As we head into the spring real estate market, home sales in Metro Vancouver and British Columbia are on the rise. There are also many excellent listings to choose from this month.
Metro Vancouver’s market is currently balanced but is shifting towards a seller’s market. Homes newly listed on the Multiple Listing Service (MLS) in January 2024 increased 46.9% from the same time last year. This was 31.1% above the 10-year seasonal average. The total number of properties currently listed for sale on the MLS in Metro Vancouver is up 33.1% from January 2024.
The Greater Vancouver REALTORS (GVR) reports that residential sales increased 8.8% from January 2024. Attached home sales last month totaled 321, a 12.6% increase compared to the same time last year.
Prices did not change substantially across all types of housing last month. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,173,000. The benchmark price for a detached home is $2,005,400, up 3.1% from January 2024.
Analysts attribute the rise in sales to the Bank of Canada’s six consecutive rate cuts since June 2024. Last month, the central bank rang in the new year with a 25-basis point cut to its key interest rate, bringing it down to 3.0%. This will help provide interest rate relief for many Canadians and is welcome news for those renewing their mortgages, variable rate mortgage holders and prospective homeowners.
The British Columbia Real Estate Association (BCREA) recently released its 2025 First Quarter Housing Forecast. It predicts residential sales in B.C. will increase 14.3% this year. They are expected to strengthen even further in 2026.
“Markets across B.C. closed with significant momentum,” said BCREA chief economist Brian Ogmundson in the recent quarterly report. The BCREA also reported that the market is the healthiest it has been in a decade.
There is currently a lot of inventory to choose from and experts predict house prices won’t increase dramatically with the coming rise in sales activity. The average price in B.C. is forecasted to rise by 4.5% to $1,025,900.
We are seeing multiple offers once again and advise home buyers to get prepared for a changing landscape in the real estate market. Now is an excellent time to contact one of our highly knowledgeable advisors for a complimentary comparative market evaluation of your property and to discuss your real estate portfolio. It is also advisable to get pre-approved for a mortgage now to be ready for the projected upcoming busy spring market.
B.C.’s new home-flipping tax came into effect on January 1, 2025. This new tax will provide investors with an incentive to hold properties for longer periods of time, promote price stability and help to reduce market volatility. It applies to anyone who sells a home within a year of purchasing it will now be required to pay a 20% tax rate on the profit. That percentage drops to 10% after 18 months and then down to zero after the person has owned the property for more than two years.
The new home-flipping tax aligns with B.C.’s broader effort to create a fair and equitable housing market and is aimed at helping with housing affordability and availability. Our expert advisors will help you navigate these changes along with other government incentives such as the foreign buyer and vacancy taxes. These taxes were also implemented to encourage long-term investment and balance market stability with housing affordability. Revenue from the new home-flipping tax will go towards strengthening housing programs and building new affordable homes in our province.
A new maximum allowable rent increase rate of 3% also came into effect last month, down from 2024’s rate of 3.5%. The rental market is currently very active. Our RENT + MANAGE division is quickly becoming the top leader in rental property management and tenant placement in Vancouver and on the North Shore. We invite you to join the many property owners who have heard about our excellent one-stop service and are coming to us to take care of all their property needs. We offer the most individualized service possible, whether leasing an individual property, purchasing a selection of homes or buying an entire building for your investment portfolio.
Lilibet is one of the many excellent opportunities currently available in Metro Vancouver. There are still homes available in this intelligently designed low-rise development located across the street from Vancouver’s beautiful Queen Elizabeth Park. Two-bedrooms-plus-rooftop homes start at $1,598,900. Don’t miss your chance to live in one of Vancouver’s most serene residential neighbourhoods close to vibrant Main and Cambie Streets.
Monogram is currently open by appointment. This striking 49-storey, mixed-use tower at Burrard and Davie offers a collection of one-, two- and three-bed residences with stunning panoramic views of the North Shore mountains and cityscapes. Marketed exclusively by VIRANI, Monogram will soon be a significant new landmark on Vancouver’s skyline. Combing homes, retail and culture, Monogram is influenced by global design innovations and brought to life by a team of people who are passionate about our city’s natural beauty.
Analysts are forecasting a hot spring real estate market. With lower borrowing costs and high inventory, now is an excellent time to consider your options with confidence.
Whether you’re a homeowner, developer or investor, our expert advisors will ensure you’re always a step ahead of the exciting shift in the upcoming market. Stay tuned for the latest insights, key trends and individualized advice to help you achieve your real estate goals this spring.
February 2025 Founder’s Message Spring into the Market with Confidence
As we head into the spring real estate market, home sales in Metro Vancouver and British Columbia are on the rise. There are also many excellent listings to choose from this month.
Metro Vancouver’s market is currently balanced but is shifting towards a seller’s market. Homes newly listed on the Multiple Listing Service (MLS) in January 2024 increased 46.9% from the same time last year. This was 31.1% above the 10-year seasonal average. The total number of properties currently listed for sale on the MLS in Metro Vancouver is up 33.1% from January 2024.
The Greater Vancouver REALTORS (GVR) reports that residential sales increased 8.8% from January 2024. Attached home sales last month totaled 321, a 12.6% increase compared to the same time last year.
Prices did not change substantially across all types of housing last month. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,173,000. The benchmark price for a detached home is $2,005,400, up 3.1% from January 2024.
Analysts attribute the rise in sales to the Bank of Canada’s six consecutive rate cuts since June 2024. Last month, the central bank rang in the new year with a 25-basis point cut to its key interest rate, bringing it down to 3.0%. This will help provide interest rate relief for many Canadians and is welcome news for those renewing their mortgages, variable rate mortgage holders and prospective homeowners.
The British Columbia Real Estate Association (BCREA) recently released its 2025 First Quarter Housing Forecast. It predicts residential sales in B.C. will increase 14.3% this year. They are expected to strengthen even further in 2026.
“Markets across B.C. closed with significant momentum,” said BCREA chief economist Brian Ogmundson in the recent quarterly report. The BCREA also reported that the market is the healthiest it has been in a decade.
There is currently a lot of inventory to choose from and experts predict house prices won’t increase dramatically with the coming rise in sales activity. The average price in B.C. is forecasted to rise by 4.5% to $1,025,900.
We are seeing multiple offers once again and advise home buyers to get prepared for a changing landscape in the real estate market. Now is an excellent time to contact one of our highly knowledgeable advisors for a complimentary comparative market evaluation of your property and to discuss your real estate portfolio. It is also advisable to get pre-approved for a mortgage now to be ready for the projected upcoming busy spring market.
B.C.’s new home-flipping tax came into effect on January 1, 2025. This new tax will provide investors with an incentive to hold properties for longer periods of time, promote price stability and help to reduce market volatility. It applies to anyone who sells a home within a year of purchasing it will now be required to pay a 20% tax rate on the profit. That percentage drops to 10% after 18 months and then down to zero after the person has owned the property for more than two years.
The new home-flipping tax aligns with B.C.’s broader effort to create a fair and equitable housing market and is aimed at helping with housing affordability and availability. Our expert advisors will help you navigate these changes along with other government incentives such as the foreign buyer and vacancy taxes. These taxes were also implemented to encourage long-term investment and balance market stability with housing affordability. Revenue from the new home-flipping tax will go towards strengthening housing programs and building new affordable homes in our province.
A new maximum allowable rent increase rate of 3% also came into effect last month, down from 2024’s rate of 3.5%. The rental market is currently very active. Our RENT + MANAGE division is quickly becoming the top leader in rental property management and tenant placement in Vancouver and on the North Shore. We invite you to join the many property owners who have heard about our excellent one-stop service and are coming to us to take care of all their property needs. We offer the most individualized service possible, whether leasing an individual property, purchasing a selection of homes or buying an entire building for your investment portfolio.
Lilibet is one of the many excellent opportunities currently available in Metro Vancouver. There are still homes available in this intelligently designed low-rise development located across the street from Vancouver’s beautiful Queen Elizabeth Park. Two-bedrooms-plus-rooftop homes start at $1,598,900. Don’t miss your chance to live in one of Vancouver’s most serene residential neighbourhoods close to vibrant Main and Cambie Streets.
Monogram is currently open by appointment. This striking 49-storey, mixed-use tower at Burrard and Davie offers a collection of one-, two- and three-bed residences with stunning panoramic views of the North Shore mountains and cityscapes. Marketed exclusively by VIRANI, Monogram will soon be a significant new landmark on Vancouver’s skyline. Combing homes, retail and culture, Monogram is influenced by global design innovations and brought to life by a team of people who are passionate about our city’s natural beauty.
Analysts are forecasting a hot spring real estate market. With lower borrowing costs and high inventory, now is an excellent time to consider your options with confidence.
Whether you’re a homeowner, developer or investor, our expert advisors will ensure you’re always a step ahead of the exciting shift in the upcoming market. Stay tuned for the latest insights, key trends and individualized advice to help you achieve your real estate goals this spring.