Real Estate Insights - November 2023 We slid into fall this year with increasing inventory and higher interest rates causing a pronounced slow down in the real estate market from the national level all the way down to our local neighbourhoods. The expected results of increased inventory and higher borrowing costs did not, necessarily, mean lower prices. Buyers are enjoying a slowing pace in the decision making process as the amount of choice, while still not at our accustomed “pre Covid” levels, is large enough to put most buyers at ease around the question of “Will what we want to buy be available, when we want to buy it....?” Also, the pressure of buying before your rate hold expires. With the Bank of Canada holding the prime rate in September and expected to continue the hold at their October meeting we should see more confidence from buyers leading into
the winter season. We will continue to see more inventory become available as well. All of this is great news for buyers. What about sellers? Many pundits have been surprised that prices have remained buoyant throughout the increase in both inventory and interest rates.
All in all, we continue to see steady action in the marketplace with satisfied buyers and sellers both. For market information contact your realtor. For market intelligence contact Russ or Jon at Coast Lifestyles Network! “
The competition factor is having your home show well so it’s an easy decision for a buyer to make an offer. Any discount in the price will be seen during negotiations with a buyer. Time on market is steadily increasing however so build that into your plans for moving and be prepared to respond to the market as your personal circumstances dictate (which can be different from what the market may dictate).
554 Wildwood Cresent - Gibsons
1072 Celia Cresent - Parkland
891 Oceanmount Blvd - Upper Gibsons
.30 acre building lot w/view Gibsons cul de sac location Moments to amenities Gentle slope/easy build Asking $749,000 www.gibsonsbuildinglot.com
2366 sqft 4 bed / 3 bath Legal "over the garage" suite Suite is private w/separate entrance Main home is single level Walk to amenities and recreation! Asking $1,399,900 More at parklandgibsons.com 1436 Moondance Place - Bonniebrook Heights
RTI Powered Smart Home 7.1 SS Home theatre Legal & Licensed B&B suite Garage AND Workshop Private backyard Asking $1,699,000 So many features here www.gibsonssmarthome.ca
350 Headlands Road - Gibsons
2 bedroom main home plus studio & garage Road and lane access Nice views and moments to the water Walk to the Gibsons Public Market Asking $1,100,000 www.gibsonsbayhome.com
office 604-886-2670 @Home on the Coast | 30
www.coastlifestyles.ca
1920 sqft 3 bedroom/2 bathroom rancher .49 acre lot with fully fenced rear yard Triple bay garage!!! • Cozy, bright, open plan Large primary bedroom with W/I closet 7pc primary ensuite!!! Asking $1,299,000
More at www.bonniebrookrancher.ca
Facebook: Coast Lifestyles Network
101 - 938 Gibsons Way, Gibsons BC V0N 1V9
Russ Qureshi PREC Jon McRae PREC 604-741-7119 russ@coastlifestyles.ca 604-740-6263 jon@coastlifestyles.ca
