Is November the time to buy on BC’s Sunshine Coast?

November on the Sunshine Coast real estate market is a pivotal moment for our local market. While central banks have started to cut rates, the market remains in flux. 

When the pandemic hit, the local Sunshine Coast market surged. People assumed they'd never need to return to city offices, and the once-perceived barrier of the ferry actually became a perk. This spike led to an unexpected surge in Sunshine Coast home prices. But as pandemic-driven relocations slowed and then reversed, the market’s dynamics shifted, leading to a steep decline of housing prices.

Despite this dip, November could bring increased activity due to recent rate cuts. For those on the fence, the hint of interest rate relief might be the final push they need. While I think the bottom of the market is still somewhere out in the future, November could be busy as buyers try to lock in at new lower rates.

Following BC’s recent election, a thin NDP majority government will likely continue to introduce policies designed to increase housing supply. 

Some policies look promising. During the campaign, the NDP promised to help first-time buyers get into the market by introducing a plan where the province would finance 40 per cent of the price. 

A first impression counts, especially now. Sellers need to declutter, tidy up, and keep the home clean. If you have a vacant property, I’d suggest that you’re better off keeping the home empty rather than attempting to secure a tenant. Recent tenancy laws require three full months' notice before an owner can occupy the property, which complicates sales, and severely reduces buyer interest. A vacant property is easier to show and will usually sell faster.

Although it’s a buyer’s market, buyers should focus on properties within their price range rather than throwing out random lowball offers. If you and your agent decide an aggressive offer is warranted, be prepared to justify why you think your price is the right price.

Serious buyers should do their due diligence in advance so they present an offer with as few subjects as is reasonable. Excessive subjects can make buyers seem non-committal. A concise, well-structured offer with minimal contingencies stands out and signals to sellers that you’re serious and ready to move forward.

A knowledgeable local agent can guide buyers through the complexities of the local market. There can be big differences between communities on the Sunshine Coast and buyers should want to work with a knowledgeable expert that won’t overlook things locals consider to be common knowledge.

Properties that sit on the market for months (or even years) are often the result of unmotivated sellers holding out for peak pandemic prices. These sellers likely overpriced initially and are now forced to choose between chasing the market down or sticking to their guns. Some aren’t in any rush and would rather wait indefinitely for the market to improve than lower the price for a more immediate sale.

REALTORS® sometimes contribute to this issue by “buying listings,” a practice where an agent overpromises on price to secure the listing, only to later recommend price reductions. As a new agent, I fell into that trap and ended with a bunch of overpriced listings that didn’t sell. Now I’m upfront with clients and instruct them to set a realistic price or face long waits and multiple price cuts.

As we move into winter, well-prepared buyers and sellers can make the most of current conditions.

The Sunshine Coast market may still be softening, but rate cuts and government incentives make this November a favourable time for serious buyers to find their ideal property. 

With the right strategy, BC’s BEAUTIFUL Sunshine Coast remains a compelling destination for buyers. But sellers need to be realistic about pricing and go out of their way to make their homes appealing to a smaller number of buyers.