Some quotes have been lightly edited for clarity.
Earlier this year, the Sunshine Coast’s own Tommy Johnston won a gold medal at the Canadian Powerlifting Union Nationals in Richmond, BC. I had a chance to interview him about his weightlifting career and his new role as the owner of Sluggers Gym in Gibsons, BC.
About his gold medal performance
TOMMY: I was in the Junior 105kg weight class. Junior being 19 to 23 years old, and then 105kg being the 231 pound weight class. The experience was super cool. It was a national level competition, so competitors from all over the country. But it was in the hometown, so it meant a lot to have it there. My parents came out, and it ended up being the first competition they ever came to. So it was pretty special for them to come watch, so that was awesome.
Why buy Sluggers Gym?
TOMMY: I started as a member back in 2015 or 2016. I watched Mel [Sluggers’ previous owner] run the gym and I thought, "Owning a gym would be the coolest thing ever." And then six or seven years down the road, Mel had it for sale and the opportunity came up, and I decided to bite on it.
Juggling responsibilities
TOMMY: Training takes up a lot of my time, but as far as in the gym, that training only takes up a certain amount of time to actually do the physical work. But building the business, that's taking a lot more of my time. When I'm at the gym, and when I'm at home, and it's just around the clock with that for sure.
Hear/Watch/Read the full interview here:
🎙️ Subscribe to the interview on Apple Podcasts, Spotify, or anywhere else you download podcasts.
📺 Watch the the complete interview on YouTube.
📰 Read the full transcript on my website: https://www.teamtrueblue.ca/blog/73912/interviewing-canadian-junior-national-powerlifting-champ-tommy-johnston
Era of cheap money is over
The Bank of Canada makes its next rate announcement next week on September 6th. One of two things could happen:
The Bank of Canada could raise interest rates.
The Bank of Canada could keep the interest rate where it’s at.
I’m anticipating a 0.25% rate increase but it’s not impossible that they decide to simply hold the rate.
Here’s the likely result on the Sunshine Coast real estate market for each scenario.
Rate goes up
If the rate does go up, prices will continue to soften. New buyers will qualify for less money than they would have in August. Expect to see the pool of potential buyers shrink. If your home is currently listed, it may be time to have a conversation with your real estate agent to revirew (and possiblty adjust) your pricing strategy.
Rate stays steady
The last time that the Bank of Canada held the rate, it created a bit of a rally in home prices. Buyers saw the rate hold and thought, "Oh, we're through the worst of if. The rate will stay here for a while and then start to drop." I don’t think that was an accurate accessment then and I don’t think it’s an accurate assessment now.
A rate hold signals that the Bank of Canada believes rates are high enough to tamp inflation back down to 2%, and they’re going to pause increases to see if they’re right. If inflation continues to trend downward, rates could stay where it’s at for 1-3 years, as that’s the amount of time it takes for previous rate increases to be felt throughout the system.
What that means for the Sunshine Coast
The era of cheap money is over and the current rate environment is our new reality. Whether rates go up or stay put, money will be more costly to borrow for the foreseeable future.
High mortgage rates means increasing numbers of buyers are priced out of the Sunshine Coast market and are forced to sit on the sidelines. That reduced demand for real estate signals that sellers need to have frank discussions with their Realtors when it comes to price.
Hear/Watch/Read my full September update here:
🎙️ Subscribe to the interview on Apple Podcasts, Spotify, or anywhere else you download podcasts.
📺 Watch the the complete interview on YouTube.
📰 Read the full transcript on my website: https://www.teamtrueblue.ca/blog/73916/buyer-pool-shrinking
FOR SALE: 1140 Reed Road, Gibsons, BC - $2,279,000
Located just outside of town, 1140 Reed Road in Gibsons, BC sits on 2.27 acres and offers three cottages and a standalone shop. The main house was renovated around 2018, and the shop and cottages were built in 2021. Rent the cottages to offset your mortgage or use them as guest spaces for friends and family.
FULL LISTING: https://t.ly/1140ReedRoad
Lots of options with this one. Call me today to request your info pack. 604-418-2695
FOR SALE: 729 Winn Road, Gibsons, BC - $999,000
This 3-bedroom, 2-bathroom family home sits in the heart of Lower Gibsons and is only 200 metres from the ocean. R-2 zoning allows this address to have a legal secondary suite that could be used as a mortgage helper.
FULL LISTING: https://t.ly/729WinnRoad
Bigly value here! Call Realtor Tony Browton to request your info pack. 604-418-2695
FOR SALE: 426 Aldersprings Road, Gibsons, BC - $985,000
With two separate suites and located in the heart of walkable Lower Gibsons, you're a short stroll to the beach, shopping, and restaurants. Gibsons Public Market and Gibsons Marina are only a block away.
The property has been beautifully upgraded and boast new flooring, fresh paint, modern kitchens and bathrooms, a new roof, hot water tanks, and a revamped deck and stairs.
FULL LISTING: https://t.ly/426AlderspringsRd
You don’t want to miss this one! Contact Tony today to schedule an in-person viewing. 604-418-2695
Call Tony today!
If you’re not already working with a Realtor, call me when you’re ready to buy or sell and I’ll guide you through the competitive real estate market on BC’s BEAUTIFUL Sunshine Coast.
Tony Browton - TeamTrueBlue.ca
Personal Real Estate Corporation
RE/MAX City Realty (Gibsons)
Mobile: 604-418-2695
Email: Click here to email Tony
⚠️ DISCLAIMER: This newsletter and its contents are not intended to cause or induce breach of any existing agency agreement.