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Powell River, BC Canada The Pearl on the Sunshine Coast
There have been changes in the real estate market to the advantage of buyers seriously considering purchasing in Powell River.
From the fall of 2007 through the spring of 2008, with the mortgage lending fiasco and foreclosures in the States, high Canadian dollar, increased ferry fares, increased fuel costs, and strangely cold weather, there was a slow down in real estate sales. When usually we would have experienced increased purchasing from March, buyers did not arrive until late May, and by that time the market was saturated with homes for sale.
This situation has continued, although the Canadian dollar is now no longer high on the world market, and prices are continuing to fall. Properties are taking more than a three month listing to sell, if indeed they do sell at all.
But, it is not all doom and gloom.
What was a “seller’s market” now favours buyers. There is a larger selection of homes now, which allows buyers to take more time to decide. Homes are generally remaining on the market for multiple months regardless of quality, price bracket, Realtor involved, or location, but any home realistically priced will attract a buyer.
From a Realtor’s point of view, this is a tough market to work in, but it is really just the swinging of the pendulum. Since 2003 right up to the summer of 2007 the market was ferocious. Home prices increased well over 100% and continued to climb, with buyers scrambling to accommodate competitive bids and increased mortgage payments. Sellers could generally expect to receive either close to or above asking price within a short length of time.
Now is a great time for sellers to think about improving their home’s energy efficiency to increase comfort and decrease utility bills. Such endeavours lead to a home that is unique from the rest when it is time to place it onto the market.
Soaring listings and moderate demand for all types of real estate is occurring throughout the province. Some predict it is to do with the upcoming 2010 Olympics. A few years ago, I heard a prediction that two years before the Olympics real estate prices would plateau and possibly drop 5 – 10%, but then right after the Olympics the prices would climb again. The prediction is a little conservative on percentage points, but it seems the jist of the prediction has substance. In the meantime look around you.
Powell River is a fabulous place in which to live with one of the best climates in Canada. We have many natural and recreational assets, beautiful breathtaking scenery, great infrastructure, abundant excellent drinking water, good health care, education, organizations, and the community remains warm and inviting. We have everything we always had and the community is currently looking toward planning in a sustainable manner for the future of our area.
I feel very positive about the future for this area as now, more than ever, is a great time to shop for Powell River properties.
Market News
Westview Realty Phone: (604) 485-7788 Fax: (604) 485-7768 | 4471 Joyce Ave. Powell River, B.C. V8A 3A8