Summer of 2024 followed traditional seasonal patterns in Vancouver, with listing inventory and sales volume both down. As we enter the Fall, the number of listings will almost inevitably increase. What is less clear is whether/when the sales will follow.

The key determining factor in what happens next is likely to be the cost of borrowing. The extent of the rate cuts to date probably won’t be enough on their own to fuel a significant shift in buyer confidence and behaviour. The anticipation of what seems likely to follow next year may be enough, but my thought is that it will require further cuts to be realized before the pendulum shifts back in favour of the sellers.

All this points towards spring of 2025 as a potentially pivotal time. So, if you are considering buying, this fall could present the last opportunity in a while where there is a reasonable selection of properties to choose from and a rational period of time in which to make a decision.  The main exception to this is the luxury condo market which is likely to remain a Buyer’s market for the foreseeable future. 

All the best, 

Duncan