Real estate sales for January 2023 in the Powell River-Sunshine Coast Real Estate Board region were less than half the dollar amount recorded in January 2022.
According to statistics from the Canadian Real Estate Association, home sales were 25.3 per cent below the five-year average and 27.8 per cent below the 10-year average for the month of January.
“January and the winter months always provide some difficulty when discerning trends because of the low volume of sales activity, but the general outlook is that sales will be historically subdued for the time being,” said Neil Frost, president of the Powell River-Sunshine Coast Real Estate Board. “Our inventory levels have rebounded to where they stood in 2019 and prices have come down from their astronomical highs of the spring of 2022, both of which bode well for potential buyers who are thinking about re-entering the market. Once the market settles and it becomes more clear that the Bank of Canada won’t be raising rates any more, at least for now, we should see consumer confidence begin to return.”
In the single-family residence category, in January 2023, there were 10 homes sold in the qathet region, valued at $6,422,500, compared to 18 homes sold, valued at $11,989,099, in January 2022.
In January 2022, there were four mobiles or manufactured homes sold, valued at $1,230,000, compared to none in January 2023.
In the condos, apartments and duplexes category in January 2023, there were two units sold, valued at $570,000, compared to none in January 2022.
Totals for residential sales indicate 12 units sold, valued at $6,992,500, in January 2023, compared to 22 units, valued at $13,219,099 in January 2022.
On the non-residential side, there was one parcel of vacant land, valued at $150,000, sold in January 2023, compared to three parcels, valued at $825,050, in January 2022.
In the industrial, commercial and institutional category, there were no sales in January 2023, compared to four units sold in January 2022, valued at $1,604,900.
Totals in non-residential indicate one sale valued at $150,000 in January 2023, compared to seven sales, valued at $2,429,950, in January 2022.
Grand totals show 13 units sold, valued at $7,142,500, in January 2023, compared to 29 sales, valued at $15,649,049, in January 2022.
Average monthly selling price for a single-family home in January 2023 was $642,250, with an average of 99 days on the market. The average selling price in January 2022 was $666,061, with an average of 27 days on the market.
There were 24 new residential listings for January 2023, with 121 active listings at the end of the month.
There were nine new non-residential listings in January 2023, and a total of 179 active listings for all categories at the end of January 2023.
Buyer profile statistics from December 2022, with feedback from seven buyers, indicate that 57.1 per cent, or four, were local buyers and 42.9 per cent, or three were out of area.
Full-year buyer statistics from 2022 indicate 42 per cent of those who responded to surveys were local buyers, with 58 per cent from out of area.
In terms of where buyers have located from, 13.5 per cent were from the lower Sunshine Coast, 12.6 per cent were from Vancouver Island, 38.6 per cent were from the Lower Mainland and outlying areas, 9.2 per cent were from Squamish, 12.1 per cent were from the rest of BC, 6.3 per cent were from Alberta, 5.3 per cent were from the rest of Canada, and 2.4 per cent were from out of Canada.
According to the BC Real Estate Association (BCREA), multiple listing service (MLS) residential sales in BC are forecast to decline 7.1 per cent to 75,150 units this year. In 2024, MLS residential sales are forecast to post a strong rebound, rising 23.8 per cent to 93,025 units, according to BCREA stats.
“A slowing economy and still elevated mortgage rates are expected to keep housing activity lower than normal through much of 2023,” stated BCREA chief economist Brendon Ogmundson, in a media release. “However, we expect a strong recovery, boosted by an expected decline in mortgage rates, and record high immigration that will carry significant momentum into 2024.”