Hello and welcome to our Pinnacle Group Real Estate Marketing May 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 12,969 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April, up 30.3 per cent from the same month last year. Home sales last month beat March’s record of 12,560 units. Total sales dollar volume was $9.64 billion in April, up 52.7 per cent compared to the previous year. The average MLS® residential price in the province was up 17.2 per cent year-over-year, to $743,640.
“Housing demand is exceptionally strong across the southern regions of the province,” said Cameron Muir, BCREA Chief Economist. “Consumers appear to be particularly active in the Vancouver Island, the Fraser Valley and the Thompson/Okanagan regions.”
If you’re thinking of selling, now is a great time to take advantage of the strong local real estate market.
SOLD – 606 9298 University Crescent, Burnaby, BC
Located on top of Burnaby Mountain find this exclusive, one of a kind luxury 2 bedroom and den private residence fully renovated to the highest standard approaching 100K. Featuring a sensational gourmet kitchen with custom cabinetry, large center quartz island, top of line stainless steel appliances and electrolux hood-range, ledgestone wall details, gorgeous engineered hardwood flooring, luxury spa like bathrooms, large master retreat with huge walk in closet featuring custom built shelving & soft close drawers, oversized floor to ceiling windows seamlessly bringing in the tranquility of the serene outdoor natural setting indoors. All this and more including your own private 500 sq. ft. outdoor terrace with breathtaking panoramic city, mountain and water view vistas. What a perfect place to entertain, and enjoy indoor/outdoor living.
SOLD - 416 2985 Princess Crescent, Coquitlam, BC
Classy and elegant describes this beautiful TOP floor 2 bed, 2 bath, spacious 1,017 sq. ft. suite located in the popular adult living (55+) Princess Gate by Polygon. This beautiful home features vaulted ceiling, oversized windows and skylight, an abundance of natural light, gorgeous Engineered Brazilian Cherry hardwood flooring, designer paint, crown moulding, designer lighting, cozy corner fireplace, radiant heat, gourmet kitchen offering LG & Frigidaire appliances, oversized master bedroom with large spa like ensuite complete with a soaker tub, and ample amounts of storage. Fabulous amenities include full gym, indoor pool, hot tub, billiards room and lounge, library and guests suites. All this just steps away the new evergreen sky train station, the aquatic center, Coquitlam center, Lafarge lake and a abundance of shops, services and restaurants.
SOLD - 302 155 East 5th St, North Vancouver, BC
Bright and beautiful this spacious fully renovated top floor 743 sq. ft. one bedroom condo located in "Winchester Estates" co-op is sure to impress! You will love the new element oak engineered flooring, gorgeous gourmet kitchen featuring high end luxurious custom soft close cabinetry, top of the line s/s appliances, apron sink, beautiful granite and tile backsplash. The open concept floorplan with large dining space and over sized balcony taking in the spectacular mountain views is an entertainer delight! Enjoy peace of mind in this well maintained building with maintenance fees including cable, caretaker, heat and hot water. Located in the heart of Lower Lonsdale just steps to Lonsdale Quay, parks, shops restaurants and a short sea bus ride to the heart of downtown Vancouver.
For Sale – 3451 Senkler Rd, 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.
Metro Vancouver Real Estate Update
VANCOUVER, B.C. – May 3, 2016 – Last month was the highest selling April on record for Metro Vancouver.
Residential property sales in the region totalled 4,781 in April 2016, an increase of 14.4 per cent from the 4,179 sales recorded in April 2015 and a decrease of 7.6 per cent compared to March 2016 when 5,173 homes sold.
April sales were 41.7 per cent above the 10-year sales average for the month.
“Home buyer competition remains intense across the region,” Dan Morrison, REBGV president said. “Whether you’re a home buyer or seller, it’s important to work with your local REALTOR® to get the information you need and to develop a strategy that will help you navigate today’s market.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,127 in April 2016. This represents an increase of 3.9 per cent compared to the 5,897 units listed in April 2015 and a 2.4 per cent decline compared to March 2016 when 6,278 properties were listed.
"While we’re seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand in our marketplace," Morrison said.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,550, a 39.3 per cent decline compared to April 2015 (12,436) and a 2.6 per cent increase compared to March 2016 (7,358).
The sales-to-active listings ratio for April 2016 is 63.3 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 $844,800. This represents a 25.3 per cent increase compared to April 2015.
Sales of detached properties in April 2016 reached 1,979, an increase of 9 per cent from the 1,815 detached sales recorded in April 2015. The benchmark price for detached properties increased 30.1 per cent from April 2015 to $1,403,200.
Sales of apartment properties reached 2,107 in April 2016, an increase of 33.4 per cent compared to the 1,579 sales in April 2015.The benchmark price of an apartment property increased 20.6 per cent from April 2015 to $475,000.
Attached property sales in April 2016 totalled 695, a decrease of 11.5 per cent compared to the 785 sales in April 2015. The benchmark price of an attached unit increased 22.1 per cent from April 2015 to $608,600.
Red Day 2016 #givewhereyoulive
We were so proud to be part of organizing the Keller Williams annual Red Day.
RED DAY (Renew, Energize and Donate) is an initiative dedicated to celebrating Keller Williams Realty’s year-round commitment to improving our local communities. Each year, on the second Thursday in May, tens of thousands of associates from across the World including Canada participate in a wide range of projects, devoting their time to renewing and energizing aspects of the neighbourhoods in which they serve.
This year, our Realtors chose to help clean up and retro =fit the exteriors of two long term adult residential care homes run by the Ridge Meadows Association for Community Living
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!