After years of skyrocketing prices and intense bidding wars, the Canadian real estate market is finally cooling off in 2024. This year marks a shift towards a more balanced market, where neither buyers nor sellers have the upper hand. For both seasoned investors and first-time homebuyers, understanding this shift is essential for navigating the current real estate landscape.

What is a Balanced Market?

A balanced real estate market is one where the supply of homes for sale meets the demand of buyers. In other words, no party has a distinct advantage. In contrast to a seller's market, where buyers are forced into bidding wars, or a buyer’s market, where homes sit on the market for months, a balanced market is more stable and predictable.

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Are you dreaming of waking up to breathtaking mountain views or being just steps away from the serene waters of False Creek? Vancouver's condo market offers the best of urban living with a splash of nature. Whether you're looking for a cozy one-bedroom in the heart of downtown or a spacious family-friendly duplex, this guide will help you navigate the vibrant world of condos for sale in Vancouver.

Why Choose Vancouver for Your Next Condo?

Vancouver is known for its picturesque beauty, cultural diversity, and world-class amenities. But why should you choose this city for your next condo purchase? The answer is simple: lifestyle and opportunity.

The Benefits of Living in a Vancouver Condo

Living in a Vancouver condo gives you access to modern…

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As the Bank of Canada cuts interest rates, housing activity has remained relatively weak. Existing home sales were well below historical averages in July, while new listings edged upward. Prices have plateaued, and residential mortgage originations are tepid.

Mortgage balances grew by 3% annually in Q2, the second slowest quarterly pace since 2000.

This portends a further dip in household debt-to-income ratios—welcome news, as elevated leverage drives household financial vulnerability. The central bank is widely expected to continue to cut the overnight policy rate at the remaining meetings this year and well into 2025. Monetary policy remains highly restrictive, with the policy rate at 4.5%, well above the 2.5% inflation rate.

We…

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Statistics Canada released August employment data today, showing continued growth in excess supply in labour markets nationwide. Employment changed little last month, up 22,100. The employment rate—the proportion of the population aged 15 and older who are employed—decreased a tick to 60.8%, marking the fourth consecutive monthly decline and the 10th decline in the past 11 months. On a year-over-year basis, the employment rate was down 1.2 percentage points in August, as employment growth (+1.6%) was outpaced by growth in the working-age population (+3.5%).

Full-time jobs declined by 44,000 while part-time work increased by 66,000. This was the fourth straight month of very modest employment gains.

The Bank of Canada expressed mounting concern…

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Wondering what to do this weekend in Vancouver? Whether you're a sports enthusiast, a comedy lover, or a fan of live music, the city has something exciting lined up for you on September 14th and 15th. With a variety of events happening, there's no excuse not to make the most of your weekend. Let’s dive into three must-do activities in Vancouver!

Vancouver Whitecaps FC vs San Jose Earthquakes

Brief About Vancouver Whitecaps

If you're a soccer fan, there’s nothing more exhilarating than cheering on the Vancouver Whitecaps as they take on the San Jose Earthquakes. The Whitecaps have a rich history in Major League Soccer (MLS) and are known for their passionate fans and thrilling matches. Every game is packed with excitement, and this weekend…

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Even in a sellers’ market, there are some ways you can improve your chances of increasing the number of offers and selling your home for the best value.

Check out these expert tips for staging your home to help make the best first impression possible:

1. Clean and Declutter

Clean, clean, and clean some more! While you might not be able to stage each room in your home, it is vital to ensure that each space is cleaned and decluttered. Especially ensure that counters, carpets, flooring, and appliances are spotless! This not only signals pride of ownership, but it helps display the potential of the spaces to buyers.

2. Depersonalize

While you’re working through and cleaning your spaces, make sure to depersonalize along the way. Ideally, any…

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Two Rate Cuts Not Enough to Ignite Summer Home Sales in the Fraser Valley

SURREY, BC – The Fraser Valley residential resale market slowed again in August, as homebuyers continue to face affordability challenges.

The Fraser Valley Real Estate Board (FVREB) recorded 1,067 sales in August, down by 13 per cent over last month and by 30 per cent over the 10-year seasonal average. August sales were the second slowest seasonally adjusted sales in a decade.

Inventory levels in the Fraser Valley dipped slightly in August, with active listings at 8,626, down one per cent from July, but 37 per cent higher than August 2023.

“Despite two policy rate cuts by the Bank of Canada, buyers are still feeling the squeeze of overall affordability challenges…

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VANCOUVER, BC – September 4, 2024 – Home sales registered on the MLS® in Metro Vancouver remained below their ten-year seasonal averages in August as summer holidays come to a close.

Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,904 in August 2024, a 17.1 per cent decrease from the 2,296 sales recorded in August 2023. This total was also 26 per cent below the 10-year seasonal average (2,572).

“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” said Andrew Lis, GVR’s director of economics and data analytics. “With that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year…

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The initial Bank of Canada rate cuts this past summer did not spur housing activity as anticipated, but potentially more on the way will continue to affect the housing market outlook. New listing levels are expected to rise as sellers who may have held back enter the market with the hope that lower mortgage rates will attract additional buyers.

While the current Bank of Canada rate of 4.5% may still not be enough to make a dent in home affordability, it does provide a glimmer of hope for potential buyers as interest rates continue to fall.

Canadians across the country are anxiously awaiting additional rate cuts, promoting future home affordability. While consumer confidence is beginning to rise, mortgage affordability will need to be balanced…

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Vancouver's housing market is known for its high prices and competitive bidding wars. Adding to the complexity are the fluctuating mortgage rates, which significantly impact affordability and purchasing power. Understanding the current mortgage landscape and its implications is crucial for anyone looking to buy property in Vancouver.

Current Landscape

As of September 2024, mortgage rates in Vancouver are in a state of fluctuation. Recent interest rate hikes by the Bank of Canada have introduced new dynamics into the market. However, some experts are cautiously optimistic about potential rate cuts in the future, which could bring relief to prospective homebuyers.

  • Fixed Rates: The best 5-year fixed mortgage rates currently hover around 4.24%.…

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