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2015 Bowen Island/Gulf Islands Sales Stats
04-23-2015, 05:55 AM,
#6
RE: 2015 Bowen Island/Gulf Islands Sales Stats
(04-21-2015, 07:35 AM)ttul Wrote: I live on Bowen and have been following the market closely for the past few years, looking for the right time to put my money down on a cut rate property. This spring, there were a burst of quick sales which surprised everyone.

If Bowen's market is picking up, there are a few reasons I can think of:

1. Sellers are getting more realistic about pricing. Some of the recent quick sales were - in Dee's opinion - fairly valued. This contrasts with many other listings, which are over-priced and languish on the market for years.

2. Vancouver's market is ultra hot, which may be sending folks looking at the exurbs. Bowen is very cheap compared with West Vancouver.

3. The rental market on Bowen must have about 0.1% vacancy right now. There are at least half a dozen families searching for the same type of home, and absolutely nothing is coming up. I know some of those families are now buying out of desperation.

All this being said, anyone considering buying on Bowen should know that it has some severe long term problems, among them:
Thanks ttul and welcome to the forum, as Skook says.

I really rate Dee Elliott and I think she's absolutely right about this; a couple of houses did look fairly priced to me. Also, there are a couple "further up the price range" (ie more expensive) that are now actually priced at or under assessment. However, I suspect there may be significant problems with them both.

There are also a number of properties that stick at around 50% over assessment as an asking price and the only conclusion I can draw from this is that the "sellers" don't want to sell - they are just looking to cash in on their "gains".

A lot of markets have seen mini-boosts from the cut in interest rates this spring. I hear lots of opinion from financial markets in my job and there's a firm view that this is the last hurrah for Canadian housing... but how many times have we heard that before?

Anyway, welcome - and please keep us updated!


Jimmy
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RE: 2015 Bowen Island/Gulf Islands Sales Stats - by JimmyWW - 04-23-2015, 05:55 AM

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