Hello and welcome to our Pinnacle Group Real Estate Marketing September 2016 Newsletter. Its been a busy summer with lots of activity in the local real estate market.
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 8,945 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, up 1.5 per cent from the same month last year. Total sales dollar volume was $5.1 billion in August, down 6.7 per cent compared to the previous year. The average MLS® residential price in the province was $569,393, a decline of 8.1 per cent compared to the same month last year.
"Strong housing demand across most regions of the province offset slowing home sales in Vancouver last month," said Cameron Muir, BCREA Chief Economist. "The newly introduced 15 per cent foreign buyer tax combined with the 3 per cent property transfer tax on homes over $2 million brought in earlier this year, slowed demand at the top end of the market in Vancouver last month."
"The decline in the average home price was due to a change in the composition and location of homes sold in the province," added Muir. "Fewer sales of high priced detached homes relative to all other homes sales in Vancouver as well as fewer Vancouver home sales relative to the rest of the province has caused the average price statistic to decline."
If you’re thinking of selling, now is a great time to take advantage of the elevated prices in our local real estate market.
SOLD – 4980 Robson Rd, Belcarra, BC - $1,898,000
Seldom do you find a home renovated to the caliber and standard of this beautiful Belcarra residence featuring sparkling ocean views in a private resort like setting! Welcome to 4980 Robson Rd. This spectacular 5 bed, 3 1/2 bath, luxurious family home is sure to impress! You will fall in love with tasteful finishing and fresh decor exemplifying the elegance and beauty of its modern design. Featuring an open concept floorplan, vaulted ceilings, and abundance of windows taking in the stunning ocean views, two exquisite gas fireplaces, gorgeous bright white gourmet kitchen with a top of the line wolf stove, high-end panelled fridge and built-in microwave and wine cooler, beautiful oversized granite center island, all overlooking a fabulous 1,500 sq. ft. wrap around patio, with a aqua blue swimming pool, hot tub and brilliant ocean views making this an entertainer's delight.
SOLD – 3945 Bedwell Bay Rd, Balcarra, 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.
For Sale – 3372 Main Ave, Belcarra, BC – $1,348,000
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. The possibility/potential to live your dream is here now!!!
For Sale – 2958 Cove Place, Coquitlam, BC - $1,598,000
Country living in the city on over ½ acre! Situated at the end of a quiet cul-de-sac on a beautiful tranquil private 24,456 sq. ft. (.56 ACRE) kid friendly lot just steps away from Ranch Park Elementary School with enough space to park your RV or Boat find this immaculate recently renovated 5 bdrm, 3 bath family home. Featuring all new windows, gorgeous new kitchen, bathrooms, designer paint, crown mouldings and a great room addition including skylights & wide plank distressed flooring opening to a fabulous deck overlooking a fully fenced backyard oasis. Enjoy the 2nd kitchen with one/two bedroom nanny/inlaw suite downstairs or large rec room. An oversized double garage, new furnace 2010, heat pump 2011, new roof 2006, storage shed make this a rare offering. Don't miss this opportunity!!!
For Sale – 26520 112 Ave, Maple Ridge, BC - $1,388,000
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. Don’t miss this. Call today!!!
Metro Vancouver Real Estate Update
VANCOUVER, B.C. – September 2, 2016 – For the second straight month, home buyer demand in Metro Vancouver moved off of the record-breaking pace seen earlier this year and returned to more typical levels.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver totalled 2,489 in August 2016, a decline of 26 per cent compared to the 3,362 sales in August 2015; 10.2 per cent less than the 2,771 sales in August 2014; and one per cent less than the 2,514 sales in August 2013. August 2016 sales also represent a 22.8 per cent decline compared to last month’s sales.
From a historical perspective, last month’s sales were 3.5 per cent below the 10-year sales average for the month.
“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said. "Sales have been trending downward in Metro Vancouver for a few months. The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.
“It’ll take some months before we can really understand the impact of the new tax. We'll be interested to see the government's next round of foreign buyer data."
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,293 in August 2016. This represents an increase of 0.3 per cent compared to the 4,281 units listed in August 2015 and an 18.1 per cent decrease compared to July 2016 when 5,241 properties were listed.
The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 8,506, a 21.9 per cent decline compared to August 2015 (10,897) and a 1.9 per cent increase from July 2016 (8,351).
The sales-to-active listings ratio for August 2016 is 29.3 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.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $933,100. This represents a 31.4 per cent increase compared to August 2015 and a 4.9 per cent increase over the last three months.
“In aggregate, we continue to see an imbalance between supply and demand in most communities. However, we’re also seeing fewer detached sales in the highest price points and fewer detached home sales relative to all residential sales,” Morrison said. “This is causing average sale prices to show a decline in recent months, while benchmark home prices remain virtually unchanged from July.”
The average price is the simplest home price measure to explain but is not the most accurate since it may be skewed by the mix of properties. More high-end or low-end sales will skew the number up or down. Based on the Consumer Price Index, MLS HPI® benchmark prices are a more reliable and stable indicator of typical home prices across regions over time.
Sales of detached properties in August 2016 reached 715, a decrease of 44.6 per cent from the 1,290 detached sales recorded in August 2015. The benchmark price for detached properties increased 35.8 per cent from August 2015 to $1,577,300. This represents a 4.2 per cent increase over the last three months.
Sales of apartment properties reached 1,343 in August 2016, a decrease of 10.1 per cent compared to the 1,494 sales in August 2015.The benchmark price of an apartment property increased 26.9 per cent from August 2015 to $514,300. This represents a 6.1 per cent increase over the last three months.
Attached property sales in August 2016 totalled 431, a decrease of 25.4 per cent compared to the 578 sales in August 2015. The benchmark price of an attached home increased 31.1 per cent from August 2015 to $677,600. This represents a 7.1 per cent increase over the last three months.
Octoberfest 2016 in Port Moody
Coming Sept 29th to Oct 9th – Beer, Volksmusik Band and Bratwurst. BC's most authentic Bavarian Oktoberfest is coming to Port Moody.
The festival will include Oktoberfest beer, fresh Pretzels, Wieners, Bratwurst, Kettle corn, live DJ plus live Bayerische Musikkappelle, Singing, Dancing, Dirndl, Lederhosen and much more!!!
This all ages community event will support the EagleRidge Hospital and Port Moody Curling Club as the Charitable donations of choice this year.
Purchase your tickets by: Clicking Here
Date: Thursday, September 29, 2016 to Sunday, October 9, 2016
Place: 100 Newport Way, Port Moody, BC
Time: 3:30pm start weekdays and 10:30am weekends
Tickets: $20.00 / each
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!