What's in store for the Sunshine Coast in 2024?
PLUS - Looking back on the 2023 real estate market
What happened in 2023
Between January 2023 and December 2023, the price for a detached home on BC’s Sunshine Coast dropped by 1.5%. Townhouse prices dropped by 5%, and apartment style condos were down 7%. There's still demand for Sunshine Coast real estate, but headed into 2024, buyers and sellers have different price expectations for this market.
Interest rate increases reduced buyers' borrowing capacity, and we found that there were a lot of people that stopped shopping in a certain price range as they could no longer qualify for a mortgage. What was once a very busy segment between $1M and $1.5M has slowed down considerably, and now most of the buyer demand is for properties priced between $700K and $900K.
What to expect in 2024
Don't be surprised to see a 0.25% point drop in Q1 of 2024. If that happens, the Sunshine Coast real estate market may see a rally heading into spring.
Long term, higher interest rates are the new normal. Expect to see rates between 4% and 6% for the foreseeable future.
If you absolutely MUST sell in the first half of 2024, price your home sharply, market it like crazy, and accept that you'll get less for it than you would have a few years ago.
If you're just testing the water, now's not the time to list. Stay where you're at until the market picks up or your hand is forced.
Finally, if you're an Airbnb owner, list sooner rather than later. Selling your short-term rental now means you'll have a larger pool of buyers than if you wait. If you wait until the deadline when everyone else is selling, that surplus inventory will have a softening effect on the prices. If that happens, you're probably going to sell for less than you would if you sold now.
Hear/Watch/Read the full January 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 January episode on YouTube.
📰 Read the full transcript on my website: https://www.teamtrueblue.ca/blog/78693/whatll-happen-in-2024-on-bcs-sunshine-coast
Lightning Round predictions for 2024
Top Gun: Maverick wins best Oscar (this is more of a wish than a prediction).
The Canucks hoist the Stanley Cup this spring.
Bad news for Swifties: T-Swizzle and Travis Kelce will split up in 2024.
The price of Bitcoin will fall to $35,000 CDN this year.
Elon telling his advertisers to F-off means Twitter won't make it another 12 months.
Watch the rest of Tony’s lightning round predictions for 2024 on YouTube.
FOR SALE: 833 Byng Road, Roberts Creek, BC - $1,489,000
Sitting on 2.7 private acres and surrounded by trees, this is the ultimate Roberts Creek hobby farm!
The 3-bedroom, 2-bathroom farmhouse has seen tons of recent upgrades, including a renovated 3-piece ensuite off the master bedroom. All interior walls and trim have been painted, and there’s a brand new infrared sauna on the lower level.
Outside, you’ll find a mini-orchard full of apple, plum, and apricot trees, just to name a few. There’s also a pond and a chicken coop. The south end of the yard has a second access to Byng Road.
FULL LISTING: https://t.ly/833ByngRoad
This is the quintessential Roberts Creek hobby farm. Call me today for more info: 604-418-2695
FOR SALE: Lot 5 Burns Road, Gibsons, BC - CALL FOR PRICE
This one is off the market temporarily as we navigate how higher density zoning will affect it. There’s a creek running through the property and that means a riparian setback that limits what can be built. But with zoning changes that allow higher density, this property might make a lot of sense for a developer to pick up. Excellent opportunity for the right buyer.
Call me for the latest news before this one comes back on the market: 604-418-2695
FOR SALE: Lot 17 Skyline Drive, Gibsons, BC - $699,000
Lot 17 Skyline Drive in Gibsons is a bit of a challenging build site because of the grade of the property. But if you’re even casually interested in oceanfront property in Gibsons, this is one you don't want to let slip through your fingers. It's priced at roughly half of tax assessment and just because it needs someone to figure out the best build for the site.
FULL LISTING: https://t.ly/Lot17SkylineDrive
Give me a call for your full info pack on this low bank lot on Gibsons’ prestigious Bluff. 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.