Vancouver Real Estate Market Update for March 2024

We saw a remarkable surge in home sales last month in Vancouver, the highest since August 2023, with a 13.5% year-over-year increase, though still 23% under the ten-year February average. New listings have spiked by 31% compared to last year, challenging the inventory to meet demand, especially in hot neighbourhoods where prices continue to rise. Market activity varies significantly across the region, with some homes in high demand and others waiting for buyers.
The MLS benchmark price across Greater Vancouver is now $1,183,300, up 4.5% from last year and 2% from January, yet below the pre-tightening peak of Spring 2022. The Bank of Canada's interest rate remains at 5%, with potential minor cuts expected soon.
Significant changes are coming soon with the BC government adjusting Property Transfer Tax legislation and introducing a Home Flipping Tax. The federal first-time homebuyer incentive will end post-March 21, 2024.
Stay updated on Vancouver's real estate market by subscribing to my TH-cam channel and bi-monthly newsletter!
Got questions? I'm here to help. Thanks for tuning in!
------------------------------------------------------------------------------
Thinking of Buying or Selling real estate in Greater Vancouver?
📆 Book Your Private Consultation with me: calendly.com/c...
⚡️⚡️ Follow me on Social Media ⚡️⚡️
→ Instagram: / cari_mai
→ Facebook: / carimairealestate
To search all available listings in Vancouver click here: www.carimai.co...
Subscribe to the monthly real estate update: mailchi.mp/f88...
HIT THE SUBSCRIBE BUTTON, GIVE A THUMBS UP 👍 & COMMENT BELOW!
#vancouverrealtor #vancouverrealestate #marketupdate #realestatetrends #homebuying #propertyinvestment #realestateexpert #vancouverhomes #britishcolumbia #vancouverbc #canadianrealestate