As the leaves change, so does our real estate market, and here are my recent thoughts on what's happend in September in Greater Vancouver.
You might have heard that the Bank of Canada has been busy lately. They've reduced their key interest rate for the third time in a row, bringing it down to 4.25%. With the next meeting on the 23rd, Another 0.5% cut is expected. This is great news for anyone considering a variable-rate mortgage because lower rates mean lower monthly payments.
Now, here's something exciting: we have the highest number of listings since 2014! With 14,932 active listings at the end of September, there's a fantastic selection of homes to choose from. Whether you're looking for a cozy downtown apartment or a family home in a quiet neighbourhood, the options are plentiful.
Interestingly, sales have been on a bit of a decline for the fifth straight month. Only 1,852 properties were sold in September, which is a slight drop from last year. This means fewer buyers are competing for the homes available, giving you a better chance to find the perfect place without the pressure of a bidding war.
Here's a quick rundown of the highlights:
Interest Rates Are Dropping:
More Homes on the Market:
Less Buyer Competition:
So, what does all this mean for you? It's a buyer's market out there in most areas! With more homes to choose from, lower interest rates, and less competition, it's an excellent time to consider making a move.
Feel free to reach out if you have any questions or want to chat about the possibilities.
Warm regards,
Anthony
604-813-4686
You might have heard that the Bank of Canada has been busy lately. They've reduced their key interest rate for the third time in a row, bringing it down to 4.25%. With the next meeting on the 23rd, Another 0.5% cut is expected. This is great news for anyone considering a variable-rate mortgage because lower rates mean lower monthly payments.
Now, here's something exciting: we have the highest number of listings since 2014! With 14,932 active listings at the end of September, there's a fantastic selection of homes to choose from. Whether you're looking for a cozy downtown apartment or a family home in a quiet neighbourhood, the options are plentiful.
Interestingly, sales have been on a bit of a decline for the fifth straight month. Only 1,852 properties were sold in September, which is a slight drop from last year. This means fewer buyers are competing for the homes available, giving you a better chance to find the perfect place without the pressure of a bidding war.
Here's a quick rundown of the highlights:
Interest Rates Are Dropping:
- Bank of Canada's rate is now at 4.25%.
- Another 0.5% cut is anticipated this month.
More Homes on the Market:
- Highest listings since 2012.
- Total active listings are at 14,932.
Less Buyer Competition:
- Fifth consecutive month of declining sales.
- 1,852 properties sold in September.
So, what does all this mean for you? It's a buyer's market out there in most areas! With more homes to choose from, lower interest rates, and less competition, it's an excellent time to consider making a move.
Feel free to reach out if you have any questions or want to chat about the possibilities.
Warm regards,
Anthony
604-813-4686
