December 2024 Newsletter

2024 has been quite a rollercoaster for Vancouver's real estate market, blending seasonal shifts, interest rate adjustments, and buyer psychology into one complex year. Here’s a recap:

Early 2024: New Year, New Goals
The year started with some optimism, as buyers and sellers were hoping for more inventory and stable interest rates. Many buyers had been holding off due to previous rate hikes, and a few eager sellers were keen to capitalize on any early demand. The early months saw moderate activity, though everyone seemed to be waiting for “just the right time”—classic Vancouver!

Spring Surge
Spring brought the usual uptick, with more listings hitting the market as people prepared for warmer weather and greener lawns. With mortgage rates still relatively high, many buyers were cautious, often waiting on the sidelines unless the property felt “just right.” Inventory remained low, putting sellers in a stronger position, though cautious optimism kept prices from skyrocketing. Buyers who were determined (and could swing the monthly payments) jumped in, especially for properties in desirable neighbourhoods like Kitsilano and Mount Pleasant.

Summer Slowdown
Summer brought a bit of a cool-down in more ways than one. July and August were particularly slow as buyers, sellers, and agents were off on vacations, and inventory dropped. Many people took a “wait-and-see” approach, figuring that autumn would bring fresh activity. Meanwhile, the limited stock gave existing listings some breathing room, with little competition for the properties that did come up. Kids went back to school, and parents could finally keep the house clean, hoping for more showings in the fall!

Fall Market: Expected Bump
As expected, September brought a return to routine, and with it, a slight increase in listings and activity. Families were back, serious buyers were in the mix, and there was an expectation that inventory would pick up a bit—though nothing overwhelming came. Sellers were aware that serious buyers were finally ready to dive in after a summer lull, while buyers knew they had a limited window before the end-of-year slowdown.

End of Year: Market in Flux
Now, as we approach the end of the year, Vancouver’s market continues to keep us on our toes. Interest rates are still top of mind, however, this weeks 50 point cut will definitely bring buyer optimism. Inventory remains somewhat tight, keeping the balance slightly in Sellers’ favour, though buyers are staying sharp on price—there’s less willingness to overspend than in previous years. It’s a market that rewards those who are well-informed, quick on the draw, and realistic about their price points.

In summary, 2024 has been a year of shifting dynamics, where inventory levels, interest rates, and buyer patience (or impatience!) all played a big role. Vancouverites are watching closely as we move into 2025, and there’s hope that a bit more stability and maybe, just maybe, a little extra inventory could come our way.