September 2024 Newsletter
Ahh... Back to School! And Maybe a New Home?
Ahh… back to school! Time for fresh kicks, a sparkly pencil case, maybe a duotang or two—and possibly a new home? While many families dream of settling into a new place before the school year kicks off, the reality is that if they waited past spring, they may have faced some serious challenges finding a home.
Why? Because summer wasn’t just about sunscreen and sandy beaches—it was about low inventory and even lower activity in the Vancouver real estate market. This year was even quieter than usual. August sales were down nearly 20%, and it wasn’t because buyers weren’t looking; it was due to a lack of quality inventory. Sellers, understandably, took the summer off. Keeping the house clean with kids at home is tough enough during the school year, let alone when they’re in and out all day, dripping popsicles on everything.
Plus, with summer being late to show up this year, a lot of people chose to soak up the sunshine while they could—everyone, that is, except for our own James Sutton (more on him below).
Why? Because summer wasn’t just about sunscreen and sandy beaches—it was about low inventory and even lower activity in the Vancouver real estate market. This year was even quieter than usual. August sales were down nearly 20%, and it wasn’t because buyers weren’t looking; it was due to a lack of quality inventory. Sellers, understandably, took the summer off. Keeping the house clean with kids at home is tough enough during the school year, let alone when they’re in and out all day, dripping popsicles on everything.
Plus, with summer being late to show up this year, a lot of people chose to soak up the sunshine while they could—everyone, that is, except for our own James Sutton (more on him below).
Summer's Over, So Is the Slowdown
Now that the sunburns are fading, the real estate market is gearing up for its own version of “back to school.” With the kids out of the house (for most of the day, at least), families can finally keep their homes show-ready, and we’re expecting more inventory to hit the market. This is typically when the fall real estate season kicks into gear, with new listings cropping up and buyers ready to make their move before the winter slowdown.
There’s good news on the financial front, too. Mortgage rates are softening—don’t just take my word for it, ask our mortgage guru Darcy Doyle. With interest rates inching down, affordability is (slowly) improving, and we could see an uptick in activity as more buyers get off the fence and into the market.
There’s good news on the financial front, too. Mortgage rates are softening—don’t just take my word for it, ask our mortgage guru Darcy Doyle. With interest rates inching down, affordability is (slowly) improving, and we could see an uptick in activity as more buyers get off the fence and into the market.
Mortgage News:
Bank of Canada Rate Announcement September 4th
“The Bank of Canada (BOC) dropped its key lending rate by another .25. This drop has brought the overnight lending rate down to 4.25% as inflation pressures continue to ease from its peak.
This is the 3rd consecutive decrease by the BOC this year, and is a welcome relief for everyone renewing their current mortgage and for borrowers with a variable rate or a Home Equity Line of Credit (HELOC).
The BOC governor Tiff Macklem has stated that he is pleased with the progress that they have made with combating inflation thus far, and he has set the stage for further rate decreases this year and into next year If the inflation data continues to trend in its current downward trajectory.”
— Darcy Doyle
This is the 3rd consecutive decrease by the BOC this year, and is a welcome relief for everyone renewing their current mortgage and for borrowers with a variable rate or a Home Equity Line of Credit (HELOC).
The BOC governor Tiff Macklem has stated that he is pleased with the progress that they have made with combating inflation thus far, and he has set the stage for further rate decreases this year and into next year If the inflation data continues to trend in its current downward trajectory.”
— Darcy Doyle
What to Expect This Fall
For sellers, now’s the time to get your house ready for the market. Buyers will be looking for move-in-ready homes, especially those in good school catchment areas. And since inventory was so low this summer, there’s definitely some pent-up demand. That being said, buyers are still cautious, especially with interest rates and affordability being front of mind, so pricing your home right is more important than ever.
For buyers, this fall might present some of the best opportunities of the year. As more homes come onto the market and rates continue to ease, you might finally find that dream home that eluded you over the summer. And with the slower summer behind us, expect more competition in popular family neighbourhoods like Kitsilano, Mount Pleasant, and the Tri-Cities.
In the end, it’s back-to-school season for everyone—kids and real estate alike. So sharpen those pencils, grab your shiny new lunchbox, and get ready for what could be an exciting fall in Vancouver’s real estate market!
For buyers, this fall might present some of the best opportunities of the year. As more homes come onto the market and rates continue to ease, you might finally find that dream home that eluded you over the summer. And with the slower summer behind us, expect more competition in popular family neighbourhoods like Kitsilano, Mount Pleasant, and the Tri-Cities.
In the end, it’s back-to-school season for everyone—kids and real estate alike. So sharpen those pencils, grab your shiny new lunchbox, and get ready for what could be an exciting fall in Vancouver’s real estate market!
Out and About
Get ready to pop some corn 'cause the Vancouver International Film Festival is back for its 43rd edition. This year's fest will showcase 150 features and 81 shorts from around the world. There will also be insightful talkbacks, conferences, live performances, and other special events. Celebrate the best in film and film culture in Vancity from September 26th to October 6th.
Agent of the Month:
James Sutton
James Sutton joined Blu in 2022 after 20-plus years in the radio business. With world-class wit, determination, and good old-fashioned hard work, James propelled himself to the top of Blu’s leaderboard for August. Recent sales include a funky Mount Pleasant Loft and an East Van 2 bed with views for days. Watch for his slick, new Port Moody starter home hitting the market this month. Congrats to a beloved realtor and friend who brings all the right vibes and always puts people before profit.
Local Spotlight:
Designer Ami McKay
Ami is an award-winning designer and TV Host who believes your home should bring you joy and harmony. Her designs are authentic, genuine, and pure—and Ami also embodies those beautiful traits. In 2021, this lovable lady launched the fantastic Pure Store, a design hub a stone’s throw from North Van’s Shipyards neighbourhood. It’s a special space featuring stylish and sustainable pieces celebrating Ami’s sought-after aesthetic.
Featured Listings
