Sunshine Coast real estate market suddenly red hot
The Sunshine Coast is officially the hottest real estate market in B.C., recording an 82 per cent increase in home sales last month compared with November 2019. The numbers don't lie. “The market has heated up tremendously,” said Sechelt-based realtor Gary Little of Holywell Properties. “We've seen a lot of sales above asking price and multiple offers on a lot of transactions as well.”
The proportion of asking-price and above-asking purchases has been rising steadily since July, said Little, who maps and analyzes local transactions.
The median price of a residential property on the Sunshine Coast has increased in five of the last six months and currently sits at $830,000, up from $769,900 a year ago, he said.
The typical price of a detached home in Greater Vancouver is $1,538,900, as reported this week by the Real Estate Board of Greater Vancouver (REBGV).
More than 30 per cent of people employed in Gibsons, Sechelt and the surrounding communities either work at home or have no fixed workplace, according to Statistics Canada.
The average for B.C. is just 19 per cent.
Rural areas outside of Gibsons and Sechelt have the highest proportion of home-based workers on the coast, about 70 per cent higher than the average for all of B.C.
A pre-COVID-19 business study found that work-at-home professionals represent 28 per cent of the economy of the lower Sunshine Coast, double that of tourism and easily the area's biggest business sector.
“We have traditionally seen a lot of retirees buying here, but recently I sold a home to a young couple who both work from home in hightech,” said Little.
The Sunshine Coast saw the largest increase in the region in yearover-year demand with 106 home sales in November 2020.
“While demand remained elevated across the region, homebuyer activity was particularly focused in more remote areas like the Sunshine Coast, Gulf Islands and Squamish,” said REBGV chairwoman Colette Gerber.
“The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now,” said Gerber. “This trend favours home sellers in today's market.”