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Below is the most recent national housing market update snapshot from the Canadian Real Estate Association.

What is quite remarkable is the resiliency of the housing market in BC, in light of the mortgage rate increases witnessed in the past 18 months or so.

If we see a downward movement in mortgage rates, we may begin to witness a transition to more of a seller's market as early as the spring.

I will discuss my predictions for 2024 in a future blog post.

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The British Columbia Real Estate Association is out with it's latest video. It provides a market update regarding the November 2023 residential real estate market stats.

See the video below:

A couple of key points worth noting from this update include:

  • mortgage rate levels have kept buyer demand at bay
  • province-wide sales count was about 25% below normal for this time of year
  • the provincial sales to active listings ratio remains in balanced territory (this trend was seen in the Fraser Valley also)
  • despite more active listings and higher mortgage rates, home prices across the province have been surprisingly resilient

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