RSS

Expected interest rate cuts in 2024 might be postponed for a time longer still. Inflation came in higher than expected today. This means the Bank of Canada is not likely to cut interest rates before June, now say many economists.

See BNN Video below "Bank of Canada will still need to see more progress before considering rate cuts: Tal"

As much as mortgage rates are an important factor in purchasing power, it is highly recommended that prospective home buyers maintain a discipline towards adhering to traditional affordability guidelines to avoid overextending. This ensures long-term ownership sustainability and allows for overall financial balance and liquidity.

Read

The US Federal Reserve today held off on any interest rate changes. In fact, markets are pricing in a few rate CUTS in 2024.

See the story at BNN: 

U.S. Federal Reserve keeps key interest rate unchanged, foresees 3 cuts next year
 
 

This is a very important development that could have a big influence on the Metro Vancouver and Fraser Valley spring housing markets. If central banks confirm in early 2024 that no more interest rate hikes are planned and markets continue to suggest rate cuts in 2024, buyer confidence could quickly re-emerge.

Therefore, I think that prospective buyers that are willing and able to buy a home, have a very critical window of opportunity this winter, perhaps over the next 3 months or so, to score a deal in a currently quiet market.

Nobody can predict the future. But, falling interest rates, if they do begin to take shape, are generally positive in relation to homebuying sentiment.

Read
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.