Expect HUGE changes to BC housing
PLUS interest rates & labour shortages
The new premier’s new housing plan
Following a bout of cancer earlier this year, BC Premier John Horgan announced he would step down in 2022. Following a messy leadership race that saw one of only two candidates disqualified, Vancouver Point Grey MLA David Eby will become British Columbia’s new premier on November 18th.
When he moves into the premier’s office, Eby will bring an ambitious housing plan with him. You can read the full housing backgrounder here but in this month’s podcast, I explore four planks of Eby's housing platform:
elimination of strata rental restrictions;
a flipping tax;
secondary suites legal everywhere across the province; and
BC municipalities will be expected to build a certain amount of housing each year or the province may step in.
Eby’s housing plan is incredibly ambitious and even if only some of his campaign promises become official policy, British Columbians can expect some big changes in 2023 and beyond.
Hear/Watch/Read my full market report
There aren’t a lot of specific’s in Eby’s plan but we do our best to anticipate what these changes could mean for the real estate market on BC’s Sunshine Coast. Check out my full November 2022 Market Report for more details.
🎙️ 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/66880/big-changes-to-bc-housing
Canadians hit with another interest rate hike
On October 26, the Bank of Canada increased its rate by 0.50%. How does this impact buyers and sellers on BC’s Sunshine Coast?
Experts warn that there could be another interest rate hike before the end of 2022. I expect that by the end of November, the Sunshine Coast real estate market will get very, very quiet. Our market is already down year-over-year, and even in what’s typically seen as the quiet pre-Christmas season, we’ve been abnormally slow.
That said, house prices on the Sunshine Coast are holding steady, largely because of a lack of inventory. If inventory remains low and interest rates increase yet again, the gap between what buyers can afford and what buyers want to buy is going to increase. I think that we’ll start to see house prices dropping in January. Everything I'm seeing leads me to expect a further 15% drop in values between now and the middle of 2023.
By the middle of next year, the disparity between what buyers expect to spend and what sellers expect to sell for should balance out a little. If that happens, the Sunshine Coast will find itself in a buyer’s market.
The market is in constant flux and changes on a weekly (sometimes daily) basis. Call me if you’re considering buying or sell on BC’s beautiful Sunshine Coast and I can answer your questions will the most up to date information I have available.
Call Tony at 604-418-2695.
FOR SALE: 111 Wharf Road, Langdale (Gibsons), BC - $2,495,000
Custom designed and immaculately kept, this stunning luxury home in Langdale is the perfect Sunshine Coast property.
Over 3,700 sqft of interior living space is divided over two levels. The main living space has four bedrooms, three bathrooms, and an incredible open concept living space with a gourmet kitchen, windows on all four sides, and a 288 sqft deck with ocean, island, and mountain views. The lower level has a two-bedroom, one-bath suite with its own laundry, separate entrance, and a covered patio.
You’re easy walking distance to the BC Ferries Langdale Terminal (only 650 metres away). That makes 111 Wharf Road an ideal property for those that commute or make regular trips into Vancouver.
This is an exclusive listing and you won’t find another home like it on the Sunshine Coast!
Call Tony today to request your info pack! 604-418-2695
🔗 See the full listing on my website: https://bit.ly/111WharfRoad
FOR SALE: 1830 Hanbury Road, Roberts Creek, BC - $1,469,900
This brand-new Roberts Creek rancher sits on a 2.3-acre sun-drenched lot and features four bedrooms, three bathrooms, and a stunning modern design. The single-level floorplan is a great fit for young children, retirees, and everyone in between. With more than 2 acres, you have ample room to build a separate shop or studio in the future.
The home features 7 black stainless appliances, a warm colour palette, and modern finishes. Two of the four bedrooms feature private ensuites to provide comfort and privacy. The oversized main suite has a spa-inspired ensuite that won’t disappoint.
Move in ready and quick possession is available! Hurry and call for your info pack!
Call Tony today at 604-418-2695
🔗 See the full listing on my website: https://bit.ly/1830HanburyRoad
FOR SALE: 785 Mansfield Road, Roberts Creek, BC - $2,299,800
Live in your own private park! This 5+ acre estate in Roberts Creek offers excellent ocean views, mature gardens, a HUGE duck pond, and an in-ground swimming pool. The living and dining areas combine to create a huge open concept space that has a large fireplace.
A quiet location combined with a gated driveway provides total privacy without the isolation. Completely updated, this post and beam West Coast house is 5 minutes to the nearby town of Gibsons or a 10-minute drive to the ferry.
Features include a modern farmhouse kitchen, a large walk-in pantry, and a massive storage room that could be a 7th bedroom. There’s also the potential for a 2-bedroom basement suite.
Outside is a two car carport, a workshop, and a fully stocked wood shed.
Incredible value in a spectacular home. Call me today to schedule your in-person viewing.
Call Tony today at 604-418-2695
🔗 See the full listing on my website: https://bit.ly/785Mansfield
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)
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.