July 2022 Update
Sales fell off sharply again in July in the Powell River residential real estate market. The hesitation on the part of buyers that began in earnest in June continues with buyers wondering if prices will continue to fall off and how quickly. We saw new listings continue to rise at a good pace as well as giving buyers hope that the right one will come along at the right price. Conditional sales are back with far fewer ‘all cash’ and multiple offers. The under five hundred market is still busy and that’s where the majority of multiple offers are happening. On paper, prices are holding but with listings sitting longer and fewer offers being made, the pressure on prices is downward. We can expect to see prices falling off in the months ahead. Interest rates are expected to rise so it’s worth sitting down with a mortgage broker and doing the math on whether it’s better to wait and suffer through a higher rate or get in the market now at the lower rate and possibly see the value fall off. Demand is still there and when things look a little more certain, I think we can expect to see sales trend upward again in Powell River.