March 31st 2022: Market Update

April 12, 2022

Market Update for March 31st, 2022

Sunshine Coast Detached Listings

Sales down 16% over the previous year

There are currently 135 detached listings on the Sunshine Coast. This is down from March 31st, 2021 when there were 161 detached listings. Detached sales year-to-date ending March 31st, 2022: 164 sales, in 2021: 195 sales, in 2020: 91 sales, in 2019: 94 sales, in 2018: 114 sales; in 2017: 135 sales, and in 2016: 263 sales. With the current sales pace, this represents approximately a two and a half month supply of listings. 2022 market’s hot price range was between $1,001,000 and $2,000,000 with 75 sales.

Sunshine Coast Attached Listings

Sales down 21% from last year

There are currently 44 attached listings. This is down from March 31st, 2021 when there were 52 attached listings. Attached sales this year-to-date ending March 31st, 2022: 55 sales, in 2021: 70 sales, in 2020: 28 sales, in 2019: 33 sales; in 2018: 41 sales; in 2017: 51 sales and in 2016: 52 sales. With the current sales pace this represents about a two month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings

Sales down 26% over previous year

There are currently 59 bare land listings. This is down from March 31st, 2021 when there were 127 land listings. Land sales year-to-date ending March 31st, 2022: 53 sales, in 2021: 72 sales, in 2020: 16 sales, in 2019: 24 sales; in 2018: 41 sales; in 2017: 40 sales, and in 2016: 67 sales. With the current sales pace this represents approximately a three month supply of listings.

Year-to-Date Detached Sales

  • $000 to $300,000 with 2 sales
  • $301,000 to $400,000 with 1 sale
  • $401,000 to $500,000 with 2 sales
  • $501,000 to $600,000 with 6 sales
  • $601,000 to $700,000 with 4 sales
  • $701,000 to $ 800,000 with 15 sales
  • $801,000 to $900,000 with 25 sales
  • $901,000 to $1,000,000 with 21 sales
  • $1,001,000 to $2,000,000 with 75 sales
  • 14 sales over $2,001,000

Where are we headed?

      I think this is a question on everyone’s mind, where are we headed. Price is set by supply and demand. Over the last year there have been a huge demand for housing in all parts of Canada pushing up the prices of homes. In British Columbia we saw a net migration of a 107,000 people according to Stats Canada, this does not include immigration. We are seeing some resistance to homes over a million at the moment but still seeing multiple offers particularly below a million. We started the year out with 65 detached listings on the Coast and have climbed to 135 detached listings currently. This is still a very low inventory number. All indications are for rising interest rates which will have an impact on demand, next one is forecasted for .5 increase. My thought is that people who are thinking of buying and have pre-approved mortgage rates will jump in prior to them expiring. For the next couple of months this demand will continue and the following months could see a slow down with prices holding due to low inventory.

Sunshine Coast is still the best neighborhood in the Lower Mainland and the best value, being 20 to 30 percent lower than comparable areas of the Lower Mainland. Why fight the traffic when you can relax aboard a scenic cruise while catching up on rest or work during the 40-minute commute.

Stay safe and healthy everyone!

 

Call us today with any additional questions, or for a Free Market Evaluation!

 

Kenan MacKenzie

604.885.7810 or email: kenan@kenanmackenzie.com

 

Sarah MacKenzie

778-989-1841 or email: sarah@kenanmackenzie.com