04 Sep 2024
SEPTEMBER 2024 FOUNDER’S MESSAGE
This month marks the transition between summer and autumn. The glorious warm days of summer may be ending soon, yet fall is often a favorite time of year for many of us on the West Coast. Leaves begin turning fiery shades of crimson and gold, while the air becomes crisp and cool. As the days grow shorter and temperatures mellow, the busy fall real estate market is beginning to heat up.
The total number of properties currently listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver is 13,812, up 37% compared to August 2023. This is also 20.8% above the 10-year seasonal average.
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,195,900. The benchmark price for a detached home is $2,048,400, up 1.8% from August 2023.
On September 4, the Bank of Canada reduced the policy interest rate by another quarter percentage point to 4.25% for the third consecutive time this year. Economists say this recent cut continues a steady downward trend in borrowing costs over the next year as inflation eases. Analysts are forecasting faster and deeper cuts to borrowing costs over the next year. They predict the central bank will reduce the policy rate from the current 4.25% to 3% by next July.
Now is an excellent time to meet with one of our highly experienced advisors for a complimentary comparative market evaluation and to learn how to grow your real estate portfolio. Interest rates are coming down and there is currently a lot of inventory to choose from, resulting in a balanced real estate market. The Metro Vancouver market is active and it’s a great time to consider your options. VIRANI has many exclusive offerings, and we invite you to be first to receive these exciting opportunities.
Our Rent + Manage division offers clients a comprehensive one-stop solution to all your real estate needs. Our experienced advisors handle 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 will handle every occupational and operation detail. Property management services include finding, vetting and procuring the best tenants possible, rental leasing and managing your furnished or unfurnished property on a daily basis.
We offer multiple services under one roof to provide you with the most highly personalized service possible. VIRANI Rent + Manage is a leader in property management and tenancy placement in Vancouver, West Vancouver and North Vancouver. Consider switching property management companies to a full-service team such as Rent + Manage division. We will maintain your property to keep it to its best value so you will get the best return. We’ll also advise and educate you on both local and global market conditions to empower you to make the best decisions possible.
Last month, the B.C. government announced that landlords will not be able to increase rents by more than 3% in 2025. They said this change is tied to inflation and will take effect on January 1. The provincial housing minister said this recent rent cap announcement is being made to protect renters and to allow landlords to meet rising costs so that rental homes can stay in B.C.’s housing market.
We are excited about the new development coming soon to Burrard and Davie. Monogram, a striking 49-storey mixed-use tower in downtown Vancouver’s West End, will feature ground floor retail space, office space, childcare facility and an arts and culture hub. The presentation gallery is opening soon. Exclusively marketed by VIRANI, Monogram by Prima Properties is an authentically local building influenced by global design innovations, brought to life by a team of people who are passionate about our city’s natural beauty.
Monogram offers a collection of 260 one-, two- and three-bed residences with breathtaking views of the North Shore Mountains and cityscapes. It’s one of the few buildings in Vancouver granted a rare higher building permit and is a bold statement in design and innovation. This project, which also includes 50 rental units, will become a significant landmark in the Vancouver skyline and define the city’s newest neighbourhood, Burrard Heights.
We welcome you to contact us to learn more about this extraordinary tower set to launch this fall. We invite you to be the first for new updates on this remarkable new addition to Vancouver’s vibrant downtown community.
As we bid farewell to another wonderful summer on the West Coast, we look forward to many adventures together this fall.