Hello and welcome to our Pinnacle Group Real Estate Marketing Spring 2019 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 5,707 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March, a decline of 23 per cent from the same month last year. The average MLS® residential price in the province was $687,720, a decline of 5.4 per cent from March 2018. Total sales dollar volume was $3.9 billion, a 27.1 per cent decline from the same
month last year.
BC home sales continue to be adversely impacted by federal mortgage policy, said BCREA Chief Economist Cameron Muir. The erosion of affordability caused by the B20 stress test has created near recession level housing demand despite the province boasting the lowest unemployment rates in a decade.
“The sharp erosion of affordability caused by the B20 stress test is now creating pent-up demand, as many would-be home buyers are forced to wait on the sidelines,” added Muir. “Unfortunately, new home construction is slowing as well, which will likely lead to another housing supply crunch down the road.”
SOLD – 1740 Grover Ave, Coquitlam, BC – $2,398,000
A superb blend of modern elegance with impeccable craftsmanship boasting stunning architecture features and design elements 1740 Grover Ave is an impeccable example of modern family living. An extensive use of warm and inviting elements such as wood, rock, glass and stone make this ultra modern home perfect for modern family living. You will love the high end finishing throughout including gorgeous hardwood flooring, beautiful tiles and designer lighting while taking in the natural light with oversized picturesque windows. The gourmet kitchen has it all, offering beautiful cabinetry, a large centre Island with top of line appliances, 5-burner gas range stove and side-by-side freezer/fridge. Enjoy the convenience of an office and 2nd master bedroom on the main floor perfect for extended families. Upstairs features 3 additional bedrooms along with a luxurious master retreat with huge walk in closet and a 5 star luxury hotel like ensuite. All this and more, enjoy your own theatre room, flat grass backyard, ample amounts of parking and a beautiful additional two bedroom legal suite downstairs. Conveniently located close to shopping, restaurants, schools and transportation this gorgeous home has it all.
For Sale – 23422 Huston Drive, Maple Ridge, BC – $1,098,000
Beautiful GREENBELT 4 bed & 3 bath family home located at the end of a quiet street and nestled in nature with sounds of the soothing creek in the background. Soak up the sun and enjoy life with south/west views in the sought after family neighbourhood at Balsam West. This gorgeous meticulously maintained home features a touch of country charm, an open concept great room floor plan, with office on the main, gourmet kitchen and an abundance of windows taking the natural light and views. Upstairs offers four generous bedrooms with a luxurious master retreat featuring vaulted ceilings and a spa like en-suite. Lower level awaits your finishing ideas and is roughed in for a beautiful suite with separate entry. Don’t miss your opportunity to own in this rare one of a kind location. Call today!
For Sale – 20 3470 Highland Drive, Coquitlam, BC – $998,000
Beautiful executive 4 bed & 4 bath townhome in the popular Bridlewood by Polygon. Spectacular corner unit beside greenbelt nestled in nature with south facing yard. Gorgeous modern architecture, open concept floorplan, high end appliances, large centre quartz countertops, and oversized windows with an abundance of light. 14ft high ceiling entry leads to luxurious master featuring his and her sinks and soaker tub. Walkout basement has rec room and 4th bedroom with a full bath perfect for a growing family or guests. Enjoy the convenience of a well-run family complex within walking distance to Smiling Creek Elementary, Burke Mountain Pre-School, Leigh Park and world class hiking and biking trails. Bonus: side by side parking and guest parking beside. Call today for your private showing!
For Sale – 3314 Bedwell Bay Rd, Belcarra, BC – $2,498,000
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!
For Sale – 1080 Uplands Drive, Anmore, BC – $7,498,000
Welcome to TEN80 Uplands Dr, a mountain contemporary masterpiece that is more than a prestigious landmark residence, this is a requisite and bold statement of "Building Beyond Luxury". This extraordinary 8,227 sq. ft. modern luxury home features stunning architecture and design combined with state of the art technology throughout. This magnificent residence sits on 0.82 acres of natural beauty. Its unique and luxurious sprawling floor plan has the characteristics of an eloquent Chateau, but the seductive feeling of an intimate family home. Ten80 leads with BC’s first Tesla 2 Powerwall, super high efficiency windows and doors, 46 solar panels, and unmatched heating and cooling system, all exceeding today’s modern luxury home expectations. Fall in love with the Whistler inspired architecture designed by award winning Bradbury Architecture and the clean line modern finishing of this remarkable residence.
For Sale – 1083 Uplands Drive, Anmore, BC – $4,999,000
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 you will appreciate the immense attention to detail with superb finishing throughout. Featuring an open concept floor plan with massive great room, ultra large Westeck windows, gourmet chefs kitchen, natural stone centre island & countertops, Wolf and Sub-Zero appliances, wine bar and 2nd kitchen, infloor heating, gold brass railing, custom woodwork, imported Spanish hardwood flooring, smart home/security system, home theatre and much more! 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 perfect for evening BBQ compete with fire pit and heaters for year round enjoyment. This is the ultimate in Luxury Living next to Nature. Call today for a private viewing!
For Sale – 220 Turtlehead Rd, Belcarra, BC – $3,698,000
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 – 4116 Marine Ave, Belcarra, BC – $1,548,000
RARELY Available - Prime OCEANVIEW property on prestigious Marine Ave in Belcarra overlooking the serene waters of Bedwell Bay. Great OPPORTUNITY to Renovate/Expand original 3,245 sq. ft. custom home built in 1997 or BUILD your new DREAM HOME on the 21,256 sq. ft. elevated pedestal view lot. Just steps away from the sparkling water, you will love the scenic vista views and the privacy of this natural setting. Spacious 1,895 sq. ft. main level offers 3 bedrooms with large master suite and oceanview living/dining/kitchen and family rooms all opening onto a large wrap around deck with sensational water views. The lower level includes a grand foyer, 3-car garage and over 900 sq. ft. of storage area ready for your finishing ideas! Don’t miss your opportunity to enjoy seaside living. Call today!
For Sale – 8816 Robins Court, Burnaby, BC – $929,000
Absolutely Gorgeous Executive 3 bed, 3 bath Townhouse nestled in nature located in the sought after Primrose complex in Forest Hills. Warm and inviting design with open concept floor plan, beautiful renovated kitchen, elevated dining room overlooking the cozy living room with wood burning fireplace. Take the nature indoors with the beautiful treed views from the large windows, patio and walkout basement. Upstairs features a luxurious master bedroom and 5 piece ensuite and spacious additional bedrooms with window seats and laundry upstairs. All this and more inc 2 car garage, ample amounts of storage and a well-run proactive council. Enjoy the natural beauty of the hiking trails and parks nearby. Conveniently located to Schools, Shopping, SFU, Lougheed Mall and Skytrain. Call today!
Metro Vancouver Real Estate Update
VANCOUVER, B.C. – April 2, 2019 – Metro Vancouver home sales dipped to the lowest levels seen in March in more than three decades.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,727 in March 2019, a 31.4 per cent decrease from the 2,517 sales recorded in March 2018, and a 16.4 per cent increase from the 1,484 homes sold in February 2019.
Last month’s sales were 46.3 per cent below the 10-year March sales average and was the lowest total for the month since 1986.
"Housing demand today isn’t aligning with our growing economy and low unemployment rates. The market trends we’re seeing are largely policy induced," Ashley Smith, REBGV president said. "For three years, governments at all levels have imposed new taxes and borrowing requirements on to the housing market.”
“What policymakers are failing to recognize is that demand-side measures don’t eliminate demand, they sideline potential home buyers in the short term. That demand is ultimately satisfied down the line because shelter needs don’t go away. Using public policy to delay local demand in the housing market just feeds disruptive cycles that have been so well-documented in our region."
There were 4,949 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2019. This represents an 11.2 per cent increase compared to the 4,450 homes listed in March 2018 and a 27.2 per cent increase compared to February 2019 when 3,892 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,774, a 52.4 per cent increase compared to March 2018 (8,380) and a 10.2 per cent increase compared to February 2019 (11,590).
For all property types, the sales-to-active listings ratio for March 2019 is 13.5 per cent. By property type, the ratio is 9.4 per cent for detached homes, 15.9 per cent for townhomes, and 17.2 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent 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 $1,011,200. This represents a 7.7 per cent decrease from March 2018, and a 0.5 per cent decrease compared to February 2019.
Sales of detached homes in March 2019 reached 529, a 26.7 per cent decrease from the 722 sales in March 2018. The benchmark price for a detached home is $1,437,100. This represents a 10.5 per cent decrease from March 2018, and a 0.4 per cent decrease compared to February 2019.
Sales of apartment homes reached 873 in March 2019, a 35.3 per cent decrease compared to the 1,349 sales in March 2018. The benchmark price of an apartment property is $656,900. This represents a 5.9 per cent decrease from March 2018, and a 0.5 per cent decrease compared to February 2019.
Attached home sales in March 2019 totalled 325, a 27.1 per cent decrease compared to the 446 sales in March 2018. The benchmark price of an attached home is $783,600. This represents a six per cent decrease from March 2018, and a 0.7 per cent decrease compared to February 2019.
Matthew Jauck – Welcome to the Team!
We are very proud to announce that Matthew Jauck has officially joined our team at Pinnacle Group Real Estate Marketing. As a licensed Realtor© Mathew specializes in working with Buyers to ensure that they are buying a safe and sound investment.
Over the past 16 years Mathew has worked with his family luxury custom building company Marcraft Homes building beautiful homes in the Tri Cities. Mathew has completed a Bachelors Degree in Architectural & Building Technology as well as a two year apprenticeship working with one of Vancouver's leading multifamily builders.
His organizational mindset, passion for interior and home design, deep knowledge of the home building process including building codes and bylaws along with his relationship with city staff make Mathew a valuable asset to the Pinnacle Group Team.
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!