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Three-level Sunshine Coast home impacted by foreign-buyer tax

Done Deal, 5549 Riley Road, Halfmoon Bay, (Sunshine Coast), B.C.

5549 RILEY ROAD, HALFMOON BAY, B.C.

LISTING PRICE $429,500

SELLING PRICE $415,000

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PREVIOUS SALE PRICE $68,000 (2005)

DAYS ON MARKET 89

TAXES $2,362

LISTING AGENT Bruce Lasuta, Royal LePage Sussex

The Action: The house originally went on the market in July for $449,000 and received two offers that both fell through. After the introduction of the 15-per-cent foreign-buyer tax, interest waned, according to listing agent Bruce Lasuta. Although the tax doesn't apply to the Sunshine Coast, it had an impact. And new mortgage regulations that made it harder for first-time buyers also slowed the market, he says. By October, the price had been reduced twice. "Like a stone thrown into water, the ripples spread out into outlying areas, such as the Sunshine Coast," says Mr. Lasuta. "The real estate party that local realtors were experiencing throughout the year suddenly cooled right down."

What They Got: This 0.625-acre lot on the Sunshine Coast is 15 minutes from Sechelt and within walking distance of trails, the marina and the government dock. An 11-year-old, three-level house with four bedrooms and two-and-a-half bathrooms sits on the forested property that also has a stream. The house has vaulted ceilings, granite counters, hardwood floors and deck with fire pit.

The Agent's Take: "While this may not be an accurate cross section of what is happening here on the Sunshine Coast of B.C., it does show how quickly the local real estate market values can change," says Mr. Lasuta.

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About the Author
Real estate writer

Kerry Gold is a born and bred Vancouverite, and knows her city well. More

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