In the Powell River real estate market in January we saw a small uptick in the number of listings coming on, but the numbers say we’re still in a sellers’ market. Buyers are feeling it too with a smaller selection and a very competitive market situation. As a buyer, if you’re not able to “watch and wait”, your options are challenging. You can pay a little more money for a less preferred house or grab something that may not completely suit your needs. We’re still expecting a busy market this spring and I suspect that many buyers are biding their time till the right one comes along. Best advice: Be ready! Have your financing pre-approved. If you’re selling, have your house ready to put on the market right away. Consider bridge financing if you can manage it. “Subject to sale” offers don’t tend to fare well in a competing offer situation. Call me for more information about how to handle your situation in this market! (billbailey.ca)
Looks Like a Turnaround…
The monthly average home values for Powell River shown in the paper are deceptive because of the relatively small number of sales each month (±30). These results can easily be affected by several high or low priced sales in any one month. However, taking the total sales over the whole year levels out those monthly ‘bumps’ to some degree. In 2015, we saw 336 sales over the whole year with an average sale price of $264,804 which was about 4% higher than 2014 with an average sale price of $254,671 on 257 sales.
This includes all properties on the “mainland” and all types of properties – single family, mobile, condo and bare land. That suggests that all owners have seen about a 4% increase in the value of their homes over the last year. That’s about $10,000 on a $250,000 home. We’re still seeing upward pressure on pricing in the current market. Call me for a free market evaluation or market advice!
In a Powell River Peak article of Jan 13, it was suggested that assessment values for waterfront properties in this area were dropping due to “portions of their lots sloughing off into the sea” among other things. It was also suggested that our Regional Districts were under-regulated and behind other areas in this regard. The Regional District commissioned a study entitled, “Landslide and Fluvial Hazards Study” in August, 2015 to investigate these hazards in our area. You can see it online at https://powellriverregionaldistrict.civicweb.net/filepro/document/37866/PRRD%20Landslide%20Fluvial%20Hazard%20Report,%20August%202015.pdf
In reading it, I found that we are similar to nine other surrounding areas in designating areas adjacent to the water with steep slopes as Development Permit Areas (DPA). Any new development within these areas requires permits and an engineering report identifying the suitability of the property for safe, long term development.
The study isn’t particularly alarming, but it does indicate (among other things):
- the need to ensure that new developments go through this permit process;
- that more DPA areas need to be identified in the Official Community Plans; and
- more study and a more comprehensive plan for drainage and storm water control be developed.
I don’t think that landslide concerns are responsible for a general drop in assessment values of waterfront properties, but the article is a great start in education and public awareness of an important safety and economic issue.
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5550 Marine Ave
- 3 Bedr/2 Bath -1378 sq ft
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