JULY 2023 FOUNDER’S MESSAGE WEATHER ALMOST AS HOT AS THE MARKET
Summer is off to a sizzling start. Home sales and prices continue to rise once again for all property types. The Real Estate Board of Greater Vancouver reports that residential home sales in Metro Vancouver increased significantly last month by 21.1% compared to the same time last year.
As the market continues to surpass expectations, the MLS Home Price Index composite benchmark price for all residential properties in Vancouver is currently $1,203,000. The benchmark price for a detached home is $1,991,300, up almost two percent compared to May 2023. Apartment sales are particularly strong and are above the 10-year seasonal average.
This month, I would like to introduce you to the many benefits of using a property manager and how we can help get your home ready for listing. Also, there are new exciting opportunities to own and to help give back to our community. The following article will give you a glimpse into what is happening in our city as summer gets into full swing.
July is a great time to receive a complimentary comparative market evaluation on your portfolio, including your rental properties. Our RENT + MANAGE division allows you to take the time to do what is important to you. Whether it’s more worry-free vacation time with your family and friends or additional time to manage your portfolio, our advisors will take care of every occupational and operational detail of your property. From building maintenance and monthly rental payments to tenant agreements and placement, we ensure you are fully protected and insured.
There are numerous benefits to working with a property manager and our goal is to maintain your property to keep it to its best value so you will get the best return. We strive to provide the most highly personalized service possible. RENT + MANAGE is another way we endeavor to enhance our offerings.
With hot summer markets and temperatures, now is an excellent time to prepare your home for sale. If you’re thinking of listing your home this fall, take the time this month to get exterior landscaping, painting and renovation projects completed. Our highly experienced advisors will also help you with pre-listing photos and videos while your gardens are at their height. Curb appeal is at its peak from now through to September. Buyers are able to see what a property looks like at its full potential, so call now and we can help prepare your home for listing in the coming weeks ahead.
While you are out and about enjoying our longer days of summer, take the time to view the stunning residential tower, Alberni by Kengo Kuma, located at 1550 Alberni Street. Move-in started last month into this iconic building. Visit VIRANI.ca or talk to one of our advisors to learn more about your opportunity to be one of the first to live in this North American masterpiece.
If you missed your chance to own a home at Lilibet, you may want to purchase a ticket to the B.C. Children’s Dream Home Lottery this month. Buying a ticket will provide important support to B.C.’s children and give you the opportunity to win two incredible homes located across from Vancouver’s beautiful Queen Elizabeth Park. This is an amazing chance to live in one and use the other as an investment income or for a home for your extended family. Close to amenities, nature and transportation, Lilibet offers stunning views towards downtown Vancouver and the North Shore mountains. Not only will you get another chance to own a home in this wonderful low-rise development, but you will also be helping children lead happier, healthier lives.
Metro Vancouver’s real estate market is robust once again. Now is an excellent time to sell as inventory is low. Our advisors are here to help you with all your individual needs as the summer temperatures heat up.
I hope you enjoy all the many outdoor activities and patios our spectacular city has to offer in the weeks ahead. Summer on the West Coast is a time of relaxation and rejuvenation. May you find rest and adventure wherever your travels take you.