Powell River’s housing market continued to make gains in January, despite an average decrease across the province.
After posting record highs in 2016, the provincial housing market dropped 23 per cent last month in what the BC Real Estate Association is calling a “return to historic, long-term averages.”
Vancouver saw an approximate eight per cent decrease in detached home sales last month, compared to January 2016 sales, stated association chief economist Cameron Muir in a media release.
“Housing demand across the province returned to long-term average levels last month,” stated Muir. “However, regional variations persist with Victoria posting above average performance and Vancouver falling below the average.”
Despite lower numbers in the Lower Mainland, Powell River Sunshine Coast Real Estate Board president Neil Frost said the local market “remains healthy.
“Last month was not super busy compared to the peak months,” said Frost, “but Powell River is up in all areas.”
According to association statistics, Powell River posted an 82.9 per cent increase in dollar volume sales with $6,341,000 last month compared to $3,468,000 in January 2016. In the local area, 22 homes were sold last month, compared to 14 in January 2016.
According to statistics gathered by the local real estate board from last month’s sales, close to 60 per cent were made to purchasers who already lived in Powell River. Of the purchases to out-of-town buyers, the majority continued to be people relocating from the outlying Lower Mainland communities such as Hope to Squamish.
The average price of single-family homes in Powell River climbed 16.4 per cent from $247,714 in January 2016 to $288,241 last month. During that same period, the average price of a single-family home in the province dropped 17.5 per cent to $621,093.
The challenge for buyers in the Powell River market continues to be “a lack of listings,” said Frost.
He added there is definite need for new construction, which will lead to more homes being put on the re-sale market.