December Founder’s Message
With the holiday season upon us, I would like to send a message of gratitude for all your continued friendship, support and business this past year. We have faced new challenges in 2021, yet still managed to create innovative pathways together and bring health and happiness to others.
Metro Vancouver residents continued to show their incredible generosity of spirit this year as charitable organizations received record donations and disaster relief efforts were remarkable. Our own Human-Kind not-for-profit business relied on our community’s support to feed as many households as possible this year. To date, we helped deliver 6,500 meals.
Home gained a strong importance in 2021 as the pandemic continued to change the way we live. This past year was a record year for home sales across Canada. The Canadian Real Estate Association (CREA) says 2021 was the busiest year ever for Canada’s housing market, with average selling prices reaching new highs.
Historically-low interest rates, increased demand for more living space and a recovering economy contributed to the Lower Mainland’s red-hot housing market this year. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,211,200, up 16% from this time last year.
The CREA predicts that next year the average home price in Canada will increase 5.6% as homebuyers take advantage of record low interest rates for a while longer. However, rising interest rates are forecasted in the April-to-June quarter of 2022 so now is the ideal time to consider your real estate options. Rate increases will make home prices more costly in the new year. With this said, we invite you to give us a call so one of our highly experienced Virani advisors can provide you with a complimentary, in-depth comparative market evaluation on your home.
Sales overall are still well above pre-pandemic levels. Last month’s sales were 33.6% above the 10-year November sales average. Metro Vancouver continues to experience a strong seller’s market. It is an ideal time to move up, purchase an investment property or become a first-time buyer. Metro Vancouver’ s real estate market continues to remain robust. We invite you to allow us to help empower you to meet your real estate goals.
However you celebrate during this time, may the peace and warmth of the season bring hope and happiness to you and those you love. I am proud to have helped serve our community this year and for the past two decades. I look forward to exceeding your expectations in the upcoming year ahead.
Our world continued to change a great deal in 2021. We have all learned the importance of the place we call home. Being a welcoming, caring country remains an important advantage. Canada’s economy is set to grow by more than 4 percent next year as we aim to welcome 411,000 new immigrants to our country. Canada is renowned for being the jewel of the world and is a top destination for global talent. It is without a doubt that 2022 will bring us all even closer together as we ring in the new year!
With warmest wishes always,