Market Update - March 2022
Global strife and interest rates hikes create a slight pause on BC's Sunshine Coast
International, national, and local events combined to reduce the velocity of the March real estate market on BC’s Sunshine Coast. What was once a white-hot sellers market is now “only” EXTREMELY competitive.
War in Europe
Russia invading Ukraine has introduced uncertainty throughout the world and our local real estate market isn’t immune. (Nothing like a nutcase talking about his nuclear weapons to put things in perspective for people.)
Ukraine, a long-standing ally of Canada, is under attack from Russian forces. This invasion is one of the biggest assaults by one European country against another since the Second World War. If you’d like to show support for those affected in Ukraine, visit https://donate.redcross.ca. Canadian Red Cross is the local wing of an international emergency-relief organization. The federal government says it will match individual donations to the Red Cross for Ukraine war relief by Canadians.
Interest rate increase
In addition to the conflict in Ukraine, Canadians saw the Bank of Canada increase its key interest rate on Tuesday, March 2nd. Higher interest rates equate to higher mortgage costs and in a normal world, this would cool demand for housing. If this rationale will hold true in 2022 is yet to be seen.
More inventory
Closer to home, the Sunshine Coast has seen quite a few new listings hitting the local market over the last two weeks. Buyers seem to be taking pause and waiting for the spring market. This may be a temporary reprieve, or the market may have peaked and started an adjustment towards a more balanced market. Only time will tell.
Here are the numbers for February and 2022 year-to-date:
FEBRUARY YEAR-OVER-YEAR (YOY)
February 2021 saw 127 total sales. Fifty-five of them were single-family detached and the average price of those homes was $962,000. The average time on market was 24 days, and the total dollar volume of sales was $98,866,000.
February 2022 had 88 total sales. Forty of them were single-family detached houses with the average price of those homes being $1,117,000. The average time on market was 13 days, and the total dollar volume of sales was $87,924,000. Fewer listings in February 2022 led to higher prices and listings spending fewer days on market.
YEAR-TO-DATE (YTD)
January 1 to the end of February 2022 saw 209 total sales. Eighty-nine of them were single-family detached, and the average price of those homes was $931,000. The average time on market was 49 days, and the total dollar volume of sales was $153,762,000.
Between January 1 and the end of February 2022, there were 154 total sales. Seventy of them were single-family detached houses with the average price of those homes being $1,061,000. The average time on market has been 15 days, and the total dollar volume of sales was $140,673,000. So far in 2022, prices have increased by roughly 14% compared to this point in 2021. Listings stay on the market for only a third as long.
CURRENT DETACHED HOME INVENTORY
Gibsons – 16 homes for sale; 3 of them under $1M
Roberts Creek – no single family detached homes for sale
Sechelt – 28 homes for sale; 11 under $1M
Halfmoon Bay – 10 homes for sale; 2 under $1M
Pender Harbour – 10 homes for sale; 6 under $1M
TOTAL INVENTORY – 64 detached homes listed: 22 under $1M
Despite external events, the Sunshine Coast real estate market continues to move quickly. Call me when you’re ready to buy or sell and I’ll guide you through what has thus far been an unparalleled 2022. 604-418-2695
HOUSE FOR SALE: 531 Sargent Road, Gibsons, BC - $1,749,000
The best views in Lower Gibsons! From the main level and deck, you'll see Gibsons Harbour, Gibsons Marina, and the Gulf Islands, PLUS the North Shore Mountains and even Vancouver Island.
This fully renovated, split-level home has an open concept floor plan with vaulted ceilings, a floor-to-ceiling fireplace in the living room, and a gorgeous new kitchen with its own ocean and island view.
An entertainer’s delight, this home's outdoor spaces include a new deck with INCREDIBLE views, a private backyard, and the coolest custom-built bar you've ever seen! Walk to everything in Lower Gibsons and you're still only a 7-minute to the ferry.
This one has it all and is an absolute MUST SEE. Hurry and call me at 604-418-2695 to schedule your in-person viewing!
Photos from 531 Sargent Road, Gibsons, BC
3 tips to get your rental application noticed
The rental market on the Sunshine Coast is ultra-competitive right now. Here are three tips to help tenants get their rental applications noticed.
Have a rental resume prepared in advance. Just like a job resume, it should include info on your background, employment, and rental history.
Provide a credit report with your application. Obtain your free credit report using this link and following the instructions. If your credit’s not so good, consider including a co-signer on your application.
Be on time for viewing appointments and dress to impress. You don’t need a tuxedo but business casual creates a good first impression.
If you’re frustrated with the rental scene and ready to become a homeowner, there are a very limited number of listings on the Sunshine Coast that could be a fit for first time buyers. Visit the following links for more info:
ACREAGE FOR SALE: Malcolm Creek Road, Roberts Creek, BC - $1,699,000
Big, beautiful, and brand new, this 5-bedroom, 4-bathroom custom home sits on 1.25 private acres in sought-after Roberts Creek on BC’s Sunshine Coast.
Constructed by Clark Hamilton Enterprises, the house boasts high-end finishes and modern design. The walk-out basement will have a second kitchen roughed in which makes it ideal for a mortgage helper or an in-law suite.
Brand new builds on acreages in Roberts Creek are exceedingly rare. This project is nearing completion so call me at 604-418-2695 before you miss out!
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.