May 2024 Founder’s Message

Spring is one of the most beautiful times of the year on the West Coast. Our boulevards are lined with stunning flowering trees and lush lawns. As we enjoy the beauty of the season, Metro Vancouver’s real estate market is active.

There are currently many excellent opportunities available as inventory is at its highest level since the pandemic summer of 2020. Actively listed homes for sale are up 42.1% since this time last year. Residential sales are up 3.3% from April 2023. Prices continue to climb as well across all property types, with increases in the range of one to two per cent month-over-month.

Real estate analysts are forecasting the remainder of 2024 will be strong for real estate transactions in Metro Vancouver. The MLS Home Price Index composite benchmark home price in Vancouver was $1,205,800, up 2.8 % from a year ago and a 0.8 % increase from March 2024. The benchmark price of a detached home is $2,040,000, up 6.3% from April 2023 and a 1.6% increase from March 2024.

With a continued strong demand for properties in Metro Vancouver, now is a great time to call one of our highly experienced advisors to receive a complimentary comparative market analysis. You may be surprised to learn what your home is worth in today’s market. 

This month, British Columbia’s Short-Term Rental Accommodations Act came into effect in 60 communities. As of May 1, the province is requiring short-term rental platforms like Airbnb and VRBO to share data and remove listings without business licenses and registration numbers. This new provincial rule limits short-term rentals to a homeowner’s principal residence plus one secondary suite or accessory dwelling. Despite being exempt, 17 additional communities have chosen to opt into the rules. The aim of this new legislation is to return short-term rentals to the long-term market.

There is currently a strong demand for rental properties in Metro Vancouver. If you have an investment property, now is an excellent time to contact one of our RENT + MANAGE team advisors to help you manage your property. We will take care of every occupational and operational detail, whether leasing an individual property, purchasing a selection of homes or buying an entire building for an investment portfolio. We take pride in offering the best service possible and maintaining your property to keep it to its best value so you will get the best return. If you are managing your own property or requiring a more personalized level of service than what you are receiving from your current management company, please give us a call. We are here to help.

On another note, the federal government recently announced that Canada will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes. This change will take place August 1 of this year and aims to make monthly mortgage payments more affordable for Canadians. 

Under the current rules, if a down payment is less than 20 per cent of the home price, a homeowner has 25 years to repay their mortgage. As part of this new announcement, the government also said it will raise the amount first-time homebuyers can withdraw from their RRSP’s to $60,000 from $35,000 to buy a home. 

Vancouver is one of the most beautiful and livable cities in the world. Real estate analysts are predicting a strong real estate market for 2025 and 2026. With inventory rates the highest in close to four years, now is an excellent time to consider your next move. 

I hope you enjoy all the beauty that spring has to offer here on our magnificent West Coast.
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