STATS ON BOWEN - December 2019

Good-bye to 2019, the slowest year for real estate on Bowen since 2010

The 2019 YoY MLS® HPI ($969,150) was down a modest -2.3 per cent from the record high in 2018, performing better for this metric than all other Metro municipalities.

There were 88 new listings in 2019 and 45 sales. As of 7 January 2020, there are 15 listings for detached homes on Bowen Island: one-third are listed under $900,000, one-third between $900,000 and $1.2 million, and one-third above $1.5 million.

The MLS® HPI was down only slightly at -2.3 per cent, while the Average Sale Price and Average Price per Square Foot were down -11.3 and -23.1 per cent respectively. Market forces like the mortgage stress test eroded the buying power of those looking for a home and gave the advantage to homes listed at lower prices. Of the 45 homes sold in 2019, 25 or 56 per cent sold under $1 million and one-third of those sold under $800,000. Another 31 per cent sold at prices between $1 million and $1.4 million and 13 per cent of homes sold for between $1.4 and $1.5 million. The highest sale in 2019 was for $1,499,500 and the lowest was $620,000. One in four homes contained a suite.

A look at the last 5 years YoY at 31 December compared to 2019 shows 2018 with the highest MLS®HPI (down -2.3 per cent in 2019), the highest Average Sale Price (down -11.3 per cent in 2019), and the highest Average Price per Square Foot (down -23.1 per cent in 2019). The numbers show how slow the market was in 2019 with Number of Sales the lowest in 5 years, down -51.6 per cent from the high in 2015 and -22.4 per cent from 2018. Volume of Sales were also at a 5-year low: -40.1 per cent from the 5-year high in 2017 and down -29.9 per cent in 2018. Sale Price compared to List Price was more stable at 93.3 per cent in 2019, down -4.6 per cent from the 5-year high in 2016 and down -2.8 per cent from 2018.

The 2020 forecasts for the Real Estate Board of Greater Vancouver region (Lower Mainland/Southwest) from the BCREA (BC Real Estate Association) are for sales of detached homes to increase +14.5 per cent and the MLS® Average Price to increase +1.9 per cent.* The Central Credit Union predicts increases of +19.2 per cent and +3.6 respectively for the Vancouver CMA.**

Bowen Island lags several months behind Metro Vancouver trends; however, with mortgage rates predicted to remain favourable,*** the market is likely see  similar increases in 2020. 

@31 December 2019
MLS®HPI: $969,150 (-0.06% from November) 
Median Price: $950,000 (+ 1.1% from November) 
Average Price: $1,014,626 (+0.08 % from November)
@31 November 2019
MLS®HPI: $985,800 
Median Price: $940,000 
Average Price: $1,010,522

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Lower Mainland/Southwest: Metro Vancouver, the communities in the Fraser Valley to the east, the towns of Squamish and Whistler to the north, and the Sunshine Coast.
Vancouver CMA: Area codes 604 / 778 / 236 / 672
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