Summer Catch-Up.

Sales in the Powell River residential real estate market for August remained strong – up two from last month and second highest since September 2017.  Inventory continues to play catch up with 50 new listings in August compared with 57 and 68 in the past two months, however total inventory is quite good at 165 which is the highest it’s been in four years. This should give buyers lots of choices and more opportunity to negotiate on price but that’s not what we’ve been seeing with strong buyer activity scooping the well-priced, well-kept homes quickly and at or near list priced.  The numbers still show a Seller’s market in spite of this improving inventory.  I think we’ll see another month or so of good activity here before the winter slow-down.

With Vancouver and area prices out of reach – even after up to 20% price drops, the Island is seeing a boom from Victoria through to Campbell River.  The Comox Valley is seeing a failed development of 2700 single family homes renewed while Nanaimo is experiencing a “record-setting” construction pace, most of which is residential.  Nanaimo’s average home price is around $565,000 which is well above that of Powell River which is around the $400,000 mark.  It’s these same conditions which has sent lots of Buyers from Squamish through the Fraser Valley to Powell River in the past several years.  I think we can expect similar interest in our area because of our lower home prices and a still relatively quiet lifestyle.

Ed Pednaud of Dominion Lending offers this advice if your mortgage is coming up for renewal…

Did you know that over 95% of home owners renew their mortgages without questioning the rate they are being offered?  

Here are some things to consider before renewing your mortgage:

-You are not obligated to renew with your current lender

-You should shop around.

-Current lenders will negotiate.

You are no longer bound by the original contract and can start over again.