Recent media is quite a mixed bag with one pundit admitting that they can spin stats to read any sort of preferred slant. Shocking! I guess this is the foundation of “fake news”. What isn’t fake is that despite lower numbers of sales due of low inventory, there remain a lot of motivated buyers wanting to get into our Sunshine Coast real estate market.
Markers that have indicated a continued shift towards a “Seller’s Market” on the Sunshine Coast, and it won’t take much before we see the same demand we saw last year which pushed prices up almost 25%. Last month alone saw over a 3% increase in our benchmark prices. And as much as prices are being driven higher, it appears that the underlying strength and level of interest on the Sunshine Coast is going to keep that trend going for some time. This means the market is still offering good opportunities for buyers, and owners can expect to see their home values continue to rise.
The reasons for the continued interest in our market are pretty straight forward. Much more affordable values compared to Vancouver; an aging population moving towards a healthier and slower lifestyle; and discussion of transportation to the area is raising our profile in the Lower Mainland. These factors are going to continue for the foreseeable future and the overall Canadian economy is starting to follow the strong American performance of late. The one predictable headwind will be rising interest rates and borrowing costs likely later this year. This will influence consumer confidence, but the question is “how much”? The rates will only rise if the market is strong(er) so I doubt we will see any major shift in thinking.
Bottom line, the good news is the Sunshine Coast remains a healthy market and the continued underlying demand will keep it this way for the foreseeable future!