Market Update 02.29.24 Sunshine Coast BC

Dated: March 7 2024

Views: 51

Market Update for February 29, 2024

Sunshine Coast Detached Listings

Sales up 1% over the previous year

There are currently 264 detached listings on the Sunshine Coast. This is up from February 28, 2023 when there were 194 detached listings. Detached sales year-to-date ending February 29, 2024: 44 sales, in 2023: 40 sales, in 2022: 86 sales, in 2021: 91 sales, in 2020: 53 sales, in 2019: 56 sales, in 2018: 70 sales; in 2017: 76 sales, and in 2016: 124 sales. 2024 market's hot price range was between $1,001,000 and $2,000,000 with 12 sales. 

Sunshine Coast Attached Listings

Sales the same from last year

There are currently 48 attached listings. This is down from February 28, 2023 when there were 68 attached listings. Attached sales this year-to-date ending February 29, 2024: 11 sales, in 2023: 11 sales, in 2022: 31 sales, in 2021: 43 sales, in 2020: 16 sales, in 2019: 20 sales; in 2018: 22 sales; in 2017: 38 sales and in 2016: 27 sales. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings

Sales up 67% over previous year

There are currently 87 bare land listings. This is up from February 28, 2023 when there were 69 land listings. Land sales year-to-date ending February 29, 2024: 9 sales, in 2023: 3 sales, in 2022: 33 sales, in 2021: 40 sales, in 2020: 12 sales, in 2019: 19 sales; in 2018: 29 sales; in 2017: 29 sales, and in 2016: 40 sales. 

Year-to-Date Detached Sales

$000 to $300,000 with 1 sale

$301,000 to $400,000 with 0 sales

$401,000 to $500,000 with 1 sale

$501,000 to $600,000 with 3 sales

$601,000 to $700,000 with 4 sales

$701,000 to $ 800,000 with 2 sales

$801,000 to $900,000 with 10 sales

$901,000 to $1,000,000 with 9 sales

$1,001,000 to $2,000,000 with 12 sales

2 sales over $2,001,000

Tax Breaks 

Some exciting news from the BC government this week as they unveil revised tax breaks for first time home buyers . As of April 1, 2024, the threshold for exemption from the property transfer tax for first-time homebuyers will increase from $500,000 to $835,000. This adjustment is aimed to enhance affordability and accessibility for first-time buyers, it is estimated to double the number of Buyers that will be able to utilize exemption. These revisions signal a commitment to enhancing accessibility to homeownership and addressing housing affordability concerns. 

Another revised tax break is on the new home purchase. With the threshold being raised from $750,000 to $1.1m on property transfer tax exemptions for new homes, this is a huge incentive for a new home purchase. Not limited to detached homes, this revised tax break also includes newly build condos/ apartments. 

Bank of Canada is once again holding rates. It isn’t a rate reduction like many were hoping for but it is much more positive then an increase. Inflation is still fairly, high which is why they are not able to lower the rates just yet, once we see inflation come down to more manageable numbers then we may see the rate reductions. The predictions for rate cuts are looking farther into this year. 

Sunshine Coast is still the best neighborhood in the Lower Mainland and the best value, being 20 to 30 percent lower than comparable areas of the Lower Mainland. Why fight the traffic when you can relax aboard a scenic cruise while catching up on rest or work during the 40 minute commute.

Call us today with any additional questions, or for a free market evaluation 

Kenan- 604.885.7810                       kenan@kenanmackenzie.com                                                               

Sarah- 778.989.1841                        sarah@kenanmackenzie.com

Blog author image

Kenan and Sarah MacKenzie Personal Real Estate Corporation

MacKenzie Real Estate Team was created when Sarah, Kenan's daughter, joined him in Real Estate over 4 years ago. Kenan with 30 years of experience and Sarah with over 4 years of experience have a com....

Latest Blog Posts

Market Update 05.10.24 Sunshine Coast BC

Market Update for April 30, 2024Sunshine Coast Detached ListingsSales up 21% over the previous yearThere are currently 407 detached listings on the Sunshine Coast. This is up from April 30, 2023

Read More

Market Update 03.31.24 Sunshine Coast BC

Market Update for March 31, 2024Sunshine Coast Detached ListingsSales up 10% over the previous yearThere are currently 343 detached listings on the Sunshine Coast. This is up from March 31, 2023

Read More

Market Update 02.29.24 Sunshine Coast BC

Market Update for February 29, 2024Sunshine Coast Detached ListingsSales up 1% over the previous yearThere are currently 264 detached listings on the Sunshine Coast. This is up from February 28,

Read More

Market Update 12.31.23 Sunshine Coast BC

Sunshine Coast BC Real Estate Market Update for December 31st, 2023Sunshine Coast Detached ListingsSales down 21% over the previous yearThere are currently 242 detached listings on the Sunshine.

Read More