Market Update July 31, 2016

(August 05, 2016)

Sunshine Coast Detached Listings
Sales up by 65% over the previous year

There are currently 309 detached listings on the Sunshine Coast. This is up slightly from June 30 in which there were 284 detached listings. Detached sales year-to-date ending July 31, 2016: 701 sales, in 2015: 425 sales; in 2014: 322 sales, and in 2013: 283 sales. The current market's hot price range is between $351,000 and $450,000 with 160 sales occurring in this price range. With the current sales pace, this represents approximately a three month supply of listings.

Sunshine Coast Attached Listings
Sales up by 45% over the previous year

There are currently 69 current attached listings. This is up slightly from June 30, when there were 64 attached listings. Attached sales this year-to-date ending July 31, 2016: 151 sales; in 2015: 104 sales; in 2014: 64 sales and in 2013: 53 sales. With the current sales pace this represents a 3 month supply of listings. Attached listings represent strata unit apartments, condos and townhouses. Attached property sales are up over the previous years.

Sunshine Coast Land Listings
Sales up by 250% over the previous year

There are currently 282 bare land listings. This is down slightly from June when there were 292 land listings. Land sales year-to-date ending July 31, 2016: 287 sales; in 2015: 82 sales; in 2014: 36 sales, and in 2013: 31 sales. With the current sales pace this represents an almost 7 month supply.
 
Year-to-Date Detached Sales

•    $000 to $300,000 with 67 sales
•    $301,000 to $400,000 with 150 sales
•    $401,000 to $500,000 with 147 sales
•    $501,000 to $600,000 with 106 sales
•    $601,000 to $700,000 with 70 sales
•    $701,000 to $ 800,000 with 45 sales
•    $801,000 to $900,000 with 37 sales
•    $901,000 to $1,000,000 with 24 sales
•    54 sales over a $1,001,000

Additional Property Transfer Tax on Residential Property Transfers to Foreign Entities in the Greater Vancouver Regional District

I’m sure many of you have heard about the new property transfer tax for foreign entities starting on August 2, 2016. In short it is applying an additional 15% on tax for out of country buyers. While this new tax is not yet applicable on the Sunshine Coast it could have a great impact on the interest in real estate here. The Vancouver real estate market is already buzzing with this change and the coast could definitely be an alternative market for people to avoid this tax. On the downside, a softening in the Vancouver market could impact us on the Sunshine Coast. If you have additional questions, please feel free to call me 604.885.7810 or email: kenan@kenamackenzie.com
The Sunshine Coast is still the best neighborhood in the Lower Mainland and the best value at any time of year.