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October 2024 Market Update

 

Rate cuts to smooth over the 'mortgage renewal cliff' awaiting pandemic homebuyers

Many homeowners who will be renewing their five-year mortgages for the first time next year may be worried about a steep increase in their monthly payments. But faster and larger than expected interest-rate declines promise to reduce what analysts had dubbed the "mortgage renewal cliff" into something more akin to a hill.

Growing concern about the health of the Canadian economy is raising the odds of a bigger-than-usual interest-rate cut by the Bank of Canada in October, according to investors and economists. With several more reductions expected this year and in 2025, some forecasters see the central bank’s trend-setting rate falling to 3 per cent or even lower by the next summer, down from its current level of 4.25 per cent.

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Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single-family homes in cities across BC. For more up-to-date market information please visit macrealty.com/blog.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Greater Victoria

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Okanagan

North Surrey

North Vancouver

Parksville / Qualicum

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

Saanich Peninsula

South Okanagan

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Vancouver Island

Victoria Core

Westshore

West Vancouver

Whistler

Move over Florence: B.C. capital Victoria named world's best small city

As a part of its annual reader's choice awards, the Condé Nast Traveler magazine has named Victoria the best small city in the world for the second year in a row.

Produced by the publishers of GQ, Wired and Vogue, the magazine made the announcement on Tuesday, Oct. 1.

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B.C. Real Estate News

LOWER MAINLAND

Vancouver-area home sales down 3.8% compared to last Sept.: board (CBC News)

'On the cusp of a buyers' market': Metro Vancouver home sales down as listings surge (Vancouver Sun)

Burnaby and New Westminster building downtown growth (BIV)

Metro Van home sales dip as buyers remain cautious, says realtors' association (Times Colonist)

Sluggish sales and rising inventories see Fraser Valley moving toward a buyer's market (Financial Post)

VICTORIA AND VANCOUVER ISLAND

Vancouver Island Real Estate Board says it feels like a spring market (Chek News)

OKANAGAN

Why Developers See Penticton As The Okanagan Valley's Next Hotspot (STOREYS)

Canadians choosing Kelowna real estate for affordability and Okanagan lifestyle (Castanet)

BRITISH COLUMBIA

BC Real Estate Association calls for review of province's short-term rental ban (Real Estate Magazine)

B.C. residents struggling with affordability, support housing policy: poll (Vancouver Island Free Daily)

CANADA

Fall could be the best real estate market in years: Report (CityNews Everywhere)

 
 

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