November 2022 Founder’s Message

The festive holiday season is upon us once again. Colourful, glittering lights adorn Metro Vancouver, highlighting our reputation as the jewel of the world.

As we prepare for the upcoming festivities, there are many excellent real estate listings to choose from across the Lower Mainland. Inventory has increased significantly as the frenetic pace of the last two years continues to slow. Buyers and sellers have more time to consider their real estate options. Home inspections, strata minute reviews and other important tasks are easier to do in our current market. This all makes buying and selling considerably less stressful than we experienced in the past.

The number of active listings continues to trend upwards, allowing buyers to choose from a wide variety of possibilities. The total number of homes currently listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in October 2022 is 22.6% higher compared to the same time last year.

Home prices and sales are receding from the record highs set in the spring of 2022. However, a slower market presents an opportunity to secure the home you have always wanted. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,148,900. This is a 2.1% increase from October 2021. The benchmark price for a detached home is $1,892,100, a 1.6% increase from the same time last year.

VIRANI is excited to be involved with some very innovative developments and initiatives. We recently launched our Rent + Manage, a one-stop shop to all your real estate needs. This division of rental property and property management was created in response to our clients who, on many occasions, have requested a full-spectrum of services. Our trusted advisors are now able to handle 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 will maintain your property to keep it to its best value so you will get the best return.

While you’re out enjoying all the season has to offer, drop by our display at Horseshoe Bay by Westbank. We have less than 20 homes remaining at Vancouver’s last true waterfront development. Offering quality construction and magnificent views of Howe Sound, homes in this extraordinary resort-style village start at $888,000.

When preparing your gift list this year, consider including one of our Human-Kind bracelets. This wonderful gift that gives twice will help those struggling with food security. With every locally hand-crafted Human-Kind bracelet you buy from us, we feed a local family in need. To date, we have helped deliver more than 16,000 meals. Celebrating kindness and giving back to the community that has supported and shaped our company for the past two decades, is extremely important to us.

As the year quickly draws to a close, inflation and interest rates continue to cool Metro Vancouver’s record-breaking market of the past pandemic years. It is important to work with an experienced, trusted advisor to help navigate our climate of rising interest rates. Financial experts are predicting rates will go up once again before the end of the year. We invite you to call one of our highly knowledgeable advisors today to help you achieve your real estate goals. We will evaluate your real estate portfolio and also give you a complimentary comparative market analysis of your property.

VIRANI continues to evolve as market leaders. Our team of highly knowledgeable advisors offer exemplary service and expert advice that is based on a thorough understanding of both local and global market trends. Whether looking to enter the market, grow your real estate portfolio, upsize or downsize, now is still an excellent time to consider you next move.

And, as you embark upon seasonal gatherings and celebrations, may your holidays be filled with joy, family and friends.

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