BC Housing and Mortgage Insights Newsletter - February 7, 2024
A curated collection of insightful articles chosen for offering a comprehensive overview and expert analysis of the latest trends, predictions, and changes in BC's mortgage and housing sectors. Updated weekly, a great resourse whether you're a homebuyer, seller, or investor, each article chosen for the purpose of helping to equip you with the vital information needed to navigate this ever evolving market. Subscribe
BCREA's 2024 Housing Market Outlook
The British Columbia Real Estate Association forecasts a 7.8% increase in residential sales in BC to 78,775 units in 2024, driven by declining fixed mortgage rates and potential Bank of Canada rate cuts. A balance between rising sales and normalizing inventories is expected, which should stabilize prices, with further growth anticipated in 2025.
2024 Canada Rental Market Trends
The report highlights the impact of immigration on Canada's rental prices, with BC experiencing its highest annual population growth since 1974, mainly due to immigration. Despite a net outflow of Canadians to other provinces, the province's population growth remained strong due to high levels of immigration.
RBC 2024 Housing Market Forecast: A New Dawn for First-Time Homebuyers
A Royal Bank of Canada report suggests a potential shift in the housing market favoring first-time homebuyers later this year. The first half of 2024 is expected to be slow due to high borrowing rates, but a mid-year pivot towards rate cuts could stimulate the market. This change may create a window of opportunity for buyers, particularly with the anticipated rise in housing activity and a slight decrease in home prices
Enough competition to ‘scare the living heck’ out of B.C. real estate agents as numbers surge - Real Estate | Business in Vancouver
The real estate industry in BC is experiencing intense competition, with a significant increase in the number of real estate agents. This surge is considered one of the industry's biggest challenges, affecting the profitability and sustainability of real estate careers.
Key 2024 Canadian and BC Housing Legislation Updates: A Guide for Home Buyers and Sellers
In 2024, Canadian and BC housing legislation will undergo significant changes aimed at addressing the housing supply shortage. Key updates include stricter short-term rental regulations, an expanded Speculation and Vacancy Tax, and new zoning laws to encourage multi-unit housing. These changes are designed to impact the real estate landscape significantly, affecting buyers and sellers alike.
