September Update
Monthly stats show 46 residential sales in August in the Powell River real estate market which is above those in July at 42. The real story though is that the number of new listings this past month were down to about 42 which is about as low as we saw in January and February. This strengthens the already strong sellers’ market we’ve been seeing but is most frustrating for buyers in terms of availability of homes in the popular price ranges and upward pressure on those prices. Summer holidays generally bring a bit of dip in the market, but what we’re seeing suggests that the buyers are still active and looking while the sellers may have chosen to wait until holidays are over before selling their homes. Traditionally, mid-September brings renewed activity in the real estate market and the thinking around the office is that we’ll see a very strong fall market again this year. It’s going to be a good time to put your house on the market. Call me if you’re thinking of selling.
More on Foreign Buyers’ Tax…
After a month with the new 15% Property Transfer Tax on foreign buyers in the Lower Mainland, I was curious to know if there had been any noticeable impact. Reports are that sales on single family homes are down in Vancouver by up to 30% over the previous month which is pretty significant. Apparently, there were signs of some slowing in the market just prior to the introduction of the new tax, so the impact may not be entirely attributed to the tax itself. The early stats are showing a buyers’ market in Vancouver right now which hasn’t been seen for three years. Condos, which fall into a more ‘affordable’ price range have continued to be strong and may reflect more ‘local’ buyers purchases. It’s still very early to be making predictions about the longer term effects of the new tax
Communities near Vancouver are always affected by the ripples in that market. Those effects diminish with distance and the size of the market. In Powell River, I believe that our market feels the affects less sharply and not as immediately. Buyers coming this way are making choices on the basis of lifestyle and pricing which is still very affordable compared to the Lower Mainland areas.
Do Yer Givin’ While Yer Livin’
I saw this expression in a book I’m reading about seniors and their moving experiences. It’s no secret that we all have tons (perhaps literally!) of stuff in our basements, crawl spaces, closets and garages. You only have to drive around town to see many vehicles parked outside the garage to realize that we’re all part of it. My own experience with cleaning out the family home of 20+ years when my mother chose to downsize was a chaotic, last minute rush leaving my brother and I feeling guilty about all the great ‘stuff’ that ended up going to the dump. If I had it to do over again, I’d be much more proactive about urging mom to start cleaning out and “doin’ her givin’ much earlier.
Friends and family will want some items of sentimental value, but most of my stuff belongs in garage sales or donations to the Hospital Auxilliary or MCC. I’ve learned my lesson: It’s no fun cleaning out somebody else’s house!
Multi-Unit Potential
Lots 46, 47 & 48 Marine Ave
- 3 view lots sold together
- MX zoning allows multiple options
- Access from Marine Ave or Algoma
Powell River Real Estate Tid-bits 