IN MY OPINION
The 1st quarter of 2025 (in particular, February & March) has been busy for me. I'm receiving a several calls a week from clients wishing to discuss their options, sellers planning to list and buyers booking tours and writing offers.In the West End co-op market, sales of well-priced one-bedroom units are full steam ahead. Interestingly, two-bedroom co-ops have slowed significantly, making this the perfect time for buyer's to make a move on their dream home in the West End.
I have a fabulous one-bed 1002-2055 Pendrell St. listed, an updated two-bed 104-710 Chilco St, and second two-bedroom hitting the market third week of March.
The North Shore detached market is heating up. While touring Blue Ridge, Lynn Valley, and Princess Park with buyers, I saw open houses packed with people and properties with multiple offers.
In summary, while the current market is impacted by numerous factors (US trade war, upcoming Canadian election, and the March rate announcement) buyers and sellers alike are operating with optimism. I'll be watching to see what buyers do next: will they take the plunge and get ahead or wait for more certainty?
MARKET OVERVIEW
January 2025 saw new listings jump 46% up from January 2024, however, in February listings dropped off, bringing the overall numbers more in line with historical averages, balancing the market as we entered March.
The GVR reports that residential sales on MLS totalled 1,827 in February 2025, an 11.7 percent decrease from the 2,070 sales recorded in February 2024.
- Detached Home Sales - 477
Benchmark price: $2,006,100
- Apartment Home Sales - 976
Benchmark price: $747,500
- Attached Home Sales - 359
Benchmark price: $1,087,100.
BANK OF CANADA & MORTGAGE RATES
When most people hear about an interest rate cut, they assume all mortgage rates will drop. But that’s not always the case.
The BoC have announced a second straight 0.25% decrease to their benchmark rate which now sits at 4.5%. This 2nd decrease comes after 6 consecutive stays since July 2023. This is further relief to those with variable rates and lines of credit. This change does not apply to fixed rates, which are based on bond yields, but note that fixed rates are still lower than variable rates. Home buyers are opting for the popular fixed 3-year and 5-year fixed terms. With bonds trending downwards, should this continue we should see fixed rates come down too.
Oakwyn Realty Ltd. Downtown