April 2024 Founder’s Message

Spring has sprung and Metro Vancouver’s real estate market is active. The Real Estate Board of Greater Vancouver reports that the number of homes listed for sale rose nearly 23 percent from this time last year. This is offering buyers more choice this spring.

The Multiple Listing Service (MLS) Home Price composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,800. This is up 4.5 percent from March 2023 and an increase of 1.1 percent compared to February 2024. The benchmark price for a detached home is $2,007,900, up 7.4 percent from March 2023 and an increase of 1.8 percent from February 2024.

Attached home sales increased 6.2 percent last month compared to March 2023. The benchmark price of a townhome is currently $1,112,800, up 5 percent from March 2023 and a 1.7 percent increase compared to February 2024. 

Now is an excellent time to prepare your home for selling. The warmer weather makes spring an ideal time to make any necessary repairs and updates to both the exterior and interior of your property. Our expert real estate advisors will provide you with the necessary advice to get your home ready so you will get the most value. The following suggestions will ensure your home is showcased to its best potential! 

Details Make the Difference:

A fresh coat of paint is one of the simplest yet most effective ways to update your home. Modern colour palettes are currently neutral and warm. Repair nail holes and dings in walls. Examine cabinets and drawers to ensure they open and close smoothly. Clean carpets and make sure everything from locks and faucets to doorknobs and light bulbs are all in good working condition. A little goes a long way when it comes to increasing your home’s value. 

Decluttering Interior and Exterior Spaces:

Decluttering is one of the most important steps. Minimizing and removing personal items will help potential buyers imagine themselves living in your home. Inside, remove family photos, objects of a political or religious nature and highly personalized decor. Countertops, pantries, closets and tables need to be free of clutter. Outside, store away gardening tools, toys or unused items from the yard. Less is more when it comes to decluttering. You are creating the illusion of space and an environment that showcases your property in its best possible way. Aim for a minimalist look with clean, open spaces that allow buyers to envision each room’s potential.

Creating Curb Appeal:

Creating a first impression is important when preparing your home to sell. Power wash, clean windows and tidy up yards to create curb appeal. Trim trees, shrubs and lawns to highlight your outdoor living space. Plant colourful flowers in containers to create an elegant, welcoming environment. Further enhance your living space by replacing house numbers, mailboxes and entry door lock-sets. Install accent landscape lighting to significantly impact your home’s curb appeal. Solar outdoor lights are easy to install and highlight unique garden features. 

Taking it to the Next Level:

Staging will help you get more value for your home and stand out from other properties. Curated homes create elevated environments that prospective buyers visualize themselves living in. Each room needs a single purpose so people can easily see the home’s potential. Highlight your home with items such as accent pillows, artful dinnerware and quality accessories. Professional photography, videos, virtual tours and virtual staging are some of the ways we showcase your home. We have a carefully vetted list of service providers and partner with some of the world’s most recognized and distinctive lifestyle brands, allowing us to elevate our offering.

Individualized Service and Accurate Pricing:

Virani’s experienced real estate professionals understand the importance of showcasing your home’s best potential. We provide you with an accurate value of your home based on an understanding of how the global economy impacts our region’s real estate. All our members are attuned to both local and global marketplaces and offer solid advice based on extensive research. We strive to offer the most personalized service possible. Whether you are a first-time buyer, retiree, builder or developer we listen carefully and provide you with sound advice and a masterfully choreographed digital marketing strategy. We know each home is unique and provide all our clients with an in-depth comparative market evaluation so you can make informed decisions.   

Increased seller activity is giving buyers more opportunity this spring. Analysts are predicting one to two percent cuts to the Bank of Canada’s policy rate in 2024. Real estate prices are increasing one to two percent each month. 

Now is an excellent time to call one of our experienced and highly knowledgeable advisors to receive a complimentary comparative market evaluation. You may be surprised to discover how much your property is worth in today’s market. There are many exciting opportunities currently available and more coming in the days and months ahead. 

Spring is a special time of year in Metro Vancouver. Our city boulevards and parks are adorned with stunning Japanese cherry blossoms, covering our city in clouds of pink. Outdoor patio season is right around the corner. Whether dining outdoors or strolling our city’s many beautiful neighbourhoods and parks, I hope you enjoy everything this time of year has to offer on our beautiful West Coast.