Hello and welcome to our Pinnacle Group Real Estate Marketing December 2015 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 Lower Mainland Real Estate Market showed no signs of slowing down in the final part of 2015. One of the biggest issues facing buyers continued to be a lack of inventory. Sought after neighbourhoods across the Tri-Cities that would normally have numerous single family homes for sale in years past, have often had no homes at all for sale, which has continued to drive prices upward. If you are thinking of making a move, the early indications are that 2016 will be another busy year.
For Sale – 46 2332 Ranger Lane, Port Coquitlam, BC - $478,800
Welcome to Mosaic's fabulous Fremont Blue! Here is one of the most sought after 2BDR townhome floorplans. An entertainer delight featuring a spacious open concept with a large bright gourmet kitchen with a huge granite center island, top of the line S/S appliances, 9ft ceilings, oversized window, huge patio, beautiful master retreat with mountain view and spa like ensuite and a generous second bedroom plus a flexible ground level garage. All this just steps away from the resort like River Club exclusive to Fremont residence with its own private outdoor pool, hot tub, outdoor BBQ and Rec center. Close to restaurants, Costco, Home Depot, Starbucks and the best schools including Birchland Elementary and the renowned Terry Fox Senor Secondary. Don't miss this great opportunity. Call today!
SOLD - 510 9298 University Crescent, Burnaby, BC
Absolutely Stunning! Enjoy the unobstructed breathtaking city views from this fabulous one bedroom & den south/east facing home! You will love the open concept floor plan, featuring gourmet kitchen with granite center island and loads of cupboard space, large living space with over sized windows and huge balcony allows you to take in the surrounding nature and spectacular views while offering privacy. The den/study space makes this the perfect investment opportunity. Located in the vibrant univerCity you can enjoy all the amenities just moments away while you find peace located next to forest and nature.
Real Estate Update
VANCOUVER, B.C. – December 2, 2015 – Home sales reached near record levels in
November even as home listings began the traditional year-end decline.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,524 on the Multiple Listing Service® (MLS®) in November 2015. This represents a 40.1 per cent increase compared to the 2,516 sales recorded in November 2014, and a 3.3 per cent decrease compared to the 3,646 sales in October 2015.
Last month’s sales were 46.2 per cent above the 10-year sales average for the month and rank as the second highest November on record for residential property sales.
“November is typically one of the quietest months of the year in our housing market, but not this year,” Darcy McLeod, REBGV president said. “The ratio of sales to home’s available for sale reached 44 per cent in November, which is the highest it’s been in our market in nine years.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,392 in November. This represents a 12.5 per cent increase compared to the 3,016 new listings reported in November 2014.
The total number of properties listed for sale on the real estate board’s MLS® is 8,096, a 35 per cent decline compared to November 2014 and a 15.4 per cent decline compared to October 2015.
“Demand remains strong and there are housing options at different price points throughout the region,” McLeod said. “It’s important to work with your REALTOR® to understand your options before you embark on your home buying journey.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $752,500. This represents a 17.8 per cent increase compared to November 2014.
The sales-to-active-listings ratio in November was 43.5 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12 per cent mark, while home prices often experience upward pressure when it reaches 20 per cent, or higher, in a particular community for a sustained period of time.
Sales of detached properties in November 2015 reached 1,335, an increase of 31.9 per cent from the 1,012 detached sales recorded in November 2014, and a 44.2 per cent increase from the 926 units sold in November 2013. The benchmark price for a detached property in Metro Vancouver increased 22.6 per cent from November 2014 to $1,226,300.
Sales of apartment properties reached 1,553 in November 2015, an increase of 47.6 per cent compared to the 1,052 sales in November 2014, and an increase of 60.3 per cent compared to the 969 sales in November 2013. The benchmark price of an apartment property increased 14 per cent from November 2014 to $435,000.
Attached property sales in November 2015 totalled 636, an increase of 40.7 per cent compared to the 452 sales in November 2014, and a 49.3 per cent increase from the 426 attached properties sold in November 2013. The benchmark price of an attached unit increased 11.3 per cent between November 2014 and 2015 to $536,600.
PGREM 2015 Client Appreciation Night
Our goal at Pinnacle Group is to provide a higher level of customer service with a results driven approach to real estate. Our client care is a top priority and in recognition of this, we held our First Annual Client Appreciation Night on Friday, November 27th.
It was a wonderful evening and a great opportunity for us to reaffirm our commitment to the amazing people that we have the privilege of working with. Thank you to all those that attended.
Radio Real Estate Show
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 2016.
Andrea, Kris and Marcus - Pinnacle Group Real Estate Marketing.
At PGM, 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!