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Home Values and Sales Data 2000-2012
03-12-2013, 04:10 PM, (This post was last modified: 05-05-2013, 11:12 AM by Skook.)
#1
Home Values and Sales Data 2000-2012
I am still researching real estate sales and pricing; however, I have some good data that I can post now that will show what was happening on the Sunshine Coast between 2001 and 2008.

I visited the Statistics Canada website on the weekend and the information from each of the 2001 and 2006 census is excellent. I was able to obtain the 'Average Dwelling Value' for each SCRD area for the years 2001 and 2006. The census results do not indicate how that average value was derived and maybe if I drill down further I might discover how; but, I think it might come from real estate data. Those Stats Can results are in the chart below and show that average value came close to doubling throughout the Sunshine Coast and, in fact, more than doubled in Elphhinstone, Sechelt,Roberts Creek and Halfmoon Bay.

[Image: attachment.php?aid=46]

I set the chart up so that results run from south to north as you move up the coast. Here are those SCRD areas once again:
  • Area F: West Howe Sound
  • Area E: Elphinstone
  • Area D: Roberts Creek
  • Area B: Halfmoon Bay
  • Area A: Egmont and Pender Harbour
I came across some real estate data out of Pender Harbour for the period January, 2001 to October, 2008. Unfortunately, the table combined the results for Sechelt and Gibsons; however, it does give you a good idea the direction prices were moving. So, the chart below shows the average home sale prices for those years.

[Image: attachment.php?aid=47]

The real estate data also gave the number of sales for those years. I wasn't able to display that in the chart above but I could do so by creating two separate pivot charts; one for Sechelt and Gibsons and the other for Pender Harbour. Those charts are below.

[Image: attachment.php?aid=48]

As you can see the number of sales took a dramatic plunge in 2008 in those areas. At that time, the United States was in the middle of its recession, oil and gas prices were peaking, and the stock market was heading for its March, 2009 crash.

May 5, 2013 Update: I now have the historic RE sales for all of the Sunshine Coast from 2000-2012. That info can be find below in a new post.


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03-12-2013, 07:39 PM,
#2
RE: Home Values and Sales Data 2001-2008
Wow, epic post. Thanks for the data - sunshine coast seems like a potential escape from Vancouver, I wonder how far they have to fall. Interesting to see the peak there, do you have data from '09 to now?
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03-14-2013, 01:50 PM, (This post was last modified: 03-14-2013, 02:03 PM by Skook.)
#3
RE: Home Values and Sales Data 2001-2008
Thanks, ant. I am not able to offer a breakdown like the above for 2009 - 2013. However, I have managed to pull together a few charts from various sources I found yesterday that show the benchmark price for sales on the Sunshine Coast.

[Image: attachment.php?aid=50]

You will notice from the first two rows that the benchmark has been falling as well as the number of sales. The last row show that current total listings inched up in February and this could jump in March since historically that is when the "For Sale" signs come out. This coupled with the last sales figures for February (below) should lower prices further, I would think.

[Image: attachment.php?aid=51]

Now, here is how I interpret current house prices on the SC. New detached homes in developments away from the water in Sechelt and Gibsons hover around $350,000. Older homes (25+ yrs), again away from the water are dropping in price - some below $300,000. Homes with a water view will average $500,000 - $800,000. Homes on the water are $1,00,000 plus depending on lot size, home age and locale.

In Sechelt, new developments started in 2009-10 are definitely in trouble. As a result, a developer in Gibsons isn't even bothering to build spec homes. It is called 'Parkland' and it has been zoned for single family, duplex, and cluster. The cluster lots have been sold. The duplex lots are priced at $199,000 and the single family lots were $169,500 but have dropped to $149,500. The Realtor description for these lots is very interesting. (http://www.terrimurphy.ca). Click on 'Our Listings' and look for the lots on Gerussi, Woodsworth and Wright.

A new town house development in Gibsons is in serious trouble. It is called 'Island Vista' and is at 666 Crucil Road. There are 8 townhouses built in two blocks of 4 units. It looks like one end unit in each block was pre-sold and the remaining six units remain empty. They are priced at $395,000 - $399,000 and are listed with Royal Lepage.

A new waterfront development in the heart of Sechelt under construction and this could be really interesting. Called 'Watermark at Sechelt', it will be located between Trail Ave and Inlet Ave south of Toredo St. it has two complexes each 6 stories high and both with commercial space on the first level and 52 condos spread over the remaining 5 levels. Phase 1 has 26 units sold (50%) and Phase 2 has 16 sold (31%). There are now 14 units listd with Royal Lepage and here is an example of the pricing.

[Image: attachment.php?aid=52]

Here is what the complex looks like and a sampling of the units.

[Image: attachment.php?aid=53]

I was reading recently a piece in the Vancouver Sun that said building codes are now allowing windowless bedrooms if the complex has alarms and sprinkler systems. I put in Unit 310 above because it looks like that second bedroom has no windows. The price for that unit is $339,000.

Now, if you are willing to move up to Pender Harbour you might get a bargain. Prices have not recovered since the 2008 drop and developments like Farrington Cove, Whittakers, Pender Harbour Landing and Sakinaw Ridge have all but rolled over and died. Below is an example of a spec home listed in July 2008 that never sold and its 2013 listing is on the right. I am going to be preparing more in depth posts down the road on what has happened in the Harbour.

[Image: attachment.php?aid=54]

You can find a list of all the SC realty offices here (http://www.coastlistings.ca). Click on Sunshine Coast for the list. You can download a .pdf of their listings by clicking on each realty office. Or, you can search for each office to find their websites - just add Sunshine Coast after their name.


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03-15-2013, 11:30 AM, (This post was last modified: 03-15-2013, 12:11 PM by Skook.)
#4
RE: Home Values and Sales Data 2001-2008
I have just stumbled onto an interactive real estate listing map for the Sunshine Coast courtesy of Realtor Gary Little of Royal Lepage. As of today, it is showing 721 active listings. I am not sure if every agency's listing is up; however, a quick test of the north end of the peninsula makes me think it pretty thorough. He has nicely indicated where prices have been reduced, too.

http://www.garylittle.ca/map.html

Stunning....Tongue

I just tested the 'Waterfront' and 'View' features on that map and my property price estimates above are pretty accurate. The waterfront properties below $1 million all look like older wood homes (cabins) so you would want to check those out for mould, wood rot and carpenter ants. Also, water supply is important in rural areas. The Middlepoint area in Pender Harbour had an arsenic problem - an issue when I was there and I am not sure how they dealt with it.

The view homes under $500,000 look like they are all on elevated land away from the water but there are some incredible views to be had in some areas like Gibsons and Oracle Heights and Porpoise Bay in Sechelt. However, some of these newer homes in the new subdivisions particularly in Tyler Heights in Sechelt are pretty cheaply constructed.

The problem with some areas like Sandy Hook and Tuwanek in the District of Sechelt and Garden Bay in Pender Harbour is the drive - all one way in and one way out. In the winter with all the ups, downs and bends, it can be really brutal.
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03-17-2013, 08:24 PM,
#5
RE: Home Values and Sales Data 2001-2008
(03-15-2013, 11:30 AM)Skook Wrote: I have just stumbled onto an interactive real estate listing map for the Sunshine Coast courtesy of Realtor Gary Little of Royal Lepage. As of today, it is showing 721 active listings. I am not sure if every agency's listing is up; however, a quick test of the north end of the peninsula makes me think it pretty thorough. He has nicely indicated where prices have been reduced, too.

http://www.garylittle.ca/map.html

Stunning....Tongue

I just tested the 'Waterfront' and 'View' features on that map and my property price estimates above are pretty accurate. The waterfront properties below $1 million all look like older wood homes (cabins) so you would want to check those out for mould, wood rot and carpenter ants. Also, water supply is important in rural areas. The Middlepoint area in Pender Harbour had an arsenic problem - an issue when I was there and I am not sure how they dealt with it.

The view homes under $500,000 look like they are all on elevated land away from the water but there are some incredible views to be had in some areas like Gibsons and Oracle Heights and Porpoise Bay in Sechelt. However, some of these newer homes in the new subdivisions particularly in Tyler Heights in Sechelt are pretty cheaply constructed.

The problem with some areas like Sandy Hook and Tuwanek in the District of Sechelt and Garden Bay in Pender Harbour is the drive - all one way in and one way out. In the winter with all the ups, downs and bends, it can be really brutal.

Current active listings on Sunshine Coast is 766. Of those, 486 have had at least one price change in the past 18 months. This is according to the realty link site which I scrape daily.
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03-18-2013, 10:30 AM,
#6
RE: Home Values and Sales Data 2001-2008
(03-17-2013, 08:24 PM)Rocker Guy Wrote: Current active listings on Sunshine Coast is 766. Of those, 486 have had at least one price change in the past 18 months. This is according to the realty link site which I scrape daily.

Thanks, Rocker Guy, for the new info on SC listings. I was wondering if you would be interested in handling these listings numbers for the SC forum. You could start a new thread like - Current Listing Stats - and run with it however you like.

Does that 766 total include bare land lots? Would you be able to break down that figure into residential listings and lot listings? Being able to break down the residential into detached, attached and apartment (condo) would be great, too, but if that would take too much time then just having the total works for me.

Look forward to any assistance you can offer.
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05-05-2013, 10:57 AM, (This post was last modified: 05-05-2013, 11:12 AM by Skook.)
#7
RE: Home Values and Sales Data 2000-2012
Total Sunshine Coast RE Sales 2000 - 2012

Thanks to the links given by Susan who posted yesterday in 'SC Listings & Sales 2011 - 2012', I now have the historic RE sales for all the Sunshine Coast for the years 2000-2012.

Here is a table breaking down the sales 'by type' for each year:

[Image: attachment.php?aid=137]

Here is a chart comparing the overall total sales for each year:

[Image: attachment.php?aid=138]

This is fantastic information to get hold of and will be referred to often in future posts.


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