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Greater Vancouver, Metro Vancouver, and Fraser Valley As we wrap up the year, let’s take a look at the real estate market performance for December 2024. Key Highlights: Units Sold: 1,762 units were sold this December—a significant improvement compared to December 2023. Seasonal Trends: December and January are traditionally slower months in the real estate market, as many people are focused on holidays and vacations. Market Dynamics: The variable interest rate has seen a substantial drop recently, and new regulations introduced in December are expected to positively impact the market by spring 2025. The Good News: Variable Rates Are Falling: Lower variable rates could make buying more accessible for many, spurring activity in the market. The Not-So-Good News: Economic Concerns: A sharp drop in interest rates often signals challenges in the broader economy. We're starting to see an uptick in foreclosure listings, reflecting financial strain for some homeowners. If you're interested in receiving foreclosure listings, please share your name, email address, and details about the type of property you're looking for.   Market Strength: Sales-to-Active Ratio (SAR): To assess the health of the market, we look at the Sales-to-Active Ratio (SAR) for both detached and attached properties in various cities. A higher SAR indicates a stronger market, with more homes selling relative to available listings. Here's what the SAR indicates: Balanced Market: 12% Buyer’s Market: SAR Seller’s Market: SAR > 20%   What’s Next? I’ll be sharing another market update soon, analyzing trends and data going back to 2005. Don’t miss it—sign up for our newsletter to stay informed! We’re also active on social media. Follow us for the latest updates, market insights, and more. Let’s make 2025 a great year in real estate!

A Hidden Gem in Nature: Jug Island Beach,Vancouver   If you're seeking a peaceful retreat to escape the fast pace of city life, Jug Island Beach, nestled within Belcarra Regional Park, is a hidden gem that promises both tranquility and natural beauty. This serene beach, tucked away from the usual tourist spots, is the perfect getaway for anyone looking to connect with nature and find solitude amidst Vancouver's lush wilderness.   The adventure begins with a scenic 5-kilometer round-trip hike, which takes you through an enchanting forest of towering trees and verdant greenery. As you walk along the well-maintained trail, you’ll be surrounded by the calming sounds of nature — the rustle of leaves, the calls of birds, and the occasional breeze whispering through the trees. The air feels fresh and invigorating, offering a much-needed respite from the urban hustle. After the hike, you'll be rewarded with the breathtaking sight of Jug Island Beach. This small, idyllic beach boasts crystal-clear turquoise waters, framed by lush forest and the distant silhouette of Jug Island. The soft, golden sands invite you to take off your shoes and feel the warmth beneath your feet as you wander along the shore. Whether you’re capturing the scene with your camera or simply enjoying the serenity, the peaceful silence of this secluded spot will leave you feeling rejuvenated.   Jug Island Beach is also an ideal location for a cozy picnic or a peaceful day of reflection. Its secluded nature ensures a calm environment, perfect for unwinding and recharging your spirit. If you’re lucky, you might even witness majestic bald eagles soaring overhead, their wings cutting gracefully through the sky.   This hidden treasure is not just a haven for hikers and beachgoers, but also one of the best spots in the Vancouver area for kayaking. Glide along the calm waters and explore the surrounding beauty from a different perspective.   For those seeking an escape from the everyday, Jug Island Beach offers a tranquil sanctuary where time seems to slow down. Every visit to this magical location is a chance to reconnect with nature and, in turn, rediscover a piece of yourself.   Owls of Jug Island Beach While you’re soaking in the natural beauty of Jug Island Beach, keep your eyes peeled for one of the area’s most mysterious and captivating residents: the owl. The forests surrounding the beach are home to several species of owls, including the Great Horned Owl and the Northern Pygmy Owl. These nocturnal creatures are often heard hooting in the distance during the quiet evenings, adding an air of mystique to the area. If you’re fortunate enough to spot one, you’ll witness the owl’s silent flight, as it glides effortlessly through the trees in search of prey. The presence of these magnificent birds adds to the sense of wonder that surrounds this hidden haven, reminding you that Jug Island Beach is not just a place for daytime exploration, but a living, breathing ecosystem full of awe-inspiring wildlife.   One of the best spots for hiking and kayaking in the Vancouver area.   A tranquil haven to escape your worries; every time you find nature, you rediscover a piece of yourself.image courtesy of besthikesbc.ca

Predicting the direction of the Greater Vancouver real estate market is challenging. Much like Bitcoin, it can surge quickly and unpredictably. Last year, we saw a significant uptick in activity, especially for properties under $2 million, with multiple offers being the norm across many cities. However, since May 24, the market has cooled down, and we will need to wait until spring 2025 to determine whether we will see a repeat of last year’s market behavior. Two key factors influencing the market right now are: China’s Economic Struggles – With China’s economy facing difficulties, fewer buyers from the region are active in our market. Iranian Market Slowdown – Many Persian buyers are waiting for better conditions in Iran to sell their properties and invest in Vancouver, but the real estate market in Iran remains sluggish. November Market Update: The market in Greater Vancouver and the Fraser Valley picked up in October and November compared to September. More properties that had been on the market for an extended period are now seeing successful sales. However, as is typical, the real estate market tends to slow down between November and February due to the holidays and people’s reluctance to move around Christmas time. Despite this seasonal slowdown, there are a few positive developments that could influence the market: Interest Rates: We expect further drops in interest rates, which should impact variable-rate mortgages. Next rate announcement is Dec 11, 2024. New Government Policies: The price limit for insured mortgages has increased from $1 million to $1.5 million. Eligibility for 30-year mortgage amortizations is now extended to all first-time homebuyers and buyers of new builds. However, there are also several factors that may pose challenges for the market: Rental Market Decline: Falling rent prices could discourage investors from entering or staying in the market. Temporary Visa Expirations: The $5 million temporary visa holders will be required to leave Canada by next year, potentially reducing demand in the rental market. Increased Inventory: Many new high-rise developments are nearing completion, which will increase the supply of apartments and potentially shift the balance of the market. Market Strength: Sales-to-Active Ratio (SAR): To assess the health of the market, we look at the Sales-to-Active Ratio (SAR) for both detached and attached properties in various cities. A higher SAR indicates a stronger market, with more homes selling relative to available listings. Here's what the SAR indicates: Balanced Market: 12% Buyer’s Market: SAR Seller’s Market: SAR > 20%     In summary, the market has shown some positive momentum heading into the end of the year, with factors like government policy changes and a potential decline in interest rates supporting activity. However, there are still challenges, particularly with rental market trends and the potential for increased inventory.   P.S. In today’s market, having an experienced realtor by your side is essential. With over 20 years of experience, Hassenn is here to answer any questions you may have—no obligation, just expert guidance. He can provide a comprehensive assessment of your property and give you a clear picture of your current equity. Feel free to reach out—he’s happy to help!   Disclaimer: This analysis is based on current market trends and may not reflect future market conditions. Please consult with a real estate professional for personalized advice.