With the holiday season just around the corner, home sales are surging across Metro Vancouver. There was a 31.9 per cent increase last month from the same time last year. Buyers are responding to the lower borrowing costs, resulting in renewed strength in demand.
On October 23, the Bank of Canada cut its rate by 50 basis points, making this the largest reduction since the pandemic and the fourth consecutive drop this year. The key interest rate is now 3.75 percent. This is welcome news for buyers and those with mortgages coming up for renewal. Variable-rate mortgage holders will see immediate relief on their payments.
The bank’s final interest rate decision of the year is set for the first of December. Bank of Canada governor Tiff Macklem said that further cuts to the policy rate can be expected if Canada’s economy continues to evolve in line with the bank’s forecast.
Last month, there were 5,452 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver. This is up 16.9 per cent compared to October 2023 and 20 per cent above the 10-year seasonal average.
The total number of properties currently listed for sale on the MLS in Metro Vancouver is up 24.8 per cent compared to October 2023. This total is also 26.2 per cent above the 10-year seasonal average. Sales of detached homes in October 2024 increased by 25.5 per cent from the same time last year. Sales of apartment homes are up 33.4 per cent and attached home sales in October increased by 40.7 per cent.
Lower borrowing costs are making a substantial impact on Metro Vancouver’s current real estate market. The market is really picking up and now is an ideal time to call one of our highly experienced advisors to receive a complimentary comparative market analysis. Our knowledgeable advisors understand both local and global real estate markets and will empower you to make the best decisions possible. Inventory levels are high and there are many excellent properties to choose from.
Metro Vancouver’s rental market is very busy with lots of tenants searching for their next home. We welcome you to join the many Vancouver property owners who have heard about our excellent one-stop service and are coming to VIRANI’S Rent + Manage to take care of all their property management requirements. Since beginning in the fall of 2022, our Rent + Manage division has grown to become highly regarded and sought after by owners looking for a solution to all their property management requirements.
We take pride in offering you the best service possible, whether leasing an individual property, purchasing a selection of homes or buying an entire building for your investment portfolio. Our expert advisors find and procure the best tenants possible, while maintaining your property so you will get the best return. We manage every detail from building maintenance and monthly rental payments to showings and tenant agreements to ensure you are fully protected. Innovation, experience, knowledge and service are hallmarks of VIRANI Real Estate Advisors. Turn to our Rent + Manage for a reimagined way of property management.
We’re excited this month to begin selling the remainder of the two-bedroom + rooftop townhomes at Lilibet, starting at $1,710,000. Located in a serene residential neighbourhood across the street from Queen Elizabeth Park, Lilibet offers stunning views towards Downtown Vancouver and the North Shore Mountains. This intelligently designed low-rise development is also one block from vibrant Cambie Street and less than a 10-minute walk to dynamic Main Street. There is a $30,000 buyer’s credit offered until November 15, so call soon as these homes will go quickly.
This month, we are also previewing Monogram’s amazing collection of 260 one-, two-, and three-bedroom residences. Marketed exclusively by VIRANI, this 49-storey mixed-use tower at Burrard and Davie is changing our city’s skyline with its bold statement in design and innovation. Monogram is truly well-positioned and accessible to many key Downtown Vancouver landmarks.
Offering breathtaking views, you can access the Burrard Bridge quickly and get to the business center, entertainment district, Davie Street or Yaletown with ease. Monogram provides an ideal balance of sophisticated elegance, convenience and exclusivity. We welcome your calls so you can be first to receive the best opportunities in this extraordinary addition to Downtown Vancouver’s Burrard Heights neighbourhood.
The market is shifting. We are seeing a significant increase in sales and renewal of activity. By mid-December, home buyers will be eligible for lower down payments and extended loan repayments.
With lower interest rates, high inventory levels and recent mortgage changes, November is an excellent month to consider your options. Metro Vancouver’s Fall market is strong and there are many wonderful properties currently available to choose from.
NOVEMBER 2024 FOUNDER’S MESSAGE
With the holiday season just around the corner, home sales are surging across Metro Vancouver. There was a 31.9 per cent increase last month from the same time last year. Buyers are responding to the lower borrowing costs, resulting in renewed strength in demand.
On October 23, the Bank of Canada cut its rate by 50 basis points, making this the largest reduction since the pandemic and the fourth consecutive drop this year. The key interest rate is now 3.75 percent. This is welcome news for buyers and those with mortgages coming up for renewal. Variable-rate mortgage holders will see immediate relief on their payments.
The bank’s final interest rate decision of the year is set for the first of December. Bank of Canada governor Tiff Macklem said that further cuts to the policy rate can be expected if Canada’s economy continues to evolve in line with the bank’s forecast.
Last month, there were 5,452 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver. This is up 16.9 per cent compared to October 2023 and 20 per cent above the 10-year seasonal average.
The total number of properties currently listed for sale on the MLS in Metro Vancouver is up 24.8 per cent compared to October 2023. This total is also 26.2 per cent above the 10-year seasonal average. Sales of detached homes in October 2024 increased by 25.5 per cent from the same time last year. Sales of apartment homes are up 33.4 per cent and attached home sales in October increased by 40.7 per cent.
Lower borrowing costs are making a substantial impact on Metro Vancouver’s current real estate market. The market is really picking up and now is an ideal time to call one of our highly experienced advisors to receive a complimentary comparative market analysis. Our knowledgeable advisors understand both local and global real estate markets and will empower you to make the best decisions possible. Inventory levels are high and there are many excellent properties to choose from.
Metro Vancouver’s rental market is very busy with lots of tenants searching for their next home. We welcome you to join the many Vancouver property owners who have heard about our excellent one-stop service and are coming to VIRANI’S Rent + Manage to take care of all their property management requirements. Since beginning in the fall of 2022, our Rent + Manage division has grown to become highly regarded and sought after by owners looking for a solution to all their property management requirements.
We take pride in offering you the best service possible, whether leasing an individual property, purchasing a selection of homes or buying an entire building for your investment portfolio. Our expert advisors find and procure the best tenants possible, while maintaining your property so you will get the best return. We manage every detail from building maintenance and monthly rental payments to showings and tenant agreements to ensure you are fully protected. Innovation, experience, knowledge and service are hallmarks of VIRANI Real Estate Advisors. Turn to our Rent + Manage for a reimagined way of property management.
We’re excited this month to begin selling the remainder of the two-bedroom + rooftop townhomes at Lilibet, starting at $1,710,000. Located in a serene residential neighbourhood across the street from Queen Elizabeth Park, Lilibet offers stunning views towards Downtown Vancouver and the North Shore Mountains. This intelligently designed low-rise development is also one block from vibrant Cambie Street and less than a 10-minute walk to dynamic Main Street. There is a $30,000 buyer’s credit offered until November 15, so call soon as these homes will go quickly.
This month, we are also previewing Monogram’s amazing collection of 260 one-, two-, and three-bedroom residences. Marketed exclusively by VIRANI, this 49-storey mixed-use tower at Burrard and Davie is changing our city’s skyline with its bold statement in design and innovation. Monogram is truly well-positioned and accessible to many key Downtown Vancouver landmarks.
Offering breathtaking views, you can access the Burrard Bridge quickly and get to the business center, entertainment district, Davie Street or Yaletown with ease. Monogram provides an ideal balance of sophisticated elegance, convenience and exclusivity. We welcome your calls so you can be first to receive the best opportunities in this extraordinary addition to Downtown Vancouver’s Burrard Heights neighbourhood.
The market is shifting. We are seeing a significant increase in sales and renewal of activity. By mid-December, home buyers will be eligible for lower down payments and extended loan repayments.
With lower interest rates, high inventory levels and recent mortgage changes, November is an excellent month to consider your options. Metro Vancouver’s Fall market is strong and there are many wonderful properties currently available to choose from.