MARKET TREND HAS CHANGED.
WHAT DOES THAT MEAN FOR THE SUNSHINE COAST?
Welcome to the Sunshine Coast Realty Blog
WHAT DOES THAT MEAN FOR THE SUNSHINE COAST?
By now, we are all aware of or experiencing the Bank of Canada's attack on inflation by increasing interest rates, and consequently, brought real estate to a sudden and lurching lull. What that means for sellers, is that after an extended period of enjoying instant demand from an abundance of buyers and substantial price increases, a degree of that gain will be given back in what is now a Buyer's market. ...
MV Queen of Surrey (Photo: bcferries.com)
BC Ferries has responded to the voice of the Sunshine Coast in a manner that I can't recall happening before. Facing a scathing public reaction to a ferry schedule that was entirely unreliable for commuters and incapable of being timely, BC Ferries undertook the step of consulting the public on delivery of their schedule.
This sort of public consultation has happened in the past, and typically little change has come of it. However, a couple...
Some Key Information for the First time Buyer's Loan Program
By now most of you will have heard that the British Columbia government is providing matching low interest loans to first time buyers. This is a remarkable opportunity for many that have been able to save but perhaps not have quite enough for a downpayment. Here are the details:
To qualify, buyers must:
Over half of the listed detached houses on the Sunshine Coast are over $800,000 – times have changed! (Sunday Musings - May 14, 2017)
Listening to the news these days one is led to believe that things are slowing down, but some perspective on the numbers locally shows very strong underlying demand. Despite a pace of sales which is about half of what we saw last year, two things stand out: First, despite a marginally increasing inventory, the sales vs. listings ratio continues to steadily climb towards a Seller's Market. This is resulting in steady price increases year over year with well over half our detached listings priced...
From our RE/MAX Oceanview Office:
The April statistics show our Spring market is in full bloom. There were 67 detached homes sold this past month. That’s an increase of 13% over March and the second busiest April in 10 years. The Benchmark Price – that is, the price of an average home in an average area – rose another 2.8% last month to $532,300. This is due mainly to fewer listings, which are down 25% from last year.
Apartments and townhome sales totaled 23. That...
Continued underlying strength in the local as well as regional markets - Sunday Musings, April 16, 2017
Recent media is quite a mixed bag with one pundit admitting that they can spin stats to read any sort of preferred slant. Shocking! I guess this is the foundation of “fake news”. What isn’t fake is that despite lower numbers of sales due of low inventory, there remain a lot of motivated buyers wanting to get into our Sunshine Coast real estate market.
From the office this week:
"Recently we’ve shown how there is more to our professional listing service than lawn signs and ads in the paper. We talked about our expert advice on staging, pricing and MLS. We covered qualifying buyers, dealing with offers and turning those offers into contracts. But doing this requires a skill that most non-professionals find difficult: negotiation. Many people don’t like negotiating. They find it difficult to advocate their own position and they equate...
Posted in Sunshine Coast Real Estate, Trends
…Is what I would have said if April Fool’s Day fell on Sunday, but it didn’t so there you are!
Despite the wayward weather this winter, the market has been consistently showing a slight trend towards what we call a Seller’s market. With better weather we’re seeing now and our typical Spring market, it is quite apparent that we are heading for an increasingly tight inventory for the next couple of months. Exactly how much that affects the values is yet to be d...
Buyer’s Market vs a Seller’s Market
The story going into the 2017 Spring Market is easily the listing count. Despite hearing reports of markets correcting or facing headwinds, the listing count tells the tale. And it is amazing how much difference 5 years can make. While we saw a peak number of listings in 2014, the inventory had crept up after the financial meltdown in 2008 and a distinct lack of buyers meant that sellers were piling up against buyers...
Posted in Sunshine Coast real estate trends
Weekly Report - March 7-12, 2017
Our brokerage puts out weekly reports highlighting important topics and statistics in Sunshine Coast real estate trends. Here's the latest from the RE/MAX Oceanview office in Sechelt.
Snow & Sleet = Slower market
Sometimes the cold and wet seems to put a damper on real estate activity! Earlier this year I suggested that we keep an eye on the number of new homes coming onto the market vs. the number being sold as an indicator of where trends are going. At this point of the year, inventory has been slowly but steadily growing. We have seen about 17 new listings a week versus 11 sales per week for the past couple of months. This is great news for buyers who continue...
Mixed Signals are becoming routine.
Here we are rapidly approaching the Spring market. It is fair to say the industry is expecting brisk activity, but how the market will actually unfold remains to be seen. Despite news coming out of the Lower Mainland of a significant slow-down in actual sales, the situation that is not being weighted is the low inventory throughout the region and apparently the Province. Demand remains strong, and with this lower inventory, basic economics would...
Sunday Morning Musings – Feb 19, 2017
The signals coming from the Market have been getting stronger and stronger over the past few weeks. Despite my broker insisting that statistics are demonstrating a more balanced market and lower overall activity, this really doesn’t reflect what we are “feeling” currently.
Buyers remain highly motivated, and prices remain on a steady upward trend. Good properties are seeing multiple/competing offers immediately....
Buyer's of Real Estate beware in the current market on the Sunshine Coast - Sunday Morning Musings for Feb. 12
The past two week's experience demonstrates what an interesting and dynamic market we are currently in. I had clients lose out on a competing situation to another party that decided to go "subject free" on their offer of the same amount as my client's.
Typically, offers on homes are subject to a number of conditions, such as financing and a clean inspection. These are standard hoops to jump through for all parties that are designed to protect a buyer from making a bad investment,...
A New Link, New Possibilities?
Talk of a fixed link to the Coast dominated the real estate landscape last year as many Lower Mainland purchasers became aware of the Coast and what was an oversupply in a soft market and began speculating on the upside of the market. This interest and excitement led to the strong numbers we saw in 2016 and it's my prediction we will see more of the same going into the Spring and a Provincial election.
Will Discussions Continue?
There are quite...
Consumer Confidence and Trump
While consumer confidence continues to be at high levels in BC, there have been some downward pressure. Over the years, my Broker has been tracking how Sunshine Coast real estate cycles closely follow what the consumer confidence mood is in the Lower Mainland and British Columbia.
The two major issues that are going to affect how people are feeling - our upcoming provincial election, and Trump.
It will be interesting to watch consumer confidence...
The real estate market on the Sunshine Coast was very active in 2016. Here are some of the major highlights that have come from our office.
On occasion I've provided individual people with a regular weekly update of what I thought was going on with real estate on the Sunshine Coast. I called it my “Sunday morning musing”, and it was made up of the things I see going on in the world and in our communities that are influencing our local real estate scene. Over time, I’ve found that clients often wanted to keep hearing the musings even after they’ve bought or sold – so much so, in fact, that I've decided...
Is the call of the great outdoors getting louder? A cabin on the Sunshine Coast can be a great place to escape to. Before you start shopping, here are a few things to consider:
1. Can you afford it?