May 2023 Founder’s Message – Home Sales on the Upswing this Spring
Spring is in full bloom as home sales rise close to levels seen this time last year.
Both sales and prices are exceeding the Real Estate Board of Greater Vancouver’s (REBGV) forecast for 2023. Recent data from the Multiple Listing Service shows home prices have increased close to five percent so far this year. This is a considerable increase compared to the REBGV’s original estimate of one to two percent by the end of the year.
This recent growth tells us home buyers are confident in the real estate market, while inflation continues to slow in Canada. The composite benchmark price for detached properties in Metro Vancouver is up this month by 2.9 percent to $1,915,800. Over the past three years, the benchmark price for a detached home in Vancouver has gone up $417,000.
The benchmark price of an apartment home is up two percent this month to $752,300. Similarly, attached homes are up 2.1 percent to $1,078,400.
Now is an excellent time to call one of our highly knowledgeable advisors to receive a complimentary comparative market analysis of your property. You may be pleasantly surprised to discover how much your property is worth and what you are able to purchase. Like home sales, Metro Vancouver’s rental market is also on the upswing. Our RENT + MANAGE division can assist you with tenant placement and, in turn, help lessen your stress. We will manage every occupational and operational detail of your property and help you maintain it to keep it to its best value so you will get the best return possible.
We are excited to share two new concepts by Aburi Restaurants Canada coming soon to Alberni by Kengo Kuma – Aburi Hana Vancouver and next door, another soon-to-be-announced culinary project. The nearly 3,000 square foot Aburi Hana will be located on the ground floor of Alberni by Kengo Kuma, the stunning residential tower at the corner of Alberni and Cardero. Toronto’s Aburi Hana was awarded Canada’s first Michelin Star and ranked in the top 20 of Canada’s 100 best restaurants. The Aburi Hana will be the first Kaiseki restaurant in Vancouver and an amazing addition to our city’s renowned culinary scene.
We have a handful of assignments still available in Alberni, the only high-rise residential building Kengo Kuma has designed in North America. We invite you to call us to receive the last chance to live in this architectural masterpiece that will be completed soon. There are many more exciting pre-sales coming to Vancouver in the months ahead, so stay subscribed to The V-List to be the first to receive the best opportunities.
Spring is an ideal time to begin planning any necessary repairs and updates to the exterior of your home. Preparing your home for sale takes time and May is a great month to make your to-do list before the hotter days of summer are upon us. Warm weather improvements and touch-ups go a long way to enhance the appearance of your home and boost its value.
As the days grow longer this month, sales and prices are appreciating once again. The extended daylight hours and warmer weather usher in our city’s amazing patio season and also a myriad of outdoor recreational activities. I hope you are able to take some time to enjoy all the beauty and splendor Metro Vancouver has to offer during our late days of spring.