Homes are the new paper Mill is no longer the catalyst for local real estate values
BY PIETA WOOLLEY
F
or more than 100 years, the Powell River Paper Mill has lured workers here from all over the world, with the promise of well-paid, stable work and home ownership: immigrants from starving countries after World War I and II, Canadians and Americans during the tough years of the Depression. Because of the mill – and the surging international demand for newsprint – qathet was buffered from the 20th century’s worst global economic shocks. Those global shocks are catching up with us. For the past 11 months, Powell River’s paper mill has been largely silent, curtailed by the company that owns it, Paper Excellence. Of the eight mills the manufacturer owns in Canada, four were paused in the past year: Mackenzie, Crofton, Northern Pulp in Nova Scotia, and Powell River. In early March, the company announced that our mill would start up again in May, but with a reduced workforce: of the 360 jobs – which paid an average of $75,000 a year, more than double the median income here – 160 are not yet being called back. In the mill’s 110-year history, 200 jobs is the lowest number it has ever offered. At the same time, demand for
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housing here is surging, at record-setting prices. In other words, what would normally be a significant economic shock to this town is masked because real estate is the new mill – the centre of this region’s economic vitality. For those thinking about selling, this is your time. “I guess it’s a bit of good news and a bit of bad news,” said Neil Frost, the president of the Powell River Sunshine Coast Real Estate Board, who has been selling homes here since the market meltdown of 2008. “In general there are 200 good paying jobs that are not leaving this town. On the other side, lots of under-40s have come to Powell River to work for Catalyst in the last few years and have bought homes.” In other eras, if the mill had cut its workforce by more than a third, the change would have rocked this region. But Neil doesn’t think Paper Excellence’s move will dampen the fiery demand for local homes, or cool prices. More than half of buyers are from out of town; 70 percent were, in January. Demand for homes here is becoming untethered from local jobs, as retirees and telecommuters evacuate bigger cities. For at least eight years, BC’s real estate industry has been the province’s
Two Affiliate Companies. Home Detailing Services. Same Detailed Team.
CORY BURNETT to our Real Estate Team!
Think Real Estate. Royal LePage Powell River is thrilled to announce that Cory Burnett has joined our Real Estate Team. Cory moved back home to Powell River after missing its lifestyle, charm and beautiful scenery. He brings with him the unique advantage of having worked as a REALTOR® in a larger more competitive urban area, and plans on incorporating his city experience with his local knowledge of Powell River, having been born and raised here. Watch for Cory’s unique marketing strategies! Cory is excited to reconnect and build new relationships with this wonderful community. Please don’t hesitate to give him a call to say “Hello” and welcome him back.
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can make all the difference. Call Valerie.
Call Cory Burnett now at 604.208.4050 or email him at coryburnett@royallepage.ca
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• April 2021 • prliving.ca
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