Sunshine Coast, BC November 2019

There were 47 sales of detached housing. That’s down slightly from October, but a big increase over the 30 sales in November of 2018. This marks the 3rd month in a row where the sales total is up from last year. This improvement is linked to the recent increase in activity in Vancouver. And even though the YTD total of 470 is down 6% from 2018, it’s actually a recovery from the 25% decline we saw in the first quarter of 2019. The Benchmark Price – that is, the price of an average home in an average area – dropped 1.7% to $588,000. We don’t read much into this decrease. The Benchmark Price has fluctuated around this range for most of the year and it’s not likely to change unless there are significant changes to the underlying conditions affecting prices, e.g. supply of homes, interest rates, consumer confidence, or the economy. Finally, we do note a recent upward trend in the Sales-To-List Ratio. However, we feel this is more about a shortage of listings than an increase in sales. We do not see higher prices in the near future. Look for this ratio to mitigate in the new year as more homes come on the market.