02 Aug 2024
AUGUST 2024 FOUNDER’S MESSAGE
The glorious, long days of summer are here on the West Coast. There’s still plenty of time for adventure and travel as we enjoy the final full month of summer.
The real estate market is balanced and there is a lot of inventory to choose from. Newly listed properties on the Multiple Listing Service (MLS) rose nearly 20 percent last month compared to the same time last year. There were 5,597 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in July 2024. This is 12.7 percent above the 10-year seasonal average. Currently, there are 39.1 percent more properties listed on the MLS compared to July 2023.
Prices have levelled out across all property types. The MLS Home Price Index composite benchmark priced for all residential properties in Metro Vancouver is currently $1,197,700.
Last month, the Bank of Canada cut its key interest rate by 25 basis points for the second time this year, bringing it down to 4.5 percent. This is welcome news for those renewing their mortgages, variable rate mortgage holders and prospective homeowners. Bank of Canda governor Tiff Macklem recently said it would be reasonable to expect further cuts this year if inflation continues to ease. With lower borrowing costs and high inventory, now is an excellent time to consider your real estate options.
As we prepare for the busy fall real estate market, call one of our experienced advisors to receive a complimentary comparative market evaluation of your property. The B.C. Real Estate Association (BCREA) believes home sales will heat up by the end of 2024. A combination of falling fixed mortgage rates and strong population growth is forecasted to drive sales higher this year and next in the Lower Mainland, the BCREA said in an economic outlook. With lots of summer remaining, now is the perfect time to contact us to discover what your home is worth in today’s market.
August is also an ideal month to prepare your home for sale. Take the time this month to get exterior renovation, painting and landscaping projects completed. Our highly knowledgeable advisors will also help you with pre-listing photos and videos while your gardens are at their best. Curb appeal is at is peak from now through to September. Buyers can see what a property looks like at its full potential, so call now and we can help prepare your home for listing in the upcoming busy fall market.
VIRANI Rent + Manage is a leader in property management and tenancy placement in Vancouver, West Vancouver and North Vancouver. Our experienced property managers take care of any tenant related issues so you can take the time to do what is important to you. Whether it’s more worry-free vacation time with family and friends or additional time to manage your portfolio, our advisors ensure everything from building maintenance to monthly rental payments are looked after. Our goal is to maintain your property to keep it at its best value so you will get the best return.
It’s also important to work with a property manager to ensure you are fully protected. Last month, there were significant changes introduced to B.C.’s Residential Tenancy Act. The remainder will be introduced in phases over the coming months ahead. Bill 14 introduces several measures aimed at increasing landlord accountability and transparency during the eviction process. Changes include a requirement to generate a Notice to End Tenancy using a website called the Landlord Use Web. The Residential Tenancy Branch can now conduct post-eviction compliance audits and collect data about the frequency and types of evictions.
The notice period to evict tenants for reasons of personal or caretaker use will increase to three months. Upcoming changes will also increase the length of time a landlord must use a rental unit for personal or caretaker use from six months to 12 months.
For more information on these new requirements, contact one of our highly knowledgeable advisors. In addition to taking care of any tenant related issues, we are here to educate and empower you to make the best decisions possible.
We’re excited about the new development coming soon to Burrard and Davie. Monogram, a 47-storey tower in downtown Vancouver’s West End, will feature ground floor retail space, office space, childcare facility and an arts and culture hub. One-, two- and three-bedroom homes are coming soon. Register here at https://monogram.ca to be the first for new updates on this remarkable new addition to Vancouver’s vibrant downtown community.
The central bank has cut its key interest rate for the second time in two months. Interest rates are falling and inventory is high. Real estate analysts are forecasting a strong real estate market for 2025 and 2026. Now is an excellent time to contact one of our expert advisors. We are here to help you with your real estate goals.
As you enjoy the long summer days and stunning natural beauty of our West Coast, I would like to take the time to wish you the very best for the rest of your summer. I look forward to new adventures together in the coming months ahead.