May 2021 Founder’s Message
Home prices and sales continued to soar to new record highs in April. The Real Estate Board of Greater Vancouver (REBGV) reported a 342.6% increase in residential home sales from this time last year! Last month’s sales were the highest total on record for the month with a 56.2% increase above the 10-year average.
These dramatic increases are reflected in home prices on the North Shore and the west side of Vancouver. Prices are up from this time last year in West Vancouver by 17.7%, North Vancouver 21.7% and Vancouver West 11.5%. The composite benchmark price for all residential properties in Metro Vancouver is currently $1,152,600, up 2.6% from March.
Similarly, real estate sales in B.C.’s Fraser Valley broke records for the eighth consecutive month. Sales increased 338% compared to April 2020 and were up 9% from last month. Many regions in the province are experiencing huge spikes in home prices.
With all this said, now is an excellent time to purchase a pre-sale home. There is currently a great deal of inventory available on the North shore, Metro Vancouver and throughout B.C. Pre-sales are an excellent opportunity as you’re getting today’s prices at tomorrow’s dollars.
There are many advantages of buying now for the future. As prices continue to rise in a hot market, your home increases in value during construction. The deposit structure is often easier to manage for first-time buyers as they are required to only put 5 to 10% down and incremental deposits of up to 20% with the balance due at completion. Less money is required up front while you build up your home’s equity.
Buyers are also able to personalize their space as they can choose their colour and decorating schemes from a variety of available options. Buying a pre-sale also comes with 2-5-10 year home warranty and the peace of mind that goes along with owning a new home.
These are just some of the many advantages of buying a pre-sale in our current real estate market. Our expert VIRANI Advisors have worked extensively over the past 25 years with some of the most renowned builders and developers in the world on many prestigious, award-winning projects. We have a pulse on both the local and international markets and offer expert advice to help you create sound, long-term investments. With personalized service and exclusive V.I.P. advantages not available to the public, VIRANI clients are empowered to make informed decisions. Together we will build your real estate portfolio and help make your dreams a reality.
When purchasing a pre-sale, it’s important to have one of our knowledgeable real estate Advisors along with you whether it’s on location or via a virtual tour. Our experienced, licensed professionals thoroughly understand the pre-sale process and how the externalities of your community influence your home’s value. We will negotiate on your behalf and advise you on the best options and opportunities.
Searching for your dream home is an exciting chance to find a space where you’ll create lasting memories. Our advisors are experts at facilitating pre-sales and providing you with priority access due to our long-standing relationships with major and local developers. We take the guess work out of the pre-sale process and invite you to call us so we can help you with the myriad of real estate opportunities available in this record-breaking market. Call one of our Advisors for VIP access to upcoming new developments, 604 695 1000 or [email protected].