Plans for two new multi-family condominium developments will add 39 new units to City of Powell River’s strained real estate market if approved by city council at its regular meeting on December 21, according to developer Tod English.
“There's a need for condo living in every community and we really haven't had a condo here since the late ‘90s, and nothing of size,” said English, who has proposed an expansion of Pacific Point Condominiums on the corner of Joyce Avenue and Tofino Street.
A second condo developer, Abalone Development, is also before council seeking support for issuance of a development permit at Fernwood Avenue and Duncan Street.
City senior planner Jason Gow said he expects other housing developers to come forward in 2018.
“There's definitely another 40 to 50 units being proposed,” said Gow.
When the housing market is hot, as it has been in Powell River for the last few years, realtors become excited whenever new inventory is added.
“Multi-unit development is encouraging because it brings many units right onto the market,” said Powell River Sunshine Coast Real Estate Board president Neil Frost. “We need all forms of housing, from single family, to larger apartments to rentals. I’m encouraged by any development, but I do like the multi-unit aspect of these ones.”
Powell River’s increase in housing sales has allowed that market to open up, said Gow.
“We're encouraging it,” said Gow. “It's a diversity of housing stock, which is important to us.”
English said the bottom line is the development community having confidence in the community’s growth. He said the Pacific Point project will not start until half of the units are sold. Units are also available for rent.
“If you don't have a community outlook of economic prosperity,” said English, “it's very difficult for a builder.”