SEPTEMBER 2023 FOUNDER’S MESSAGE
The first days of autumn are here on the West Coast. As the leaves begin to turn their glorious shades of gold and crimson, a newly published report ranked Metro Vancouver in the top five most livable cities in the world.
The U.K.-based Economist Intelligence Unit (EIU) placed Vancouver in this esteemed position based on five categories including, stability, infrastructure, education, health care and culture and environment. We are truly the lifestyle capital of the world.
Metro Vancouver’s spring and summer real estate market saw both price gains and relatively strong sales numbers with year-to-date price gains of all home types of more than eight percent. The MLS home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,208,400. This is up 2.5 percent from August 2022.
Detached home sales were up 13.2 percent from the same time last year. The benchmark price for a detached home is $2,018,500. Sales of apartment homes increased by 27.4 percent compared to August 2022. Attached home sales were up 18.0 percent compared to August 2022.
The Real Estate Board of Greater Vancouver says home prices are on track to stabilize this fall. Now is the perfect time for a complimentary comparative market evaluation. Call one of our highly experienced advisors to find out what your home is worth in today’s market.
If you are looking for investment properties, there are many presale opportunities and new building launches happening in the months ahead. Speak to one of our advisors to help you find your next condo or visit www.mynextcondo.com to explore your options.
Don’t miss your chance to live in Alberni by Kengo Kuma, the award-winning, architectural masterpiece located at 1550 Alberni Street. Visit VIRANI.ca or talk to one of our advisors to learn more about the incredible opportunity to live in this iconic masterpiece and the only residential high-rise that that renowned Japanese architect Kengo Kuma has designed in North America.
In addition to many exciting new opportunities, there are some significant changes coming in the months ahead to Metro Vancouver’s real estate market. As of January 1, 2024, exclusive listings will no longer be allowed. Instead, homes publicly advertised will need to be listed on the Multiple Listing Service (MLS) within three days. With this in mind, autumn is a great time to test the waters and list your home exclusively before the new change happens. VIRANI has a wide range of buyers both locally and internationally.
This month, Vancouver council unanimously passed a motion for lower density neighbourhoods to allow up to eight homes on a single lot. The new zoning also carries a reduction in the size of single-detached homes but increases the size of new laneway houses. Standard-size lots can now carry up to four units with larger lots able to hold eight. This is the most significant general change to single-family neighbourhoods since Vancouver first introduced laneway houses in 2009.
The provincial government also released a pilot plan this month to give homeowners incentives to build secondary suites on their properties. This new program will provide 3,000 homeowners with forgivable loans of up to $40,000 to help cover the costs of creating rental suites. Set to launch in April 2024, the Secondary Suite Incentive Program aims to create more rental homes and give renters a wider range of rentals to choose from.
Our own RENT + MANAGE division will help you maintain your property to keep it to its best value so you will get the best return. Working with a property manager has many benefits, including more time to do what is important to you. Our experienced advisors will take care of all your property management requirements whether leasing an individual property, purchasing a selection of homes or buying an entire building for your investment portfolio.
We look forward to guiding you through the upcoming changes and also assisting you with growing and managing your real estate portfolio. We are here to provide the best expert advice and most individualized service possible. Vancouver is renowned for being one of the most beautiful, liveable cities in the world. I hope you are able to take some time during these early fall days to enjoy the splendor of our stunning city.