2015 Bowen Island/Gulf Islands Sales Stats

[JimmyWW]

(06-14-2015, 06:33 PM)Skook Wrote: DSM-5...ROFLOL

Well, this proves it for sure...Vancity Credit Union's new payday loans. Garth Turner at The Greater Fool runs with this one - worth reading today's post "The Money Changers".

And Sir Skook beats me to it! I was going to compile a report, nothing like as impressive as this, this weekend as I'd seen the May numbers are now up. I will respond in greater detail this evening but here are some headlines based on what I'm seeing and hearing:

- all of the action is in two categories - the $400-$700 bracket and the $1m ++ bracket
- the land sale at $5.8m is a disgruntled developer about whom you can read more in The Undercurrent's discussion of land zoning in recent weeks
- there is strong evidence of properties over $800K sticking and some evidence of price reductions
- the average days on market on the island (see Skook's post) continues to tell its own story, as Skook says
- inventory has actually started to rise in early June, from 33 to 35.

My take - young families are biting the bullet and moving to Bowen despite the commute because it is still relatively affordable. The rate drop by the BoC is definitely having an impact, not least because it's great news for foreign buyers that the loonie is down 25%. When/if the loonie goes back up - beware...

Also some evidence of seller greed re-emerging. One property recently listed for $868,000 (loooove that price!) is assessed at $590,000 - listed at 50% over assessment. Still hasn't sold, though.

More later today. And a great job, Skook. I think I could manage the graphs but I just don't have your sleuthing skills...


Jimmy