The Trend Continues…
The Powell River residential real estate market continues to be active with 24 sales in October which, although down from September, is still fitting in well with the general upward trend over the year. By the end of October this year we have already surpassed the total residential sales for the whole of 2013. We continue to be a popular market for out-of-town buyers with 37% of the sales going to this astute group. The lower mainland and Alberta are where the majority of these folks are coming from. I’m going to guess that price and climate are key influences in their decision. Please give me a call if you have friends or family who are thinking of relocating to Powell River. I promise to give them my undivided attention and skill in finding just the right house!
In the newspaper last month, the city published a list of the properties in the Powell River area which had exemptions from paying property taxes. I was curious to know how that works, so I did a little research. Within the provincial laws of the Community Charter and the Local Government Act, a municipality has the authority to exempt certain properties and improvements from municipal taxation.
This may include charitable organizations (e.g.. churches) or local authorities (hospitals) which provide a service in keeping with the goals of the community. The laws also give municipalities the authority to provide exemptions to encourage various types of economic, social or environmental revitalization. This is the authority that allows the city to give the paper mill exemptions in tough economic times.
The law requires that a municipality develop a detailed bylaw outlining the criteria and requirements for the granting of such exemptions. There is quite a lot to it since it is a major part of the city’s long term financial planning. Application forms and more information can be found on the City of Powell River website. (www.powellriver.ca)
“Grow-Op” is the term used for a home that has been used for the illegal production of marijuana. Sometimes it’s used to include homes used for chemical drug production as well. In BC, if a seller knows that his or her home was once used as a grow-op, he/she is required to disclose that in the Property Disclosure Statement completed when the home is offered for sale with a REALTOR. Although I personally haven’t run into one here in Powell River, they’re probably out there, just as they are in the larger centres.
Depending on the scale of production, the home can be very badly affected by the growth of numerous plants indoors under lights. There can be health risks due to the presence of moulds, discarding of chemicals on the property, electrical fires and invasion by criminals looking for drugs even if the property is no longer being used as a grow-op. Again, depending on the severity of the damage, these properties can be subject to BC Contaminated Sites Regulation which involves much time and expense to have them re-approved for occupancy.
Because of these risks, few lenders will offer mortgages on such properties which will mean higher interest rates if you can get a mortgage. Fewer buyers available and a house in need of repair will drive the price down which may make a purchase tempting, but the costs of mitigation can be prohibitive even if you want to take the chance on living in the home. I always advise buyers to have a home inspection done by a qualified professional prior to finalizing a sale on any home purchase, but especially if there are concerns about the general condition of the home.
Clients Looking for a Powell River View Home
I have clients who are looking for a Powell River home of about 2000 sq ft with a view. They moved away from a nice view several years ago and would like to see the ocean again. A double garage would be nice, but not essential. If you or someone you know has what they’re looking for and might consider selling, please give me a call.
Country Cottage Living!
Nicely landscaped, private location
Garage/shop; close to Palm Beach
2336 Lang Bay Rd
Call me for a showing!