2024 Sunshine Coast Real Estate Year in Review

Photo: Ocean view near Davis Bay, from one of my Sunshine Coast listings. Cropped, with text overlay added.Posted January 2025 by Randi Thomas PREC*Happy New Year, neighbours! I hope the holidays brought you some rest, good food and maybe a stormy-day walk along the water. Now that the final 2024 numbers are in, I wanted to look back at the year on the Coast: how our housing market did, and the local stories that shaped 2024.

The Numbers: 2024 at a Glance

These figures come from the Greater Vancouver REALTORS® (GVR) December 2024 market report for the Sunshine Coast. Benchmark prices are as of December 2024, compared with December 2023:

• Composite benchmark price: $832,400, up 6.1% from a year ago (and down 3.8% from November)
• Detached homes: $897,000, up 8.7% year over year
• Townhouses: $747,100, essentially flat (down 0.2%)
• Apartments/condos: $467,300, down 18.6% year over year. Keep in mind only a small number of condos sell here each year, so this figure can swing a lot.
• Total 2024 sales: 572 homes (462 detached, 60 attached, 50 apartments), up about 12% from 511 in 2023
• Total 2024 new listings: 1,433 homes, up about 10% from 1,299 in 2023
• Median sale prices for the year: $950,000 for detached (up from $944,500), $667,000 for attached (up from $628,500) and $518,500 for apartments (up from $485,000)

What I saw across the year: 2024 got off to a quiet start, with fewer than 40 sales in each of January and February, based on GVR's monthly reports. Things picked up in the spring. April was the busiest month with 64 sales, and new listings peaked at 176 in March and 170 in June. The composite benchmark climbed from about $803,000 in February to about $867,000 in June, then stayed between about $827,000 and $843,000 from July through October. It bumped up to about $865,000 in November before dipping in December. The year finished strong: there were 141 sales from October to December, compared with 92 in the same months of 2023.Across Metro Vancouver, sales rose just 1.2% and the composite benchmark was up 0.5%, so the Coast outpaced the region on both. Even so, our benchmark sits about 29% below Metro Vancouver's $1,171,500, and it's up about 144% over 10 years.New assessments: BC Assessment's 2025 notices (based on values as of July 1, 2024) show Gibsons' median single-family assessment up 2% to $963,000. Sechelt's was essentially unchanged at $885,000.

Around the Coast: What Happened in 2024

Ferries: a second boat for summer

Two-ferry service returned to Route 3 on June 26, this time seven days a week, with extra sailings added for what BC Ferries expected to be its busiest summer on record. The second boat left after Labour Day. In September, BC Ferries put out a call to shipyards for five new major vessels, with the first due in 2029. The CEO said the Coast will likely see bigger ships on our route, but there's no commitment yet to a permanent second boat.

New homes on the Coast

In September, residents started moving into the 40 new rental homes at Shaw Place on O'Shea Road in upper Gibsons. Ground was also broken that day on a second phase that will add 33 homes and a 43-space child care centre. In April, shíshálh Nation welcomed the first of 10 homes barged from Port Moody to its new Selma Park development. The homes were saved from demolition and are being repurposed for Nation members.

Water: a better summer

After several tough summers, the SCRD got through 2024 without having to move the Chapman system to Stage 3 or 4 water restrictions, for the first time in nine years. The SCRD credits leak repairs and the new Church Road Well Field.

A new MLA

In October's provincial election, Pender Harbour's Randene Neill won Powell River-Sunshine Coast for the BC NDP. She takes over from Nicholas Simons, who held the seat for 19 years.

Art Crawl shines through the rain

Even an atmospheric river couldn't stop the Art Crawl in October. More than 38,000 visitors toured almost 200 studios and galleries, and artists recorded $466,000 in sales.

What This Means for You in 2025

For buyers: You still have more choice than you did a couple of years ago, since listings were up about 10% in 2024. GVR also notes that borrowing costs are "firmly on the decline." With sales picking up late in the year, though, it may be wise to get pre-approved and start looking before the spring rush.For sellers: 2024 was a good year to sell on the Coast. Detached benchmark prices were up 8.7%, and sales were up about 12%. GVR expects the 2025 market to be "considerably more active." There's still plenty of competition from other listings, so pricing well and presenting your home at its best will make the difference.

Wrapping It Up

Looking back on 2024, I'm grateful for this community: the neighbours who show up, the artists who open their doors, and everyone working to make room for more families on the Coast. Whether you're curious what your home is worth, thinking about a move in 2025, or just want to chat about the market over a coffee in Gibsons, I'd love to hear from you. Here's to a wonderful year ahead!Randi Thomas PREC*
RE/MAX City Realty, Gibsons
📞 778-834-6156 | ✉️ coasthomesbyrandi@gmail.com
🌐 www.coasthomesbyrandi.comMarket statistics are from Greater Vancouver REALTORS® (December 2024 and year-end 2024) and are deemed reliable but not guaranteed. Assessment figures are from BC Assessment. Local news is drawn from Coast Reporter reporting. *Personal Real Estate Corporation.