Hello and welcome to our Pinnacle Group Real Estate Marketing Summer 2020 Newsletter. As always, thank you for taking the time to read our update and hope that it proves to be informative for you!
The COVID-19 pandemic has reduced activity in Metro Vancouver’s housing market since mid-March, but home prices have remained steady throughout the last 12 months.
The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver today is $1,028,400. This is virtually unchanged from April 2020, a 1.4 per cent increase over the last three months, and a 2.9 per cent increase compared to May 2019.
By property type, the HPI benchmark is $1,456,700 for detached homes (0.3 per cent increase from April 2020), $792,700 for townhomes (a 0.2 per cent increase from April 2020), and $686,500 (a 0.3 per cent decrease from April 2020).
So why have home prices remained steady over the last year?
Beginning late last year, home buyer activity was increasing and the number of sellers listing their homes for sale wasn’t keeping pace. This was putting upward pressure on home prices. This trend continued through to mid-March when the province declared a state of emergency and provincial health officials put physical distancing restrictions into place.
While these restrictions caused demand for homes to decline significantly in the short term, the number of homes listed for sale also saw similar declines. Supply and demand drive home prices. If the supply of homes for sale declines at a similar rate as the demand, prices will remain stable because home buyers will still need to compete for fewer listings.
1080 Uplands Dr, Anmore, BC - SOLD - $6,190,500
The landmark sale of TEN80 Uplands Drive in Anmore has sett a new benchmark for the highest price single family home ever Sold in the Tri-Cities. This Contemporary Masterpiece, is more than a prestigious residence; it is a bold statement of "Building Beyond Luxury". This extraordinary 8,227 sq. ft. modern luxury home set upon a .82-acre mountain view lot is surrounded by natural beauty. Designed by award winning Bradbury Architecture the unique and luxurious sprawling floor plan has characteristics of an eloquent Chateau, but the seductive feeling of an intimate family home featuring exquisite craftsmanship and state-of-the-art technology throughout. Ten80 leads with BC’s first Tesla 2 Powerwall, super high efficiency windows and doors, 46 solar panels, and unmatched HVAC systems. Fall in love with the stunning Whistler inspired architecture and modern finishing of this remarkable residence.
3886 Oxford Street, Port Coquitlam, BC - SOLD - $1,580,000
Located across from parkland situated on a flat 7,200 sq. ft. Lot minutes from Burke Mountain. This was the builders own home features top quality construction throughout. You will love the hand scraped engineered hardwood flooring, grand great room with 13ft ceilings, wainscoting and coffered detail throughout, radiant in floor heating, surround sound, and much more!! Fabulous gourmet kitchen with large center island, beautiful cabinetry and top of the line stainless appliances leads to cozy den with elegant gas fireplace. Upstairs features 4 generous bedrooms including a master retreat offering a patio to enjoy the summer nights. Lower level offers a two-bedroom legal suite and media room for upstairs use. Perfect for a large family.
3266 Ulster Street, Port Coquitlam, BC - SOLD - $915,000
Location, Location, Location! This fabulous 4 bed & 2 bath family home in the heart of Port Coquitlam, situated on a large 8,526 sqft lot is designated in the OCP for Townhouse Development making for a fantastic holding opportunity and investment. This family home has been lovingly cared for & offers a huge, private backyard perfect for kids & pets. Recent updates include bathrooms, roof, gutters, windows and an all season covered deck. Downstairs offers recreation area, bedroom, full bath, laundry and garage. New Minnekhada Middle School just steps away, Birchland Elementary School within walking distance; as well as shopping, restaurants, transportation, recreation and trails. Includes total of approx $62,000 in renovations.
3053 Anmore Creek Way, Anmore, BC - For Sale - $6,598,000
Welcome to Mountain View Estates a spectacular Whistler inspired Gated Private Residence situated on a flat one acre lot. No expense spared with an astonishing level of detail exceeding most 5-star world class resorts. 10,207 sq. ft. 6 bed, 10 bath main residence, air conditioning, heated floors, million dollar theatre room, chef’s kitchen, temperature-controlled wine room, 12 seat formal dining, man-cave downstairs with bar, lounge and poker and pool table, 6-car showcase garage, exterior covered deck with outdoor kitchen, barbecue area, covered lounge, heaters, speakers, wood burning fireplace. Lush manicured grounds include stunning $3.5 million poolhouse and garden, gym, subterranean spa, 5-hole golf putting green, convertible (basketball, tennis, hockey) sports court, meandering trails and waterfall. Crestron automation and 2nd gated entrance offers complete privacy. A must see!
2057 Ridge Mountain Drive, Anmore, BC - For Sale - $4,798,000
Welcome to 2057 Ridge Mountain Drive located in Anmore’s prestigious Pinnacle Ridge Estates. Remarkably majestic, the panoramic views from this stately luxury residence are simply astonishing. This grand home features a level of superb quality and resplendent finishing seldom seen. Built with extreme care and attention to every detail by master builder Clay Construction. The moment you step inside this exclusive residence you will appreciate the warmth and elegance of the custom cherrywood cabinetry, solid hickory flooring and the extensive use of molding and millwork throughout. Enjoy the captivating panoramic views and take in glorious sunshine from the abundance of oversized European tilt and turn windows, decks and covered patios. You will love the opulent gourmet kitchen featuring top of the line Thermador/Jenn air appliances, beautiful oversized Golden Typhoon granite Island leading to the wetbar next to the dining room perfect flow for hosting a dinner party. Upstairs you will find three bedrooms with a master retreat with gorgeous spa like en-suite with his and her closets and a private deck to take in the stunning view. The lower level is an entertainer’s dream featuring 13 ft. ceilings, a beautiful wine room with racking for 400+ bottles, a stunning custom bar and a high-tech private movie theatre with 13 speakers acoustically engineered with 3D Projector a guest suite, gym/hobby room and additional bedroom complete this fabulous lower level. Enjoy the beautifully landscaped park-like backyard with room for a pool and/or coach house. This is truly an exceptional opportunity to live in one of the finest homes in Anmore. Call today for a private viewing!
1083 Uplands Dr, Anmore, BC - For Sale - $3,998,000
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!
202 Aspenwood Drive, Port Moody, BC - For Sale - $1,688,000
Spectacular Parklane Carleton III design on panoramic view lot. A rare find French “maison” in the heart of Heritage Woods. From the custom millwork chef’s kitchen to the Monet paint palette, with designer tiles and lead-glass transom and doors, this home exudes sophisticated French country charm. Meticulously maintained and lovingly cared for by the original owner this 4,293 sq. ft. home features an open concept floor plan with high cathedral ceiling in living/dining, 5 bed, 4 bath home with a large legal 2 bed walk out basement suite and 3 car garage. Take in the spectacular southern skyline views from the covered oversized sundecks and master. Fabulous heritage mountain location, close to schools, transportation, shopping, parks and hiking trails. This is premium Port Moody living!
1256 Ioco Road, Port Moody, BC - For Sale - Call for Details
Build your Dream Home on Ioco Roads Golden Mile. Enjoy the Charm of Port Moody Living with spectacular inlet water views and incredible sunsets. This south-side lot is ready to go with custom designer building plans in place for a spectacular new Modern Contemporary home with over 3,600 sq. ft. on 3 levels. Existing home and structure on lot has no value. - Ready for demo - This is the opportunity you've been waiting for. Call for full details.
2124 Spring Street, Port Moody, BC - For Sale - $899,000
Move in today!! This is Port Moody living at its finest. Welcome to Edgestone by Bold a Boutique 38 townhome development. This beautiful 3 bed & 2 bath home offers a desirable inside end unit location with an abundance of windows taking in lots of natural light. Inside the home features a light and airy colour scheme. large centre quartz island , gorgeous cabinetry , gas range stainless steel kitchen aid appliances, energy recovery filter system, Bold 360 Technology, Nu heat flooring . Located just minutes to the West Coast Express, Evergreen Line, Rocky Point Park, Breweries, Shopping, Coffee Shops and Fine Dining. Enjoy the charm and all that Port Moody Living has to offer!
211 12 K De K Court, New Westminster, BC - For Sale - $532,000
Welcome to Dockside living at its finest! Find this bright, beautiful, renovated spacious 1 bed + den (could be used for a second bedroom) home at the popular Dockside at New Westminster Quay. This charming renovated home has it all! A fabulous open concept floor plan, large kitchen with top of the line s/s appliances, quartz countertops, lighting, storage and laundry, 2 fabulous patio space, cozy centre gas fireplace, a large master with huge walk in closet and nicely updated en-suite. Enjoy the amenity room and roof top patio. Step out to the fabulous board walk, bus stop, minutes to the SkyTrain, shops, restaurants and services. Call today!
Metro Vancouver Market Update
VANCOUVER, BC – June 2, 2020 – Metro Vancouver* home prices have remained steady since provincial health officials implemented physical distancing requirements in March.
The Real Estate Board of Greater Vancouver (REBGV) reports that the MLS® Home Price Index1 composite benchmark price for all residential properties in Metro Vancouver today is $1,028,400. This is virtually unchanged from April 2020, a 1.4 per cent increase over the last three months, and a 2.9 per cent increase compared to May 2019.
"Home prices have been stable during the COVID-19 period," Colette Gerber, REBGV Chair said. "While we’re seeing a variety of long-term projections for the market, it's critical to understand the facts and trends as they emerge."
Residential home sales in the region totalled 1,485 in May 2020, a 43.7 per cent decrease from the 2,638 sales recorded in May 2019 and a 33.9 per cent increase from the 1,109 homes sold in April 2020.
Last month’s sales were 54.4 per cent below the 10-year May sales average.
"Home sale and listing activity is down compared to typical, long-term levels and up compared to the activity we saw in April 2020," Gerber said. "Home buyers and sellers are adapting today, becoming more comfortable operating with the physical distancing requirements that are in place in the market."
There were 3,684 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2020. This represents a 37.1 per cent decrease compared to the 5,861 homes listed in May 2019 and a 59.3 per cent increase compared to April 2020 when 2,313 homes were listed.
"Home buyers and sellers are working with their REALTORS® to use new tools to complete different stages of the real estate transaction virtually," Gerber said. “When in-person interactions are necessary, we’re working with our clients to follow the physical distancing requirements set out by WorkSafeBC and the provincial health officer."
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,927, a 32.4 per cent decrease compared to May 2019 (14,685) and a 5.7 per cent increase compared to April 2020 (9,389).
For all housing types, the sales-to-active listings ratio for May 2020 is 15 per cent. By housing type, the ratio is 13.5 per cent for detached homes, 18.9 per cent for townhomes, and 14.8 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.
Sales and benchmark prices by property type
Sales of detached homes in May 2020 reached 534, a 41.5 per cent decrease from the 913 detached sales recorded in May 2019. The benchmark price for detached properties is $1,456,700. This is a 0.3 per cent increase from April 2020, a 2.2 per cent increase over the past three months, and a 2.9 per cent increase compared to May 2019.
Sales of apartment homes reached 653 in May 2020, a 47.6 per cent decrease compared to the 1,246 sales in May 2019. The benchmark price of an apartment home is $686,500. This is a 0.3 per cent decrease from April 2020, a 0.9 per cent increase over the past three months, and a three per cent increase compared to May 2019.
Attached home sales in May 2020 totalled 298, a 37.8 per cent decrease compared to the 479 sales in May 2019. The benchmark price of an attached home is $792,700. This is a 0.2 per cent increase from April 2020, a 1.2 per cent increase over the past three months, and a 1.8 per cent increase compared to May 2019.
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 us directly.