When ‘new money’ comes to town, a portion of it is spent on local amenities, businesses, taxes etc. These local recipients, in turn, spend a portion of it here as well; and so it continues to multiply. Economists refer to this as the multiplier (or ripple) effect , which can be as much as 160%. (For every dollar brought to town, a $1.60 benefit is generated). Last year about 40% of home sales went to out-of-town buyers; 13% of them went to people who were retiring to Powell River. That’s great news because they’re bringing ‘new money’ to our local economy!
I don’t need to tell you that Powell River is a great place to live, raise kids and retire to. Tell your out-of-town friends about it. You may be helping to create jobs for friends and family right here.
Round About Town…
There are only six homes in the Powell River area priced over a million dollars, topping out at $2.1 million right within the city limits. Please don’t feel short-changed, there are some gorgeous homes and properties among these listings!
If you’re thinking of building your dream home or a starter, there are 22 building lots for sale in the Westview area priced around $100,000 (+/- twenty thousand). When all municipal areas of Powell River are included, there are 40 building lots priced as low as $34,000 up to a current high of $569,000 depending on size and location.
There are 6 residences available in the city for under $100,000: two freehold and four freehold/strata (condominiums)
Call me if you’d like to have a look at some of these opportunities!
Maintaining Your Home…
Many Powell River homeowners enjoy the comfort of burning wood as their main or secondary heating source. As a buyer or seller you’ll want to be aware of the safety concerns that insurance companies demand when an application for home insurance is made. Here are four points the insurance company will be concerned with:
1. Is the unit (free-standing or insert) ULC or CSA approved? Approved units will generally carry a label identifying this approval. Non-approved units will probably not qualify for insurance.
2. Was it installed by a professional? To ensure that your installation meets fire safety standards, your insurance company will require a WETT (Wood Energy Technical Training) Inspection which will cost about $160.
3. Do the clearances adhere to the CSA Code? Pipes and the stove itself must be kept at specified distances from combusible materials in the walls and floor. (Your WETT inspection will cover this)
4. Is the venting system acceptable? Smoke must be carried efficiently and effectively out of the house. The WETT inspection will cover this as well.
Having smoke detectors and fire extinguishers in your home are “best practices” when heating with wood. Similarly, regular maintenance and cleaning of the unit, pipes and chimney will help protect you and your family from fire.
Prime Building Lot
Here’s the view from one of those building lots. This gently sloping lot is well-placed in a quiet cul-de-sac for a view over the water and the community below.
3834 Trail Place
Just reduced to $99,900
Call me for more information.