Market Update July 31, 2019

Sunshine Coast Detached Listings
Sales down by 16% over the previous year

There are currently 434 detached listings on the Sunshine Coast. This is down from June 30, 2019 when there were 454 detached listings. Detached sales year-to-date ending July 31, 2019: 277 sales, in 2018: 330 sales; in 2017: 436 sales, and in 2016: 700 sales. 2019 market's hot price range is between $501,000 and $600,000 with 67 sales. With the current sales pace, this represents approximately an eleven month supply of listings.

Sunshine Coast Attached Listings
Sales down 11% from last year

There are currently 118 attached listings. This is up from June 30, 2019 when there were 109 attached listings. Attached sales this year-to-date ending July 31, 2019: 89 sales; in 2018: 100 sales; in 2017: 141 sales and in 2016: 151 sales. With the current sales pace this represents a nine month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings
Sales down 49% over previous year

There are currently 228 bare land listings. This is up from up from June 30, 2019 when there were 224 land listings. Land sales year-to-date ending July 31, 2019: 53 sales; in 2018: 104 sales; in 2017: 122 sales and in 2016: 285 sales. With the current sales pace this represents approximately a twenty-eight and a half month supply of listings.

Year-to-Date Detached Sales

  • $000 to $300,000 with 25 sales
  • $301,000 to $400,000 with 15 sales
  • $401,000 to $500,000 with 26 sales
  • $501,000 to $600,000 with 67 sales
  • $601,000 to $700,000 with 49 sales
  • $701,000 to $ 800,000 with 30 sales
  • $801,000 to $900,000 with 20 sales
  • $901,000 to $1,000,000 with 11 sales
  • 34 sales over a $1,001,000
Metro Vancouver home sales surge 23.5% in July compared to last year”
Posted on CBC News August 2, 2019 by Estefania Duran

It is great to see a headline that is not forecasting doom and gloom for a change. In the past month we saw a slight adjustment to the Canadian Mortgage Stress test from 5.34% to 5.19%. This was the first adjustment downwards since 2016. The mortgage stress test has been the most negative item that the government has imposed on the real estate market. This adjustment came as a result of 6 big banks adjusting their 5 year posted mortgage rates. Currently, in the market, you can get a discounted 5 year rate below 2.5%. As you can see, if a consumer has to qualify at 5.19% but their bank is offering a discounted rate of less than half  the impact it would have on the market. Other items that could affect our market is the unrest in Hong Kong. There are quite a few people living in Hong Kong with a Canadian passport that will come back if things get bad. A news article I saw that agents are reporting clients from Hong Kong who are checking the local market. 

In the last couple of weeks there seems to be an increase in showings and offers. I have seen quite a few very low offers across my desk, but an offer is better than none. Last week was one of my busiest in months and looking at the stats it seems other agents are seeing the same. I am not saying we are heading back to a sellers market but last month was the first in many months that I saw detached listings inventory go down. It will be interesting to see how the next few months play out.

Sunshine Coast is still the best neighbourhood 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 me today with any additional questions, or for a free market evaluation - 604.885.7810 or email: kenan@kenanmackenzie.com