House prices in Sechelt on the Sunshine Coast or Nanaimo on Vancouver Island are now pegged at an average of $600,000 less than in Metro Vancouver -- a reality increasingly attractive to buyers.
It is also $50,000 below the national average of $416,000.
Sechelt Realtor John Thompson said home buyers, usually retirees or those seeking a more laid-back environment, are becoming wiser to what he calls “a crazy reality.”
He said “screaming deals” dominate the almost 100 Sunshine Coast properties he has listed for sale, including a newly renovated three-bedroom house at $400,000 and waterfront cottages from $499,000, “offers considered”.
Meanwhile, spiralling prices among Metro Vancouver properties have not been matched in smaller coastal markets, regional analyst Carol Frketichthe of Canada Mortgage and Housing Corporation said.
She said Lower Mainland resident may opt to cash out and move to lower-cost areas.
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