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
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.
Personal Real Estate Corporation
RE/MAX City Realty (Gibsons)
Mobile: 604-418-2695
Email: Click here to email Tony