Hello and welcome to our Pinnacle Group Real Estate Marketing Fall 2023 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 6,608 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in August 2023, an increase of 15.7 per cent from August 2022. The average MLS® residential price in BC was $958,424, up 5.2 per cent compared to August 2022. The total sales dollar volume was $6.3 billion, representing a 21.7 per cent increase from the same time last year.
“Home sales are starting to settle back into a trend of below-normal activity following an unexpected surge in the spring,” said BCREA Chief Economist Brendon Ogmundson. “However, sales are in a much stronger place than expected given current mortgage qualifying difficulty.”
Active listings in the province were flat month-over-month at just over 31,000 total listings and up slightly year-over-year. Year-to-date BC residential sales dollar volume was down 17.4 per cent to $52.7 billion, compared with the same period in 2022. Residential unit sales were down 13.4 per cent to 54,126 units, while the average MLS® residential price was down 4.6 per cent to $973,011.
1736 Sugarpine Court, Coquitlam, BC - SOLD - $2,250,000
Gorgeous Executive Home in Westwood Plateau on 7,653sq. ft. GREENBELT lot on quiet cul-de-sac. Dramatic 18ft ceilings in foyer/living room with bright open concept floorplan and fabulous Magazine Worthy contemporary finishing. Extensively updated gourmet kitchen & appliances, bathrooms, flooring, paint, mouldings, blinds, light fixtures, and exterior concrete patio. You will love the sundrenched interior with grand oversize windows featuring 6 bed, 4 bath over 3 levels. Fully finished basement includes large living space with separate entry, bedroom & full bath potentially easily converted into a mortgage helper suite. Exterior features large 3 car garage driveway and beautiful low maintenance private backyard. Close to amenities transit, golf course, and Hampton Elementary.
1611 Manning Ave, Port Coquitlam, BC - SOLD - $1,852,500
Brand New Luxury Modern Farmhouse design with West Coast feel. Sophisticated, and sleek 3,052 sq. ft. 5 bed and 5 Bath custom home designed by Christophe Vaissade and built by quality builder Diamond Dream Homes. Sensational open concept design with den, home office, gourmet kitchen with top-of-the-line Fisher & Paykel appliances inc 36" gas range stove, bar area & 2nd kitchen. Ultimate indoor/outdoor living overlooking your flat landscaped backyard and patio. Upstairs 3 large bedrooms, family room, master bedroom with resort style ensuite, large walk-in shower and tub. Downstairs media room and 2 bed legal suite with private outdoor area. Air Conditioning & backup generator. Minutes to parks, schools, recreation, shopping and Costco. Completed and ready for you to move in.
3182 Caulfield Ridge Coquitlam BC - SOLD - $2,150,000
Gorgeous magazine worthy dream home with beautifully landscaped backyard featured in BC Living Mag. Fall in love with the welcoming floorplan, dramatic entrance, high vaulted ceilings, a den, access to sundrenched front patio, gourmet kitchen featuring maple cabinets with glass inserts, s/s appliances, gas range, centre island with seating and beautiful granite/tile backsplash, spacious dining room with built in cabinetry. Grand oversized windows taking in the picturesque backyard view in the spacious living room with rock gas fireplace. Upstairs features three large bedrooms. Master features vaulted ceiling and a spa like ensuite. Lower level offers space for additional bedroom, large rec & wine room. A/C & hot water on demand. Built by quality builder Eberwin Homes.
11567 River Wynd, Maple Ridge, BC - SOLD - $1,789,000
Stunning home 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 bdrm. The master retreat features an impressive walk-in closet with a full-size tub and shower. Downstairs features a media room, a gym and a Legal 2 bedroom Basement Suite. 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!
#50 - 4622 Sinclair Bay Rd, Garden Bay, BC - SOLD - $1,198,000
Oceanfront living at its finest! Welcome to one of the largest corner townhomes available in Farrington Cove. This 3 bed & 4 bath executive end-unit townhome boasts an open concept floorplan with floor to ceiling windows and three large patios taking in the spectacular ocean and marina views. Gourmet kitchen with beautiful granite countertops, maple cabinetry hardwood flooring. Upstairs offers a loft/workspace along master retreat with spa like ensuite. Enjoy the cozy lower level with a gas fireplace, extra guest bedroom & bath, wine room and flex space. 2 min walk to the dock and boat slips available for your boat. Spacious one car garage with storage space & workbench. Enjoy the peace and tranquility of Pender Harbour. Minutes to world class hiking trails and pristine lakes.
1409 Marguerite St, Coquitlam, BC - SOLD - $1,850,000
Stunning EXECUTIVE HOME on Burke Mountain featuring unique corner location with beautiful landscaping and open concept floor plan making this an entertainer's dream home. You will love the gorgeous gourmet kitchen, elegant dining room leading to a fabulous living room with a gas fireplace. Rare corner location across from park allows for gorgeous views with an abundance of natural light. Enjoy sensational evening sunsets from the wrap around porch overlooking Princeton Park. Upstairs offers 4 large bedrooms with a luxurious master retreat with spa like ensuite. Lower level has large legal 2 bed suite mortgage helper. All this and more inc clean air system and air conditioning, detached garage and private yard with storage shed. Minutes to parks, schools, shopping & trails.
190 Aspenwood Dr, Port Moody, BC - SOLD - $2,345,000
Sensational EXECUTIVE HOME in Heritage Woods. Original 4,906 sq. ft. Parklane Showhome features one of the largest & well-appointed floor plans in the area with 7 beds & 6 baths over 3 levels. Stunning main level 18ft ceilings in family room with oversized windows taking in southern views, grand staircase, gourmet kitchen with large island, eating area and balcony and separate formal dining and living room. Large luxurious master with gorgeous spa like ensuite and 3 more spacious bedrooms upstairs. Guest bed on the main with own ensuite and patio plus 2 bed/2 bath walkout inlaw suite down. This home has been freshly painted and offers lots of extra storage space. Just minutes from Buntzen Lake, White Pine Beach, Newport Village, all levels of schools, transit, and much more.
1 - 2265 Atkins Ave, Port Coquitlam, BC - SOLD - $1,105,000
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.
1742 Sugarpine Court, Coquitlam, BC – SOLD - $2,300,000
Represented Buyer - Well kept, Open concept floorplan is tastefully updated w/great attention to detail & quality finishings. Living rm w/dramatic 18ft ceilings & flr to ceiling stone f/p, formal dining + family rm open to large kitchen w/beautiful stone countertops, stainless steel appl. & double fridge. French doors from kitchen to entertainer's dream backyard! Cozy f/p & sitting area, pergolas w/covered hot tub & built-in BBQ space & artificial turf. Bdrm/den on main w/cheater ensuite. 4 bdrms up incl. master w/ensuite & dble closets. All new bathrms, engineered hardwood, updated blinds & light fixtures. Basement has wet bar, 1 bed & den plus rec rm w/ f/p feature wall & separate entrance - ideal for in-laws & teens. 3 car garage, new blinds & fully fenced. Transit, steps to Hampton Elem. Shows like a 10! - Listed by Scott Johnson | ReMax Sabre
900 Canterwood Court, Anmore, BC - SOLD - $2,965,000
Represented Buyer - Welcome to 900 Canterwood an Executive Home in a Gated Community. This home has so much to offer. Main House-freshly updated kitchen with new s/s appliances functional open floor plan that flows into your family room, walk out onto your beautiful outdoor living space with a full BBQ, kitchen & fire feature wall. The backyard is perfect-flat, private w fire-pit & shows like your very own personal park. The infinity pool spa is covered for year round enjoyment. 4 bdrms up includes a large master bdrm w/ensuite. Basement features a home theatre room & a large area waiting for your design ideas. 2 separate garages-1 attached triple garage & 1 under the 2 bdrm/2 bath beautifully finished Carriage Home w private deck, A/C & parking for 4. Listed by Glen Bohnet | Royal LePage West
515 - 55 Klahanie Drive, Port Moody, BC - SOLD - $1,155,000
Represented Buyer - Welcome to this PREMIERE suite in Port Moody’s newest development, 50 Electronic Ave. This 3 bedroom PLUS den is one level living at its finest w/ oversized northwest facing corner balcony, easily accessible from the living space. Quality finishings throughout incl. laminate oak wood flooring, premium appliances, quartz counter tops in the kitchen & bathrooms and air conditioning! Spa-like ensuite offers double sinks, deep soaker tub & glass shower. The development offers amenities for every lifestyle, fitness facility (including yoga studio), co-working space, private guest suite, dog washing area, lounge/terrace and much more. Just steps from Rocky Point Park, cafés, restaurants, transit, shops & “Brewer’s Row”. 2 parking & a locker. Address was previously 515 - 50 Electronic Avenue. Listed by Scott Johnson | ReMax Sabre
2607 - 660 Nootka Way, Port Moody, BC - SOLD - $760,000
Represented Buyer - BEST VALUE IN PORT MOODY FOR 2 BEDROOM, 2 BATHROOM CONCRETE HIGHRlSE BUILDING WITH AMAZING VIEWS FROM ALL THE ROOMS. Take advantage of the world-class Canoe Club with tennis court, outdoor pool, hot tub, exercise facility and lounge. Peaceful central location yet steps to coffee shops, shopping and all forms of transit (BUS, SKYTRAIN AND WEST COAST EXPRESS). Live in the highly sought-after Nahanni Building right in the heart of Port Moody, walking distance to Suter Brook and Newport Village. - Listed by Teddy Chan | Jovi Realty
1075 Praire Ave, Port Coquitlam, BC - SOLD - $2,300,000
Represented Buyer - Experience luxury living in this sprawling 5,500 sqft home, ideal for large families or multi-generational living. The main floor boasts an open-plan layout, featuring a family room, dining room, and a chef's kitchen with a spacious island and pantry. Step onto the covered rear deck to enjoy mountain views. Upstairs, find four bedrooms, three bathrooms, and a laundry room for utmost convenience. The basement level offers a media room, guest quarters, and a legal two-bedroom suite. Stay comfortable year-round with radiant floor heat and air conditioning. With lane access, 2 car garage and lots of extra parking, perfect for large toys. This home is ideally situated near Cedar Drive Park and Cedar Drive Elementary school. Don't miss out on the opportunity to indulge in luxurious living! Listed by Ryan Froese | ReMax Sabre
135 Dogwood Dr, Anmore, BC - SOLD - $4,375,000
Represented Buyer - Located on a quiet cul-de-sac, this custom 7 bed, 8 bath family home boasts 9,532 sq, ft. of living on a .5 Acre park-like estate. Exceptional quality with impressive stonework, hand crafted millwork & vaulted ceilings beaming natural light throughout. Features include a grand foyer entrance, separate living room retreat, main floor bedroom/office, expansive open family & dining rooms, gourmet chef’s kitchen with top grade appliances, A/C, Smart Home technology, roughed in nanny/in-law suite, steam shower, wine cellar, wet bar, professional gym, billiards room & 3 car garage. The backyard is an outdoor oasis with lush gardens, climate-controlled pool with covered spa & a heated patio with built-in BBQ. Steps to highly ranked schools, trails & transit. Listed by Kris Lazaruk | Bellevue Realty Group
Metro Vancouver Real Estate Update
October 4, 2023 – The month-over-month price gains seen earlier this year abated in the Metro Vancouver1 housing market in September due to a seasonal decline in sales and a modest increase in inventory levels across the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales2 in the region totalled 1,926 in September 2023, a 13.2 per cent increase from the 1,701 sales recorded in September 2022. This was 26.3 per cent below the 10-year seasonal average (2,614).
“A key dynamic that we’ve been watching this year has been the reluctance of some homeowners to list their homes given that mortgage rates are the highest they’ve been in over ten years,” Andrew Lis, REBGV’s director of economics and data analytics said. “With fewer listings coming to the market earlier this year than usual, inventory levels remained very low, which led prices to increase throughout the spring and summer months.”
There were 5,446 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2023. This represents a 28.4 per cent increase compared to the 4,243 homes listed in September 2022. This was 5.2 per cent above the 10-year seasonal average (5,179).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,382, a 9.2 per cent increase compared to September 2022 (10,427). This was 6.2 per cent below the 10-year seasonal average (12,136).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2023 is 17.7 per cent. By property type, the ratio is 12.6 per cent for detached homes, 21.6 per cent for townhomes, and 21.3 per cent for apartments.
Analysis of the historical data suggests 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.
“In contrast to the spring and summer, the September data suggests there may be a renewed interest on the part of sellers to participate in the market, with new listing activity rising back in line with long-term historical averages. This upward shift in new listings has allowed overall inventory levels to recover modestly from the low levels we saw earlier this year,” Lis said. “When we pair this dynamic with the slowdown in sales that typically occurs in the fall as a result of seasonal patterns, the outcome is more balanced market conditions overall.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,300. This represents a 4.4 per cent increase over September 2022 and a 0.4 per cent decrease compared to August 2023.
Sales of detached homes in September 2023 reached 572, a 7.5 per cent increase from the 532 detached sales recorded in September 2022. The benchmark price for a detached home is $2,017,100. This represents a 5.8 per cent increase from September 2022 and a 0.1 per cent decrease compared to August 2023.
Sales of apartment homes reached 988 in September 2023, an 11.3 per cent increase compared to the 888 sales in September 2022. The benchmark price of an apartment home is $768,500. This represents a 5.8 per cent increase from September 2022 and a 0.2 per cent decrease compared to August 2023.
Attached home sales in September 2023 totalled 352, a 28.5 per cent increase compared to the 274 sales in September 2022. The benchmark price of an attached home is $1,098,400. This represents a 5.3 per cent increase from September 2022 and a 0.5 per cent decrease compared to August 2023.
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