Greater Vancouver Housing Market: What to expect in the first half of 2024?
What's in store for the housing market in 2024?
If you’re thinking of buying or selling a home, you might be wondering how the Greater Vancouver housing market will look like in the first half of 2024. Here are some key points from our latest economic forecast that will help you make informed decisions.
DEMAND
The fundamentals are solid. Despite some uncertainty about the global economy, the local economy is still growing and creating jobs. More people are moving to the Greater Vancouver area, and more households are forming. These factors support the demand for housing in the long run.
INTEREST RATES
The interest rates are uncertain. One of the main drivers of the housing market in the past decade was the availability of cheap credit. However, this is no longer the case, as the Bank of Canada has been reluctant to lower its policy rate due to persistent inflation pressures. How interest rates will evolve in 2024 will depend on how inflation behaves and how the Bank responds.
PRICE
The prices are likely to rise. With strong demand and low supply, the housing market is expected to remain tight and competitive in 2024. This means that prices will likely continue to increase, especially for detached homes and townhouses. However, the pace of price growth may moderate as affordability becomes more challenging for some buyers.
To learn more about our Greater Vancouver housing market forecast and what it means for your specific situation, please contact us today.