Karen McVie Real Estate

01/25/2024

853 Followers, 617 Following, 94 Posts

01/24/2024

In the first rate announcement for 2024, the Bank of Canada (BoC) held interest rates steady for the fourth consecutive time and kept the overnight interest rate at 5%. This keeps prime at 7.2%.
• BoC expects inflation to remain close to 3% this year before gradually returning to 2% in 2025.
• BoC is confident enough that inflation is on the right track.
• The BoC did say higher rates can’t be ruled out, given the persistence in underlying inflation.
• Question remains, how long will it take for the BoC to start cutting rates. The market is suggesting to expect the first rate cuts in the next 4-6 months.
• CMHC expects 74% of mortgage holder will be directly impacted by increased debt-servicing costs.
• If you are renewing this year, it is more important then ever to explore all of your options, including looking into what other Banks are offering, not just the one you are with, before signing any paperwork.

Karen McVie Jovi Realty
📱Karen: 604-789-5397
💻Email: [email protected]
👩🏻‍💻Web: www.karenmcvie.com

01/18/2024

Metro Vancouver housing market shows resilience in 2023, ending the year in balanced territory
 
Metro Vancouver’s housing market closed out 2023 with balanced market conditions, but the year-end totals mask a story of surprising resilience in the face of the highest borrowing costs seen in over a decade. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 26,249 in 2023, a 10.3 per cent decrease from the 29,261 sales recorded in 2022, and a 41.5 per cent decrease from the 44,884 sales in 2021. 
Last year’s sales total was 23.4 per cent below the 10-year annual sales average (34,272). 

“You could miss it by just looking at the year-end totals, but 2023 was a strong year for the Metro Vancouver housing market considering that mortgage rates were the highest they’ve been in over a decade,” Andrew Lis, REBGV’s director of economics and data analytics said. “In our 2023 forecast, we called for modest price increases throughout the year while most other forecasters were predicting price declines. The fact that we ended the year with five-per-cent-plus gains in home prices across all market segments demonstrates that Metro Vancouver remains an attractive and desirable destination, and elevated borrowing costs alone aren’t enough to dissuade buyers determined to get into this market.”

Source: rebgv.org

01/18/2024

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01/18/2024

Extremely grateful to be working a job I love and making my clients wealthier in a savy smart way through real estate. 💸🤍 ily

01/18/2024

In love with Mila Kunis & Ashton Kutcher’s home featured in . I love a moody space.

01/18/2024

Balanced conditions come to the Metro Vancouver housing market for the holiday season
 
With one month left in 2023, a steady increase in housing inventory is offering home buyers across Metro Vancouver1 among the largest selection to choose from since 2021.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales2 in the region totalled 1,702 in November 2023, a 4.7 per cent increase from the 1,625 sales recorded in November 2022. This was 33 per cent below the 10-year seasonal average (2,538).
 
“We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years,” Andrew Lis, REBGV’s director of economics and data analytics said. “When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.”

Source: rebgv.org

01/18/2024

I wouldn’t mind living in this dog house 🙃

12/22/2023

Yessss!✨

12/08/2023

Mid week inspiration! By

12/08/2023

An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver, but sales remain below long-term averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,996 in October 2023, a 3.7 per cent increase from the 1,924 sales recorded in October 2022. This total is 29.5 per cent below the 10-year seasonal average (2,832) for October.

“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” Andrew Lis, REBGV’s director of economics and data analytics said. “Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”

Source: rebgv.org

The Real Estate Board of Greater Vancouver is a member-based professional association of nearly 14,000 REALTORS® and their companies who live and work in communities from Whistler to Maple Ridge to Tsawwassen and everywhere in between.