Fall 2024 Real Estate Market Update for Golden, BC: A Perfect Time to Buy or List
As we move into the final months of 2024, the real estate market in Golden, British Columbia is showcasing some exciting trends for both buyers and sellers. With the added factor of new mortgage rules in Canada—like the availability of 30-year mortgages—this presents unique opportunities for anyone looking to buy or sell property in Golden and its surrounding rural areas.
Whether you’re considering selling your home or entering the market as a buyer, here’s a detailed breakdown of what’s happening in both the town of Golden & the rural areas fall 2024.
Rural Golden: Tight Inventory, Rising Prices
In rural Golden, the market is currently favoring sellers. Year-to-date (YTD) data shows that the average sale price has increased by 17% rising from $728,932 to $854,761.
While some of this increase is due to higher-priced homes skewing the data, it’s also a reflection of the growing demand in the area.
Inventory is tight—with new listings down by 9.8% —making rural properties more scarce and, as a result, more valuable. Homes in these areas are also selling more quickly, with days on market (DOM) dropping by 21.67% YTD. This means rural homes are moving faster than they were just a year ago, making it an ideal time for homeowners to list.
Town of Golden: Rising Prices, Faster Sales
The story in the town of Golden mirrors the rural trends, but with some key differences. The YTD average sale price in town has risen by 16.86%, going from $649,360 to $758,823. Higher-end sales have played a significant role in driving these averages up, but what’s most encouraging for sellers is the fact that homes are selling faster.
The days on market have decreased by 18.9%, signaling a strong demand in the town. However, like the rural areas, new listings have also dropped, meaning that buyers have fewer options to choose from. This limited supply is keeping prices strong and creating a sense of urgency among buyers.
Impact of Higher-End Home Sales
A noteworthy trend influencing both rural and in-town markets is the surge in luxury home sales. These transactions are skewing the average sale prices upward. For example, in town, 8 out of 30 units sold this year went for over $850,000. Meanwhile, in rural Golden, 10 out of 22 sold properties exceeded the $900,000 price point.
While these high-end sales are pushing up the averages, it’s important for buyers to remember that there are still opportunities at more affordable price points. For sellers, the demand for luxury properties is an encouraging sign that the market can support a wide range of listings.
Fall 2024 Market Update, what does this mean for buyers and sellers?
Here’s what all this data means for you, whether you’re thinking about buying or selling this fall:
Buyers: Prices are climbing, and with fewer listings on the market, you’ll need to act quickly. The longer you wait, the more likely prices will continue to rise, and you may find fewer options available. However, with the introduction of 30-year mortgages, buyers now have more flexibility when it comes to financing their purchase, making it easier to afford a home in today’s market.
Sellers: Both rural and in-town markets are highly favorable for sellers. Rural properties are moving faster, and town prices are steadily increasing. If you’ve been on the fence about listing, now is the perfect time to take advantage of the demand and limited supply. With the right strategy, you can secure a great sale.
New Mortgage Rules: What You Need to Know
A significant factor making the market even more favourable for buyers right now is the new mortgage rules in Canada. These rules include the availability of 30-year mortgages for new builds, like the granite townhomes allowing buyers to stretch out their payments over a longer period and making monthly payments more affordable. You can read more about the new 30 year mortgage rules on Jill Hollands website HERE.
The Fall Market: Why It’s the Perfect Time to List your home with me, Amber Granter
With tight inventory and rising prices, fall 2024 is shaping up to be an ideal time to list your property in Golden, whether you’re in town or a rural area. Buyers are out there, and they’re motivated—especially with fewer homes to choose from. The faster-moving market means you could sell your home quicker than in previous years and potentially for a higher price.
If you’re thinking about selling or want to explore your options, let’s connect and discuss how we can maximize your property’s value in this market. With more buyers entering the market due to the new mortgage rules and steady demand for homes in Golden, it’s a great time to make your move.
To see our last market update, check out my [Summer 2024 Real Estate Market Update] don’t hesitate to reach out if you have any questions or are ready to make your next move in Golden.
If you’re ready to discuss how we can navigate this evolving market together text me, Amber Granter at 236-304-4955 anytime.
