As we prepare to celebrate the upcoming holiday season with family and friends, Vancouver’s housing market is wrapping up the year on a strong note.
Residential sales increased last month by 28.1% from the same time last year. Buyers are taking advantage of the relatively balanced market conditions. There are 21.2% more properties currently listed for sale compared to November 2023.
“Although demand has increased as we head into year-end, the number of newly listed properties coming to market in November remained sufficient to keep prices steady across all segments,” said Greater Vancouver Realtors director of economics and data analytics Andrew Lis in a recent report.
The Multiple Listing Service Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,172,100. This remains nearly unchanged since November 2023. Real estate analysts agree that it may not be long until we see the return of upward pressure on prices.
Now is an excellent time to get ahead of our quickly changing market with a complimentary comparative market evaluation. Inventory is beginning to move fast and we are seeing a significant increase in sales. Call us to speak to one of our highly knowledgeable advisors to learn more.
This year has seen many positive changes to Metro Vancouver’s real estate market. Interest rates were the big news in 2024. The Bank of Canada made significant consecutive rate cuts this year, resulting in lower borrowing costs. This was welcome news for buyers and those with mortgages coming up for renewal. Variable-rate mortgage holders saw immediate relief on their payments. Lower borrowing costs made a substantial impact on Metro Vancouver’s real estate market. Sales and listings have increased significantly from this time last year as markets all across the Lower Mainland and British Columbia start to build momentum.
Falling interest rates, along with some of the most impactful mortgage policy changes since 2012, are contributing to Metro Vancouver’s current active market. In September, the federal government released details of its mortgage reform plan that goes into effect this month. The two key points include changes to eligibility for smaller down payments and extended amortization periods.
By mid-December, the existing one million price cap for insured mortgages will increase to 1.5 million. The second major change includes expanding the eligibility for 30-year amortizations to first-time buyers and those purchasing new builds. These major changes will allow home buyers to be eligible for lower down payments and extended loan repayment periods.
This year also saw major changes to Vancouver’s short-term rentals. This Spring, British Columbia’s Short-Term Rental Accommodations Act came into effect in numerous communities across our province. The province now requires short-term rental platforms like Airbnb and VRBO to share data and remove listings without business licenses and registration numbers.
This new provincial rule limits short-term rentals to a homeowner’s principal residence plus one secondary suite or accessory dwelling. The aim of this new legislation is to return short-term rentals to the long- term market.
Also, in 2024 the notice period to evict tenants for reasons of personal or caretaker use increased to three months. The length of time a landlord must use a rental unit for personal or caretaker use also increased from six months to 12 months.
All these changes have had a significant impact on Metro Vancouver’s real estate market. In October, we saw a strong return in home sales all across our province. According to the British Columbia Real Estate Association (BCREA), sales increased by 33.5% from the same time last year. The market is active and analysts are forecasting a strong housing market heading into 2025. The BCREA anticipates next year the average home price in B.C. will increase by 3.3%.
Our city’s skyline changed this year with Monogram, an amazing 49-storey mixed-use tower at Burrard and Davie. We’re now previewing a collection of 260 one-, two- and three-bed residences with breathtaking views of the North Shore mountains and cityscapes. Marketed exclusively by VIRANI, Monogram is a bold statement in design and innovation. It is one of the few buildings in Vancouver granted a rare higher building permit, helping it to become a significant new landmark in Vancouver.
Don’t miss your chance this year to own a home in Lilibet, one of Vancouver’s serene residential neighbourhoods located across the street from Queen Elizabeth Park. There’s limited availability, with two-bedrooms-plus-rooftop homes starting from $1,598,800. Lilibet is an intelligently designed low-rise development one block from vibrant Cambie Street and less than a 10-minute walk to dynamic Main Street.
Metro Vancouver’s rental market is currently very busy with many tenants searching for short, long, furnished and unfurnished homes. Founded in 2022, VIRANI’s Rent + Manage is quickly becoming the top leader in rental property management and tenant placement. We invite you to join the many Vancouver property owners who have heard about our excellent one-stop service and are coming to our Rent + Manage to take care of all their property needs. We take pride in offering you the most individualized service possible, whether leasing an individual property, purchasing a selection of homes or buying an entire building for your investment portfolio.
This month, homeowners will be eligible for lower down payments and extended loan repayments, so take the opportunity to make your new year’s goals a reality. Analysts are forecasting a strong real estate market in the Lower Mainland for 2025 and 2026. Lower interest rates, high inventory levels and recent mortgage changes are benefiting both buyers and sellers this year. We’re looking forward to an exciting year ahead with all the positive policy changes that are impacting Metro Vancouver’s real estate market.
As we ring in 2025 together, I hope you have a wonderful holiday and however you celebrate the season, may the coming year be a joyous one.
DECEMBER 2024 FOUNDER’S MESSAGE
As we prepare to celebrate the upcoming holiday season with family and friends, Vancouver’s housing market is wrapping up the year on a strong note.
Residential sales increased last month by 28.1% from the same time last year. Buyers are taking advantage of the relatively balanced market conditions. There are 21.2% more properties currently listed for sale compared to November 2023.
“Although demand has increased as we head into year-end, the number of newly listed properties coming to market in November remained sufficient to keep prices steady across all segments,” said Greater Vancouver Realtors director of economics and data analytics Andrew Lis in a recent report.
The Multiple Listing Service Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,172,100. This remains nearly unchanged since November 2023. Real estate analysts agree that it may not be long until we see the return of upward pressure on prices.
Now is an excellent time to get ahead of our quickly changing market with a complimentary comparative market evaluation. Inventory is beginning to move fast and we are seeing a significant increase in sales. Call us to speak to one of our highly knowledgeable advisors to learn more.
This year has seen many positive changes to Metro Vancouver’s real estate market. Interest rates were the big news in 2024. The Bank of Canada made significant consecutive rate cuts this year, resulting in lower borrowing costs. This was welcome news for buyers and those with mortgages coming up for renewal. Variable-rate mortgage holders saw immediate relief on their payments. Lower borrowing costs made a substantial impact on Metro Vancouver’s real estate market. Sales and listings have increased significantly from this time last year as markets all across the Lower Mainland and British Columbia start to build momentum.
Falling interest rates, along with some of the most impactful mortgage policy changes since 2012, are contributing to Metro Vancouver’s current active market. In September, the federal government released details of its mortgage reform plan that goes into effect this month. The two key points include changes to eligibility for smaller down payments and extended amortization periods.
By mid-December, the existing one million price cap for insured mortgages will increase to 1.5 million. The second major change includes expanding the eligibility for 30-year amortizations to first-time buyers and those purchasing new builds. These major changes will allow home buyers to be eligible for lower down payments and extended loan repayment periods.
This year also saw major changes to Vancouver’s short-term rentals. This Spring, British Columbia’s Short-Term Rental Accommodations Act came into effect in numerous communities across our province. The province now requires short-term rental platforms like Airbnb and VRBO to share data and remove listings without business licenses and registration numbers.
This new provincial rule limits short-term rentals to a homeowner’s principal residence plus one secondary suite or accessory dwelling. The aim of this new legislation is to return short-term rentals to the long- term market.
Also, in 2024 the notice period to evict tenants for reasons of personal or caretaker use increased to three months. The length of time a landlord must use a rental unit for personal or caretaker use also increased from six months to 12 months.
All these changes have had a significant impact on Metro Vancouver’s real estate market. In October, we saw a strong return in home sales all across our province. According to the British Columbia Real Estate Association (BCREA), sales increased by 33.5% from the same time last year. The market is active and analysts are forecasting a strong housing market heading into 2025. The BCREA anticipates next year the average home price in B.C. will increase by 3.3%.
Our city’s skyline changed this year with Monogram, an amazing 49-storey mixed-use tower at Burrard and Davie. We’re now previewing a collection of 260 one-, two- and three-bed residences with breathtaking views of the North Shore mountains and cityscapes. Marketed exclusively by VIRANI, Monogram is a bold statement in design and innovation. It is one of the few buildings in Vancouver granted a rare higher building permit, helping it to become a significant new landmark in Vancouver.
Don’t miss your chance this year to own a home in Lilibet, one of Vancouver’s serene residential neighbourhoods located across the street from Queen Elizabeth Park. There’s limited availability, with two-bedrooms-plus-rooftop homes starting from $1,598,800. Lilibet is an intelligently designed low-rise development one block from vibrant Cambie Street and less than a 10-minute walk to dynamic Main Street.
Metro Vancouver’s rental market is currently very busy with many tenants searching for short, long, furnished and unfurnished homes. Founded in 2022, VIRANI’s Rent + Manage is quickly becoming the top leader in rental property management and tenant placement. We invite you to join the many Vancouver property owners who have heard about our excellent one-stop service and are coming to our Rent + Manage to take care of all their property needs. We take pride in offering you the most individualized service possible, whether leasing an individual property, purchasing a selection of homes or buying an entire building for your investment portfolio.
This month, homeowners will be eligible for lower down payments and extended loan repayments, so take the opportunity to make your new year’s goals a reality. Analysts are forecasting a strong real estate market in the Lower Mainland for 2025 and 2026. Lower interest rates, high inventory levels and recent mortgage changes are benefiting both buyers and sellers this year. We’re looking forward to an exciting year ahead with all the positive policy changes that are impacting Metro Vancouver’s real estate market.
As we ring in 2025 together, I hope you have a wonderful holiday and however you celebrate the season, may the coming year be a joyous one.