Hello and welcome to our Pinnacle Group Real Estate Marketing November 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!
While the local real estate market in the Tri-Cities has experienced a shift in buyer demand, a decrease in single family detached home sales activity has not resulted in a significant decrease in home prices. If you are thinking of buying or selling, please contact us so that we can discuss your personal short and long-term goals and the best real estate strategy to achieve them in today’s market!
Reduced home sale and listing activity in October 2016 is changing real estate market dynamics in communities across Metro Vancouver according to the latest News Release on November 2, 2016 by the Real Estate Board of Greater Vancouver.
Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold. Last month’s sales were 15 per cent below the 10-year October sales average.
“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and- see approach to try and better understand what these changes mean for them.”
This wait-and-see approach by buyers is also evident across the Tri-Cities real estate market with sharp declines in residential detached sales over the past several months. Prices have however held fairly steady. New listing and marketing strategies are required to maximize a homes sale potential by specifically targeting todays existing group of motivated buyers.
SOLD – 2958 Cove Place, Coquitlam, BC - $1,398,00
Country living in the city on over ½ acre! Situated at the end of a quiet cul-de-sac on a beautiful tranquil private 24,456 sq. ft. (.56 ACRE) kid friendly lot just steps away from Ranch Park Elementary School with enough space to park your RV or Boat find this immaculate recently renovated 5 bedroom, 3 bath family home. Featuring all new windows, gorgeous new kitchen, bathrooms, designer paint, crown mouldings and a great room addition including skylights & wide plank distressed flooring opening to a fabulous deck overlooking a fully fenced backyard oasis make this a very special and rare offering.
SOLD – 413 2330 Shaughnessy St, Port Coquitlam, BC - $378,800
Welcome to the prestigious Avanti on Shaughnessy! This immaculate like new, top (4th) floor 2 bed 2 bath spacious condo features a fabulous open concept floor plan, 9ft ceilings, a stunning oversize gourmet kitchen featuring large breakfast bar, beautiful custom cabinetry, top of the line KitchenAid stainless appliances, new upgraded GE fridge, large picture windows, generous bedrooms with ensuite featuring Kohler fixtures and beautiful tile backsplash. Just steps from the heart of vibrant Port Coquitlam, enjoy the many shops, eateries, schools, West Coast Express and beautiful Gates Park walking trails. All this and more including 2 parking stalls and bike storage.
For Sale – 3307 Main Ave, Belcarra, BC – $1,898,000
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 – 3372 Main Ave, Belcarra, BC – $1,298,000
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 - $1,388,000
Own a piece of 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. – November 2, 2016 – New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,981 in October 2016. This represents a decrease of 3.5 per cent compared to the 4,126 units listed in October 2015 and a 17 per cent decrease compared to September 2016 when 4,799 properties were listed.
Last month’s new listing count was 9.5 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 9,143, a 4.5 per cent decrease compared to October 2015 (9,569) and a 2.3 per cent decrease compared to September 2016 (9,354).
The sales-to-active listings ratio for October 2016 is 24.4 per cent. 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.
“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8 per cent increase compared to October 2015 and a 0.8 per cent decline compared to September 2016.
Sales of detached properties in October 2016 reached 652, a decrease of 54.6 per cent from the 1,437 detached sales recorded in October 2015. The benchmark price for detached properties is $1,545,800. This represents a 28.9 per cent increase compared to October 2015 and a 1.4 per cent decrease compared to September 2016.
Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 per cent compared to the 1,543 sales in October 2015.The benchmark price of an apartment property is $512,300. This represents a 20.5 per cent increase compared to October 2015 and a 0.3 per cent increase compared to September 2016.
Attached property sales in October 2016 totalled 403, a decrease of 39.5 per cent compared to the 666 sales in October 2015. The benchmark price of an attached unit is $669,200. This represents a 25.7 per cent increase compared to October 2015 and a 1.1 per cent decrease compared to September 2016.
Eagle Ridge Hospital Auxiliary Bake and Craft Sale
Come out to support the Eagle Ridge Hospital Auxiliary by purchasing a selection of Christmas crafts, cookbooks, Quiet People, knitted/crocheted items plus a selection of pet treats and toys.
Don’t feel like baking this year – check out the delicious selections, from banana loafs, tarts, Samosas, jams and jellies just to name a few. Baked items sell quickly so come early to get the best selection of goodies.
Proceeds from the sale will be used to purchase equipment and patient comfort items for Eagle Ridge Hospital.
Date and Time:
November 16, 2016 – 9:00am to 7:00pm
November 17, 2016 - 9:00am to 4:00pm
Eagle Ridge Hospital – Main Lobby
475 Guildford Way,
Port Moody, BC
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.
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!
Pinnacle Group Real Estate Marketing
Andrea Jauck Kris Cyganiak