October brought some exciting shifts to the Greater Vancouver market. Sales activity jumped significantly, and with the recent 50-point rate cut from the Bank of Canada, it’s shaping up to be an excellent time to consider your next steps in the market.
Key Highlights from October
Sales Surge: October saw 2,632 sales in Greater Vancouver – up 32% compared to last year and 37% higher than October 2022.
More Listings for Buyers: New listings were up 17% compared to October 2023, making this October the second highest for listings since 1991.
Interest Rate Cut: The Bank of Canada’s recent 50-point rate reduction has already encouraged buyer interest, and there could be more cuts ahead, with another possible half-percent cut in December. Lower rates mean potential savings on mortgages, which is a huge advantage as more buyers return to the market.
With changes to mortgage rules starting in December, including the option for a 30-year amortization on pre-sales and higher insured mortgage thresholds for first-time buyers, 2025 may bring even more buyers into the market. Acting now could help you avoid competing in a busier landscape.
What to Expect
November traditionally slows down, but October’s momentum suggests there may still be excellent opportunities to find your next home before the holiday season.
If you’re ready to dive into the market or have questions about how these shifts impact you, feel free to reach out. I'd love to chat about how we can navigate these changes to help you reach your goals.
Warm regards,
Anthony Riglietti
604-813-4686
Key Highlights from October
Sales Surge: October saw 2,632 sales in Greater Vancouver – up 32% compared to last year and 37% higher than October 2022.
More Listings for Buyers: New listings were up 17% compared to October 2023, making this October the second highest for listings since 1991.
Interest Rate Cut: The Bank of Canada’s recent 50-point rate reduction has already encouraged buyer interest, and there could be more cuts ahead, with another possible half-percent cut in December. Lower rates mean potential savings on mortgages, which is a huge advantage as more buyers return to the market.
With changes to mortgage rules starting in December, including the option for a 30-year amortization on pre-sales and higher insured mortgage thresholds for first-time buyers, 2025 may bring even more buyers into the market. Acting now could help you avoid competing in a busier landscape.
What to Expect
November traditionally slows down, but October’s momentum suggests there may still be excellent opportunities to find your next home before the holiday season.
If you’re ready to dive into the market or have questions about how these shifts impact you, feel free to reach out. I'd love to chat about how we can navigate these changes to help you reach your goals.
Warm regards,
Anthony Riglietti
604-813-4686
