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2022 home prices substantially higher than 2021 in qathet region

Year-end statistics show smaller sales numbers but increased costs for real estate
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ANNUAL STATISTICS: The number of houses sold in the Powell River Sunshine Coast Real Estate Board region in 2022 was down from 2021, but the average house price increased nearly 19 per cent, year-over-year.

Real estate sales in the qathet region were lower in the number of units sold in 2022 but housing prices were substantially higher compared to 2021.

“We were way down in volume but up in price from 2021,” said Neil Frost, president of the Powell River Sunshine Coast Real Estate Board. “Prices have dropped from the peak but we are still above where we started 2022 at.”

Frost said he does not think housing prices in the region will fall back to their pre-pandemic prices.

“As for a snapshot of the current market, I would say we are headed towards $600,000 for your average family home/good starter home,” said Frost.

According to statistics from the BC Real Estate Association, in 2022, the total volume of sales in the province amounted to $221,566,000. This compares to $224,089,000 in 2021 and is a drop of 5.6 per cent, year-over-year.

In 2022 there were 321 sales in qathet region, compared to 431 in 2021, for a change of 25.5 per cent.

The average house price in 2022 was $659,085, compared to $519,928 in 2021, for an 18.8 per cent increase.