Hello and welcome to our Pinnacle Group Real Estate Marketing Spring 2022 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 8,902 residential unit sales were recorded by the Multiple Listing Service ® (MLS®) in February 2022, a decrease of 18.8 per cent from February 2021. The average MLS® residential price in BC was $1.109 million, a 24.9 per cent increase from $887,866 recorded in February 2021. Total sales dollar volume was $9.9 billion, a 1.5 per cent increase from the same time last year.
“While sales are not keeping pace with the unprecedented level of activity we saw this time last year, demand continues to be quite strong,” said BCREA Chief Economist Brendon Ogmundson. “There are some encouraging signs that listings are recovering from historical lows, but there is a very long way to go before markets achieve balance.”
Provincial active listings were 19 per cent lower than this time last year with the total inventory of homes for sale in the province at just 16,000 units. That level of inventory is well below the roughly 40,000 listings needed for a balanced market.
4031 Bedwell Bay Rd, Belcarra, BC – For Sale - $3,880,000
Truly spectacular Ultra-Modern Luxury Home OVERLOOKING the OCEAN in beautiful Belcarra is nestled in nature on a 21,384 sq. ft. lot with picturesque views overlooking Bedwell Bay. Open concept 5 bed, 5 bath custom home by Zed Studio Design features 4,200 sq. ft. high-end finishing throughout. Every detail selected is both dramatic, yet elegant. Rich features include resplendent engineered hardwood flooring, Marvel Legacy Vintage Edition stove, reclaimed wood open staircase, post and beam elements, 21ft. floor to ceiling windows take in ocean views and natural light while the tilt and turn sliding glass doors the dining 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. Call today to view!
3350 Watson Rd, Belcarra, BC – SOLD - $6,080,000
West Coast Waterfront Masterpiece. Designed by award-winning Bradbury Architecture, this stunning modern contemporary luxury residence sits on a private tranquil site with a 100ft of low bank waterfront, a Private Dock with deep water moorage, and spectacular BC coastal views. Designed with the Oceanview in mind the home offers seamless indoor/outdoor living with a wall of Eurovision sliding doors and floor to ceiling windows showcasing the stunning panoramic ocean views from every room. Built to Step Code 3 standards, this highly efficient home features high-efficiency boilers and 7 zones radiant in-floor heating. This true resort-like setting offers tranquility, serene beauty, and nature, your perfect oceanfront escape. Only 10mins by boat to Deep Cove and 40 minutes to Vancouver.
3377 Bedwell Bay Rd, Belcarra, BC – SOLD - $2,080,000
Nestled in Nature with Rare Creekside Setting. This beautiful sprawling 3,344 sq. ft. 5 bed/3 bath rancher with walkout basement is uniquely situated on a 26,103 sq. ft. lot featuring a parklike setting with a waterfalling creek. This charming home has a bright and spacious floor plan with an oversized master bedroom. Updated flooring, paint, lighting, fixtures, tile, beautiful counters, and appliances. Enjoy the soothing sounds of the creek and gorgeous natural landscaping with picturesque, treed views from oversized windows. The separate garage offers space for a workshop or extra storage. All this and more just minutes to the spectacular walking trails in Belcarra, Sasamat Lake, White Pine Beach and only 15 minutes to all the best that Port Moody Living as to offer.
1703 290 Newport Dr, Port Moody, BC – SOLD - $1,098,000
Bright, beautiful, magazine worthy describes the essence of this gorgeous 2 bed + large den in the most desirable building in Newport Village "The Sentinel " by Bosa. Newly renovated kitchen featuring heated flooring, large pantry, white cabinets, beautiful composite stone countertops, grey subway tile backsplash, renovated bathrooms, custom built in shelving, marble stone fireplace. Floor to ceiling windows allow an abundance of natural light to take in the sweeping mountain views along with a view of the ocean (from oversized covered patio). Opulent master bedroom features large open space with three closets, custom-built desk, and beautiful spa like ensuite. Steps to Newport Village shops, services & restaurants. 2 parking stalls & storage locker.
8816 Robins Court, Burnaby, BC – SOLD - $1,115,000
Beautifully updated 3 bed, 3 bath Townhouse with Double Garage in the fabulous Primrose complex in Forest Hills. Executive design with open concept floor plan, renovated kitchen, elevated dining room overlooking the cozy living room with wood burning fireplace. Take in the nature indoors with the beautiful, treed views from the large windows, patio, and walkout basement. Upstairs features a luxurious master bedroom and ensuite and 2 spacious additional bedrooms with window seats and laundry upstairs. All this and more separate garage, ample storage, and a well-run proactive council. Enjoy the natural beauty of the hiking trails and parks nearby. Conveniently located to SFU, K-7 Forest Grove Elementary and Burnaby Mountain Sec, Lougheed Mall + Brentwood Mall and Skytrain.
Metro Vancouver Real Estate Update
VANCOUVER, BC – March 2, 2022 – The Metro Vancouver* housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, an 8.1 per cent decrease from the 3,727 sales recorded in February 2021, and a 49.8 per cent increase from the 2,285 homes sold in January 2022.
Last month’s sales were 26.9 per cent above the 10-year February sales average.
“As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year,” Taylor Biggar, REBGV Chair said.
There were 5,471 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2022. This represents an 8.4 per cent increase compared to the 5,048 homes listed in February 2021 and a 31.2 per cent increase compared to January 2022 when 4,170 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 6,742, a 19.3 per cent decrease compared to February 2021 (8,358) and a 19.1 per cent increase compared to January 2022 (5,663).
“Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month,” Biggar said.
For all property types, the sales-to-active listings ratio for February 2022 is 50.8 per cent. By property type, the ratio is 34.9 per cent for detached homes, 64.3 per cent for townhomes, and 62.2 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 $1,313,400. This represents a 20.7 per cent increase over February 2021 and a 4.6 per cent increase compared to January 2022.
“A lack of housing supply is at the heart of the affordability challenges in Metro Vancouver today. We need more coordinated action from stakeholders at all levels to help create an ample, diverse supply of housing options for residents in the region today and into the future,” Biggar said.
Sales of detached homes in February 2022 reached 1,010, an 18 per cent decrease from the 1,231 detached sales recorded in February 2021. The benchmark price for detached properties is $2,044,800. This represents a 25 per cent increase from February 2021 and a 4.7 per cent increase compared to January 2022.
Sales of apartment homes reached 1,854 in February 2022, a 5.4 per cent increase compared to the 1,759 sales in February 2021. The benchmark price of an apartment property is $807,900. This represents a 15.9 per cent increase from February 2021 and a 4.1 per cent increase compared to January 2022.
Attached home sales in February 2022 totalled 560, a 24 per cent decrease compared to the 737 sales in February 2021. The benchmark price of an attached unit is $1,090,000. This represents a 27.2 per cent increase from February 2021 and a 5.9 per cent increase compared to January 2022.
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!