New Listings are down and inventory is decreasing across most markets in the Lower Mainland. With four interest rate cuts by the Bank of Canada so far this year, we saw an uptick in sales activity this October compared with the prior month of September.
Throughout South Surrey/White Rock and Metro Vancouver, the trend was consistent for both detached and attached homes. Sales have increased, while new listings and overall inventory have come down.
Over the course of this past year, market conditions have remained balanced. However, with the recent increase in sales, we may see the market tilt towards favouring sellers once again and the period of price moderation may be nearing an end.
That being said, different neighbourhoods and buildings can present both opportunities and challenges. Everyone has their own unique circumstances as well, which is why we believe in customized strategies to support your specific needs and goals.
Looking ahead to 2025, if you’re thinking of making a move next year, we highly recommend starting preparations now. The spring market often begins earlier than anticipated in the Greater Vancouver Area, so positioning ahead of the curve can give you an advantage.
In a constantly changing market, expertise, collaboration and perseverance are essential. If you’re thinking of buying or selling this season, contact us to discuss how we can achieve your real estate goals together.
