Too many homes, not enough buyers
The rate drop hasn't affected the Sunshine Coast market
In the May episode, I confidently predicted that interest rates wouldn’t drop until at least the fall. However, just a few days into June, rates unexpectedly went down.
This move by the Bank of Canada took me by surprise. The prevailing theory is that the rate drop is intended to ease the burden on the large number of Canadians renewing their mortgages this year.
Why prices aren’t climbing
A lot of sellers and Realtors saw the 0.25% rate drop and thought, "Yes! Prices are finally going to take off!” But we haven't really noticed much of an uptick on the Sunshine Coast. I think buyers need to see bigger rate drops (or a series of smaller drops) before they’re ready and able to start buying again.
The Sunshine Coast has a lot more inventory – about double the usual amount for this time of year – so despite the rate drop, the market remains slow. My team and I are operating at about 50% of our normal production. Typically, we might handle around 120 transactions in a busy year and about 80 in an average year. So far this year, we’ve completed about 30 transactions, indicating a notable slowdown.
Airbnb owners especially susceptible
Because all levels of government are cracking down on short-term rentals, properties previously listed on Airbnb and VRBO are now entering the long-term rental market. Investors that are exiting the short-term rental market need to focus on selling in a timely manner rather than squeezing every last dollar out of the transaction.
The tide is changing
There are new restrictions on short-term rentals, the ferry is once again seen as a negative, and our primary buyer demographic has reverted to being mostly retirees. The Sunshine Coast real estate market has a seven-year cycle, during which time we see property values fluctuate.
Given the current high inventory and low sales, we’re still likely to see a significant drop in median house prices by the end of the year.
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📰 Read the full blog post on my website: https://www.teamtrueblue.ca/blog/83376/too-many-homes-not-enough-buyers
FOR SALE: 655 Dougall Road, Gibsons, BC - $1,495,000
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
This beauty in Gibsons’ Bay Area is a must see! Call me at 604-418-2695 to schedule your private in-person viewing.
FOR SALE: 1128-1132 Roberts Creek Road, Roberts Creek, BC - $1,799,000
This spectacular family home in Roberts Creek is stunning, spacious, and one-of-a-kind. The main house has an authorized Airbnb suite PLUS there’s a separate second home on the property with its own yard and driveway. The current owners have spent a ton of money here and it shows. Great value at this price for the new buyer.
FULL LISTING: https://t.ly/1128-1132RobertsCreekRoad
If you’re buying in Roberts Creek, this one needs to be at the top of your list. Call me today for your info pack before this one gets snapped up. 604-418-2695
FOR SALE: 527-531 Marine Drive, Gibsons, BC - $1,399,000
Ocean, island, and mountain views await with this conforming duplex in the heart of Gibsons Landing. This home features two updated 2-bedroom, 1-bathroom suites, each with separate entrances and breathtaking views. Parking is plentiful, with two spaces at the front, three off the rear laneway, and a detached garage. Great rental potential or the option to live in the first suite and using the second as a mortgage helper.
FULL LISTING: https://t.ly/527-531MarineDrive
With the convenience of Lower Gibsons amenities and the charm of a seaside location, this property is a can’t-miss. Contact Tony for more information - 604-418-2695
FOR SALE: 6155 Highmoor Place, Sechelt, BC - $1,299,000
Nestled in the prestigious "The Shores" neighborhood in Sechelt, this exquisite home exudes charm and elegance. From its serene cul-de-sac location, behold breathtaking views of the Sechelt Inlet and majestic snow-capped mountains. Granite and quartz counters, maple cabinetry, and hardwood floors add a touch of luxury to every room.
FULL LISTING: https://t.ly/6155HighmoorPlace
This home offers a truly enchanting living experience. Call Tony today and request your info pack - 604-418-2695
FOR SALE: 7918 Gardiner Road Lot# 9, Anglemont, BC - $2,199,000
My good friend Doug has a beachfront home for sale in the Shuswaps. It’s in an excellent location and is great for entertaining. The home is wired for a hot tub and has two spots for RVs with electricity, sewer and water. I’ve spent time here and it’s an exceptional property. Call your Realtor if you’re interested!
FULL LISTING: https://t.ly/7918GardinerRd
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.