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Sunshine Coast Stats in Detail

Sunshine Coast Stats for October 2023

Looking specifically at the detached market on the Sunshine Coast BC, in October 2023, there were 349 active listings for detached properties, indicating a 19.9% rise from the 291 listings in the same month the previous year. However, the number of listings had decreased compared to the 367 active listings in September 2023.

As for sales, October saw 22 total detached property sales, a slight dip from the 25 sales in September. This decline is likely a combination of an overall softening in the market due to slightly higher interest rates, in combination with seasonal fluctuations as we head into Winter. 🏡📈

The average days a property remained on the market in October were 59 days, marking a 31% increase from the 45 days observed in the same month last year. 🕒

The MLS® HPI Benchmark Price for October 2023 was $880,400, reflecting a 3.8% decrease from the $914,900 recorded in October 2022. Additionally, the benchmark price has slightly decreased since September 2023 when it was $903,500. 💰📉

These data trends suggest an increase in available properties for sale, a decrease in the number of properties sold, and a decline in property prices compared to the previous year. The slight reduction in benchmark price from September to October also suggests a continuing downward trend in property values. These fluctuations are typical in real estate markets and can be influenced by factors such as seasonality and market conditions. 📊🏠📉

Since October 2022, the benchmark price has steady between the low 900,000 and the high 800,000s.

Flowers for Food Bank! December 3

Hello! As a few of you know i’ve made botanical arrangements for the past few years to sell at the @thekubestudios craft fair, with proceeds going to the local (@sc.communityservices) foodbank.

It is really fun and I love making them, but this year I thought that you might want to join in the fun too. I think it will be possible to make a more significant donation this way too!

Grab some friends, favorite clients, sports groups, co-workers, book club buddies, fam jam, people you want to have some cheer with and book a 1 hour slot that you know you can get 10-12 people to. OR I will also have the 1-2pm slot for anyone who wants to get to know some new people in the community and come solo or with a few pals.

I’m truly looking forward to running this event as a collaboration this year. Lets raise some money, this has been a rough year for so many, even families that make a good income are struggling more then ever. There is a $30 minimum donation, but feel free to give more if the spirit or your finances allow.

Market Update

This month’s market update comes just after the latest Bank of Canada rate increase of .25.

We are closing in on almost a year since the rates started to increase. This caused our market to slow in the Fall of 2022, but since January, the Sunshine Coast market has been gaining steam.

There seems to be a general consensus among agents, that the market has been experiencing a slight fluctuation from week to week in pace, some weeks it seems slower and the next week it is busy again. My local colleagues, feel free to weigh in, in the comments!

We are now sitting at a 16% list-to-sell ratio, which indicates a balanced market.

In the current balanced market we are seeing pricing being an important factor but properties are still taking a bit longer to sell, even when priced well, than we were used to last year. The inventory is increasing and Buyers have more to choose from as we move into Summer.

Buyers, don’t let longer days on market scare you off, there are some great properties out there right now that are priced well but might be overlooked due to longer days on market. It’s just taking their new owners a little longer to find them.

Sellers, putting in the energy to present your property well, professionally cleaned, great photography, maintained yard, is more important than ever. Buyers are concerned with the high cost of trades and materials, and aren’t keen to take on a reno project, so making your house look as good as can be and ready for showings is important heading into our summer market.

Happy house hunting!

If you have any questions about the local market, please reach out!

Thinking of Buying Land?

What are you doing in the bushes, you ask?

Buying land is exciting, but a lot different than purchasing a house or condo.

If you are thinking of purchasing land, here are some qualities that will benefit you in the process.

1. Vision. Building a home is a creative and inspiring undertaking, but one that requires vision.

2. Comfort with the unknown. Many lots are treed, lack driveways or aren’t cleared in the location where your future home might go, making it challenging to be sure of what exactly you are buying. Being comfortable with uncertainty will help as you move through the steps from purchasing to building your home.

The due diligence you do on the purchase of a lot will only take you so far. It is common to purchase a lot and still need to do a septic plan, an archeological study, consult ministry of transportation and highways, determine where services will go, have final survey to determine set backs for development permit areas, etc,. There are a lot of things that won’t be known before you remove conditions or the sale completes, that you will only be able to determine once the site prep and build process starts.

3. Have a solid down payment or cash. Lenders generally lend 35-50% of the value of the lot. The risk for the lender is higher on a lot mortgage than a property with a dwelling, so it’s important to have either a longer time horizon for building, while you save money, or a solid sum of money to start with. Talk to your lender about construction loans, leveraging other equity and what the realistic cost of building could be, so that you are in the best position you can be in, before you buy land to build.

4. Rigid Flexibly – this is a term my Dad has imparted to me after building many homes, it might be the single best quality required when buying land to build a home. There will be any number of changes, tweaks and surprises along the way that you will need to be both clear on your boundaries about (budget, design etc) and also flexible about.

So why are you still in the bushes, you ask? Because building and developing you’re own piece of property is incredibly rewarding and for the creatives out there’s, which I like to believe we all are, what a joy to design and build your own home, considering values like sustainable materials and systems that you can’t always find in a re-sale home.

Happy Land hunting!

If you truly are looking for a great lot, consider 4951 Flagship, building site is ready to go, house plans are available upon request and there is already water and power to the lot! On this one, you can almost skip number 2!

4951 Flagship, Pender Harbour