March 2024 Housing Market Update
In March 2024, the Vancouver housing market showed signs of price stabilization after a year of relative sticky prices. Prices are slowly creeping up towards last year's peak levels and I expect them to surpass last years peak in the next coming months. The March break period caused a lull in activity for both buyers and sellers, but since the holidays ended, there has been a notable increase in new houses hitting the market. The upcoming Rate Hike Announcement on Wednesday will influence market activity, especially if rates drop.
Meanwhile, the Canadian government is actively addressing housing issues, including putting a cap on temporary residents to reduce their percentage from the current 6.5% to 5% of the total population by 2027. This move aims to alleviate pressure on the housing market. Additionally, the government proposed a new renters bill of rights to standardize lease agreements nationwide (currently provincial) and require landlords to report on-time payments to help tenants build credit scores. These measures, while intended to protect tenants, may add more red tape for landlords, potentially impacting their willingness to provide housing to already heavily protected tenants.
Vancouver: Sales +13.6% | New Listings +7.5% | Prices +0.4%
N. Vancouver: Sales +14.8% | New Listings -4.2% | Prices +1.7%
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.
