Hello and welcome to our Pinnacle Group Real Estate Marketing April 2017 Newsletter. As always, thank you for taking the time to read our monthly PGREM update, we hope that it proves to be informative for you!
The British Columbia Real Estate Association (BCREA) reports that a total of 9,826 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March, down 21.8 per cent from the same period last year. Total sales dollar volume was $6.79 billion, down 30 per cent from March 2016. The average MLS® residential price in the province was $690,597, a 10.5 per cent decrease from the same period last year.
“Consumer demand continues to normalize following blockbuster home sales in 2016,” says Brendon Ogmundson, BCREA Economist. “However, the supply of homes available for sale has not recovered and is still declining in many markets around the province.”
Although the average price in BC was down year-over-year due to a shift in the composition of sales away from higher-priced homes in Greater Vancouver, home prices in most markets are being pushed higher due to severe supply constraints.
SOLD – 5307 Coombe Lane, Belcarra, BC – Listed at $2,788,000
Nestled between the forest and sea this immaculate gated luxury estate residence sits on a spectacular 1.0-acre manicured property offering unparalleled privacy with simply sensational ocean views. Built to the highest standard with impeccable craftsmanship and detail, this exquisite 4,436 sq. ft. custom home enjoys sunshine and ocean views throughout the day with wrap around decks and a bright cheerful open floor plan that includes a gorgeous gourmet kitchen, gleaming hardwood flooring, cozy gas fireplace, a potential office/bedroom on the main and formal dining room. The 2nd level features a spa like master retreat with soaker tub, deluxe shower and beautiful finishing overlooking stunning panoramic ocean views while offering complete privacy, and two beautiful grand additional bedrooms. The lower level offers a one bedroom legal suite with 10ft ceilings, and large garage with 11x8 custom doors. A rare offering, the resort like nature of this home truly exemplifies Belcarra living at its finest
For Sale – 3307 Main Ave, Belcarra, BC – $1,798,000
Sensational OCEANVIEWS and your own SHARED DOCK. Follow the meandering driveway through your very own Stanley Park like serene and natural oasis. This immaculate 3066 sq. ft. 4 bed, 4 bath custom built home features breathtaking views of Bedwell Bay and comes with one of the best concrete dock shares in Belcarra. You will love the unique open floorplan featuring high ceilings, skylights, gorgeous travertine stone gas fireplace, marble entranceway, Coastal clear hand-chosen cedar ceilings and beams, vintage 3/4 inch oak Canadian hardwood flooring, newly renovated ensuite bathroom featuring heatedly tile floor and large soaker tub. Enjoy entertaining on your 1,000+ sq. ft. deck partially covered with glass and relax to the soothing sounds of cascading water into your own private pond. A separate newly renovated 416 sq. ft. studio suite above the garage completes this rare offering. Call today!
For Sale – 110 6093 Iona Drive, Vancouver, BC – $588,800
Welcome to Coast by Bastian one of the most sought after developments in the prestigious Chancellor Place at UBC. Find peace and serenity in this luxurious like-new 1 bed, 1 bath ground level condo featuring a gourmet kitchen with high-end Subzero/Miele appliances, large Marble Island and beautiful European cabinetry. You will love the gorgeous hardwood flooring, 10ft ceilings and spa like bath with stylish polished limestone tile. Enjoy spending time on your large private patio with separate entry overlooking the picturesque landscaped courtyard just steps away from beaches, parks, nature trails, museum and local shops and services. This elegant concrete building even offers a fitness centre and meeting room. Experience true West Coast living at UBC. Call today for your private viewing.
Metro Vancouver Real Estate Update
VANCOUVER, B.C. – April 4, 2017 – A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March.
Residential property sales in the region totalled 3,579 in March 2017, a decrease of 30.8 per cent from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 per cent compared to February 2017 when 2,425 homes sold.
Last month’s sales were 7.9 per cent above the 10-year sales average for the month.
“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,762 in March 2017. This represents a decrease of 24.1 per cent compared to the 6,278 units listed in March 2016 and a 29.9 per cent increase compared to February 2017 when 3,666 properties were listed.
This is the lowest number of new listings in March since 2009.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,586, a 3.1 per cent increase compared to March 2016 (7,358) and a 0.1 per cent decrease compared to February 2017 (7,594).
The sales-to-active listings ratio for March 2017 is 47.2 per cent, a 15-point increase over February. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Home prices will likely continue to increase until we see more housing supply coming on to the market,” Oudil said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 0.8 per cent decrease over the past six months and a 1.4 per cent increase compared to February 2017.
Sales of detached properties in March 2017 reached 1,150, a decrease of 46.1 per cent from the 2,135 detached sales recorded in March 2016. The benchmark price for detached properties is $1,489,400. This represents a 5.0 per cent decrease over the past six months and a one per cent increase compared to February 2017.
Sales of apartment properties reached 1,841 in March 2017, a decrease of 18.3 per cent compared to the 2,252 sales in March 2016.The benchmark price of an apartment property is $537,400. This represents a 5.2 per cent increase over the past six months and a 2.1 per cent increase compared to February 2017.
Attached property sales in March 2017 totalled 588, a decrease of 25.2 per cent compared to the 786 sales in March 2016. The benchmark price of an attached unit is $685,100. This represents a 1.3 per cent increase over the past six months and a 1.4 per cent increase compared to February 2017.
6th Annual “Ladies Night In” Fundraising Event – June 17, 2017
Ladies join our own Andrea Jauck at the 6th annual Ladies Night In fundraising event on Saturday, June 17th, 2017.
Dress to the max and come and peruse a spectacular luxury setting in a brand new exquisite 7,500 sq. ft. custom luxury high energy efficient home built by Marcraft Homes and Zimal Contracting at 1080 Uplands Drive, in the beautiful mountains of Anmore, BC. Upon your arrival enjoy a complimentary Bond Vesper Martini, sip on tastings of our own BC wineries, get your picture taken with an Aston Martin and our 007 Bond men.
Mingle and chat with our volunteer 007 Bond-men wandering the home, enjoy a glamorous fashion show, decadent appetizers, exciting shopping with exclusive boutiques, play and win at our blackjack tables and bid on fabulous Live and Silent Auction prizes!
Radio Real Estate Show with Andrea Jauck on CISL 650 in Vancouver
Join Andrea Jauck of Pinnacle Group Real Estate Marketing on the Radio Real Estate Show with Tom Lucas and Bill Macklem live every Sunday from 4-5pm on CISL 650am.
Don't miss this fun-filled hour with Andrea promoting Real Estate in the Tri-Cities along with Tom and Bill discussing the latest home topics and trends!
At Pinnacle Group, our marketing efforts are geared to helping you achieve your real estate buying and selling goals. Whether you're looking to invest, downsize, upsize, or relocate, we can help.
If you, a family member or a friend have any questions or would like to discuss your real estate needs, please do not hesitate to contact me directly.
We look forward to hearing from you!