Seize the Opportunity of a Balanced Real Estate Market

The balanced Metro Vancouver real estate market presents a rare opportunity for both buyers and sellers. In October, active listings stood at 14,477 homes—an increase of 25% from the same month last year—thus giving buyers more choices and bargaining power. This brings a chance for sellers to cash in on motivated buyers who take advantage of easing mortgage rates. Such balance creates the right environment for thoughtful decision-making.

Interest Rates Update: What’s Next?

The Bank of Canada has lowered the policy interest rate to 3.75%, and it will continue with more cuts since the economic situation is subdued. Currently, the rates are between 6.875% and 7.125%, but as stated by experts like Aaron Gordon from Guild Mortgage, they may hold through December. Come 2024, there may be a change in scenario, given the case of unemployment and government policies. Now is the time for buyers and sellers who are undecided to take action before major rate changes occur.

Immigration Goals in Canada: Setting the Future of the Housing Market

In late October, the federal government brought down a cut in how many permanent residents it will let in. The 2025 limit of 500,000 has been revised to 395,000. This decision comes in consequence of a recent ruling censoring temporary residents to 5% of Canada’s overall population by the end of 2026. Further cuts are underway for permanent resident admissions, declining from 500,000 in 2026 to 380,000, and reaching 365,000 permanent residents by 2027.

The press release said the government is projecting that the new immigration plan will cut population growth by 0.2% over the next two years. The statement added that the plan is likely to reduce the gap in housing supply and reduce pressure on an estimated 670,000 extra housing units needed at the end of 2027.

The immediate impact of the new immigration targets will likely be felt in the rental market first, with a ripple effect expected to reach the presale market over time. The upward pressure on rents may be somewhat tempered as supply expands with an increasing number of purpose-built rental buildings on the horizon. Even with these policy adjustments, the broader housing shortage persists, and rental rates aren’t likely to decrease anytime soon.

Why Buy a Presale Home?

Presale homes come with considerable advantages for the buyer who is considering long-term investment:

• Tax Savings: Exemption from property transfer tax for houses less than $750,000 saves the buyer thousands of dollars.

• Warranty Coverage: The 2-5-10 warranty is included with all presale homes for added peace of mind.

• Flexible Payment Structure: The staggered deposits give you time to save while securing your dream home.

• Personalized Choices: In many cases, early customers can customize finishes and upgrades.

• Brand-New Living: The luxury of a home that no one else has lived in, with all-new systems and appliances.

Whether you are a first-time buyer or an experienced investor, presales represent one of the best ways to secure a brand new home with long-term value.

Get Advice from Experts

To really crush it in today's market, you need someone you can trust by your side. Let's chat about your real estate goals and how you can make the most of today's opportunities! Give me a call at 604-715-5588 or shoot me an email at barton@bartonrealtor.com. Don't forget to follow me on Instagram and TikTok for all the latest updates and market insights!