Wow…2016 what a year…

We did it again RE/MAX Oceanview top listing and selling office on the Coast 21 years in a row. There hasn’t been a year like this one since 2004, there were about 2800 sales, this past year we saw 2996 sales on the coast.

What does that mean going forward into 2017…? No one can predict the market, but a few key factors are at play:

– Interest rates may continue to sneak up..
– The tightening of mortgage qualifying rules has slowed the market.
– The 15% Foreign Buyers Property Tax, has had an effect on Vancouver.
– Same thing with the 3% PTT over $2,000,000.It only affects a small part of the market, but there is that “trickle down” effect.
– Prices – buyers are already wary of the higher prices –The higher they go, the more hesitant some buyers will become.
– Supply – it’s predicted there will be fewer new listings coming on the market. This means necessarily fewer sales. But what else does it mean? Upward pressure on prices.
– The Press and the Canadian Real Estate Bubble. We’ve been hearing about this for a number of years now. Many financial pages have predicted the bubble will burst soon. These sorts of things tend to be self-fulfilling. But there are others who say it just isn’t going to happen any time soon
– The trump effect
– Consumer confidence index- one of the highest numbers we have seen.

With all these factors at play…real estate publications feel sales will fall about 10-15% in 2017, 2016 was record breaking year for number of sales, so this isn’t tough news to take, we could still have a good market. In looking at trends 2017 market may take shape more like 2014 or 2015, which all in all will be a good market.

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Happy Client!

“I was introduced to Tina when I was tasked with providing one of her clients with an engineering solution for the sale of his house. I was immediately impressed with her clarity and authenticity. I said to myself that should I need an agent, I would definitely call her first. Well six months later I was in the market for a home and I did call her. She was stellar. So thorough, so energetic, she worked hard and she delivered. And now she feels like part of the family. Recommended 100%” – D. Dugas – Sechelt

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Happy Buyers

“Choosing a Real Estate Agent can be a difficult one, especially these days when there is literally a bucket of them. My husband and I were living remotely last spring, anticipating moving to the Sunshine Coast. We needed a realtor that was reliable, courteous, prompt and most of all would provide professional advice. Tina listened to our wants, desires and needs and was able to provide us with a list of homes to view on our shopping trip. She understood exactly what we were looking for and gave us the time to make our final decision on our new home…

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Tina’s Market Snapshot

The October stat’s confirm that real estate activity on the Sunshine Coast has cooled off. There were 43 detached homes sold in October. That is well below the 56 sales noted in September and also less than October of 2015. However, the Benchmark Price – that is, the price of an average home in an average area – defied the trend of slower sales by rising another .8% to $483,500.

We’ve said it before: strong demand from Vancouver buyers and a relatively short supply continues to put upward pressure on prices. Sales of apartments and townhomes, at 17, were down from September’s total of 20, but still more than last year’s total of 13. Sales of land in October increased slightly to 14 from 11 the month before, yet they don’t match last October’s total of 19. The year to date sales of land stand at 325. That’s almost 200 more than last year!

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