December 31st Market Update
Sunshine Coast Detached Listings
Sales down 38% over the previous year
There are currently 166 detached listings on the Sunshine Coast. This is up from December 31st, 2021 when there were 63 detached listings. Detached sales year-to-date ending December 31st, 2022: 493 sales, in 2021: 799 sales, in 2020: 764 sales, in 2019: 490 sales, in 2018: 514 sales, in 2017: 725 sales; in 2016: 955 sales, and in 2015: 753 sales. The 2022 Market's hot price range was over $1,001,000.00 to $2,000,000 with 194 sales. With the current sales pace, this is a four month supply of listings.
Sunshine Coast Attached Listings
Sales down 50% from last year
There are currently 50 attached listings. This is up from December 31st, 2021 when there were 35 attached listings. Attached sales this year-to-date ending December 31st, 2022: 128 sales, in 2021 255 sales, in 2020: 203 sales, in 2019: 137 sales, 2018: 139 sales; in 2017: 234 sales; in 2016: 232 sales and in 2015: 173 sales. With the current sales pace this represents a five month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.
Sunshine Coast Land Listings
Sales down 56% over previous year
There are currently 42 bare land listings. This is down from December 31st, 2021 when there were 60 land listings. Land sales year-to-date ending December 31st, 2022: 101 sales, in 2021: 227 sales, in 2020: 175 sales, in 2019: 97 sales, 2018: 153 sales; in 2017: 199 sales; in 2016: 386 sales, and in 2015: 161 sales. With the current sales pace this represents approximately a five month supply of listings.
Year-to-Date Detached Sales
• $000 to $300,000 with 11 sales
• $301,000 to $400,000 with 8 sales
• $401,000 to $500,000 with 10 sales
• $501,000 to $600,000 with 18 sales
• $601,000 to $700,000 with 24 sales
• $701,000 to $ 800,000 with 54 sales
• $801,000 to $900,000 with 73 sales
• $901,000 to $1,000,000 with 56 sales
• $1,001,000 to $2,000,000 with 194 sales
• 44 sales over $2,001,000
On to 2023
First off, I would like to wish you all a Happy New Year, and may the year ahead be filled with health and happiness for you and your family!
2022 was a whirlwind - from an incredibly busy spring for Sellers, to Buyer fatigue, and then to increasing mortgage rates which slowed the market considerably.
At the end of 2022, the Bank of Canada had indicated that the December rate increase would be the last and that the rates would hold steady through 2023. Now the projection is for another potential increase in variable mortgage rates, bringing them to an average of 6.35%.
It is predicted that the fixed rate mortgages have already peaked at an average of 5.5%. Providing that inflation continues to decline, the Bank of Canada would be able to start lowering rates towards the end of 2023.
A lowering, or even just a steadying of rates, will give Buyers a lot more confidence in moving forward with their home purchases. The volatile mortgage rates over the last 6+ months have been unnerving for many Buyers.
There has been a lot of change in the world in the last year and I think everyone is feeling the effects… on to 2023!
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 MacKenzie 604.885.7810 or email: firstname.lastname@example.org
Sarah MacKenzie 778.989.1841 or email: email@example.com