Hello and welcome to our Pinnacle Group Real Estate Marketing February 2016 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!
We are very excited to announce the expansion of our online real estate capabilities with the introduction of a new BuyRIC website serving local real estate and our upcoming collaboration with The Pinnacle List for luxury real estate marketing with international sales promotion and global internet exposure.
Welcome home to a new BuyRIC British Columbia Website. Initially focusing on the Greater Vancouver real estate market with a Listing Section promoting city-level locations in specific areas of the Lower Mainland, BuyRIC is an online marketing platform designed to help Buyers and Sellers with their local real estate needs. You can now search for your next home, townhouse or condo on BuyRIC. Stay tuned for a series of future updates that will add new functionality and resources that expand the capabilities of BuyRIC to be the #1 choice for local real estate. We are excited to offer this additional level of marketing to our Pinnacle Group clients.
The Pinnacle List
With a global Internet audience that exceeded 1 million active user pageviews in January 2016, The Pinnacle List has established itself as a leading platform for the promotion and marketing of luxury real estate worldwide. Our affiliation with The Pinnacle List will allow us to expose luxury properties in Greater Vancouver to an international pool of affluent HNWI buyers through top tier Google results for luxury real estate searches from around the world. Stay tuned for more information in the coming months!
The Royal by ONNI at Victoria Hill in New Westminster - Grand Opening March 12, 2016
Mark your calendar for the Grand Opening of The Royal at Victoria Hill on Saturday, March 12th!
Don't miss your final opportunity to own in an award-winning community at the heart of the Lower Mainland. This is the final chapter after more than 10 years of development and sales at Onni's Victoria Hill in New Westminster, BC.
Victoria Hill is an exclusive 65-acre community at the centre of the Lower Mainland and the heart of historic New Westminster. Enjoy over 40 acres of dedicated green space, beautifully restored heritage buildings and more than 120 species of old growth trees within Victoria Hill's stately grounds.
The Royal is the final opportunity to own in this vibrant community with new homes starting at $329,900.
Please call us for more details.
Real Estate Update
VANCOUVER, B.C. – February 2, 2016 – Home buyer activity remains at near record levels across the Metro Vancouver housing market.
Residential property sales in Metro Vancouver* totalled 2,519 in January 2016, an increase of 31.7 per cent from the 1,913 sales recorded in January 2015 and a 10.9 per cent decline compared to December 2015 when 2,827 home sales occurred.
Last month’s sales were 46 per cent above the 10-year sales average for the month and rank as the second highest January on record.
“Fundamental economics are driving today’s market. Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years,” Darcy McLeod, REBGV president said.
New listings for detached, attached and apartment properties in Metro Vancouver* totalled 4,442 in January 2016. This represents a 6.2 per cent decline compared to the 4,737 units listed in January 2015 and a 119.8 per cent increase compared to December 2015 when 2,021 properties were listed.
“The MLS® is the most powerful real estate marketing system in the country. If you’re thinking of selling, it’s important to talk with your REALTOR® about putting your home on the MLS® system to ensure your property gets maximum exposure,” McLeod said.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,635, a 38.6 per cent decline compared to January 2015 (10,811) and a 10.1 per cent increase compared to December 2015 (6,024).
The sales-to-active listings ratio for January 2016 is 38 per cent. This is indicative of a seller’s market.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.
Sales of detached properties in January 2016 reached 1,047, an increase of 34.1 per cent from the 781 detached sales recorded in January 2015. The benchmark price for detached properties increased 25.9 per cent from January 2015 to $1,273,100.Sales of apartment properties reached 1,096 in January 2016, an increase of 35.5 per cent compared to the 809 sales in January 2015. The benchmark price of an apartment property increased 15.9 per cent from January 2015 to $443,400.
Attached property sales in January 2016 totalled 376, an increase of 16.4 per cent compared to the 323 sales in January 2015. The benchmark price of an attached unit increased 14.6 per cent from January 2015 to $555,100.
Single Family - Greater Vancouver Home Price Index - January 2016
Townhouse - Greater Vancouver Home Price Index - January 2016
Condo Apartment - Greater Vancouver Home Price Index - January 2016
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.
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!