Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
The Bank of Canada's interest rate cuts seem to have finally made an impact, according to the Greater Vancouver and Fraser Valley real estate boards.It took multiple attempts, but the Bank of Canada's rate cuts finally appear to have made an impact on real estate markets in Metro Vancouver , according to new statistics published by both Greater Vancouver Realtors and the Fraser Valley Real Estate Board on Monday.
For the Fraser Valley, the composite residential benchmark price is now at $971,700 and has now seen decreases in seven consecutive months. By property type, the benchmark price trends are the complete opposite of those in Greater Vancouver, with the benchmark for single-family homes dropping by 0.6% and semi-attached homes down 1.4% compared to October 2023, while the benchmark for condominiums increased by 0.1%.
"Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months," said GVR Director of Economics and Data Analytics Andrew Lis.
It's time to say "Hello" to Susan Iriarte of Royal LePage Real Estate Services Ltd., who focuses on the GTHA.A Vaughan mid-rise residential development site dubbed the "Marquis Condominium," which entered into receivership back in May, was recently listed for sale by Colliers for an unlisted price.Craftsman-Style Family Home Hits West Vancouver Market For $5.5M
Greater Vancouver Realtors Fraser Valley Home Sales Market Analysis
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