April 2023 Founder’s Message
Spring has sprung in the Lower Mainland and stunning cherry blossoms adorn our city’s boulevards and parks once again this month. The delicate clouds of soft pink represent a time of renewal and optimism. As thousands of Japanese Sakura trees unveil their glorious display, spring brings growth in home prices across Metro Vancouver.
March data also shows that home sales are making a stronger than expected spring showing so far. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 1.8% increase compared to February 2023. The benchmark price for a detached home is currently $1,861,800, up 2.7% compared to February 2023.
“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types,” explains Andrew Lis, Real Estate Board of Greater Vancouver (REBGV) director of economics and data analytics.
There is an 8.1% increase in homes currently for sale in Metro Vancouver compared to the same time last year. Sales of detached homes last month rose 2.7% compared to February 2023. Similarly, apartments sales were up 0.7% and attached homes increased 1.7%.
The Canadian Real Estate Association (CREA) recently reported that national home sales across Canada rose 1.4% from February to March. This increase represents the first back-to-back monthly gain in more than a year.
Now is an excellent time to contact one of our experienced and highly knowledgeable advisors to receive a complimentary comparative market analysis on your property or a rental evaluation from VIRANI RENT + MANAGE. The spring market is getting into full swing and our advisors are here to help you navigate our rapidly changing market conditions. We understand both local and global market conditions and will educate and empower you to make the best decisions possible.
The Bank of Canada recently reported that it will keep the prime rate unchanged for the second consecutive time. Global growth is projected to be 2.6% this year, 2.1% in 2024 and 2.8% in 2025. The bank predicts the inflation will decline to around 3% in the middle of this year and then gradually fall to the 2% target by the end of 2024. This is all good news for both our local and global real estate markets as consumer confidence rises and more options come available.
We would like to invite you to check out our current and upcoming presale opportunities in Metro Vancouver. We’re very excited to be involved with CURV, the soon-to-be tallest Passive House in the world. Standing 60 storeys tall at the pinnacle of downtown Vancouver, CURV will deliver performance luxury features and amenities. Carbon-conscious, quiet, healthy and sustainability are hallmarks of this architecturally innovative tower that will soon become the tallest in Vancouver.
Another exciting development, 1177 Burrard Street, situated on Burrard Street at Davie will become a spectacular landmark approaching from the downtown side of the Burrard Bridge. This mixed-use project will have the potential for micro-residential suites, daycare, office space, live-work and major public art project.
In addition to these amazing new presale opportunities, VIRANI is involved with many more projects coming soon in Coal Harbour, the West End and downtown Vancouver.
April is a special time of year in the Lower Mainland. Spring brings new beginnings and opportunities as blossoms decorate our city in a symphony of pink. Don’t miss our next issue of the V List magazine. Register for the V List to receive your copy, stay up-to-date on current market conditions, receive exclusive event invitations and access to the best presales both locally and globally.
I hope you are able to take time to enjoy all the beauty that spring in Vancouver has to offer.