The second quarter of 2023 has come and gone. Let’s take a look and see how it compares to the first quarter of this year and the second quarter of 2022.

Property sales in Powell River BC compared to last year and the first quarter of 2023

The average sold price from April to June 2023 was $654,759 which is over a $100,000 decrease compared to 2022 which was $762,506. The second quarter of 2022 had 224 listings processed and 153 gross sales. This year, there were 244 listings processed and 119 gross sales. Sales have gone down compared to last year and they didn’t sell as quickly as we can see below.

The second quarter of 2022                                                     The first quarter of 2023

Properties sold in 1 week: 16                                                   Properties sold in 1 week: 4

Properties sold in 2 weeks: 26                                                 Properties sold in 2 weeks: 2

Properties sold in 3 weeks: 16                                                 Properties sold in 3 weeks: 7

Properties sold in 4 weeks: 21                                                 Properties sold in 4 weeks: 8

The second quarter of 2023

Properties sold in 1 week: 4

Properties sold in 2 weeks: 12

Properties sold in 3 weeks: 15

Properties sold in 4 weeks: 17

Interest rates according to the Bank of Canada

Let’s take a look at how the interest rates have changed compared to the second quarter of 2022 and the first quarter of 2023.

April 2022: 0.50                          January 2023: 4.25                             April 2023: 4.50

May 2022: 1.00                          February 2023: 4.50                            May 2023: 4.50

June 2022: 1.50                         March 2023: 4.50                                June 2023: 4.75

If you want to stay up to date on sales in Powell River, BC, be sure to follow my Instagram or Facebook: 

https://www.instagram.com/powellriverrealestate/

https://www.facebook.com/Realtorpowellriver/

Staging your home is one of many ways to increase your home value. Here are some tips on what you should focus on so your home appeals to buyers.

1. Curb Appeal: The exterior is usually a buyer’s first impression of a home. Keep it neat and tidy. Put away any lawn equipment and clutter. Give your landscaping some love, get rid of weeds, add some colourful plants, and mow the lawn. Wash or repaint the siding of your home to keep it looking fresh and maintained.

2. Depersonalize: Remove personal and family photos from sight and tuck away any personal belongings. There are two reasons for doing this. One, to protect the privacy of your family and two, it helps buyers visualize themselves in the home.

3. Declutter and Deep Clean: Not only should you do a full tidy of your home but also make sure it is cleaned well. If there is any signs of mould in the kitchen or bathrooms that will concern prospective buyers to think that there is a bigger problem

4. Neutralize: If you are looking to bring in furniture or art to stage your home and get it ready for photos and showings, keep it neutral. Stick to light and earthy tones. Stay away from bright colours and patterns as it can look overwhelming and take away from the space. Dark colours can make a room look small, however, using dark fixtures like taps and cabinet hardware can be nice accents.

5. Adding to your space: You may be wanting to add to your space to make it more inviting. Plants are a great option. Placing a bouquet on the kitchen counter or some low maintenance tropical plants throughout your home can make a great difference. Having candles or minimal decor are also a good way to add to a space. If you’re looking to bring colour to a room, keep it simple, use throw pillows and smaller items.

6. Lighting: Lighting will help create a more welcoming, bright, and spacious feeling. Take advantage of the natural light in your home, keep all the blinds and curtains open for when photos and showings take place. Turn on all lamps and lights, even in closets and pantries. 

From the ocean to the mountains, there are so many adventures to go on in Powell River and the surrounding areas. I am going to cover everything from outdoor experiences to local businesses.

Let’s start up North in Lund, where Highway 101 ends and the fun begins. For the people looking for outdoor adventure, here are some of the activities you can do:

• Take a water taxi over to Savary Island.

• Go on a guided kayak tour of Desolation Sound.

• Get boated up to Sarah Point where you can begin your hike of the 180 km hut-to-hut Sunshine Coast Trail. This is Canada's longest hut-to-hut hiking trail.

• Visit Okeover Arm Park or camp overnight 

• Book a cruise with a charter company to go on a fishing trip, a lunch/dinner cruise, or a boat trip up to see Cassel Falls.

• Hike around Dinner Rock

For those looking for something else to do:

• Grab a bite to eat at Nancy's Bakery

• Go for a fancy meal at Laughing Oyster

• Book a couple nights at the Desolation Sound Resort

Making our way back into the City limits, there are tons of family friendly activities to do:

• Visit Willingdon Beach for the water park, trails, a beach day, the playground, and camping

• Get some fresh homemade ice cream from Fresh Scoop

• Go for a game of mini golf and end with ice cream at Putters

• Rent paddle boards from Palli Paddle Boards

• Walk the Sea Wall

• Explore the Penticton and Millennium Trails

• Go to the skate and bike park at the Complex

• Take a stroll down Marine Avenue and stop into a local shop, cafe, or restaurant

• Take the ferry over to Texada Island

• Go to Townsite Brewing and enjoy the outdoor space where kids and dogs are welcome

If you’re wanting to head to the trails and lakes, here just some of the many:

• Mowat Bay > Dock, beach, playground, boat ramp, trails, swimming

• Haywire Bay > Campground, beach, boat ramp, grilling pit, trails, swimming

• Inland Lake > Campground, dock, boat ramp, trails, swimming

• Haslam Lake > Trails, swimming

• West Lake > Trails, swimming

• Edgehill Loop > 4.7km, moderate 

• Gallagher Hill > 5.1km, easy

• Mud Lake Loop > 6.1km, easy

• Blue Trail to Hammil Lake Loop > 12.1km, moderate

• Hammil Lake Hill > 3.5km, moderate

• Valentine Mountain > 1.4km, easy

• Malaspina Switchback Trail > 6.9km, easy

• Scout Mountain > 4.7km, moderate

• Blackwater Creek Trail > 4.2km, easy

• Cable Trail Loop > 7.2km, moderate

• Mount Troubridge > 12.7km, hard

• Tin Hat Mountain > 9.6km, moderate

• Mount Mahoney Trail > 21.9km, hard

• Rainy Day Lake > 8.2km, easy

• Manzanita Hut > 10.3km, moderate

• Stillwater Bluffs > 3.1km, easy

Finally, let’s head South of the City towards Saltery Bay:

• Go golfing at Myrtle Point Golf Club

• Visit and walk around the Lang Creek Fish Hatchery

• Swim at Eagle River Waterfall

• Spend the day at a beach: Mahoods, Donkersley, or Palm Beach

• Go on a private farm tour at Three Chicken Farm

There are so many possible summer activities to do in Powell River that they won’t all fit into this one blog post. The trails are endless, we have 32 lakes to explore, and so many fantastic local businesses.

2023 has brought a lot of change to real estate. If you want to know about prices, interest rates, new regulations, and housing trends, then this article is for you.

Property sales in Powell River BC compared to last year

The first quarter of this year has been significantly slower compared to last year. From January to March of 2022, there were 171 listings processed and 144 total sales. This year, there were 143 listings processed and only 74 total sales. That is a 48.6% drop in sales compared to last year. 

We can also see how much slower the market is this year by comparing how quickly properties sold.

The first quarter of 2022:                                                        The first quarter of 2023:

Properties sold in 1 week - 19                                                Properties sold in 1 week - 4

Properties sold in 2 weeks - 40                                              Properties sold in 2 weeks - 2

Properties sold in 3 weeks - 10                                              Properties sold in 3 weeks - 7

Properties sold in 4 weeks - 16                                              Properties sold in 4 weeks - 8

Last year there was an average sale price of $620,532 and this year, there was an average sale price of $592,950.

Interest rates according to the Bank of Canada

The increase of interest rates in the past year has been the highest they have been since 2007. While this isn’t the highest interest rates have risen, it certainly has created some stir.

January 2022: 0.25                                                                                  January 2023: 4.25

February 2022: 0.25                                                                                February 2023: 4.50

March 2022: 0.25                                                                                    March 2023: 4.50

New regulations introduced to real estate 

January 1st: Foreign Buyer Ban

January 3rd: Home Buyer Rescission Period

For information on these, take a look at my previous blogs.

2023 housing trends

Exterior:

• Indoor-outdoor flow: Bring the furniture and rugs out!

• Earth tones: Brick work, wood accents, and earthy paint colours.

• Sustainable materials: Solar panels and long lasting housing materials.

Interior: 

• Bold statement stone: Use quartz or marble as countertops to make a statement.

• Moody jewel tones: Accents of emerald green or sapphire blue give a rich feel.

• Mixing wood tones: Mix up the wood for accent walls and furniture.

Decor:

• Sustainable materials: Wooden pieces and stone bowls.

• Statement rugs: Fun coloured and patterned rugged used as functional art.

• Black fixtures and details: Lights, door knobs, taps, and more!
  

Keep up to date with housing trends by following my Instagram or Facebook.

ALR stands for Agricultural Land Reserve and is a type of zoning that is found in rural areas. The intent of ALR is to encourage land protection for agricultural production. Only 5% of land in BC is preserved for agricultural use.

What are the restrictions?

Some parcels of ALR may have exceptions to certain prohibited activities and uses but here are some that are usually restricted:

• Subdividing the land

• Secondary suites: You may only have one

• Multiple dwellings: You may have one secondary residence as long as it is under 968 sqft

• Certain commercial business

Another thing to keep in mind is that there may be additional restrictions registered on the title. Some examples are covenants, easements, and riparian areas. It’s a good idea to ask your real estate agent to review the title if they haven’t already.

Who oversees ALR?

The Agricultural Land Commission makes decisions based on the provincial legislation, the Agricultural Land Commission Act, and associated regulations. In Powell River, we have 4 districts outside of the City limits that help govern ALR. These are the qathet Regional Districts A, B, C, and D.

What is permitted in ALR?

Keep in mind that while these are permitted by the ALC, the local government may restrict certain activities.

• Agroforestry

• Grapes

• Mushrooms

• Berries

• Tree Fruits

• Vegetables (field, greenhouse)

• Nuts

• Grains and oilseeds

• Forage crops

• Ornamentals (floriculture, horticultural, nursery crops)

• Green housing

• Wineries & Cideries

• Storage, packing & processing of farm products

• Timber production, harvesting and silviculture

• Equestrian facilities

• Application of soil amendments

• Farm retail sales

• Temporary or seasonal agri-tourism activities

• Agroforestry

• Production of compost with conditions

• Land development works for farm purposes

This information is not to be relied on, it is to be used as general guidelines. It’s always recommended to double check the restrictions for each property as they are not always the same.

This information was gathered from:

www.alc.gov.bc.ca

www.bclaws.gov.bc.ca

Here are the most common misconceptions of real estate agents:

They only care about selling you a home

We go above and beyond for our clients. It’s about the process leading up to the transaction. Getting to know you, your timeline, and what’s important to you. We strive to achieve the results you want while protecting your interests along the way by being fully transparent, avoiding conflicts, and most importantly, keeping all your information protected.

Once the transaction is complete, you won’t hear from your agent again

Your agent spent the time getting to know you and helping you through the process, they may not connect with you as frequently but you are not forgotten! You may even get perks like client appreciation events and quarterly or yearly updates of market changes. 

Real estate agents will do anything to make a sale

While some agents may have this reputation, many are incentivized to hold themselves to a certain ethical standard with their clients. Agents build their brand on their reputation and hope to obtain referrals through their past and current clients. 

All agents are the same

Real estate agents have unfortunately gotten put under the umbrella of greedy sales people. The media definitely likes to gravitate towards the disgraceful stories that make it seem all agents are untrustworthy or sly. Even though there are agents out there who do fall under that umbrella, we are not all the same! Times have changed and so have REALTORS®.

It’s understandable that when someone has had one or multiple bad experiences with a real estate agent that they won’t want to deal with another one. If this is the case, it doesn’t hurt to have a conversation with a few different agents to find one that works best for you. Buying or selling is a big decision and you want to make sure you are taken care of throughout the whole process.

If you are looking to buy or sell in Powell River, feel free to reach out and let’s have a chat about the market and your next move.

kindrebo@460realty.com

Here is what you should know when purchasing property outside of city limits.

Septic and well

A major aspect of owning property in rural areas is that you are not part of the City services. This includes sewage and water. You will either have your own independent septic and well system or you will share these with surrounding properties. Mobile home parks outside of the City often have co-operative water and sewage systems. You do not have to maintain them, however, you will need to pay a fee to the park owner for maintenance and repairs. If you are not a part of a co-operative system, you will be in charge of the upkeep of your septic tank and well. It’s a good idea to have your septic tank pumped at least every five years. For water quality, testing for bacteria should be done once a year and a more thorough test (which tests for heavy metals, chloride, pH levels, and more) every three to five years.

What kind of information should I request when I am interested in a property that has a septic and well system?

• How deep the well is

• If the current owners have had any issues with the well running dry

• How many GPM the well pumps

• The most recent water records

• Where the well is located on the property

• Where the septic field is located

• When the last time the septic tank was pumped

• Any records the current owners may have of septic and well repairs and/or installations

• What is the monthly cost if the well and/or septic are shared

Zoning

There are three common zoning types that you may encounter when browsing for property in rural areas. These include rural residential, rural mixed use, and agricultural land reserve (ALR). There are certain uses and guidelines with every type of zoning so be sure to ask your REALTOR® if you are unsure. Keep an eye out for my future blog post dedicated to information on agricultural land reserves.

Charges on title

Whether it is property within the City limits or in the rural areas, always ask about charges on title. Certain charges may restrict or limit what you can do with or on your land. For example, a covenant may obligate you to not subdivide the land. Along with covenants, easements and right of ways may also be found on title. If you are unsure about the specifics or the nature of a charge, it’s always a good idea to ask your lawyer. 

Riparian Areas

If there is a stream, pond, lake, river, creek, ditch, wetland, or brook located on a property, it may be affected by the Riparian Areas Protection Act. This could have a significant effect on the value and potential use or development of the property because of building/development setbacks and other requirements protecting riparian areas. Riparian areas are not usually mentioned on the title so it’s always a good idea to ask your REALTOR® to see if a property is affected by this.

Overall, buying property outside of City limits is usually less restrictive and you have more freedom to do what you would like with your land. Plus, there are many more options for large acreage properties compared to City lots. With any area, whether in town or on the outskirts, always be cautious of potential limitations. If you have any more questions about buying rural property, feel free to post it in the comments or send me a private message.