As far as year-ahead predictions go, industry observers say not much will change from this year to next in the Vancouver housing market, despite interest rate drops – though some trends standout.who has a solid record of market forecasts, said the prime rate must drop to below 5% for price escalations between five and 10%. Right now, at 5.45%, it’s not enough to shift the market into a higher gear, and so he expects a buyers' market to continue.
“Most places are selling at or below assessment, about 5% below assessed value right now,” said Yan. “So, if your listing agent sells above assessment, you should buy them lunch, because that’s not happening.” What is happening is the fear-of-missing-out buyer (FOMO) that fuelled the pandemic years has been replaced by a buyer more willing to throw money around. Yan is also seeing a trend play out, which is an increase in listings for estate sales by executors. Now flush with cash, these estate beneficiaries are usually willing to pay more for a property because they didn’t earn the money. “The age of the FOMO buyers is gone, and YOLO buyers remain. In the last three years, the FOMO buyers have been burdened with high interest rates and payments. But right now, the inheritance-based real estate market is taking off. In the next two to three years, it’s estimated that around $1 trillion will pass to the heirs as inheritance in Canada. You see that now with a lot of sales. It’s started,” said Yan. “So, we are in an inheritance-based real estate market. And not just by death, but by parents giving their kids an early inheritance, with a warm hand instead of a cold hand.The Royal LePage annual Market Survey Forecast is also expecting a tepid year for Vancouver, with home price increases of 4% for the region, while forecasting gains of 5% for Toronto and
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