LolaOduwole - Your Coast to Coast Specialist - Serving British Columbia and Ontario

HELPING YOU IS WHAT I DO... B.C 604.809.6317 / ONT: 289.439.5472

Lola has merged her skills as an accomplished entrepreneur and Board Governance to her real estate business.

Lola brings a wealth of experience from her diverse roles in the real estate /Business industry, voluntary and charity sectors as well as non-governmental organizations.

Lola currently holds Ontario and British Columbia Real Estate Broker Licenses and is a member of the Royal La Page Corporate Brokerages.

Elevated Inventory Leads to Lower Sale Prices
In July, the Greater Vancouver housing market offered buyers a well-supplied market, as
new listings outpaced sales growth, providing more choices and slightly easing price
pressures. Total inventory rose to 13,724, the highest level since September 2020.

Despite another interest rate decrease in July, the influx of buyers has yet to materialize.
The month saw a total of 2,326 sales, marking a 3% decrease. Elevated inventory levels
have impacted home sale prices, resulting in an aggregate average sale price of
$1,289,272, a 4% monthly loss.
Interest Rates and the Housing Market
The Bank of Canada's recent rate cuts have positively impacted buyer confidence in the
Greater Vancouver real estate market. As reported by The Globe and Mail, "The widely
anticipated move brings the bank’s policy rate to 4.5 per cent from 4.75 per cent. It’s the
second step in a long-awaited easing cycle that is slowly normalizing borrowing and debt
servicing costs for Canadians.” “While it remains to be seen whether softening prices and
improved borrowing costs will entice buyers to purchase as we head into the fall market,
it’s worth noting that it can take a few months for improvements to borrowing costs to
materialize into higher transaction levels, said Andrew Lis, GVR director of economics and
data analytics.

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