Real estate sales values in the qathet region for August 2022 exceeded sales numbers from the same month the previous year.
The dollar value of all home sales in August 2022 was $24.8 million, a substantial gain of 44.2 per cent from the same month in 2021, according to statistics from the Canadian Real Estate Association.
“Sales activity came in slightly below the long-term average for the month of August but is holding up relatively well compared to other regions in the province,” said Neil Frost, president of the Powell River Sunshine Coast Real Estate Board. “New listings are trending slightly above average, and this combination of lower demand and higher supply is bringing overall inventories back to more normal levels and away from their record lows in the spring of 2021.
“Price gains remain deep into double-digit territory and we haven’t seen any signs of topping out yet, but given what’s occurring in other markets with declining price levels, this is something worth keeping an eye on over the next several months.”
Frost said this August was strong after a quiet couple of months. He said right now, it’s more of a balanced market, rather than it being a buyer’s market or seller’s market.
“There’s no doubt the market has softened,” said Frost. “Prices have levelled and have started to come down. You absolutely see some motivated sellers taking some prices that would have been unheard of a year ago. There is definitely a slowdown in the competing offers.”
Frost said the interest rate has been raised again, which “kind of was another kick.” He said it makes matters difficult for people who are trying to get in the market. While prices could be coming down, people are losing their buying power simultaneously, he added.
Category breakdown
In the single-family homes category, in August 2022, there were 29 units sold, valued at $22,802,350, compared to 24 units, valued at $14,707,090 in August 2021.
In the mobile and manufactured home category, there were three units sold in August 2022, compared to five units, valued at $833,000 in August 2021.
Condos, apartments and duplexes totalled three units in August 2022, valued at $1,303,500, compared to four units, valued at $1,546,900 in August 2021.
Totals indicate that there were 35 residential units, valued at $24,769,750, sold in August 2022, compared to 33 units, valued at $17,086,990, in August 2021.
On the non-residential side, there were three parcels of vacant land sold in August 2022, valued at $734,030, compared to 18 units, valued at $5,950,900, in August 2021. There was one industrial, commercial and institutional sale in August 2022, valued at $2,800, compared to one in August 2021, valued at $480,000. Totals for non-residential show four units sold for $736,830 in August 2022, compared to 19 units, valued at $6,430,900, in August 2021.
Grand totals for residential and non-residential combined show 39 units sold in August 2022, valued at $25,506,580, compared to 52 units sold, valued at $23,517,890, in August 2021.
In terms of average monthly selling price, in August 2022, the value was $786,288, with an average of 37 days on the market, compared to the August 2021 figure of $612,795, with an average of 34 days on the market. The median selling price in August 2022 was $615,000.
In terms of new listings, on the residential side for August 2022, there were 56, and on the non-residential side, there were 16, for a total of 72 new listings. The number of active listings on the residential side was 147, and on the non-residential side, 79, for a total of 226 active listings at the end of August 2022.
Buyer profile
In terms of buyer profile in the Powell River-Sunshine Coast region, in August 2022, there were 13 local buyers and 20 out of area buyers. Statistics for year-to-date show 41 per cent of the buyers were local, compared to 59 per cent out of area.
For the August 2022 out of area buyers, two were from the lower Sunshine Coast, four were from Vancouver Island, eight were from the Lower Mainland and outlying areas, one was from Squamish, five were from the rest of BC, one was from Alberta, and one was from out of Canada.
“Housing activity across the province remains well below normal but is showing signs of stabilizing,” said BC Real Estate Association chief economist Brendon Ogmundson. “While inventory is up over last year, active listings have somewhat stalled at relatively low levels in most major markets and as a result we are seeing a healthier balance compared to last year.”
