Hello and welcome to our Pinnacle Group Real Estate Marketing March 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!
The British Columbia Real Estate Association (BCREA) reports that a total of 6,580 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February, down 31.7 per cent from the same period last year. Total sales dollar volume was $4.53 billion, down 39.7 per cent from February 2016. The average MLS® residential price in the province was $688,117, an 11.7 per cent decrease from the same period last year.
“Consumer demand has returned to a more typical level over the first two months of the year,” says Cameron Muir, BCREA Chief Economist. “While the home sales have declined nearly 32 per cent from the extraordinary performance of a year ago, last month’s activity reflected the average for the month February since the year 2000.”
SOLD – 3372 Main Ave, Belcarra, BC – Listed at $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.
SOLD – 26520 112 Ave, Maple Ridge, BC – Listed at $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.
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 – 110 6093 Iona Drive, Vancouver, BC – $598,800
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.
Metro Vancouver Real Estate Update
VANCOUVER, B.C. – March 2, 2016 – Reluctance amongst Metro Vancouver* home sellers is impacting sale and price activity throughout the region’s housing market.
Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 per cent decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 per cent compared to January 2017 when 1,523 homes sold.
Last month’s sales were 7.7 per cent below the 10-year February sales average.
“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This represents a 36.9 per cent decrease compared to the 5,812 units listed in February 2016 and an 11.4 per cent decrease compared to January 2017 when 4,140 properties were listed.
This is the lowest number of new listings registered in February since 2003.
The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,594, a four per cent increase compared to February 2016 (7,299) and a 4.9 per cent increase compared to January 2017 (7,238).
The region’s sales-to-active listings ratio for February 2017 is 31.9 per cent, a 10-point increase from January. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $906,700. This represents a 2.8 per cent decrease over the past six months and a 1.2 per cent increase compared to January 2017.Sales of detached properties in February 2017 reached 745, a decrease of 58.1 per cent from the 1,778 detached sales recorded in February 2016. The benchmark price for detached properties is $1,474,200. This represents a 6.5 per cent decrease over the past six months and is unchanged compared to January 2017.
Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8 per cent compared to the 1,790 sales in February 2016.The benchmark price of an apartment property is $526,300. This represents a 2.3 per cent increase over the past six months and a 2.7 per cent increase compared to January 2017.
Attached property sales in February 2017 totalled 404, a decrease of 33.1 per cent compared to the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This represents a 0.3 per cent decrease over the past six months and a 1.3 per cent increase compared to January 2017.
Radio Real Estate Show on CISL 650 in Vancouver
As some of you may know Andrea Jauck of Pinnacle Group Real Estate Marketing has been featured as a guest on the Radio Real Estate Show with Tom Lucas and Bill Macklem promoting Real Estate in the Tri-Cities for the past 5 years.
We are thrilled to announce that she is now officially co-hositng the Radio Real Estate Show on CISL650. Listen to the show live every Sunday from 4-5pm.
Don't miss this fun-filled hour with Andrea, Tom and Bill discussing the latest Real Estate topics and trends!
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!