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PAUL GALINSKI reporter@prpeak.com
Sales numbers were similar, but housing prices were down in July 2024, compared to July from the previous year.
“Total sales for July 2024 were very comparable to June 2024, with the same amount of single-family homes selling for both months (19),” said Powell River Sunshine Coast Real Estate Board (PRSCREB) president Curtis Yungen. “In July 2024, the single-family home median price was $650,000 while the June 2024 single-family home median price was $680,000, which is an approximately five per cent difference.”
Yungen said comparing July 2024 to July 2023, total sales were
Average housing price down
down slightly for 2024, while the median price for a single-family home was down 11 per cent, according to PRSCREB data.
In terms of year-todate statistics, Yungen said there are two notable observations.
“We continue to be up significantly in new listings (23.28 per cent year to date), and while we are up
in overall sales year to date, those sales are just not keeping pace with the new listings,” said Yungen. “Singlefamily home sales are up 7.75 per cent year to date, compared to 2023. So, in short, the listings keep coming on, and while we are selling more homes than in 2023, we are starting to see a growth of inventory.”
Yungen added that the year to date median price is down almost six per cent compared to this time last year.
For single-family homes, there were 19 sales in July 2024, valued at $11,728,400, compared to 20 sales, valued at $15,926,725, in July 2023.
In the mobiles and manufactured homes
category, there were four sales, valued at $610,000 in July 2024, compared to three sales, valued at $754,500, in July 2023.
2023.
On the nonresidential side, in July 2024, there were two sales of vacant land, valued at $310,000, compared
Comparing July 2024 to July 2023, total sales were down slightly for 2024 while the median price for a single-family home was down 11 per cent, according to PRSCREB data.
- CURTIS YUNGEN Powell River Sunshine Coast Real Estate Board President
Condos, apartments and duplexes featured one sale in July 2024, valued at $810,000, compared to five sales, valued at $1,994,800, in July 2023.
Totals for the residential category show 24 sales, valued at $13,148,400, in July 2024, compared to 28 sales, valued at $18,676, 025, in July
to five in July 2023, valued at $1,066,000. There were two sales in the industrial, commercial and institutional category in July 2024, valued at $1,390,000, compared to none in July 2023.
Totals for nonresidential indicated four sales in July 2024, totalling $1.7 million, compared to five sales,
valued at $1,066,000, in July 2023.
Grand totals for sales show 28 in July 2024, valued at $14,848,400, compared to 33 sales in July 2023, valued at $19,742,025.
The average selling price for a single-family home in July 2024 was $617,284, with an average of 93 days on the market. The average selling price in July 2023 was $796,336, with an average of 56 days on the market.
In terms of new listings for July 2024, there were 59 residential and 20 nonresidential, for a total of 79 new listings.
Active listings at the end of July 2024 were 229 residential, and 88 nonresidential, for a total of 317 active listings.
Curtis Yungen President, Powell River Sunshine Coast Real Estate Board
Tips for buying and selling at the same time
Here
are
some
strategies to navigate the process effortlessly
ZAK KHAN
Real Estate Weekly
Multitasking is never easy. Likewise, buying or selling a home can be daunting, even in the best circumstances. Doing both at once might mean stress overload unless you are prepared and have a plan B for when things go awry. Here are five tips to consider when buying and selling your home at the same time.
Assess your situation
Ideally, you want to move into your new place before you leave your old one. But to prepare for buying and selling your home at the same time, you need to know current real estate trends. The best place to start is with a local experienced real
estate agent. This person knows the market situation in the area you are considering. An agent will also know if it is a buyer’s or a seller’s market. This is important so you have a sense of how quickly homes are moving
if you are moving out of province or if the agent is also working with the seller of your new home. Remember, you have options when it comes to negotiating the length of your close, short-term rentals and other ways to bridge the
The best place to start is with a local experienced real estate agent. This person knows the market situation in the area you are considering.
and for how much. That will help you with your timeline, your listing price and how much you can afford. Make sure to choose the same agent for the buying and selling process. Having an agent who understands both ends will be invaluable. The only times this shouldn’t be the case is
time between buying and selling. Having an agent to help will make sure you get the best possible terms.
Know when to use contingencies
Another key is knowing if you need to sell your current home to make the down payment for your new
home. If you do, you need to consider a contract contingency when purchasing or applying for a bridge loan.
Contract contingency or conditional sale means the purchase of the new home will depend on the sale of your existing home. This can be dangerous in a seller’s market and could cost you your dream home if you are not careful. If the market is competitive, the seller may not want to decrease their chances of selling by waiting for you to sell your home. You’ll need to convince the seller your home is in a desirable market, priced right and will sell quickly. If there’s been no movement on the seller’s property and it’s been on the market for a
while, they may agree to a contract contingency.
Consider a bridge loan
A bridge loan could be a great alternative to contract contingency.
As the name implies, it bridges the time between moving into your new place and out of your old one. These loans let you own two homes at the same time by using the equity on your property to help with the down payment of your new house.
Usually, bridge loans are around six months long, but this can vary depending on how long you think you need to sell your home. Keep in mind a lender must still approve you for this loan, too. You’ll need a sale agreement setup for your current home to qualify.
Once your old house sells, you can use the proceeds to help pay the bridge loan.
Factor in financials
When setting the price of your home, consider what you want to spend on your new home and weigh this against the market value. Leave a cushion when calculating your new home budget. For example, if your current home is assessed at $900,000 and the new home you want is $850,000, then you know the least you’ll accept for your current place is $850,000. If you don’t get at least $850,000 for your current home, then you need to look for a
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or
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cheaper new home. That is, make sure you cover your new home’s price with your current home’s sale. If you only know the general price range you want for your next purchase, talk with your agent about what you’ll need to get from the sale of your current home to cover it.
Have a buffer and manage your expectations. Plus, if your current home was your principal residence for the entire time you owned it, you won’t have to pay capital gains tax when you sell. But if it wasn’t, factor this into the total amount available and work with your agent and an accountant.
Also, don’t assume you can upgrade to a bigger home because you have a current mortgage, have a down
payment or are making more income. This is not always the case; know your limits. By having a pre-approved mortgage, you won’t be setting yourself up for disappointment after you find your dream home.
Cover yourself between buying and selling
Have a plan B. It’s rare for the new home to close at the same time as your existing home. A little off in either direction and you could be paying dual mortgages or be homeless.
Banks can take up to two to three days to transfer funds, and those transfers are usually done before 3 pm. So, don’t schedule your closing on a Friday and always choose the morning hours. Having this buffer in your
schedule will help close the deal on schedule and as planned. Set up an emergency fund for such a situation. You may find you are in a hotel for a week or two. You might want to consider short term rental options (like Airbnb). Speaking with friends and family may also give you some options until your new place closes.
Another possibility is a rent-back agreement. This means you would rent your old home back from the buyer (now the owner) from the time of closing until you’re ready to move. The buyer does not have to agree to this, and their own buying and selling situation will likely determine if they agree. But it doesn’t hurt to ask. Have a back-up for this back-up plan, though.
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