2024 REBGV Economics Forecast

2024 REBGV - Economics Forecast - Real Estate Board of Greater Vancouver

What will home sales look like in the first half of 2024?

2024 Housing Market Forecast from different sources predict that the average price of all property types in Greater Vancouver is expected to increase. Read the 2024 REBGV Economics Forecast (Real Estate Board of Greater Vancouver):

“Under the hood, 2024 is poised to be a growth year for the residential market across the Real Estate Board of Greater Vancouver’s areas.

Fundamental factors that drive our market, such as household formation, population growth, and employment growth remain fairly strong despite continued concerns of potentially slower economic growth ahead.

With that said, a key ingredient that drives market participation, which many had become accustomed to over the past ten years or so, is still notably lacking at the time of publication: ultra-low mortgage rates.

While inflation no longer looms as the immediate threat it was in early 2023, core measures of inflation have been declining too slowly for the Bank of Canada to consider aggressively lowering their policy rate in the short-term.”

What does this mean for the market in the first half of 2024?

Read the Full Report: 2024 H1 Residential Market Forecast

Key highlights – 2024 REBGV Economics Forecast

Economic growth and interest rates: Despite concerns about potential slower economic growth, fundamental factors remain strong. However, the absence of ultra-low interest rates is a key factor mitigating market participation.

Borrowing costs and sales: Interest rates are the primary wildcard for sales activity in 2024, and our forecast analyzes a few plausible scenarios.

Housing affordability: Even with elevated borrowing costs, we anticipate continued price escalation in 2024, driven by near-record-low inventory levels.

Check the 2024 Market Forecast by other sources:

 

Check our other blogs under Real Estate 101 – that might give you answers about buying or selling a home.

The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only.