.
First off, the Bank of Canada has reduced its key interest rate for the third consecutive time, now sitting at 4.25%, with another 0.5% cut expected this month. This could potentially boost buyer interest, as mortgages become more affordable.
September saw a significant increase in new listings. We had 6,228 new properties hit the market, a 48% jump from August, and the highest since May. Overall, there are 14,932 active listings, the highest number for September since 2014!!!!!. It seems many homeowners are deciding that now is the time to sell. (Or investors fleeing?)
On the flip side, sales have been on a downward trend for the fifth straight month. Only 1,852 properties were sold in September, a 4% decrease from the same month last year and 26% below the 10-year average. Buyers appear to be cautious, perhaps waiting to see how interest rates and upcoming elections will impact the market.
Here's a summary of the key points:
Interest Rates Expected to Drop Further:
Increase in New Listings:
6,228 new listings in September.
Declining Sales:
In a market with increasing inventory and cautious buyers, it's important to consider how to make your property stand out. Pricing strategically and showcasing your home's best features can make a significant difference in attracting interested buyers.
If you have any questions about how these trends might affect your plans, feel free to reach out. I'm always here to help.
First off, the Bank of Canada has reduced its key interest rate for the third consecutive time, now sitting at 4.25%, with another 0.5% cut expected this month. This could potentially boost buyer interest, as mortgages become more affordable.
September saw a significant increase in new listings. We had 6,228 new properties hit the market, a 48% jump from August, and the highest since May. Overall, there are 14,932 active listings, the highest number for September since 2014!!!!!. It seems many homeowners are deciding that now is the time to sell. (Or investors fleeing?)
On the flip side, sales have been on a downward trend for the fifth straight month. Only 1,852 properties were sold in September, a 4% decrease from the same month last year and 26% below the 10-year average. Buyers appear to be cautious, perhaps waiting to see how interest rates and upcoming elections will impact the market.
Here's a summary of the key points:
Interest Rates Expected to Drop Further:
- Current rate at 4.25%.
- Anticipated 0.5% cut may stimulate buyer activity. (Meeting Oct 23)
Increase in New Listings:
6,228 new listings in September.
- 48% increase from August.
- Highest Active Listings Since 2014:
- Total of 14,932 active listings.
Declining Sales:
- Fifth consecutive month of decline.
- 1,852 properties sold, down 4% from last year.
In a market with increasing inventory and cautious buyers, it's important to consider how to make your property stand out. Pricing strategically and showcasing your home's best features can make a significant difference in attracting interested buyers.
If you have any questions about how these trends might affect your plans, feel free to reach out. I'm always here to help.
Cheers
Anthony - 604-813-4686
