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Housing sales up slightly in qathet region
October 2024 was marginally better than October from the previous year
PAUL GALINSKI reporter@prpeak.com
Real estate sales in qathet region were up in October 2024 compared to October the previous year.
According to Powell River Sunshine Coast Real Estate Board statistics director Neil Frost, October 2024 had increased slightly from the same month in 2023. He said of note was the sale of vacant lots in the qathet region this October.
According to statistics from the real estate board, there were 16 sales of single-family homes in October 2024, valued at $10,254,000, compared to 14 sales, valued at $8,653,399, in October 2023.
In the mobile and manufactured homes
Curtis Yungen President, Powell River Sunshine Coast Real Estate Board
category, there were two sales, valued at $299,500 in October 2024, compared to two sales in October 2023, valued at $608,500. There were three sales of condos, apartments and duplexes in October 2024, valued at $1,028,400, compared to three sales, valued at $540,000, in October 2023.
Total for residential sales amounts to 21, valued at $11,581,900 in October 2024, com-
pared to 17 sales, valued at $9,801,899, in October 2023.
In the nonresidential category, there were five sales of vacant land, valued at $1,191,000, in October 2024, compared to three sales, valued at $621,599. in October 2023.
In October 2023, there were two sales of industrial, commercial and industrial properties, valued at $943,000. There were none in October 2024.
Totals for nonresidential in October 2024 are five sales, valued at $1,191,000, compared to five sales, valued at $1,564,599, in October 2023.
Grand totals for all sales indicate 26 sales in October 2024, valued at $12,772,900,
compared to 22 sales in October 2023, valued at $11,366,498.
In terms of new listings in October 2024, there were 42 residential and five nonresidential, for a total of 47. The number of active residential listings at the end of October 2024 was 199, and there were 77 nonresidential listings, for a total of 276 at month’s end.
Average single-family dwelling price in October 2024 was $640,875, with an average of 66 days on the market, compared to an average selling price of $618,100 in October 2023, with an average of 72 days on the market. Median selling price in October 2024 was $620,000, compared to $597,500 in October
prices. PeopleImages, iStock, Getty Images
2023.
Frost said comparing October 2024 to September 2024, sales of residences had slipped from 30 in September to 21 in October, with 27 single-family homes in September, down to 16 in October.
In terms of year-todate sales, from January 1 to November 1, 2024, sales are up 12.36 per cent from the same time span in 2023, said Frost. Average selling prices in 2024 are down 8.98 per cent compared to year-to-date in 2023, but median prices are only down 2.36 per cent, he added.
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MORE TRANSACTIONS: Real estate sales for October 2024 compared to the previous year are up slightly, as are average selling
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MUSGRAVE LANDING HOME AND MOORAGE - SALT SPRING ISLAND
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9.82 ACRE OCEANFRONT ON PARKER ISLAND NEAR MONTAGUE HARBOUR
Paradise Valley is just minutes from town and offers incredible ocean views and southern exposure in a picturesque rural setting.
LOT 3 CENTENNIAL DRIVE
$424,900 MLS®18318
Located on a wide-fronting lot with an accessible half-acre+ of land, this turn-key main-level-entry home with ground floor contained suite, walk out basement and attached garage is also conveniently located a short stroll from Mowat Bay.
5930 MOWAT AVENUE
$819,900 MLS®18215
Spectacular VIEW and unique OCEANFRONT within walking distance of moorage at sheltered Texada Marina or the potential to install a buoy for private anchorage. This amazing 23-acre, very private property has a six year old house, separate bunkhouse, self contained trailer.
1837 BLUBBER BAY RD
$1,499,900 MLS®18432
Stylishly updated family home in Westview is situated on a level half-acre lot just steps from Manson Park. With close proximity to all amenities, and a park like lot, this six bedroom (plus den) home is the ideal family location, complete with a massive yard.
4744 MANSON AVNEUE
$899,900 MLS®18485
2.2 acres in the heart of Westview offering breathtaking ocean views, fronting three streets, with a gentle slope ideal for tiered development, and a solid character home with outbuildings. The possibilities are endless for this one-of-a-kind property.
7108 KEMANO STREET
$1,499,900 MLS®18391
UNOBSTRUCTED PANORAMIC VIEW! Three-level ocean view home bordering protected trails in the desirable Grief Point area. Main-level-entry home has open plan, stunning ocean views, plus two bedrooms upstairs and a walk-out basement with in-law suite.
3437 CARIBOO AVENUE
$929,900 MLS®18402
TURN-KEY FARM! This stunning setting on thirtythree acres features a custom-built home with suite, three guest cottages, modular home, shop, original homestead and paddocks, ponds and creek. The Valdi Homestead is BC Egg permitted and a licensed slaughter facility.
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4555A MICHIGAN AVE
$624,900 MLS®18223
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$2,499,900 MLS® 18410
CO-LISTED WITH DEAN MACDONALD 460 REALTY
What you need to know about subject removal
How do sellers feel about subjects? How long is subject removal?
ZAK KHAN Real Estate Weekly
What is subject removal? You likely have conditions you want satisfied before purchasing a home, including getting financing, having an inspector examine the structure, reading paperwork and more. Subject removal is when you can do all this. The conditions you want to satisfy are called “subjects.” “Removing” a subject means you’re happy with the results and can take it off the list.
Subject removal works as a great safety net because it allows you to perform your due diligence, such as reviewing strata documents or the title search for the property. You list subjects in the terms and conditions section of the contract of purchase and sale. Both you (the buyer) and the seller must agree to them all for the purchase to proceed.
What type of subjects are there?
Depending on your needs, you can specify many things as subjects. Usually, the most common subjects you’ll see are:
Subject to financing. Basically, a subject to financing clause means getting approved for a mortgage.
Subject to receiving and approving a property disclosure statement. This reports any defects the seller knows already besides what an inspector may find.
Subject to receiving and approving an inspection report. You should examine a home yourself and hire a professional inspector; you’ll have to approve their report, too.
Subject to receiving and approving a title search. You must ensure no other claims exist on the property and its public records are correct before you can purchase it.
Subject to receiving and approving all strata documents (if strata unit). Strata documents can include the information certificate, which explains more about the lot and strata corporation and the certificate of payment, which lets you know if the current owner of a strata lot owes money to the corporation.
We’ve written these example subjects in plain language, but in your contract of purchase and sale they’ll
removal addendum. Usually it states something like “With reference to the above, the subject to clause(s) noted below is/are waived or declared fulfilled. Time shall remain of the essence.” You then list the same subjects as above that you’ve cleared.
You’ll basically copy your subjects over from your contract and paste them here once fulfilled. Both the buyer(s) and seller(s) must sign and date this form, along with witnesses.
How long is subject removal?
A typical subject removal period is usually seven days long and allows you to organize all your affairs and complete your due diligence. However, there are also subject-free offers, two-day subject removals, two-week subject removals, or others, as the amount of time can vary greatly depending on each situation.
The amount of time you
Subject removal works as a great safety net because it allows you to perform your due diligence, such as reviewing strata documents or the title search for the property.
be much more detailed. For example, a proper financing subject will list the interest rate, term and amortization you want before removing the financing subject.
While the above subjects are the most common you’ll see written or accepted, an offer can be subject to anything that you need to feel comfortable committing to the property. Some examples of uncommon subjects would be receiving the last six months of utility bills or subject to the sale of your current home. Work with your buyer’s agent to determine what subjects are best for you.
What is a subject removal addendum?
When you’re satisfied with a subject, you remove it from consideration using a subject
How do sellers feel about subjects?
Typically, the hotter the real estate market, the fewer subjects a seller may accept. In a very hot market, the seller may try to negotiate for a subject-free offer. To make your offer more appealing, try to satisfy many subjects prior to writing an offer. That shows the seller you are actively trying to remove subjects in advance.
For example, you can read the property disclosure statement and title search beforehand and state that you are satisfied with those documents. That way, you do not have to list them as a subject on the contract. In a very hot market, you can also get pre-offer inspections to make yourself more competitive in a bidding war.
sion clause, stating that they agree to the to extend the subject removal date, along with the new date specified. As a buyer, if you ask for an extension, then the seller can reject your request to extend, modify the extension date, possibly request compensation for the extension or approve the extension as is. If you (the buyer) and the seller cannot come to an agreement with regards to an extension, then you have the option to either remove subjects as is or not remove subjects and collapse the deal.
What if I don’t remove subjects?
Will you lose money if you go through the whole process and end up not removing subjects – either because you can’t or decide not to? Can you back out after subject removal? The answer depends on how the contract is written and when the deposit is due.
offer to complete subject removal depends on lots of factors, such as how hot the real estate market is in your area and how many competing offers exist. Always work with your buyer’s agent to figure out how long your subject removal period should be.
But remember, time is not your friend with subject removal. Plus, banks, inspectors and property management companies likely aren’t open on weekends or stat holidays.
Can the subject removal period be extended?
You can ask for an extension, but that doesn’t mean the seller will grant you one. To extend a deal, the seller(s), buyer(s) and witnesses have to sign an addendum, or subject removal exten-
Typically, if there is a subject removal period then the deposit will be due within 24 hours of removing all subjects or upon subject removal. This means that if you decide not to remove subjects because you could not satisfy one or more of them, then you would not lose any money as you’ve not yet handed in the deposit. Again, in the typical scenario, the deposit is only due if you approve and choose to remove subjects. The deal then becomes “firm.”
You want it to be enticing for the seller, so your buyer’s agent may recommend around five per cent of the purchase price. It will be held in trust by your agent’s brokerage. This deposit will then form a part of your down payment. It works as collateral to compensate the seller in case you (the buyer) do not complete the deal.
