{"id":24478,"date":"2024-08-21T10:10:43","date_gmt":"2024-08-21T17:10:43","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24478"},"modified":"2024-08-21T10:18:36","modified_gmt":"2024-08-21T17:18:36","slug":"interest-rate-cooling-presale-patience-resale-stabilization","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/08\/interest-rate-cooling-presale-patience-resale-stabilization\/","title":{"rendered":"Interest Rate Cooling \u2022 Presale Patience \u2022 Resale Stabilization"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>August 2024 Greater Vancouver Real Estate Market Insights<\/strong><br \/>\nWelcome to the August 2024 episode of the Presale Pulse, a real estate show brought to you by hosts Suzana Goncalves and Brittany Reimer. Watch the video to understand the latest macroeconomics, presale, and resale trends over the last 30 days affecting the local real estate market across Metro Vancouver and the Fraser Valley.<\/p>\n<p style=\"text-align: justify;\"><strong>Market Cooling as Buyers Await Further Rate Cuts<\/strong><br \/>\nIn July, the real estate market experienced a cooling trend, reflecting broader economic slowdowns. Inflation showed signs of easing, with the CPI dropping to 2.7% in June, supporting recent interest rate cuts to 4.5%. However, market response remained cautious, with modest presale activity and a 25% absorption rate across eight project launches. The resale market also slowed, with sales decreasing by 3.5% from June and active listings rising, signalling a shift towards a buyer&#8217;s market. Despite a slight 0.8% decrease in the benchmark price to $1,197,700, sellers remain firm, anticipating further rate cuts and market revitalization later in the year.<\/p>\n<p style=\"text-align: justify;\"><strong>Presale Market Sees Modest Activity Amid Economic Uncertainty<\/strong><br \/>\nThe presale market saw modest activity in July, with eight new projects introducing over 830 units to the market. While this aligns with the seasonal average, sales remained cautious, resulting in a 25% absorption rate. This comes despite the Bank of Canada&#8217;s recent interest rate cuts, which have yet to significantly boost buyer confidence. The majority of sales came from a few key projects, but overall, developers continue to delay launches, waiting for more favourable market conditions. With buyers and sellers both holding back, the presale market is expected to remain quiet until a clearer economic picture emerges.<\/p>\n<p style=\"text-align: justify;\"><strong>Resale Market Softens as Inventory Grows and Sales Slow<\/strong><br \/>\nThe resale market experienced a slowdown in July, with sales dropping 3.5% from the previous month to just over 2,300 transactions. This decline is typical for the summer but was sharper than expected, leaving sales 21.5% below the 10-year seasonal average. Meanwhile, active listings increased by 1%, pushing the market closer to buyer-friendly conditions. Despite this, prices only softened slightly, decreasing the benchmark price by 0.8% to $1,197,700. Sellers remain firm on pricing, anticipating future rate cuts and a potential market rebound later in the year.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/mlacanada.com\/newsfeed\/august-2024-presale-report-rising-absorption-rates-and-developer-challenges\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the report | watch <a href=\"https:\/\/youtu.be\/9vg86rLp6Oo?si=xH2BnhmpJHqOwGlw\" target=\"_blank\" rel=\"noopener\">video<\/a>.<\/p>\n<p><a href=\"https:\/\/mlacanada.com\/newsfeed\/greater-vancouver-august-2024-presale-pulse\" target=\"_blank\" rel=\"noopener\">Greater Vancouver August 2024 Presale Pulse<\/a> by MLA Canada<\/p>\n","protected":false},"excerpt":{"rendered":"<p>August 2024 Greater Vancouver Real Estate Market Insights Welcome to the August 2024 episode of the Presale Pulse, a real estate show brought to you by hosts Suzana Goncalves and &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/08\/interest-rate-cooling-presale-patience-resale-stabilization\/\">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":[8,27,13],"tags":[],"class_list":["post-24478","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-pre-sale-projects","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Interest Rate Cooling \u2022 Presale Patience \u2022 Resale Stabilization &#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\/08\/interest-rate-cooling-presale-patience-resale-stabilization\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Interest Rate Cooling \u2022 Presale Patience \u2022 Resale Stabilization &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"August 2024 Greater Vancouver Real Estate Market Insights Welcome to the August 2024 episode of the Presale Pulse, a real estate show brought to you by hosts Suzana Goncalves and &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/interest-rate-cooling-presale-patience-resale-stabilization\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/interest-rate-cooling-presale-patience-resale-stabilization\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Interest Rate Cooling \u2022 Presale Patience \u2022 Resale Stabilization\",\"datePublished\":\"2024-08-21T17:10:43+00:00\",\"dateModified\":\"2024-08-21T17:18:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/interest-rate-cooling-presale-patience-resale-stabilization\\\/\"},\"wordCount\":379,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\",\"Pre-Sale Projects\",\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/interest-rate-cooling-presale-patience-resale-stabilization\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/interest-rate-cooling-presale-patience-resale-stabilization\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/interest-rate-cooling-presale-patience-resale-stabilization\\\/\",\"name\":\"Interest Rate Cooling \u2022 Presale Patience \u2022 Resale Stabilization &#8226; 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