BCREA July 2024 Real Estate Market Update

Vancouver, BC – August 13, 2024. The British Columbia Real Estate Association (BCREA) reports that 6,943 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in July 2024, a 2 per cent decrease from July 2023.

The average MLS® residential price in BC in July 2024 was down 0.8 per cent at $959,480 compared to an average price of $967,298 in July 2023. The total sales dollar volume was $6.7 billion, a 2.9 per cent decline from the same time the previous year. BC MLS® unit sales were 17 per cent lower than the ten-year average for July.

“Home sales activity across BC remains below average, though with some emerging signs of volume starting to normalize,” said BCREA Chief Economist…

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Weaker-Than-Expected July Jobs Report Keeps BoC Rate Cuts In-Play

Canadian employment data, released today by Statistics Canada, showed a continued slowdown, which historically would have been a harbinger of recession. This cycle, immigration has augmented the growth of the labour force and consumer spending, forestalling a significant economic downturn.

Employment declined again in July, down 2.8K. The employment rate—the proportion of the population aged 15 and older who are working—fell 0.2 percentage points to 60.9% in July. The employment rate has followed a downward trend since reaching a high of 62.4% in January and February 2023 and has fallen in nine of the last ten months.

In July 2024, an increase in full-time work (+62,000; +0.4%) was…

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In the last decade, climate change and energy efficiency have become top of mind for many Canadians. From wanting to do our part by recycling to making our homes as energy efficient as possible, there are so many benefits to being environmentally and energy conscious.

If you are looking to cut costs or simply want to reduce your eco-footprint, here are some great ways to cut your energy costs:

Get a Smart Thermostat

A pretty easy installation, a smart thermostat can help you better manage your in-home temperature. Whether you opt to install a basic programmable thermostat or try Google's Nest, which learns from you and works to predict which temperatures you prefer and when, getting a read on your in-home temperature can help you better manage…

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When it comes to homeownership, many of us dream of the day we will be mortgage-free. While most mortgages operate on a 25-year amortization schedule, there are some ways you can pay off your mortgage quicker!

Did you know? There are a few ways you can help pay off your mortgage faster.

For example - switching to an accelerated bi-weekly payment schedule, increasing your monthly mortgage payments to pay more to the principal, making extra payments on your mortgage, negotiating a better rate, or refinancing to a shorter amortization period!

Let’s take a look at the options and how they work:

Review Your Payment Schedule

Taking a look at your payment schedule can be an easy way to start paying down your mortgage faster, such as moving to an…

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All eyes were on The Bank of Canada last month as they cut interest rates by 25 basis points again during their July 24th meeting, thereby taking the overnight policy rate down to 4.5%.

We believe that owing to a sustained deceleration in inflation, the central bank will continue its monetary easing at the September and December meetings and well into next year.

The policy rate will likely fall to 2.75% next year, reducing the burden of higher monthly mortgage rates on renewals in the next 18 months.

The influx of roughly 2 million immigrants to Canada has raised overall consumer spending, averting a recession this year, but GDP per capita continues to decline.

Labour markets continue to soften as job vacancies have fallen sharply, and the…

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More Selection Not Translating to More Transactions

VANCOUVER, BC – August 2, 2024 – Newly listed properties registered on the Multiple Listing Service® (MLS®) rose nearly twenty per cent year over year in July, helping to sustain a healthy level of inventory in the Metro Vancouver housing market.

On the demand side, the Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,333 in July 2024, a 5 per cent decrease from the 2,455 sales recorded in July 2023. This was 17.6 per cent below the 10-year seasonal average (2,831).

“The trend of buyers remaining hesitant, that began a few months ago, continued in the July data despite a fresh quarter percentage point cut to the Bank of Canada’s policy rate,” Andrew Lis,…

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Cool Summer Market Persists in Fraser Valley with Second Slowest July Sales in a Decade

SURREY, BC – Sluggish seasonally-adjusted sales and a continued rise in inventory have the Fraser Valley market slowly shifting to favour buyers.

The Fraser Valley Real Estate Board recorded 1,230 sales in July, down by seven per cent over last month and down by 26 per cent over the 10-year seasonal average.

Inventory levels in the Fraser Valley reached a 10-year seasonally adjusted high in July with active listings at 8,731, up 5 per cent over June and 41 per cent higher than July 2023.

“Amidst an overall balanced market, some REALTORS® are experiencing pockets within the Fraser Valley that favour buyers, where prices have come down,” said Jeff Chadha,…

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Are you in search of the perfect condo in West Vancouver? This beautiful area is known for its breathtaking views, vibrant community, and luxury living. Let’s dive into some of the top condos for sale in West Vancouver that could be your next dream home.

Prime Location: West Vancouver

West Vancouver offers a blend of natural beauty and urban convenience. Living here means enjoying stunning waterfront views, close proximity to parks and trails, and easy access to top-notch amenities such as shopping centers, restaurants, and schools. Whether you’re a young professional, a growing family, or looking to downsize, West Vancouver has something for everyone.

#1104 555 13th Street, West Vancouver, BC

Features and Specifications

  • MLS® #:…

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