Despite the Bank of Canada’s recent rate cuts, housing market activity in the Lower Mainland hasn’t seen the expected surge. Inventory has grown, but sales remain about 15% below normal levels.

However, there’s a silver lining for realtors: rent prices are skyrocketing, and tensions between renters and landlords are increasing. This may push those who can afford it to seriously consider buying their first home.

A recent study showed that nearly 75% of millennials and Gen Z see homeownership as a priority, with 1 in 5 planning to buy within the next three years. 

Another RBC study found that 78% of single, first-time homebuyers under 30 are focusing on saving for a mortgage, even over having a lavish wedding. 

As Adil Dinani from Royal LePage West Real Estate Services said, “People don’t buy the purchase price; they buy the monthly payments.”

For those thinking about buying, the time to act is now.

What Does This Mean for Real Estate Agents?

1. Strengthen partnerships with mortgage brokers to help clients navigate financing.
2. Target young families and first-time buyers, as their motivation to own is growing rapidly.
3. Educate and be present online: With Q4 approaching and people spending more time online, it’s essential to focus on first-time buyer education.
4. Capitalize on rising rents: With rent prices continuing to climb, emphasize the benefits of homeownership.
5. Focus on staging: Young buyers are often visual, and a well-staged home will stand out and sell faster.

As we head into Q4, the opportunities are there. The key is tapping into the motivations of today’s first-time buyers.