In the Powell River’s residential real estate market, August was the big month for sales at 39. October was down to 31 showing some of the slowdown that we’ve seen in the market generally this year. Last year at this time we had 360 sales for the year while this year we’re at 302 and heading into the annual winter dip. Listings are trickling on but reasonably steady with 36 for October. The total number of residential properties on the market is 112, which is down from recent months but higher than when the market was really busy. Buyers are having an easier time with more time to look and negotiate over price. We’re seeing more price reductions and longer times to sell which suggest a downward pressure on prices. It’s not the time for ‘aggressive’ pricing for sellers. With interest rates potentially on the rise, we can expect a slower market through the winter and most likely into the spring as well.
CARRIAGE HOUSE GUIDANCE
Carriage homes are here! Zoning bylaws are in place and the field is open. City officials have stated that they are doing what they can to increase density in the area over the long term to increase the availability of housing. Carriage homes are just one part of the plan. City staff are working on bylaws to allow subdivision of some of our historically larger city lots in some areas. As far as carriage homes go, here are some of the things to be considered:
- Your lot must be 730 sq m (8000 sq ft; 0.18 ac) or more
- The home must be less than 90 sq m (968 sq ft) and smaller than the principal home
- It will need at least one parking space on the property
- Must be zoned R1, R2, RA1, A1, A2 – not permitted in the Townsite
I have a more complete summary sheet. Email me for a copy!
SHORT TERM RENTALS
Air BnB is what we’d call a short term rental. They’re becoming an issue in most cities for a variety of reasons including the concern that they take long term rental space away in times of housing shortage. They can however be a very good source of extra income for the owner. New regulations are expected to be given approval by the new city council soon. Here are a few highlights:
- The main home must be your principal residence
- You will pay for an annual business license – $180
- You must comply with fire codes
- There will be fines for non-compliance with regs
- You may not use stratas or investment units as short term rentals
For more complete information about short term rentals check: http://www.powellriver.ca/content/planning. The information I have is from Brief #4 which you may have to call city hall for. (604 485-8662 – Daniella)
FEATURE LISTING: 14997 SALTERY RD
ROOMY, AFFORDABLE, RURAL COMFORT! With 3 bedrooms and 2 baths, this well-kept home in the small community of Saltery Bay is a great buy. The kitchen and living room area is large and bright with an adjoining sitting room and a good-sized dining room. The bedrooms are well-away from the living area and provide quiet solitude. It’s very nicely kept and move-in ready! Listed at $219,900 (MLS# 13746) Take the VIRTUAL 3D TOUR or give me a call to schedule a viewing!