Slow start to the spring real estate market
Interest rates and STR legislation are taking their toll
Spring 2024 hasn't been as busy as in previous years. Twelve months ago, there were fewer homes for sale, which kept prices steady. But this year, we've seen a big jump in the number of properties hitting the market. This excess supply means prices are softening.
At the same time, buyers have adjusted to the current interest rate environment by changing their focus from waiting for lower rates to finding homes with realistic asking prices that they can currently afford. No longer are they willing (or able) to stretch themselves financially the same way they could even a few years ago.
Detached homes on the Sunshine Coast priced between $700,000 and $900,000 are seeing a lot of action, thanks to their affordability for the average Sunshine Coast buyer. Properties priced over a million are taking longer to sell. Sellers need to understand the sweet spot for buyer demand and pricing accordingly.
Changes to STRs are here
New provincial legislation aimed at regulating short-term rentals is now in effect. The intention is to shift homes back to the long-term rental market, but investors are finding it hard to service higher mortgages costs without short-term rental income. We might see a wave of former STRs hit the market this spring and summer as owners are forced to sell rather than lose money each month.
Don’t wait to sell
This influx of properties could impact all Sunshine Coast sellers, not just short-term rental owners. More inventory means more options for buyers, potentially putting further downward pressure on prices across the board. If you're thinking of selling, it's crucial to price your home competitively to stay ahead of the curve.
Call me today if you have questions about the realities of the current Sunshine Coast, BC real estate market - 604-418-2695
Hear/Watch/Read the full May 2024 market update here:
🎙️ Subscribe to the Sunshine Coast, BC Real Estate Podcast on Apple Podcasts, Spotify, or anywhere else you download podcasts.
📺 Watch the complete December episode on YouTube.
📰 Read the full blog post on my website: https://www.teamtrueblue.ca/blog/82147/slow-start-to-spring-sunshine-coast-market
FOR SALE: 1041 Firburn Road, Roberts Creek, BC - $1,949,000
This incredible log home in Roberts Creek has been generating a lot of buzz, and for good reason. With a recent $50,000 price drop, this stunning home boasts breathtaking views and has been featured in a walkthrough by a local celebrity. You'll want to see this one for yourself.
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FOR SALE: 395 Skyline Drive, Gibsons, BC - $1,349,000
Affectionately known as the tree house or the bird house, this custom home is a one-of-a-kind gem. Its unique design and charm will catch the attention of the right kind of buyers. It's definitely worth checking out for those seeking something funky and distinctive.
FULL LISTING: https://t.ly/395SkylineDrive
Encompassing beauty and functionality, this home is a must-see to truly grasp its splendor. Call or text Tony today to set up your in-person viewing. 604-418-2695
FOR SALE: 302 Shoal Lookout, Gibsons, BC - $1,329,000
Located on Gibsons’ coveted Bluff area, this waterfront lot offers the perfect opportunity for building your dream home. With its level terrain and stunning views, it's a rare find that will make its future owners very happy. Multiple beaches are within walking distance, including the popular Georgia Beach, making this location perfect for those who love the water.
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Call me today so you don't miss your chance to secure this prime piece of oceanfront real estate: 604-418-2695
FOR SALE: 1127 Malcolm Creek Road, Roberts Creek, BC - $1,649,000
Built by Brook Hamilton from Hamilton Fine Homes, this beautiful acreage on Malcolm Creek Road is a must-see. With great tenants already in place, it's a fantastic investment opportunity for savvy buyers. Plus, its potential for a suite at the bottom adds to its appeal as a multi-functional property.
FULL LISTING: https://t.ly/1127MalcomCreekRd
Call Tony today so you don't miss your opportunity to own an exceptional property that combines beauty, elegance, and practicality. 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.