June 2023 Founder’s Message
Summer is officially here this month and Metro Vancouver’s housing market is heating up. Residential home sales and prices have increased for the sixth consecutive month.
The Real Estate Board of Greater Vancouver (REBGV) recently reported that residential home sales in May are up 15.7% from this time last year. Analysts predicted that prices would rise modestly in 2023 by about 2% at the end of this year. Instead, Metro Vancouver home prices are already up about six percent or more across all home types midway through the year.
The composite benchmark price for all residential properties in the region is $1,188,000, up 1.3% from last month. This is a 27% increase over three years and 15% over the past five years. Demand is high and real estate analysts believe the Bank of Canada’s recent rate increase will not significantly stop the momentum. The market has proven to be resilient as buyers and sellers get accustomed to the new rate environment.
Overall, the 10-year seasonal averages show the market appears to be moving closer to a more historically normal state. People who have been waiting on the sidelines are returning with confidence. The number of active listings is up close to 6% compared to last month.
Now is an excellent time to call one of our highly experienced advisors to receive a complimentary comparative market analysis. The market is changing. Our experts are here to help guide you through the new conditions. The summer months are also when your home looks its best with all its foliage and flowers in full bloom. We welcome your questions and will empower you to make the best decisions possible.
Move-in has already started this month into the stunning residential tower, Alberni by Kengo Kuma. Don’t miss the chance to live in this iconic masterpiece. Visit VIRANI.ca or talk to one of our advisors to learn more about your opportunity to live in the only high-rise residential building that renowned architect Kengo Kuma has designed in North America.
Also, new and established clients are welcome to call us to learn more about our RENT + MANAGE division. We created this offering, dedicated to rental property and property management, so you can experience a one-stop solution to all your real estate needs. There are many benefits in using a manager to run your property or real estate portfolio. Our experienced advisors will manage every detail from building maintenance and monthly rental payments to showings and tenant placement. We will also handle tenant agreements to ensure you are fully protected and insured.
VIRANI will take care of every occupational and operational detail so you are free to manage your portfolio. Our goal is to maintain your property to keep it to its best value so you will get the best return. Offering multiple services under one roof is another way we endeavor to enhance and provide the most highly personalized service possible.
The market is shifting once again. We are seeing a renewal of activity and an increase in sales and prices. Amid higher interest rates, Vancouver’s real estate market continues to be robust and resilient. Vancouver is the lifestyle capital of the world. We continue our tradition of offering a collection of some of the finest homes in the Lower Mainland.
I hope the early days of summer find you enjoying all the splendor and beauty our beautiful city has to offer.