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Sunshine Coast real estate market humming along

The Sunshine Coast real estate market defied the greater Vancouver trend in March 2018 and continued to hum along at the start of the new spring season.

 

Compared to last March total sales went up 1% to $40,863,074. The average price jumped 22% to $665,139 and the HPI (Housing Price Index) grew by 20% to $575,583. Total homes sold dipped 13% to 63 sales and the total homes for sale remained even at 306.

 

Let’s look at how things played out month over month.

 

Detached home sales

 

The average price of a detached home edged up 2% in March to $717,746, the highest price ever on the Sunshine Coast. Incredible!!

 

Month over month March reached a total dollar volume of $31,580,840 up 24%.  Available homes for sale grew 17% to 257 total detached homes for sale across the Sunshine Coast with 44 homes sold giving home buyers more choice.

 

Attached home sales

 

The average price of an attached home (condos and townhomes) for March was $483,311 up 13% over last month. The total dollar volume reached $4,771,700 down 1%. Total attached homes for sale reached 41 up 14% which helps satisfy pent up demand.

 

Land for sale

 

The average price of a bare land on the Sunshine Coast in March was $573,799 up 80% due to the sale of a development property in Port Mellon.

Total dollar volume of $6,885,590 isup 53%. Available listings were steady at 180 available land-only properties for sale. Total land units sold for March was 12.

 

Takeaway

 

The real estate market on the Sunshine Coast remains strong going into what is traditionally our busiest season with prices remaining to grow. The pressure is off a little as more inventory comes onto the market giving home buyers more choice and sellers more competition.

 

 

Timing, pricing and location are the biggest factors in how quickly a property will sell in a busy market like the Sunshine Coast BC.

 

Speak with a REALTOR® licensed in your area to gain insights into current real estate market activity in your neighbourhood.

 

For all your real estate buying, selling and investment needs on the Sunshine Coast BC contact Russ Qureshi and his team at http://coastlifestyles.ca

 

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Sunshine Coast Real Estate Market – Sales Down and Prices Up

In February 2018, the Sunshine Coast real estate market saw fewer sales, less inventory (overall) and a significantly higher-than-average price across all segments of the market.

 

Detached homes

 

February enjoyed 35 units sold compared to 44 last year. When we look at the fact that inventory levels are nearly unchanged over the same time period (at 214 available units) and the average price has increased 6% from $660,000 to $701,000 perhaps we are seeing a lessening of demand?

 

Personally, I chalk it up to the intensely inclement weather over the past month. The reason is the year to date numbers tend to show a more accurate picture and, with that in mind, we see a total of 71 sales so far in 2018 compared to 76 last year with the average price up from $599,000 to $704,000.

Attached homes

February saw only 11 condo and town home units sell compared to last year at 25 units.  This is explained with the fact that available inventory is down from 44 units last year to only 36 units this year. The average price in this popular area of the market is approximately $430,000.  This is up significantly from last year at $386,000.

 

As demand continues to focus on the attached market, due to affordability, we will continue to see upward pressure on condos and town homes. Especially in light of the fact that inventory is at a total of 36 available total units!

Land only

February has seen 14 sales of bare land which is unchanged from last year. There are 173 active listings which is way down from last year at 225 units. The average price is soaring in bare land up to $320,000 this year from $213,000 last year.

For specific questions and more detail please contact our team at your earliest convenience. 

Cheers,
Russ

 

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Inventory Slowdown Drives Sunshine Coast Real Estate Market

January continue to show extremes in the real estate market on the Sunshine Coast BC, inventory slowdown being a key driver

 

The most notable factor driving the present market is, you guessed it, the lack of inventory.  This continues to be the variable that is becoming more extreme every month.

 

Let’s see how this is playing out across the residential market on the Sunshine Coast.

 

Detached home sales 

The month of January reached a total dollar volume of $25,455,000 which is up from this month last year by 54%!!

 

Available listings dropped 9% from this time last year to 191 available detached homes across the entire Sunshine Coast.

 

Total detached sales went up 12% to 36 units sold.  This means the closing ratio (sales versus available listings) is 19% and firmly in a seller’s market.

 

The average price this past month is also up over last year by 37% at $707,000.  Note: this does not mean the average home is selling for more than $700,000, it simply means the average price for homes sold in January was $707,000. When we look at the average home price over the entire year of 2017 it is $652,000.

 

Attached home sales 

The month of January reached a total dollar volume of $4,771,700 which is up from last year nominally by 6.5%.

 

Available listings are the factor in this surprising small jump in total sales.  We are down 40% in available units so far this year.  The minimal jump in gross dollar volume is more a condition of the lack of available attached housing rather than a lack of interest.

 

The total available attached listings on the Sunshine Coast now sits at 32 and the past month’s closing ratio is 34%, hugely in a seller’s market.

 

The average price of an attached home for January was $432,500.  The average price for an attached home in 2017 was $435,000 so we are down a wee bit.

 

Land only sales 

The month of January reached a total dollar volume of $5,339,000 which is down 48% from last year!

 

Available listings are down 21% to 176 lots on market. Units sold for January are 14 compared to last year’s 15.

 

The closing ration on bare land is 8% meaning it is a buyer’s market.  The average price of a lot on the Sunshine Coast in January was $381,000.

 

What does this mean for home sellers and buyers?

 

Sellers

Whether you are selling your detached home or condo/town home you will do well.  Make sure you have a plan for what to do after your sale!

 

Sales occur in short time frame so having a plan of where you are going and how you are going to get there brings a clarity and peace of mind. This will make the process much more simple and enjoyable for you.

 

If you are planning on improvements prior to listing then contact your REALTOR® and let them show you what will bring you the most bang for your buck and what you should not, or rather need not, do to sell.

 

Buyers

Get pre-approved and be ready to buy into the market now.

 

The Sunshine Coast is one of the last “affordable” places proximal to Vancouver.

 

If you are buying a detached home, being ready financially AND with “your story” is important.  What is your story?  How will it help you acquire the home other buyers are competing on?  In a competitive offer situation having a compelling narrative may be just the variable that gets the seller to pay attention to your offer, along with offering a significant financial incentive and minimal conditions of purchase.

 

If you are down-sizing, and become both a Seller and Buyer at the same time, keep in mind many people in the same place.  Be prepared to pay more than you think you should for that perfect condo or town home.

 

I am often asked “Are we hitting a wall for price on the Coast Russ?”  “Have prices topped out?” “How can people afford to pay this much?!”

 

All good questions and all questions that should be posed and answered in a wider perspective.

 

In the past we have often compared our region to that of Squamish and the Fraser Valley communities of Abbottsford and Maple Ridge.  Up to a few years ago our average home price closely mirrored those communities average home price.  Today the average price of a home in Squamish is $958,000. Abbottsford is $809,000. Maple Ridge is $862,000.

 

While the ferry is a factor for many buyers I believe, the Sunshine Coast has plenty of room to move up on price and will do so over the next few years.

 

If you would like a private consultation to discuss your real estate situation I am happy to oblige both with an accurate valuation and strategies for achieving your real estate goals.

 

 

Timing, pricing and location are the biggest factors in how quickly a property will sell in a busy market like the Sunshine Coast BC.

 

Speak with a REALTOR® licensed in your area to gain insights into current real estate market activity in your neighbourhood.

 

For all your real estate buying, selling and investment needs on the Sunshine Coast BC contact Russ Qureshi and his team at https://coastlifestyles.ca

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Real Estate Market On The Sunshine Coast Remains Strong

The real estate market on the Sunshine Coast remains strong while we await the effects of government changes in mortgage qualifications.

 

HPI (Housing Price Index) rose 18% to $583,100 over December last year along with the total dollar volume up 58% to $44,710,170 in total home sales.

 

Unit sales moved up 20% to 60 homes sold, along with the average price of a home on the Sunshine Coast continuing to climb by 32% to $745,170.

 

Inventory levels were lower in December with only 218 total available homes for sale and 51 newly listed homes.

 

Detached Home Sales

 

The average price of a detached home on the Sunshine Coast rose 4.6% over December to $815,848.

 

Total sales volume held steady at $39,976,570 with 49 homes sold. Inventory levels dropped 21% to 185 listings with only 40 new listings of detached homes for sale.

 

It continues to be a seller’s market with a 26% sales success ratio.

 

Townhome and Condo Sales

 

The average price of a condo and townhome rode the roller-coaster down 26% in December to $426,763 while total sales volume fell by half to $4,733,600.

 

The number of townhomes and condos sold dropped 31%to 11 attached home sales while the number of homes for sale fell to 31 units.

 

The condo and townhome market remained strong with a sales success ratio of 35% due to combination of low inventory and an affordable price point.

 

 

Land

 

Land-only property on the Sunshine Coast persists its monthly up-down trend. The average sale price of land rose again 14% to $400,272.

 

Total sales volume rose 16% to $4,403,000 5,288,500 with 11 units sold.

Total active land-only listings were 189 with 15 new listings for the month of December.

 

Sales success ratio continues its buyer’s market trend at 5%.

 

 

Timing, pricing and location are the biggest factors in how quickly a property will sell in a busy market like the Sunshine Coast BC.

 

Speak with a REALTOR® licensed in your area to gain insights into current real estate market activity in your neighbourhood.

 

For all your real estate buying, selling and investment needs on the Sunshine Coast BC contact Russ Qureshi and his team at https://coastlifestyles.ca

Happy Holidays!!

happy holidays christmas card 2017 from Russ, Ria and Terri

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Important News for Property Investors!

Important News for Landlords and Property Investors

Changes to tenancy laws, including amendments that limit the use of vacate clauses in fixed-term tenancy agreements and that limit rent increases between agreements with the same tenant take effect December 11, 2017

The Provincial NDP Government has just announced
changes to the Residential Tenancy Act – important news for property investors and landlords. As a landlord this means:

1. Fix term tenancies/leases – new rules now apply providing tenants with more protection and limiting a landlords options for termination of tenancy and the raising of rents
2. The only way to end a tenancy is for unpaid rent or utilities or if a family member or yourself intends to occupy the rental unit.
3. These changes are retroactive and apply to all tenancy agreement in the Province of BC as of December 11th, 2017.  These changes supersede any previous agreements you have in place (where the previous agreement may contravene the updated Act).
This link will take you the Residential Tenancy Office website FAQ section.  Familiarize yourself with the new rules so you don’t run into any issues.

READ MORE BELOW …

What changes have been made to B.C.’s tenancy laws?

Changes to the legislation include limiting the use of vacate clauses in new and existing fixed-term tenancy agreements, limiting rent increases between fixed term tenancy agreements with the same tenant, and strengthening the ability of the Residential Tenancy Branch to investigate and levy administrative penalties for serious repeat and deliberate non-compliance with tenancy laws or orders.

What  are the changes related to Fixed-Term Tenancies?

A vacate clause requires a tenant to move out on the date the agreement ends.  Landlords will no longer be able to include a “vacate” clause in a fixed-term tenancy agreement except in certain circumstances.  These new rules will apply to both new and existing tenancy agreements.

Unless the landlord and tenant agree to another fixed term, the tenancy will automatically continue as a month-to-month tenancy under the same terms as the original agreement.  This type of tenancy continues until one party serves notice or they both agree to end the tenancy.

In what kind of circumstances will a landlord still be able to use a vacate clause?

Effective December 11, 2017, fixed term tenancy agreements can no longer include a vacate clause requiring a tenant to move out at the end of the term unless:

 • The tenancy agreement is a sublease agreement; or
• The tenancy is a fixed term tenancy in circumstances prescribed in section 13.1 of the Residential Tenancy Regulation.  This Regulation specifies  situations where a landlord or landlord’s close family member plans in good faith to occupy the rental unit

The ministry will monitor the use of these provisions, continue to consult with key stakeholders and may add new circumstances as necessary.

What are the changes related to rent increases?

A rent increase for a tenant remaining in a rental unit is limited to the maximum annual allowable amount and can only be increased once every 12 months.  Rent can no longer be increased above that amount between tenancy agreements with the same tenant.  Landlords must provide tenants with three full rental months’ notice of a rent increase and use the approved form.

Landlords are no longer able to apply for an additional rent increase on the basis that the rent is significantly lower than other similar rental units in the same geographic area.

I have an existing fixed-term tenancy agreement with a vacancy clause. What should I do?

You may want to have a discussion with your tenant or landlord regarding the intended use of the rental unit at the end of the fixed-term.

If you are a tenant, you will not be required to move out at the end of the term unless you are in a sublease agreement, or the landlord meets the specific circumstances identified in the Residential Tenancy Regulation.  This Regulation specifies a situation where a landlord or a landlord’s close family member plans in good faith to occupy the rental unit (for example, if the landlord has rented out their home during an extended absence for work, school or travel but has firm plans to return on a particular date.

A tenant who wants to move out on the date originally agreed to in the tenancy agreement will need to provide one month written notice to the landlord.  The tenant and landlord may also agree to end the tenancy on the date originally identified as the end of the term.  A mutual agreement to end a tenancy (PDF) must be in writing and agreed to by both parties.

If you are a landlord and you intend to enforce the vacate clause under the specific circumstances identified in the Act or Regulationyou should advise your tenant.  If the tenant doesn’t agree in writing to mutually end the tenancy and move out at the end of the term, you will need to apply for an order of possession through the Residential Tenancy Branch.  At the hearing, the onus will be on you to clearly demonstrate to the arbitrator how you meet the allowable circumstances for a vacate clause.

Are there any other situations where a vacate clause in an existing tenancy agreement can still be enforced?

There are two additional situations involving existing fixed-term tenancy agreements where a vacate clause can still be enforced.  If, before the day the legislative amendments were introduced (October 26, 2017):

  1. A landlord, expecting their tenant to move out at the end of the term, had already entered into a tenancy agreement with a new tenant; or
  2. A landlord was granted an order of possession requiring a tenant to vacate the unit, but the possession order takes effect after December 11, 2017.

What about landlords who have been relying on fixed-term tenancy agreements to protect against bad tenants?

The Residential Tenancy Act is intended to protect both landlord and tenants.  There are options available through the Residential Tenancy Branch to help landlords deal with problem tenants.  It is important that both landlords and tenants know their rights and obligations under the Act.

How can a tenancy end without the vacate clause?

Aside from removing the option to use a vacate clause, the rules around ending a tenancy have not changed.  For example, a tenant can end a tenancy by providing the landlord with at least one rental month written notice.  A Residential Tenancy Branch arbitrator can order the end of a tenancy for a breach of a tenancy agreement by either party.  Landlords and tenants can mutually agree to end a tenancy, which must be documented in writing. A mutual agreement to end a tenancy(PDF) is recommended.  Landlords can also end a tenancy by serving the tenant one of the following notices to end tenancy:

  • 10 Day Notice to End Tenancy for unpaid rent or utilities
  • One Month Notice to End Tenancy for cause or when the tenant’s employment has ended with the landlord (this applies when the rental unit is provided as a condition of employment).
  • Two Month Notice to End Tenancy for landlord’s use or when the tenant no longer qualifies for the subsidized rental unit.

Why are you making these changes?

The B.C. government is committed to doing more to protect renters in B.C.  It is important that tenants have the sense of security they deserve when signing a fixed-term rental lease.  By closing the so-called fixed-term lease loophole, landlords will no longer be able to bypass rent control.