Pemberton BC Market update March 1 2024

Highlights of our current market,  , inflation down good news 2.86%
Interest rates remaining at current rates ,
 new for first time buyers Property transfer tax exemption to $835000.
 ,Interest rates mar 6 th announcement prediction is , bank of Canada base rate will remain the same at 
April 10 bank of Canada monetary policy report, Economists predict the interest base rate will drop to %4.75 if inflation does not rise.
The overall prediction for 2024 interest rates is that the rates will lower a few more times and land at 4 % by December. This will be a slow process as they watch the inflation numbers. What this means to buyers and sellers is that the market will remain slow and steady and by December we could see an uptick in sales as more buyers qualify a 1 % drop on interest rates can be a big help for buyers and owners renewing mortgages. More good news for First time buyer news, they are raising the top sales price to 835k, they break it down to 2% after 500k, check with your mortgage broker to see if you qualify.
 Check out our listings, we have a new townhome just hit the market this week a 2 bed, it’s in the new first time buyer Property tax exemption range .
We are moving into spring market, low on inventory currently sitting at 63 listings in pemberton and outer areas.
Our Easter contest coming out this month , check for the postcard in your mail box. And color it tag on me on social media or send me a photo to enter.