When it comes to your home, you deserve the best
Real estate sales for the qathet region in November 2022 dropped from sales from November 2021. Both the number and value of sales were down from the previous year.
In the single-family homes category, in November 2022, there were 14 units sold, valued at $8,591,800. This compares to 19 units, valued at $10,811,100 in November 2021.
“Home sales are still trending below averages for this time of year and will likely continue to do so well into next year as the still-unfin-
and our housing market,” said Neil Frost, president of the Powell River-Sunshine Coast Real Estate Board.
“New listings are holding up well, showing that sellers still have an appetite to list their homes on the MLS system, and raising inventory levels to the recent highs of late 2019. Prices have come down considerably from their stratospheric peak in spring earlier this year but appear to be stabilizing around current levels.”
Frost said that while statistics keep showing an increase from this time last year, there is a need to recognize pric-
For mobile and manufactured homes, in November 2022, there was one unit sold, valued at $130,000, compared to two units, valued at $493,000, in November 2021.
Condos, apartments and duplexes had two sales in November 2022, valued at $979,000, compared to four sales, valued at $2,142,790, in November 2021.
Totals for the residential category indicated 17 sales, valued at $9,700,800, in November 2022, compared to 25 units, valued at $13,446,890, in November 2021.
On the non-residential side, there were six
pared to one parcel, valued at $255,000, in November 2021. Also in November 2021, there were two industrial, commercial and institutional properties sold, valued at $1,415,000. There were no such sales in November 2022.
November 2022, compared to three units, valued at $1,670,000, in November 2021.
Grand totals indicate 23 total sales, valued at $12,193,600, in November 2022, compared to 28 units, valued at $15,116,890, in November 2021.
Average monthly selling price for a single-family residence in November 2022 was $613,700, with an average of 48 days on the market. In November 2021, the average price was $586,482, with 54 days on the market. The percentage change year-over-year is 4.6 per cent.
In terms of new list-
of 34 new listings for November 2022. There were a total of 129 active residential listings at the end of November 2022, and 60 non-residential listings, for a total of 189 active listings at the end of the month.
According to buyer statistics compiled by the local real estate board, in November 2022, there were 11 local buyers and nine out-of-area buyers. In year-to-date statistics, 41.7 percent of buyers have been local and 58.3 percent have been from out-of-area.
One out-of-area buyer was from the lower Sunshine Coast, one was from Vancouver, three were from the Lower Mainland and outlying areas, one
was from Squamish, two were from the rest of BC, one was from Alberta and one was from the rest of Canada.
Three of the moves were job-related, eight were for quality of life. Two sales upsized and two downsized.
November did not see a significant change in comparison with previous months and won’t see notable improve-
ments until the Bank of Canada ends its interest rate tightening cycle, according to Brendon Ogmundson, chief economist with BC Real Estate Association.
“A lot has changed in 2022,” stated Ogmundson in a media release. “This time last year, home sales were near a record for November, home prices were accelerating and
mortgage rates were less than half of current levels.
“Elevated mortgage rates will continue to constrain sales activity, though with the Bank of Canada nearing the end of its tightening cycle and benchmark bond yields falling, mortgage rate relief may be on the horizon.”
Privacy! This beautiful, solid 3-bed, 2-bath home is situated on a stunning 1.43 acre lot secluded at the end of a no thru street. Your personal Butchart Gardens boasts a stream running through it, bridges, gazebo’s, patios, trellises, hidden seating areas and hedges, which all contribute to this spectacular mature garden. No need for a big yard? This lot is subdividable up to four lots within the existing R2 zoning for maximum investment potential. Vaulted ceilings, gas fireplace, beautiful skylit sunroom with wrap-around windows overlooking gardens. Main floor bedroom walks out to a private trellised patio. Upper bedrooms all come with your own balconies and the upper landing could be used for computer room and or family area. Large kitchen boasts built-in appliances and a windowed eating nook. This home would also make an intimate B&B or a rented setting for weddings & events. Lots of parking for those RV’s and toys.
Home seeking is a rush of exhilaration and uncertainty. You search high and low for a home. Anticipation. You find one. Excitement. You make an offer. Anxiety. You wait for the response. Dread, hope, dread, hope. You enter a bidding war. Terror. Pep talk. Hope again. Dread. Fear. Hope. Mild insanity. And then… it gets accepted. Whooohoooooooooo. And exhale.
Now apply to a lender and get a mortgage approved. But you were a good student and got pre-approved through a mortgage broker before starting out on the home-seeking journey. They negotiated on your behalf with a few different lenders and a lender offered you a
mortgage in principle at a favourable interest rate. We locked in that rate for 120 days for you and the clock hasn’t run out yet. You highfive yourself because in the interim interest rates have gone up and you are safe for 5 years from the effects of the increase.
The lender does a thorough background check as well as a home inspection and you are officially approved and you close the deal. Well done, you well-prepared and diligent home seeker.
This sounds like the ideal scenario, especially if you are risk-averse. With the ups and downs of the home seeking process, having a rate hold can provide a measure of certainty. So it must be worth the focus placed on it
by everyone who ever talks real estate, right? Well, let’s see.
Some explanations of what this whole rate hold business means:
Pre-approval: A process used by mortgage lenders to identify how much money they will lend to you after doing a detailed assessment of your financial situation. It is not a guarantee for a mortgage from a lender. Rather, it indicates what you can afford to borrow and what mortgage rate you qualify for in principle.
Interest rate: The rate a lender adds to a mortgage as the cost for borrowing the sum of money. Usually expressed as a percentage on top of the principal amount you borrow and have to pay
back over time.
Rate hold: The amount of time, usually between 60 and 120 days, that a lender will guarantee a loan's interest rate after giving you pre-approval, and before offering you a firm commitment of a mortgage.
Fixed-rate: With a fixedrate mortgage loan, the interest rate secured with the lender remains the same through the term of the loan.
Variable rate: A variable-rate on a mortgage loan is calculated according to the prime rate and will move up and down with the prime, which is primarily influenced by the policy interest rate set by the Bank of Canada (BoC), also known as the overnight rate.
Float down: If you have a
fixed-rate mortgage, a floatdown option allows you to reduce your mortgage interest rate if prime rates dip below your rate hold.
In the business of getting a mortgage approval, the big question is always whether to go with a fixed or variable rate. Pre-Covid, a fixed rate was the going option. Then boom, the world turned upside down and suddenly a variable-rate option made the most sense. But now, interest rate hikes have changed the game again and once more a fixed rate might be the best choice. Well, until the next unforeseen world event shakes us all up again.
communityNowsellingphaseoneoftheexcitingnewmodularhome
desirablevalleyareaofqathetRegionalDistrict,justminutesfrom town,andmeresecondsfromunlimitedoutdoorrecreation.
Immaculatewell-keptunitinthepopularNootkaTownhousesisanaffordable,move-in-
Starter home or investment opportunity! Rancher just outside the city limits, 1/4-acre southern exposure and an ocean view with new flooring, bathroom and hot water tank. This house is currently rented with the potential to have double income from other suite
$454,900 MLS ®17005
2 BDRM • 2 BATH
Retirement or downsize opportunity awaits with easy living all on one floor, beautiful kitchen, living room/dining, two spacious bedrooms, 4-pc main bath, 4-pc ensuite, laundry/pantry room and a double garage for lots of storage. New concrete patio off the kitchen to entertain and enjoy the BBQ on those beautiful nights.
$629,900 MLS ®17030
3 BDRM • 2 BATH
Great family home on a quiet no through road in Westview. Three bedrooms on main floor, large living room, spacious kitchen and dining room, updated bath with tile shower and a nice closed in deck to hang out in all weather conditions. Downstairs has nice family room, office/den, large laundry room and an updated 3-piece bath.
Main floor has 1 bedroom, large 5-pc bathroom, living room with large windows to take in the ocean views, updated kitchen with granite counters and island plus a 16 x 12 deck off the dining room to expand your living space in the summer months. Downstairs has 4-pc bath, 2 bedrooms, utility
waterfront is only 15-minute drive from downtown Powell River. This 3-bedroom, 2-bath house is ready for a new owner that wants to make it their own. Gorgeous views of Savary, Harwood and the mountains of Vancouver Island plus a beautiful sandy beach out front.
Welcome to 3551 Selkirk Ave where your new executive home awaits! With over 5000 square feet of fully finished custom living space, this West Coast contemporary home truly has it all. Located on a quite cul-de-sac in one of Powell River’s most desirable neighbourhoods this 6 bedroom 4 bathroom home includes; main level entry, beautiful ocean & mountain views, 19 foot ceilings, open concept kitchen, private sundeck with outdoor gas fireplace, steam shower in master ensuite and more.
3551 SELKIRK AVENUE
$1,699,900 MLS®16989
CUSTOM LAKEFRONT HOME! Mainlevel-entry home with walk-out basement has so much to offer. Custom designed to maximize the views. Full ICF construction provides unparalleled efficiency, with in-floor hot water radiant heat on both levels. The basement features a legal suite, as well as the potential for in-law suite and guest accommodation, as well as home office and attached workshop.
7050 CRANBERRY STREET
$1,975,000 MLS®16755
We’ve got acreage! This 4-bedroom family home is situated on 9.4 acres of agricultural bliss, numerous outbuildings including; an attached meat processing shop, detached garage(s), large barn (can be converted back to a suite). Large portion of privately forested area, fully-fenced yard, with tranquil water feature and fire-pit. Recent upgrades include new ductless heat-pump, metal roof 2010, fencing and landscaping.
2239 MCKENZIE ROAD
$889,900 MLS®16895
Located in the heart of Powell River’s iconic Townsite, is a rare find. This charming fourbedroom, three-bathroom, three-story home is main-level-entry with a fully-finished walkout basement and spacious bedrooms upstairs. The main floor offers cozy living room with wood stove, large formal dining room, and recently renovated kitchen with ample counter and storage space, wine fridge, eat-up peninsula and stainless appliances..
5647 MAPLE AVENUE
$839,900 MLS®17018
Situated on an acre of subdividable land in the highly-desirable Westview neighbourhood. This 5-bedroom, 4- bathroom, recently updated, estate is extremely well appointed and ideal for a growing family or those who love to entertain. Custom Country Woodworkers kitchen, high end appliances, and your very own harvest table with matching hutch round off this ideal open kitchen floor plan.
7034 PENTICTON STREET
$1,699,900 MLS®16950
This two-storey, main-level-entry home exudes curb appeal and offers stylish interior finishes. The open-concept main level offers a chef’s kitchen with ceiling-height cabinets, quartz counter, gas range and massive island. Upstairs has three bedrooms, including the master with lavish ensuite and huge walk-in closet.
7321 KEMANO AVENUE
$899,900 MLS®17031
*Listed by Lisa Bartello & Rachelle Gura of 460 Realty
BRAND NEW HOME WITH MORTGAGE HELPER!
Two-storey, main-level-entry home in the new Edgehill Crescent development has fully contained level-entry suite, attached garage, covered patio, fenced level yard and open concept plan! Get that new home feeling.
7281 EDGEHILL CRESCENT $799,900
POWELL LAKE FLOAT HOME. 10975
Powell Lake is one of the finest floating homes on the lake, in one of the most serene and convenient locations. Situated just past the Hole in the Wall, a short 20 minute boat ride from Mowat Bay or the Shingle Mill, in a large protected bay offering privacy and tranquility. The cabin has plenty of docking space, a utility shop on its own float, breakwater, and much more.
10975 POWELL LAKE
$369,900 MLS®16838
AFFORDABLE VIEW DUPLEX. Located in the popular Townsite neighbourhood, this income producing duplex is fully tenanted and generates incredible income. Single-level duplex enjoys ocean views, covered front porches, and each side has an open plan with one bedroom and one bathroom. There’s convenient alley access for storage, parking or future development, with full RV hookup in place. Don’t miss this exciting home ownership opportunity
5604/5606 WILLOW AVENUE
$399,900 MLS®17009
First time home buyer and investor alert! 10427 Croft Road is great opportunity for those looking to get into the market or purchase an investment property. Bring your ideas to this charming single family 2-bedroom, 1-bathroom home sitting on just under a half acre only minutes from the ocean. Mature trees and bushes on a level lot with plenty of room to build a shop. Don’t delay book your showing today.
10427 CROFT ROAD
$269,900 MLS®16995
2 bedroom | 2 bathroom | 1,342 sq ft
Inside, the semi-detached 2-bedroom rancher offers spacious open concept living with 11 foot ceilings, cozy gas fireplace, and much more.
4058 SATURNA AVENUE $799,900 MLS® 17022
4 bedroom | 4 bathroom | 2,084 sq ft
Inside the main level of this two-storey home you will find spacious open concept living with 13.5 ft ceilings, cozy gas fireplace, and large bright windows. Kitchen has premium appliances and a sit-up island with storage. The primary bedroom has a walk-in closet and 4-piece ensuite. A must see!
2 bedroom | 2 bathroom | 1,342 sq ft
Inside, the semi-detached 2-bedroom rancher offers spacious open concept living with 11 foot ceilings, cozy gas fireplace, and much more.
SERVICED BUILDING LOT!
Level lot in Edgehill Crescent development in central Westview is ready for your new home. CD4 - RS3 zoning allows singlefamily home, plus suite and carriage home on this 57’ x 90’ serviced lot.
LOT 17 EDGEHILL CRESCENT
$219,900 MLS®16261
Currently zoned for a duplex, this level building lot is conveniently located in central Westview and in excellent walking distance to amenities, bus stops, and shops. Lot size is .31 acres and has RM3 zoning potential.
4315 JOYCE AVENUE
$319,900 MLS®16748
LAKE VIEW DEVELOPMENT OPPORTUNITY. This threeparcel land assembly on a quiet side road in Cranberry is comprised of three separately titled R2 (Single and TwoFamily) lots. Lot B has 95’ of frontage on Drake Street with 132’ flanking a side lane with further road dedication. Lots C and D are both 66’ x 145’ backing on to Lot B. Develop the lots as is, or re-zone and subdivide in to as many as eight CD4 lots. The property enjoys views of Cranberry Lake, and is walking distance to trails, parks, grocer and restaurants. Don’t miss this exciting development opportunity!
LOT B, C, D DRAKE ST $599,900 MLS®16482
Your chance to step into a successful turn-key restaurant. Magpie’s Diner, a Powell River Institution, is for sale!
Continuously operating for over a decade, this popular diner is located in the former Wiltshire’s building in Cranberry, a high-traffic location and ideal bright, open old-timey diner feel. This popular local eatery is the go-to lunch and breakfast spot! Favourable lease, fully licensed profitable turn-key resto is an ideal opportunity to run your own business.
6762 CRANBERRY STREET $99,900 MLS®16560
ESTATBLISHED TURN-KEY RESTAURANT! Snickers Pizza Bar has been operating continuously for 27 years. This is your chance to step into a successful turn-key restaurant with 2 am liquor license, interior seating capacity for 132, plus large private banquet room and 52 seat street-level patio, all with stunning ocean views. Well -equipped kitchen and bar, fantastic open ocean view dining experience with a proud history of culinary satisfaction, and amazing potential for new revenue streams (lunch, brunch, catering, banquet).
4591 MARINE AVENUE $350,000 MLS®16500
High exposure commercial lot in Powell River’s vibrant Townsite, immaculate building with important upgrades, and thriving business - operating continually for fifty years - for sale. Don’t miss this exciting opportunity!
6249 MARINE AVENUE
$899,900 MLS®16190
Saturday, February 25
TWO SHOWTIMES | 12:30 pm Matinee | 7 pm Evening
Tickets $25 each available at The Peak office, starting January 16 Support your local company dancers as they showcase their hard work this season in the FUNDRAISER of the year!
DL
This 20 acre parcel has much to offer. There are 14+ acres designated ALR and across the road to the east, 5+ acres of unrestricted freehold property which could be sliced off separately.
2
Beautifully situated one-level home with a panoramic ocean view. Could be a great starter home for a young couple or a summer getaway cabin. Only 100 yards from the beach, there is a shared access to the water. 11048
This
Two new lots just became available in upper Kemano Street, close to the Academy of Music, Penticton Trails, and newer residential areas of beautiful homes. These level lots are serviced to the lot line, and ready for your plans and ideas. The lots have been mostly cleared in this peaceful, charming area.
You’ve looked after your home. Let me help you to showcase all the best about it! I’m ready to make suggestions about how to dress it up for market and then bring in our tools for getting an online virtual tour done for every listing. An upbeat video featuring the high points is great for social media and for the majority of buyers looking online. Exceptional professional photography is an eye-catching callout to the many buyers looking in our area. Call or text me for a market evaluation.
With over 25 years in the industry, I understand the issues and decisions facing buyers, sellers and tenants of commercial real estate. I work for my clients to manage or resolve these so desired results can be seamlessly achieved and they can focus on their business.
For a confidential discussion about your commercial, industrial, retail or investment real estate requirements, feel free to call me, Nick Bodie at 604.353.9468 or email: nickbodie@royallepage.ca
Happy 2023!
