On April 10, the Bank of Canada announced that it will maintain the bank rate at 5%. This decision reflects the Bank's assessment that monetary policy is effectively mitigating inflationary pressures. Although inflation is on a downward trajectory, the Bank remains cautious, acknowledging that it will take time to confirm the sustainability of this progress. The Bank's projections indicate that inflation will hover around 3% into the second quarter of 2024, then decrease below 2.5% in the latter half of the year, with expectations of returning to the 2% target by 2025. This outlook suggests a measured approach to monetary policy, with the Bank poised to adjust its strategy as economic indicators evolve.
In 2024, Pemberton's real estate market reveals varied dynamics across different property types. Total year-to-date (YTD) sales stood at 19, marking a slight decline from 25 sales in the same period of 2023. The median sale price in 2024 decreased to $829,000 from $869,000 in 2023, with active listings increasing to 89 from 75.
For houses, there's a noticeable reduction in sales, from six in 2023 to three in 2024, with median prices dropping by 4% to $1,339,000. Active listings for houses marginally increased from 20 to 22.
The house and acreage segment showed improvement, with sales growing from two in 2023 to five in 2024, and median prices rising by 6% to $1,699,000. Active listings expanded from eight to 13, indicating increased market activity.
Condominium sales remained steady at five for both years, with median prices stable at $599,000. However, active listings slightly decreased from 12 to 10.
There were no sales for duplexes in 2024, despite an increase in inventory to 11 from five in 2023, highlighting a potential surplus in this segment.
Townhomes experienced a decrease in sales, from ten in 2023 to four in 2024, with median prices dropping by 2% to $844,500. The number of active listings decreased to five from eight.
Land sales remained stagnant, with no transactions occurring in either year.
In summary, the Pemberton real estate market in 2024 shows a mixed picture with overall sales volume decreasing, a varied performance across different housing types, and a slight increase in active listings.
