March 2023 Founder’s Message
THE SPRING MARKET IS WARMING UP
Spring is the season of transformation and change. Days are longer, flowers begin blooming and cherry blossoms adorn our trees once again. And, like the weather which is warming up, so is Metro Vancouver’s real estate market.
The benchmark price for all types of homes in the Lower Mainland increased last month. The Multiple Listing Service (MLS) Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,123,400, up 1.1% compared to last month.
Real Estate Board of Greater Vancouver director Andrew Lis recently reported that we may see additional modest price increases this spring, particularly if sales activity rises and mortgage rates hold steady. In January, the Bank of Canada said they expect to pause rate hikes while they assess the impact of what they’ve done so far. Inflation is coming down and the federal bank predicts it will continue to fall and drop to around 3% in the middle of the year and reach the 2% target in 2024.
Like the rising benchmark prices, the number of homes for sale in the region is trending upwards as well. There were 3,467 detached, attached and apartment properties newly listed for sale on the MLS in Metro Vancouver in February. This is up 5.2% compared to January 2023. The Canadian Real Estate Association reported this month that national home sales were up 2.3% in February compared to January 2023.
As homeowners prepare their properties for the spring market and prospective buyers get mortgage pre-approvals, now is an excellent time to work with one of our expert advisors. We invite you to call us to receive a complimentary comparative market evaluation of your property. You may be surprised to see what options exist for you. There are lots of wonderful opportunities currently available and more coming in the months ahead. We have many exclusive listings and are involved in a wide variety of innovative developments throughout the Lower Mainland. Be one of the first to receive these select offerings.
It’s also a great time to contact us to receive a complimentary rental market evaluation. Our experienced advisors will now handle all your property management requirements with VIRANI’s recently launched RENT + MANAGE division. This comprehensive, one-stop solution to all your real estate needs was established in response to our clients’ requests for this service over the more than two decades that we have been in business.
Leasing an individual property, purchasing a selection of homes or buying an entire building for your investment portfolio are some of our new services.
In addition to managing your furnished or unfurnished property on a daily basis, we will also find, vet and procure the best tenants possible. As market leaders, we take pride in serving our community. RENT + MANAGE continues our tradition of striving to offer the best and most individualized service possible.
I would like to remind you that provincial Speculation and Property Vacancy Tax Declarations are due by March 31 for all homeowners with property in taxable regions. Once you’ve received your declaration letter, you can declare on-line. All registered owners of residential property in a designated taxable region must complete a declaration each year to state their residency status and how their property has been used.
Outdoor patio season is quickly approaching on the West Coast. I hope you’re able to take the time to enjoy our longer daylight hours and warmer temperatures, whether dining outside, strolling our city’s many beautiful neighbourhoods or enjoying the myriad of outdoor activities that our region has to offer. Like the new growth that appears this time of year, our real estate market is picking up once again. We look forward to new beginnings and journeys together in the coming months ahead!