{"id":24967,"date":"2024-12-11T10:10:02","date_gmt":"2024-12-11T18:10:02","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24967"},"modified":"2024-12-03T16:12:46","modified_gmt":"2024-12-04T00:12:46","slug":"resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/12\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\/","title":{"rendered":"Resale Housing Market Rebound, New Projects Adding Moderate Activity in Presale"},"content":{"rendered":"

November 2024 Real Estate Market Insights<\/strong>
\nWelcome to the November 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

Macroeconomics : Inflation Eases, But Growth Stalls in October<\/strong>
\nIn October, the macroeconomic environment in Canada was marked by a mix of cautious optimism and lingering challenges. On the positive side, the Bank of Canada announced a 50-basis point cut to the overnight rate, signalling efforts to stimulate the sluggish economy. Inflation also eased significantly, with the Consumer Price Index (CPI) dropping to 1.6% in September, the lowest since the pandemic, aligning with the Bank\u2019s target. However, GDP growth remained stagnant, with August showing no movement and third-quarter annualized growth estimated at just 1%, well below the Bank\u2019s forecast. With the potential for further rate cuts in December, economic policy appears to be adjusting to stave off a possible recession. Meanwhile, immigration policies are set to shift in 2025, with reductions in permanent and temporary resident numbers, potentially slowing GDP growth further. These changes may ripple through the housing market, easing rental pressures but keeping the housing shortage in focus due to reduced housing starts.<\/p>\n

Presale : October Brings New Projects But Low Buyer Absorption<\/strong>
\nThe Greater Vancouver and Fraser Valley presale market in October showed moderate activity as developers introduced 14 new projects, adding nearly 2,000 units to the market. This was an increase from September but remained lower than October 2023 levels, reflecting cautious optimism amidst economic uncertainty. Same-month absorption rates hit a historic low of 10%, with only 191 units sold, highlighting buyer hesitation despite easing interest rates and increased project launches. Wood frame developments dominated the market due to their affordability and faster completion times, appealing to end users such as first-time buyers and young families. Concrete projects, often larger and higher-priced, saw limited launches as developers remain wary of current absorption challenges. With interest rates expected to decline further, the market may see a gradual shift in buyer sentiment as developers prepare for potential momentum in early 2025.<\/p>\n

Resale : October Sales Rebound Signals Market Momentum<\/strong>
\nThe Greater Vancouver and Fraser Valley resale market in October showed promising signs of recovery, with sales activity picking up significantly compared to recent months. While still below the 10-year average, sales in Greater Vancouver were only 5.5% under this benchmark\u2014a substantial improvement from being 30% below just a month prior. The Fraser Valley saw similar momentum, with 1,330 sales in October, narrowing the gap to 13% below the 10-year average. Inventory levels decreased slightly from September due to rising demand but remain inflated, with Greater Vancouver and Fraser Valley holding 26% and 29% more listings than their respective 10-year averages. Pricing held steady, with minor decreases of less than 1% month-over-month in both regions. The late October interest rate cut of 50 basis points is expected to further boost activity in the coming months, positioning the market for continued growth heading into the new year.<\/p>\n

Click here<\/a> to view the report | watch video<\/a>.<\/p>\n

November 2024 Presale Pulse : A Cautious Yet Optimistic Real Estate Market<\/a> by MLA Canada<\/p>\n","protected":false},"excerpt":{"rendered":"

November 2024 Real Estate Market Insights Welcome to the November 2024 episode of the Presale Pulse, a real estate show brought to you by hosts Suzana Goncalves and Brittany Reimer. … [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-24967","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-pre-sale-projects","category-real-estate"],"yoast_head":"\nResale Housing Market Rebound, New Projects Adding Moderate Activity in Presale • 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\/12\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Resale Housing Market Rebound, New Projects Adding Moderate Activity in Presale • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"November 2024 Real Estate Market Insights Welcome to the November 2024 episode of the Presale Pulse, a real estate show brought to you by hosts Suzana Goncalves and Brittany Reimer. … [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=\"3 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\\\/12\\\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/12\\\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Resale Housing Market Rebound, New Projects Adding Moderate Activity in Presale\",\"datePublished\":\"2024-12-11T18:10:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/12\\\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\\\/\"},\"wordCount\":539,\"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\\\/12\\\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/12\\\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/12\\\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\\\/\",\"name\":\"Resale Housing Market Rebound, New Projects Adding Moderate Activity in Presale • Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2024-12-11T18:10:02+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/12\\\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/12\\\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/12\\\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Resale Housing Market Rebound, New Projects Adding Moderate Activity in Presale\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling & Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Resale Housing Market Rebound, New Projects Adding Moderate Activity in Presale • Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2024\/12\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\/","twitter_card":"summary_large_image","twitter_title":"Resale Housing Market Rebound, New Projects Adding Moderate Activity in Presale • Rory C Real Estate | Oakwyn Realty","twitter_description":"November 2024 Real Estate Market Insights Welcome to the November 2024 episode of the Presale Pulse, a real estate show brought to you by hosts Suzana Goncalves and Brittany Reimer. … [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2024\/12\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2024\/12\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Resale Housing Market Rebound, New Projects Adding Moderate Activity in Presale","datePublished":"2024-12-11T18:10:02+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2024\/12\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\/"},"wordCount":539,"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\/12\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2024\/12\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\/","url":"https:\/\/www.roryc.ca\/blog\/2024\/12\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\/","name":"Resale Housing Market Rebound, New Projects Adding Moderate Activity in Presale • Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2024-12-11T18:10:02+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2024\/12\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2024\/12\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2024\/12\/resale-housing-market-rebound-new-projects-adding-moderate-activity-in-presale\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Resale Housing Market Rebound, New Projects Adding Moderate Activity in Presale"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling & Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/24967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=24967"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/24967\/revisions"}],"predecessor-version":[{"id":24968,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/24967\/revisions\/24968"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=24967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=24967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=24967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}