Greater Vancouver buyers sitting on fence, resulting in slower activity across all segments, says Royal LePage
The Greater Vancouver real estate market remained steady in Q3 2024, with no significant changes in activity or prices, said Royal LePage Real Estate Services Ltd.
Ryalls continued: “We didn’t see a significant bump in activity, and prices dipped just slightly compared to the second quarter. The slow activity across all segments can largely be attributed to buyers sitting on the fence waiting for further interest rate reductions, without any real urgency to make a move just yet.”
Despite the recent rate reductions, Royal LePage said buyer demand remains weak nationally, especially among first-time homebuyers and small investors. Nationally, the aggregate home price rose a modest 1.6 per cent year-over-year in the third quarter to $815,500, and decreased 1.1 per cent over the previous quarter, said the company.
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