February 2023 Founder’s Message

We are more than halfway through winter and the first signs of spring are here on the West Coast. The early spring-flowering bulbs that are already blooming are a friendly reminder that the warmer months and longer daylight hours will soon be upon us.

February begins with 3,297 detached, attached and apartment properties newly listed on the Multiple Listing Services (MLS). The composite benchmark price for all residential properties in Metro Vancouver is currently $1,111,400. The benchmark price for a detached home is $1,801,300.

B.C. Real Estate Association chief economist Brendon Ogmundson recently reported that although a slowing economy and elevated mortgage rates are expected to keep housing activity lower than normal through much of 2023, we can expect a strong recovery in 2024. Expected decline in mortgage rates and record high immigration will carry significant momentum in 2024, said Ogmundson in the BCREA’s First Quarter Housing Forecast Update for 2023.

Real Estate Board of Greater Vancouver director Andrew Lis also reported this month that looking forward there should be more certainty in the market for home buyers and sellers. He said this is due to the Bank of Canada saying it will pause further rate increases as long as the incoming data continues to support this policy stance.

There are currently many exciting options available in Metro Vancouver and many more coming in the months ahead. Now is an ideal time to contact one of our experienced advisors to receive a complimentary comparative market analysis on your home. We take pride in understanding both local and global market conditions and are here to help empower you to meet your personal real estate goals.

We would also like to invite you to call us to meet with an advisor for a rental evaluation on your property. VIRANI recently launched our RENT + MANAGE division, a comprehensive one-stop solution to all your real estate requirements. Whether leasing an individual property, purchasing a selection of homes or buying an entire building for an investment portfolio, VIRANI will handle every occupational and operational 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 established RENT + MANAGE to provide our clients with additional advice and service. It furthers our commitment to offering the best and most highly personalized service possible. We will maintain your property to keep it to its best value so you will get the best return. Now buyers can look forward to a seamless transition from purchasing through to rental management.

While you are out and about enjoying the late days of winter, stop by Horseshoe Bay Sanctuary by Westbank, Vancouver’s last true waterfront development. We have a selection of homes remaining, beginning at $888,000 in this architecturally stunning development that offers breathtaking views of Howe Sound.

We are very proud to announce this month that our philanthropic, non-profit Human-Kind has donated more than 21,000 meals to households in need across Vancouver and the North Shore. With the help of a local artist, we designed a bracelet representative of the natural wilderness and outdoor lifestyle of the North Shore. When you buy a bracelet you help feed a family. We are passionate about spreading kindness in our community and strive to make it a better place. Buy a bracelet, feed a household. Visit www.human-kind.com to learn more.

Giving back is important to us. Our community has helped shape and support us during the more than 20 years we have been in business. Together we make your real estate goals a reality. Make sure you take time to enjoy the last days of winter. Spring is on its way and with it comes new adventures and beginnings.

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