03 Jan 2025
JANUARY 2025 FOUNDER’S MESSAGE
As we ring in the new year together, I am reminded how beautiful our city is throughout the year. Gorgeous snow-capped mountain peaks surround our city this month and provide a stunning scenic backdrop. Offering an unparalleled lifestyle and breathtaking views, Vancouver has earned its well-deserved international reputation for being the gem of the world.
Metro Vancouver’s real estate market is off to a strong start as we continue the activity set at the end of last year. Buyer demand remains high and market analysts are forecasting a busy year ahead. Economists believe Canada’s housing market is poised to be strong amidst much lower borrowing costs and more favorable rules for buyers.
The British Columbia Real Estate Association (BCREA) says it is expecting a fairly even balance between the number of people buying and selling homes in the province in 2025. Our local market was very active in December as buyers took advantage of the Bank of Canada’s significant interest rate cuts and new rules for first-time buyers. Last month, the central bank lowered its policy rate by a half-percentage point, bringing it to 3.25%. More cuts are expected this year.
Home sales registered on the Multiple Listing Service (MLS) in Metro Vancouver rose 31.2% in December 2024, compared to the previous year. Currently, there is a 24.4% increase in the total number of homes listed for sale in the MLS compared to December 2024.
“With borrowing costs now firmly on the decline, buyers have started to show up in numbers after somewhat of a hiatus – and this renewed strength is now clearly visible in the more recent monthly data,” said Andrew Lis, Greater Vancouver Realtors director of economics and data analytics, in their latest report.
In the last few weeks, we have seen a significant increase in offers on homes. Analysts are forecasting a hot spring real estate market. Along with falling interest rates and the federal government’s recent mortgage rule changes, now is an excellent time to call one of our highly knowledgeable advisors to receive a complimentary comparative market evaluation of your property. In the coming months ahead, real estate experts predict Metro Vancouver will lean towards a seller’s market and home prices will rise by an average of 7%.
The rental market is currently extremely busy. Many families and business professionals are moving to our province and looking to rent in Vancouver and on the North Shore, partially due to the extension of the Foreign Buyer’s Ban until 2027. We would like to remind you to make sure you are working with a professional, licensed property management company. It is important to ensure you are fully insured and protected and that you are receiving the necessary information to maintain your property so you will get the best return.
Our RENT + MANAGE division is quickly becoming the top leader in rental property management and tenant placement. We invite you to join the many Vancouver property owners who have heard about our excellent one-stop service and are coming to us to take care of all their property needs.
We offer the most individualized service possible, whether leasing an individual property, purchasing a selection of homes or buying an entire building for your investment portfolio. Whether short-term, long-term, furnished or unfurnished, prospective tenants are searching for rental homes in all price points and categories.
Our local market offers excellent opportunities. There are still homes available in Lilibet, one of Vancouver’s serene residential neighbourhoods located across the street from Queen Elizabeth Park. Two-bedrooms-plus-rooftop homes start at $1,598,800. Don’t miss your opportunity to live in this intelligently designed low-rise development one block from vibrant Cambie Street and less than a 10-minute walk to dynamic Main Street.
Monogram is currently open by appointment. This amazing 49-storey mixed-use tower at Burrard and Davie offers a collection of one-, two-, and three-bed residences with breathtaking views of the North Shore mountains and cityscapes. Marketed exclusively by VIRANI, Monogram is one of the few buildings in Vancouver granted a rare higher building permit, helping it to become a significant new landmark.
Westbank’s First Light is now completing in Seattle with homes available in this elevated and sophisticated tower. The Butterfly by Westbank is now completing as well. Located at 1019 Nelson Street in Vancouver, The Butterfly is a defining presence on our city’s skyline. Contact VIRANI for the much-anticipated VIP exclusive pricing and inventory.
Our highly knowledgeable advisors will help you navigate both local and global market trends and changing government policies so you can make the most informed decisions possible. This year, homeowners are eligible for lower down payments and extended loan repayments. High inventory levels, lower interest rates and recent mortgage changes will help make your new year’s goals a reality.
With an international reputation for being the lifestyle capital of the world, we look forward to continuing to welcome the world with health and prosperity in the year ahead.
Happy New Year to you and your family! With warmest wishes always,
Karim Virani