Price Trends: Mixed but Steady Growth
The MLS HPI for the Sunshine Coast has reached $864,900, up 6% from last year and an increase from $843,300 in October. Detached homes are leading the charge with an HPI of $933,200, up 8.1% from last November and increasing from $900,900 in October. This growth indicates continued demand for single-family homes, even in a buyer's market.
On the flip side, apartments are seeing a decline, with the HPI dropping to $489,700, down 15% from last November and also lower than the October figure of $515,800. Townhomes are also seeing a slight dip in the short term, with the HPI at $774,300, down from $782,100 in October, but still up 1.8% from last year.
Interest Rates and Buyer Activity
The Bank of Canada recently lowered interest rates by 50 basis points, making financing more affordable and boosting buyer confidence. While sales have increased, with 40 reported in November—a rise of 11% from last year—competition remains low due to the holiday season. This presents a great opportunity for buyers to secure a home without facing intense competition. As we head into the new year, further interest rate drops could continue to support buyer activity and make this a favorable time to purchase.
Higher Inventory and Decreased Competition
Market Re-Cap by Region:
Gibsons
HPI: $864,700 (+3.4%) | Listings: 124 (+17%) Sales: 13 (+30%) Months of Inventory: 10
In Gibsons, November 2024 saw a 30% increase in sales compared to November 2023, with 13 homes sold, while new listings rose by 17%, bringing the total to 124. The market is still in a buyer’s favor with 10 months of inventory, but the increase in sales indicates growing buyer activity.
Roberts Creek
HPI: $1,064,600 (+6.5%) | Listings: 30 (+7.1%) Sales: 1 (-75%) Months of Inventory: 30
Although Roberts Creek continues to be the most expensive real estate on the Coast, with only 1 sale in November and 30 listings, the market remains heavily in favour of buyers. For sellers, this suggests a challenging market. Pricing competitively and ensuring the home stands out with staging and marketing will be key strategies for the foreseeable future.
Sechelt
HPI: $819,500 (+8%) | Listings: 157 (+4.7%) | Sales: 17 (+6.3%) | Months of Inventory: 9
In Sechelt, November 2024 saw a slight increase in the HPI to $819,500 (+8%), with 17 homes sold, a 6.3% rise in sales from last year. Listings rose by 4.7% to 157, but with 9 months of inventory, the market still slightly favors buyers. While the increase in sales has brought the market closer to balance, buyers still have ample options and negotiating power.
Halfmoon Bay
HPI: $996,400 (+7.3%) | Listings: 55 (+41.%) | Sales: 2 (-%) | Months of Inventory: 27
In Halfmoon Bay, November 2024 saw an increase in the HPI to $996,400 (+7.3%), with listings rising by 41% to 55. However, sales remained flat with just 2 homes sold, resulting in 27 months of inventory. This indicates that the area remains firmly in buyer’s market territory, with plenty of options for buyers and little urgency in sales activity.
Pender Harbour
HPI: $854,000 (+8.4%) | Listings: 62 (+4.1%) | Sales: 6 (+100%) | Months of Inventory: 10
In Pender Harbour, November 2024 saw the HPI rise to $854,000 (+8.4%), despite an increase in listings to 62 (+4.1%) and a 100% jump in sales, with 6 homes sold. The market still leans toward buyers with 10 months of inventory, suggesting that while buyers are willing to pay more for good value, they remain selective. Sellers should be cautious with pricing, as properties that are overpriced may struggle to attract interest. Competitive pricing is key to attracting buyers in a slower market, and sellers should align their expectations with current market conditions
As we head into the holiday season, all Sunshine Coast markets are showing a mix of trends, with buyers and sellers needing to adjust their expectations for the coming month. Buyers can expect more inventory in most areas, giving them ample options, but competition may be lower as many buyers and sellers take a break over the holidays. Prices are generally stable or rising, especially in areas like Gibsons and Roberts Creek, but buyers will still have negotiating power in markets with higher inventory, such as Halfmoon Bay and Pender Harbour.
For sellers, it’s important to be realistic about pricing. While areas like Gibsons and Sechelt have seen some price increases, the abundance of listings in markets like Roberts Creek and Halfmoon Bay means sellers may need to be more patient and flexible. Overpriced homes may struggle to attract buyers, especially with slower market activity during the holiday season. Sellers should focus on making their properties stand out, as well-priced, well-presented homes will still capture attention in a competitive market.
Overall, both buyers and sellers should be prepared for a quieter but still active market in the coming month, with a potential uptick in activity post-holidays as the new year brings renewed interest.