June 2024 Newsletter
Market Update
In Vancouver, there’s a notable trend: home prices consistently rise. Despite a 19.9% increase in inventory levels compared to the 10-year average and a 19.6% decline in transactions, the MLS Housing Price Index shows a 2.3% rise from May 2023 and a 0.5% increase from April 2024. Clearly, the allure of Vancouver persists. So much so, BCstats projects that Metro Vancouver, encompassing 23 municipalities from Lions Bay to Langley, will reach 3 million residents by Canada Day, an increase of 86,000 from last year. And, this growing population urgently requires housing.
According to CMHC, Metro Vancouver has averaged just 23,573 housing completions annually between 2018 and 2022. Based on the 2021 Census figure of 2.1 people per household, this leaves an annual shortfall of 17,379 homes for those moving here.
Although higher interest rates, government policies, living costs, and economic uncertainties have restrained many Vancouverites from making significant moves, population growth continues to sustain demand. As per Economics 101, an imbalance between supply and demand naturally drives price adjustments.
So, if you’ve been waiting for the right moment to enter the market or make that big move, consider now: inventory levels are high, local demand is subdued, and we all know this will not last.
According to CMHC, Metro Vancouver has averaged just 23,573 housing completions annually between 2018 and 2022. Based on the 2021 Census figure of 2.1 people per household, this leaves an annual shortfall of 17,379 homes for those moving here.
Although higher interest rates, government policies, living costs, and economic uncertainties have restrained many Vancouverites from making significant moves, population growth continues to sustain demand. As per Economics 101, an imbalance between supply and demand naturally drives price adjustments.
So, if you’ve been waiting for the right moment to enter the market or make that big move, consider now: inventory levels are high, local demand is subdued, and we all know this will not last.
The Last 5 Years
As previously mentioned, overall inventory levels are up, but it’s important to note that each market segment has its own unique graph. Blu is here to help you navigate!
Breaking News (and Ground) at EC3
Our Commercial Drive collaboration with The Saint Group is coming along nicely; with the first story of concrete poured, the top three stories will be framed before you know it. If you're new to EC3, let us tell you that these modern 2 and 3-bedroom townhomes will be spectacular.
Plus, they're seamlessly connected to the downtown core and a historic and vibrant neighbourhood. The Team is on task, and project completion is expected for Fall 2025. View the video to see what's to come!
Agent of the Month: Nels Agerbo
Nels Agerbo has been an integral part of the Blu Crü since 2014, and this past month, this proud papa of two inked his biggest deal to date. Congrats to this super cool ‘Silver Fox’ for selling a stunning 2 bedroom home in the iconic (and luxurious) Erickson on False Creek. Here’s to (at least) 10 more fruitful years in the biz, Nels!
Local Spotlight:
Architect Shora Parvaresh
Shora is Blu’s long-time friend and collaborator. She’s also a total rockstar. In 2018, Shora started Noble Architecture, creating modern spaces that inspire joy, connection, and community. While working with MA+HG, she contributed to the innovative design of Finch + Benson, which is an East Side heritage retention project that Blu is currently selling. Shora is a big-time patron of the arts, a practiced back dancer, and one of the finalists in Western Living’s Architect of the Year Awards.
Hurrah for Shora!
Hurrah for Shora!
Out And About:
Pride Month
June is Pride Month around these parts, and we at Blu love to spotlight the resilience, celebrate the talent, and recognize the contributions of the 2SLGBTQI+ community 365. So mark those calendars because East Side Pride, featuring all kinds of all-ages programming, is June 22nd. And on the same afternoon across town, you’ll find the Dragonboat Pride Pavilion and Race at Concord Pacific.
Both events are a great way to show solidarity and warm up for Canada Pride, July 26th – Aug 4th.
Both events are a great way to show solidarity and warm up for Canada Pride, July 26th – Aug 4th.
Featured Listings
