{"id":23001,"date":"2023-12-04T10:10:00","date_gmt":"2023-12-04T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23001"},"modified":"2023-11-28T14:32:48","modified_gmt":"2023-11-28T22:32:48","slug":"metro-vancouver-home-prices-to-increase-as-sales-drop-no-rate-cuts-coming-until-mid-2024","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/12\/metro-vancouver-home-prices-to-increase-as-sales-drop-no-rate-cuts-coming-until-mid-2024\/","title":{"rendered":"Metro Vancouver Home Prices to Increase as Sales Drop, No Rate Cuts Coming Until Mid-2024"},"content":{"rendered":"<p style=\"text-align: justify;\">Those hoping for Metro Vancouver housing prices to soften may have to wait a little longer.<\/p>\n<p style=\"text-align: justify;\">Predictions for the local real estate market going into 2024 include a 2% increase in average residential prices and a decrease in sales by 3%, according to a Nov. 28 report from Re\/Max Canada.<\/p>\n<p style=\"text-align: justify;\">\u201cIt&#8217;s no secret that the Bank of Canada has really held the cards as far as the market is concerned in Canada, and affordability has remained a challenge throughout the balance of 2023. Going into next year, it looks like we&#8217;re going to continue to have high rates for a few months,\u201d said Christopher Alexander, president of Re\/Max Canada, in an interview.<\/p>\n<p style=\"text-align: justify;\">The average residential sale price in the region was $1,437,253 for the period of Jan. 1, 2022, to Oct. 31, 2022.<\/p>\n<p style=\"text-align: justify;\">That increased 4.2% to $1,497,546 for the same time period in 2023. The report forecasts prices will rise a further 2% in 2024 to an average of $1,527,497.<\/p>\n<p style=\"text-align: justify;\">Sales in the region decreased 14.5% between the 2022 and 2023 periods from 7,715 units sold to 6,600 units sold. Re\/Max Canada predicts that Metro Vancouver sales will decrease by another 3%.<\/p>\n<p style=\"text-align: justify;\">There were 16,445 properties listed for the 2022 period, decreasing by 6.3% to 15,402 in 2023.<\/p>\n<p style=\"text-align: justify;\">The Bank of Canada has hiked its key rate three times this year. The key rate has remained at 5% since July and is expected to remain the same come the next rate announcement in the first week of December, according to Central 1 chief economist Bryan Yu.<\/p>\n<p style=\"text-align: justify;\">Yu predicts that the Bank of Canada will cut rates late in the second quarter of 2024, \u201cprovided inflation continues to ease and wage growth abates,\u201d he said in an analysis.<\/p>\n<p style=\"text-align: justify;\">Just over half (54%) of Canadians are concerned that further interest rate increases will impact their ability to participate in the real estate market in 2024, according to a Leger survey commissioned alongside the Re\/Max report.<\/p>\n<p style=\"text-align: justify;\">Despite these concerns, three-quarters of Canadians believe that home ownership is the best long-term investment, according to the survey results.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2023\/11\/metro-vancouver-housing-prices-increase-sales-drop-2024-remax-predicts\" target=\"_blank\" rel=\"noopener\">Re\/Max Predicts : Metro Vancouver Housing Prices to Increase as Sales to Drop in 2024<\/a> by Claire Wilson | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Those hoping for Metro Vancouver housing prices to soften may have to wait a little longer. Predictions for the local real estate market going into 2024 include a 2% increase &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/12\/metro-vancouver-home-prices-to-increase-as-sales-drop-no-rate-cuts-coming-until-mid-2024\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-23001","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver Home Prices to Increase as Sales Drop, No Rate Cuts Coming Until Mid-2024 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/12\/metro-vancouver-home-prices-to-increase-as-sales-drop-no-rate-cuts-coming-until-mid-2024\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Home Prices to Increase as Sales Drop, No Rate Cuts Coming Until Mid-2024 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Those hoping for Metro Vancouver housing prices to soften may have to wait a little longer. 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