August Mortgage Market Roundup: Vancouver Lower Mainland

General Bronwyn Fuss 29 Aug

August Mortgage Market Roundup: Vancouver Lower Mainland

Hey, hope you’re doing well! Let’s dive into what happened in the Vancouver mortgage market this past August. It was a bit of a mixed bag, but overall, we’re seeing some positive signs.

Where We Stand: August kicked off with a pretty high inventory—actually, the most we’ve seen since 2019. That’s given buyers more choices, but also led to a bit of a standoff. Sellers have been holding out for better prices, and buyers are waiting to see if rates will drop. It’s kept things balanced but slow.

Interest Rates and Buyer Behavior: Interest rates are still up there, but everyone’s keeping an eye on the Bank of Canada. There’s buzz about rate cuts coming soon, and that’s got some buyers off the sidelines. We’re starting to see more activity as folks look to lock in something before the rates change. If you’re thinking about getting in the market, it might be worth keeping an ear to the ground.

Pricing Trends: Price-wise, it’s been a bit of a rollercoaster depending on where you’re looking. Areas like Anmore and White Rock saw some decent price growth, while Vancouver itself had a slight dip. On the whole, prices are expected to creep up by around 2.9% by the end of the year, especially if the market tightens up as we expect​(Zolo,

CityNews Vancouver).

Looking Ahead to September

What to Expect: So, looking forward to September, we might start seeing a bit more momentum. If the Bank of Canada signals rate cuts, it could push a lot of buyers to make their move, which could tighten the market and start driving prices up, especially in the more affordable segments.

Price Movements: We’ll probably see prices start to stabilize, maybe even edge up a bit more in the coming weeks. If you’re in the market, especially for something smaller or more affordable, now might be a good time to start looking. Once those rates drop, demand could spike.

Sales Activity: I’m expecting a pickup in sales activity, especially in entry-level properties like condos. People who’ve been waiting on the sidelines are likely to jump in before the rates drop too much. So, if you’re considering a move, it’s worth keeping an eye on the market as we head into fall​(MPA Magazine).

In short, September’s shaping up to be a pretty interesting month. If you’re thinking about buying or selling, it could be a good time to start making some moves! Let me know if you need any help navigating the market.

Small Home Improvements That Make a BIG Impact.

General Bronwyn Fuss 19 Aug

Whether you’re looking to sell your home this year, or just want to make some updates, I have put together six small home improvements that can make a BIG impact on your space! From improving saleability to refreshing your home, here are some simple and affordable ideas to help get you started:

  • Painting: One of the easiest ways to spruce up your home for a refreshed vibe or sale is to add a new coat of paint! While it is a relatively simple task for a new homeowner to take on, you might be surprised at how many people will pass on a house because they are not a fan of the paint colors or the flooring. A fresh coat of paint – especially more neutral colors such as beige, cream, light grays, and soft blues or greens – can do wonders to make a home feel appealing.
  • Light Fixtures: I don’t know about you, but I haven’t taken a good look at my light fixtures in a while. However, potential buyers will! Light fixtures are another low-cost and relatively easy improvement you can make to your home. Upgrading to newer styles and ensuring they are clean, with fresh LED bulbs, will help add an extra sparkle to your home!
  • Update Your Hardware: Another overlooked aspect of a home are light switches and door handles. If your home is 20 years old, most likely your white light switch covers are not so “white” and your door handles are a little worn down. These are a cheap and easy replacement that will go a long way to boost your interior!
  • Swap Out Your Window Coverings: Just like with a fresh coat of paint or new hardware, swapping out your window coverings is a small change that can make a big impact. Change your stale, white plastic blinds for wooden slats, or update your curtains to something fresh and vibrant!
  • Refinish Your Cabinets: The kitchen is known to be a central space in most homes, but did you know roughly 80% of homebuyers feel that it is the most important space to consider when deciding on a new home? While a full kitchen renovation may be out of the question and all-new kitchen cabinets can cost thousands, there is a third option. Refinishing or repainting your cabinets is a great alternative for breathing new life into your kitchen!
  • Curb Appeal: They say don’t judge a book by its cover but, when it comes to selling your home, first impressions matter. This is where curb appeal comes in! If a potential buyer pulls up to see overgrown weeds, clogged gutters, or cracked concrete, they are already going to have a negative impression of the home and it will be harder to impress them once they are inside. Attending to landscaping and any outside maintenance needs will go a long way in making your home more appealing. A pressure wash and a new coat of exterior paint can also do wonders to give your home a facelift!

By putting the effort into completing a few small changes around your home, you can reap big rewards when it comes time to sell – and increase your comfort in the interim!