Gibsons, Keats Island, Pasley Island, and Bowen Island with Vancouver in Background. Taken in Sunshine Coast, British Columbia, Canada, from an Aerial Perspective.

September Housing Market Update for Sunshine Coast BC

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Although the housing market update for September was not as hot as anticipated and detached housing is moving toward a balanced market, the fundamentals of low inventory and continued demand will keep prices buoyant.

 

Externalities such as the federal government’s introduction of the stress test for insured mortgages to all uninsured mortgages as well as those having more than 20% down will put pressure on the market.

 

Look to the attached market to show even higher demand and for prices to continue to rise over the next months.

 

According to the HPI (Housing Price Index) the price of an average home jumped 21.1% to $583,700 over September last year and total dollar volume grew 18.3% to $52,831,982.

 

Unit sales down slightly to 77 homes and property sold, while the average price of all property edged up +16.7% to $686,130.

 

It remains a competitive seller’s market across the coast with 357 total available homes for sale and only 99 newly listed properties.

 

Detached Home Sales

 

The average price of a detached home edged up 14% over last month to $753,147. Total sales volume grew 11% to $45,941,981 with 63 homes sold. Inventory levels steadied at 305 units with 82 newly listed detached homes for sale. Sales success ratio held steady at 20% continuing in a seller’s market.

 

Townhome and Condo Sales

 

The average price of a condo and townhome fell 15% in September to $426,178 along with sales volume of $6,601,001.

 

The number of townhomes and condos that sold dropped by half to a total of 15 homes while the number of homes for sale remained the same at 47 units. The condo and townhome market continues to be brisk and remains in the seller’s hands at 32% sales success ratio.

 

 

Land

 

The average price of a land-only property on the Sunshine Coast was $489,104 grew 4% over last month. Total sales volume of $9,292,976 up slightly with 19 units sold.

Total active land-only listings were 218 with 15 new listings on the market for the month of September. Sales success ratio grew to 9%, a buyer’s market.

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Timing, pricing and location are the biggest factors in how quickly a property will sell in a busy market like the Sunshine Coast BC.

 

Speak with a REALTOR® licensed in your area to gain insights into current real estate market activity in your neighbourhood.

 

For all your real estate buying, selling and investment needs on the Sunshine Coast BC contact Russ Qureshi and his team at https://coastlifestyles.ca