First Quarter Market Update 2024 in Powell River, BC

   2024 had a strong start, January and February had more sales this year compared to January and February in 2023. However, March was slower this year than last.

   There were a total of 61 sales in Powell River (including Texada and Savary) during the first quarter of 2023 and there was an average selling price of $592,950. In the first quarter of 2024, there were 72 sales with an average selling price of $563,161. The average selling price is down but not by much. 

   It took an average of 80 days on market for a property to sell last year in the first quarter. This year, it took an average of 72 days. 

   Additionally, the government announced a new home flipping tax policy that will come into place at the start of 2025. The tax will apply to the sale of homes held by the owner for less than 2 years. The tax rate will be 20% for properties sold within the first year of purchase and over the second year, the rate will gradually decline to 0%.

The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.