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Sunshine Coast real estate market jumps ahead into spring

Sunshine Coast real estate market jumps ahead into spring in both detached homes and condos and townhomes this past month whereas land only continues the trend of a downward slide.

 

Let’s break it down and see what this looks like:

Detached Homes

Detached Homes saw an 11% increase in dollar volume for a total of $27,250,000. Units sales are only up 2% to 36 units sold. February was a catch-up month as the year to date totals for dollar volume are down 18% to $40,750,000 and unit sales down 22% to 55 units sold in 2019. Some of the increase can be accounted for by a single $4,300,000 sale.

 

The amount of available detached homes for sale is up 28% to 275. This puts our sales ratio at 13% (13 homes are sold for every 100 available) which is generally thought of as a balanced market. The average price for a home on the Sunshine Coast in February was $758,000 with the year to date average price coming in at $740,000.

Condos and Townhomes

Condos and Townhomes saw a 31.5% increase in dollar volume for a total of $7,000,000. Units sales are up 15% to a total of 13 units sold in February. The skew in the dollar volume comes from the fact that many of these sales are “pre-sale” units in the Eagleview Heights development in Gibsons. As per the developer’s disclosure on this project, these units should be available in spring 2022.

 

Year to date we have seen an uptick of 16% to $11,350,000. Unit sales this year are down 10% to 20 units sold. The amount of available condos and townhomes for sale is up 43% to 63. This puts our sales ratio at 21% (21 units are sold for every 100 available) which is generally thought of as a seller’s market. The average price for a condo or townhome on the Sunshine Coast in February was $543,500 with the year to date average price coming in at $583,500.

Land Only Sales

Land Only Sales saw a 30% decrease in dollar volume to $3,100,000. This is not unusual from a seasonal point of view. Unit sales are down 50% to 7 units sold in February. Year to date we have seen a slide in dollar volume of 33% to $6,500,000. Unit sales this year are down 35% to 18 units sold.

 

The amount of available bare land lots for sale is up only 4% to 181. This puts our sales ratio at 4% (4 units are sold for every 100 available) which is very much a buyers market. The average price for bare land on the Sunshine Coast in February was $445,000 with the year to date average price coming in at $361,500.

 

We are seeing some renewed jump in the market! My colleagues are reporting more people at open houses and more offers being written.

 

Buyers can still look at getting a good deal in the detached market but don’t be stingy if you want to get into a condo or townhome.

 

Sellers should consider having a competitive price to get an offer on the table but it depends on your situation and goal for a sale.

 

For information contact your realtor. For market intelligence contact Russ or Terri with Coast Lifestyles Network.

Lead the real estate market during the slow months

Sales are better than December 2018 however it is still one of the slowest months in recent memory! Learn more on how home sellers can lead the real estate market.

 

Detached homes sales are down in dollar volume by 47% from last year. Total dollar volume for January was $13,500,000.  Unit sales closely matched at 47% down from last year with 19 sales.  We have a total of 276 active listings available which is up 44% from last year.  This puts our sales success ratio (the amount of sold properties verses available listings) at 6.8% which denotes a market heavily in the buyers’ hands.  The average price of a detached home in January was $709,000.

 

Condos and townhome sales are down in dollar volume by 8% from last year. Total dollar volume for January was $4,360,000.  Unit sales are down by 34% with only 7 sales.  We have a total of 62 active attached listings which is up 48% from last year.  This puts the sales success ratio at approximately 12%.  This is inching toward a buyers market but is not having much effect on price.  The average price of a condo in January was $692,000.  That number is heavily skewed by the presales of Eagleview Heights which is Gibsons latest development.

 

Land only sales are down in dollar volume by 36% from last year.  Total dollar volume for January was $3,400,000.  Unit sales are down by 21% to 11 sales.  We have a total of 181 active land only listings which is up only 2% from last year.  This puts the sales success ratio at a relatively steady 6%.  This segment of the market continues to be firmly in the hands of buyers. The average price of a bareland property in January was $308,000.

 

Sellers my ongoing advice is don’t be overconfident with price.  Know what else is available that is going to compete with your home! One of the best things to do is to LEAD THE REAL ESTATE MARKET whether it is going up or down.  Consider listing under the price of your next closest competitor.  This will have the dual advantage of getting you sold faster and with less grinding on price. As always, make sure your home is in a highly showable condition. Don’t defer regular maintenance, make sure the home is clean and tidy and accommodate buyer requests for viewing times.

 

Buyers if you find the right property for you go for it!  There are a lot of great deals happening in the market place right now! Don’t miss your dream home or quality investment because you think the market is going to fall further.  Make the deal you want today. Do most of your homework prior to offering on a property so you can present an offer that is solid, clean and easily accepted.

 

For market intelligence call Russ at 604-741-7119 or Terri at 604-741-7774 or send us an email

ria qureshi

Announcing a change in partnership

Coast Lifestyles Network is pleased to announce a change in partnership, Ria Qureshi has moved on as of January 28, 2019, and is now a certified professional coach and yoga teacher helping people move through growth and transformation.

Russ Qureshi and Terri Murphy remain committed to providing you with outstanding service, expert negotiations and local knowledge as you navigate buying, selling or investing in real estate on the Sunshine Coast.

If you have any questions, please call or email Russ Qureshi at 604-989-2253, russ@coastlifestyles.ca

Royal LePage Sussex #1 on the Sunshine Coast

Royal LePage Sussex #1 brokerage on the Sunshine Coast
January – December 2018, sales volume

 

SCoast Co Volume Jan - Dec 2018 10.40.11 AM

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Real estate twists and turns in 2018 and outlook for 2019

As with most years in real estate, 2018 real estate market on the Sunshine Coast has given us some twists and turns! We have seen some regulations that will change how real estate is conducted in British Columbia.

Most notably, the listing REALTOR® can no longer represent a buyer on that REALTOR®’s listing (no more limited dual agency).

Buyers have had to suffer the federal governments stress test even on uninsured mortgages, and this has had the desired effect of cooling the real estate market across the country.

Add to this some significant taxes levied on second homes and recreational dwellings in certain areas of British Columbia and the empty home tax in Vancouver and we end up with a depressed market.

Sunshine Coast Wild Card

The real wild card to pay attention to is the fact that prices in many areas of the market remain quite buoyant! While we have seen significant equity loss in the Lower Mainland, especially in very high-end properties, the Sunshine Coast has enjoyed a very minimal equity loss for property owners and an overall increase in value and equity in both detached and attached properties.

Detached Homes

December 2018 was one of the slowest months in Real Estate on the Sunshine Coast in recent memory. Here is how it breaks down:

Detached home sales were down for December. Unit sales dropped 71% to 14 units sold. Dollar volume is almost the same – down 78% to $8,750,000. There are 279 active, detached listings and the closing ratio (the number of sales versus available inventory) was a little over 5% putting the market firmly in the buyer’s hands.

The year, as a whole, was not near as bad with unit sales down 29% to 514 homes sold. Dollar volume for 2018 is down 27% to $372,000,000. The average sale price for a detached home in 2018 was up 1% to $724,000.

Condos and Townhomes

Condo and townhome sales were down for December. Unit sales decreased 34% to 7 units sold. Dollar volume shift is almost the same as sales – down 35% to $3,155,000. There are 46 condos and townhomes for sale, and the closing ratio was 15% keeping this type of properties in a seller’s market.

The year as a whole is down considerably in the townhome and condo market with unit sales off last years mark by 40% for a total of 139 units sold. Dollar volume for 2018 is down 36% to $64,050,000. The average sale price of a condo in 2018 was up 6.5% to $462,000.

Land Only Sales

Land only sales were predictably down in December. Unit sales experienced a reduction of 54% to 5 units sold. Dollar volume is down 69% to $1,325,000. There are 188 land only properties for sale, and the closing ratio was 2.65% keeping this segment of the market in the hands of buyers.

The year as a whole in the land only market is down with unit sales missing last year’s mark by 24% to 152 and dollar volume telling the same story down 29% to $56,500,000. The average sale price for a land only property was down 6% to $372,000.

Outlook for 2019

Demand is down, inventory is up, and we still have an increase in values for detached homes, condos and townhomes.

I am optimistic about 2019 with these caveats:

Sellers

Price your home competitively if you want to sell. Although prices are up, overall detached home sellers need to be savvy about how they compete with the other inventory.

Attached home sellers enjoy the most sought-after segment of the market but still need to be conservative in their desired asking price over the “last sale in the complex.”

Buyers

Don’t wait out for this market because lots of folks are thinking the price is going to fall off but, as evidenced by 2018, this is unlikely to be the case in any way. If you find the right home or investment make the offer today with the price you want to pay. If you see just the right thing but wait, you will likely lose it or pay the same.

Overall Impressions

Things to watch for in 2019 are interest rate hikes, changes to the mortgage stress test requirements and inventory levels. The Bank of Canada has been very dovish in it’s most recent announcements regarding raising interest rates, and it is unlikely we will see a rate hike during the first quarter of 2019. Watch for any changes to the mortgage stress test. If there is a softening of the stress test, we will see more buyers enter the market. Watch for inventory levels to rise considerably making the competition factor for sellers greater.

Peace of Mind

Now, more than ever, it is essential to have a professional in your corner whether you are a buyer or seller. The market is nuanced and highly detailed, so it’s worth investing in the peace of mind that the assistance of a professional REALTOR® delivers.

Contact Russ or Terri at Coast Lifestyles Network for real estate market intelligence.

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Home sales depress across all types of property on the Sunshine Coast

Sunshine Coast Real Estate Market Statistics for November 2018

Home sales depress across all types of property on the Sunshine Coast, however, the average price, year to date, is still up over 2017!  Let’s break it down by property type.

Detached home sales

Detached home sales in November were down 45% in dollar volume to $21,110,000 and down 40% in unit sales to 30 homes sold.  Inventory is up 41% to 333 available detached homes for sale.  Year to date we see a decline of 23% in dollar volume to $363,000,000 and a 26% reduction in unit sales to 500.  These figures have remained quite steady for the entire year.  The average price for a home on the Sunshine Coast last month was $727,000 which is up 3% from last year. The closing ratio (amount of sales versus available inventory) for last month was 9%, dipping us back into a buyers market (an under 10% closing ratio).

Condos and townhome sales

Condos and townhome sales in November were down 63% in dollar volume to $3,344,000 and down 56% in unit sales to 7 condos/townhomes sold.  Inventory is up 22% to 53 units available.  Year to date we see a decline of 36% to $61,000,000 in dollar volume and a 59% reduction in unit sales to 132.  The average price for an attached home on the Sunshine Coast is $462,000 which is a 6.5% increase over last year.  The closing ratio  (amount of sales versus available inventory) for last month was 13% which is considered a balanced market (10 – 15% closing ratio).

Land only sales

Land only sales in November were down 36% in dollar volume to $3,400,000 and down 33% in unit sales to 10 land only properties sold.  Inventory is up 5% to 208 units available.  Year to date we see a decline of 26% to $55,200,000 in dollar volume and a 22% reduction in unit sales to 147.  The average price for land only is $375,000 which is down 5% from last year.  The closing ratio (amount of sales versus available inventory) for last month was 4.8% leaving this section of the market firmly in the hands of buyers.

Property Values

We continue to see a decline in sales volume but no real decline in property values.  Also, the year to date declines remains relatively steady month after month.  Even those declines, when measured against a 10-year average, lead our team to believe that the market is adjusting to “normal” as it comes off an all-time high number of sales and low inventory experienced from 2015 to the end of 2017.

Bank of Canada rate increase in January 2019

With the loss of the car manufacturing plants in Ontario last month and the lowered production of oil in Alberta look to the Bank of Canada to NOT raise the prime in the early New Year and, possibly, the feds to revisit and soften the mortgage stress test.

For real market intelligence contact Russ, Ria and Terri from the Coast Lifestyles Network team!

 

 

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Sunshine Coast Real Estate Market Seeing Some Bright Spots

Sunshine Coast Real Estate Market Seeing Some Bright Spots (October 2018)

 

The residential real estate market continued to decline on the Sunshine Coast overall but has seen some bright spots this past month.

 

Detached Home Sales

In the Detached Market we enjoyed over $29,000,000 in gross dollar volume, however, this was 33% under last years production.  Total units sold was 49, down 24% from last year.  Year to date is less dramatic with dollar volume down 21% to $342,200,000 and unit sales down 24% to 470.  The average sale price last month is down 11% to $595,000 but YTD we are still up 4% to $728,000.  The success ratio stands at 14% bringing us out of a buyers market (in September) and into a balanced market for October.

Condos & Townhomes

In the Attached Market condos and townhomes faired much the same.  Gross dollar volume was at $4,750,000 which is down 49%.  Total units sold was 9 down 57% from last year.  Year to date shows gross dollar volume down 44% to $57,570,000 and unit sales down 39% to 125.  That average sale price was down 1% last month to $496,000 and up 14% to $470,000 a year to date. The success ratio stands at 16% keeping the attached market in seller’s hands.

Bare Land Property

Bare land property suffered in a less dramatic fashion with gross dollar volume down 25% to $2,881,000 and unit sales down to 11 from 13 in September.  Year to date shows the same with total dollar volume down 26% to $51,800,000 and total unit sales down 21% to 137.  The average sale price for the land was down 11% last month to $262,000.  The success ratio stands at 5% leaving the Bareland market firmly in the hands of Buyers.

Interest Rate Hikes

We noticed a spike in sales this past month with folks making their purchase before interest rates were hiked.  Many buyers were tired of sitting on the fence and decided to buy in instead of paying a higher rate later.  We are also expecting some of the present pent-up buyer demand to play itself out over the early new year.  This will soften any further reductions in sales and keep prices buoyant.

Home Buyers

Buyers – we are starting to see sellers become more flexible on price!  Interest rates will continue to rise if the Bank of Canada has its way…we don’t have much choice but to follow the lead of our southern neighbours and they seem determined to bring the interest rate up.  Do the math and see if waiting for better prices will actually result in savings…..

Home Sellers

Sellers – although prices are, overall, up you should consider being quite flexible on price when an offer comes in depending on your home and the neighbourhood in which you are located….Buyers have more choice now so “work with the bird in hand”.

For real market intelligence call Russ, Ria or Terri at Coast Lifestyles Network!

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cannabis legalization in bc canada

Cannabis Legalization and Your Real Estate Investment in BC Canada

To Grow or Not to Grow – Cannabis Legalization

Cannabis legalization was a big day across Canada with the recreational growing and consumption of cannabis for personal use. For those of our clients that enjoy this product, it is a good day….BUT…as your real estate advisors, we would ask you to carefully consider if you really want to turn your home into a grow op!  Some details have yet to be worked out.

Here’s what you need to know about Cannabis Legalization and Your Real Estate Investment in BC Canada:

  •  Disclosure – even though it is now legal, if you are selling your home, you still need to disclose if you have used any room in your home, or even if you have an exterior area, to grow marijuana.
  •  How will this affect yours and/or a buyers ability to get home insurance?  This is unknown as many insurers have not created policy around this question.
  •  How will this affect the ability to finance a purchase?  This is also unknown but may affect the sale of your home in a negative way.
  •  If you live in strata, how does your council intend to “regulate” the growing of marijuana plants in individual units?  Are your strata on top of this?
  •  If you own a rental property and have not addressed this issue with your tenants, in writing, then you should get on that immediately.
These are just some of the questions that are coming hand in hand with marijuana legalization.  I’m certain there will be more details and questions as we navigate through this time of transition.

Are you considering growing at home?

If you are considering growing your own marijuana, and you are also considering selling in the future,  please think about how the disclosure of your “grow-op” may reduce the value of your home.

Buyers

If you are considering buying over the next while making sure you check the property condition statement to see if the home or property has been used as a grow-op at any point in the past.  We would also advise requiring the seller to provide a warranty (guarantee) that the home and property have never been used as a grow-op.

Landlords

If you are a landlord please amend any rental agreement you have with an addendum stating your policy on growing marijuana in the rental home or anywhere on the rental property.
Coast Lifestyles Network will keep you informed of developments on how marijuana legalization will affect real estate.  If you have any questions please call Russ, Ria or Terri and we are happy to discuss it with you!