Gibsons Harbour Coast Lifestyles Network

Condo and Townhome Update Gibsons BC October 2019

THE TIME IS NOW…. if you are considering a strata-type of home purchase on the Sunshine

Coast….and in particular Gibsons. There is an abundance of inventory ranging in size and price

for brand new or older mature complexes.

 

As of this date, there are almost 100 homes available, of which about 56 are pre-construction purchases for new developments:

 

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

* The Halyard: will have12 new homes: nine 3-level view townhomes and 3 garden suites.

* Touchstone at Gospel Rock, has released their Village Residences (not on MLS) with 49

condos and townhomes for sale, which started October 7. Apparently 30% have been SOLD!

Please call me…or go to their website TouchstoneGibsons.com and mention our team

Coast Lifestyles Network. I can answer any detailed questions and represent you in a

purchase. The estimated completion is in Summer 2022.

 

* Eagleview Heights (87 units in total) has now sold out their Phase 1.

The October stats for the whole Sunshine Coast Strata market indicate a 10% decrease in the

number of sales from last month. Five of those nine sales (excluding Touchstone) were in

Gibsons. The present available inventory is spread among 24 different developments that are

suitable to all groups of buyers: Families (near schools), Seniors (55+ complexes) and

Investors (rentals allowed). In particular, First Time Home Buyers, as generally these can be

the most affordable type of properties to purchase.

Prices and size range from $279,000 to $1.5M and from 660 to1,790 sq. ft., so there is a new

home for one and all depending on your personal criteria.

 

There are some differences in strata living compared to detached homes, but also many

benefits you might not be aware of.

We have complexes that have as many as 69 homes and

also, duplexes that are side-by-side with no strata fees and a detached home feel.

 

As a Buyer’s Agent and the Sunshine Coast Strata Specialist, I am happy to guide and

represent you in your search for a Sunshine Coast home. I work all areas of the Coast and I

am familiar with most strata homes available in the Sechelt area as well.

 

I invite you to call or email me anytime for a chat or if you have any Real Estate questions.

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

Re/Max City Realty in Gibsons

life is good beach

Optimism is the theme for Sunshine Coast Real Estate Market this fall

Optimism is the theme for the Sunshine Coast detached Real Estate Market this fall!

 

While both the condo/townhome and land only markets are tempering the detached gains, last month’s sales results show significant improvement!  Let’s see how this breaks out for Sunshine Coast Market Update October 2019:

 

Detached sales on the Sunshine Coast increased in dollar volume by 21% to $35,300,000.  Unit sales were up 6% to 52 units sold. The total available inventory is 351 units (compared to 353 last year), so the sales success ratio is 14.8% meaning the detached market is in the sellers’ hands.  The average price last month was $678,000, which is up 14% over previous year.  Year to date, we are still catching up, but the gap closes each month.  Year to date dollar volume is down 11% to $302,000,000, and unit sales are down 10% to 423.  The average price for a detached home so far this year is down 1% to $714,000.

 

Condos & townhome sales decreased in dollar volume this past month by 29% to $3,350,000, and unit sales dropped 10% to 8 units sold.  Available inventory is up by 53% to 112 units.  The sales success ratio is only 7% putting this segment of the market into buyers’ hands. The average price last month was $420,000 down 20% from last year, but that giant swing can be accounted for with the pricier presales occurring with several new developments. Year to date, the dollar volume is up 9% to $63,500,000, with unit sales down 4% to 120 units sold. The average price for a condo and townhome this year is $525,000. Keeping in mind, pricier presales are skewing this number.  The average sale price for a resale condo or townhome is more in the range of $425,000.

 

Land only sales are consistently low again. We are down 38% in dollar volume to $1,775,000. Unit sales slipped 18% to 9 units sold.  The available inventory is up 2% to 225 units, which put the market into a buyer’s hands with a sales success ratio of 4%.  The average price for bare land last month was $197,000. Year to date dollar volume is down 41% to $30,400,000.  Unit sales follow – down 42% to 79 units sold.

 

Sellers of detached real estate, the market is leaning in your favour this fall.  That said, be cognizant of the competition and the difficulty some buyers are finding in getting financing. Prior to listing, attend to any deferred maintenance and make your home’s benefits obvious to a buyer.

 

Sellers of a condo or townhome, keep in mind the competition you face from the new Touchstone Development in particular.  While possession is still three years away, the presale units are absorbing into the market well and causing less demand on existing units.

 

Buyers, it’s important in this market you gain written preapproval of your financing options before writing an offer.  Many deals collapse due to financing when a buyer receives a “wink and a nod” from their lender but haven’t gone through the process.  Save yourself some disappointment later and get your pre-approval letter now. You can lock in rates for 90 days in most cases, and you are less likely to suffer an unpleasant surprise well into the process.

 

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