SC - 2017 Sales Summaries

2017 Sunshine Coast Year End Tables and Charts

In late 2015 and early 2016, anything that wasn’t nailed down sold. The Sunshine Coast was at bargain basement prices and the deals were too good to ignore for lower mainland investors; perhaps including ‘pre-sale’ contract flippers and money launderers (been reading the ugly news stories involving the BC Liberals?) I was seeing some weird shit in some development pre-sales at this time and now I think I know why.

But it all came to a screeching halt by May 2016 - this was 2007 all over again. There were no more bargains and the multiple offers and hundreds of buyers dried up. Oh, there were still a few stragglers suffering from “fear of missing out” (FOMO); but, now their two year variable rate mortgages are coming up for renewal at higher interest rates and the banks may turn them down if they can’t pass the “stress” test which will go up, too, following this past Tuesday's Bank of Canada’s rate increase. Of course, the plan was never to renew but to flip after two years (got to keep an eye out for the Canada Revenue Agency). But, to add insult to injury prices are dropping across the board - big time. You’ll see that in my 2018 posts.