Hello and welcome to our Pinnacle Group Real Estate Marketing Spring 2018 Newsletter. As always, thank you for taking the time to read our update and hope that it proves to be informative for you!
The British Columbia Real Estate Association (BCREA) reports that a total of 6,206 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in February, a 5.7 per cent decrease from the same period last year. The average MLS® residential price in BC was $748,327, up 8.8 per cent from the previous year. Total sales dollar volume was $4.64 billion, a 2.6 per cent increase from February 2017.
“More stringent mortgage qualification rules for conventional borrowers are dampening housing demand in the province,” said Cameron Muir, BCREA Chief Economist. “Since the new rules came into effect, BC home sales have fallen more than 26 per cent, on a seasonally adjusted basis.”
Previous mortgage policy tightening has negatively impacted housing demand for a period of four to seven months, with the largest impact occurring in the third month after implementation.
Year-to-date, BC residential sales dollar volume was up 15.9 per cent to $8.47 billion, compared with the same period in 2017. Residential unit sales increased 4.1 per cent to 11,516 units, while the average MLS® residential price was up 11.3 per cent to $735,755.
SOLD – 4781 Belcarra Bay Rd, Belcarra, BC – $4,550,000
Breathtaking OCEANFRONT property with PRIVATE DOCK - Welcome to your own Low Bank Waterfront Home situated on a sun drenched 13,000 sq. ft. lot complete with swimming pool. With over 6,200+ sq. ft. on 2 levels, this private residence offers endless possibilities to make it your own. Open concept floor plan includes vaulted ceilings and massive amounts of glass with windows running the entire length taking in ABSOLUTELY STUNNING Panoramic Million Dollar waterviews. A gourmet kitchen, library, spiral staircase leading to large recreation room, an oversized master retreat with his and her sinks and walk in closets and marble soaker tub complete this elegant home. Enjoy West Coast Oceanfront Living at its finest with the Best that a Belcarra Lifestyle has to offer!
SOLD – 3612 Kelly Ave, Belcarra, BC – Listed at $1,698,000
Resort living at it's finest! Nestled in serene, lush manicured gardens over looking the sparking ocean and aqua swimming pool with the mountain vista views in the background find this gorgeous executive family home. Boasting beautiful renovations, expansive deck space to enjoy summer barbecues while listening to the the tranquil waterfall feature, fabulous poolside area featuring stamp concrete, pool shed and hot tub area in the back. You will love the open concept floor plan with an expansive windows taking in the stunning views and allowing for an abundance of natural light, the gourmet kitchen featuring high valued ceilings, new marble centre island with top of the 6 burner gas range stove, sub zero, kitchen aid, bosh appliances & custom cabinetry. Downstairs offers a den, two large bedroom and a second kitchen perfect for families or in-laws. All this and more, inflow radiant heat, built in cabinetry, A/C, security system, steam shower, surround sound and more. Located on a quiet street just minutes from Belcarra Bay Park, White Pine Beach walking trails, Buntzen Lake and vibrant Port Moody lifestyle, Newport Village and Rocky Point Park. Come experience the best Port Moody living ha to offer!
SOLD – 49 3470 Highland Dr, Coquitlam, BC - $1,070,000
Simply the BEST END UNIT HOME available today in Bridlewood by Polygon. Situated on the largest South facing lot backing onto greenbelt, creek and trails. Your search for a backyard stops here! This gorgeous 4 bed/4 bath family home has it all... A spacious open concept floor plan with an abundance of windows bringing nature indoors, a large gourmet kitchen with oversized centre island, lots of cupboard space and easy access to the private patio for barbecuing. Upstairs offers three generous bedrooms, a spacious master with walk in closet and large ensuite. The fully finished basement walking out to the extra large lush backyard offers a rec + bed + bath. All this and more with new lighting, fireplace treatment and ample parking with side-by-side 2 car garage and reserved guest parking! Enjoy the best of Burke Mountain living here!
SOLD – 70 3127 Skeena St, Port Coquitlam, BC - $885,000
AMAZING TOWNHOUSE in show home condition with 2,221 sq. ft. of LIVING SPACE in popular Rivers Walk. This immaculate updated 3 bed/3 bath home is Absolutely Pristine with everything a growing family could ask for! Bright and inviting spacious open concept floor plan with oversized windows, gourmet kitchen overlooking family room with corner fireplace, large private walkout backyard perfect for kids, pets and summer fun. Upstairs offers 3 spacious bedrooms with large master suite. Down features a huge rec room and double car garage. Walking distance to Cedar Drive Elementary, Blakeburn Elementary and Terry Fox Secondary Schools. Unbeatable Riverside location close to Fremont Village Shopping Centre with Costco, Home Depot, Canadian Tire, Walmart, Banking and Services.
For Sale – 1083 Uplands Drive, Belcarra, BC – $5,488,000
BREATHTAKING panoramic views with SPECTACULAR Modern Contemporary Architecture make this exclusive 1.27 acre Gated Estate truly exceptional. Offering 6,807 sq. ft. of unparalleled elegance and refined design with an open concept floor plan, massive great room, ultra large Westeck windows, gourmet chefs kitchen, centre island, natural stone countertops, Wolf and Sub-Zero appliances, wine bar and 2nd kitchen, infloor heat, brass railing, custom woodwork, imported Spanish hardwood floor, smart home/security, home theatre. Upstairs find a Luxurious Master Suite with a Resort Style Ensuite, huge oversized shower and walk in wardrobe. Enjoy indoor/outdoor living with an LA Style 1,105 sq. ft. dream outdoor space with fire pit and heaters. This is the ultimate in Luxury Living. Call today!
For Sale - 1128 Ioco Rd, Port Moody, BC, Canada - $2,880,000
Seaside Living at its Finest! FULLY RENOVATED with NEW ADDITION, by Award Winning Sarah Gallop Design, this timeless yet modern home features an open concept, entertainers delight floor plan with high vaulted ceilings, gorgeous floor to ceiling natural rock centre fireplace, beautiful Siberian oak engineered hardwood flooring and oversized windows taking in the sweeping inlet water views, sunshine all day long and the glorious evening sunsets. Combining rustic elements such as exposed wood beams and stain glass windows with modern flare, the stunning high end kitchen is a chefs delight offering top of the line Fisher Paykel and Bosch appliances, custom cabinetry and centre island featuring white quartz and black walnut. Every bathroom in the house has been updated to high-end spa like standards complete with heated porcelain tile flooring and heated towel racks. Upstairs the master retreat is a personal sanctuary complex with flex room and office space. Downstairs a fabulous entertainment space leads out to a gorgeous manicured backyard. Enjoy the Charm of Port Moody Living with Unobstructed Views on Ioco Road’s Golden Mile. A must see!
For Sale – 220 Turtlehead Rd, Belcarra, BC – $4,188,000
2 LEGAL LOTS make this absolute WATERFRONT property a truly extraordinary opportunity to own an existing home on Turtlehead Rd, one of the most exclusive streets in Greater Vancouver, with the potential to build one or even two new residences. Enjoy spectacular sweeping panoramic Ocean views from a prominent pedestal position overlooking the crescent of Belcarra Bay with vistas across to the Provincial Park and beyond. This trophy property includes two separate (15 + 16) 50’+ lots with a total of 21,600 sq. ft. and a PRIVATE DOCK attached to Lot 16. Unparalleled options and value with the potential to renovate the existing home or build on one lot and hold the other for the future. Enjoy the best of west coast luxury living. Don’t miss this extraordinary Oceanfront offering. Call today!
For Sale – 4301 Bedwell Bay Rd, Belcarra, BC – $3,488,000
BRAND NEW ultra-modern Luxury Home in a perfect West Coast setting between Forest and Sea spectacularly OVERLOOKING the OCEAN in beautiful Belcarra.
Nestled in nature on a 21,384 sq. ft. lot with picturesque views of Bedwell Bay, this open concept 5 bedroom, 4 bath custom home by Zed Studio Design features 4,200 sq. ft. of living space on 3 levels with top grade finishing throughout. Every detail selected is both dramatic, yet elegant. The stunning gourmet kitchen is a entertainers dream with a large centre stone island, lots of counter and cabinet space, a Brizo mount pot filler, black matte faucet, and under-mount sink, 64” wide stainless freezer fridge and over sized wok kitchen complete with a wine bar. Rich features include resplendent engineered hardwood flooring, Marvel Legacy Vintage Edition stove, reclaimed wood open staircase, post and beam elements and a handcrafted wood dining table, in floor radiant heat and designer LED light fixtures throughout. 21 ft. floor to ceiling windows take in ocean views and natural light while the tilt and turn sliding glass doors off the dining/kitchen area allow seamless indoor/outdoor living with over 1,000 sq. ft. of patio space including covered areas with outdoor fireplaces to be used year round. Relax and unwind in your opulent master retreat with an Optimist Pro 1000 fireplace to add to the ambiance, feel the lavish rain shower with river rocks beneath your feet, enjoy the Miolin Adriana freestanding tub and outdoor patio to take in the serene views. The lower level is flexible for a games room or a one-bedroom suite along with a three-car garage. Surrounded by nature, the ocean, lakes, hiking trails and parks, this magnificent home is ready for you to create timeless memories.
For Sale – 3314 Bedwell Bay Rd, Belcarra, BC– $2,988,000
Simply STUNNING. Completely renovated to the highest level with luxury designer finishing and sophisticated detail, this EXTRODINARY Gated Private Estate style 6 bed, 4 bath residence has been transformed into a modern dream home. The open concept floor plan features top-of-the-line gourmet kitchen with stainless steel appliances, 6-burner range, gorgeous Marble Island and custom cabinetry. Just shy of an acre, enjoy manicured gardens nestled in mature trees offering complete privacy with spectacular Ocean views of Bedwell Bay. Rest and relax in the master retreat taking in sparking views from a private patio and rejuvenate in the spa like ensuite. This rare offering includes a three-car garage with an option to build a coach house and space for a music or media room. Call today to view!
Metro Vancouver Real Estate Update
VANCOUVER, B.C. – April 4, 2018 – Home buyers and sellers were less active in Metro Vancouver throughout the first quarter of 2018.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,517 in March 2018, a 29.7 per cent decrease from the 3,579 sales recorded in March 2017, and a 14 per cent increase compared to February 2018 when 2,207 homes sold.
Last month’s sales were 23 per cent below the 10-year March sales average.
There were 6,542 home sales on the Multiple Listing Service® (MLS®) in Metro Vancouver during the first quarter of 2018, a 13.1 per cent decrease from the 7,527 sales over the same period last year. This represents the region’s lowest first-quarter sales total since 2013.
“We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” Phil Moore, REBGV president said. “High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.”
There were 4,450 detached, attached and apartment properties newly listed for sale in Metro Vancouver in March 2018. This represents a 6.6 per cent decrease compared to the 4,762 homes listed in March 2017 and a 5.4 per cent increase compared to February 2018 when 4,223 homes were listed.
There were 12,469 homes listed for sale in Metro Vancouver during the first quarter of 2018, a 0.8 per cent decrease from the 12,568 sales over the same period last year. This represents the region’s lowest first-quarter new listings total since 2013.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,380, a 10.5 per cent increase compared to March 2017 (7,586) and a 7.1 per cent increase compared to February 2018 (7,822).
“Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low,” Moore said. “Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms.”
For all property types, the sales-to-active listings ratio for March 2018 is 30 per cent. By property type, the ratio is 14.2 per cent for detached homes, 39.9 per cent for townhomes, and 61.6 per cent for condominiums.
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.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,084,000. This represents a 16.1 per cent increase over March 2017 and a 1.1 per cent increase compared to February 2018.
Sales of detached properties in March 2018 reached 722, a decrease of 37 per cent from the 1,150 detached sales recorded in March 2017. The benchmark price for detached properties is $1,608,500. This represents a 7.4 per cent increase from March 2017 and a 0.4 per cent increase compared to February 2018.
Sales of apartment properties reached 1,349 in March 2018, a decrease of 26.7 per cent compared to the 1,841 sales in March 2017. The benchmark price of an apartment property is $693,500. This represents a 26.2 per cent increase from March 2017 and a 1.6 per cent increase compared to February 2018.
Attached property sales in March 2018 totalled 446, a decrease of 24.1 per cent compared to the 588 sales in March 2017. The benchmark price of an attached unit is $835,300. This represents a 17.7 per cent increase from March 2017 and a two per cent increase compared to February 2018.
1080 Uplands Drive, Anmore, BC – Coming Soon
Introducing Anmore’s first luxury net-zero home. Ten80 leads the pack with BC’s first Tesla 2 power wall, super high efficiency windows and doors, 46 solar panels, and state of the art heating and cooling system, while still boasting all the luxury design and features you'd expect in a nearly 9,000 sq. ft. modern luxury home. Ten80 Uplands is Building beyond luxury.
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!