Market Update October 31, 2019

Sunshine Coast Detached Listings
Sales down by 10% over the previous year

There are currently 337 detached listings on the Sunshine Coast. This is down from September 30, 2019 when there were 378 detached listings. Detached sales year-to-date ending  October  31, 2019: 424 sales, in 2018:  469 sales; in 2017: 625 sales, and in 2016: 870 sales. 2019 market's hot price range is between $501,000 and $600,000 with 105 sales. With the current sales pace, this represents approximately an eight  month supply of listings.

Sunshine Coast Attached Listings
Sales down 4%  from last year

There are currently 110 attached listings. This is down from September  30, 2019 when there were 117 attached listings. Attached sales this year-to-date ending  October  31, 2019: 120 sales; in 2018: 125 sales; in 2017: 207 sales and in 2016: 207 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 42%  over previous year

There are currently 219 bare land listings. This is down from September 30, 2019 when there were 225 land listings. Land sales year-to-date ending  October 31, 2019: 80 sales; in 2018: 139 sales; in 2017: 173 sales and in 2016: 353 sales. With the current sales pace this represents approximately a twenty-seven month supply of listings.

Year-to-Date Detached Sales

  • $000 to $300,000 with 30 sales
  • $301,000 to $400,000 with 18 sales
  • $401,000 to $500,000 with 48 sales
  • $501,000 to $600,000 with 105 sales
  • $601,000 to $700,000 with 73 sales
  • $701,000 to $ 800,000 with 45 sales
  • $801,000 to $900,000 with 30 sales
  • $901,000 to $1,000,000 with 20 sales
  • 55 sales over a $1,001,000

                                                                         The Market is Improving

Where are we going is the question of the day? We are now post election and the hope is that the Federal Government will ease the stress test. This will influence our market place as most believe there is a pent up demand for housing but with the current stress test buyers are not able to qualify for a mortgage. The easing of the stress test would strengthen our market.

The other potential huge unknown is what happens in Hong Kong. The troubles do not seem to be easing but escalating. I was watching the news the other day and the report stated that we have 300,000 Canadians living in Hong Kong. This is the largest community of Canadians living outside of Canada. If the troubles get worse I would imagine they will return to the safety of Canada.

These two items have a potential to effect our market and as our sales our down at the moment so is our inventory. It would not take much to push us into a seller’s market.

The 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 me today with any additional questions, or for a free market evaluation - 604.885.7810 or email: kenan@kenanmackenzie.com