March Founder’s Message
Spring has sprung and the real estate market is heating up in Metro Vancouver. We are in a strong seller’s market and more listings are coming up for sale every day.
Last month’s sales were 26.9 percent above the 10-year February average. Prices for all homes in Metro Vancouver are still increasing and the MLS Home Price Index composite benchmark price of a detached home is now $2,044,800.
“As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year,” explains Taylor Biggar, Chief, Real Estate Board of Greater Vancouver.
The luxury real estate market is also on the rise. VIRANI holds the record for the highest priced condo sale in downtown Vancouver in 2022. Cardero by Bosa Properties secured the top spot, while our offering at Vancouver House was also one of the highest priced downtown condo sales so far this year.
With that said, we are also pleased to report that our philanthropic venture, Human-Kind, has almost reached our milestone of providing 10,500 meals to families on the North Shore.
As we experience record prices in both housing and gas, it is still an ideal time to consider your next real estate move. We invite you to call one of our knowledgeable advisors to receive a complimentary, in-depth comparative market analysis to discover what your home is worth. Now is an excellent time to sell as prices are continuing to climb upwards.
The benchmark price for all residential properties in Metro Vancouver is currently $1,313,400. This represents a 20.7 percent increase over February 2021 and is up 4.6 percent compared to January 2022.
Historically low interest rates and limited supply are continuing to fuel the region’s current record-breaking prices. Market analysts predict the real estate market will continue its upward trend, rising more than 10 percent this year. There are many great opportunities in all markets across Greater Vancouver. Our experienced VIRANI advisors are here to help you achieve your real estate goals, whether it’s finding the perfect dream home or growing and expanding a successful real estate portfolio.
We are excited about our spring 2022 issue of The V List magazine, which comes out this month. The pages are full of amazing listings and interesting feature articles on West Vancouver, North Vancouver, Yaletown and Human-Kind. Please contact us for a mailed copy at [email protected].
As the weather warms up and daylight hours become longer, we hope you enjoy this upcoming season of renewal. Spring brings new ventures. It is an ideal time to consider your real estate options and think about investing in Metro Vancouver’s hot market. We welcome your calls so you can be one of the first to receive the best opportunities.