RENNIE OUTLOOK 2024
prices and rents: more modest increases ahead
HOME PRICES
It was a bit of a roller-coaster ride for home values in 2023. After bottoming out at the end of 2022, benchmark MLS condo prices rebounded quickly and rose through the first half of the year, reaching 98% of their 2022 peak before interest rate increases from the Bank of Canada in June and July cooled demand and beat back values during much of the second half of the year. Detached home benchmark prices followed a similar path, albeit to a lesser extent than condos. With interest rate cuts on the horizon and pent-up demand ready to re-ignite the market, we expect values to begin rising again in 2024.
OUR 2024 OUTLOOK
We expect benchmark MLS condo prices to recover to their 2022 peak by November, and increase by 4% overall in 2024. For detached homes, we see a larger increase in 2024 (of 9%) but still finishing the year below their 2022 peak level.
Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of February 5, 2024. Data from the Greater Vancouver and Fraser Valley Boards, Statistics Canada, Zonda Urban, CMHC, & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 5
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