SC - 2016 Stats Post #4

SC - Peak Stupidity: May 20, 2016

I think with any bubble whether it be housing, stock market or tulip bulbs there’s a defining moment that screams, “Party’s over!” You know as in, “Hey, finish that beer, find your coat and leave.” I think that moment for the Sunshine Coast occurred on May 20, 2016 with a Facebook announcement of this Gibsons sale...

Van - SDH Sales/Prices 2011-2016

Greater Vancouver Detached Sales, Average & Benchmark Sale Prices 2011 – 2016

The stunning price increases in Greater Vancouver has impacted not only its surrounding regions, but outlier markets such as Bowen Island and the Sunshine Coast as first time buyers look for affordable housing and baby boomers cash out their home equity, buy similar homes at cheaper prices, and bank/invest the remaining profit. The result has been a chain-reaction of rising home prices throughout the lower mainland and lower coastal region.

CMHC - it's 'Red' Alert

CMHC will issue 'Red' Alert on Canada's housing sector October 26, 2016

Skook: On Monday, October 17, 2016, in a Globe and Mail opinion piece, Canada Mortgage and Housing chief executive office Evan Siddall informed the public and business leaders that the federal agency would be issuing it first ever ‘red’ alert on the nation’s housing sector. The G&M followed with two articles; one on Monday and one today. I am posting all three pieces here beginning with Mr. Siddal, followed by today’s G&M article and then Monday’s piece - all for quick reference.

SC - 2016 Stats Post #3

Sunshine Coast January-September 2016 ‘$1mill+’ Property Sales

In my Oct 17 blog post, I introduced you to Jonathan Baker who appeared in a March 13, 2016 Bloomberg article which was reprinted in the Vancouver Sun the following day. The 78-year old retired lawyer and his wife had sold their Dunbar area home for $3mill in December 2015 and purchased a 4200sf waterfront home in Sechelt for half that amount thus pocketing a tidy profit of $1.5mill which the average Vancouver worker could never save in a life-time.

SC - 2016 Stats Post #2

Sunshine Coast 2016 ‘$1mill+’ Property Sales - An Intro

On Oct 3, I posted the December 2015 data for million dollar home sales on the Sunshine Coast. Sales in 2015 were the best in years. They picked up in May and didn’t look back ending the year with double the 2014 sales.

With last year’s sales in mind, I would like to introduce you to Jonathan Baker. He is the human element in the March 3, 2016 Bloomberg piece ‘Millionaire Boomers Decamp Vancouver Pocketing Housing Windfalls’ which was reprinted the next day on March 4 in the Vancouver Sun with a slightly expanded, emotionally packed header: ‘Millionaire boomers decamp Vancouver pocketing housing windfalls as city becomes a ‘commodity’’ (Skook: seriously...who writes this stuff?). There is a Sunshine Coast connection to Mr. Baker and because of that I'm posting the complete article.

RE - Foreign Buyer's PTT

Foreign Buyer's Property Transfer Tax - the Sunshine Coast and Bowen Island

(Skook: SC Realtor® Kenan Mackenzie posted a detailed explanation about the new Foreign Buyers Property Transfer Tax on Aug 2, 2016. I’m reposting it here in its entirety for reference. Highlighting is mine)

SC - 2016 Stats Post #1

SC Jan-Sep 2016 Benchmark/Median/Average Sales Price Comparison

I’ve been pulling some stats together and thought you might be interested in the result. It’s a bit of a 2016 stats “teaser” to give you something to think about as I plug away on the long overdue monthly stats posts.

Anyone who has followed my posts at VancouverPeak.com knows I strongly disagree with the Great Oracle (REBGV) bundling ‘$1mill+’ property sales with the rest of the SC's single detached home sales. This post clearly shows you why.

SC - 2016 Sales Predictions

It’s become a bit of a tradition these past few years for me to start off a new year of sales stats with local Realtor® predictions. So, I went on the hunt and managed to find 3 who gazed into their crystals balls and shared their visions with one and all. Today, I’ve read over those predictions and where appropriate or useful I have clarified or commented.

SC - 2015 Sales Summaries

2015 Sunshine Coast Year End Tables and Charts

(Note: to enlarge thumbnail images, right click on image and open in a new tab or window for viewing)

SC Realtor® Gary Little posts SC sales summaries twice a year: a mid-year summary and a year-end summary. You will find the link to those summaries above the data charts on Little’s sales stats webpage.

SC - Dec 2015 Stat Post #3

Sunshine Coast December 2015 Sales Stats

(Note: most images are too large to show in their original size. I recommend you right click and open them in a new tab or window so that you can move back and forth between text and image)

The Sunshine Coast ended the year with more records. Total December sales fell by only -10%  month-to-month which is amazing when you factor in Christmas and New Year holidays. Year-over-year, total sales jumped +52% compared to December 2014, +139% when compared to 2013 and a stunning +469% over those measly 16 sales in 2012. Oh, la la...

December’s detached, attached, MOP, and lot sales were all on the plus side YOY with attached sales jumping +186% (20 vs 7). Total YTD attached sales (172) rose an impressive +51% compared to 2014 and +76% compared to 2013. Hmm, where did all those townhome and condo owners go? To detached homes, every one?

BI – 2016 Stats Post #2

Bowen Island Sept 2016 Sales Stats

The downward momentum continues for detached sales on Bowen. September saw 4 sales – down 2 sales from August and the benchmark sales price (that harbinger of trend – so says the Great Oracle: the REBGV) dipped $500 after establishing a new peak price in August at $797,900. However, Active Listings bucked the downward movement ending the month up 7 over August.  So, we have: falling sales, falling benchmark, and rising listings; hmm, sounds like a good mix for price drops, wouldn’t you agree? And, to rub salt into the wound, the YTD detached sales are down -26.0% compared to last year.

SC – Dec 2015 Stat Post #2

Sunshine Coast Dec 2015 Lot Sales

There were 15 bare land sales in December bringing the year’s total to 147 – the best showing since 2007. The year ended up an impressive +116% over the year before and +172% compared to 2013. The majority of sales took place within the Gibsons market area and 44 of its 54 lot sales were under an acre with many of those being bought by commercial home builders in anticipation home sales in that area would continue to rip into 2016 – they were right.

SC - Dec 2015 Stat Post #1

Sunshine Coast Dec 2015 ‘$1mill+’ Property Sales

If you needed one definite indicator that the Sunshine Coast real estate market had turned around in 2015, then this is it – million dollar plus property sales.  The 4 sales in December brought the year’s total to 36 – an impressive +118% improvement over 2014's 17 sales and an increase of +150% over 2013’s paltry 15 sales.

REBGV – Pumping the Industry

How carefully do you read the News Release that accompanies the REBGV monthly stats...always...usually...never? I have to confess I never read it top to bottom. The letter is so formulaic that I skim and scan and zero in on the same info each month. I think there might be an unintended benefit to the Board if most readers do the same.

This weekend I was going through those letters very carefully and began to notice that blurb at the bottom in fine print just above Mr. Munn’s contact info. It's the one that always begins, “The real estate industry is a key economic driver in British Columbia.” Hmm, such significant data in such tiny print, but the media doesn’t miss it because those are great numbers to report requiring absolutely no work – ideal for understaffed newsrooms; and, that is why the Board includes it month after month, year in and year out.

BI - 2016 Stats Post #1

Bowen Island Jan-Aug 2016 Sales Stats

At last, the 2016 sales stats; but, before I get to the numbers, I would like to say a few words about my data source. I've only found one realty firm that posts month-to-month sales stats for Bowen Island – Macdonald Realty. You can find those stats for BI and for all board areas posted to MR’s blog. They also post stats for Whistler, Squamish, Greater Victoria and the Okanagan.

MR began posting Bowen Island sales stats as a downloadable .pdf file back in Feb 2015. These ‘Market Hot Sheets’ gave the number of sales, the median sales price, average days on market and number of active listings for the current month, preceding month and year-over-year. As well, they illustrated the market status: sellers, balanced or buyers.

Skook's Chatter #1

I hate Blogger. I used it twice before about ten years ago before Google took it over. The text editor was shit to use back then and it’s still shit to use today. You would think that Google with its bazillion, gazillion dollars could have spent a few sous to develop something that functioned half decently. I tell you if this wonky piece of garbage is the best that Google can offer then there is no damn way I'll ever get into one of their driverless cars. Are you reading this Google!!

BI - 2015 Sales Summary

Bowen Island 2015 Sales Summary

For the second year, Bowen Island mother and son Realtors® Dee and Frazer Elliott have released a year-end sales summary. It was posted to their Facebook page back in January. The images below were taken from that summary with the chart on the left showing 2015 home and lot sales month-to-month and the chart on the right showing total sales year-to-year going back to 2007.

BI - 2015 Dec Sales Stats

(This post completes the 2015 Bowen Island stats posted over at VancouverPeak.com. If you want to refresh your memory, those earlier stats are found here.)

Bowen Island Dec 2015 Sales Stats

Bowen Island ended 2015 with 5 single detached home sales in December – the highest level year-over-year seen in 6 years and 1 better than December 2014.

1st Post - Welcome!

Here we go...we’re now live. For those familiar with my efforts at VancouverPeak.com, it’s great to see you again. For those new to my attempts to understand the “whys” in real estate, I hope you’ll find the posts here interesting and informative.
 
Now, the big news is that another coaster is joining me here on the blog. Welcome aboard, Bolshewik Artizan! ‘Bolshie’ is obviously another “pinko” like me. He’ll be popping in whenever the mood strikes him to inform, enlighten or instigate – he’s welcome to cover it all as long as it dazzles...and doesn’t shut us down. And, if you post intelligent, enlightening comments, I just might invite you on board as well.