Canada Civic Day Weekend 2024 – The Perfect Time to Explore Vancouver Properties
The first Monday of August is the Provincial Day, August Civic Holiday, or simply, Civic Day in Canada.
This is a long weekend that culminates in a statutory holiday celebrated across Canada. For many Canadians, this is a chance to unwind and spend time with their loved ones. They may prefer to attend local community events or just spend a day in nature.
However, if you are an investor or a first-time homebuyer, this could be the perfect time to get started on your real estate path. The long weekend is also a good time to list your property for sale. This Civic Holiday may well be the best time of the year to capitalize on the housing market.
This article helps you draw up a strategy for exploring real estate opportunities around you this weekend, particularly in and around Vancouver.
Table of Content
What is the Civic Holiday in Canada?
The Civic Holiday is in honour of the country’s rich cultural heritage, history, and the many achievements of the Canadian people. The underlying celebration theme is to commemorate the diversity and progress within the nation.
Across the country, the Civic Holiday is known by several names. Alberta celebrates it as “Heritage Day,” Nova Scotia refers to it as “Natal Day”, and Toronto recognizes the day as “Simcoe Day” in honour of John Graves Simcoe.
The capital city, Ottawa, recognizes it as “Colonel By Day,” a tribute to John By, the city founder. British Columbia celebrates its birthday (kinda!) on this day, calling it “British Columbia Day”, just like a few other Canadian provinces do.
Community Engagement
The Civic Holiday weekend is a lively time, with many communities organizing a range of events and activities that showcase Canada’s history and culture. Communal meals, barbecues, cultural festivals, road races, and fireworks displays – you can find all these and more as Canadians pay homage to their heritage.
It is also a time for many provinces and municipalities to recognize and reward their residents for community initiatives. And of course, Vancouver has its fair share of exciting events lined up. Let’s take a quick look at what is on offer.
Spotlight on Vancouver’s Celebrations: August 3-5, 2024
Powell Street Festival – Enjoy live music, food, and martial arts demonstrations on August 3rd and 4th in Oppenheimer Park, with Vancouver’s Japanese-Canadian community.
VanPrideFest and the Pride Parade – DJs, drag performances, and dancing at Concard Pacific Place and a vibrant Pride Parade along Beach and Pacific Streets.
Harmony Arts Festival – West Vancouver’s waterfront lures you with live music, kids’ activities, and an outdoor market with local art. And yes, delicious bites from food trucks are on offer too.
White Rock Sea Festival and Semiahmoo Days – White Rock is the place to be for family-friendly fun, including local and Indigenous vendors, live music, a car show, a torchlight parade, and more.
Squamish Days Logger Sports Festival – Head here for some out-of-the-ordinary fun that includes pancake breakfasts, chilli cook-offs, chainsaw carving, logger sports competitions, and unique Bed Races.
Ongoing Activities
While these events are uniquely on during this weekend, Vancouver has other year-round activities as well. Celebrate the province’s natural beauty with a hike on beginner trails or the Trans Canada Trail. If the sea is what makes your heart beat faster, then go down to Vancouver’s famed beaches.
The city is renowned for its artisan goods and food – Richmond Night Market, North Vancouver’s Shipyards Night Market, and Vancouver’s farmers’ markets are must-visit places.
The Housing Market in Vancouver
Before you dip your foot into the property market, here is an overview of Vancouver’s housing prices and trends. This information will help you understand the dynamics better.
Benchmark Prices
In June 2024, the benchmark price of homes in Metro Vancouver was $1,207,100, according to BCREA. This trend indicates a relatively balanced market, with the sales-to-active listings ratio (SNLR) at 42% (a range of 40% to 60% signifies a balanced market, with both buyers and sellers equally placed).
The average home price in Greater Vancouver was $1,349,985, reflecting an annual increase of 6.2%. Surprisingly, Greater Vancouver condos were stable at $820,069.
Market Conditions and Inventory
Vancouver saw a stiff rise in inventory, with 14,182 active listings at the end of June 2024, up 42% compared to the previous year. This increased inventory, when combined with a 19.1% year-over-year decrease in home sales, suggests a probable shift towards a more balanced or even buyer-friendly market.
So, What’s the Plan?
Well, like we said earlier, all this activity means that this weekend is a great opportunity for anyone interested in real estate. Here is what you can do.
Homebuyers
For potential homebuyers, the time off work is a godsend for attending open houses and scheduling property viewings. The above-average market activity during this period will also give you better insights into current market trends, including pricing and in-vogue property features.
Reach out to real estate agents, mortgage brokers, and other industry professionals. Consult them for financing options and the overall home-buying process. The more you know about the process and the transactions involved, the better prepared you will be for buying your home.
August is a transition period in the real estate industry – an apt time to assess whether your budget and goals align with the market conditions. If you keep your eyes and ears open, you may find a favourable opportunity that suits your needs.
And last but not least, the local community plays a big role in deciding on a property. The Civic Holiday can be the ideal time to get a feel of the local neighbourhood.
Property Sellers
For property owners looking to sell, the holiday weekend can be the best time to list and showcase their homes. With more buyers potentially entering the market, they should take advantage of increased foot traffic on the holiday.
Ensure that your home looks its best – work on maximizing curb appeal. The first impression is the best bet to attract potential buyers, especially if they are attending other open houses or private viewings in the neighbourhood.
If you can manage it, organize an open house (read our blog for tips on how to host a successful open house). You can also schedule private viewings for potential buyers over the 3-day weekend, to generate more interest.
If there are any events happening in and around your neighbourhood, investors and buyers will get a better feel of your community as well as your home. So, include them in your selling strategies as an engaging tool.
We highly recommend that homeowners work closely with their real estate agents. Their expertise will help you with pricing strategies and potential negotiations, ensuring your home is positioned competitively.
Investors
For property investors, this is the best time to research opportunities. Network with industry professionals to learn about the increased market activity and local market trends, and potentially identify properties that align with their investment strategies.
Check your calendar for industry events and conferences. Attending them can help you connect with potential partners, service providers and opportunities.
Use this period for an in-depth analysis of local market data, including sales volumes, price fluctuations, and inventory levels. The timing and viability of potential investments need to align with the current market, and this research will help you make the right decisions.
Given the present market conditions, this may also give you the chance to discover off-market or “pocket” listings. Networking and your research can help gain access to properties that may not be widely advertised but are unique investment opportunities.
Vacation time is the right time to assess the demand for rental units, evaluate potential cash flows, and explore opportunities to expand their investment portfolio. The increased market activity and community engagement during this period can provide valuable insights into the rental market dynamics.
Happy Holidays!
Canadians have a good 3-day weekend holiday – the Civic Holiday.
If you wish to invest, buy or sell property, this can be a good opportunity to understand and capitalize on the dynamic market conditions. The festive atmosphere and the free time can be used for strategic approaches for your real estate journey.
Whether you’re a first-time homebuyer exploring the market or a homeowner looking to showcase your property, contact us. The Save Max team will be happy to help you get closer to your dream home – Maybe you will be spending the next holidays in your new home!
Until then, Happy Holidays, everyone!
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