February 2024 Founder’s Message

Metro Vancouver’s real estate market is off to a strong start as the first signs of spring appear on the West Coast. Residential sales and listings have increased since this time last year and the Real Estate Board of Greater Vancouver (REBGV) is forecasting home sales will rise more than nine percent in 2024. 

The REBGV recently reported that residential sales in Metro Vancouver totaled 1,427 last month, a 38.5 percent increase from January 2023. Newly listed properties for sale were up 14.5 percent compared to the same time last year.

The REBGV is also forecasting prices to increase this year by two to three percent. The benchmark price for a detached home is currently $1,942,400, up 7.3 percent from January 2023.

At the end of January, the Bank of Canada decided to keep interest rates at five percent. The falling interest rates for fixed mortgages and the forecast for interest rate cuts later this year have given industry professionals an optimistic outlook for 2024. This softer message on interest rates is predicted to give prospective buyers more confidence to come back into the real estate market. 

With considerable progress in bringing inflation back to two percent, there is less necessity for monetary policy to remain stringent. And, as interest rates fall, analysts predict higher provincial home sales will follow. This will lead to a more balanced market this year with relatively stable pricing.

The downtown Vancouver and North Shore real estate markets are currently very active with low inventory. Now is an excellent time for a complimentary comparative market evaluation. Whether building your investment portfolio or looking to change your home address, our highly knowledgeable advisors will educate and empower you to make the best decisions possible.  

With rent prices up over last year, it’s a great time to meet with VIRANI RENT + MANAGE team for a complimentary rental analysis. Our expert advisors will take care of every occupational and operational detail of your property, leaving you more time to take care of other business. We take pride in maintaining your property to keep it to its best value so you will get the best return.

B.C. property assessments were released last month, and they show home values have stabilized, with a range between minus five percent and plus five percent. These assessments reflect the market value of homes based on estimates as of July 1, 2023. “Across the Lower Mainland and throughout B.C., the overall housing market has generally stabilized in value,” said B.C. Assessments lead assessor, Bryan Murano, in a recent statement. 

Metro Vancouver is gearing up for a busy spring market. Now is an excellent time to prepare your home for sale. Our expert advisors understand that details make the difference. We will help showcase your home’s unique potential, while offering the most individualized service possible.

The REBGV is forecasting homes sales to increase by nine percent this year, and a further increase to 12 percent in 2025. Spring is just around the corner and Metro Vancouver’s market is active.

We are here to help you make your real estate goals a reality. I hope you enjoy the warmer weather this month and the first signs of spring here on the West Coast!
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