Hello and welcome to our Pinnacle Group Real Estate Marketing Fall 2022 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 4,977 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2022, a decrease of 45.8 per cent from September 2021. The average MLS® residential price in BC was $927,119, a 1.7 per cent increase from $912,008 recorded in September 2021. Total sales dollar volume was $4.6 billion, a 44.9 per cent decline from the same time last year.
“Mortgage qualifying continues to be a significant hurdle for many potential buyers as interest rates rise,” said BCREA Chief Economist Brendon Ogmundson. “In addition, many trends that drove demand in smaller markets, such as remote work and the quest for affordable space, have faded in prominence. As a result, we see a stronger pullback in markets outside of major metropolitan areas.”
Year-to-date, BC residential sales dollar volume was down 24.2 per cent from the same period in 2021 to $68.5 billion. Residential unit sales were down 31.8 per cent to 67,547 units, while the average MLS® residential price was up 11.3 per cent to $1.01 million.
11567 River Wynd, Maple Ridge, BC – For Sale - $1,998,000
Stunning Luxury 7 bed & 6 bath home now available in the desirable Westside. Appreciate the high-quality finishing and workmanship in this lovely family home featuring 10ft ceiling height & dramatic vaulted ceilings, elegant den at the front entrance, gorgeous gourmet kitchen with state-of-the-art Kitchen Aid appliances, gas stove & built-in 64" wide fridge/freezer, beautiful white cabinetry, quartz countertops and a full second kitchen. Upstairs offers 4 large bedrooms with spa-like bathrooms including an ensuite in the 2nd bedroom. The master retreat features an impressive walk-in closet with a full-size tub and shower. Downstairs features a media room, 2 bedrooms, a gym and two more spa like ensuite. All this and more including Air Conditioning and a hot tub to relax and unwind. Close to schools, parks, shopping, golfing, and the West Coast express! Call today for your private viewing.
#1 - 2265 Atkins Ave, Port Coquitlam, BC - For Sale - $1,125,000
Welcome to 2265 Atkins Avenue, a rare 5-unit boutique townhome offering high quality construction and finishes by commercial developer Wales Mclelland. Nestled in a serene location, this bright, beautiful 3 bedroom (with 4th bedroom potential) & 3 bathroom CORNER END UNIT home is sure to impress with the single-family home feel. Featuring over height ceilings, open concept floor plan, oversized windows taking in the gorgeous tree views offering privacy, cozy gas fireplace, large kitchen with an abundance of counter space, quartz island & nook featuring computer workstation. Three generous bedrooms up with a master bedroom featuring a large walk-in closet & spa like ensuite. Other fabulous features include tankless Navien hot water system, heated floors, beautiful millwork, new designer lighting, beautiful Quebec hardwood Canadian grown & manufactured flooring, and spacious double side by side car garage with room for storage. Step outside to the beautiful green space out front perfect for kids and pets leading to the stunning Heritage walking path just steps away to the West Coast Express Station, the new rec centre, transit & the heart of downtown featuring an abundance of shops, services & dining options. Call today for your private viewing!
1530 Crystal Creek Drive, Anmore, BC – SOLD - $3,285,500
Welcome to 1530 Crystal Creek Drive. This executive 5 bed & 5 bath dream home features beautiful light oak flooring, wainscotting, built in cabinetry, stunning white kitchen with oversized island, beautiful cabinetry, Viking 6 burner gas range, walk in pantry. Enjoy large windows with beautiful greenbelt view, covered patio and deck overlooking gorgeous landscaping and aqua blue swimming pool. Upstairs features an opulent master bedroom with luxurious ensuite with soaker tub and large private patio. Lower-level walkout basement with open concept entertainment space with high celling, bar area and additional bedroom. Three car garage, surround sound, Aux gas furnace, heat pump/air conditioning, bathrooms radiant heat, security system, landscape lighting, heated pool + hot tub. Call Today!
7986 Brookwood Place, Chilliwack, BC – SOLD - $1,040,000
Perfect Family Home in Chilliwack’s idyllic Brookwood subdivision. Enjoy country charm and rural living in this gorgeous custom Wallmark Home in a beautiful neighbourhood on a large 10,454 sq. ft. lot. Spectacular bright open spaces with elegant office at the front entrance, massive living and dining room, gourmet kitchen with stainless steel appliances, beautiful cabinetry with island and laundry off garage. Upstairs offers 4 large bedrooms with gorgeous master spa-like ensuite with soaker tub & shower. Great 2 level floor plan with stairs to “Crawlspace Below” for plenty of storage. Huge private backyard to enjoy, parking for 4 vehicles in the driveway and yard space for RV/Boat parking on the side. Great Neighbours, close to Freeway Access, Golf Course and 5 min to town. Call today!
44 3306 Princeton Ave, Coquitlam, BC – SOLD - $1,535,000
Spectacular Haleigh On The Park by Polygon a special collection of Tudor-style townhomes in Coquitlam's Burke Mountain. Nestled in the heart of nature, this greenbelt 2,345sq. ft. 4 bed, 5 bath 3-level home features a bright open main floor with expansive windows, engineered wood flooring and a deck off the kitchen. The inspiring kitchen boasts custom-crafted cabinetry, integrated and stainless-steel appliances, engineered stone countertops and full-height marble tile backsplash. Upstairs, the master bedroom features a spa like ensuite with frameless glass rain head shower and luxurious soaker tub. Downstairs offers a spacious recreation room, Bathroom, and separate storage area. Large private backyard on greenbelt. Convenient double car garage. Balance of 2-5-10 warranty! Call today.
Metro Vancouver Real Estate Update
October 4, 2022 – Home sellers were more active in Metro Vancouver’s* housing market in September while home buyer demand remained below the region’s long-term averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,687 in September 2022, a 46.4 per cent decrease from the 3,149 sales recorded in September 2021, and a 9.8 per cent decrease from the 1,870 homes sold in August 2022.
Last month’s sales were 35.7 per cent below the 10-year September sales average.
“With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period,” said Andrew Lis, REBGV director, economics and data analytics. “This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.”
There were 4,229 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2022. This represents an 18.2 per cent decrease compared to the 5,171 homes listed in September 2021 and a 27.1 per cent increase compared to August 2022 when 3,328 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,971, an eight per cent increase compared to September 2021 (9,236) and a 3.2 per cent increase compared to August 2022 (9,662).
“With fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year,” Lis said. “With more supply and less demand within this market cycle, residential home prices have edged down in the region over the last six months.”
For all property types, the sales-to-active listings ratio for September 2022 is 16.9 per cent. By property type, the ratio is 12.4 per cent for detached homes, 18.4 per cent for townhomes, and 20.9 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.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,155,300. This represents a 3.9 per cent increase over September 2021, an 8.5 per cent decline over the past six months, and a 2.1 per cent decline compared to August 2022.
Sales of detached homes in September 2022 reached 525, a 44.7 per cent decrease from the 950 detached sales recorded in September 2021. The benchmark price for a detached home is $1,906,400. This represents a 3.8 per cent increase from September 2021 and a 2.4 per cent decrease compared to August 2022.
Sales of apartment homes reached 888 in September 2022, a 45.2 per cent decrease compared to the 1,621 sales in September 2021. The benchmark price of an apartment home is $728,500. This represents a 6.2% per cent increase from September 2021 and a 1.6 per cent decrease compared to August 2022.
Attached home sales in September 2022 totalled 274, a 52.6 per cent decrease compared to the 578 sales in September 2021. The benchmark price of an attached home is $1,048,900. This represents a 9.1 per cent increase from September 2021 and a 1.9 per cent decrease compared to August 2022.
Welcome Mehdi Rezazadeh
We are growing! We are excited to introduce our new team member Mehdi Rezazadeh.
Mehdi’s enthusiastic attitude and passion for real estate are contagious. He is a compassionate listener that really understands his clients’ needs, helping them achieve their desired outcome. After nearly 10 years in sales and customer service, Mehdi has developed an ability to provide his clients a comfortable and empathetic approach. He has confidence in his understanding of the market and current market conditions in order to help clients make informed decisions. Growing up in Vancouver surrounded by mountains and lakes, Mehdi has a love for swimming, hiking, and exploring the vast beauty of BC. Mehdi’s natural ability to connect allows him to leave a lasting positive impression on everyone he meets. With a deep admiration for architecture and a well rounded understanding of social media and technology, Mehdi brings a keen eye and social media expertise to the table.
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!