Businesses needed on BC's Sunshine Coast
Businesses needed on BC's Sunshine Coast
Sunshine Coast, BC real estate update for August 2022
Market Update - August 2022
Bank of Canada increases its interest rate
Prior to the BoC‘s July announcement, the Sunshine Coast, BC real estate market was already slowing down. The 1% interest rate increase will slow it down even further. Economists forecast that Canadians could expect a recession in the near future, and I think Sunshine Coast real estate prices will fall until Q1 or Q2 of 2023. At that point, I expect that the Sunshine Coast will be in a buyer's market. How long that lasts is anyone's guess.
Sellers should adjust their expectations
Since mid-July, I've seen seven or eight substantial price reductions in our market. Ten to 15 per cent of the asking price has been taken off some listings (in one case, that equated to a price reduction of $250,000!). Those aggressive price reductions need to happen if sellers are serious about selling. Sellers that price appropriately are seeing their homes sell.
As recently as a few months ago, we saw sellers leveraging intense demand by doing things like holding offers and asking buyers to compete with one another. The tables have since turned and now buyers want their pound of flesh.
If you’re a seller and it takes you three months to accept the state of the market, you're going to be leaving money on the table as you chase the market down. If you don't need to sell, don’t. This is a punishing market for unmotivated sellers.
Exposure and price are key
Two things sell homes: exposure and pricing.
If you're priced right but not getting viewings, that means not enough buyers are being exposed to your listing. If you’re getting viewings but no offers, your property has been well marketed but your price is too high.
BC expands its speculation tax
If you're a seller, the speculation tax is a good thing. If the Sunshine Coast sees an increase in foreign investment, that'll help curb our correction in price. But if you’re a buyer, you likely see the lack of a speculation tax as a negative. Overall, I believe that the Sunshine Coast’s continued exclusion from BC’s speculation tax benefits our real estate market, because it makes our region appealing to investors that want to avoid that tax.
Listen/Watch/Read my full market report
🎙️ Subscribe to my market update on Apple Podcasts, Spotify, or anywhere else you download podcasts.
📺 Watch the Sunshine Coast Real Estate Podcast on YouTube.
📰 Read the full market report on my website: https://www.truebluerealty.ca/blog/65286/sunshine-coast-bc-real-estate-update-august-2022
What makes BC’s Sunshine Coast a great place to invest?
There are a lot of reasons you might love owning and operating a business on the Sunshine Coast.
First, it's a beautiful place. It's safe. It's quiet. Newcomers are welcomed and the community is very much into supporting local and buying local. Everyone is happy to see local businesses succeed. The Sunshine Coast has a lot going for it, and especially if you're in that age group where you've got young kids or you're planning to have kids. It's a super safe environment and everyone's very friendly.
There’s a lot of potential for entrepreneurs that use modern marketing techniques. There isn't a lot of businesses advertising on the Sunshine Coast. If you understand marketing and are willing to apply a percentage of your business’ profits to an advertising budget, it’s possible to gain substantial market share in a relatively short period of time.
Compared to Vancouver, it’s still relatively affordable to buy a home on the Sunshine Coast. Expect your housing dollar to go further than in Burnaby or the North Shore.
The majority of new arrivals over the past couple of years have jobs that allow them to work from home. They didn’t leave Vancouver to start a new life on the Sunshine Coast – they took advantage of the ability to relocate and work remotely. We’ve had a housing boom and a population boom but the supply of Sunshine Coast businesses hasn’t kept pace with customer demand.
FOR SALE: 11120 Sunshine Coast Highway, Halfmoon Bay, BC - $799,000
A rare property with privacy and a STUNNING PANORAMIC view! This 6-acre freehold estate lot is serviced and waiting for your dream home! Zoning allows two full sized homes for a multi-generational investment. Hydro is ready and a well has already been installed. Three acres have been left forested but could be logged to mill for your build or for cash in resource value.
Asked for a design recommendation, the contractor suggested this property as a perfect fit for an "infinity pool to be constructed within the natural rock.” Your private road has been leveled and graded and could be gated to provide maximum privacy.
This property is build-ready, has UNOBSTRUCTED PANORAMIC VIEWS, and is only seven minutes to the ocean and nine minutes to two lakes!
It’s a beautiful legacy property that your family will enjoy for decades. Call me at 604-418-2695 for more information.
➡️ See the full listing: https://bit.ly/11120SunshineCoastHwy
FOR SALE: Alpha Adventures (two Sunshine Coast locations) - $249,000
Ready for a lifestyle change? Get in on this exciting opportunity to own your own year-round outdoor adventure business! Alpha Adventures has locations in Sechelt and Gibsons Harbour, as well as a 3rd satellite location in Pender Harbour during the summer months.
This turn-key operation boasts a well-established dealer network of industry leading brands, excellent traction in the marketplace, and a loyal customer base thanks to 20+ years of local history.
Escape the big city drab and live the adventure lifestyle on the Sunshine Coast! The amazing quality of life on the Sunshine Coast reaches even further with (comparatively) affordable housing, great schools, and an open, accepting community.
TONS of potential with this well established business. Call me at 604-418-2695 and request your info pack!
➡️ See the full listing: http://bit.ly/AlphaAdventures
FOR SALE: 101 524 S. Fletcher Road, Gibsons, BC - $1,479,900
Only 40 minutes by ferry from West Vancouver is Côte Gibsons, a boutique collection of elegant homes in the heart of Gibsons Landing. Côte is made up of a limited collection of luxury condominiums surrounded by breathtaking views of the marina, Keats and Bowen Islands, and the North Shore Mountains.
Your prime location allows easy walking access to Gibsons Marina, multiple beaches, and all the shops and restaurants in popular Lower Gibsons. Each home comes with one secure parking spot.
This is a truly stunning, limited collection of four unique condos with only one suite per floor. It’s a new level of luxury on BC's serene Sunshine Coast.
Côte is seaside living at its finest. Call me at 604-418-2695 to request your info pack.
➡️ See the full listing: https://bit.ly/Cote_101
Call Tony today!
If you’re not already working with an agent, call me when you’re ready to buy or sell and I’ll guide you through the busy and competitive real estate market on BC’s BEAUTIFUL Sunshine Coast.
Tony Browton - TrueBlueRealty.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.