Pro IQRA News Updates.
The value of real estate sales in the qathet region for August 2022 exceeded the sales figures for the same month a year earlier.
The dollar value of all home sales in August 2022 was $24.8 million, a substantial 44.2 percent increase from the same month in 2021, according to statistics from the Canadian Real Estate Association.
“Sales activity was slightly below the long-term average for August but held up relatively well compared to the rest of the province,” said Neil Frost, president of the Powell River Sunshine Coast Real Estate Council. “The new listings are trending slightly above average, and this combination of lower demand and higher supply brought overall inventories back to more normal levels and away from their record lows in spring 2021.
“Prices remain well into double-digit territory and we don’t see any signs of topping out yet, but given what’s happening in other markets with lower price levels, this is something to watch out for over the next few months.”
Frost said August was strong after a few quiet months. He said that currently it is more of a balanced market, not a buyer’s market or a seller’s market.
“There’s no doubt the market has softened,” Frost said. “Prices have gone up and started to fall. You actually see some motivated sellers taking some prices that were unheard of a year ago. There must be a slowdown in competitive bidding. ”
Frost said interest rates had been raised again, which was “kind of another kick.” He said it made it difficult for people trying to get into the market. While prices may fall, people lose their purchasing power all at once, he added.
In the single-family home category, as of August 2022, 29 units were sold for $22,802,350, compared to 24 units, valued at $14,707,090 in August 2021.
In the mobile and manufactured homes category, three units were sold in August 2022, compared to five units, valued at $833,000 in August 2021.
Condos, apartments, and duplexes totaled three units in August 2022, valued at $1,303,500, compared to four units, valued at $1,546,900 in August 2021.
The total shows that 35 housing units, valued at $24,769,750, were sold in August 2022, compared to 33 units, valued at $17,086,990, in August 2021.
On the non-residential side, there were three vacant lots for sale in August 2022, for $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, worth $480,000. The total for non-residentials shows four units sold for $736,830 in August 2022, compared to 19 units, valued at $6,430,900, in August 2021.
The total for residential and non-residential combined shows 39 units sold in August 2022, worth $25,506,580, compared to 52 units sold, valued at $23,517,890, in August 2021.
In terms of the monthly average selling price, in August 2022, it 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 average selling price in August 2022 is $615,000.
For new listings, there are 56 listings on the residential side for August 2022, and 16 on the non-residential side, bringing a total of 72 new listings. The number of active listings on the residential side is 147, and on the non-residential side as many as 79, with a total of 226 active listings at the end of August 2022.
Judging from the buyer profile in the Powell River-Sunshine Coast region, in August 2022 there were 13 local buyers and 20 buyers outside the region. Statistics for the year show 41 percent of shoppers are local, compared to 59 percent outside the region.
For buyers outside the August 2022 area, two are from the lower Sunshine Coast, four are from Vancouver Island, eight are from the Lower Mainland and surrounding areas, one from Squamish, five from the rest of BC, one from Alberta, and one from outside 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 inventories are up from last year, active listings have stalled at relatively low levels in most major markets and as a result we see a healthier balance compared to last year.”
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