Hello and welcome to our Pinnacle Group Real Estate Marketing January 2017 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!
As a heated year for the Metro Vancouver real estate market drew to a close, sales of detached, attached and apartment properties in the region reached 39,943 in 2016, a 5.6 per cent decrease from the 42,326 sales recorded in 2015, and a 20.6 per cent increase over the 33,116 residential sales in 2014.
“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said.
“As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. This led to multiple government interventions into the market. The long-term effects of these actions won’t be fully understood for some time.”
Residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 57,596 in 2016. This is an increase of 0.6 per cent compared to the 57,249 properties listed in 2015 and a 2.6 per cent increase compared to the 56,066 properties listed in 2014.
“The supply of homes for sale couldn't keep up with home buyer demand for much of 2016. This allowed home sellers to raise their asking price. It wasn’t until the last half of the year that prices began to show modest declines.”
The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver ends the year at $897,600. This represents a 2.2 per cent decrease over the past six months and a 17.8 per cent increase compared to December 2015.
2016 Provincial Highlights
Looking back BC home sales posted a record year for the province in 2016. The British Columbia Real Estate Association (BCREA) reported that a record 112,209 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2016, an increase of 9.5 per cent from the previous year.
Total sales dollar volume was a record $77.6 billion, up 18.8 per cent from 2015. The average MLS® residential price in the province climbed 8.6 percent to $691,144 on an annual basis in 2016.
“Broad-based consumer demand driven by strong economic conditions, employment growth, consumer confidence, and an expanding population base pushed home sales to record levels in many BC regions last year,” said Cameron Muir, BCREA Chief Economist. “However, home sales have fallen back from their lofty peaks early last year.”
For Sale – 5307 Coombie Lane, Belcarra, BC – $2,880,000
Nestled between the forest and sea this immaculate gated luxury estate residence sits on a spectacular 1.0-acre manicured property offering unparalleled privacy with simply sensational ocean views. Built to the highest standard with impeccable craftsmanship and detail, this exquisite 4,436 sq. ft. custom home enjoys sunshine and ocean views throughout the day with wrap around decks and a bright cheerful open floor plan that includes a gorgeous gourmet kitchen, gleaming hardwood flooring, cozy gas fireplace, a potential office/bedroom on the main and formal dining room. The 2nd level features a spa like master retreat with soaker tub, deluxe shower and beautiful finishing overlooking stunning panoramic ocean views while offering complete privacy, and two beautiful grand additional bedrooms. The lower level offers a one bedroom legal suite with 10ft ceilings, and large garage with 11x8 custom doors. A rare offering, the resort like nature of this home truly exemplifies Belcarra living at its finest. Call today!!
Exclusive Listing - For Sale – 3307 Main Ave, Belcarra, BC – $1,798,000
Sensational OCEANVIEWS and your own SHARED DOCK. Follow the meandering driveway through your very own Stanley Park like serene and natural oasis. This immaculate 3066 sq. ft. 4 bed, 4 bath custom built home features breathtaking views of Bedwell Bay and comes with one of the best concrete dock shares in Belcarra. You will love the unique open floorplan featuring high ceilings, skylights, gorgeous travertine stone gas fireplace, marble entranceway, Coastal clear hand-chosen cedar ceilings and beams, vintage 3/4 inch oak Canadian hardwood flooring, newly renovated ensuite bathroom featuring heatedly tile floor and large soaker tub. Enjoy entertaining on your 1,000+ sq. ft. deck partially covered with glass and relax to the soothing sounds of cascading water into your own private pond. A separate newly renovated 416 sq. ft. studio suite above the garage completes this rare offering. Call today!
For Sale – 3372 Main Ave, Belcarra, BC – $1,298,000
Opportunity knocks in Belcarra with stunning OCEAN VIEWS over Bedwell Bay from every level of this special property. Nestled on a massive 20,992 sq ft lot this lovely 4 bed & 3 bath home features an open concept floor plan with high vaulted ceilings, large open kitchen, multiple private decks and the option to create a separate walkout one bedroom basement suite. The 700 sq. ft. top-level master retreat features a spa like ensuite with oversized shower & tub and private rear deck plus an exclusive front deck with sensational ocean views. Bring your decorating/reno ideas and add your personal touch to create your own perfect luxury residence in one of the most spectacularly beautiful residential locations in Greater Vancouver. The possibility/potential to live your dream is here now!!!
For Sale – 110 6093 Iona Drive, Vancouver, BC – $598,80
Welcome to Coast by Bastian one of the most sought after developments in the prestigious Chancellor Place at UBC. Find peace and serenity in this luxurious like-new 1 bed, 1 bath ground level condo featuring a gourmet kitchen with high-end Subzero/Miele appliances, large Marble Island and beautiful European cabinetry. You will love the gorgeous hardwood flooring, 10ft ceilings and spa like bath with stylish polished limestone tile. Enjoy spending time on your large private patio with separate entry overlooking the picturesque landscaped courtyard just steps away from beaches, parks, nature trails, museum and local shops and services. This elegant concrete building even offers a fitness centre and meeting room. Experience true West Coast living at UBC. Call today for your private viewing.
Accepted Offer – 26520 112 Ave, Maple Ridge, BC - $1,098,000
Own a piece of paradise! This exceptional property includes a flat 5-acre park like estate lot with your own private forest, walking trail and stunningly serene meadow. Enjoy the tranquility of this natural setting in a lovely renovated 2,088 sq. ft. 4 bed home featuring a fabulous wrap around patio, perfect for entertaining and relaxing. Complete the lower level with a future 1 or 2 bed daylight suite. Take advantage of a large detached 50’x32’ secure workshop with 16’x14’ mezzanine, 100amp service and 14’ high doors for work, storage, or renting. Extra long driveway for multiple vehicles, boats, RV’s or several semi-trucks. Just minutes from Whonnock Elementary and steps from horse and hiking trails at Kanaka Creek Park and summertime fun at Whonnock Lake. Don’t miss this one. Call today!!!
Metro Vancouver Real Estate Update
VANCOUVER, B.C. – January 4, 2017 – Residential property sales in the region totalled 1,714 in December 2016, a decrease of 39.4 per cent from the 2,827 sales recorded in December 2015 and a decrease of 22.6 per cent compared to November 2016 when 2,214 homes sold.
Last month’s sales were 8.1 per cent below the 10-year sales average for the month.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 1,312 in December 2016. This represents a decrease of 35.1 per cent compared to the 2,021 units listedin December 2015 and a 58.3 per cent decrease compared to November 2016 when 3,147 properties were listed.
The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 6,345, a 5.3 per cent increase compared to December 2015 (6,024) and a 24.3 per cent decrease compared to November 2016 (8,385).
Sales of detached properties in December 2016 reached 541, a decrease of 52.4 per cent from the 1,136 detached sales recorded in December 2015. The benchmark price for detached properties is $1,483,500. This represents an 18.6 per cent increase compared to December 2015 and a 1.8 per cent decrease compared to November 2016.
Sales of apartment properties reached 915 in December 2016, a decrease of 25.3 per cent compared to the 1,225 sales in December 2015.The benchmark price of an apartment property is $510,300. This represents a 17.3 per cent increase compared to December 2015 and a 0.3 per cent decrease compared to November 2016.
Attached property sales in December 2016 totalled 258, a decrease of 44.6 per cent compared to the 466 sales in December 2015. The benchmark price of an attached unit is $661,800. This represents a 20.4 per cent increase compared to December 2015 and a 0.8 per cent decrease compared to November 2016.
Radio Real Estate Show in Vancouver
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!
Pinnacle Group Real Estate Marketing
Andrea Jauck Kris Cyganiak