Afternoon, guys—important update this week!

The Bank of Canada has officially lowered the policy rate to 3%, marking a significant shift that could impact Vancouver’s real estate market in a big way. Lower borrowing costs will make homeownership more accessible, but they could also spark increased demand and competition. Here’s what you need to know:

What This Rate Cut Means for Buyers & Sellers

 Lower Mortgage Rates Ahead – With cheaper financing, more buyers can qualify for mortgages, making it easier to enter the market.

 More Demand for Housing – Historically, lower rates bring buyers off the sidelines, which means we could see a busier-than-usual spring market.

 Thinking of Selling? – Now might be the ideal time to prep your listing. With demand rising, listing before inventory increases could help you maximize your sale price.

 Inflation Holding at 2% – While inflation seems stable, housing affordability remains a major challenge in Vancouver’s high-priced market.

 Labour Market Still Soft – With 6.7% unemployment, economic uncertainty lingers, but job growth is showing signs of improvement.

What’s Next for Vancouver Real Estate?

The next Bank of Canada rate decision is set for March 12, 2025. If we see another cut, expect even more buyer demand, which could push home prices higher.

How Does This Affect You?

Every move in Vancouver’s real estate market should be strategic. Whether you’re thinking of buying or selling, staying ahead of these market shifts is key. Let’s connect and discuss your best options in this changing landscape.

 Message me to chat about your real estate goals.

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