New Normal Real Estate Sales During The COVID Pandemic On The Sunshine Coast

I know everyone has been wondering what the sales statistics might be like six weeks into the COVID – 19 Pandemic.  Well, here we are, and it’s not all bad. Let’s breakdown what happened over April for real estate sales on the Sunshine Coast BC.

 

Detached sales were the bright spot again last month with a total dollar volume down only 2% to $20,500,000 and unit sales down 10% to 26.  Total available listings were down significantly by 28% to 273 homes for sale, meaning the sales success ratio is 9.5% (total sales divided by total inventory), putting the market in the buyer’s hands. Usually, we say the market is in buyer’s hands with a less than 10% sales success ratio, and it is considered a balanced market at 10 – 15% and a seller’s market with sales over 15% of available inventory.)

 

Year to date, we are dead even with 2019 for dollar volume at $88,700,000.  The median price for a detached home on the Sunshine Coast in April was $627,5000. The most expensive home to sell last month was a waterfront in Gibsons that sold for $3,000,000 (on a $3,999,000 asking price).  The least expensive home to sell last month was mobile on land in Sechelt for $420,000.

 

Condo and Townhome sales fared much worse last month. Total dollar volume was down 83% to $1,850,000, and unit sales were down the same percentage to 3 units sold. Total available listings were up by 20% to 111.  This means our sales success ratio is 2.7% putting the attached market firmly in the buyer’s hands. Needless to say, this last month drives the year to date numbers down.

 

With that in mind, year to date, dollar volume is down 43% to $16,900,000, and unit sales are down 33% to 34 units sold this year. The median price for a condo or townhome last month was $394,000. The most expensive condo to sell last month was a presale penthouse unit at The Cote (an exclusive 4 – 6 unit building slated for S Fletcher Rd in Gibsons), bought for $1,375,000.  The least expensive condo to sell was a two-bedroom unit in Sechelt for $350,000.

 

Land only sales for last month was the first time I have seen zero/0 sales occur.  Presently there are 223 available land only units…this is up from last year by 8%.

 

Year to date land only dollar volume is down 36% to $6,300,000.  Unit sales are down 32% to 17 units sold, and the average price for land-only in 2020 has been $370,000.

 

I am happily surprised that during an unprecedented pandemic, detached home sales remain robust.  I think this can tell us something about our attitudes toward land ownership, actually having dirt and a home, compared to a strata unit (and no “dirt” per se).  Add the extremely low interest rates, and we should see this segment of the market remain strong throughout the remainder of the pandemic.

 

The lack of sales in the attached home segment of the market is surprising.  Stay tuned next month to see if this will continue or we will see some more robust sales volume over May.

 

Zero sales in the land-only segment of the market is not really a surprise.  This segment is traditionally much lower in sales volume than real estate with homes.  I would imagine the idea of building under the present circumstances has many land only buyers spooked.  That said, we know several reputable builders continuing to work during this time.  Reach out if you’d like to know who!

 

It’s been an interesting month.  If you want more stats, reach out to your realtor.  If you would like market intelligence applied to your situation, then call Russ or Terri!

 

 

 

girl viewing tablet coast lifestyles network

New condo and townhome sales slow

GIBSONS CONDO AND TOWNHOUSE UPDATE for MARCH 2020

March sales for attached homes for the entire Sunshine Coast indicate a very small increase over last year’s total of 13 units. Out of the 14 sales, 7 were in Gibsons and only one sale was for brand new developments which are listed here for your information.

 

* Maplewood: 28 townhomes next to the Gibsons Community Centre.

* The Halyard: 12 townhomes & garden suites located between Lower & Upper Gibsons.

* EagleView Heights: 87 condos, garden suites and townhomes with gorgeous views.

* Cote: 4 luxury view condos overlooking Gibsons Marina.

* Touchstone at Gospel Rock: 49 condos and 22 townhomes for sale now, with approximately 350 homes in total to be built in this master-planned oceanfront community.

 

Georgia Mirage, Soames Place, Sunshine Ridge and Northwoods all saw sales with business as usual. However, we may begin to see a reduction in sales next month in light of the “Stay Home” order for all Canadians!

 

In these uncertain times of the COVID-19 pandemic, I am taking active measures to ensure all my clients are confident in working with me. While some of our business operations have veered from the traditional methods you may be used to, my commitment to your success is unwavering. In adhering to the new protocol of safety measures and social distancing practices, I am encouraging most of my Home Buyers to work from home (with my help) and view properties on the internet. Viewings can still be arranged for some properties for genuinely serious buyers. Virtual tours, video conferencing and of course personal phone calls are still in order for any matters you would like to discuss.

 

The reasons why people have to buy or sell is still the same now as it was before the pandemic hit us, but the process has changed. Perhaps a buyer bought earlier this year and now needs to sell, or a seller sold their home within the last 60 days and now needs to buy. Flattening the COVID-19 curve, however, means that there are no more open houses and few in-person showings. Real Estate has been deemed an essential service in BC and Canada and I am here for you.

 

I am a real estate Buyer’s Agent and Sunshine Coast Strata Specialist and will be happy to guide you and represent you in your search for a new home! You will have lots of questions and I will have or find all the answers for you. Call or email me anytime for more details about any one of the new developments or any other questions you might have about our local real estate market.

 

Please follow, like and comment to us on Facebook, Twitter and Instagram or our main website at COASTLIFESTYLES.CA

Terri Murphy / 604-741-7774 / terri@coastlifestyles.ca

Coast Lifestyles Network – ReMax City Realty in Gibsons

Self-isolation and buying real estate online: Sunshine Coast March 2020

It is my hope that this month’s Sunshine Coast Real Estate summary finds you all in good health and not yet stir crazy from self-isolation during these unprecedented times!

 

At Coast Lifestyles Network, Terri and I continue to provide real estate trading services to our clients, even in a pandemic, as people need to buy and sell homes.  Although our present situation is very fluid and changeable Terri and I are seeing sellers list their homes, and buyers are continuing with due diligence, waiving subjects and moving into their new homes.

 

Tenanted properties

 

Tenanted properties are the most problematic now due to the freeze on tenancy terminations (even if you plan on moving in) but each situation is different and no situation is impossible.

 

As with any interaction, meeting in person, moving in/out and viewing properties in person should be undertaken with the appropriate precautions regarding the spread of COVID – 19.

 

The Provincial government is responding to the emergency admirably and you can find their COVID – 19 information page here: https://www2.gov.bc.ca/gov/content/safety/emergency-preparedness-response-recovery/covid-19-provincial-support

 

We are ready to help you navigate the current state of real estate!

 

As always, Terri and I encourage you to reach out to us if you have any questions about the Sunshine Coast real estate market, want to work on strategies for moving this spring/summer or just want to chat real estate.  We take our duty of agency seriously and remain available to help you!

 

The sales statistics for March 2020 are the reason for optimism!

 

Although we are over two weeks into the isolation protocols we are not (yet?) seeing this affect the market too greatly.  Detached sales are up significantly, condos and townhomes are down slightly (continuing to match the trend for 2020 so far) and land-only sales are down significantly!

 

Let’s see how this breaks out:

 

Detached sales

 

Detached sales are up 16% in dollar volume to $31,000,000 and up 15% in unit sales to 44 homes sold in March.  Total listings are down by 10% to 286.  Our sales success ratio (the number of sales versus the available inventory) is 15%.  This puts us on the cusp of a seller’s market…interesting indeed.

 

Year to date we are up 1% in dollar volume to $68,200,000 and up 3% in unit sales to 96.  The least expensive sale last month was $175,000 for a mobile home in a park in Pender Harbour. The most expensive home to sell last month was 1.9 million for a waterfront home in Sechelt.  The median sale, the sale in the middle, was $625,000.

 

Condos and townhome sales

 

Condos and townhome sales are down only 9% in dollar volume to $6,262,000 and up slightly by 7% to 14 units sold in March. Total listings are up by 26% to 118. Our sales success ratio (the number of sales versus the available inventory) is 12% putting us in a balanced market.

 

Year to date we are down 17% in dollar volume to $15,050,000 and down 6% in unit sales to 31. The least expensive sale last month was a 2 bedroom townhome in Sechelt for $299,000 and the most expensive attached home to sell last month was one of the presale townhomes at the Touchstone development in Gibsons for $870,000.  The median sale, the sale in the middle, was $390,000.

 

Land only sales

 

Land only sales are down 26% in dollar volume to $1,950,000 and, surprisingly, up in unit sales by 60% to 8 units sold in March. (yes, 8 sales compared to 5 same time last year). Total listings are up 7% to 210 putting much of the land-only market into the buyer’s hands.

 

Year to date we are down 31% in dollar volume to $6,300,000 and down 26% in unit sales to 17.  The least expensive sale last month was an 8000sqft lot in Pender Harbour for $97,000. The most expensive sale was a 4.2-acre parcel in Middlepoint for $460,000.  the median sale, the sale in the middle, was $215,000.

 

As you can see the market chugs along and us with it…:)

 

For market intelligence call or text Russ or Terri!

Russ 604-741-7119

Terri 604-741-7774

 

 

 

helping hand

Coast Lifestyles Network Covid 19 Response

Coast Lifestyles Network Covid 19 Response

 

I want to reach out to all of our clients to let you know about our particular response to the present pandemic.  Terri and I are taking our cues from the WHO, and locally, the Coast Garibaldi Health Unit.  There is also a group of local doctors who are posting in the Sunshine Coast Reporter on line page. The latter has been keeping the Coastal public informed with accurate information! Check out www.coastreporter.net and follow the link.  We also have our real estate regulatory bodies,  industry organizations and ReMax Western Canada providing cues on how to interact in person and out in public.

 

  • It is unlikely we will need to meet in person over the next week but, if we do, you can count on Terri and I to be there for you. Just expect an elbow or toe bump in greeting instead of our usual handshake and hug.

 

  • There are many options available to deal with signing documents and viewing homes. Electronic signatures are just fine for anything but actual completion (you will have to visit your notary or lawyer in person)

 

  • Viewing homes by video meeting is another option some folks are using. Don’t be afraid to reach out and ask about a property if you have questions.

 

  • The market seems to be taking this disruption in stride. Prices are stable, and offers are being made.  Folks are completing and taking possession during this time as well.

 

  • There are some amazing deals for financing with 5-year fixed-term rates as low as 2.7%. I have seen 10-year fixed rates being offered in the low 3’s. As strange as it may sound, if you are looking to buy, now is most definitely a time in which you can get excellent financing terms. We will even see a slight relaxation to the Federal Stress Test for mortgage applications that occur on April 6.

 

  • During this unprecedented time, our family is enjoying our self-isolation by catching up on work, honing our hobbies, getting into the garden and enjoying some yoga, meditation and exercising. Without trying to sound patronizing, please enjoy each moment and don’t overlook the positives that this “occasion” can present. I think we all might just surprise ourselves and come out better on the other side of this thing!!!!

 

We will follow up as things change in our effort to keep you informed.  Don’t be afraid to reach out to Terri or myself at any time!

 

Connect with us here or call Russ direct 604-741-7119

Lock and Leave Lifestyle Living at Eagleview Heights Gibsons BC

GIBSONS CONDO & TOWNHOUSE UPDATE for February 2020

 

February sales for attached homes for the whole Sunshine Coast indicate a drop from last year’s total of 13 units to 10 this year. Six of those sales were in Gibsons, of which five were for brand new developments, which are listed here for your information.

 

* Maplewood: 28 townhomes next to the Gibsons Community Centre.
* The Halyard: 12 townhomes & garden suites located between Lower & Upper Gibsons.
* EagleView Heights: 87 condos, garden suites and townhomes with gorgeous views.
* Cote: 4 luxury view condos that overlook Gibsons Marina.
* Touchstone at Gospel Rock: 49 condos and 22 townhomes for sale now, with approximately 350 homes in total to be built in this master-planned oceanfront community.

EagleView Heights

Let’s discuss EagleView Heights because the first Phase is already 80% SOLD!

Eagelview Heights is a new community is in the heart of Gibsons and walkable to all the town has to offer, including Lower Gibsons waterfront and marinas, yet only 7 minutes to the Langdale ferry terminal.

This development offers a variety of settings to choose from including garden suites, townhomes and condos ranging in size from 800 to 2,400 sq. ft. with 85% of these homes boasting beautiful ocean views. Every home is a corner unit with 9 ft ceilings that enjoys a large outdoor patio. Two acres of re-imagined parkland will offer a walking/biking trail to take in the exceptional vistas and build community.

EagleView’s unique “Lock and Leave” lifestyle

EagleView’s new “Lock and Leave” lifestyle has been masterfully designed and built for both mature and new generational homebuyers and is the perfect combination of style and sustainability.

EagleView’s unique layout on the hillside limits each of the 16 three-storey buildings to only six suites, ensuring ease of access and very nice privacy. Amenities at The Eagle Club for all residents include a fully-equipped exercise room, outdoor infinity-edge pool and hot tub, as well as a games room and ample space for social gatherings. Underground parking will offer individual EV charging. Townhomes and garden suites have their own private garages.

Estimated completion for Phase 1 is May 2022, about six months earlier than Touchstone.

There are only two homes left under $1M, plus another 11 homes available out of 63 units in Phase 1. Phase 2 will have another 24 condos for sale starting at $1.3M. Call me for details on those two homes remaining.

Terri, Buyer’s Agent and Sunshine Coast Strata Specialist

As a Buyer’s Agent and Sunshine Coast Strata Specialist, I’d be happy to guide you and represent you in your search for a new home! You will have lots of questions, and I will have or find all the answers for you.

Call or email me anytime for more details about this exciting new development at Eagleview Heights. I would love to hear from you!

Terri Murphy / 604-741-7774 / terri@coastlifestyles.ca / Coast Lifestyles Network
Re/Max City Realty in Gibsons

It’s Tax Time, Canada! What if I get audited about my real estate transactions in 2019?

Did you know that the CRA has created and significantly funded a new Real Estate Task Force to deter tax non-compliance in the real estate market?

You may get audited this year if you come on to the task force’s radar.  Even if you don’t get audited, don’t forget that if you sold your primary residence in 2019 you need to declare that on your income tax filing.
Click here for an informative article by David H. Benarroch and Nicolas Simard at Fasken TaxEd, and links to the Real Estate audit questionnaire and the CRA Real Estate Task Force mission to collect over a billion dollars in additional taxes from Ontario and British Columbian residents.

Detached Home Sales A Bright Spot In February 2020

Sunshine Coast Real Estate Market Update for February 2020

 

Detached home sales continue to make for the most dollar volume for February and 2020 to date! Despite this, the real estate market on the Sunshine Coast was still down from this time last year.

 

Condos and townhome (re)sales continue to be somewhat stagnant with the availability of presale units at Eagleview Height, The Halyard, The Maplewood and Touchstone saturating the attached market.

 

Land only sales are still slow (when has this segment ever been brisk?!), but certain kinds of properties can attract a buyer’s eye.

 

Let’s see how it all breaks down:

Detached home sales

Detached home sales for February were down 25% in dollar volume to $20,300,000 and down 13% in unit sales to 31 units sold.  The sales success ratio (the number of sales versus available inventory) was 11.50% leaving us in a balanced market. Year to date is down 8% in dollar volume to $37,250,000, and unit sales down 5% to 52 units sold this year. Total inventory is 270 homes with the median sale price (what the middle sale was) at $586,500.

Condos and townhome sales

Condos and townhome sales for February were down in dollar volume by 12.5% to $6,100,000.  Unit sales were down 23% to 10 units sold in February. The sales success ratio (the number of sales versus available inventory) was 7.5% leaving us in a buyer’s market.  Year to date was down 23% in dollar volume to $8,750,000, and unit sales dropped 15% to 17 units sold this year so far.  Keep in mind there are some unreported sales happening with the Touchstone project.  Pay attention to Terri Murphy’s blog on our website for details on that project and more.  Total inventory is 132 units available with the median sale price (what the middle sale was) at $549,000.

Land only sales

Land only sales for February were up in dollar volume by 23% to $3,850,000 and unit sales down by one sale to 6. The sales success ratio (the number of sales versus available inventory) was just under 3% keeping this segment of the market in the buyer’s hands. Year to date, we are down in dollar volume by 33% to $4,350,000, and unit sales by 50% top 9 units sold this year. Total inventory is 210 units available with the median sale price (what the middle sale was) at $447,500.

Gibsons Condo and Townhouse Update for January 2020

GIBSONS CONDO AND TOWNHOUSE UPDATE

January 2020

 

January’s sales for attached homes for the whole Sunshine Coast indicate no change from January last year with only seven sales for the month (3 in Gibsons). These stats, however, can be better explained with information and details on brand new developments, of which there are five in the Town of Gibsons alone.

 

* Maplewood: 28 townhomes next to the Gibsons Community Centre.

* The Halyard: 12 townhomes & garden suites located between Lower & Upper Gibsons.

* Eagleview Heights: 87 condos, garden suites and townhomes with gorgeous views.

* Cote: 4 luxury view condos overlooking Gibsons Marina.

* Touchstone at Gospel Rock: 49 condos and 22 townhomes for sale now, with approximately 350 homes in total to be built in this master-planned oceanfront community.

 

I will discuss one of these new developments every month starting with Touchstone because as you can see…it is an extraordinary number of new homes coming to the Gibsons area over the next few years. I am a Buyer’s Agent and Sunshine Coast Strata Specialist and will be happy to guide you and represent you in your search for a new home! You will have lots of questions and I will have or find all the answers for you.

 

TOUCHSTONE AT GOSPEL ROCK

This is a stunningly beautiful oceanfront community on 23 acres of picturesque parkland. Touchstone Village will have a Central Plaza, boutique Hotel with lots of amenities, and the Greenland Trail will inspire an active lifestyle as it connects the Village residents to three parks contained in 5 acres of forest, oceanfront rock and grassland walkways all the way down to Secret Beach.

 

The Village Residences complex has 49 homes on 4 floors for sale and 22 other townhomes in Building D are available for sale now also. Price and size range from $395,000 – $870,000 and from 664 – 1,772 sq. ft., however, 45% of the Residence homes are already SOLD! Sales began last October, however, they were not reflected on the MLS system, which is why the Real Estate Board of Greater Vancouver (REBGV) reported stats are incomplete.

 

There have been more sales reported for attached homes on the Sunshine Coast, for sure!

 

Estimated completion for The Residences is Fall 2022 and Spring 2023 for townhomes. There will also be (coming soon) homesites available to purchase for you to build detached home. There are still some pretty nice incentives and perks for early bird purchasers of The Residences, which I look forward to discussing with you. Call me for more info.

 

The website to view is TOUCHSTONEGIBSONS.COM and you can register with my name as your Real Estate Agent, but perhaps call or email me anytime for more details about this exciting new development.

 

I would love to hear from you!

 

Terri Murphy
604-741-7774

terri@coastlifestyles.ca

Coast Lifestyles Network – Re/Max City Realty in Gibsons

Coast-lifestyles-network-terri-murphy-laugh

What’s a Buyer’s Specialist, anyway?

What’s a Buyer’s Specialist, anyway?

 

At Coast Lifestyles Network, we are committed to providing valuable advice and impactful practices to help guide our clients through the process of buying, selling and investing in real estate on the Sunshine Coast BC.

 

As a real estate “Buyer’s Specialist,” Terri Murphy works exclusively with home buyers and investors who want to call the Sunshine Coast home or a home-away-from-home. 

 

A Buyer’s Specialist offers expertise and guidance in a supportive environment as you navigate all the steps necessary to make a successful home or property purchase.

Terri’s focus is on helping clients in the purchasing process by providing knowledge and access to:

 

  • a diverse range of properties that meet your criteria
  • property details and insights including zoning and bylaws
  • mortgage and financing costs with ancillary services
  • due diligence, moving and closing costs
  • government taxes, grants and rebates
  • negotiating skills to secure your best price and terms
  • bringing your new home to completion with ease and grace

 

A personal note to homebuyers from Terri: 

 

Professionalism: Knowledge, education and experience go a long way, but the key to a successful outcome in the real estate business is exercising sound judgement and offering sound advice and this is where my expertise shines. It is a reflection of my character and skill. Professional judgement is about doing things the best way – without shortcuts. Because the best way exists for a reason – to reduce risk and better protect my clients. Even when the risk of a shortcut may appear small, I know from observing other colleagues that a situation can quickly spiral out of control. As your Realtor, you can rely on my judgement and advice, even when that means more time and effort on my part.

 

Communication: When I work with a client, I ensure we are on the same page because few things are as important as communicating clearly and honestly. I begin by discussing my services using plain language. I never assume that a client understands technical terms or industry jargon. It’s important to have a comprehensive understanding of what to expect in the sales process. I frequently communicate in the preferred mode best suited to a client, to provide sound, accurate advice to fulfill my obligations to clients who understand the value of working with a regulated real estate professional.

 

I follow through on written and verbal promises and provide an honest timeline for achieving your goal. Integrity always comes first! I will assist you through the entire process and beyond, promoting your best interests, providing options and sound advice reflecting your circumstances.

 

I love the Sunshine Coast….so let me tell you more and make you a convert to this vibrant and beautiful community!

 

When you work with Terri Murphy, be assured you have chosen the right agent to represent your best interests while achieving your real estate goals and dreams!

 

Learn all you need to know to make a successful real estate purchase on the Sunshine Coast with Coast Lifestyles Network. Start the coastal lifestyle you’ve always dreamed of today!

 

Contact Terri Murphy directly:

Send an email to terri@coastlifestyles.ca 

Call/text Terri’s cell phone at 604-741-7774

vancouver and snowy coast mountains

Sunshine Coast Residential Real Estate Sales Statistics for January 2020

January brought us snow and freezing weather (along with a few spring-like days) and the months results for real estate sales show we are at the very bottom of our annual sales cycle here on the Sunshine Coast.

 

This is how it breaks down:

 

Detached sales reached $16,944,000 in dollar volume surpassing this month last year by 25%.  Sales volume was only up 10% to 21 units sold. Two large sales between $2 – 3 million are skewing the dollar volume results.  Available inventory is down 14% to 235 units.  With that in mind, our sales success ratio is approximately 9% which is “Buyer’s Market” territory.  The median sale price (the home that sold in the middle of the value range) for a detached home in January was $650,000.

 

Condo and Town Home sales were down 38% in dollar volume to $2,703,000.  Unit sales were dead even with 7 units sold. Available inventory is up to 115 units which are an increase of 121% over last year.  This means our sales success ratio in the attached market is 6%.  This is not unusual for January but does indicate a strong buyer’s market.  The median sales price (the home that sold in the middle of the value range) for a condo/townhome was $345,000.

 

Land only sales in January were down 85% in dollar volume to $487,000 and down in unit sales by 72% to 3 sales. Available inventory is up 14% over this time last year to 208 land only properties for sale.  The median sales price for the land was $139,000.  With a 1.25% sales success ratio, we are definitely in the trough of the annual Sunshine Coast sales cycle.

 

For both buyers and sellers, January is almost always a very slow month for sales.  This will pass over February (depending on weather) and certainly by March.  Hang tight!