CBC news reported last month that the average house price in Canada rose 7.6% over last year to $409,708. The Powell River Peak reported that our average home price fell 14% over last year to $211, 167! I’ve said before that we should always take averages with caution, but we can feel that generally our prices are much lower than those of many other parts of Canada. Considering what we’ve got, that’s great value for our dollar.
When showing out-of-town buyers around Powell River, I ask what brought them to consider a purchase in this part of the country. Often, it’s by word-of-mouth. A friend or family member has had some connection here and passed it along. Once they start looking more carefully at what we have here, they become more interested. Finally, a visit to have a look around, sells them on our beautiful town. Our local beauty, compounded with amenities like the Complex, newer hospital, new schools, recreational activities for all ages and a friendly population who tend to be very helpful and welcoming to newcomers are just a few of our attractions!.
Word of Caution: Don’t show up in Toronto or Vancouver with your $400,000 hoping to find an “average” house! Canadian averages will suffer from the influences of the very high prices of the major centres just as our averages suffer from the influences on our relatively small market from the sale of one or two high or low priced properties in a month. A ‘better’ average home price for Powell River might be about $245,000 which is the average of all the monthly averages for the past year and a half. (Mathematicians: feel free to challenge my thinking on that
Back on Track!
Reading the news about real estate in Canada to get an idea about our local market is probably a mistake. I usually read such articles for personal interest, but quickly realize that what goes on in other markets is vastly different from what we see here. CBC reported that home sales for the April National average were up 2.7% over the previous month. PR Sales for April were 21 which was down from 30 in March for a 30% decline. I imagine that deviations like that – both up and down – took place in every region in Canada to come up with the overall increase of 2.7%. (Powell River sales for May look to be back up to 34 making April a minor “blip” in an otherwise brisk market)
Houses are selling well this year! If you are thinking of listing your house please call me for a free market evaluation.
Good Equity, Poor Cash Flow?
If you have good equity (25% or more of your house belongs to you and not the bank or another lender) in your principal residence AND you or your spouse are 55 years or older OR you have a disability OR you are a surviving spouse of any age, you can defer payment of your property taxes every year. Note that “defer” means the taxes must be paid at some time. If you choose to defer ever year until your death, the sum owing would show up as a charge against the title of the home which would have to be paid out of proceeds of the sale of the home in order to clear title for the new owner.
As always there are more restrictions than I’ve mentioned in this article, but tax deferment may be a good option for low income seniors who own a large family home which is all paid off and who struggle to make ends meet. I believe this is more common in Vancouver where home prices have risen so sharply that even middle income seniors have trouble keeping up with the taxes.
Powell Lake Float Home
- Fully-equipped, 4 bdr/1bath, 1107 sq ft
- Beautifully and fully finished
- 10 min. from marina, cell service
- Generates good rental income
8114 Powell Lake
Call me for a showing!
Visual Tour: http://www.realestateshows.com/721111