The Real Estate Board of Greater Vancouver just released a report saying…..
“Under the hood, 2024 is poised to be a growth year for the residential market across the Real Estate Board of Greater Vancouver’s areas.
Fundamental factors that drive our market, such as household formation, population growth, and employment growth remain fairly strong despite continued concerns of potentially slower economic growth ahead.
With that said, a key ingredient that drives market participation, which many had become accustomed to over the past ten years or so, is still notably lacking at the time of publication: ultra-low mortgage rates.
While inflation no longer looms as the immediate threat it was in early 2023, core measures of inflation have been declining too slowly for the Bank of Canada to consider aggressively lowering their policy rate in the short-term.”
What does this mean for the market in the first half of 2024?
Scroll through the pages below
to find out our local real estate board forecast!