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

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?

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

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!

Sunshine Coast Residential Real Estate Statistics Year End Wrap for 2019

A new year and optimism are in the air for buyers and sellers alike.  With huge leaps in sales during October, November and, especially, December we came close to matching 2018’s numbers in the detached market, we surpassed 2018’s numbers in the condo and townhome market and made a valiant comeback for land-only sales.

The future is so bright I gotta wear shades….as they say.

Let’s break it down:

Detached home sales

Detached sales dollar volume surpassed last December’s total by 156%! Reaching $22,400,000!  Unit sales are in close step with a 128% increase in sales to 32 units sold in December. The median sales price (the price of the sale that falls in the middle of all sales) last month was $627,500 while the average price (the total dollar volume divided by the number of sales) was $700,060 which is up 12% from last month.  Available inventory is also down 15% to 237 units. This puts our sales success ratio at almost 16%.  This is considered a sellers’ market, but only just.

When we look at the entire year of 2019 we see that we are a mere 3% under 2018’s dollar volume! We reached $358,900,000 in 2019.  Unit sales for the year fell short by 2% with a total of 502 sales. The average sale price for 2019 was down 1% to $715,000.  The median sale price for the year was $638,500.  The following chart breaks the unit sales down by price:

The least expensive sale for 2019 was a recreational RV on a pad in Pender Harbour for $27,000.  The most expensive sale for 2019 was a 5700 sqft waterfront home on five acres in Halfmoon Bay for $4,350,000.

Condo and Townhome sales

Condos and Townhome sales dollar volume surpassed last December’s total by 15%. Reaching $3,735,000! Unit sales are equal to last December’s total of 7. The median sale price (the sale price that falls in the middle of all sales) was $425,000 while the average price (the total dollar volume divided by the number of sales) was $533,600 which is up 17% from last month. Available inventory is up 62% to 120 units available. This puts our sales success ratio at 6%…despite the appearance of “action” for condo/townhome sales this portion of the market is in the buyer’s hands.

When we look at the entire year we see that dollar volume up by 12% to $72,635,000! Unit sales for the year are down slightly by 5% to a total of 138 units sold in 2019. The average sale price for 2019 was $528,500, up over 12% from 2018.  The median sales price for the year was $435,000. The following chart breaks the unit sales down by price:

The least expensive sale for 2019 was a ¼ share unit in Pender Harbour for $100,000. The least expensive 100% ownership unit was $219,500 in Sechelt.  The most expensive sale for 2019 was $1,259,900 for a presale unit at Eagleview Heights in Gibsons.

Land only sales 

Land only dollar volume skyrocketed 205% to $4,050,000 over this month last year.  Unit sales were down 20% to 4 total units sold in December 2019.  This discrepancy is accounted for with a “big money” sale in Middle Point of a 7-acre waterfront piece for $2,815,000. That particular sale skews the average sale price beyond usefulness. The sales success ratio at 2%.

When we look at the entire year we see that dollar volume is down from 2018 by 30% to $39,400,000. Units sales are in close step – down 34% to 100 units sold.  The average sale price from a land only property is up 6% to $397,000. The median sales price (the price of the sale that falls in the middle of all sales) for 2019 was $287,000.  The following chart breaks the unit sales down by price:

The least expensive sale for land this year was $130,500 for a lot in Pender Harbour and the most expensive sale was a 1300+ acre parcel up Jervis Inlet for $3,300,000.

What does all this mean?

What does all this mean? I would interpret that this data shows us we have definitely headed out of the correction we faced in 2019 relatively unscathed.  The residential-detached market is coming back in a big way.  The condo/townhome market’s trajectory is also up but with a much less pronounced curve due to inventory/competition.  The land-only market will continue to hobble along over 2020.

Prior to listing your home, detached home & condo/townhome sellers should consider tackling all deferred maintenance from major repairs to touch up painting and cleaning windows.  No job is too small to prepare your home for the market! Have a friend or, better yet, your realtor come by and offer you a critical eye as to what items need to be prioritized before you head to market. Condo/townhome sellers keep in mind the kind of competition you are facing when you decide on price.

Land only sellers…..stay the course, make the property look as desirable as possible and make sure buyers can enter the property for a good look around.

Detached home buyers had the luxury of being a bit more discerning during most of 2019.  That is changing!  With less inventory and more buyers “out there” you should have your financial ducks in a row before you even start looking and be prepared to make an offer when you find the “right place’.

Condo/townhome buyers have the luxury of choice.  There is quite a bit of inventory available whether you are looking for entry-level prices or luxury pre-sale units. Prices remain more or less static so, while it is unlikely you will get that “screaming deal” you can still negotiate a good price.

Land only buyers are in a place where you can cut an amazing deal on the right piece of land.  This is not to say every seller will take a big haircut but your best opportunity for savings as a buyer is in this segment of the market.

In 2020 if you want market information call your realtor.  If you want Market Intelligence call Russ or Terri with Coast Lifestyles Network.