AUGUST 2023 FOUNDER’S MESSAGE
THE LATE DAYS OF SUMMER
The late days of summer are upon us here on the West Coast. As we begin to say farewell to another spectacular season, our real estate market is moving towards more balance.
Prices of all home types increased again in July and sales were up 28.9 percent from this time last year. There is a strong demand in our market and buyers are adapting to the new borrowing costs.
Listings are up as well. There is a 17 percent increase compared to July 2022 in detached, attached and apartment properties newly listed for sale last month on the Multiple Listing Service (MLS) in Metro Vancouver. The 4,649 homes listed last month offered buyers more choice and helped to balance the market.
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,210,700. The benchmark price for a detached home is $2,012,900, up 1.1 percent from June 2023.
With our current active market, now is a good time to discuss tenant placement or property management services for your real estate portfolio with our RENT + MANAGEMENT team. Our highly experienced advisors will take care of every occupational and operational detail of your property, so you have more time to manage your portfolio and do what is important to you. Our goal is to maintain your property to keep it to its best value so you will get the best return.
August is also an excellent time to start back-to-school preparations with a complimentary comparative market evaluation of your home. The typically busy fall real estate market is quickly approaching and there are a wide variety of excellent opportunities available.
Alberni by Kengo Kuma is almost fully completed, so don’t miss your chance to live in this award-wining, iconic building located at 1550 Alberni Street. Featuring extraordinary, cutting-edge design, the silhouette of this 43-storey tower constantly changes, creating illusionary profiles of arching cantilevers. This architectural masterpiece is the only high-rise residential building that renowned Japanese architect Kengo Kuma has designed in North America.
Stay tuned for the launch of another spectacular development, 1177 Burrard Street, located on Burrard Street at Davie. This new Burrard gateway project will establish a landmark identity approaching from the Burrard Bridge. Beautifully designed one, two- and three-bedroom smart homes are coming soon. Register your interest to stay up-to-date here.
We are very pleased to announce the reopening of Horseshoe Bay Park, including a new playground, seating, lookouts and stairs that connect the park to the beach and water. A handful of units remain at Horseshoe Bay Sanctuary, with one-bedrooms suites starting at $888,000 and two-bedrooms from $1,395,000. Quality construction and magnificent views of Howe Sound are hallmarks in this extraordinary resort-style village and Vancouver’s last true waterfront.
Last month, a new form was introduced to provide home buyers, who are in a multiple offer situation, with additional information about competing offers. The New Disclosure of Multiple Offers Presented Form will list each of the competing offers the home seller received and the name of the real estate brokerage that submitted an offer on a client’s behalf. This change will help inform the public and bring comfort to prospective buyers who will know that every offer was fairly represented and considered in the process. So, if you are interested in buying or selling a home or expanding your real estate portfolio in a busy market, contact one of our highly knowledgeable advisors for more information.
With sales up almost 30 percent from last year, August is an excellent time to consider your next move. I hope you enjoy the final, magnificent days of summer. There is still much sunshine and many adventures left yet.