A Year in Review and Market Expectations for 2024

The new year is upon us! I hope you had a wonderful holiday season, celebrating with family and friends. Vancouver’s housing market ended the year with balanced market conditions and five-percent-plus-gains in home prices for all types of properties. The Real Estate Board of Greater Vancouver’s (REBGV) recently released report demonstrates that 2023 exceeded market predictions.

Most analysts forecasted modest price increases and declines throughout the year, says Andrew Lis, REBGV director of economics and data analytics. However, last year was a strong year for Metro Vancouver’s housing market. Prices were up and there was also an increase in newly listed properties available, offering buyers more choices. Currently, there are 13 percent more homes listed for sale on the Multiple Listing Service (MLS) compared to December 2022. This year, analysts are projecting lower borrowing costs, with modest rate cuts in the first half of 2024. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,168,700. This represents a five percent increase over December 2022.

As we ring in 2024 together, it is worth looking back at the past year to understand and navigate the months ahead in Vancouver’s real estate market. There were some significant guideline changes established in 2023 that will shape our city in the future.

New rental rules created a provincial role in the regulation of short-term rentals. B.C.’s Short-Term Rental Accommodations Act will come into effect in May 2024. This will allow people to only rent out the home they live in, plus one secondary suite or accessory dwelling, for the majority of the year.

Last fall, 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 to hold eight. This is the most significant general change to single-family neighbourhoods since Vancouver first introduced laneway houses in 2009. As of January 1, 2024, exclusive listings are no longer allowed. Instead, homes publicly advertised will need to be listed on the MLS within three days. Also, the provincial government released a pilot plan last year to give homeowners incentives to build secondary suites on their properties.

With all these major changes and incentives happening this year, now is an excellent time to prepare for 2024 with a complimentary comparative market evaluation with one of our highly knowledgeable and experienced advisors. Rent prices are up close to 7% from last year, so now is also an ideal time to meet with VIRANI Rent + Manage team for a rental evaluation. Whether leasing an individual property, purchasing a selection of homes or buying an entire building for an investment portfolio, we will take care of every occupational and operational detail. We maintain your property to keep it to its best value so you will get the best return. Last year exceeded most real estate analysts’ expectations. Metro Vancouver’s market was resilient and strong. Vancouver is one of the most beautiful and livable cities in the world. These balanced market conditions and gains demonstrate that Vancouver continues to be a desirable destination. We truly are the jewel of the world.

Our highly knowledgeable advisors look forward to helping you navigate the significant changes coming to the Lower Mainland’s real estate market in the year ahead. We wish you a joyous 2024 filled with health, happiness and exciting new opportunities.

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