STATS ON BOWEN - April 2022

Chances of real estate market crash is low

The number of sales of detached homes on Bowen Island decreased -28.0 per cent year-over-year and the dollar volume of sales was down -10.5 per cent – in part due to the very low inventory levels over the winter. Prices continued an upward trend with the benchmark price up 30.3 per cent YoY and the average sale price and median sale price up 34.7 per cent and 27.3 per cent respectively.

April’s inventory was 22.2 per cent higher than April 2021 and 120 per cent higher than in March 2022. At this writing, there are 30 properties with detached homes for sale on Bowen Island ranging in price from $929,000 to$18.6 million. Twelve properties are listed at over $2.0 million and only two listings are under $1.0 million. Of the current listings, half have been listed for less than 30 days.Wednesday, June 1st, the Bank of Canada rate is expected to be raised another 0.5 per cent and further increases are anticipated in July, September, October, and December.

“[RBC] estimated the chances of an actual market crash resulting from the interest rate hikes as low, and noted there are several upsides to a moderate pricing correction, including more sustainable activity and fewer price wars.”1
Compared to 2020 and 2021, price increases are beginning to decelerate, buyer demand is beginning to soften, and mortgage rates are rising but “it is too early to call this a tipping point however home prices could begin to fall if demand softens further and listings begin to accumulate -turning the Vancouver market into a balanced market.” 2

Predictions suggest price increases will further moderate over the year and 2023 may see some limited correction in the real estate market.

Month of April Detached Homes
• Low        $950,000        $998,000
• High   $2,150,000    $2,200,000
• Average Sale:    $1,466,666
• Median Sale:     $1,300,000
MLS®HPI: $1,481,650
Average Price: $1,900,394
Median Price:  $1,559,000
YoY Lots Average Sale Price Range
$17.22–23.67 per sq. ft.

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