In the first half of this year 45% of the properties sold in Powell River went to out-of-town buyers. 24% of the total sales went to people retiring to Powell River. As I said before in a previous article, this is good for our city because “new money” multiplies in our shops and local businesses.
It’s true, our municipal taxes are high at this time, but that’s not stopping people from making a commitment to Powell River by purchasing a home here. It’s more than just the upturn in fishing this year! We have a lot of attractive amenities that make this a desirable place to live:
How about a new Westview Elementary School with many features that will benefit the whole community in addition to providing an attractive and state-of-the art learning environment for kids. The gym will attract a variety of evening activities, the walking path fills the gap for “walkers” left by the movement of the track, several multi-purpose rooms are available to community support services for children and lots of playground space and equipment is available for neighborhood kids at all hours of the day.
Willingdon Creek Village
Willingdon Creek Village to replace Olive Devaud is proceeding well. It will have 102 beds in six separate houses with a tunnel to the hospital for efficiencies in food services, etc. The buildings will be 3 stories high with a total of 7023 sq. ft. The Powell River Health Care Auxilliary has donated $877,000 toward furniture, appliances and equipment for this Hospital/Nursing Convalescent Center.
A recent Peak article (Doctors’ Group Opens hub) described how local doctors have established a group to develop solutions to the shortage of doctors in Powell River. Apparently, this is not uncommon among rural communities.
We have lots to attract people to choose Powell River as a community to settle in! Once we get the ferry situation sorted out, there will be no stopping us! Talk it up among your out-of-town friends. Our house prices are better than many other nearby communities of our size.
Recently, we’ve seen some increases in interest rates among the major banks. Since 2008, we’ve been riding on a wave of pretty cheap money which by historical standards is not sustainable. Global economies are still pretty fragile, so it seems unlikely that we’ll be seeing major changes quickly. These increases in 3, 4 and 5 year mortgages reflect the banks recognition of an upward change over the next several years. Short term mortgages have remained fairly stable because it’s felt that the Bank of Canada Rate which drives the other banks will not rise for about a year.
If you’re thinking of buying, prices on homes have been falling and should be levelling out soon. Interest rates are unusually low and should be rising again soon. It’s a good time to buy low and still get low financing costs.
Wow! Have you seen some of the older homes in town that have upgraded to the Hardi Board siding. That’s the cement-board that comes either primed or painted. Apparently overall cost can be double or even triple the cost of vinyl siding, but it sure looks good for resale value and the online reviews I’ve read by people who’ve had it done say that it’s worth it for the look and longevity.
Thinking of Revenue Property?
Two cottages on one large lot in Wildwood with a combined rental revenue of $1300/mo
5999 Lois St
Call me for a showing or more information.
Bill Bailey: 604 223-0811