Hello and welcome to our Pinnacle Group Real Estate Marketing February 2021 Newsletter. As always, thank you for taking the time to read our update and hope that it proves to be informative for you!
Vancouver, BC – February 11, 2021.
The British Columbia Real Estate Association (BCREA) reports that a total of 7,169 residential unit sales were recorded by the Multiple Listing Service®(MLS®) in January 2021, an increase of 63.3 per cent over January 2020 and over a thousand sales higher than the previous record for the month of January. The average MLS® residential price in BC was $845,169, a 16.1 per cent increase from $728,269 recorded in January 2020. Total sales dollar volume was $6.1 billion, an 89.6 per cent increase from last year.
“It was once again a record-setting month for the provincial housing market,” said BCREA Chief Economist Brendon Ogmundson. “While sales were strong across all regions of the province, the Fraser Valley, Interior and Vancouver Island regions shattered previous sales records and pushed January sales to new heights.”
Total active residential listings were down 21.5 per cent to 20,254 units in January, the lowest level of provincial active listings on record, going back to 2000. With strong sales and so few listings, market conditions are exceptionally tight with less than three months of total supply.
“The supply of listings continues to be held back by the pandemic,” added Ogmundson. “With so few listings, markets are starved for supply and prices are under extraordinary pressure.”
2932 Fern Dr, Anmore, BC – SOLD
2932 Fern Drive a beautiful entertainer dream home situated on a private 1.18-acre lot, featuring a grand open concept floor plan with oversized windows taking in an abundance of natural light and a beautiful private treed view. Host the ultimate dinner party with a gourmet kitchen featuring a large centre island, gorgeous white cabinetry, walk in pantry, top of the line appliances, gas range and butler station with wine display. Enjoy a seamless flow of indoor/outdoor living with double sliding doors that lead to a large, covered patio, outdoor fireplace and salt water hot tub overlooking the flat landscaped yard. Downstairs impress your guests with a tasteful bar/lounge and high-performance movie theatre with 120 " screen, HD, 3D projector & surround sound. Upstairs features four large bedrooms and a luxurious resort like master retreat with stand-alone soaker tub and TV. All this and more, including a three-car garage, Control 4 System with sound system in all 7 rooms, Air Conditioning. Just minutes to Buntzen Lake, White Pine Beach, Hiking trails and the shops of Port Moody.
4103 Bedwell Bay Rd, Belcarra, BC - SOLD
Enjoy breathtaking Ocean views of Bedwell Bay with peace and tranquility. Marrying charm and beauty, this 5 bed, 3 bath home located on a 19,900 sq. ft. lot, will impresses discerning buyers with designer paint, gorgeous new lighting, beautiful hardwood flooring, French doors, and Hunter Douglas blinds. The gourmet kitchen is a chef's envy, featuring a large centre Island, gorgeous cabinetry and high-end appliances, including Miele steam French door convection oven, GE Café Refrigerator, and Jennair Induction cooktop with pop-up fan. The high vaulted ceilings, floor to ceiling natural gas stone fireplace, oversize windows which welcome the natural light & view all contribute to grand living while retaining a cozy character. Featuring large, fenced backyard lot perfect for kids and pets.
3053 Anmore Creek Way, Anmore, BC - For Sale - $6,598,000
Absolutely spectacular Whistler inspired Gated Mountain View Estate situated on flat one-acre lot is the Epitome of Privacy, Exclusivity and Luxury beyond compare. No expense was spared to create this serene private sanctuary with an astonishing level of detail that exceeds most 5-star resorts. 10,207 sq. ft. main residence with 6 bed and 10 bath features air conditioning, heated floors, $1.0 million theatre room, chef’s kitchen, temperature-controlled wine room, 12 seat formal dining, a man-cave entertainment center downstairs, 6-car showcase garage, fabulous exterior covered deck with outdoor kitchen, barbecue area, covered lounge with heaters, speakers and wood burning fireplace. Lush, manicured grounds include a stunning $3.5 million pool house and garden with gym, subterranean spa, 5-hole golf putting green, convertible (basketball, tennis, hockey) sports court, meandering trails and rock waterfall. Crestron home automation and 2nd gated entrance offers complete comfort and privacy.
2057 Ridge Mountain Drive, Anmore, BC - For Sale - $4,898,000
Welcome to 2057 Ridge Mountain Drive located in Anmore’s prestigious Pinnacle Ridge Estates. Remarkably majestic, the panoramic views from this stately luxury residence are simply astonishing. This grand home features a level of superb quality and resplendent finishing seldom seen. Built with extreme care and attention to every detail by master builder Clay Construction. The moment you step inside this exclusive residence you will appreciate the warmth and elegance of the custom cherrywood cabinetry, solid hickory flooring and the extensive use of molding and millwork throughout. Enjoy the captivating panoramic views and take in glorious sunshine from the abundance of oversized European tilt and turn windows, decks and covered patios. You will love the opulent gourmet kitchen featuring top of the line Thermador/Jenn air appliances, beautiful oversized Golden Typhoon granite Island leading to the wetbar next to the dining room perfect flow for hosting a dinner party. Upstairs you will find three bedrooms with a master retreat with gorgeous spa like en-suite with his and her closets and a private deck to take in the stunning view. The lower level is an entertainer’s dream featuring 13 ft. ceilings, a beautiful wine room with racking for 400+ bottles, a stunning custom bar and a high-tech private movie theatre with 13 speakers acoustically engineered with 3D Projector a guest suite, gym/hobby room and additional bedroom complete this fabulous lower level. Enjoy the beautifully landscaped park-like backyard with room for a pool and/or coach house. This is truly an exceptional opportunity to live in one of the finest view homes in Anmore.
1083 Uplands Drive, Anmore, BC – For Sale - $4,399,000
Breathtaking panoramic views with spectacular modern contemporary architecture make this exclusive 1.27-acre gated estate truly exceptional. Offering 6,807 sq. ft. of unparalleled elegance and refined design you will appreciate the immense attention to detail with superb finishing throughout. Featuring an open concept floor plan with massive great room, ultra large Westeck windows, gourmet chefs kitchen, natural stone centre island & countertops, Wolf and Sub-Zero appliances, wine bar and 2nd kitchen, infloor heating, gold brass railing, custom woodwork, imported Spanish hardwood flooring, smart home/security system, home theatre and much more! Upstairs find a luxurious master suite with a resort style en-suite, huge, oversized shower and walk-in wardrobe. Enjoy indoor/outdoor living with an LA Style 1,105 sq. ft. dream outdoor space perfect for evening BBQ compete with fire pit and heaters for year-round enjoyment. This is the ultimate in Anmore luxury living next to nature.
Metro Vancouver Real Estate Update
VANCOUVER, BC – February 2, 2021
In the first month of 2021, Metro Vancouver’s* housing market continued the pattern set at the end of last year with home sale activity outpacing the supply of homes listed for sale.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,389 in January 2021, a 52.1 per cent increase from the 1,571 sales recorded in January 2020, and a 22.8 per cent decrease from the 3,093 homes sold in December 2020.
Last month’s sales were 36.4 per cent above the 10-year January sales average.
“With home sale activity well above our January average, the supply of homes for sale isn’t able to keep pace,” Colette Gerber, REBGV Chair said. “This is causing increased competition amongst home buyers and upward pressure on prices.”
There were 4,480 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2021. This represents a 15.7 per cent increase compared to the 3,872 homes listed in January 2020 and an 86 per cent increase compared to December 2020 when 2,409 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,306, a 3.6 per cent decrease compared to January 2020 (8,617) and a 2.7 per cent decrease compared to December 2020 (8,538).
For all property types, the sales-to-active listings ratio for January 2021 is 28.8 per cent. By property type, the ratio is 26.3 per cent for detached homes, 37.6 per cent for townhomes, and 27.8 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Shifting housing needs during the pandemic and historically low interest rates have been key drivers of demand in our market over the last six months,” Gerber said. “People who managed to enter the market a few years ago, and have seen their home values increase, are now looking to move up in the market to accommodate their changing needs.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,056,600. This represents a 5.5 per cent increase compared to January 2020 and a 0.9 per cent increase compared to December 2020.
Sales of detached homes in January 2021 reached 740, a 68.6 per cent increase from the 439 detached sales recorded in January 2020. The benchmark price of a detached homes is $1,576,800. This represents a 10.8 per cent increase from January 2020 and a 1.4 per cent increase compared to December 2020.
Sales of apartment homes reached 1,195 in January 2021, a 46.8 per cent increase compared to the 814 sales in January 2020. The benchmark price of an apartment home is $680,800. This represents a 2.2 per cent increase from January 2020 and a 0.6 per cent increase compared to December 2020.
Attached home sales in January 2021 totalled 454, a 42.8 per cent increase compared to the 318 sales in January 2020. The benchmark price of an attached home is $815,800. This represents a 4.3 per cent increase from January 2020 and a 0.2 per cent increase compared to December 2020.
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!