With the spring real estate market still going strong, now is an excellent time to buy, sell or rent. There is a lot of inventory to choose from and more exciting offerings coming each day.There are currently 13,600 homes now actively listed on the MLS in the region, up 46.3% compared to May 2023. There were 6,374 detached, attached and apartment properties newly listed in May 2024, up 12.6% compared to this time last year and an increase of 7% compared to the 10-year seasonal average.
Inventory is at its highest level since the summer of 2020, according to the Greater Vancouver Realtors (GVR), formerly the Real Estate Board of Greater Vancouver. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,212,000, up 2.3% since May 2023. The benchmark price for a detached home is $2,062,600, up 5.9% from the same time last year.
Real estate analysts are forecasting the remainder of 2024 will be strong for real estate transactions in Metro Vancouver. Now is a great time to call one of our highly experienced advisors to receive a complimentary comparative market analysis of your property.
This month, be sure to join our V LIST to be first to know about exciting new developments in Vancouver and on the North Shore. VIRANI has many exclusive offerings and some of the finest homes in Greater Vancouver and beyond. British Columbia is building 2.5 times more homes per capita than Ontario, Canada’s most populated province. According to Canada Mortgage and Housing Corporation, B.C. had 4,867 new starts in March 2024 compared to Ontario’s 5,522. B.C. has also seen almost 27% more apartments and detached homes built compared to the previous year.
On an additional note, there are currently many people looking for rental properties throughout Metro Vancouver. We have recently seen an influx of families and business professionals wanting to secure rental housing in Vancouver and on the North Shore. Everything from one-bedroom suites to luxury penthouses and executive homes are in demand. Whether short-term, long-term, furnished or unfurnished, prospective tenants are searching for rental homes in all price points and categories.
As you make your summer plans, contact one of our highly experienced RENT + MANAGE team advisors for a complimentary rental home evaluation on your property. We will take care of every occupational and operational detail of your property while you enjoy some well-deserved relaxation this summer. We maintain your property to keep it to its best value so you will get the best return. Take some worry-free time to enjoy everything our spectacular West Coast has to offer while we take care of your property.
If you have a vacant home, just a reminder to think about renting your property by July 1. The Empty Homes Tax will apply to any residential property within the city of Vancouver that has been unoccupied for more than six months. Properties deemed or declared empty will be subject to a tax of 3% of the property’s assessed taxable value.
Metro Vancouver’s spring real estate market is strong and there are many exciting opportunities available. Call now for a complimentary market and rental evaluation. Our knowledgeable advisors are attuned to both local and global markets and offer the most highly individualized service possible. We offer clients a one-stop solution with our RENT + MANAGE division. As we strive to take care of all your real estate needs, take time to find a warm patio, sip a cool beverage and know we are here to help you enjoy a wonderful summer ahead.