Sales volume was slightly down but property values were up when comparing December 2021 real estate statistics to December 2020 in the qathet region.
“It was a little bit quieter due to the time of year, probably, with low inventory, the weather and Christmas,” said Neil Frost, president of the Powell River-Sunshine Coast real estate board. “Prices have continued to rise.”
Frost said in 2020, an average house sold for about $450,000 in the region and this year, the starting figure is more like $550,000.
“If you look at your typical single-family home, it’s gone up another $100,000,” he added.
Frost said assessments are now out and people have a lot of questions, with the average assessment increasing by more than 40 per cent. Within City of Powell River, the median value in 2020 was $368,000, and in 2021, $525,000.
“Our property values have risen,” said Frost. “Anyone who has been watching the market shouldn’t be surprised.”
He said, for example, however, that a 25 per cent increase in assessment does not mean a 25 per cent increase in taxes for the coming year.
“There’s an affordability issue, but the increase in value does not directly translate into a similar tax increase,” said Frost.
As for the local market in general, annual home sales came in on par with levels from 2016, said Frost.
“The momentum going into 2022 is also promising, with activity currently trending above average for typical end-of-year levels,” he added. “Our market is considerably better positioned in terms of supply compared to other regions in the province that continue to experience a severe drought in listings. Inventories are relatively low compared to history, but not so low that there is barely anything available on the market, which is good news for potential buyers in the local market.”
In the single-family homes category, in December 2021, there were 19 properties sold, valued at $11,630,080, compared to 25 properties sold, valued at $10,064,800, in December 2020.
In the mobile and manufactured home category, in December 2021, there were five units sold, valued at $1,592,332, compared to two units, valued at $330,000, in December 2020.
For single-family condos, apartments and duplexes, in December 2021, there were four sold, valued at $2,501,900, compared to December 2020, when five were sold, valued at $1,598,000.
Totals for the residential category indicate 28 properties sold, valued at $15,724,292 in December 2021, compared to 32 units in December 2020, valued at $11,992,800.
In non-residential sales, there were eight parcels of vacant land, valued at $2,287,300, sold in December 2021, compared to eight parcels, valued at $1,580,000, sold in December 2020.
There was one industrial, commercial and institutional sale, valued at $2,600, in December 2021, compared to none in December 2020.
Total non-residential sales indicate nine units sold, valued at $2,289,900, in December 2021, compared to eight units sold, valued at $1,580,000, in December 2020.
Grand totals for December 2021 indicate 37 units sold, valued at $18,014,192, compared to 40 units sold, valued at $13,572,800, in December 2020.
The average residential single-family home in December 2021 sold for $612,108, compared to December 2020, when the value was $419,608. According to the Canadian Real Estate Association (CREA), the average sale price for December 2021 was at record levels, up sharply from December 2020.
On an annual basis, home sales totalled 431 units over the course of 2021, CREA statistics reveal. This was a modest gain of 3.6 per cent (15 sales) from the same period in 2020, according to CREA.
In December 2021, there were 25 new listings in the residential category and seven in non-residential, for a total of 32 listings. According to CREA, the number of new residential listings was the largest number of new listings added in the month of December in more than five years.
In terms of active listings at the end of December 2021, there were 76 residential and 39 non-residential, for a total of 115 active listings.