Welcome to Edgewood Manor.What a fabulous opportunity to move into this condo unit. Ground level home has 2bedrooms & 2 full four-piece baths. Large windows let the natural light in.Extra large outdoor patio, imagine entertaining when the warmer weather arrives.The living room has a gas fireplace with sliders to your patio. Dining room is perfect for family dinners.Large kitchen with eating area. The primary bedroom has sliders to patio as well. 2 closets in the walkway to the ensuite. In suite laundry. In suite storage/pantry could be re-design for a cute home office. Two underground side by side parking spots and storage locker for your seasonal items. Priced more than $70,000 under BC Assessment. Book a first date to view this ground level condo.

Canada’s housing market continued its upward trend in November 2024, as it recorded gains in both sales activity and prices, according to the latest report from the Canadian Real Estate Association (CREA). This marks the sixth consecutive month of sales growth, further solidifying the market’s recovery since mid-year when the first cut to the overnight lending rate was made.

Key urban centers such as the Greater Toronto Area, Greater Vancouver, Calgary, and Montreal all saw increased activity, with notable gains also recorded in several smaller cities across Alberta and Ontario.

Sales growth persists

Home sales in November 2024 increased by 2.8% compared to October. Since May 2024 – just before the first interest rate cut in June – sales have risen by a cumulative 18.4%. This sustained growth reflects stronger buyer demand across the country.

“Not only were sales up again, but with market conditions now starting to tighten up, November also saw prices move materially higher at the national level for the first time in almost a year and a half,” said Shaun Cathcart, CREA’s Senior Economist. “Normally we might expect this market rebound to take a pause before resuming in the spring; however, the Bank of Canada’s latest 50-basis point cut together with a loosening of mortgage rules could mean a more active winter market than normal.”

Home prices show largest monthly increase since July

The National Composite MLS® Home Price Index (HPI) rose 0.6% from October to November, marking the largest month-over-month increase since July 2024. While prices had been relatively stable for much of the year, the November increase suggests renewed upward pressure on home values.

The non-seasonally adjusted National Composite MLS® HPI stood 1.2% below November 2023, the smallest decline since last April.
Meanwhile, the actual – not seasonally adjusted – national average home price for November 2024 was $694,411, up 7.4% from November 2023.

Fewer listings available

The total number of homes for sale declined in November. There were a little more than 160,000 properties listed on Canadian MLS® Systems at the end of the month, representing an 8.9% increase from the same period last year. However, this total remains below the long-term average of 178,000 listings for this time of year.

National inventory levels continued to shrink last month, making conditions more competitive for buyers. There were 3.7 months of inventory on a national basis at the end of November, down from 3.8 months in October. This marks the lowest inventory level in 14 months.

This marks the second consecutive 50-basis-point cut to the overnight rate this year

In its last announcement of the year, the Bank of Canada made another supersized cut to its key lending rate.

In its scheduled December 2024 release, the central bank announced that it had lowered the target for the overnight lending rate by 50 basis points to reach 3.25%. This marks the fifth consecutive cut to rates in 2024, and the second consecutive 50-basis-point cut.

In October, Canada’s Consumer Price Index (CPI) increased 2.0% on a year-over-year basis, up from a 1.6% increase in September. Despite this increase, current levels continue to meet the Bank’s 2% inflation target. Weaker-than-expected GDP growth, in addition to reduced immigration levels and the possibility of new trade tariffs with the United States, justified the Bank’s decision to lower rates again in order to stimulate the economy while keeping inflation under control.

“With inflation back to target, we have cut the policy rate by 50 basis points at each of the last two decisions because monetary policy no longer needs to be clearly in restrictive territory. We want to see growth pick up to absorb the unused capacity in the economy and keep inflation close to 2%,” said Tiff Macklem, Governor of the Bank of Canada, in a press conference with reporters following the announcement. “The Governing Council has reduced the policy rate substantially since June, and those cuts will be working their way through the economy. Going forward, we will be evaluating the need for further reductions in the policy rate one decision at a time.”

Another rate cut increases likelihood of early spring market

With lower borrowing rates comes the likelihood of more robust activity throughout the winter months and an earlier-than-normal spring market, leading to upward pressure on home prices. 

According to the Royal LePage 2025 Market Survey Forecast, the aggregate1 price of a home in Canada is set to increase 6.0% year over year to $856,692 in the fourth quarter of 2025, with the median price of a single-family detached property and condominium projected to increase 7.0% and 3.5% to $900,833 and $605,993, respectively.2 Sidelined buyers are being encouraged back to the market following several rate cuts by the central bank and the optimism of more to come. Coupled with the implementation of new mortgage policies — including the increased insurance cap and 30-year amortizations for first-time buyers and pre-construction buyers — lower rates are expected to spur activity heading into the spring. 

“Starting in late spring 2024, we have seen the Bank of Canada continue to lower the cost of borrowing, a process that has prompted homebuyer demand to steadily rise, with a sharp uptick in activity following their first 50-point cut in October. This latest significant rate cut will help to sustain activity throughout the winter months, typically the slowest period for real estate transactions in Canada,” said Phil Soper, president and CEO of Royal LePage. “Buyers have woken up to the reality that property prices are rising again, and more will feel an urgency to act before affordability erodes. As a result, we are anticipating a ‘pull-ahead’ of activity and an early start to the traditional spring housing market. Adding to this momentum is the change in lending policies that come into effect on December 15th, which we believe will coax more sidelined purchasers to take advantage of their expanded borrowing power.”

Many sidelined homebuyers have been waiting for rates to drop significantly before reentering the market. With another cut now in the books, many will feel that interest rates have dropped enough for them to revisit their home purchase plans. According to a Royal LePage survey, conducted by Leger, 51% of Canadians who put their home buying plans on hold the last two years said they would return to the market when the Bank of Canada reduced its key lending rate. Eighteen percent said they would wait for a cut of 50 to 100 basis points, and 23% said they’d need to see a cut of more than 100 basis points before considering resuming their search.

The Bank of Canada will make its next interest rate announcement on Wednesday, January 29th, 2025.

Read the full December 11th report here.

With two consecutive months of sales increases punching up approximately 30 per cent year-over-year in October and now November, we may be entering the phase of the cutting cycle where the impacts to sales begin being more easily recognizable in the data.

Learn more in our latest The Lede, blog post, from GVR economist Andrew Lis: https://economics.gvrealtors.ca/.../2024-12-04-We-Have...

#GVR #economics #vancouverrealestate

The crisp fall air signals to us that winter is on its way, and with that, the familiar cozy nights, twinkling lights, and joy of decorating for the holiday season.

For many, this time of year is a cherished opportunity to transform their homes into a winter wonderland. Whether you love the nostalgia of decking the halls with traditional red-and-green ornaments and tinsel, or prefer a more modern take on festive décor, it seems all options are on the table this holiday season.

Here are the top four 2024 holiday décor trends to spark inspiration for your celebrations:

1. Muted luxe

This year, the classic holiday palette of red, green, and gold is replaced by softer tones, such as sage green, champagne, dusty rose, and icy blue. These muted hues, paired with metallic accents like brushed gold or antique silver, create a more refined and calming look for your home.

Think velvet stockings, metallic-dusted wreaths and pale ornaments to bring an elevated vibe to your space. To add contrast, consider incorporating darker tones such as deep navy or charcoal. This trend offers an effortlessly elegant way to make your space festive without feeling overly bold.

2. Vintage nostalgia

Does merrily muted sound mundane to you? Then this might be the style you’re looking for.

Vintage-inspired décor is back in a big way. Crystal and glass ornaments, retro tinsel garlands, ceramic Christmas trees and vintage menorahs provoke a sense of nostalgia that warms the heart and the home.

You can find authentic heirloom pieces by exploring thrift shops, flea markets, or asking older family members for cherished treasures. For those who love the look but prefer something new, many retailers acknowledge that traditional holiday style is back in full swing, and now offer vintage-inspired holiday décor.

Pair these pieces with candles or warm string lights to create a timeless, cozy atmosphere that makes any house feel like home.

3. Natural elegance

As sustainability takes centre stage in many facets of our lives, nature-inspired holiday décor is no exception. Evergreen garlands adorned with dried orange slices, cinnamon sticks, and pinecones create a rustic and festive look – and they smell great, too!

When decorating the tree, consider swapping out plastic bobbles for dried fruits, a popcorn garland or ornaments made of natural materials, like wood or paper. Continue this theme throughout the home by dressing up your dining table with linen napkins, fresh greenery, and seasonal fruit displayed as the centrepiece. This trend is perfect for those who want their eco-conscious lifestyle to be reflected in their holiday decorations.

4. Textured layers

Styling the home with layered textures continues from fall into winter, creating comfy and cozy holiday vibes.

Blend soft, chunky knits with plush velvets, faux furs, and natural materials like woven cotton or linen. This approach adds depth and dimension to any room, making your home feel as inviting as your favourite holiday sweater – but don’t stop there!

Take texture to another level by adding ribbon, felt ornaments, or macramé to your home. For your tablescape, mix and match materials by pairing a cotton tablecloth with rattan placemats, or layering linens with soft runners in contrasting patterns. Add natural elements like greenery, flowers, or seasonal foliage. In living spaces such as the sitting room or bedroom, drape blankets and throw pillows in seasonal hues and incorporate textures like glass, wood, and metal to create a cozy and inviting environment throughout your home.

Bonus tip: Extend the cheer outdoors

Your outdoor holiday décor doesn’t have to stop at stringing lights along the rooftop! Add twinkle-lights, lanterns, and weather-resistant greenery along banisters and around door and window frames to bring the spirit of the holiday season to the outdoors. A welcoming porch or patio can make your home feel festive inside and out.

This holiday season, embrace the opportunity to create traditions and have your home reflect your personal style. Whether you prefer the understated elegance of muted tones, the timeless charm of vintage décor, or the natural beauty of sustainable elements, there’s a trend to suit every taste. With a little creativity, your home can shine as a joyful centerpiece for the season, ready to make lasting memories.

Contributor

Michelle McNally

Communications manager, Royal LePage

Michelle is a member of Royal LePage’s Communications and Public Relations team, and works to deliver unique and insightful Canadian real estate content to media and consumers. Prior to joining Royal LePage, Michelle was an online reporter specializing in Canadian real estate and pre-construction development. She is a graduate of Toronto Metropolitan University’s esteemed journalism program.

National aggregate home price forecast to increase 6.0% year over year in Q4 of 2025

For the last few years, the Canadian housing market has experienced trends far outside the norm. A global pandemic, rapidly rising interest rates and economic disruptions threw the real estate market off course for a time, but 2025 is expected to bring conditions back in line with long-term historical averages.

According to the Royal LePage Market Survey Forecast, the aggregate1 price of a home in Canada is set to increase 6.0% year over year to $856,692 in the fourth quarter of 2025, with the median price of a single-family detached property and condominium projected to increase 7.0% and 3.5% to $900,833 and $605,993, respectively.2

“After several years of unusual volatility in the real estate market, key indicators point to a return to stability in 2025. The backlog of willing and able buyers continues to grow, and upcoming changes to mortgage lending rules will further enhance Canadians’ borrowing power,” said Phil Soper, president and chief executive officer, Royal LePage. “Most notably, the Bank of Canada’s shift from ‘inflation fighter’ to ‘economy booster’ has taken time to influence buyer behaviour. We saw a marked increase in market activity at the start of the fourth quarter, following the Bank of Canada’s 50-basis-point rate cut. Buyers now believe home prices have hit bottom and are eager to act before competition intensifies.”

New lending rules to boost buyer borrowing capacity

A series of new lending regulations are set to take effect this month, offering greater accessibility to both first-time buyers and current homeowners. As of December 15th, eligibility for 30-year amortizations on insured mortgages will be expanded to all first-time homebuyers and to all purchasers of new construction properties, up from the current 25-year threshold.3 In addition, the mortgage insurance cap will increase from $1 million to $1.5 million, allowing buyers with a down payment of less than 20 per cent the opportunity to explore housing options at a higher price point. This will be especially impactful for homebuyer hopefuls in the country’s priciest real estate markets, where average property values often exceed $1 million.

“Improved lending conditions, combined with declining interest rates, will unlock new housing opportunities for many Canadians in the new year. First-time buyers will be the primary beneficiaries of these initiatives, as their ability to borrow more for less with a smaller down payment will help bring them closer to their first home purchase,” said Soper. “We believe the return of buyers to the market will encourage builders and trigger a wave of new supply, which is very much needed.

“Addressing Canada’s critical housing shortage must remain a top priority for policymakers at every level of government. With our population growing rapidly through both natural increases and immigration, it is essential to stay focused on supporting the development of new homes if we hope to address housing affordability, be it for purchase or rent.”

Changing political landscapes create potential impact for housing

2025 will bring a change in government south of the border, and potentially in Canada’s House of Commons. New leadership, in addition to evolving trade relations, immigration policies and global conflict, could meaningfully alter the state of the Canadian housing market.

“With an election approaching in Ottawa and a new administration preparing to take office in Washington, the housing market faces potential disruptions. Here at home, a federal election will see new housing policies that may temporarily impact market activity in the second half of 2025,” said Soper. “Meanwhile, south of the border, the incoming Trump administration’s trade policies and broader economic agenda have the potential to create ripple effects for Canada’s economy and housing market. While these impacts may take time to unfold, they could eventually affect consumer confidence and market dynamics on both sides of the border.”

Read Royal LePage’s 2025 Market Survey Forecast for national and regional insights.

Highlights from the release:

• Greater Montreal Area aggregate home price appreciation (6.5%) expected to outpace greater regions of Toronto (5.0%) and Vancouver (4.0%) next year.

• Quebec City is forecast to see the highest gains among all major regions in 2025, with the aggregate home price expected to rise 11.0%, followed by Edmonton and Regina at 9.0%.

• Calgary, which saw unprecedented price appreciation and sustained activity over the last two years, is forecast to see home prices increase a moderate 4.0%, along with Ottawa, Halifax and Winnipeg.

• Median price of a condominium in the Greater Toronto Area expected to decline modestly by 1.0%, with thousands of new units to be added to the current surplus of supply.

NATIONAL PRESS RELEASE

FORECAST CHART

https://ebook.royallepagecorporate.ca/link/906540/

Home sales across Greater Vancouver continued to rise in November, demonstrating

strong demand across all property types. A total of 2,181 homes were put under

contract, marking a 28 per cent year-over-year increase and building on October’s

impressive 37 per cent annual growth. Aggregate sale prices across the region rose by

2 per cent to an average sales price of $1,277,653, largely driven by an uptick in

detached home prices.

While inventory dipped month-over-month to 12,830, reflecting seasonal trends typical

of winter, year-over-year inventory levels were up 18 per cent, offering more options for

buyers compared to the same time last year.

As sales activity continued to grow, we are also seeing increased interest from

American buyers. Recent website data suggests that the results of the 2024 U.S.

presidential election have prompted some Americans to explore relocating north of the

border.

Traffic data from royallepage.ca—Royal LePage’s consumer real estate portal and

Canada’s most-visited real estate company website—recorded a sharp increase in U.S.-

originated sessions the day after the election.

"Consistently ranked as one of the best countries in the world to live in, Canada

continues to be a top destination for international relocation—a trend that is unlikely to

change in the years ahead," said Phil Soper, president and CEO of Royal LePage.

Detached homes led the market with a notable monthly price increase of $95,384,

bringing the average sales price to $2,158,469—a 4.6 per cent rise. Detached home

sales totalled 630, representing a 20 per cent monthly increase. Inventory dropped to

5,096, reflecting an 8 per cent decrease from October but a 21 per cent increase year

over-year.

The condo market saw a slight monthly price decrease of $27,657, resulting in an

average sales price of $784,635. However, sales remained robust with 1,095 units sold

—a 28 per cent year-over-year increase—while inventory also rose by 28 per cent to

5,785 units, maintaining a balanced market.

Townhomes posted the highest yearly increase in sales volume, with 364 units sold—a

remarkable 37 per cent year-over-year growth. Prices remained stable compared to the

previous month, with the average sale price sitting at $1,147,448. Inventory levels

remained elevated, with 1,419 townhomes available, marking a 28 per cent year-over

year increase.

“Although demand has increased as we head into year-end, the number of newly listed

properties coming to market in November remained sufficient to keep prices steady

across all segments,” Andrew Lis, GVR’s director of economics and data analytics said.

“But as we move into the New Year, if the strength in demand continues at the current

pace, and the pace of newly listed properties coming to market doesn’t keep up, it may

not be long until we see the return of upward pressure on prices.”

The Greater Vancouver real estate market continues to exhibit resilience and steady

growth, buoyed by strong demand, increased inventory, and growing interest from

international buyers. As we approach the end of the year, the region remains one of the

most dynamic and sought-after real estate markets in the country.

URREY, BC – Following a healthy boost in sales in October, Fraser Valley home sales dropped in November as slower seasonal buying trends set in amid balanced market conditions.

The Fraser Valley Real Estate Board recorded 1,136 sales in November, down 15 per cent from October, but 28 per cent above November 2023 sales.

“Buying and selling activity is typically quiet at this time of year,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “But it’s worth noting that November 2024 sales are higher than they’ve been compared to the past two Novembers — a sign that overall activity is picking up in the Fraser Valley and with it, growing buyer confidence.”

A decline in new listings chipped away at overall inventory in November, with active listings declining eight per cent to 8,125. Overall inventory, however, remains at a 10-year seasonal high and 30 per cent above November 2023 levels. New listings dropped 26 per cent in November to 2,367, but remain above the 10-year seasonal average and above levels from November 2023. The Fraser Valley remains in a balanced market with a sales-to-active ratio of 14 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.

“With seasonality expected to slow sales activity towards year-end, we are optimistic that the new mortgage lending guidelines, which come into effect on December 15, will slowly start to work their way into the market,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Longer amortization periods and lower minimum down payments should help more buyers who want to get into the market in 2025.”

Across the Fraser Valley in November, the average number of days to sell a single-family detached home was 43, while for a condo it was 36. Townhomes took, on average, 33 days to sell.

Benchmark prices in the Fraser Valley dipped for the eighth straight month in November, with the composite Benchmark price down 0.2 per cent to $969,500.

To read the full statistics package, click here.

http://share.jumptools.com/studioSlideshow.do?collateralId=237734&t=2918&b=1

Welcome to 1948 Eastern Drive in Mary Hill. 1st time on the market, original owners. This home is perfect for your growing family. Large living room with fireplace. Dining room with sliders to the sundeck and enjoy the view of the mountains. Kitchen with eating area. Primary bedroom with 3-piece ensuite and walk in closet. Two other good size bedrooms. Basement includes rec room, flex area, bedroom & office down. Lots of storage space. This two level basement entry home would work perfectly for an in-law suite. The basement is above ground. Double car garage. Plenty of parking. Flat fenced backyard. Close to all levels of schools and transit. Shopping, restaurants and the new Poco Rec Centre are close by. Book a date to view this family home and fall in love...