man at computer w coffee
russqureshi

Bank of Canada holds interest rates, for now

/0 Comments/in /by

Sunshine Coast Sales Report for August 2023

August was a quiet month overall, but we saw quite a jump in action for the detached and townhome/condo markets compared to last year. Our land-only market segment is down from last year but continues to move along regardless. Let’s see how this breaks out:

Fully detached sales are up 63% in dollar volume to $51,705,000 and 41% in unit sales to 41 homes sold. Our available inventory is up 24% to 346 homes for sale. This means our sales success ratio (the amount of sales versus the available inventory) is 12%, putting us at the lower end of the scale for a balanced market.

Year to date, we are down 30% in dollar volume to $324,200,000, and unit sales are down 27% to 286 homes sold in 2023. Our average price was skewed by two high dollar sales last month – A Roberts Creek waterfront for $4,125,000 and an entire island – Silver Island for $4,200,000 (which was $1,300,000 over asking!)

August’s average price was $1,261,000, whereas the median price (the price the middle home sold for) was $943,500.

Condo and Town Home sales are up in dollar volume by 25% to $6,450,000, and unit sales are up by 41% to 12.   Our available inventory in this market segment is 25% to 62 units. Therefore, our sales success ratio is just over 19%, putting it at the very high end of a balanced market.

Year to date, we are down 14% in dollar volume to $60,050,000 and down 8% in unit sales to 99.

August’s average price was $545,000, whereas the median price (the price the middle home sold for) was $505,000.

Land Only sales are down 37% in dollar volume to $2,100,000 and up 25% in unit sales to 5 pieces of bare land sold in August. Our available inventory is up 28% to 108; therefore, our sales success ratio is 4%, making this a buyer’s market.

Year to date, we are down in dollar volume by 61% to $26,400,000 and down in unit sales by 69% to 33.

Last month’s average price was $425,000, and the median price was $290,000.

The Bank of Canada met on September 6 to announce they will hold the interest rate at 5% for a bit longer. With three Provincial Premiers and the Federal Opposition calling for a hold, it was unsurprising that is what they did. This should provide breathing space for those needing to finance their next move.

For an informed discussion on pricing your home, call Russ and Jon with Coast Lifestyles Network and allow us to “de-risk” your next real estate transaction.

Sailing yacht in blue sea
russqureshi

Seasonal summer relaxing of the market

/in /by

Sunshine Coast Real Estate Snap Shot for July 2023

In keeping with last month, the real estate market on the Sunshine Coast is holding steady despite the Bank of Canada bringing its’ overnight rate to 5% this past month. Small increases in both dollar and unit volume speak positively to the power of real property as an asset on the Sunshine Coast!

Let’s see how July stats breaks out:

Fully Detached Home Sales Bump Up

Fully Detached Home Sales enjoyed a 3% bump in dollar volume to $39,350,000 and a 5% bump in unit sales to 36 homes sold in July. Our available inventory took a big jump of 25% to 345 available homes for sale. This means our sales success ratio is 10.5 % and puts us into a buyers’ market.

Year to date we are down 37% in dollar volume to $272,475,000 and unit sales are down 33% to 245 homes sold so far in 2023.

The average price for a home last month was $1,112,000 and the median price (the home that sold in the middle) was not far off at $1,025,000.

Attached Home Sales Jump Significantly

Townhome and Condo Sales volume is up 23% to $6,910,000 and unit sales are up 27% to 11 units sold in July. Our available inventory is up 33% to 60 available homes for sale. This means our sales success ratio is 18% putting us in balanced market territory.

Year to date we see that we are still down in dollar volume by 18% at $53,500,000 and unit sales are down 15% to 86 homes sold so far in 2023.

The average price for an attached home last month was $573,500 and the median price (the home that sold in the middle) was not far off at $615,000.

Land Sales Holding Steady in a Buyer’s Market

Land Only Sales volume is down 5% in dollar volume to $3,500,000 and unit sales are up 33% to 8 lots sold in July. Our available inventory has increased by 39% to 117 available lots for sale. This means our sales success ratio is 7% which brings us up from last month but still a buyers’ market.

The average price for land only last month was $430,000 the median price was $357,000.

Increased Interest Rates Cooling Purchase Power

The market is slow right now with a combination of the increased interest rate cooling the purchase power of anyone requiring significant financing and the seasonal summer “relaxing of the market”…folks come and visit the Coast, often they choose to look at homes but don’t often make an offer. Look for things to ramp up across all segments of the market beginning later in August. The Bank of Canada will announce an interest rate “adjustment” in early September.

top of soames mountain looking SW
russqureshi

Real estate market normalizing post-COVID

/in /by

Sunshine Coast Real Estate Sales Snapshot for June 2023

When we look back to June, 2022 we were starting to see the steam come off the crazy fast “Covid” market…That slow down happened very quickly last year. I preface this months’ stats with that reminder as we are starting to catch up with where we were at last year at this time. Lets see how it all breaks out:

Fully Detached Home sales

Fully Detached Home sales were down only 8% in dollar volume to $51,900,000 and 10% in unit sales to 45 homes sold in June. Our available inventory has climbed 41% to 345 available homes for sale. Therefore our sales success ratio (the amount of sales versus the available inventory) is 13%….this is the lower end of a balanced market. When we go under a 12% sales success ratio we say it is a buyer’s market and over 20% is a seller’s market.

Year to date we are 41% behind in dollar volume at $233,100,000 and down 37% in unit sales to 209 homes sold in 2023 so far.

The average price for a home on the Coast in June was $1,153,000 while the median price (the middle home to sell) was $1,021,000,

Town Home and Condo sales

Town Home and Condo sales enjoyed a huge jump in sales over last year at this time. We are up in dollar volume by 350% to $15,143,000 and 300% in unit sales to 18 attached homes sold last month. Our available inventory us up 60% to 62 town homes or condos for sale. Therefore, the sales success ratio is 29% making the attached market a seller’s market.

Year to date we are catching up! We are short on dollar volume by only 23% at $46,602,000 and unit sales are down by 18% to 76 attached homes sold so far in 2023.

The average price for a condo or town home last month was $752,000 while the median sale last month was $600,000.

Land only sales

Land only sales also enjoyed a huge jump! Dollar volume was up by 478% to $9,780,000 and unit sales were even with 5 lots sold…the one skewing the stats was a 5 acre development lot in Sechelt that sold for $6,000,000. Available inventory in this segment of the market is up 52% to 113 lots. Therefore our sales success ratio is 4%…..this is still very much a buyers market.

Year to date we are down 65% in dollar volume to $20,800,000 and units sales by 79% to 20 lots sold.

Overall, we are seeing the market return to the more “normalized” levels that we experienced consistently pre Covid.

Call your realtor for market information. Call Russ and Jon for market intelligence!

sunshine coast rocky outcrop into ocean inlet with man gazing at the water-w
russqureshi

Consumer confidence is high as the real estate market on the Sunshine Coast rises

/in /by

Sunshine Coast Sales Summary for May 2023

In 2022 the market remained astronomically strong for sellers through to the end of June.  In 2023 the detached home market was very strong for May and the condo/townhome and land only markets continue to limp along although the condo/town home market is getting stronger compared to recent months.

Lets see how this all breaks out:

Fully detached sales were down in dollar volume only 11% from last year to $58,750,000 with unit sales doing even better, only down 7% to 51 homes sold in May.  Available inventory is up 48% from last year to 313 homes for sale. This means our sales success ratio (the amount of sales versus the available inventory) is 16% which is balanced territory.

Year to date we are down 46% in dollar volume to $181,200,000 and down 42% in unit sales to 164 homes sold so far this year.  The average home price (total dollar volume divided by sales) is $1,151,000.

The median sale (the 26th home to sell of 51) was $950,000.

Condo & Town Home sales are down in dollar volume by 13% to $9,700,000 and unit sales are down by 18% to 18 homes sold in May.  Available inventory is up 42% to 67 attached homes for sale.  This means our sales success ratio is 26% putting the attached market in the hands of sellers…statistically.

Year to date we see this segment of the market down in dollar volume by 43% to $31,500,000 and unit sales by 35% to 56 attached homes sold in 2023.

The average attached home price is $555,000 while the median sale price was $517,500.

Land only sales were very slow in May with only 1 recorded sale at $1.3 million….Jon and I have subject deals on several land only properties as we begin June so we will see better numbers for this segment of the market next month.

We are truly seeing a lot of mixed signals…the detached market is actually very strong with steady increases in inventory and consistent sales week in and week out.  The attached market, while moving much more slowly, is showing signs of picking up relative to the earlier part of the year.  The land only market, despite only a single sale last month, is also starting to move but it is all stops and starts (one week nothing and the next week we can’t keep up…)

Consumer confidence is higher and this is reflected in a jump in the latest inflation numbers….this has caused some pundits to think the Bank Of Canada (BOC) will raise rates this month but every mortgage broker I’ve spoken to seems to think that is not going to happen and I, personally, doubt it as well. In my own experience I am noticing way more buyers being able to have some choice under the 1 million mark and sales and acute interest in the $2 – $2.5 million range too…give us a ring to discuss the market in more depth.

For market statistics call your realtor.  For market intelligence call Russ or Jon at www.coastlifestyles.ca

arbutus tree in Gibsons
russqureshi

Sunshine Coast real estate is picking up for spring

/in /by

Sunshine Coast Sales Snapshot for April 2023 and YTD

As predicted, the Sunshine Coast is picking up for spring but still showing markedly fewer sales volume than last year. Let’s break it out:

Fully Detaches Home Sales

Fully Detaches Home Sales were down in dollar volume from last year by 47% to $49,875,000 and unit sales by 40% to 43 homes sold in April. Our inventory is up 75% to 268 available detached homes for sale. This means our sales success ratio (the number of sales versus the general stock) is 16% making it a balanced market. Year to date, we see the same story playing out with 55% less dollar volume at $122,500,000 and 50% fewer unit sales at 113. The average sale price (total dollar volume divided by unit sales) is $1,084,000, while the median sale price (the price the middle home sold for) was $899,000.

Condo and Townhome Sales

Condo and Townhome Sales were down in dollar volume from last year by 10% (only) to $7,954,000; unit sales were even, with 13 sold in April. Our inventory is up 32% to 74 available condos or townhomes for sale. This means our sales success ratio for this market segment is 17%, making it a balanced market. Year to date, we see dollar volume down by 48% to $21,775,000, and unit sales are down by 43% to 38 units sold so far this year. The average sale price was $560,000, while the median was $560,000.

Land Only Sales

Land Only Sales were down in dollar volume from last year by 87% to $2,690,000, and unit sales were down 85% to 4 lots sold in April. Our available inventory is up 61% to 92 available lots for sale. This means our sales success ratio is 3% making it a buyer’s market. Year to date, we see dollar volume is down 81% to $9,725,000, and unit sales are down by 83% to 14 lots sold. The average sale price for the land last month was $695,000, and the median price was $654,000.

As inflation remains steady and the Bank of Canada holds interest rates, we see the spring market uptick taking effect. We are also seeing some pent-up demand playing out, bringing the market, as a whole, into balanced territory.

For market statistics, call your realtor. For market intelligence, call Russ or Jon at Coast Lifestyles Network.

gibsons pier over the Gibsons harbour
russqureshi

Condo and townhome sales are on the rise on the Sunshine Coast

/in /by

Sunshine Coast Sales Snapshot for March 2023

March was a semi-slow month with numbers showing us to be well down in volume from last year. Compared to February we are down slightly in the detached market and up in both the condo/townhome and land-only markets. Let’s see how this breaks out:

Fully detached home sales

Fully detached home sales dollar volume was down compared to last year by 69% to $25,100,000 and unit sales were down by 66% to 24 homes sold. When we compare to last month we see dollar volume is down 9% and unit sales are even with last month. Our available inventory is up 72% from last year to 230 homes. This means our sales success ratio ( the number of sales versus the available inventory) is just over 10% putting the market in the buyer’s hands for the most part.

Year to date we are down 59% in dollar volume to $72,600,000 and unit sales by 55% to 70 sold so far this year.

The average cost of a home in March (all the sales prices added up and divided by 24 sales) was down 9% to 1,037,000 however, the median price (the price the middle home sold for) was $849,000.

Condo and Townhome sales

Condo and Townhome sales were down in dollar volume compared to last year by 60% to $7,525,000 and unit sales are down by 49% to 14 homes sold in March. Compared to last month things are looking brighter with dollar volume up by 30% and unit sales up 35%. Our available inventory is up 39% from last year to 73 available attached units for sale. This means our sales success ratio is 19% putting us at the very high end of a balanced market.

Year to date we are down in dollar volume by 61% to $13,800,000 and unit sales are down by 52% to 25 sold so far this year.

The average cost of a condo or townhome in March was $530,500 and the median price was $492,000.

Land-only sales

Land-only sales were down in dollar volume compared to last year by 52% to $4,900,000 and unit sales by 70% to 6 lots sold in March. Compared to last month we are up 61% in dollar volume and 50% in unit sales.

Year to date we are down 77% in dollar volume to $7,000,000 and 82% in unit sales to 10 lots sold this year so far. There was an acreage on Pratt Rd in Gibsons that is throwing the numbers off with a sale price of $2,150,000.

The average price for a lot last month was $819,000 and the median was $580,000.

Settling Inflation Numbers

Jon and I are seeing a significant uptick in action over the past several weeks. With the combination of settling inflation numbers, a hold on the interest rate, and some sunny days we are seeing more buyer activity.

Home Buyers

Be prepared to make your offer ie. Have your financial ducks in a row. You will be able to negotiate a good deal but very few, if any, sellers are letting a buyer get “the steal”.

Home Sellers

Tthe market continues to become more competitive and, generally, favour buyers so make sure your home is showing well and you understand well your financial situation to move forward – so you can negotiate meaningfully and with confidence.

flowers in lower Gibsons
russqureshi

Sunshine Coast Real Estate Snapshot for February 2023

/in /by

Sales volume continues to be markedly lower than last year, which is a trend that should continue through the spring, while despite the snow the market shows signs of life.

Let’s see how the month of February played out:

Fully detached home

Fully detached home dollar volume sales were down 58% from last year at this time but up 28% over last month to $27,700,000. Unit sales are down 51% from last year but up 8% over last month to 22 homes sold. Our inventory of detached homes is up 123% over last year and 6% over last month to 197 putting the sales success ratio (the number of sales versus available properties) at 12%, at the lower end of a balanced market. Year to date, we are down in dollar volume by 50% to $47,500,000 and unit sales by 45% to 46 homes sold. The median price for a home in February was $1,065,000.

Condos and townhomes

Condo and townhome dollar volume sales were down 53% from last year at this time but up 80% over last month to $5,225,000. Unit sales are down 50% from last year but up 450% from last month to 9 homes sold. Inventory of condos and townhomes is up over last year by 38% and up over last month by 12% to 73 available homes. The sales success ratio in this market segment is 12%, also putting it at the low end of a balanced market. Year-to-date dollar volume sales dropped by 63% to $6,300,000 and unit sales by 59% to 11 homes sold. The median price for a condo or townhome in February was $550,000.

Land-only sales

Land-only sales dollar volume was down 86% from last year at this time but up 87% from last month to $1,880,000. Unit sales are down 85% from last year but up 200% from last month to 3 land-only properties sold. Land inventory increased 23% from last year and 24% from last month to 69 available lots. This means the sales success ratio in this market segment is 4% keeping it generally in the hands of buyers. Year-to-date dollar volume sales decreased by 90% to $2,100,000 and unit sales by 88% to 4 lots sold. The median price for land only in February was $155,000. Last month’s biggest sale for land was a 1.87-acre development property in Sechelt for $1,600,000.

Inflation

The inflation numbers are a bit tricky this year, and one might say confusing. So, concerning an increase in the interest rate, the Bank of Canada is playing their cards closely. Several signals would lead one to believe rates are staying put for this month, as lenders offer as low as 4.59% on a 5-year fixed, insured mortgage. While much higher than last year, this rate is still quite good. We are also seeing more inventory come to market, which will help with buyer choice.

Home Buyers 

Be prepared financially to make an offer when you see something that works for you. A chat with your lender or a good mortgage broker BEFORE looking for properties is key.

Home Sellers

Depending on the type and location of your property, be prepared to be patient with the process and price your property competitively.

For market intelligence, call Russ at 604-741-7119 or Jon at 604-740-6263.

russqureshi

Sunshine Coast Real Estate Snapshot for January 2023

/in /by

The New Year in 2023 has brought out a slight jump in our local real estate market!

While all market segments are down from last year, we were expecting that! The Real Estate Board of Greater Vancouver’s economist, Andrew Lis, forecasts the market will look like last year’s. The takeaway is that peak pricing was last spring, and the market has come down since then, so prices will, due to the lack of inventory, remain where they are over the next year, so make sure to consider a home purchase. Here’s how the real estate market on the Sunshine Coast of BC rolled out in January 2023:

Detached home sales were down 41% in dollar volume to $19,823,000, and unit sales were down 38% to 22 units sold. Our listing inventory is up from last year by 148% to 184 available detached homes. Keep in mind, while this seems like much more inventory, our pre-Covid inventory was in the range of 325 – 375 properties. Our sales success ratio (the number of sales versus the available inventory) is 12% putting us on the cusp of a balanced market. 

The average sale price for a home this past month was $900,000, while the median sale price was $765,000.

Condo and Town Home sales were down 79% in dollar volume to $1,050,000, and unit sales are down 77% to 2 homes sold in January. 

Our listing inventory is up from last year by 44% to 64 available homes. The sales success ratio is 3%, meaning a buyer’s market in January for attached homes. 

The average sale price for a home this past month was $456,000.

Bareland sales for January were one lot in Sandy Hook, which sold for $240,000.

 

baby in the sink-bubblesMariia Korneeva
russqureshi

Looking back at 2022-A year of caution in the real estate market

/in /by

Sunshine Coast Real Estate Statistics December 2022 and Year End

After seeing record sales and prices during the pandemic, the Sunshine Coast housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation. “The headline story in our market in 2022 was all about inflation and the Bank of Canada’s efforts to bring inflation back to target by rapidly raising the policy rate. This is a story we expect to continue to make headlines into 2023, as inflationary pressures remain persistent across Canada,” Andrew Lis, REBGV’s director of economics and data analytics, said. I concur…. let’s see how last month and 2022 as a whole breaks out:

Fully detached sales were down in dollar volume by 65% to $19,200,000, and unit sales were down 56% to 20 homes sold in December. Our available inventory is up 154% from last year to 186 homes. This means our sales success ratio is 11% putting the market in buyers’ hands.

Year to date, we are down in dollar volume by 34% to $572,800,000, and unit sales are down 39% to 502 homes sold in 2022.

The median sale price last year was $999,000.

Condos and Townhome sales were down in dollar volume by 53% to $2,750,000; unit sales were down 56% to 5 units sold in December. Our available inventory is 29% to 51 available attached homes. This means our sales success ratio is 10%, putting this market segment in buyers’ hands.

Year to date, we are down in dollar volume by 43% to $84,100,000, and unit sales were down 50% to 129 attached homes sold in 2022.

The median sale price for a condo or townhome was $605,000.

Land-only sales were at zero for December.

Year to date was down in dollar volume by 43% to $71,400,000, and unit sales were down by 51% to 114 properties sold in 2022. Our inventory for land only is up 59% to 288 available properties.

The median sale price for land-only properties was $449,000.

Many folks in the market to buy are continuing with the “wait and see” game…..unspent demand continues to build, and we’ll see how this plays out over the winter and spring months. Jon and I think we will need to see a catalyst(s) to bring confidence to buyers in the short term. For example, news stories and press releases say inflation is being held in check or is less than expected for a given month. Additionally, the Bank of Canada announced that they are holding rates steady. These factors will set a spring rush and allow us to return to a more familiar Sunshine Coast sales cycle for the foreseeable future.

Call Russ or Jon anytime for solid real estate advice backed by market intelligence!

 

Russ Qureshi, PREC 604-741-7119

Jon McRae, PREC 604-740-6263

winter socks-hot mug-Svetlana Lukienko
russqureshi

Average home prices rise amid declining sales volume on the Sunshine Coast BC

/in /by

Sunshine Coast Real Estate Statistics for November 2022

All segments of the Sunshine Coast real estate market continue to decline for sales volume, inventory is fluctuating slightly and the average cost for a home continues to rise. Let’s see how it breaks out:

Fully detached home sales

Fully detached home sales were down in dollar volume from last year by 65% to $24,000,000 and units sales are down 58% to 23 homes sold. This is also down 16% in dollar volume and 15% in unit sales from last month. Inventory is up 142% over last year to 252 homes available. Inventory is down from last month by 9%. Our sales success ratio, the amount of sales versus the available inventory, is 9% putting the market firmly in the hands of buyers.

Year to date is pretty much as one might expect, down in dollar volume by 32% to $554,000,000 and down in unit sales by 37% to 482 homes sold so far in 2022. The average price for a home is up by 8% to $1,148,600. The median sale price, (the price the 12th of the 23 homes sold for), was $850,000.

Condos and Town Home sales

Condos and Town Home sales are down to some of the lowest levels I’ve seen in 20 years. Dollar volume for November was down 84% to $2,475,000 and unit sales are down 83% to 4 homes sold. Inventory is up by 39% to 61 available units. This means our sales success ratio is 6.5% putting this segment of the market in buyer’s hands.

Year to date we have seen a drop in dollar volume of 42% to $81,300,000 and units sales are down by 50% to 124 homes sold so far in 2022. The average price for an attached living option is up 12% to $652,000. The median sale price was $582,000.

Land only sales

Land only sales were down 85% in dollar volume last month to $1,125,000 and unit sales are down 85% to 2 lots sold. Inventory is down by 12% to 75 units…buyers…..where are you?

Year to date we are down 41% in dollar volume to $71,400,000 and down in unit sales by 49% to 114 lots sold in 2022. The average price for a piece of bare land so far this year is up 15% to $626,000.

Sellers take heart!

While we are seeing prices adjust down (keep in mind median prices rather than average prices) the drop is relatively minimal. Selling a home is, once again, a match making endeavor rather than a list and “manage the line-up” scenario. Matchmaking buyers and sellers is something at which that Jon and I excel!

Buyers should get their financial ducks in a row.

The Bank of Canada will meet one more time this year and likely raise the prime by another .25%. It is unlikely to go up beyond that in 2023 so, when you find the right place, make the offer that works for you. While prices remain “up there” you can still wrangle the terms & timing you want and need for your offer to work. There is a lot of pent up demand building…consider your timing as this demand will create another run on homes in the spring of 2023.

Things to watch out for in 2023:

  • 2-year ban of foreign buyers (Federal with some exemptions)
  • Anti-Flipping rules (Federal for ownership less than 12 months w/some exemptions)
  • Home buyer rescission period on all offers (BC – Jan 1, 2023)
  • Age restrictions on strata’s (except 55+) are now banned (BC – Nov 24, 2022)
  • Rental restrictions (except short term) on strata’s are now banned (BC – Nov 24, 2022)

    For up-to-date market intelligence that advises beyond just the numbers contact Sunshine Coast REALTORs® Russ and Jon at Coast Lifestyles Network!

Call direct:

Russ 604-741-7119

Jon 604-740-6263