Hello and welcome to our Pinnacle Group Real Estate Marketing Fall 2018 Newsletter. As always, thank you for taking the time to read our update and hope that it proves to be informative for you!
The British Columbia Real Estate Association (BCREA) reports that a total of 5,179 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in November, down 33.1 per cent from the same month last year. The average MLS® residential price in BC was $718,903, a decline of 1.9 per cent from November 2017. Total sales dollar volume was $3.7 billion, a 34.3 per cent decline from November 2017.
“BC households continue to struggle with the sharp decline in purchasing power caused by the B20 mortgage stress test,” said Cameron Muir, BCREA Chief Economist. “Most BC regions are now exhibiting relative balance between supply and demand.”
Total active residential listings were up nearly 31 per cent to 33,500 units in November, compared to the same month last year. However, it should be noted that this compares to 2017, when active listings for the month of November were at their lowest level in more than 15 years.
SOLD – 1128 Ioco Rd, Port Moody, BC – $2,187,500
Seaside Living at its Finest! FULLY RENOVATED with NEW ADDITION, by Award Winning Sarah Gallop Design, this timeless yet modern home features an open concept, entertainers delight floor plan with high vaulted ceilings, gorgeous floor to ceiling natural rock centre fireplace, beautiful Siberian oak engineered hardwood flooring and oversized windows taking in the sweeping inlet water views, sunshine all day long and the glorious evening sunsets. Combining rustic elements such as exposed wood beams and stain glass windows with modern flare, the stunning high end kitchen is a chefs delight offering top of the line Fisher Paykel and Bosch appliances, custom cabinetry and centre island featuring white quartz and black walnut. Every bathroom in the house has been updated to high-end spa like standards complete with heated porcelain tile flooring and heated towel racks. Upstairs the master retreat is a personal sanctuary complex with flex room and office space. Downstairs a fabulous entertainment space leads out to a gorgeous manicured backyard. Enjoy the Charm of Port Moody Living with Unobstructed Views on Ioco Road’s Golden Mile.
SOLD – 41509 Fernwood Place, Port Moody, BC – $1,353,000
This Perfect Family Home has it all. Cul-de-sac location, large 9,262 sq. ft. lot, majestic private backyard surrounded by nature backing onto a gorgeous greenbelt with a sensational patio taking in the soothing sounds of Noons Creek. Beautifully updated inside, this wonderful home features a great floor plan with everything a growing family could ask for. The main level includes a gourmet kitchen with beautiful maple cabinets, high-end appliances, large family room with custom built-in shelving, a mudroom and large laundry. Upstairs you will find 3 large bedrooms with updated bathrooms throughout. The fully finished basement with access to the backyard is a unique offering for this neighbourhood. Walk to Mountain Meadows Elementary School, with shopping and recreation nearby.
For Sale – 1080 Uplands Drive, Anmore, BC – $8,490,000
Welcome to TEN80 Uplands Dr, a mountain contemporary masterpiece that is more than a prestigious landmark residence, this is a requisite and bold statement of "Building Beyond Luxury". This extraordinary 8,227 sq. ft. modern luxury home features stunning architecture and design combined with state of the art technology throughout. This magnificent residence sits on 0.82 acres of natural beauty. Its unique and luxurious sprawling floor plan has the characteristics of an eloquent Chateau, but the seductive feeling of an intimate family home. Ten80 leads with BC’s first Tesla 2 Powerwall, super high efficiency windows and doors, 46 solar panels, and unmatched heating and cooling system, all exceeding today’s modern luxury home expectations. Fall in love with the Whistler inspired architecture designed by award winning Bradbury Architecture and the clean line modern finishing of this remarkable residence.
For Sale – 1080 Uplands Drive, Anmore, BC – Video
TEN80 Uplands Dr, a new Contemporary Masterpiece, is more than a Prestigious Landmark Residence; this is a bold statement of "Building Beyond Luxury".
For Sale – 1083 Uplands Drive, Anmore, BC – $4,999,000
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 Ensuite, 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 Luxury Living next to Nature. Call today for a private viewing!
For Sale – 220 Turtlehead Rd, Belcarra, BC – $3,999,000
2 LEGAL LOTS make this absolute WATERFRONT property a truly extraordinary opportunity to own an existing home on Turtlehead Rd, one of the most exclusive streets in Greater Vancouver, with the potential to build one or even two new residences. Enjoy spectacular sweeping panoramic Ocean views from a prominent pedestal position overlooking the crescent of Belcarra Bay with vistas across to the Provincial Park and beyond. This trophy property includes two separate (15 + 16) 50’+ lots with a total of 21,600 sq. ft. and a PRIVATE DOCK attached to Lot 16. Unparalleled options and value with the potential to renovate the existing home or build on one lot and hold the other for the future. Enjoy the best of west coast luxury living. Don’t miss this extraordinary Oceanfront offering. Call today!
For Sale – 1740 Grover Ave, Coquitlam, BC – $2,598,000
A superb blend of modern elegance with impeccable craftsmanship boasting stunning architecture features and design elements 1740 Grover Ave is an impeccable example of modern family living. An extensive use of warm and inviting elements such as wood, rock, glass and stone make this ultra modern home perfect for modern family living. You will love the high end finishing throughout including gorgeous hardwood flooring, beautiful tiles and designer lighting while taking in the natural light with oversized picturesque windows. The gourmet kitchen has it all, offering beautiful cabinetry, a large centre Island with top of line appliances, 5-burner gas range stove and side-by-side freezer/fridge. Enjoy the convenience of an office and 2nd master bedroom on the main floor perfect for extended families. Upstairs features 3 additional bedrooms along with a luxurious master retreat with huge walk in closet and a 5 star luxury hotel like ensuite. All this and more, enjoy your own theatre room, flat grass backyard, ample amounts of parking and a beautiful additional two bedroom legal suite downstairs. Conveniently located close to shopping, restaurants, schools and transportation this gorgeous home has it all. Call for your private viewing today!
For Sale – 4116 Marine Ave, Belcarra, BC – $1,599,000
RARELY Available - Prime OCEANVIEW property on prestigious Marine Ave in Belcarra overlooking the serene waters of Bedwell Bay. Great OPPORTUNITY to Renovate/Expand original 3,245 sq. ft. custom home built in 1997 or BUILD your new DREAM HOME on the 21,256 sq. ft. elevated pedestal view lot. Just steps away from the sparkling water, you will love the scenic vista views and the privacy of this natural setting. Spacious 1,895 sq. ft. main level offers 3 bedrooms with large master suite and oceanview living/dining/kitchen and family rooms all opening onto a large wrap around deck with sensational water views. The lower level includes a grand foyer, 3-car garage and over 900 sq. ft. of storage area ready for your finishing ideas! Don’t miss your opportunity to enjoy seaside living. Call today!
For Sale – 8816 Robins Court, Burnaby, BC – $929,000
Absolutely Gorgeous Executive 3 bed, 3 bath Townhouse nestled in nature located in the sought after Primrose complex in Forest Hills. Warm and inviting design with open concept floor plan, beautiful renovated kitchen, elevated dining room overlooking the cozy living room with wood burning fireplace. Take the nature indoors with the beautiful treed views from the large windows, patio and walkout basement. Upstairs features a luxurious master bedroom and 5 piece ensuite and spacious additional bedrooms with window seats and laundry upstairs. All this and more inc 2 car garage, ample amounts of storage and a well-run proactive council. Enjoy the natural beauty of the hiking trails and parks nearby. Conveniently located to Schools, Shopping, SFU, Lougheed Mall and Skytrain. Call today!
Metro Vancouver Real Estate Update
VANCOUVER, B.C. – December 4, 2018 – Home buyer demand remains below long-term historical averages in the Metro Vancouver* housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales totalled 1,608 in the region in November 2018, a 42.5 per cent decrease from the 2,795 sales recorded in November 2017, and an 18.2 per cent decrease compared to October 2018 when 1,966 homes sold.
Last month’s sales were 34.7 per cent below the 10-year November sales average and was the lowest sales for the month since 2008.
“Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels,” Phil Moore, REBGV president said. “This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year.”
There were 3,461 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2018. This represents a 15.8 per cent decrease compared to the 4,109 homes listed in November 2017 and a 29 per cent decrease compared to October 2018 when 4,873 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,307, a 40.7 per cent increase compared to November 2017 (8,747) and a 5.2 per cent decrease compared to October 2018 (12,984).
For all property types, the sales-to-active listings ratio for November 2018 is 13.1 per cent. By property type, the ratio is 8.9 per cent for detached homes, 14.7 per cent for townhomes, and 17.6 per cent for apartments.
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 have declined between four and seven per cent over the last six months depending on property type. We’ll watch conditions in the first quarter of 2019 to see if home buyer demand picks up ahead of the traditionally more active spring market,” Moore said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,042,100. This represents a 1.4 per cent decrease over November 2017 and a 1.9 per cent decrease compared to October 2018.
Detached home sales in November 2018 reached 516, a 38.6 per cent decrease from the 841 detached sales recorded in November 2017. The benchmark price for detached homes is $1,500,100. This represents a 6.5 per cent decrease from November 2017 and a 1.6 per cent decrease compared to October 2018.
Apartment home sales reached 810 in November 2018, a 46.3 per cent decrease compared to the 1,508 sales in November 2017. The benchmark price of an apartment property is $667,800. This represents a 2.3 per cent increase from November 2017 and a 2.3 per cent decrease compared to October 2018.
Attached home sales in November 2018 totalled 282, a 36.8 per cent decrease compared to the 446 sales in November 2017. The benchmark price of an attached home is $818,500. This represents a 2.6 per cent increase from November 2017 and a 1.3 per cent decrease compared to October 2018.
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 2019.
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!