Real Estate Matters – March 2024
We are now starting to enter the Spring Season! Are you looking to make a move? Then you’ll see to watch the video!
There were lots of changes and new information unveiled this month, including in the new BC Budget. In the above video, I’m going a little more in depth of how that may affect you in this market, whether you’re looking to Buy, to Sell, or just information for your current Real Estate portfolio. A few key points I touch on are listed below:
– Bank Of Canada rate holding still at 5%.
– Home insurance rates may increase again, but not often talked about.
– New BC Budget outlines:
* BC Home Flipping Tax
* First Time Homebuyer Property Transfer Tax exemption threshold increase
* New Builds (including Pre-Sales) Property Transfer Tax exemption threshold increase
– BONUS: What’s the difference between a New vs. a Seasoned Buyer/Seller/Investor?
Even though you may or may not be in the above categories, what you own and may sell might be affected by these new directives. The video explains how it may affect the market and you.
If you’re looking to make a move, either Buy or Sell, I and my team of experts are always able to navigate this complex market with you. This is our expertise, and our experience is proven. Please do reach out to us for a free consultation and we’d be happy to make a plan with you to ensure your assets are well protected.
As usual, if I may be of service, I would be happy to chat! Just reply to this email and we can set up a time to do so!
From the Real Estate Board of Greater Vancouver Monthly Statistics letter:
VANCOUVER, BC – March 4, 2024 – While Metro Vancouver1 home sellers appeared somewhat hesitant in January, new listings rose 31 per cent year-over-year in February, bringing a significant number of newly listed properties to the market.
“While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions,” Andrew Lis, GVR’s director of economics and data analytics said. “With new listings up about 31 per cent year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.”
Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2024 is 22.4 per cent. By property type, the ratio is 16 per cent for detached homes, 27.9 per cent for attached, and 25.9 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Even with the increase in new listings however, standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory,” Lis said. “This competitive dynamic has led to modest price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.”
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