Hello and welcome to our Pinnacle Group Real Estate Marketing June 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!
BC Real Estate Highlights
The British Columbia Real Estate Association (BCREA) reports that a record 13,458 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, up 32.3 per cent from the same month last year. Home sales last month exceeded April’s record of 12,969 units. Total sales dollar volume was $9.72 billion in May, up 51.1 per cent compared to the previous year. The average MLS® residential price in the province was up 14.2 per cent year-over-year, to $722,146.
“Record housing demand and dwindling inventories are continuing to push home prices higher in most BC regions,” said Cameron Muir, BCREA Chief Economist. “Total active residential listings across the province are nearly 30 per cent lower than twelve months ago.“
“New home construction activity is at a near record pace in the province,” added Muir. In the Metro Vancouver market, a record number of homes are now under construction. “Once the current crop of homes are ready for occupancy there will likely be more selection for home buyers and less upward pressure on home prices."
Year-to-date, BC residential sales dollar volume increased 62 per cent to $41 billion, when compared with the same period in 2015. Residential unit sales climbed by 35.2 per cent to 54,455 units, while the average MLS® residential price was up 19 per cent to $752,105.
If you’re thinking of selling, now is a great time to take advantage of the strong local real estate market.
SOLD – 3451 Senkler Road, Belcarra, BC - $3,588,000
Welcome to Woodhaven, a west coast waterfront masterpiece perched on a spectacular 20,903 sq. ft. lot overlooking Bedwell Bay and beyond. Featuring a private dock with deep-water moorage and your own old growth forest framing breathtaking panoramic blue water ocean views. Offered as a redeveloped project currently under renovation this 3,833 sq. ft. residence is inspired by the ultra luxurious $600 sq. ft. Paggio Residence in Roberts Creek. With approximately $700,000 already spent to date, the extreme attention to detail is evident throughout. Completely redesigned by master architect Sue Webster, this sensational home features a state of the art drainage system, custom beams milled on site from Salt Spring Island, commercial grade mechanical systems, Loewen windows, a sophisticated VTF septic system, Indiana limestone, Quartzite, Napoli tubs and Hansgrohe faucets. This remarkable residence in Belcarra truly embodies the best of a west coast lifestyle in beautiful British Columbia.
SOLD – 18851 74th Ave, Surrey, BC - $3,488,000
Future development potential with solid built 4 bed / 4 bath home with over 4,200 sq. ft. offering full basement with suite potential and bonus room upstairs. You will love the large gourmet kitchen, with huge center island and top of the line stainless appliances. Other great features include infloor heating, security system, steam room, wet bar and updated master ensuite with laundry shoot. Spectacular property with manicured landscaping. Additional Bonus: 32 x 30 separate outbuilding. Located adjacent to West Clayton NCP. Don’t miss this incredible opportunity.
SOLD – 210 8999 Cornerstone Mews, Burnaby, BC
Rising atop Burnaby Mountain at SFU, Veritas by Polygon is a collection of condo residences ideally situated for higher learning. Steps from a protected forest renowned for its natural beauty and spectacular views, Veritas enjoys immediate access to Simon Fraser University – Canada’s top comprehensive university and a setting rich in culture and lifestyle opportunities. Just a stone’s throw away is University High Street – a social hub of the community complete with village-style shopping, restaurants and services. An elementary school, childcare centre and parks are within walking distance, along with a transit terminal served by four major bus routes. For those who commute to downtown Vancouver and other municipalities, SkyTrain’s Millennium Line is conveniently located at the foot of the hill.
For Sale – 3945 Bedwell Bay Road, Belcarra, BC - $1,898,000
An OCEANVIEW OASIS with your own shared DOCK. Welcome to you own private retreat nestled high amongst a natural Stanley Park like setting with breathtaking pedestal views overlooking the cove of Bedwell Bay. This sensational 5 bed, 4 bath family home features everything you could possibly want to take full advantage of the Belcarra lifestyle. From the moment you step into this beautiful 3,724 sq. ft. residence you will be impressed with the open concept floor plan over two levels, gorgeous hardwood flooring, fabulous two-way luxury fireplace, and oversized windows capturing spectacular water views from every seaside window of the home. You will love the fully renovated gourmet kitchen offering top of the line KitchenAid and JennAir appliances, beautiful cabinetry, a wine bar and a cozy family room with stone wood burning fireplace all leading to one of two large private Oceanside patios to soak up the sun and take in the serene westerly water views and glorious sunsets. All this and more including a one or two bedroom suite and large storage/hobby room. Don’t miss this extraordinary opportunity… Call today!
Metro Vancouver Real Estate Update
VANCOUVER, B.C. – June 2, 2016 – Metro Vancouver* homes continue to sell at an unprecedented rate in communities across the region.
Residential property sales on the region's Multiple Listing Service® (MLS®) totalled 4,769 in May 2016, an increase of 17.6 per cent from the 4,056 sales recorded in May 2015 and a decrease of 0.3 per cent compared to April 2016 when 4,781 homes sold.
Last month’s sales were 35.3 per cent above the 10-year sales average for the month and rank as the highest sales total on record for May.
"Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today," Dan Morrison, REBGV president said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,289 in May 2016. This represents an increase of 11.5 per cent compared to the 5,641 units listed in May 2015 and a 2.6 per cent increase compared to April 2016 when 6,127 properties were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,726, a 37.3 per cent decline compared to May 2015 (12,336) and a 2.3 per cent increase compared to April 2016 (7,550).
"Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity," Morrison said.
The sales-to-active listings ratio for May 2016 is 61.7 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.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $889,100. This represents a 29.7 per cent increase compared to May 2015.
Sales of detached properties in May 2016 reached 1,865, an increase of 8.2 per cent from the 1,723 detached sales recorded in May 2015. The benchmark price for detached properties increased 36.9 per cent from May 2015 to $1,513,800.
Sales of apartment properties reached 2,150 in May 2016, an increase of 34.4 per cent compared to the 1,600 sales in May 2015. The benchmark price of an apartment property increased 22.3 per cent from May 2015 to $485,000.
Attached property sales in May 2016 totalled 754, an increase of 2.9 per cent compared to the 733 sales in May 2015. The benchmark price of an attached unit increased 24.9 per cent from May 2015 to $632,400.
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!