STATS ON BOWEN - January 2021

"After an unprecedented and often surprising performance in 2020, the provincial housing market is set up for a very strong year in 2021,” said Brendon Ogmundson, BCREA Chief Economist. “A strong economic recovery and record-low mortgage rates will continue to drive strong demand this year.

On the supply side, new listings activity recovered through the second half of 2020, but not nearly enough to see any accumulation in overall inventory. As a result, market conditions will start 2021 very tight, with the potential for strong price increases through the spring and summer until new supply comes online. We are forecasting a 7.7 per cent rise in the MLS® average price this year, followed by a further 3 per cent in 2022."
BCREA 2021 First Quarter Housing Forecast Update: Provincial Housing Market Set Up for Very Strong 2021

Bowen Island should expect similar results going forward given its percentage change YoY* placed us in the top 30 per cent of twenty Metro Vancouver municipalities and, for the same period YoY, outperformed the MLS® HPI for the REBGV, Sunshine Coast, and Whistler region.

These expectations are further supported by YoY results in January 2021 which recorded highs for the MLS® HPI (benchmark), median, and average sold price, and dollar volume of sales, while number of sales and sold price per square foot continue a steep climb from the lows in 2019. Bowen also had the highest percentage change in the MLS® HPI over the past 3 years (2018-2021) at 14.8 per cent with Langley City in second place with 12.9 per cent.

While appealing to Islanders looking to sell their properties, as prices escalate and our HPI pushes past $1 million, Bowen’s standing as one of the most affordable municipalities in Metro continues to slip. We currently rank as the 6th lowest HPI out of 20 Metro municipalities (versus 4th lowest in 2018). The most affordable Metro municipalities (Maple Ridge, Langley City, Pitt Meadows, North Delta, and Port Coquitlam) all offer far more selection, making it more difficult for Bowen to attract young families who are lookingfor their first home, a trend which could over time could change the demographics of the island.

For those contemplating selling their property on Bowen, low inventory means less competition for buyers in your price category; however, buyers do like choice and may be less likely to make the trip from the mainland if it is limited.
The completion and opening of a new fire hall and community centre —and especially a health centre—over the next 2-3 years will serve to interest buyers who have considered buying on Bowen but been deterred by the lack of amenities and services.

With prices expected to rise over the year and mortgage rates at record lows, there is some pressure to act on those planning to buy, and with inventory levels among the lowest in the last decade, there is also some incentive for those planning to sell to act. It’s a seller’s market.
* YoY: Year-over-Year represents the previous 12 months of activity.



Low $ 950,000      $  999,900
High $1,330,000   $1,360,000
• Average Sale: $1,073,125
• Median Sale: $1,046,250
• MLS®HPI: $1,215,000       
• Average Price: $1,376,303
• Median Price: $1,376,303 
$12.95 per sq. ft.

STATS ON BOWEN is an analysis of detached homes activity on Bowen Island
Published mid-month of the month following.

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