Hello and welcome to our Pinnacle Group Real Estate Marketing March 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!
The Vancouver Real Estate Market did not skip a beat with new statistics from the Real Estate board of Greater Vancouver coming in on March 2, 2016 indicating that last month was the highest selling February on record for the Metro Vancouver housing market. A new higher BC Provincial Property Transfer Tax that came into effect on February 17, 2016 on the sale of homes worth more than $2.0 million is not expected to cool Vancouver’s housing market. Although experts cannot predict when the market will cool, they all agree that more inventory of homes For Sale is needed to satisfy demand. So if your thinking of selling now is a great time to take advantage of our hot real estate market.
SOLD - 1923 Parkway Blvd, Coquitlam, BC - $1,098,000
We are proud to have represented our buyers in the successful purchase of this Whistler inspired home overlooking Westwood Plateau Golf course built by award winning builder Portrait Homes. The great open concept floor plan includes 4 bedrooms and 4 bathrooms over 3 completed levels with 2,324 sq. ft. of floor space. Located near the crest of Westwood Plateau on Parkway Blvd, this beautiful home is truly ideal for carefree West Coast living.
Buying with Multiple Offers in Today's Vancouver Real Estate Market
It today's fast paced, Sellers market it can often be quite difficult, frustrating and nerve wreaking for buyers competing in multiple offers situations when buying a home in today’s hot Vancouver real estate market. Here are some helpful tips that I use to help make the process easier for our clients and increase their odds of winning by 90%, and if they don't win the home my clients still walk away with peace of mind knowing that this wasn't meant to be and their perfect home is still out there.
To view the complete blog by Andrea Jauck - Click Here
Real Estate Update
VANCOUVER, B.C. – March 2, 2016 – Residential property sales in the region totalled 4,172 in February 2016, an increase of 36.3 per cent from the 3,061 sales recorded in February 2015 and an increase of 65.6 per cent compared to January 2016 when 2,519 homes sold.
Last month’s sales were 56.3 per cent above the 10-year sales average for the month and rank as the highest February sales total on record.
“We're in a competitive, fast-moving market cycle that favours home sellers,” Darcy McLeod, REBGV president said. “Sustained home buyer competition is keeping upward pressure on home prices across the region.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,812 in February 2016. This represents an increase of 7.1 per cent compared to the 5,425 units listed in February 2015 and a 30.8 per cent increase compared to January 2016 when 4,442 properties were listed.
“We're beginning to see home listings increase as we head toward the spring market, however, additional supply is still needed to meet today's demand,” McLeod said.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,299, a 38.7 per cent decline compared to February 2015 (11,898) and a 10 per cent increase compared to January 2016 (6,635).
The sales-to-active listings ratio for February 2016 is 57.2 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 $795,500. This represents a 22.2 per cent increase compared to February 2015.
Sales of detached properties in February 2016 reached 1,778, an increase of 37.2 per cent from the 1,296 detached sales recorded in February 2015. The benchmark price for detached properties increased 27 per cent from February 2015 to $1,305,600.
Sales of apartment properties reached 1,790 in February 2016, an increase of 43.9 per cent compared to the 1,244 sales in February 2015.The benchmark price of an apartment property increased 17.7 per cent from February 2015 to $454,600.
Attached property sales in February 2016 totalled 604, an increase of 15.9 per cent compared to the 521 sales in February 2015. The benchmark price of an attached unit increased 17 per cent from February 2015 to $569,600.
Single Family – Greater Vancouver Home Price Index – February 2016
Townhouse – Greater Vancouver Home Price Index – February 2016
Apartment – Greater Vancouver Home Price Index – February 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!