What Has Happened In Real Estate So Far In 2023?

2023 has brought a lot of change to real estate. If you want to know about prices, interest rates, new regulations, and housing trends, then this article is for you.

Property sales in Powell River BC compared to last year

The first quarter of this year has been significantly slower compared to last year. From January to March of 2022, there were 171 listings processed and 144 total sales. This year, there were 143 listings processed and only 74 total sales. That is a 48.6% drop in sales compared to last year. 

We can also see how much slower the market is this year by comparing how quickly properties sold.

The first quarter of 2022:                                                        The first quarter of 2023:

Properties sold in 1 week - 19                                                Properties sold in 1 week - 4

Properties sold in 2 weeks - 40                                              Properties sold in 2 weeks - 2

Properties sold in 3 weeks - 10                                              Properties sold in 3 weeks - 7

Properties sold in 4 weeks - 16                                              Properties sold in 4 weeks - 8

Last year there was an average sale price of $620,532 and this year, there was an average sale price of $592,950.

Interest rates according to the Bank of Canada

The increase of interest rates in the past year has been the highest they have been since 2007. While this isn’t the highest interest rates have risen, it certainly has created some stir.

January 2022: 0.25                                                                                  January 2023: 4.25

February 2022: 0.25                                                                                February 2023: 4.50

March 2022: 0.25                                                                                    March 2023: 4.50

New regulations introduced to real estate 

January 1st: Foreign Buyer Ban

January 3rd: Home Buyer Rescission Period

For information on these, take a look at my previous blogs.

2023 housing trends

Exterior:

• Indoor-outdoor flow: Bring the furniture and rugs out!

• Earth tones: Brick work, wood accents, and earthy paint colours.

• Sustainable materials: Solar panels and long lasting housing materials.

Interior: 

• Bold statement stone: Use quartz or marble as countertops to make a statement.

• Moody jewel tones: Accents of emerald green or sapphire blue give a rich feel.

• Mixing wood tones: Mix up the wood for accent walls and furniture.

Decor:

• Sustainable materials: Wooden pieces and stone bowls.

• Statement rugs: Fun coloured and patterned rugged used as functional art.

• Black fixtures and details: Lights, door knobs, taps, and more!
  

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