Sunshine Coast land sales

Skook has updated the massive Sunshine Coast Land Sales thread over at VancouverPeak– this thread shows historical and 2014 data.

Just a short ferry ride away they never really saw a recovery after the 2008 crash – There are lots for sale in Gibsons that were asking $219k in 2007 and are currently asking $169k.

Here’s the most recent post with data for November 2014.

Hat-tip and thanks to Skook for compiling the data!

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RFM
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RFM

Anyone interested in the population and other demographics of the Sunshine Coast can look here:

http://www.city-data.com/canada/Sunshine-Coast.html

Westside Realtor
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Westside Realtor

Sunshine Coast, Whistler, Squamish, Kelowna…all look like train wreck to me..perhaps Whistler will rebound sooner if the Americans return in force.

Westside upper end sfh resale market is as gloomy as the weather and the forecast is for worsening conditions going forward.

HAM have disappeared.

Bidding wars? Not these days – not in the westside anyways.

I am betting that homes that would have fetched $5.5mm this past spring will struggle to find $4.0mm in a few months.

JMHO

WSR

Westside Realtor
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Westside Realtor

Just a casual observation (I have no in-depth knowledge of the Alberta RE market) but I have a hard time not thinking that we could see a SEVERE housing market correction there.

Any thoughts? Again, this is just my thinking from afar…

With all the capex cuts to come the whole supply chain industry/services/mfg will take it on the chin.

What’s the fallout from this – would love to hear your guesses/thoughts on the matter.

These are interesting times.

WSR

paulb
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Active Member

New Listings 143
Price Changes 44
Sold Listings 171
TI:12819

http://www.paulboenisch.com

bullwhip29
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bullwhip29
@ #3 the oil patch isn’t economic at these price levels. “correction” is therefore an understatement with sweeping layoffs imminent. adding fuel to the fire are the major losses investors all across Cda are presently realizing, but havent yet noticed as they are likely focusing on other things at this time of the year. maybe this is all a blessing in disguise for Christy Clark who can gracefully step away from her grandiose, save the province LNG pet project citing deteriorating market conditions (even though the project “is a done deal”)? regarding comment #2, we should probably mention vancouver isld too. i’ve heard a lot of anecdotal evidence suggesting that many recent buyers who thought RE prices in Victoria would naturally follow in Vanc’s footsteps are getting the heebie jeebies now, esp w/ their over the top new builds. just… Read more »
Bull! Bull! Bull!
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Bull! Bull! Bull!

sunshine coast is beautiful. it may qualify for the title of BPOE. yet their real estate has collapsed, while the cesspool of vancouver hasn’t. i wonder what vancouver has that sunshine coast doesn’t.

are people in vancouver paying a dim-sum premium?

if the industrial & commercial bank of china opens a branch next to molly’s reach you know it’s time to buy in sunshine coast.

CrashComing
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CrashComing

Heard it through the grape vine that Alberta condo developers are pulling in the reigns in new development big time.

We could see a rout there, a complete cowboy shit kicking.

Van Coffee
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Van Coffee

BBB on fire !

“dim sum premium”

“ICBC next to Molly’s”

Fuking classic.

bullwhip29
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bullwhip29

@ #7

for those keeping score…

despite CADUSD down 7.5% since summer

CWB-TSX down 28% since summer high
HCG-TSX down 16% in 5 wks
CNQ-TXS down 25% since summer high
COS-TSX down 80% in 3 wks (not a typo)
TSX Venture Index back to fall 2008 levels

space889
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space889

Beijing underground, sounds not much different from all the dark & dank basement dwellers here…except the people there are actually hard working, hoping for a better life for their kids.

Unlike the basement dwellers here who are more likely than not are lazy and angry young men who thinks the world owes them a nice big house, a hot girlfriend, and nice easy living being waited on and pampered by lowly Asian immigrants…

*cough* BPOM *cough*….

http://www.npr.org/2014/12/07/368760646/a-universe-beneath-our-feet-life-in-beijings-underground?sc=tw

space889
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space889

The Winter sales seem to be awefully high…looks like the housing crash or slowdown or whatever just isn’t coming this XMas and bears are going to get another lump of coal, courtsy of Saint Patriotz & his elf helpers.

At this rate, 2015 is looking to be another banner year, even with all the Chinese multi-millionaires blocked at the gates.

bullwhip29
Guest
bullwhip29

@ #11

what winter sales? other than some johnny come lately’s “getting in” because they feel rates are going higher, i dont see it. its completely dead out there. discounted condos have been sitting collecting dust, mold and mildew for a while now. fwiw, i dont think rates are going up due to things being not so great. financial mkts are teetering on the edge again right before the all important holiday season. unless the talking head bankers step up to the plate with something concrete in the not too distant future, i’m afraid to say that next year will be challenging to say the least. ppl dont buy big ticket items when the value of brokerage accts, rrsps etc is declining and the outlook remains uncertain

@5 bullwhip
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@5 bullwhip

I was just on the Island for a week and surprised how upbeat everyone was about timber production at multi-year highs and at least what they thought were rising house prices. Not sure I believe that part. They were also convinced American tourism is way up.

bullwhip29
Guest
bullwhip29

@ #13

timber prices up due to resurgent US housing mkt; judging by this recent news from fanny/freddy this play is in its final act; i’m sure everyone here knows how the last episode went
http://www.latimes.com/business/la-fi-fannie-freddie-loans-20141209-story.html

despite all this, home prices on the island have essentially gone nowhere since 2008. if stock markets have finally peaked too, then kiss all those US and overseas tourists dollars good bye too. the only thing worse than getting burnt twice (ie. 2000, 2008) is getting torched a third (and maybe final) time. i dont think the consumer can survive another financial crisis (which would make it the 3rd in 15 yrs) and still have the ability and desire to come back for more. complete loss of confidence leads to what is still unfolding in Japan after all these decades.

bullwhip29
Guest
bullwhip29

@ #13 cont’d

the prices in Victoria are comparable to Seattle; those in Vanc on par (if not exceeding) SF

heaven forbid the cruise ships should stop coming to the island; without tourists i doubt all those freelance artists, coders, baristas and what have you can keep the market propped up at these levels. at best, Vic is a HAM area play, but that’s even a stretch to put it mildly.

Mortgageslave
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Mortgageslave

In regards to the lending rate, it is possible that the BOC will have no choice if Oil continues it’s slide and takes the CAD$ down with it. The only combat may be to raise rates. Same scenario when Oil was at $125 and our Dollar peaked around $1.10. Currency prices are very hard to predict and analysts rarely get it correct. Just wait and see…I hope not but this scenario has the possibility to get very ugly.

bullwhip29
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bullwhip29

@ #16
what makes you think the BOC wants a stronger loonie? central bankers gonna stay on track as they are; when the SHTF for real, the US Fed will turn the printing presses back on

Mortgageslave
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Mortgageslave

I never said that they wanted that. I suggested a scenario could arise where the CAD gets too low. this can cause price of goods to be expensive and be bad for the economy in general. I said that they may not have a choice. This could especially be the case if the US raised their rates, forcing our dollar even lower.

bullwhip29
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bullwhip29

@ #19

if things get out of hand like they were in 2008, the prices of many things will be much lower. imho, the US will not be raising rates anytime soon either. think japan all over again.

squeako
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squeako
re #15: Yep, Victoria seems to “make” money through gov., health care jobs, and renting out to multiple Asian students, that is how many are managing to pay their mortgages. Heard on the radio, local landlords calling in complaining of how they have been held back raising rents, not being able to keep up with the “costs”. I wonder exactly what the costs are, bought bigger than they can chew? So whose fault is that? Besides, to make money,takes money,especially if “passive income”,that so many are wishing for in the real estate sector. (gone to too many RE pep talk seminars?) The landlords I had rented from (suites in homes) were either occasionally employed (so they could stay in their low stress, work at your own pace jobs) or early retirement (that really should have kept working part time a… Read more »
space889
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space889

@Mortgageslave – Don’t you remember that the loonie was in the 60cents area back in the 90s and talk of Canadian Peso and adopting US $ was all the rage? We survived that and had a string of surplus and paying down debt, so I don’t think Central Bank is going to worry that 80 cents loonie as being too low.

@bullwhip29 – The sales to list is running at 100% or over almost every day. I would call that a pretty hot market.

Also I don’t think a lot of average joe who buys condos and TH have much in their RSP or TSFA, and when they do have something it is likely to be GIC/HISA whose value dnn’t fluctuate.

space889
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space889
bullwhip29
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bullwhip29
@ #21 not sure where you get your #’s but monthly sales/list nowhere near that. also volumes are much lower than prev yrs. i wouldnt say the market is poor, but it is not sizzling hot either. ask anyone. if, on the otherhand, things should go into a bit of a tailspin you can bet # listings will spike overnight. if those “average joes” dont have assets valued at least in the mid 10’s of thousands (if not 100k+) then why on earth are they taking on mortgages in the 250-500k+ range? or are you suggesting they have no other assets since it all went into the DP? fwiw, i know tons of fearless younger folk who own real estate, who also day trade, play the market etc on the side. all this activity comes part in parcel. the vast… Read more »
bullwhip29
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bullwhip29

@ #22

already mentioned this. see post #14. this is proof that things are not nearly as robust as advertised

Skook
Member
Skook

I have just begun posting the Vancouver Island Real Estate Board (VIREB) Aug to Nov sales data. The posts begin here…

http://vancouverpeak.com/showthread.php?tid=5244&pid=6271#pid6271

I hope to finish the posting tomorrow.

Like everywhere else, VIREB year-to-date sales are the best since 2009; however, the November “All Areas” Benchmark price is lower than both Nov 2011 and Nov 2009 which may be indicating a trend developing. Should be interesting to follow in the months ahead.

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