A market still in recovery
Bowen Island year-over-year comparisons for January show a market still in recovery. Except for MLS® HPI, Bowen’s price metrics are down YoY. Although the YoY (year-over-year) MLS® HPI (home price index) or benchmark price was down for all municipalities, Bowen Island and Surrey performed the best at -2.9 and -2.8 per cent respectively. (West Vancouver registered a -18.1 per cent change).
Bowen’s real estate benchmark price ranked in the lowest 30 per cent for Metro at $964,883. Maple Ridge ranked the
lowest at $813,183 followed by Langley City, Pitt Meadows, North Delta, Port Coquitlam, and Bowen Island. Seven municipalities, including Bowen Island, had an MLS® HPI under $1 million. Although Bowen had one of the
highest benchmark prices in this group ($924,567), it provided real value: no speculation tax, no empty home tax,
green space, safety, a strong sense of community, and larger lots than those on the mainland. These factors have been
Bowen’s bulwark against the significant drop in house prices experienced in some municipalities—the YoY benchmark
price for Bowen was up 5.32 per cent from August 2019 and has increased by 27 per cent from January 2017, well in
front of all other Metro municipalities.
highest benchmark prices in this group ($924,567), it provided real value: no speculation tax, no empty home tax,
green space, safety, a strong sense of community, and larger lots than those on the mainland. These factors have been
Bowen’s bulwark against the significant drop in house prices experienced in some municipalities—the YoY benchmark
price for Bowen was up 5.32 per cent from August 2019 and has increased by 27 per cent from January 2017, well in
front of all other Metro municipalities.
Inventory for the month of July 2019 was 69 detached homes, 32 were sold from July 2019 through January 2020, and total inventory for January 2020 was 16, and indicated 21 homes were taken off the market. Bowen has the lowest inventory for the month of January in a decade and the second lowest for any month in a decade. These low inventory levels should encourage those owners who took their homes off the market and those who have been waiting out the market correction to test the market again which would create a market balanced for both buyers and sellers.
In a micro-market such as Bowen, increased choice (more listings) also encourages buyers from other markets to look
at Bowen Island.
at Bowen Island.
BOWEN ISLAND YOY STATS
@31 December 2019
• MLS®HPI: $994,067
• Median Price: $930,750
• Average Price: $1,143,426
@31 January 2020
• MLS®HPI: $964,883
• Median Price: $940,000
• Average Price: $1,003,107
Lots
Vacant land or lot sales remain stagnant with 19 lots for sale at the end of January. Prices for individual lots vary from $141.47 to $0.51 per square foot depending on size, location, terrain, access, and services.
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