In the Powell River residential real estate market, March showed a nice upswing in both sales and new listings signaling the beginning of the spring market. Sales were up to 33 from February’s 19 and we saw 43 new listings in April, up from 33 in March. The numbers still show a strong seller’s market which has been the trend for most of the past year. People from the Lower Mainland and other parts of the province are liking our generally lower prices, slower-paced lifestyle and the moderate climate. Everything points to another busy market in this area in the next several months. Rancher-style homes and ocean views have been selling at premium prices and show no signs of change in the immediate future.
Ranchers in Demand…
Ranchers (one-level homes) are a pretty hot commodity in Powell River right now. We’re seeing the results of our ‘maturing’ demographic as many couples are finding the family home has more space than they use and more upkeep than they want. Most people who find themselves at this stage of life aren’t looking for a fixer-upper, but don’t mind doing a few updates or cosmetic improvements. Often a central location is desirable because people like the idea of being closer to shops, doctor’s offices and other amenities. Particularly rare are ocean-view ranchers which are probably the most desirable as long as condition and location are fairly good. Call for a free market evaluation!
Reporting Your Sold Home To CRA…
Starting in 2016, sales of all homes will need to be reported on your income tax return. If the home has been your principal residence for the entire time you owned the home, you’ll be exempt from paying capital gains taxes on the sale. We’ve never been required to report this before, so it may have slipped by you this year. The penalties for not reporting are pretty harsh – up to $8000! If you’ve missed it this year, it is important to file for a ‘late designation’ as soon as possible to avoid the penalties. For more information, check http://www.cra-arc.gc.ca/gncy/bdgt/2016/qa11-eng.html
Keep an Eye on the Market!
I’d be happy to set you up with an email system that sends out new listings as soon as they come on the market. We can set it up to filter for your interests in terms of geographic location, price, size and some special interests. Even if you’re not planning a move in the near future, it’s a great way to watch what’s going on, how quickly homes are selling and be aware of pricing. Call or email me at: 604 223-0811 or firstname.lastname@example.org
Exceptional Waterfront Home!
7222 Thunder Bay St.
- 4 Bedr/3 Bath – 2954 total sq ft
- 9 ac. Lot with panoramic ocean view
- Beautifully updated and maintained