Hello and welcome to our Pinnacle Group Real Estate Marketing Summer 2017 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 9,275 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, down 6.3 per cent from the same period last year. Total sales dollar volume was $6.48 billion, down 1.3 per cent from July 2016. The average MLS® residential price in the province was $698,761, a 5.3 per cent increase from the same period last year.
“Strong economic growth, an expanding population base and a lack of supply continue to drive BC home sales and prices this summer,” said Cameron Muir, BCREA Chief Economist. “However, home sales have edged back 4 per cent since May, with active listings beginning to bounce back from a 20-year low,” added Muir. “If these trends continue, it may signal that more balanced market conditions could emerge before the end of the year.”
Year-to-date, BC residential sales dollar volume was down 19.3 per cent to $45.6 billion, when compared with the same period in 2016. Residential unit sales declined 17.0 per cent to 64,107 units, while the average MLS® residential price was down 2.8 per cent to $710,921.
SOLD – 290 Turtlehead Rd, Belcarra, BC – $4,800,000
An exceptionally rare and truly once-in-a-lifetime opportunity available for the first time in over 50 years! This premier Belcarra Oceanfront property offers approx 180 ft. of beachfront and private dock with deep-water moorage overlooking the point of Turtlehead Rd, one of the most prime streets in Greater Vancouver. This serene waterfront oasis is situated on an exclusive 18,000 sq. ft. trophy lot offering simply astonishing 180-degree sunrise-to-sunset ocean views. Enter the natural cascading treed parklike setting from the upper 2nd garage down to the main residence perched in a glorious pedestal position overlooking your own private white shell beach. Unparalleled features include a boathouse with a boat ramp, 42’ waterfront deck and 50’ dock. It simply doesn't get better than this!
SOLD – 3825 Bedwell Bay Rd, Belcarra, BC– $1,850,000
Simply stunning 170-degree sweeping panoramic Ocean Views from the end of Bedwell Bay down Indian Arm. Truly one of the best view properties in Belcarra, this beautiful bright and airy 3 bed, 3 bath, home sits on an immaculate 18,600 sq. ft. downsloping lot with lush landscaping in a park like setting with multiple decks and cascading levels to explore. Recently renovated with beautiful modern finishing and decor, you will love the gourmet kitchen, offering top of the line appliances, new hardwood flooring, designer marble fireplace feature, custom railings and spa like ensuite. Enjoy summer evenings crabbing, boating to Deep Cove, walking the White Pine and Buntzen lake trails, or nearby vibrant Port Moody Centre.
SOLD – 3307 Main Ave, Belcarra, BC – $1,760,000
Sensational Oceanviews and your own Shared Dock potential. Follow a meandering driveway through your very own Stanley Park like serene natural oasis. This immaculate 3066 sq. ft. 4 bed, 4 bath custom built home features breathtaking views of Bedwell Bay and comes with one of the best concrete dock shares in Belcarra. You will love the unique open floorplan featuring high ceilings, skylights, gorgeous travertine stone gas fireplace, marble entranceway, Coastal clear hand-chosen cedar ceilings and beams, vintage 3/4 inch oak Canadian hardwood flooring, newly renovated ensuite bathroom featuring heatedly tile floor and large soaker tub. Enjoy entertaining on your 1,000+ sq. ft. deck partially covered with glass. A separate newly renovated 416 sq. ft. studio completes this rare offering.
SOLD – 4 1338 Hames Cres, Coquitlam, BC – $780,000
Former Showhome at Farrington Park by award winning Polygon Homes. Sensational corner 3-bed, 3-bath townhome is a 10+. Step inside and be impressed. Bright open concept floorplan with power room on the main, elegant designer décor and deluxe lighting. Gorgeous gourmet kitchen features an oversized silestone quartz centre island, sleek top of the line Kitchen Aid appliances, beautiful glass backsplash and extra windows allowing an abundance of natural light. Three spacious bedrooms up including master suite with custom shelving, designer headboard and luxurious spa-like ensuite double sinks large bath/shower. Private front yard & large south facing rear deck. Custom tandem garage, extra storage and security system. Just minutes from shopping, restaurants, schools & services.
SOLD – 110 6093 Iona Drive, Vancouver, BC – $570,000
Welcome to Coast by Bastian one of the most sought after developments in the prestigious Chancellor Place at UBC. Find peace and serenity in this luxurious like-new 1 bed, 1 bath ground level condo featuring a gourmet kitchen with high-end Subzero/Miele appliances, large Marble Island and beautiful European cabinetry. You will love the gorgeous hardwood flooring, 10ft ceilings and spa like bath with stylish polished limestone tile. Enjoy spending time on your large private patio with separate entry overlooking the picturesque landscaped courtyard just steps away from beaches, parks, nature trails, museum and local shops and services. This elegant concrete building even offers a fitness centre and meeting room. Experience true West Coast living at UBC.
SOLD –501 6460 194 St, Surrey, BC – $490,000
SOLD – 103 1618 Grant Ave, Port Coquitlam, BC – $347,000
Updated ground level unit with private covered patio - The one you’ve been waiting for! This beautiful, bright and airy condo is a one bedroom, plus den layout with two bathrooms. The bedroom hosts his and hers closets and has an excellent ensuite bath and includes ample storage and fabulous new tile. The condo also features a spacious den located on the opposite side of the condo, currently being used a second bedroom. With a stylish floor to ceiling stone gas fireplace, designer light fixtures and gorgeous new hardwood flooring, this freshly painted condo is ready to move in. You will love the open concept floor plan before you step out on to your large private covered patio, a perfect place to enjoy summer evenings. Conveniently located in the heart of Glenwood, just steps to shopping, transit, parks and recreation.
Metro Vancouver Real Estate Update
VANCOUVER, B.C. – August 2, 2017 – Home buyer activity returned to more typical summer levels in Metro Vancouver last month.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.
Last month’s sales were 0.7 per cent above the 10-year July sales average.
“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”
There were 5,256 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in July 2017. This represents a 0.3 per cent increase compared to the 5,241 homes listed in July 2016 and an 8.1 per cent decrease compared to June 2017 when 5,721 homes were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,194, a 10.1 per cent increase compared to July 2016 (8,351) and an eight per cent increase compared to June 2017 (8,515).
“Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” Oudil, said.
For all property types, the sales-to-active listings ratio for July 2017 is 32.2 per cent. By property type, the ratio is 16.9 per cent for detached homes, 44.9 per cent for townhomes, and 62 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 $1,019,400. This represents an 8.7 per cent increase over July 2016 and a 2.1 per cent increase compared to June 2017.
Sales of detached properties in July 2017 reached 949, a decrease of 11.9 per cent from the 1,077 detached sales recorded in July 2016. The benchmark price for detached properties is $1,612,400. This represents a 1.9 per cent increase from July 2016 and a 1.5 per cent increase compared to June 2017.
Sales of apartment properties reached 1,468 in July 2017, a decrease of 8.4 per cent compared to the 1,602 sales in July 2016. The benchmark price of an apartment property is $616,600. This represents an 18.5 per cent increase from July 2016 and a 2.7 per cent increase compared to June 2017.
Attached property sales in July 2017 totalled 543, a decrease of 0.7 per cent compared to the 547 sales in July 2016. The benchmark price of an attached unit is $763,700. This represents an 11.9 per cent increase from July 2016 and a 2.4 per cent increase compared to June 2017.
Radio Real Estate Show with Andrea Jauck
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