Spring Update 2024
Every Spring, Vancouver’s forty thousand cherry trees burst into bloom. The blossoms are world-renowned and part of a six-phase cycle. But did you know the Vancouver Real Estate market also mirrors the gradual transition from buds to bloom?
Phase 1 - Buds (January)
January typically starts with buyer optimism. This year was no exception as buyers snapped up the limited inventory, and the market began showing signs of emerging from 2023’s slumber.
Phase 2 - Florets (February)
Inventory increased in February, but sales did not keep up.
Phase 3 - Extension Florets (Early March)
Buyers eagerly await quality listings, but sellers continue to hold out until the weather improves; the market shows signs of movement with the prospects of finding something to transition to improving.
Phase 4 - Peduncle Elongation (Spring Break)
The effects of Spring Break should not be underestimated. Like cherry trees needing sunshine, a dose of vitamin D, a break from routine, and some self-reflection work wonders for individuals and the real estate market.
Phase 5 - Fluffy White Petals (April)
By the time kids go back to school, the cherry blossoms will be in full bloom, and the Vancouver real estate market will be buzzing. Quality new listings will emerge, and buyers will feel more confident because of a more robust supply.
Phase 6 - Peak Bloom (Post Easter)
Just as the cherry trees reach their peak bloom, the Vancouver real estate market hits its stride. It’s a time of vibrant activity, where buyers and sellers come together in a flurry of excitement and opportunity. However, unlike the blossoms, Vancouver’s market peak bloom could last through the Summer and beyond.
So, as we enter the Spring Market, let’s savour the beauty of Vancouver’s cherry blossoms and get excited about a fruitful 2024. With interest rates stabilizing, we predict a healthy market and prolonged bloom. But if all of this is too flowery for you, check out the latest stats from the REBGV below.
So, as we enter the Spring Market, let’s savour the beauty of Vancouver’s cherry blossoms and get excited about a fruitful 2024. With interest rates stabilizing, we predict a healthy market and prolonged bloom. But if all of this is too flowery for you, check out the latest stats from the REBGV below.
New Site Who Dis?
We’re thrilled to unveil our sleek and intuitive new website design. This site is tailored to elevate your browsing experience with enhanced functionality and seamless navigation. Whether you’re perusing our sexy listings, seeking expert advice, or looking for inspiration, our revamped website is your one-stop shop.
The Blu Crew At Play
At Blu Realty, we believe in the power of teamwork, camaraderie, and a healthy dose of adrenaline-fueled fun! Recently, our dedicated team embarked on an exhilarating go-karting adventure to TBC Racing in Richmond. And only one cell phone was injured!
Local Spotlight:
Monzo Burger
Our team fuelled up at the new(ish) burger joint, Monzo, after a grueling sales meeting, and it was a feast to remember! This elevated fast food restaurant is inspired by the energy of the 80's Milanese youth movement.
Agent of the Month
Congrats to Mustafa Akhtar on leading our team in sales for February! Mustafa specializes in West End properties but has been putting together big deals all over Vancouver and beyond. Before real estate, he worked in Community Planning and Development, and he’s continued to keep his finger on the pulse of this city. Let’s hear it for Mustafa, Blu’s energetic dynamo, and the realtor behind MyWestEnd.ca.
Money Talk with Reza Sabour
Canada’s annual inflation rate fell to 2.8% in February, lower than the expected 3.1%, potentially pressuring the Bank of Canada to consider lowering interest rates sooner. Reza believes the lower-than-expected inflation data will pressure the Bank Of Canada to cut rates sooner, perhaps as soon as April. However, they may wait until June as more economic data around job numbers and wage growth are released over the Spring.
