2015 Bowen Island/Gulf Islands Sales Stats

[JimmyWW]

(09-04-2015, 02:24 PM)Skook Wrote: August 2015 BI Sales Stats

JimmyWW, the news isn’t good. August sales stats prove the lower mainland RE madness has definitely spread to BI. There were three more sales than the month before and two more than August last year; and, look at that median price – another great leap forward. Total active listings have dropped -43% compared to a year ago and fewer listings will only help boost home prices if people are determined to move to BI come hell or high(er) water.

Thanks Skook. We have just spent the last two and a half weeks on island and I have to say I can't disagree with your analysis. We have even seen early evidence of -- how to put this delicately -- buyers who are clearly not Canadian driving around the island in blacked-out Mercedes long-bodies, looking at properties. For sale signs in languages other than English.

I wish I were kidding or being hyperbolic; I am not, and I think you are right - the madness has come to the island at last, as perhaps it had to given those who are being priced out of the mainland. The groups coming are: UK folks, direct from the UK; Torontonians and lastly other non-Canadians other than UK folks, increasingly those previously associated with purchases in Point Grey and elsewhere. The very stupid (in my opinion) attempt by one house seller to big up house prices on Bowen by getting the island listed in the Sunday Times "World's Best Places To Live" has had an effect I hope that they live to regret, as those people are still on the island... we shall see.

We have taken a rental on the island from January and it looks as though our best option is going to be to buy a beater and reno it. What a change from eighteen months ago, when properties were languishing for years. However, I will repeat my view -- as restated by no less an organ than the New York Times -- that when it becomes impossible for the bottom third to dream of owning is when the problems really start. That's happened in Vancouver; to judge by the difficulty in getting a place on Bowen, it's now happening here too.

Yours from the dreaming isle - with thanks, as always, for your sterling work -


JimmyWW