The year-end real estate statistics for the Sunshine Coast are in. There were 823 sales of detached housing in 2021. That’s a 6% increase over 2020. While that represents a modest increase, it tells us that the strong demand we’ve seen since May 2020 should continue into the new year. The Benchmark Price – that is, the price of an average home in an average area – increased 3.1 % in December and 27% for the year, bringing it to $890,300. This is yet another all-time high for our area. With attached housing (condo’s and apartments), there were 260 sales in 2021, up 27% from 2020. The Benchmark price was $590,000, also up an average of 27% from 2020. Sales of vacant land rose 35% to 206. The Benchmark price isn’t available for vacant land, but we estimate prices rose at least 15%. The current listing supply is 66 detached, 37 attached and 56 land – the lowest since we’ve kept records. There’s never been a better time to sell. We need listings! Call Us FIRST!

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December 2021

Detached Properties



One-Year Change



Total Active Listings Dec 2021 76 vs Dec 2020 145 - 47.6%


Sales Dec 2021 46 vs Dec 2020 63 - 27.0%


Days on Market Average Dec 2021 50 vs Dec 2020 63 - 20.6%


MLS® HPI Benchmark Price Dec 2021 $890,300 vs Dec 2020 $702,500 + 26.7%


   
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The statistics for November are in. There were 55 sales of detached homes. That’s down from October’s total of 63 and last November’s total of 83. The Benchmark Price – that is, the price of an average home in an average area – declined 2.2% to $863,700, marking the first such decrease since July. Year-to-date sales total 777, a large increase over the 710 sales last year. Apartments and townhome sales thus far this year total 249, well up from the 186 sales this time last year. With the increasing popularity of attached homes and the decreased supply, we expect prices to rise. Land sales remained relatively steady in November, but the 193 sales year-to-date is significantly up from 143 this time last year. In spite of the decrease in supply, the price of vacant lots appears to be holding steady at the moment. We feel this may be due to uncertainty over rising construction costs. Are you thinking of selling? There’s never been a better time to market your home. Call US FIRST!

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All real estate contracts contain a standard clause: “Time is of the essence”. This little phrase has a big effect on real estate contracts. It means if the contract calls for one party to do something by a certain date, that date must be met or the other party may terminate the contract. However, it’s important to note that written terms in a contract can be unintentionally nullified by the actions of the parties. For instance, if the parties first agree that something must be done by a certain date and they later extend it, their action implies that time is no longer of the essence. This is a problem, as there can’t be uncertainty about whether dates need to be met or not. Thus, when there are changes to the contract involving dates, we add the phrase “Time remains of the essence”. This reintroduces the stipulation that dates must be met or the contract may be terminated. Do you have real estate questions? Call Us FIRST!

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Today’s competitive market means more buyers are making subject-free offers; i.e. offers with no subjects for financing, inspections, etc. In effect, the home is sold ‘as is’ the moment the seller accepts their offer. This is inherently risky, but there are ways buyers can ensure they know what they’re buying and avoid problems at closing. First, if the seller if delaying the presentation of offers, there may be time for a building inspection before making the offer. The buyer can also preview the title search and the seller’s Property Disclosure Statement. Terms can be added allowing appraisers and insurers access to the property prior to closing. This is prudent, because even though a buyer is pre-approved and the home is currently insured, the lender might want an appraisal and the insurer may require an inspection. Your RE/MAX Oceanview Agents are familiar with subject-free offers. Call Us FIRST!

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A potential buyer may be satisfied with the condition and location of a home, but they may avoid purchasing it because of an event or circumstance occurring in or near the property. Perhaps the home was the site of a suicide or there’s a known party house next door. These are examples of a stigma, which can affect market value and makes the home harder sell. The significance of the stigma is impossible to determine, as it will vary with a buyer’s values, perceptions and beliefs. That’s why in BC a seller is not required to independently disclose a stigma. However, disclosure is required if a potential buyer asks about a specific situation. For instance, if the seller knows there was a suicide in the home they do not need to independently disclose. But if the buyer asks about it, then the seller must disclose what they know. Do you have real estate questions? We have real estate answers. Call US FIRST!

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The statistics for October are in. There were 63 sales of detached homes. That’s down from September’s total of 70 and last October’s total of 104. The Benchmark Price – that is, the price of an average home in an average area – rose 1.7% to $882,900, representing yet another all-time high for detached homes on the Coast. Year-to-date sales total 722, a large increase over the 627 sales last year. Apartments and townhome sales thus far this year total 225, well up from the 163 sales this time last year. With the increasing popularity of attached homes and the decreased supply, we expect prices to rise. Land sales remained relatively steady in October, but the 182 sales year-to-date is significantly up from 121 this time last year. Land prices appear to be holding steady at the moment. While the supply is down, we feel rising construction costs may be capping any immediate price increases. Are you thinking of selling? There’s never been a better time to market your home. Call US FIRST!

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Besides the fact that I love being in real estate and helping people, I’m interested in helping/bringing in new possibilities for housing here on the coast. Sustainable, healthy, affordable housing options are so needed in both for sale and rentals. It will take a group of like minded people that have the ability together to enact change. I feel strongly that it’s possible so just spreading the word! 

Thanks, Doug

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.