Where’s The Market Headed In 2024?

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As I recently posted on my twitter account last week, I think the Spring 2024 Vancouver market is going to be busy. I could see prices rising again as more buyers get back into the market. I could also see multiple offers come back on the high quality homes that get listed. I’m actually starting to see a bit of this now in our late Fall Market.
It looks like interest rate hikes are over and we could see rates start to come down sooner than many people predicted. Once we get the green light from the BOC that they are in pause mode, I think we will see a similar situation that played out last spring.
Thanks to all the viewers and commenters on all my videos. As a busy Realtor I may not have the time to reply to all comments here. Some of your questions can be answered by going through my many videos posted here on my channel. But I will do my best to respond when I can. Appreciate everyone who is watching and commenting!
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OWEN BIGLAND
Bigland Realty Group
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Опубликовано:

4 дек 2023

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Комментарии : 18

@hecis1983 7 месяцев назад

I think it's pretty clear to everyone that the interest hikes are over, but I don't think buyers are eagerly waiting for the Feds to confirm that (the same feds who said near-zero interest are here to stay for a long time). Pausing interest increases shouldn't start bidding wars in spring, the fact is that the interest is still high and that a basic house is still around 1.5M, so the problem will still be that for 1.5M house, there needs to be a buyer who ideally has 300k saved up for downpayment and can afford monthly $8,000+ for mortgage payment and still be able to pay other bills like food, utilities, property tax, car...

@stephenn88 7 месяцев назад

Half the price in Calgary 😂😂

@TheJstaples 3 месяца назад

Exactly, how many buyers would actually fit this prototype?

@LC-hv1qn 7 месяцев назад

Historically interest rates come down the year of a US election. And the US impacts many countries rates whether people realize it or not.

@Lj22 7 месяцев назад

Owen, looking sharp as usual buddy . Where did u shop for the turtle necks?

@OwenBigland 6 месяцев назад

Lol i buy most of my clothes in the USA. Nordstrom mens store in NYC i think last Christmas

@cloudedjourney 7 месяцев назад

Hey Owen, I have a question I'd love to hear you answer if you have some time. The NDP just put in serious changes into the short term rental rules. I have 2 in Victoria, really nice downtown units. Because of the rule changes the Downtown victoria market is flooded with new rental stock and I an getting very little interest for the rental. Would you recommend waiting until the spring season and just biting the bullet and paying out the mortgages for a next few months to get a better monthly price. or Just drop the price and significantly and raise it when the tenants end up moving out. Also curious on your thoughts on renting it out furnished vs selling off all the funiture and renting unfurnished which I would normally do.

@OwenBigland 7 месяцев назад

December is the toughest month by far to be looking for a new tenant with a move in on Jan 1 New Years day, Tenants don't like moving when their still hung over! I would reduce your price slowly until you get an application. January with a Feb 1 move-in is usually a much better market.

@emanefo 7 месяцев назад

It's good that you are aware that you are just guessing. Good luck. The only thing I can tell you: It does not look pretty.

@rezar6412 7 месяцев назад

Thanks for the excellent market analysis & prediction.

@richchay 7 месяцев назад

U think rate cuts with Christie freeland and trudeu spending like drunken sailors not helping the situation. I hope you are right though

@AdonSanjab 7 месяцев назад

skipped the part where Rosenberg talking about a crash in the housing market along with interest rates going down :)

@OwenBigland 7 месяцев назад

Skipped what part? No mention of any housing crash in the article. Not going to be one. We would have seen that this year after the 7, 8, 9th 10th hike.. yet market stayed resilient , prices have barely been scathed... very little for sale. Lot's of owners on variable like me ( 2 of my investment units) that have had no problem absorbing the higher rates.. all tax deductible. Lot's of Canadians are still on low fixed term rates until 2025 or 2026 ( Most of my mortgages are in this category) BOC is going to reduce the rate on the ones coming due later this year to help them absorb the increase. Just giving you the facts...thanks for watching.

@minizinnia3764 7 месяцев назад

At the end of your video...I hope you are wrong. The idea of bidding wars all over again is nauseating. The market crashing would be an economic disaster but more fomo jacking prices even higher is another disaster.

@GreenBeanGreenBean 7 месяцев назад

incomes of the top 25% (the actual buyers) are up 12%...........top 1% up 17%....the bottom 50% (the non-buyers) incomes are flat. the high interest rates have cratered new supply...nothing new is getting built unless it's already mostly done. rates will be coming down, as inflation without mortgage costs is already at 1.9%.....it is the high rates that is causing inflation, not reducing it............ and another 500k-1m people.................... so with all those factors what you think prices are gonna do lol.

@kewlrunnings1 7 месяцев назад

@@GreenBeanGreenBeanI agree. In markets like Vancouver, highly desirable, it will be a coiled spring effect like Owen has repeated several times before. In the past 18 months of hikes the potential buyers, have been in major saving mode as I am. That has added more dry powder to my investments and future Real Estate opportunities. My income is moderate while being a pragmatic saver and a boring index investor.

@OwenBigland 7 месяцев назад

I have already had 2 strong bidding wars this Fall. 5 offers on one and 4 on the other .. both sold subject free way over asking at new record high selling price. These were both on A+ homes. With our lack of supply, interest rates on pause and pent up demand i could see multiple offers coming back this Spring to a much broader range of homes. If not this Spring then Fall 2024 or Spring 2025 at latest. Keep in mind we are currently at a sales to active listings ratio of 19 on condos and townhomes so just barely out of a sellers market. We are simply not building anything in Vancouver. Where are all the cranes??? Developers are all on the sidelines, even if they start building next year again it will be 3-5 years before it's ready to move in as demand continues to grow every year.