OCTOBER 2023 FOUNDER’S MESSAGE
Metro Vancouver’s trees are ablaze with fall colour this month. While we enjoy this picturesque time of year, we are moving towards a more balanced real estate market.
More listings are coming available. There are 28.4 percent more detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) from this time last year, giving buyers more options to choose from.
Residential home sales were up 13.2 percent from the same time in 2022, suggesting more sellers are participating in the market. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,300, up 4.4 percent from September 2022. The benchmark price for a detached home is up 5.8 percent to $2,017,100.
Along with these rising sales and prices, there are new rental rules coming to British Columbia. These new guidelines will establish a new provincial role in the regulation of short-term rentals. B.C.’s Short-Term Rental Accomodations Act will come into effect through a phased-in approach. Immediately following formal government approval, the first part of the new legislation will allow regional districts to regulate and license short-term businesses. Fines will also increase significantly for hosts breaking local rules.
By May of 2024, people will only be allowed to rent out the home in which they live in, plus one secondary suite or accessory dwelling, for the majority of the year. The principal residence rule will apply to communities with more than 10,000 residents. Resort communities like Whistler, Tofino and Osoyoos will be exempt.
As of summer 2024, short-term rental platforms will be required to share information with the province. In Metro Vancouver, operators must have a business license and include this number in all online listings. Late 2024, a provincial registry will be launched requiring platforms to remove listings without valid provincial registry numbers.
With all these upcoming changes, now is an ideal time to meet with one of our highly knowledgeable VIRANI RENT + MANAGE advisors to receive a complimentary rental analysis. We will provide you with important additional information so you can make the best decisions possible. We take pride in empowering you and helping you navigate these new guidelines.
As you enjoy the fall splendor in our beautiful city, we welcome you to contact one of our advisors to also receive an end-of-the-year complimentary comparative market analysis. You may be surprised to discover what your home is worth in today’s market.
With cooler days ahead spent indoors, please take time to peruse the pages of our upcoming fall 2023 issue of The V LIST magazine. Filled with many of Vancouver’s finest properties, we hope our latest offering will bring inspiration and exciting possibilities.