January 2023 Founder’s Message
We have officially welcomed in the new year and with it comes new opportunities and beginnings. There are currently many excellent real estate options available throughout Metro Vancouver.
The total number of homes listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver is 7,384, a 41% increase compared to December 2022. This is great news for those looking for a new home in the coming weeks ahead.
The market has slowed since this time last year in response to inflationary pressures and the Bank of Canada’s rate increases, beginning March 2022. However, the consensus among many economists and forecasters suggests the Bank of Canada may be near the end of this tightening cycle.
The Real Estate Board of Greater Vancouver (REBGV) reported this month that the Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,114,300. The benchmark price of an apartment is $713,700, up 1.7% from December 2021.
This is a good time for potential buyers and investors to take advantage of the quieter market. Buyers have more options to choose from than they did this time last year. They also have more time to perform their due diligence than during the market frenzy of the past three years.
VIRANI is excited to be part of many new innovative development opportunities, including assignments available at Alberni by Kengo Kuma. Completing this spring, this world-class, 43-storey condo tower designed by renowned Japanese architect Kengo Kuma features extraordinary, cutting-edge architecture and design. We also have a few homes remaining at the spectacular Horseshoe Bay by Westbank, Vancouver’s last true waterfront development.
In addition to new development opportunities, the new year also ushered in some changes to the real estate purchasing process in Canada. Beginning January 1, 2023 the federal government banned anyone who isn’t a Canadian citizen or permanent resident from buying residential real estate in Canada for two years. Property includes detached homes or similar buildings, semi-detached houses, rowhouses, condominiums and similar properties. Commercial enterprises that are not incorporated under Canadian Law are also banned under the new legislation. Vacant land that doesn’t have any usable dwellings but is suitable for residential or mixed use is also included.
Properties located outside of a census metropolitan area or urban core are excluded from this new prohibition. There are other exemptions to this new ruling. Contact one of our highly knowledgeable advisors to learn more details and discover your options.
Also beginning this month, the British Columbia government implemented a new mandatory three-day Homebuyer Rescission Period (HBRP) for resale homes and seven days for presales. Now, a purchaser of residential real estate may cancel the contract of purchase and sale for a property by serving written notice to the seller within the three or seven business days. Known as a cooling off period or right of rescission, this new regulation is unique to B.C. as no other Canadian provinces have introduced similar rules. This rescission period is separate from any conditions in the offer, such as financing or inspection.
There are benefits to this new legislation. Buyers will have more time to do their research and make informed decisions. They’ll also have additional peace of mind knowing they have reserved a home with no risk for the three- or seven-day periods. Our expert advisors will help guide you through these new regulations.
This year allow us to handle every occupational and operational detail of your property with our recently introduced Rent + Manage division. Whether leasing an individual property, purchasing a selection of homes or buying an entire building for an investment portfolio, we’ll take care of every aspect for you. Our one-stop shop to all your real estate needs will help you maintain your property to keep it to its best value so you will get the best return.
The new year has brought some new changes to Metro Vancouver’s real estate market. We invite you to contact us to learn more about these changes and to receive a complimentary comparative market analysis or rental evaluation of your property. We can also evaluate your real estate portfolio at the same time.
We take pride in serving you and helping you achieve your real estate goals. Here’s to a healthy, prosperous year ahead together full of new opportunities and beginnings!