Market Update 05.10.24 Sunshine Coast BC

Dated: May 10 2024

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Market Update for April 30, 2024

Sunshine Coast Detached Listings

Sales up 21% over the previous year

There are currently 407 detached listings on the Sunshine Coast. This is up from April 30, 2023 when there were 287 detached listings. Detached sales year-to-date ending April 30, 2024: 132 sales, in 2023: 109 sales, in 2022: 236 sales, in 2021: 280 sales, in 2020: 113 sales, in 2019: 123 sales, in 2018: 156 sales; in 2017: 201 sales, and in 2016: 387 sales. 2024 market's hot price range was between $1,001,000 to $2,000,000 with 50 sales.

Sunshine Coast Attached Listings

Sales down 13% from last year

There are currently 67 attached listings. This is down from April 30, 2023 when there were 68 attached listings. Attached sales this year-to-date ending April 30, 2024: 34 sales, in 2023: 39 sales, in 2022: 73 sales, in 2021: 104 sales, in 2020: 32 sales, in 2019: 51 sales; in 2018: 57 sales; in 2017: 74 sales and in 2016: 76 sales. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings

Sales up 25% over previous year

There are currently 121 bare land listings. This is up from up from April 30, 2023 when there were 91 land listings. Land sales year-to-date ending April 30, 2024: 20 sales, in 2023: 16 sales, in 2022: 77 sales, in 2021: 97 sales, in 2020: 16 sales, in 2019: 26 sales; in 2018: 56 sales; in 2017: 67 sales and in 2016: 127 sales.

Year-to-Date Detached Sales

         $000 to $300,000 with 4 sales

         $301,000 to $400,000 with 7 sales          

         $401,000 to $500,000 with 4 sales

         $501,000 to $600,000 with 8 sales

         $601,000 to $700,000 with 11 sales

         $701,000 to $ 800,000 with 12 sales

         $801,000 to $900,000 with 20 sales

         $901,000 to $1,000,000 with 14 sales

         $1,001,000 to $2,000,000 with 50 sales

         6 sales over $2,001,000

Where are we Heading?

            The question that hangs on everyone’s mind is where are we heading? The Sellers are hanging on hoping the market will strengthen and the Buyer’s are wondering will the prices drop further. A friend of mine passed on to me a clip from the Bill Maher show, he is a US talk show host that loves to be a comedian taking pokes at serious political situations. In this clip he is taking pokes at the serious situations we are faced with in Canada. He mentions that we have the highest debt to GDP ratio. The US has a 3.8 % unemployment rate compared to Canada’s 6.1 %. The median price for a home across the country is $465,000 CAD in the US and in Canada it is $660,000 CAD. We have a major housing crisis and we welcomed 1.3 million new people to Canada. What does this mean to you and to me; our problems are serious enough that we have become a joke for a US talk show host.

            We are dependent currently on our Federal Government and our Bank of Canada to guide us through this crisis. The worries are that if they lower the interest rates the price of housing will take off, if they hold too long with the higher interest rates it will push some homeowners into foreclosure. If the government mandate is to lower the price of housing it means that you and me, may have to give up some of our equity and for some their homes. Perhaps the question should be “who do you trust?”

            Where does this leave us today? We still have a low inventory on the Sunshine Coast we are a desirable place to live and over the years your home investment has been one of the best investments. I was talking to clients on the weekend. My first home cost me $65,000 in 1987 today that home is worth in the area of $1,000,000. For the Sellers if you need to sell price it right or be prepared for the long haul, for Buyers the market may dip but in long run your home will be your best investment and today’s market you will probably not be faced with bidding wars.

          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 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.

Stay safe and healthy everyone! If you have some money to spare, please consider helping out our local food banks, the Coast Wide Food Bank Drive is on now!

Go to  www.sunshinecoastfoodbankdrive.ca.

 

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

 

Kenan MacKenzie   604.885.7810 or email: kenan@kenanmackenzie.com  

Sarah MacKenzie 778-989-1841 or email: sarah@kenanmackenzie.com

 

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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....

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