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Despite Powell River’s pulp mill shuting down in April, the town posted the highest home price increase in BC in July with a 30 per cent hike from a year earlier.
Once a thriving pulp mill town, the city is now best known as a tourism and retirement destination. Twenty-seven per cent of residents are over the age of 65, compared to a provincial average of 18 per cent.
Powell River June real estate board data showed that out- of-town buyers – 28 – accounted for nearly three times the number of home sales as local buyers, at 11 transactions.
A number of higher-priced properties, such as luxury waterfront, sold in July which accounts for the province- leading price increase in Powell River. When luxury homes are omitted, the average price of a detached single-family house in Powell River is around $425,000.
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