Slow start to spring Sunshine Coast market

Spring 2024 hasn't been as busy as in years past. Last year, there were fewer homes for sale, which kept prices steady. But this year, we've seen a big jump in the number of properties hitting the market. More listings mean more competition, which could put downward pressure on prices. If you're thinking of selling, it's crucial to price your home competitively to stay ahead of the curve.

And even if the Bank of Canada does drop its rate later this summer, sellers shouldn’t expect a sudden buying frenzy. Rates are high enough that dropping them by 0.25% or 0.5% won’t flood the market with new buyers. For that to happen, the Bank of Canada would need to drop its rates by multiple full points. 

Detached homes on the Sunshine Coast priced between $700,000 and $900,000 are seeing a lot of action, thanks to their affordability for the average Sunshine Coast buyer. At the same time, properties priced over a million are taking longer to sell. Sellers need to understand where buyer demand is and price accordingly.

BC’s New STR Legislation

It looks like the new provincial STR regulations will have teeth, particularly in Sechelt. Because of the size of its population, the new rules apply to Sechelt but not other locations along the southern Sunshine Coast.

The province is cracking down on unlicensed operators and actively monitoring platforms like Airbnb and VRBO. While the intention behind this move is to shift short-term rentals back into the long-term rental pool, many owners are finding it hard to keep up with their property expenses without short-term rental income. As a result, we might see a wave of these properties hitting the market as owners are forced to sell rather than switch to losing money each month with long-term tenants.

This influx of properties could impact everyone, not just short-term rental owners.

Implications for the SUnshine Coast

If you're a homeowner looking to sell, brace yourself for increased competition. More inventory means more options for buyers, potentially putting downward pressure on prices. If you own an STR, taking action now and getting your property listed sooner rather than later could work to your benefit. Don't be tempted to overprice your property in hopes of leaving some “negotiating room.” Price your home right and get ahead of the competition.

For buyers, there's both opportunity and caution. While increased inventory could mean more choices, it's essential to approach the market strategically. Seize the opportunity if you find value in the market, but don't hesitate to make a competitive offer based on recent comparable sales. Focus on finding a home that meets your needs, rather than trying to time the market perfectly.

And as always, working with a knowledgeable local agent can make all the difference in navigating these changing market conditions. If you're not already working with a Sunshine Coast Realtor, call me to discuss your current scenario.

This incredible log home in Roberts Creek has been generating a lot of buzz, and for good reason. With a recent $50,000 price drop, this stunning home boasts breathtaking views and has been featured in a walkthrough by a local celebrity. You'll want to see this one for yourself.

See the full listing here: https://t.ly/1041FirburnRoad

Affectionately known as the tree house or the bird house, this custom home is a one-of-a-kind gem. Its unique design and charm will catch the attention of the right kind of buyers. It's definitely worth checking out for those seeking something funky and distinctive.

See the full listing: https://t.ly/395SkylineDrive

302 Shoal Lookout, Gibsons, BC

Located on Gibsons' coveted Bluff area, this waterfront lot offers the perfect opportunity for building your dream home. With its level terrain and stunning views, it's a rare find that will make its future owners very happy. Don't miss your chance to secure this prime piece of real estate.

See the full listing here: https://t.ly/302ShoalLookout

1127 Malcolm Creek Road, Roberts Creek, BC

Built by Brook Hamilton from Hamilton Fine Homes, this beautiful acreage on Malcolm Creek Road is a must-see. With great tenants already in place, it's a fantastic investment opportunity for savvy buyers. Plus, its potential for a suite at the bottom adds to its appeal as a multi-functional property.

See the full listing here: https://t.ly/1127MalcomCreekRd