Market Forecast for Greater Vancouver
Royal LePage just released its quarterly market forecast for Canada. The report was issued in a flipbook format, with deliciously satisfying paper rustling noises when you turn the pages.
Check out the link below to read the report on the Royal LePage market forecast.
Just in case you were lying awake at night wondering what the housing market will be like in November of next year, below is what the report has to say about the market for Greater Vancouver in the 4th quarter
Greater Vancouver report Q4, 2023
In Greater Vancouver, the aggregate price of a home in the fourth quarter of 2023 is forecast to decrease 1.0 percent year-over-year to $1,216,611. During the same period, the median price of a single-family detached property is expected to decline 2.0 percent to $1,644,538, while the median price of a condominium is forecast to increase 1.0 percent to $747,299.
“Although many buyers are still sitting on the sidelines, activity levels show signs of returning to seasonal norms in Greater Vancouver. Attractive properties in sought-after neighborhoods that are priced properly continue to sell quickly,” said Randy Ryalls, managing broker,
Royal LePage Sterling Realty. “With supply still well below what is required for the market to be considered balanced, I expect we will begin to see prices stabilize in the spring and summer when some sidelined buyers return to the market,” Ryalls added that with limited move-up inventory available, many sellers are hesitant to list their properties. “The supply shortage is a self-fulfilling cycle. Sellers won’t list their home if they cannot find another property to purchase.
Despite weakened demand in the second half of this year, the lack of available inventory has kept prices in the region from declining further.
And, if activity picks up in the new year as expected, it will not take long for the tight competition to challenge buyers once again.”
ABOUT LIZ PENNER, YOUR LANGLEY AND SURREY REALTOR
Liz Penner has been a top-selling agent for nearly two decades specializing in property sales in the Langley and Surrey areas of the Fraser Valley. Liz utilizes her unique combination of education, training, and experience to help her clients make strategic moves that maximize their property investment. Liz’s commitment to excellence has earnt her 10-year Master Medallion standing with the Fraser Valley Real Estate Board and the 2021 & 2022 Royal LePage’s Directors Platinum award. Liz Penner holds an Associate Broker’s real estate license, training in financial and market analysis of commercial real estate, and a Bachelor of Business Administration in Entrepreneurial Leadership, focusing on strategic business analysis, digital marketing, and management of service-based organizations.
- If you are looking to buy or sell, Liz can help. Get in touch today!
- Looking for a one-of-a-kind place to call home?
- Want reasonable terms on a purchase agreement?
- Want expert guidance on the property sale process?
- Get in touch today, and let me help you find just the right investment.
Click on the link or me at 604-376-3350 to get the process started.
Langley realtor, Royal LePage, Royal LePage Commercial, Realtor, Housing for sale