Downward pressure on price continues through March as new listings and days on market increase
The Average Sold Price during the month of March ($1,649,000) was down -21.0 per cent from March 2024 and Dollar Volume of Sales was down -1.2 per cent. The Average Sold Price of the five sales in March 2024 was -17.2 per cent below the initial list price and -6.9 per cent of the list price at the time of sale, underscoring the pressure on prices.
March 2025 saw 19 New Listings added to inventory compared to 10 during March 2024, and the Average Days on Market increased to 67 from 59.
Using the Last Twelve Months (LTM) of activity, the Average Sold Price for Bowen Island was down -7.4 per cent from March 2024, the largest decrease in Metro Vancouver. Port Moody registered the highest increase at +9.8 per cent. The LTM Dollar Volume of Sales was up +7.9 per cent over 2024 while the Year-to-Date (YtD) volume was down by -3.6 per cent.
LTM Number of Sales was up +29.3 per cent from 41 to 53 . LTM New Listings were up +19.7 per cent, an indication that Sellers are hopeful that Spring weather and lower interest rates will encourage Buyers; however, Total Inventory rose +52.9 per cent as Buyers remain scarce.
The Bank of Canada, which many predicted would drop rates another 0.25 points in April, held its rate at 2.75 per cent after 7 consecutive cuts. Bank of Canada governor Tiff Macklem stated, “We decided to hold our policy rate unchanged as we gain more information about both the path forward for U.S. tariffs and their impacts[.]” https://www.cp24.com/news/money/2025/04/16/bank-of-canada-holds-key-interest-rate-at-275/
Combined with the on-again-off-again policies of the Trump administration and uncertainty over the results of the upcoming Canadian Federal election will likely keep Buyers at bay until May, even with the favourable interest rates.
It is a Buyers’ market on Bowen and downward pressure on prices will continue.
March 2025 saw 19 New Listings added to inventory compared to 10 during March 2024, and the Average Days on Market increased to 67 from 59.
Using the Last Twelve Months (LTM) of activity, the Average Sold Price for Bowen Island was down -7.4 per cent from March 2024, the largest decrease in Metro Vancouver. Port Moody registered the highest increase at +9.8 per cent. The LTM Dollar Volume of Sales was up +7.9 per cent over 2024 while the Year-to-Date (YtD) volume was down by -3.6 per cent.
LTM Number of Sales was up +29.3 per cent from 41 to 53 . LTM New Listings were up +19.7 per cent, an indication that Sellers are hopeful that Spring weather and lower interest rates will encourage Buyers; however, Total Inventory rose +52.9 per cent as Buyers remain scarce.
The Bank of Canada, which many predicted would drop rates another 0.25 points in April, held its rate at 2.75 per cent after 7 consecutive cuts. Bank of Canada governor Tiff Macklem stated, “We decided to hold our policy rate unchanged as we gain more information about both the path forward for U.S. tariffs and their impacts[.]” https://www.cp24.com/news/money/2025/04/16/bank-of-canada-holds-key-interest-rate-at-275/
Combined with the on-again-off-again policies of the Trump administration and uncertainty over the results of the upcoming Canadian Federal election will likely keep Buyers at bay until May, even with the favourable interest rates.
It is a Buyers’ market on Bowen and downward pressure on prices will continue.
MARCH 2025 DETACHED HOMES
SALE PRICE vs LIST PRICE
Low $1,282,500 $1,325,000
High $2,250,000 $2,498,000
Average Sale in March $1,648,500
Median Sale in March $1,485,000
STATS ON BOWEN
is published monthly once all data for the previous month has been received.
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