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,
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.