The madness continues on the Sunshine Coast. Multiple offers are now commonplace, and pretty much any detached home in Gibsons under $500,000 likely won’t last one day without an offer.
Not having to catch the ferry has opened our market up to young families that are attracted to the opportunity to own a detached home in a safe community.
The year-round healthy lifestyle and excellent elementary school options are too much to resist. Combine these “new” buyers with the increased and accelerated retiree migration and demand is far outweighing supply.
Ferry no longer a moat
The nightmare that is BC Ferries used to be a barrier to the Sunshine Coast real estate market, but now, with COVID-19 cases spiking again, they are considered an additional buffer against the pandemic. High-risk buyers like the separation, as do those looking for more work-life balance thanks to our access to high-speed internet.
The buyers that are pulling the trigger now, and that have done so in the last six weeks, will likely be grateful they bought when they did. Those on the fence hoping for a “crash” in property values will be disappointed.
Bylaw changes unlike to impact demand
I was speaking to Cody Robinson of The Robinson Group - Sutton West Coast Realty, and he explained how demand is so far beyond supply that even if the proposed bylaw changes pass all readings, they will not have a significant impact on property values. Cody thinks that even if the proposed bylaw changes in Gibsons and the SCRD are passed and result in a ton of AirBNB investment properties being sold, there likely won’t be much impact on the market as demand is so high.
As Cody and I were both standing at a listing that was not yet posted on the MLS and had already had five showings, I tend to believe his analysis. That and the fact he is an excellent local realtor with lots of experience and many happy customers.
Long story short – it’s a “seller’s market” on the Sunshine Coast right now, but, for buyers, it’s not going to get any better in the foreseeable future.
August Sales Stats
Here are the numbers year over year for Aug. 2019 and Aug. 2020 to date:
- Aug. 2019 saw 68 total sales – 40 of them were single-family detached, and the average price of those homes was $664,831. The average time on market was 58 days, and the total dollar volume of sales was $47,250,000.
- So far, in Aug. 2020, we have seen 109 total sales – 52 of them have been single-family detached houses with the average price of those homes being $809,340. The average time on market has been 30 days, and the total dollar volume of sales so far is $72,121,000.