March 2022 real estate sales in the qathet region were down in numbers of units sold compared to March 2021, but dollar values were comparable because of an increase in the price of dwellings.
Powell River-Sunshine Coast Real Estate Board president Neil Frost said there are still lots of local people trying to buy houses but 60 per cent of purchasers this year have been from outside of the area.
“Prices are high and competing offers are still happening,” said Frost. “Most sellers are still local.”
New listings have increased, according to Frost, as have single-family home sales in excess of $1 million, which is pulling the price of the average single-family home upward. He said that is the reason why the average house price in March 2022 was around $800,000.
Frost said there were more sales of condos.
“If we had more of those, because they are generally more affordable and they are the entry level, it would be a growing category,” said Frost. “Prices are higher than ever.
“Matters like government intervention, world politics and rising interest rates have given some people pause. People have actually lost buying power, so some people may have been taken out of the market. We need more affordable, entry-level housing. It’s not something that can be fixed overnight. There’s a shortage of everything, from land, to builders, to the scarcity and cost of materials.”
Powell River-Sunshine Coast Real Estate Board statistics show that for March 2022, there were 28 single-family dwellings sold, valued at $20,853,941, compared to 37 units, valued at $22,858,750, in March 2021.
In the mobile and manufactured home category, in March 2022, two units were sold, valued at $740,604, compared to five units in March 2021, valued at $808,900.
For condos, apartments and duplexes, in March 2022, seven units were sold, valued at $4,111,350, compared to four units sold in March 2021, valued at $958,000.
Total residential sales show 35 units sold in March 2022, valued at $25,705,895, compared to 46 units, valued at $24,625,650 in March 2021.
On the non-residential side, five parcels of vacant land sold in March 2022, valued at $1,222,900, compared to nine units in March 2021, valued at $2,153,950. In the industrial, commercial and institutional category, in March 2022, two units sold, valued at $272,610, compared to four units selling in March 2021, valued at $1,116,076.
Total non-residential sales show seven units sold, valued at $1,495,510 in March 2022, compared to 13 units sold in March 2021, valued at $3,270,026.
Grand totals indicate 42 units sold in March 2022, valued at $27,201,405, compared to 59 units sold in March 2021, valued at $27,895,676.
New residential listings in March 2022 totalled 52, compared to 42 in March 2021. There were 10 new non-residential listings in March 2022, compared to five in March 2021, for a combined total of 62 new listings in March 2022, compared to 47 in March 2021.
In terms of the single-family home average selling price in March 2022, the value was $802,075, with an average of 34 days on the market. In March 2021, the average price was $617,804, with an average of 55 days on the market. The median selling price in March 2022 was $735,000, compared to $560,000 in March 2021.
In terms of the profile statistics accumulated by the local real estate board, in the first three months of 2022, 40 per cent of the buyers were local. In 2021, 38 per cent were local.
Home sales in the province continue to moderate from record highs of this time last year, stated British Columbia Real Estate Association chief economist Brendon Ogmundson in a media release.
“Given the sharp rise in Canadian mortgage rates and expected tightening from the Bank of Canada, activity will likely slow further in the second half of this year,” added Ogmundson.
Provincial active listings were 12.4 per cent lower than this time last year, with the total inventory of homes for sale in the province at under 20,000 units. That level of inventory remains well below the roughly 40,000 listings needed for a balanced market, according to Ogmundson.
Year-to-date, BC residential sales dollar volume was down 4.1 per cent to $28.8 billion, compared with the same period in 2021. Residential unit sales were down 20.1 per cent to 26,577 units, while the average MLS residential price was up 20 per cent to $1.086 million.