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The Fraser Valley Real Estate Board recorded 1,395 transactions on the Multiple Listings Service® (MLS®) in March, marking a 13% increase over February. However, this figure falls 31% below the 10-year average, making it the second-lowest March sales recorded in a decade. Despite the slower pace, inventory is steadily building, offering buyers more opportunities in detached and attached markets compared to the previous year. However, I saw a lot of activity in the market in March.
While interest rates remain high, the forecast suggests changes are on the horizon. Thmuuhs anticipated to begin cutting rates in the summer, potentially impacting the real estate landscape. With home prices already on the rise, sellers are hesitant to lower prices, driving the market into a state of anticipation. According to the 2024 ROYAL LEPAGE Market Survey Forecast, national indexes predict a 5.5% growth, with significant increases observed in recent trends, such as a 6.8% surge in single-family homes in March alone.
The slight drop in interest rates could significantly impact buyer behaviour. According to the Royal Lepage survey, even a minor 25 basis point decline could entice back 10% of hesitant buyers into the market, potentially driving competition and prices up.
In recent months, the province has passed legislative actions aimed at opening doors for attainable housing opportunities across British Columbia. Bill 44, in particular, aims to streamline the process of creating small-scale, multi-unit homes within existing neighbourhoods on single-family lots. Need more information, call me!
For both home buyers and sellers, navigating this evolving landscape requires a strategic approach to pricing, negotiations, and market timing. Whether you're looking to buy or sell, now is the time to evaluate your options and make informed decisions.
Are you considering listing or buying a home? Reach out to me today for guidance based on experience and knowledge tailored to your unique needs and goals.
Market Recap: March in Review
The Fraser Valley Real Estate Board recorded 1,395 transactions on the Multiple Listings Service® (MLS®) in March, marking a 13% increase over February. However, this figure falls 31% below the 10-year average, making it the second-lowest March sales recorded in a decade. Despite the slower pace, inventory is steadily building, offering buyers more opportunities in detached and attached markets compared to the previous year. However, I saw a lot of activity in the market in March.
Interest Rates and Forecast
While interest rates remain high, the forecast suggests changes are on the horizon. Thmuuhs anticipated to begin cutting rates in the summer, potentially impacting the real estate landscape. With home prices already on the rise, sellers are hesitant to lower prices, driving the market into a state of anticipation. According to the 2024 ROYAL LEPAGE Market Survey Forecast, national indexes predict a 5.5% growth, with significant increases observed in recent trends, such as a 6.8% surge in single-family homes in March alone.
Impact of Interest Rate Changes
The slight drop in interest rates could significantly impact buyer behaviour. According to the Royal Lepage survey, even a minor 25 basis point decline could entice back 10% of hesitant buyers into the market, potentially driving competition and prices up.
Provincial Legislative Actions
In recent months, the province has passed legislative actions aimed at opening doors for attainable housing opportunities across British Columbia. Bill 44, in particular, aims to streamline the process of creating small-scale, multi-unit homes within existing neighbourhoods on single-family lots. Need more information, call me!
Navigating the Landscape
For both home buyers and sellers, navigating this evolving landscape requires a strategic approach to pricing, negotiations, and market timing. Whether you're looking to buy or sell, now is the time to evaluate your options and make informed decisions.
Are you considering listing or buying a home? Reach out to me today for guidance based on experience and knowledge tailored to your unique needs and goals.