The Powell River region on the northern Sunshine Coast was home to 20,070 residents in 2016, and is expected to increase by more than 3,000 residents by 2040. An influx of young families looking to capitalize on the cheaper home prices as compared to the Lower Mainland and new single-family homes coming into play are driving up housing demand and pushing up residential development to new levels. Midway through 2016, the city hit the $10-million mark in new residential development, up from just $4 million during the same period the year before. Powell River property assessment increases for 2017 were the highest in the Vancouver Island, Gulf Islands and Powell River region, making it a prime sellers’ market for investors. On the commercial side, building permits grew exponentially, as more businesses moved into the area throughout 2016 and 2017 to recruit the new, younger population. Approximately 50 per cent of homebuyers continue to be from outside Powell River, with a mix of retirees and people who have relocated for work, Powell River Sunshine Coast Real Estate Board president Neil Frost told the Powell River Peak.
