Sunshine Coast quietly setting record year-over-year price increases

Western Investor - Summer 2006

While the rest of the Lower Mainland's real estate market has been white-hot the last couple of years, the Sunshine Coast has quietly been setting year-over-year price increases faster even than Vancouver.

The average Sunshine Coast detached house price is now north of $380,000, double what it was five years ago.

The trend is especially noticeable for waterfront property, yet realtors note that oceanview property is also seeing heavy demand.

Wakefield Beach, a new waterfront housing development near Sechelt gives an idea of the intense real estate action. The development, a LEED-standard mix of townhomes, condos, and detached houses on the Sechelt shoreline came on the market in mid-March. That day 16 or its 31 units sold. Three of them were in the $1.12 - $1.35 million range. It was a startling wake up for the sleepy oceanfront town. Buyers hailed from the Lower Mainland, Alberta, but at least one came from England.

The West is comprised of 59 condos right across the highway from the popular and sandy Davis Bay beach. So many of the units sold on the first day of sales in March that the developer shut down the sales office, deciding to hold some of the remaining units for his own investment.

Seaview Villa Esates, a subdivision of strata-title waterview homes - with great views - in West Sechelt is pre-selling fast from $495,000.  

Meanwhile, the former Lowes Resort at Pender Harbour is being transformed into the luxury Painted Boat Resort and Spa, where quarter-share waterfront condominiums will start at $159,000 when pre-sales start this summer. Also in Pender Harbour, Sakinaw Ridge, will offer large lakefront, oceanfront and view estate acreages. Prices start at $199,500 and escalate to the $900,000 range for the 1.5 to five-acre sites. The estate acreages will be fully serviced with paved roads, sewer, water and underground power and telephone.

WESTERN INVESTOR/Summer 2006

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