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Where is Vancouver Townhouse Real Estate Headed in 2024?
Will interest rates finally drop? Will a surge of inventory bring welcome relief to prospective home buyers in Vancouver? Most analysts predict steady demand will keep the market balanced.
At Vancouver Townhouse, we specialize in buying and selling townhouses in Vancouver. While townhouses are a niche market, trends still reflect the greater industry.
It’s been a low start to 2024 in terms of real estate. Vancouver home sales in December were approximately 30 per cent below the decade average. Contributing issues included inflation and high lending rates. Both home sellers and buyers seem to be waiting for the Bank of Canada to drop interest rates, which many economists predict will happen in the second quarter of 2024.
In Vancouver’s townhouse market, we’ve seen growing interest. As semi-detached housing, townhouses in Vancouver can be a relatively affordable entry point compared to a composite benchmark of just under $1.2 million.
Many experts feel 2024 will bring slow but steady growth to Vancouver’s housing market. Even as residential property sales are expected to decline by three per cent, analysts predict Vancouver’s housing market will remain balanced, with values increasing by two percent to reach an average of approximately $1.52 million. The reason is that despite more inventory and new builds, many people have been anticipating lower rates to buy. Interest is competitive, which will likely keep inventory tight.
Experts also predict a few dominant trends will define Vancouver’s housing market in 2024; these include:
- Higher demand for semi-detached homes and condominium suites
- Luxury property purchases driven by young adults in the tech industry
- Growth from upsizing families and new buyers
As one of Canada’s priciest markets, interest rates will continue to play a significant role in Vancouver’s real estate industry. While buying power remains steady, with high borrowing costs constraining affordability, a change to the interest rate could jolt the industry, enticing more buyers to join the competitive market. How it all plays out remains to be seen.
Buy a Vancouver Townhouse in 2024
At Vancouver Townhouse, our team has helped many first-time buyers find a home. Check out featured half-duplex and townhouses in Vancouver on the market. Then, reach out at 604-779-1500 to schedule a private viewing and to learn about government tax breaks and incentives for buyers purchasing a home in 2024.