April 2021 Update
Where are we!!?? The residential housing market in Powell River is still wild. Sales continued to rise sharply in April at 51 compared to 46 in March largely due to a huge jump in new listings at 83 which is the largest month in several years. Supply and demand is in full swing with a big demand pushing up prices which has motivated sellers to get their homes on the market for the rush. The increased inventory took some of the frenzy out of the market, but well-priced homes are still getting offers within a week at prices well over the list price. Average home prices have been in the 34% range above last year for the past four months. Sellers are still very strongly advantaged in the current market. In the months ahead, it’s going to be a great time to sell and a challenging time to buy. I’m here and ready with good advice for both buyers and sellers!
In the current market, Buyers can count on competing for most homes that you’re looking at. I’m tuned into the market and in touch with other realtors about how much activity they’re seeing on their listings. I can help. Your first step is to know your best options for financing. Mature buyers with good equity in their homes can often arrange for interim or bridge financing which allows you to borrow for a short term against the value of your unsold home. Another option is a “reverse mortgage” which is similar but a better option if you’ve retired and not drawing the same sized paycheck as previously. Younger and first time buyers are looking to family or friends in a variety of ways to beef up their financing strength.
In our office, we have a fantastic mortgage agent, Jeremy Garth (604 223-9401) who has a wealth of experience and he’s in regular contact with a variety of lenders. He’s a thorough and persistent resource for anyone looking for best solutions for financing a home. Call him!
BC Step Code
Five steps to net zero emissions in new homes is the direction the new BC Building Code is heading by 2032. The first four steps are reasonably easy achieving up to 40% reduction in emissions, but the final step can put tens of thousands onto the building costs as well as being quite restrictive on size and placement of windows for example. Many people like to arrange their window placement to suit the view and location of the home. Another complicating factor is the location of the housing market. Homes in the cities that sell for several million dollars are better able to absorb a $50,000 cost increase, but markets in the smaller areas with lower home prices will face a bigger percentage boost in price. For now cities have the option to opt into the program but soon will be required to mandate the code changes.
Call me for all your real estate needs in the Powell River area.