November 2023 Founder’s Message
The holiday season will soon be upon us. White snow highlights the stunning mountain peaks that fringe Metro Vancouver as we bring preparing for the upcoming festivities.
Housing prices are up this month for all types of properties from this time last year. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,500. This represents a 4.4% increase from October 2022.
The benchmark price for a detached home is $2,001,400, up 5.8% from the same time last year. The benchmark price for an apartment has increased 6.4% to $770, 200. Townhouses are up 6 percent to $1,100.500. As the weather turns colder, the high-end housing market is heating up. There are currently more newly listed properties available in Vancouver, offering buyers more choices. The total number of properties listed for sale last month on the MLS in Metro Vancouver is 11,599, a 12.6% increase compared to this time last year.
Properties are coming to the market at a rate of roughly 5% above the 10-year seasonal average, according to Andrew Lis, economics and data director for the Real Estate Board of Greater Vancouver. There seems to be a continuation of the renewed interest on the part of sellers to participate in the market we’ve been watching this fall, Lis recently reported.
Before the busy holiday season approaches, now is an ideal time to call one of our highly experienced advisors for a complimentary comparative market evaluation on your home. Our VIRANI advisors will help you consider your options and make your holiday wish list a reality.
With rent prices up 6.7% over last year, now is also an excellent time to meet with VIRANI Rent + Manage team for a rental evaluation. Whether leasing an individual property, purchasing a selection of homes or buying an entire building for an investment portfolio, we will take care of every occupational and operational detail. We maintain your property to keep it to its best value so you will get the best return.
Metro Vancouver’s skyline is changing. More than 3,500 presale units came available last month. This is the largest release of inventory seen in 2023. Weston Place in West Vancouver, downtown’s 601 Beach Avenue and Burnaby’s Solhouse 6035 are some of the exciting new projects. If you are looking for an investment opportunity and would like to learn more, contact a VIRANI advisor for VIP access to presales across Vancouver and the North Shore.
I would also like to remind you to speak with one of our highly knowledgeable advisors to keep up to date with the real estate changes coming to British Columbia, including short term rental rules. On an additional note, the provincial government recently announced the maximum allowable rent increase for 2024 is 3.5%.
We are here to help navigate all these upcoming changes together. We take pride in offering the most individualized service possible. The snow-capped peaks at this time of year remind us how beautiful our city is. As you prepare for the busy season ahead, I hope you find time to enjoy the stunning mountain views and host of holiday events our city has to offer.