APRIL UPDATE

April sales in the Powell River residential real estate market showed all the signs of the beginning of a healthy spring market at 34 – around double any of the slower winter months. My stats show us in a seller’s market for April after three months of balanced market. The market is certainly not mimicking the bigger markets at this time, but all signals are there for continued good health here in the PR market through the spring and summer. We’re seeing some multiple offers, but not as urgently as during the rising market of 2017. Buyers are watching closely and jumping in quickly when a good buy comes along. Sellers, seeing that buyers are active and that prices have been holding are coming back on the scene with 59 new listings in April. Total inventory at 128 residential listings is still good as it was in the busy years. It looks like a good spring market ahead! Call me for advice on any of your real estate interests.

Money Laundering

When cash from illegal activities is invested in legitimate transactions such as the purchase of a home and then taken out on a subsequent sale of the home, the money previously in cash is now able to be used for all manner of activities and be above suspicion. This is a simplistic example of money laundering. Real estate brokerages are required to assess each client in every transaction and if suspicious, raise concerns with the appropriate authorities. Nonetheless, money laundering has been going on across the country and especially in BC for many years. Some widespread activities include nominee purchasers, unfinanced purchases, flipping, quickly discharged mortgages, overvalued and undervalued listings and buying sprees. All of these present red flags. Smaller areas like Powell River have less of this kind of activity, but like all criminal activity; it’s everywhere! We can expect to be hearing much more about this in the news and as Realtors, we are doubling down on our own vigilance in this area.

3D Printed Homes

A Burnaby engineer has developed a 3D printer that will create a 2700 sq ft home in 24-48 hours. This one isn’t the first, but the inventor claims that his design is superior. The hitch right now is that BC building codes will have to change in order to allow such homes to be built. Currently he’s testing it on a First Nation reserve where federal and provincial codes don’t apply. He realizes there will be much resistance to the idea because the potential is there to eliminate many construction jobs putting people out of work. He compares the situation to the invention of the automobile when many “horse-driven” jobs were eliminated, but many others in the auto industry were created.

JUST SOLD! 4656 Michigan Ave