Home Buying, Market Intelligence, Your Next Home
The Lower Mainland’s housing market has weathered significant challenges like high interest rates and declining affordability. Despite this, buyers have made a strong comeback, displaying adaptability and confidence.
Buyers’ Resilience
Buyers adjusted to high interest rates by strategically anticipating potential rate reductions. The robust labor market and pandemic savings further boosted confidence to enter the housing market.
Population Growth and Urbanization
Population growth, fuelled by immigration and urbanization, has driven housing demand. Newcomers contributed to increased demand through property purchases, while others were encouraged by the prospect of more buyers entering the market.
Regional Sales Performance
Monthly sales in the Lower Mainland saw a slight decline of four percent. Greater Vancouver experienced a 12 percent drop, offset by a significant 12 percent surge in the Fraser Valley. The region’s affordability and larger lot sizes attracted buyers, especially in the apartment segment.
Property Values and Market Indicators
The average property value in the Lower Mainland rose to $1.21 million, a 4.5 percent increase from the previous year. Limited supply supported prices, leading to growth in the benchmark price index across various housing segments.
Home Buying, Market Intelligence, Real Estate News
June 2024 – Fraser Valley Real Estate Market Snapshot
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