As rents and housing prices across much of Canada continue to climb, it’s no surprise that that Vancouver finds itself perched atop the list of most unaffordable cities in North America. This is why, despite skyrocketing prices on the Sunshine Coast, destinations like Gibsons, Sechelt, and Pender Harbour remain relative bargains. These comparatively low prices continue to drive demand for local real estate.
“Though the housing market has cooled somewhat, supply is tight — listings in the Toronto area were down 34 per cent from September 2020 and down 29.5 per cent in Vancouver — contributing to historic high prices.”
When describing the financial challenges of buying a home in Vancouver, Complex.com says, “You won’t even find a single detached house listed in the city limits for under $1.1 million.”
Contrast that to the Sunshine Coast and it's easy to see why buyers are still pouring into our market. As of the publishing this edition of the newsletter, buyers on the Sunshine Coast are still able to find detached homes listed in the mid-$500,000s.
Shortage of inventory on the Sunshine Coast
This influx of buyers looking for comparatively affordable housing combined with a lack of homes available to purchase means prices continue to surge on BC’s beautiful Sunshine Coast. So while our prices and proximity to Vancouver are driving demand on the Sunshine Coast, we’re facing the same severe lack of inventory as seen in the city.
While real estate inventory on BC's Sunshine Coast is at historically low levels, buyer demand is still high. Younger buyers from Vancouver (or further afield) are still looking to relocate here are competing with the traditional retirees for a limited number of listings. This sets the stage for multiple offers and upward pressure on pricing.
Fall and winter traditionally mean a slower real estate market. However, sustained demand for housing in Gibsons, Sechelt, and the rest of the Sunshine Coast are making Q4 2021 unseasonably active. If you have some place to go, this combination of buyer demand and low interest rates could make the final months of 2021 a good time to sell.