Sunshine Coast, BC  May 2019

There were 47 sales of detached homes. That is an improvement over April’s total of 29, but down 31% from the 68 sales in May of last year. This marks the 13th month out of the last 14 where the sales total is less than the corresponding month from the year before. The YTD total of 169 is also down 25% from 225 in 2018. The Benchmark Price – that is, the price of an average home in an average area – dipped 1.8%. Even so, it’s still just over $600,000, where it’s been for almost 1 year. The data indicates downward pressure on prices. How much prices move, if at all, depends in part on whether the supply of listings continues to go up. We will be watching this statistic closely over the next few months. With land, there were just 2 sales in May and only 29 sales YTD compared to 71 this time last year. That’s a drop of almost 60%. For condo’s and apartments, there have been 66 sales so far this year vs 79 this time last year. While it’s much better activity than land, attached sales are still down 16%. Benchmark Price is not available for land or attached, but surprisingly, prices for both appear to be unchanged by the slower activity. We will be watching the supply of listings closely and it's effect on our local market.