Foreclosures, flipping taxes, and the February market
Advice for home buyers and sellers on BC's Sunshine Coast
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Tons of changes on the Sunshine Coast
In what is surely an understatement, a lot has changed since the last episode of the podcast in November.
Flipping taxes
Starting January 2025, our local Sunshine Coast real estate market is subject to provincial and federal flipping taxes. This likely won't impact a ton of sellers but if you're skilled at buying, renovating, and selling for a profit, you'll want to talk to your accountant, lawyer, and Realtor to see how these twin taxes could affect your sale.
Help for first-time buyers
Flippers are getting the stick, but first-time buyers are getting the carrot.
The cap for an insured mortgage has increased from a $1,000,000 to $1,500,000 for first-timers. These buyers can also push our their amortization period out to 30 years.
I don't think this will have a major impact on the Sunshine Coast as our primary buyer group is retirees who have typically owned real estate previously.
Foreclosures on the rise
The number of foreclosures is rising and I'm chalking this up to interest rates being substantially higher than they were five years ago. These foreclosure properties will add to Sunshine Coast housing inventory and may keep downward pressure on prices.
Advice for buyers
I’m encouraging my buyers to make well-reasoned, price appropriate offers on properties they want to buy. On multiple recent occasions, I’ve had sellers come back weeks after my buyers made their initial offer, asking if the deal can be resurrected. Unfortunately for these sellers, my buyers had already moved on.
Advice for sellers
If you MUST sell in the first quarter of 2025, it’s crucial to price your home at fair market value. Prices have dropped over the past two or three years ago. If you leave yourself “negotiating room,” you’ll end up chasing the market down, which ultimately results in getting a lower sale price.
FOR SALE: 655 Dougall Road, Gibsons, BC - $1,365,000
This single-level rancher in Lower Gibsons has been completely renovated both inside and out. The open concept main living space is airy and bright thanks to skylights and a vaulted ceiling. The primary bedroom has a spectacular spa-like ensuite with a soaker tub and a HUGE walk-in shower. It has its own door that opens to a secluded patio and hot tub.
FULL LISTING: https://t.ly/655DougallRoad
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FOR SALE: 6159 S Gale Avenue, Sechelt, BC - $1,699,000
This stunning 3-story home boasts breathtaking ocean and mountain views in a quiet neighbourhood. The main residence features 4 beds, 4 baths, and a 788 sq. ft. 1-bed, 1-bath finished legal suite for guests or rental income. Close to affordable moorage, this brand new home combines luxury, functionality, and a 2/5/10 warranty.
FULL LISTING: https://t.ly/6159_S_GaleAve
Visit the open house on Saturday, February 15. Or call me today to set up an advanced viewing. 604-418-2695
FOR SALE: 783 Courtney Road, Granthams Landing (Gibsons), BC - $679,000
Own a prime piece of property in one of Gibsons' most coveted neighbourhoods. Nestled in prestigious Vista Ridge, 783 Courtney Road offers an expansive 0.59-acre parcel with panoramic ocean, island, and mountain views. This sun-drenched lot is the perfect building spot for your dream home.
FULL LISTING: https://t.ly/783CourtneyRoad
Call Tony today and start planning your dream home on BC’s BEAUTIFUL Sunshine Coast! 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.