Hello and welcome to our Pinnacle Group Real Estate Marketing December 2016 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!
As we approach the end of the year, we at Pinnacle Group would like to wish all of clients, friends and business associates a cheerful and safe time during your holiday festivities!
Homebuyer and seller activity remains near historical averages in the Metro Vancouver housing market in the past month.
Residential home sales in the region totaled 2,214 in November 2016, a decrease of 0.9 per cent from the 2,233 sales recorded in October 2016 and a decrease of 37.2 per cent compared to November 2015 when 3,524 homes sold.
Last month’s sales were 7.6 per cent below the 10-year sales average for the month.
“While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president.
For Sale – 3307 Main Ave, Belcarra, BC – $1,898,00
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!
Our Latest Video Presentation for 3307 Main Ave, Belcarra, BC – For Sale at $1,898,000
Join Andrea Jauck and Marcus Anthony for their latest video presentation of our spectacular Oceanview listing at 3307 Main Ave in Belcarra, BC. This sensational property comes with one of the best dock shares on Bedwell Bay. Enjoy year round waterfront access with your boat just minutes away from home. This is what Belcarra living is all about!
For Sale – 3372 Main Ave, Belcarra, BC – $1,298,00
Opportunity knocks in Belcarra with stunning OCEAN VIEWS over Bedwell Bay from every level of this special property. Nestled on a massive 20,992 sq ft lot this lovely 4 bed & 3 bath home features an open concept floor plan with high vaulted ceilings, large open kitchen, multiple private decks and the option to create a separate walkout one bedroom basement suite. The 700 sq. ft. top-level master retreat features a spa like ensuite with oversized shower & tub and private rear deck plus an exclusive front deck with sensational ocean views. Bring your decorating/reno ideas and add your personal touch to create your own perfect luxury residence in one of the most spectacularly beautiful residential locations in Greater Vancouver. The possibility/potential to live your dream is here now!!!
For Sale – 26520 112 Ave, Maple Ridge, BC - $1,098,00
Own a piece of rural paradise! This exceptional property includes a flat 5-acre park like estate lot with your own private forest, walking trail and stunningly serene meadow. Enjoy the tranquility of this natural setting in a lovely renovated 2,088 sq. ft. 4 bed home featuring a fabulous wrap around patio, perfect for entertaining and relaxing. Complete the lower level with a future 1 or 2 bed daylight suite. Take advantage of a large detached 50’x32’ secure workshop with 16’x14’ mezzanine, 100amp service and 14’ high doors for work, storage, or renting. Extra long driveway for multiple vehicles, boats, RV’s or several semi-trucks. Just minutes from Whonnock Elementary and steps from horse and hiking trails at Kanaka Creek Park and summertime fun at Whonnock Lake. Don’t miss this one. Call today!!!
Metro Vancouver Real Estate Update
VANCOUVER, B.C. – December 2, 2016 – New listings for detached, attached and apartment properties in Metro Vancouver totaled 3,147 in November 2016. This represents a decrease of 20.9 per cent compared to the 3,981 units listed in October 2016 and a 7.2 per cent decrease compared to November 2015 when 3,392 properties were listed.
Last month’s new listing count was 1.2 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,385, an 8.3 per cent decrease compared to October 2016 (9,143) and a 3.6 per cent increase compared to November 2015 (8,096).
The sales-to-active listings ratio for November 2016 is 26.4 per cent. This is up two per cent from last month (24.4 per cent).
Downward pressure on home prices can occur when the ratio dips below the 12 per cent mark for a sustained period, while home prices can experience upward pressure when it surpasses 20 per cent over several months.
“Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-month declines.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $908,300. This represents a 1.2 per cent decrease compared to last month and a 20.5 per cent increase compared to November 2015.
Sales of detached properties in November 2016 reached 638, a decrease of 2.1 per cent from the 652 detached sales recorded in October 2016 and a 52.2 per cent decline over November 2015. The benchmark price for detached properties is $1,511,100. This represents a 2.2 per cent decline compared to last month and a 23 per cent increase compared to November 2015.
Sales of apartment properties reached 1,200 in November 2016, an increase of 1.9 per cent compared to the 1,178 sales in October 2016 and a 22.7 per cent decrease compared to November 2015.The benchmark price of an apartment property is $512,100. This is unchanged from last month and is an 18 per cent increase compared to November 2015.
Attached property sales in November 2016 totalled 376, a decrease of 6.7 per cent compared to the 403 sales in October 2016 and a 40.9 per cent decline compared to November 2015. The benchmark price of an attached unit is $667,100. This represents a 0.3 per cent decrease compared to last month and a 23 per cent increase compared to November 2015.
Radio Real Estate Show in Vancouver
Listen to Andrea weekly, on the Radio Real Estate Show with Tom Lucas and Bill Macklem, every Saturday morning from 10:00-11:00am on CISL650 across the Lower Mainland.
Merry Christmas and Happy New Year
Now that the Holiday Season is upon us, we would like to take this opportunity to wish you all a Merry Christmas and Happy New Year!
Our sincere thanks for your support, loyalty and goodwill throughout the year. We look forward to working with you again in 2017.
Andrea, Kris and Marcus
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!