Hello and welcome to our Pinnacle Group Real Estate Marketing January 2021 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 93,953 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2020, an increase of 21.5 per cent from the 77,350 units sold in 2019. The annual average MLS® residential price in BC was $782,027, an 11.7 per cent increase from $700,369 recorded the previous year. Total sales dollar volume was $73.5 billion, a 35.6 per cent increase from 2019.
“Housing markets across the province staged a remarkable recovery during the COVID-19 pandemic and recession,” said BCREA Chief Economist Brendon Ogmundson. “We expect considerable momentum heading into 2021.”
A total of 8,268 MLS® residential unit sales were recorded across the province in December, a record for the month and up 57.8 per cent from December 2019. The
average MLS® residential price in BC was $847,600, an increase of 12.5 per cent from December 2019. Total sales dollar volume was $7 billion, a 77.5 per cent increase year-over-year.
“While 2021 is expected to get off to a roaring start, the level of supply in the market is near a record low,” added Ogmundson. “That will likely translate to considerable pressure on prices until listings pick-up.”
2932 Fern Dr, Anmore, BC – For Sale - $2,995,000
Welcome to 2932 Fern Drive a beautiful entertainer dream home situated on a private 1.18-acre lot, featuring a grand open concept floor plan with oversized windows taking in an abundance of natural light and a beautiful private treed view. Host the ultimate dinner party with a gourmet kitchen featuring a large centre island, gorgeous white cabinetry, walk in pantry, top of the line appliances, gas range and butler station with wine display. Enjoy a seamless flow of indoor/outdoor living with double sliding doors that lead to a large, covered patio, outdoor fireplace and salt water hot tub overlooking the flat landscaped yard. Downstairs impress your guests with a tasteful bar/lounge and high-performance movie theatre with 120 " screen, HD, 3D projector & surround sound. Upstairs features four large bedrooms and a luxurious resort like master retreat with stand-alone soaker tub and TV. All this and more, including a three-car garage, Control 4 System with sound system in all 7 rooms, Air Conditioning. Just minutes to Buntzen Lake, White Pine Beach, Hiking trails and the shops of Port Moody.
4103 Bedwell Bay Rd, Belcarra, BC – For Sale - $1,995,000
Enjoy breathtaking Ocean views of Bedwell Bay with peace and tranquility. Marrying charm and beauty, this 5 bed, 3 bath home located on a 19,900 sq. ft. lot, will impresses discerning buyers with designer paint, gorgeous new lighting, beautiful hardwood flooring, French doors, and Hunter Douglas blinds. The gourmet kitchen is a chef's envy, featuring a large centre Island, gorgeous cabinetry and high-end appliances, including Miele steam French door convection oven, GE Café Refrigerator, and Jennair Induction cooktop with pop-up fan. The high vaulted ceilings, floor to ceiling natural gas stone fireplace, oversize windows which welcome the natural light & view all contribute to grand living while retaining a cozy character. Featuring large, fenced backyard lot perfect for kids and pets.
3053 Anmore Creek Way, Anmore, BC – For Sale - $6,598,000
Absolutely spectacular Whistler inspired Gated Mountain View Estate situated on flat one-acre lot is the Epitome of Privacy, Exclusivity and Luxury beyond compare. No expense was spared to create this serene private sanctuary with an astonishing level of detail that exceeds most 5-star resorts. 10,207 sq. ft. main residence with 6 bed and 10 bath features air conditioning, heated floors, $1.0 million theatre room, chef’s kitchen, temperature-controlled wine room, 12 seat formal dining, a man-cave entertainment center downstairs, 6-car showcase garage, fabulous exterior covered deck with outdoor kitchen, barbecue area, covered lounge with heaters, speakers and wood burning fireplace. Lush, manicured grounds include a stunning $3.5 million pool house and garden with gym, subterranean spa, 5-hole golf putting green, convertible (basketball, tennis, hockey) sports court, meandering trails and rock waterfall. Crestron home automation and 2nd gated entrance offers complete comfort and privacy.
2057 Ridge Mountain Drive, Anmore, BC – For Sale - $4,798,000
Welcome to 2057 Ridge Mountain Drive located in Anmore’s prestigious Pinnacle Ridge Estates. Remarkably majestic, the panoramic views from this stately luxury residence are simply astonishing. This grand home features a level of superb quality and resplendent finishing seldom seen. Built with extreme care and attention to every detail by master builder Clay Construction. The moment you step inside this exclusive residence you will appreciate the warmth and elegance of the custom cherrywood cabinetry, solid hickory flooring and the extensive use of molding and millwork throughout. Enjoy the captivating panoramic views and take in glorious sunshine from the abundance of oversized European tilt and turn windows, decks and covered patios. You will love the opulent gourmet kitchen featuring top of the line Thermador/Jenn air appliances, beautiful oversized Golden Typhoon granite Island leading to the wetbar next to the dining room perfect flow for hosting a dinner party. Upstairs you will find three bedrooms with a master retreat with gorgeous spa like en-suite with his and her closets and a private deck to take in the stunning view. The lower level is an entertainer’s dream featuring 13 ft. ceilings, a beautiful wine room with racking for 400+ bottles, a stunning custom bar and a high-tech private movie theatre with 13 speakers acoustically engineered with 3D Projector a guest suite, gym/hobby room and additional bedroom complete this fabulous lower level. Enjoy the beautifully landscaped park-like backyard with room for a pool and/or coach house. This is truly an exceptional opportunity to live in one of the finest view homes in Anmore.
1083 Uplands Drive, Anmore, BC – For Sale - $4,399,000
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 en-suite, 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 Anmore luxury living next to nature.
Metro Vancouver Real Estate Update
VANCOUVER, BC – January 5, 2021 – Strong December activity brought Metro Vancouver’s* 2020 home sales total in line with the region’s long-term annual average.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 30,944 in 2020, a 22.1 per cent increase from the 25,351 sales recorded in 2019, and a 25.7 per cent increase from the 24,619 homes sold in 2018.
Last year’s sales total was 2.8 per cent below the 10-year sales average.
“When the pandemic began in March, the housing market came to a near standstill. We knew, however, that shelter needs don’t go away in times of crisis, they intensify," Colette Gerber, REBGV Chair said. “The real estate community worked closely with our regulatory bodies and public health officials in the spring to ensure appropriate precautions and protocols were implemented so BC REALTORS® could help residents safely meet their housing needs."
Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 54,305 in 2020. This is a 4.6 per cent increase compared to the 51,918 homes listed in 2019 and a 1.3 per cent increase compared to the 53,614 homes listed in 2018.
Last year’s listings total was 2.7 per cent below the region’s 10-year average.
“After adapting to the COVID-19 environment, local home buyer demand and seller supply returned at a steady pace throughout the summer, fall and winter seasons," Gerber said. "Shifting housing needs and low interest rates were key drivers of this activity in 2020. Looking ahead, the supply of homes for sale will be a critical factor in determining home price trends in 2021.”
The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,047,400. This is a 5.4 per cent increase compared to December 2019.
The benchmark price for apartments increased 2.6 per cent in the region last year. Townhomes increased 4.9 per cent and detached homes increased 10.2 per cent.
REBGV reports that residential home sales in the region totalled 3,093 in December 2020, a 53.4 per cent increase from the 2,016 sales recorded in December 2019, and a 0.9 per cent increase from the 3,064 homes sold in November 2020.
Last month’s sales were 57.7 per cent above the 10-year December sales average and is the highest total for the month on record.
“Robust December sales outpaced long-term averages in what’s traditionally the quietest month of the year in real estate. This was part of an unusual seasonal pattern the market followed last year, which can be attributed in large part to the pandemic,” Gerber says.
There were 2,409 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2020. This represents a 51.7 per cent increase compared to the 1,588 homes listed in December 2019 and a 40.8 per cent decrease compared to November 2020 when 4,068 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,538, a 0.8 per cent decrease compared to December 2019 (8,603) and a 23.2 per cent decrease compared to November 2020 (11,118).
For all property types, the sales-to-active listings ratio for December 2020 is 36.2 per cent. By property type, the ratio is 35.2 per cent for detached homes, 50.4 per cent for townhomes, and 33.1 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.
Sales of detached homes in December 2020 reached 1,026, a 71.3 per cent increase from the 599 detached sales recorded in December 2019. The benchmark price for detached homes is $1,554,600. This represents a 10.2 per cent increase from December 2019 and a one per cent increase compared to November 2020.
Sales of apartment homes reached 1,474 in December 2020, a 40 per cent increase compared to the 1,053 sales in December 2019. The benchmark price of an apartment property is $676,500. This represents a 2.6 per cent increase from December 2019 and is unchanged from November 2020.
Attached home sales in December 2020 totalled 593, a 62.9 per cent increase compared to the 364 sales in December 2019. The benchmark price of an attached home is $813,900. This represents a 4.9 per cent increase from December 2019 and a 0.1 per cent decrease compared to November 2020.
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!