{"id":23243,"date":"2024-01-30T10:10:00","date_gmt":"2024-01-30T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23243"},"modified":"2024-01-29T18:32:04","modified_gmt":"2024-01-30T02:32:04","slug":"housing-market-predictions-for-2024-consider-low-supply-modest-price-increases","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/01\/housing-market-predictions-for-2024-consider-low-supply-modest-price-increases\/","title":{"rendered":"Housing Market Predictions for 2024 Consider Low Supply &#038; Modest Price Increases"},"content":{"rendered":"<p style=\"text-align: justify;\">Buying a home in Metro Vancouver in 2023 was not for the faint of heart and industry experts are signalling that 2024 may be same.<\/p>\n<p style=\"text-align: justify;\">The year ended with Vancouver\u2019s market in balanced conditions despite high borrowing costs, according to the Real Estate Board of Greater Vancouver (REBGV). The board\u2019s director of economics and data analytics Andrew Lis said that home seekers can expect low supply and prices to increase in the year ahead.<\/p>\n<p style=\"text-align: justify;\">\u201cLooking down the barrel of 2024 and 2025 we\u2019re probably still going to be supply constrained from the perspective of there not being a lot of new product entering the market,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">The REBGV expects modest price growth in 2024 but was not able to give a specific number or percentage point.<\/p>\n<p style=\"text-align: justify;\">\u201cThe reason really comes down to that fact that the patterns and trends that we saw in 2023, are still very much the same kind of issues that we face in 2024, which is not enough inventory for the buyer pool out there,\u201d Lis said.<\/p>\n<p style=\"text-align: justify;\">Real estate franchisor Royal LePage is predicting that the median price of a single-family home in the region will increase by 2.5% to $1,778,785, while the median price of a condominium is forecast to increase 4% to $795,808, according to a Dec. 14 press release.<\/p>\n<p style=\"text-align: justify;\">Home prices across all property types in 2023 increased by approximately 5% to $1,168,700 when compared to the end of 2022, according to the REBGV. Residential sales in the region reached 26,249 in 2023, a 10.3% decrease compared to 2022.<\/p>\n<p style=\"text-align: justify;\">Buyers and sellers in the region are starting off the year with a \u201cwait and see approach,\u201d said Andrew Carros, COO and managing broker at Engel &amp; V\u00f6lkers Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cA lot of people are just waiting for what\u2019s going to happen with the federal rates in order to make decisions on their own personal borrowing, selling, upgrading or downgrading,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">\u201cWhat we saw in 2023, which I think we\u2019re going to see in 2024, is still a very apprehensive and stalled market. And that seems to be across the board in Canada right now.\u201d<\/p>\n<p style=\"text-align: justify;\">Lis said that if rates come down \u201csignificantly\u201d or by roughly two full percentage points, then this would be the \u201ctipping point\u201d where buyers would re-enter the market.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s a lot of economists out there who think that we will see some rate improvement on mortgage rates in 2024 &#8230;.. It\u2019s starting to look like the picture for rate cuts is becoming a bit clearer and it does appear at present that there probably will be a few in 2024,\u201d said Lis, who added that with rate cuts come lower borrowing costs and increases in sales.<\/p>\n<p style=\"text-align: justify;\">Local developer Jason Turcotte said that once rates start to come down, it will provide \u201cconsumer confidence that the worst is behind us.\u201d<\/p>\n<p style=\"text-align: justify;\">Going forward he predicts that sales will be stronger for condominiums and pre-sale projects.<\/p>\n<p style=\"text-align: justify;\">\u201cPeople will see the opportunity to buy particularly in presale, knowing that in two or three years the market will have recovered, and interest rates will be lower,\u201d said Turcotte, president of Darwin Properties.<br \/>\nAs developers continue to build, they will face high costs from municipal fees, levies and taxes, construction costs and other costs associated with an inflationary environment, he said, spurring the need for more innovation in the way the region builds housing.<\/p>\n<p style=\"text-align: justify;\">\u201cEverybody wants to continue to look for ways to innovate construction itself and we haven\u2019t found a good way of doing it. There are some groups looking at prefabricated structures. We haven\u2019t solved that riddle yet, in a way that is that is even remotely close to scalable,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">\u201cI think that there will soon be a real demand for a more automated style of construction. And I am the first to admit, I have no idea what that looks like but we\u2019re going to have to figure out how to bring technology into our buildings.\u201d<\/p>\n<p style=\"text-align: justify;\">Turcotte also said another important factor in 2024 will be new housing legislations and policies that have been introduced in the last year. These range from transit-oriented housing bills, rezoning single-family lots and creating standardized housing designs.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s been a lot and in some ways that it\u2019s a bit of a problem in and of itself. I\u2019s hard to imagine trying to assess which parts of this are working or not working, just because there\u2019s been so much all at once,\u201d he said.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2024\/01\/outlook-2024-residential-real-estate-reflect-2023-trends-experts-say\" target=\"_blank\" rel=\"noopener\">Outlook 2024 : Residential Real Estate to Reflect 2023 Trends<\/a> by Claire Wilson | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying a home in Metro Vancouver in 2023 was not for the faint of heart and industry experts are signalling that 2024 may be same. The year ended with Vancouver\u2019s &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/01\/housing-market-predictions-for-2024-consider-low-supply-modest-price-increases\/\">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":[8,13],"tags":[],"class_list":["post-23243","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Housing Market Predictions for 2024 Consider Low Supply &amp; Modest Price Increases &#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\/2024\/01\/housing-market-predictions-for-2024-consider-low-supply-modest-price-increases\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Housing Market Predictions for 2024 Consider Low Supply &amp; Modest Price Increases &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Buying a home in Metro Vancouver in 2023 was not for the faint of heart and industry experts are signalling that 2024 may be same. 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