The 2024 real estate market trend

Dated: February 14 2024

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The real estate market in the lowermainland of British Columbia is expected to remain stable in 2024, with moderate price increases and steady demand. According to the Canadian Real Estate Association (CREA), the average home price in the province is forecast to climb 2.3% on an annual basis to $694,173 in 2024. This is in line with the national average home price, which is forecast to recover by 4.7% from 2023 to 2024 to around $702,200.

The lowermainland market is influenced by several factors, such as interest rates, immigration, supply and demand, and affordability. The Bank of Canada has indicated that it will pause or even lower the interest rates in 2024, which could boost the market activity and confidence. However, the market still faces challenges such as low inventory, high demand, and rising costs of construction and land. The government has also imposed a two-year ban on foreign ownership, which could dampen the demand from overseas buyers.

The lowermainland market is also diverse, with different regions and segments experiencing different trends. Here are some of the popular cities in the lowermainland and their expected market outlooks for 2024:

- Vancouver is expected to see flat or slightly lower prices in 2024, as the market adjusts to the foreign ownership ban and the high cost of living. However, the city still attracts buyers with its vibrant culture, scenic views, and diverse amenities.

- Burnaby is expected to see moderate price growth in 2024, as the city benefits from its proximity to Vancouver, its transit-oriented development, and its mix of urban and natural attractions. The city is also home to the Metrotown shopping centre, the largest mall in British Columbia.

- Surrey is expected to see strong price growth in 2024, as the city continues to grow and develop its infrastructure, economy, and population. The city is also a hub for education, health care, and technology, and offers affordable and diverse housing options.

- Richmond is expected to see stable or slightly higher prices in 2024, as the city maintains its appeal to buyers with its multicultural community, its convenient location near the airport and the Canada Line, and its rich heritage and cuisine. The city is also known for its agricultural and ecological features, such as the Richmond Nature Park and the Steveston Fisherman's Wharf.

- Abbotsford is expected to see high price growth in 2024, as the city attracts buyers with its rural charm, its scenic views of the Fraser Valley and the mountains, and its lower cost of living compared to other cities. The city is also a centre for agriculture, aviation, and education, and hosts several festivals and events throughout the year.

- Langley is expected to see moderate price growth in 2024, as the city offers a mix of urban and rural lifestyles, with access to amenities, services, and recreation. The city is also a destination for arts, culture, and heritage, and hosts several events and festivals throughout the year. According to HonestDoor, the average home price in Langley was $1,133,056 in January 2024, up 18.68% from the previous year.

- Delta is expected to see stable or slightly lower prices in 2024, as the city faces some challenges such as limited supply, environmental constraints, and transportation issues. However, the city also has some advantages such as its coastal location, its agricultural and industrial sectors, and its diverse and active community. According to Global News, the average home price in Delta was $1,026,000 in December 2023, down 0.4% from the previous year.

Overall, the real estate market in the lowermainland is likely to be balanced and stable in 2024, with some variations depending on the location and type of property. Buyers and sellers can reach out to us anytime to get the most accurate and up-to-date information on the market conditions and trends in their area.

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Damian Dowell

D&T Real Estate GroupWith over 24 years of combined real estate service under our belt, Damian and Tricia can assure you that you are in good hands with us. Representing current and future homeown....

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