Only a half hour flight north of Vancouver, Powell River has become a hotspot for businesses, families and retirees relocating from urban centres from across North America and the World. Located approximately 135 kilometres north of Vancouver, the community offers a wonderful mixture of urban and rural amenities that contribute to a 'Superior Quality of Life'.
A recent Real Estate Trends study shows that Powell River is becoming a popular choice because of its...
- Low cost of living
- Low cost of doing business and positive regulatory environment
- Affordable and desirable properties
- Excellent infrastructure (Health Services/ Recreation Facilities/ Schools)
- Natural Beauty and Moderate Climate
- Vibrant Arts and Culture sector (Named a Cultural Capital of Canada in 2004)
- Safety (Low Crime Rate)
Add to that...solid transportation links, a skilled resident workforce, post secondary training and strong telecommunications infrastructure, and you have a winning combination for any business and its employees.
Population Growth
The population in the Powell River region has been growing with provincial estimates at 1% in 2005. That is an increase of 50% from 2004 and 1.44% from 2003. A further increase in housing starts in 2005 is expected to fuel a marked rise in population in 2006.
|
2004
|
2005
|
% of Change
|
| Powell River (Region) |
20, 906
|
21, 114
|
+ 1.0%
|
| Powell River (City) |
13, 716
|
13, 831
|
+ 0.8%
|
| Unincorporated Areas |
7, 190
|
7, 283
|
+ 1.3%
|
Hot Real Estate Market
The Powell River Real Estate Market boomed in 2004, topping per capita residential sales in the province of British Columbia. The market continued to be hot in 2005 and the market tightened up as inventories dropped, thereby pushing sales values up. About 60% of all sales in 2004 and 2005 were attributed to buyers from outside on the Powell River region.
MLS Purchaser Profile 2005
| 2005 |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
Yr
Total |
% of
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Local |
16
|
19
|
31
|
34
|
25
|
15
|
12
|
18
|
21
|
22
|
11
|
19
|
243
|
37
|
| Principal Residence |
13
|
11
|
21
|
19
|
10
|
13
|
9
|
12
|
17
|
12
|
7
|
12
|
156
|
64
|
| First Home |
1
|
3
|
4
|
1
|
2
|
1
|
1
|
4
|
3
|
0
|
1
|
1
|
22
|
9
|
| Investment |
1
|
5
|
4
|
14
|
7
|
2
|
3
|
4
|
2
|
7
|
3
|
2
|
54
|
22
|
| Recreational |
0
|
1
|
0
|
0
|
2
|
0
|
0
|
1
|
1
|
1
|
0
|
0
|
6
|
2
|
| Raw Land |
2
|
6
|
6
|
12
|
8
|
0
|
0
|
0
|
2
|
4
|
0
|
5
|
45
|
19
|
| Waterfront |
2
|
1
|
1
|
0
|
0
|
0
|
1
|
1
|
2
|
0
|
0
|
0
|
8
|
3
|
| Retiree |
1
|
1
|
1
|
1
|
3
|
1
|
3
|
0
|
3
|
1
|
0
|
2
|
17
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Out of the Area |
24
|
32
|
33
|
30
|
38
|
42
|
40
|
50
|
41
|
35
|
32
|
14
|
411
|
63
|
| Principal Residence |
10
|
17
|
17
|
18
|
15
|
26
|
19
|
18
|
24
|
18
|
12
|
5
|
199
|
48
|
| First Home |
2
|
1
|
1
|
0
|
1
|
3
|
5
|
3
|
1
|
1
|
1
|
0
|
19
|
5
|
| Investment |
9
|
8
|
14
|
12
|
14
|
9
|
10
|
20
|
15
|
6
|
10
|
5
|
132
|
32
|
| Recreational |
2
|
2
|
0
|
0
|
0
|
5
|
7
|
6
|
3
|
8
|
6
|
0
|
39
|
9
|
| Raw Land |
4
|
7
|
2
|
2
|
9
|
5
|
3
|
10
|
4
|
4
|
8
|
6
|
64
|
16
|
| Waterfront |
1
|
1
|
1
|
5
|
0
|
0
|
5
|
2
|
2
|
4
|
4
|
1
|
26
|
6
|
| Move is Job Related |
3
|
7
|
0
|
1
|
3
|
5
|
3
|
4
|
6
|
2
|
5
|
3
|
42
|
10
|
| Retiree |
4
|
6
|
6
|
11
|
2
|
6
|
4
|
1
|
4
|
8
|
1
|
3
|
56
|
14
|
| Sunshine Coast |
1
|
1
|
2
|
1
|
1
|
6
|
7
|
2
|
2
|
5
|
4
|
0
|
32
|
8
|
| Lower Mainland |
5
|
5
|
7
|
11
|
11
|
6
|
10
|
15
|
15
|
10
|
14
|
7
|
116
|
28
|
| Alberta |
2
|
2
|
1
|
1
|
2
|
5
|
1
|
1
|
1
|
0
|
1
|
0
|
17
|
4
|
| Rest of Canada |
2
|
2
|
0
|
1
|
2
|
2
|
2
|
3
|
4
|
1
|
4
|
3
|
26
|
6
|
| Out of Country |
0
|
0
|
0
|
2
|
1
|
1
|
1
|
4
|
1
|
2
|
1
|
2
|
15
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Buyer |
40
|
51
|
64
|
64
|
63
|
57
|
52
|
68
|
62
|
57
|
43
|
33
|
654
|
100
|
Pro-Active Local Government
Thanks to a progressive local government, Powell River provides a stable and low cost environment for investors.
The municipality was one of the first in BC to recognize that it could not put a majority of the tax burden on Industry and made the decision to reduce its industrial tax rates over 5 years. This move allows the community's largest employer, Catalyst Paper Inc. to realize a cumulative savings of $3 million.
For years investors have been hesitant about investing in British Columbia because of unsettled land claims...in Powell River this is not a concern. Not only is the Tla'Amin Nation close to signing off on a Treaty with the Federal and Provincial governments, but it has also entered into an accord with the City of Powell River. The only one of its kind in BC, the Accord outlines how the two communities will work together in close partnership to advance economic and social development initiatives, so that all residents of the region will benefit from development.
The City has also entered into another innovative deal involving the Tla'Amin First Nation and Catalyst Paper Corporation. The three parties have founded a holding company which will assume ownership of approximately 800 acres of surplus lands currently owned by Catalyst. Under the holding company the three partners will develop or sell the lands to help diversify the local economy. Of particular note is 100 acres right beside Catalyst's paper mill, which will be developed into a marine industrial park for light manufacturing operations.
Catalyst Paper Corporation
One of the most often asked questions by investors about Powell River is the financial health or stability of its largest employer Catalyst Paper Corporation. Of course the answer to this question is that Catalyst Paper is doing fine and is planning on operating in the community for a long time to come.
In fact, in the summer of 2005 Catalyst underwent a capital expenditure program to upgrade its Powell River division. The program saw approximately $30 million invested in boiler rebuilds and other technology that will keep it more cost efficient in the future.
The company has also recently announced that it has launched an apprenticeship and hiring program to replace its aging workforce. Jim Fries, Director of Human Resources for the Powell River Division, says that Catalyst will have to replace about 40% of its 600 employees over the next ten years. Fries says that part of the workforce will be replaced by relocating employees and their families from the company's Port Alberni operations. He adds that Catalyst is also working with post secondary institutions like Malaspina University College to develop Pulp and Paper Operating courses to train young workers for the future.
Industrial Lands
New industrial lands have recently become available adjacent to Catalyst Paper Corp.'s manufacturing facility at the northern end of the City's waterfront. Over 100 acres have been designated for industrial development and unlike many other centres are already zoned for the purpose, thereby eliminating the need to wade through bureaucratic red tape.
Being located right on the waters edge, within Catalyst's breakwater, incoming manufacturers will have ready access to the marine barge system allowing for the easy transport of products to North American shipping lanes. As mentioned previously, the two barge companies servicing the area are able to transport a wide variety of products and can offer very competitive rates that are hard to match.
Being in close proximity to the Catalyst mill site means easy access to basic operating needs. The industrial lands are already equipped with the infrastructure needed to deliver a more than adequate supply of water, hydro and natural gas. This means all that an incoming manufacturer has to concern itself with is constructing a facility.
The industrial development lands are competitively priced, and can be purchased for a much lower cost than most communities in the province of British Columbia. Industrial property tax rates are also very reasonable and will be reducing over the next two years.
So far, there are at least 3 value added manufacturers representing approximately 300 to 500 new jobs that are working to secure land in the development. There are also a number of other parties who have expressed strong interest in the site.
Hot Sectors ....
Value Added Wood Manufacturing
Local Furniture, Flooring, Cabinet and Specialty Cut Lumber manufacturers are experiencing a marked increase in production. Some have doubled their staffing levels and expanded their markets to the United States and Europe. The establishment of a community forest license in the region in 2005 is expected to fuel further growth in this sector in the future.
Shellfish Aquaculture & Seafood Processing
The shellfish farming sector has experienced significant growth in the last few years and is poised to expand further with the establishment of new seafood processing facilities in the Powell River region. One international seafood company has invested over a million dollars into operations in the Okeover Arm area and is seriously considering an even larger investment in the near future. The number of people employed by this sector is projected to double in the next five years.
Cultural Capital
Powell River has a rich cultural fabric as evidenced by its designation as a "Cultural Capital of Canada" in 2004. The community boasts a wide range of artistic and cultural disciplines that have contributed to new investment in the local economy. Some examples of this are...
The International Choral Festival 'Kathaumixw' draws thousands of people from Europe, Asia, Australia, Africa, North and South America. Hotels and B&B's are filled to capacity with performers and visitors during the time of the festival. This event injects millions of dollars into the local economy during its week long run.
The Symphony Orchestra and Opera Academy of the Pacific (SOAP) brings close to $2 million a year in new revenue into the community. The academy boasts a faculty of 30 musicians representing some of the world's finest orchestras (Moscow, London, Chicago, Los Angeles, Berlin, etc...). In 2004 and 2005 enrolment for the Academy exceeded 90 international students, which was way beyond initial projections. The academy provides them with the training to secure their first job in an orchestra. The success of SOAP lead to the establishment of a sister school "The Opera Academy of the Pacific" in 2005.
