February 2024 Housing Market Update
In February 2024, the Vancouver housing market saw a significant increase in sales, up 51% compared to the previous month. Buyers were notably more active, with many who had been waiting for a drop in interest rates or prices now growing impatient. The approaching spring market typically encourages both buyers and sellers to transact, leading to an uptick in multiple offers and subject-free sales for desirable homes hitting the market which we are starting to see more of. I expect this to continue in the coming months.
Adding to the market dynamics, the BC government introduced new measures, including a flipping tax of up to 20% on profits for homes bought and sold within a two-year period. However, there are also new property transfer tax breaks for first-time homebuyers, exempting homes priced up to $835,000 and new construction up to $1.1 million. These changes are likely to have little impact in the big picture. I doubt a $8000 bonus is enough to encourage a wave of new home buyers to flood into the market.
Vancouver: Sales +51.5% | New Listings +9.5% | Prices +2.9%
N. Vancouver: Sales +36.5% | New Listings +30.3% | Prices +1.5%
Feel free to reach out if you want to connect with me! 778-951-5853
If you’d like to see the sold homes in your area please reach out and I will send a curated list of sold homes for you!
Luke Annunziello | Vancouver Realtor
About Luke
Luke is a real estate professional with a distinguished career as a realtor since 2019, specializing in the Greater Vancouver market. His expertise extends beyond traditional real estate services, as he possesses a comprehensive understanding of property renovations, accumulated over a period of seven years. Clients appreciate Luke for his friendly nature and ability to establish rapport, making complex transactions more accessible.
Luke is a part of the esteemed Saretsky group which is part of the top 1% of all realtors in Vancouver. This affiliation with the Saretsky group translates into a range of benefits for his clients. From market expertise and extensive networks to enhanced marketing capabilities and exclusive opportunities, Luke can provide a superior level of service and results for those seeking assistance in the competitive Vancouver real estate market.
When not doing real estate transactions you can find him playing hockey, snowboarding on the mountains or spending time with his wife and daughter. Whether navigating the dynamic Vancouver market or incorporating renovation insights into property dealings, Luke stands as a reliable and professional ally, ensuring a seamless and positive experience for his clientele.
Whether you're looking to buy or sell a property in North Vancouver or elsewhere in Vancouver, Luke is the agent you can trust to guide you through the process and achieve your goals.
