Sunshine Coast's primary buyer demographic
Plus - BC changes its tenancy laws
Retirees once again the Sunshine Coast’s main buyer demo
If you’re selling a home on BC’s BEAUTIFUL Sunshine Coast, there’s a good chance your buyer will be a retiree.
Prior to COVID, our prices were largely set by retirees. Many retirees didn’t need to make daily trips into the city and the ferry wasn’t seen as a major turnoff. You saw that buyer demographic reflected in local governments' priorities when services for children took a backseat to amenities better suited to an older population. Retiree buyers were comfortable with the lifestyle they’d found on the Sunshine Coast, and made it clear that they didn’t want much to change.
Then COVID hit. The ferry had been seen as a negative, separating the Sunshine Coast from the Lower Mainland. But during COVID, the ferry became a moat, offering a sense of protection during the pandemic. Younger buyers felt they’d work from home indefinitely, so why not work from paradise, isolated from the disease? Retiree buyers were now competing with a younger cohort of buyers and Sunshine Coast real estate prices increased dramatically.
Return to the office
Now, post pandemic, companies are calling employees back to the office. The ferry has reverted to a barrier rather than a bonus. A portion of young buyers that bought during COVID are now ready to return to the city and retirees have reemerged as the primary buyer group on the Sunshine Coast.
Optimism for the fall
Historically, the Sunshine Coast market has operated on a seven-year cycle—prices rise, fall, and rise again. It's one of the few markets where detached home prices have occasionally dropped. Over the past 18 months, we’ve seen a dip in prices from their COVID peak, but I believe we’re close to bottoming out. I’m optimistic about the coming months and if you’re a buyer who’s been waiting on the sidelines, September could be the time to jump in.
Hear/Watch/Read the full podcast here:
🎙️ Subscribe to the Sunshine Coast, BC Real Estate Podcast on Apple Podcasts, Spotify, or anywhere else you download podcasts.
📺 Watch the complete September episode on YouTube.
📰 Read the full blog post on my website: https://www.teamtrueblue.ca/blog/84553/retirees-the-sunshine-coasts-main-buyer-demo
Unintended consequences of tenancy changes
It used to be that if a landlord wanted to sell a revenue property, the landlord was required to give tenants two full months' notice before the new owner could move in.
Notice period extended
This summer, the BC government extended this notice period to four full months. While this change benefited tenants by providing them with additional time to secure a new home, it posed significant challenges for sellers and buyers.
After pushback from industry stakeholders, the government has shortened the notice period to three months. As most would-be buyers need to move in 30 to 60 days, they’re ignoring properties with tenants, instead focusing on vacant or owner-occupied listings.
Impact on investors and our market
We’re in a scenario where current investors can’t sell their rental properties because of the extended notice period, and can’t raise rents to offset increased carrying costs due to higher interest rates. If landlords are unable to cover monthly expenses and can’t find buyers, the Sunshine Coast may see a wave of foreclosures on rental properties.
Long-term effects for the Sunshine Coast
If investors see regulations as too burdensome and shy away from owning rental properties altogether, it further exacerbates the Sunshine Coast’s rental shortage. With fewer properties available for lease, tenants could see monthly rents increase due to a lack of supply, making it more difficult to find affordable housing.
Have questions about your rental?
One of my specialties is buying, maintaining, and selling revenue property on the Sunshine Coast. Please reach out if you need help refining your exit strategy.
Call Tony at 604-418-2695
FOR SALE: 6391 & 6393 Sandpiper Road, Sechelt, BC - $2,995,000
No expense has been spared in this exquisite European-style estate overlooking Sechelt Inlet. With beautiful water and mountain views, Villa Bellissima exudes tranquility, elegance, and luxury. Situated on 1.85 acres, these two homes need to be experienced in person.
Lovingly designed and expertly built, this villa-style dream home will leave you wanting for nothing. The finishes are exceptional, the design choices are thoughtful, and the attention to detail is everywhere you look.
FULL LISTING: https://t.ly/6391_6393SandpiperRoad
This stunning home in Sechelt is a must see! Call me at 604-418-2695 to schedule your private in-person viewing.
FOR SALE: 1436 Velvet Road, Gibsons, BC - $799,000
This charming 1,080 sq ft view home in Cedar Grove boasts a spacious 0.44 acre lot. You’re walking distance to both Cedar Grove Elementary and Bonniebrook Beach, and a 5-minute drive from the shops and restaurants of Gibsons.
The large covered deck provides stunning ocean, island, and mountain views year-round. Enjoy meticulously landscaped grounds with manicured lawns.
FULL LISTING: https://t.ly/1436VelvetRoad
Ideal for downsizers, first-time buyers, or as a holiday retreat. Call Tony today and request your info pack - 604-418-2695
FOR SALE: 1044 Woodsworth Road, Gibsons, BC - $899,000
Discover this single-level 3-bedroom, 2-bathroom rancher in walkable Parkland. Features include vaulted ceiling, granite counters, stainless-steel appliances, two covered patios, and a garage with extra parking.
Enjoy a fantastic location that’s within walking distance to all amenities in Upper Gibsons and only a 7-minute drive to the BC Ferries Langdale ferry terminal.
FULL LISTING: https://t.ly/1044WoodsworthRoad
Easy to show and priced to sell. Don't delay - Call me and book your showing today! 604-418-2695
FOR SALE: 545 Sargent Road, Gibsons, BC - $759,000
Cute character home with a great view in beautiful Lower Gibsons! This cozy cottage is the ideal starter home and is walking distance to all the amenities of Gibsons Landing. Enjoy a leisurely lifestyle with easy access to galleries, restaurants, the library, marina, and other amenities all within walking distance. The house has been lovingly updated but still offers potential for personal touches.
FULL LISTING: https://t.ly/545SargentRoad
Don't miss your opportunity to own a piece of Sunshine Coast paradise with unbeatable location and breathtaking views. Call me today and schedule your in-person tour! Tony at 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.