Mike Carson

Your local Sunshine Coast Realtor

Cell 604-740-1841

Office (24 hour pager) (888) 385-3295

Email: info@sunshinecoastland.com

The March 2018 Sunshine Coast real estate market statistics for the detached housing market show there were virtually the same number of listings in March as this time last year, and 35 more than last month.  There were 29 sales (detached) in the $400K to $900K arena, with an average of 48 days on the market.  

 

The average price per square foot for single detached houses was $414, very close to the $401 for condos, and slightly above the $355 for townhomes.

 

The sales-to-active ratio indicates we are in a balanced market at this time, so no particular advantage for either buyers or sellers.  


(See the stats for condos and townhomes here.)

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I have sold a property at 5261 CLAYDON RD in Pender Harbour.
Serenity found, this is a sunny, southerly exposed waterfront property on Gunboat Bay that will soothe your city-worn soul. Newer Panabode and funky older cabin ready to live in and make it your weekend getaway, or choice holding property till you are ready to build. End of the road location gives excellent privacy and access to many hiking trails and swimming lakes. Well priced for waterfront, great investment.
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I have listed a new property at 5261 CLAYDON RD in Pender Harbour.
Serenity found, this is a sunny, southerly exposed waterfront property on Gunboat Bay that will soothe your city-worn soul. Newer Panabode and funky older cabin ready to live in and make it your weekend getaway, or choice holding property till you are ready to build. End of the road location gives excellent privacy and access to many hiking trails and swimming lakes. Well priced for waterfront, great investment.
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I have listed a new property at 5487 TRAIL ISLAND DR in Sechelt.
Glorious sunsets await you in this lovingly cared for 2 story home with self contained 1 bed in-law suite. Upstairs has 2 bed 1 bath, new kitchen counters and backsplash, solarium type room off master bedroom, generous room sizes, natural gas fireplace, nice level fenced yard great for kids or pets. Located close to town and near bus stop, across street from beach access, and in an area of fine homes. High level of maintenance shows throughout, as this is the original owner, never before on the market, so don't delay; make it yours today.
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I have listed a new property at 5549 SANS SOUCI RD in Halfmoon Bay.
Shows like new, this 23 year old home has an 8 y.o. roof, lots of constant care and maintenance and a sun-drenched southerly exposure. Lots of parking plus dbl carport, nicely landscaped. Bright rooms including chef's kitchen, vaulted pine ceiling in living room with cozy woodstove, 3 beds and 2 baths up, plus potential for an easy suite conversion downstairs or room for the family to grow. Totally private location to escape from the city and literally steps away from water access and 5 marinas. A well loved home...
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The governments’ recent attempt to create affordable housing is a laudable goal, but their method of using taxation may have undesired consequences, including triggering a recession.

 

The BC Finance Minister’s stated goal is to see a correction in the housing market.  Unfortunately, if prices fall, ordinary folks who have recently bought their home could see its value drop significantly, possibly lower than the mortgage they took out to purchase it.  Even if they can continue to make the payments, they may not be able to refinance when the term comes due.  In 2016 the Bank of Canada calculated that a 15 per cent drop in housing prices would put one in eight mortgages in Greater Vancouver under water. 

 

As for the “speculation tax,” which is actually more of an empty home tax, this tactic is aimed at forcing people to rent out their second homes.  Think about it:  a speculator will flip the property and only have to pay the 2% for one or two years.  Long-term owners will have to pay every year, which on a $500,000 condo would be an additional $10,000 in tax they have to pay.  This tax will not deter speculators but will hurt folks who have had and intend to keep vacation properties in the family for many years.

 

Many people on the Sunshine Coast have a small apartment or condo in Vancouver that they use to visit the kids and grandkids, and perhaps leave to the family in their will.  Renting it out would not make sense as they and the family use it on a sporadic basis.  But they will be subject to the 2% tax.  Apparently there will be a credit given on one’s BC income tax if you are a BC resident, but one would have to owe more income tax than the speculation tax in order for the credit to be of any benefit.  

 

Agreed, we need to make sure there is reasonably priced housing available, but that needs to be done through policy, not taxation.  It’s all about supply and demand.  The supply is limited so the prices go up.  It’s classic.  Cameron Muir, chief economist of the B.C. Real Estate Association, commented:  “If home prices were arbitrarily driven downward by government policy there are large consequences to that in the marketplace, including builders pulling back on production so you’ll end up in another supply crunch down the road, as well as you’d impact the overall economy.”  I am sure that is the last thing our Finance Minister intends.

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Did you get a surprise when you opened your property assessment notice from the provincial government?  Depending on where the property is located, and whether you have made any improvements, the value assigned could be higher or lower than last year.  Many people bemoan a higher value, believing it will lead to higher property taxes, which could be true or not depending on the mill rate decided on by the taxing authority.  You can appeal the assessment, but if you think you may be selling in the next few years then a higher assessment will be an asset.  

 

BC Assessment has a very useful web site with links to the assessed values of all BC properties, understanding the assessment process, and how to appeal your assessment.  https://www.bcassessment.ca/

 

To get a real idea of what your property is worth, talk to your local Sunshine Coast Realtor.

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I have listed a new property at 5549 SANS SOUCI RD in Halfmoon Bay.
Shows like new, this 23 year old home has an 8 y.o. roof, lots of constant care and maintenance and a sun-drenched southerly exposure. Lots of parking plus dbl carport, nicely landscaped. Bright rooms including chef's kitchen, vaulted pine ceiling in living room with cozy woodstove, 3 beds and 2 baths up, plus potential for an easy suite conversion downstairs. Totally private location to escape from the city and literally steps away from water access and 5 marinas. A well loved home...
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I have listed a new property at 5653 WHARF RD in Sechelt.
Turnkey business opportunity with excellent growth potential. Perfect for family business with lots of walk-in traffic and established routes with devoted clientele. Many recent equipment upgrades mean years of trouble-free operation. Business is ripe for someone to take to the next level and an excellent return while you grow.
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It is going to become even harder this fall for new mortgage applicants to afford that dream home.  As reported in the REW.CA news: 

 

"Previously, the mortgage “stress test” introduced last fall only applied to those with insured mortgages, with less than 20% down payment, and required those new mortgage applicants to qualify at a much higher rate than the one they would actually be paying. This fall, OFSI is expanding this rule to require all new mortgage applicants to qualify at the higher posted rate (currently 4.64%), even if they have more than 20% down and an uninsured mortgage."  


See the full article here:  Stricter Mortgage Rules

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I have sold a property at 8136 CEDARWOOD RD in Halfmoon Bay.
Sweet little starter home with new metal roof and charming lot and location. Easy walk to school and bus stop, store and trails. Solid manufactured home with cozy woodstove and all new baseboard heaters. 3 beds and 2 baths plus an open plan living, dining, kitchen. Basement is a blank canvas, for workshop? or Storage? Nice private yard perfect for veggie garden.
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I have sold a property at 5902 DEERHORN DR in Sechelt.
Lovely level entry post and beam home that shows a high level of maintenance and care. Self-contained suite with private entrance, covered patio and soaker tub adds a special component to this luxury home. Surrounded by trees, the spectacular ocean and mountain views form the backdrop to every room, giving a feeling of living in the treetops. Vaulted ceilings and full height windows enhance the experience. Numerous upgrades including all exterior posts replaced, new kitchen remodel, certified wood stove and new hot water tank mean peace of mind for years to come. Enjoy the relaxed lifestyle in this quiet neighbourhood, with beach access and world class hiking and kayaking nearby. So easy to come home to....
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I have listed a new property at 5222 WESJAC RD in Pender Harbour.
West Coast timber frame home has been priced for a quick sale. This executive home is custom built with West Coast style vaulted cedar ceilings, has 2 full length decks, 4 baths and 4 bedrooms plus huge loft and separate suite in basement with private entry. More features include radiant heat, built in vaccuum system, gourmet kitchen, low-E argon filled windows and oversize 36" doorways for wheelchair accessible main floor. The men will love the huge garage with 10 ft ceilings, made with steel beams. Convenient location close to Madeira Park, schools, marinas. This home sells itself, you will love it!
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Some tidbits from the 2016 census:  

 

  • In 2016, 17.9% of adults aged 15 and over living in private dwellings lived alone, 61.0% lived in a couple and 4.7% lived as a lone parent.
  • 79.2% of persons living in a couple were married in 2016, while 20.8% were living common law.
  • In 2016, the proportion of young adults aged 20 to 34 living with at least one parent was 34.7% compared to 35.6% in 2011.
  • In 2016, there were 140 same-sex couples.
  • In 2016, among couple census families 68.1% were families without children and 31.9% were families with children.

For the complete report click here:  2016 S.C. Census Data

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I have listed a new property at 8136 CEDARWOOD RD in Halfmoon Bay.
Sweet little starter home with new metal roof and charming lot and location. Easy walk to school and bus stop, store and trails. Solid manufactured home with cozy woodstove and all new baseboard heaters. 3 beds and 2 baths plus an open plan living, dining, kitchen. Basement is a blank canvas, for workshop? or Storage? Nice private yard perfect for veggie garden.
Read full post

I have listed a new property at 5902 DEERHORN DR in Sechelt.
Lovely level entry post and beam home that shows a high level of maintenance and care. Self contained suite with private entrance, covered patio and soaker tub adds a special component to this luxury home. surrounded by trees, the spectacular ocean and mountain views form the backdrop to every room, giving a feeling of living in the treetops. Vaulted ceilings and full height windows enhance the experience. Numerous upgrades including all exterior posts replaced, new kitchen remodel, certified wood stove and new hot water tank mean peace of mind for years to come. Enjoy the relaxed lifestyle in this quiet neighbourhood with beach access and world class hiking and kayaking nearby. So easy to come home to....
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The Bank of Canada today raised its target interest rate by .25 percent, citing increased confidence in the Canadian economy.  Mortgage rates will no doubt follow suit very soon.  Read the full press release from the Bank of  Canada here:  http://www.cbc.ca/news/business/bank-canada-interest-rate-monetary-policy-1.4200814.

 

More in-depth analysis of the economy can be found in their Monetary Policiy Report press conference release, with a link to the report itself:  http://www.bankofcanada.ca/2017/07/opening-statement-120717/

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.