powell River cost of living
Are you thinking about living in Powell River, British Columbia, and are curious about what it costs? In this video, I'm going to break down the cost of living right here in Powell River. I’ll share everything from the cost of housing to the cost of gas so you know exactly what to expect.
I work with many people who move to Powell River. One of the first questions they ask is how much it costs to live here. So if you’re wondering the same, I'll give you some bottom line numbers on what to expect. If you're not familiar with the area, you'll probably appreciate this information.
The Cost Of Housing
First, let's talk about the obvious: the cost of housing. One of the first things you're going to need to decide is whether you’re better off buying or renting. Next, you’ll need to figure out what kind of housing you need. Are you single, or do you have a family?
The price of housing varies depending on your answers to these questions, and I'm happy to send you more specific information. For now, here are some general, baseline pointers. The average three-bedroom single-family home in Powell River is roughly $700,000 to $750,000. A two-bedroom in the same area would run you roughly $450,000 to $500,000.
If you were looking to rent in the same area, you can count on spending $1,200 on the low end up to around $3,500 on the high end. Renting the average three-bedroom single-family home costs roughly $2,500. Renting a two bedroom in the same area would be roughly $1,600. A good rule of thumb in pricing is that it tends to get more expensive with a view or some acreage versus living in a subdivision.
Taxes And Transportation
Next up for expenses are your property taxes. Depending on where you live in Powell River, you can expect a $4,000 and up pre-homeowner grant within city limits. However, if you manage to keep out of city limits, taxes become much more affordable and range between $700 to $2,000. These figures are all paid annually.
Other costs of living here in Powell River include the annual income tax. This is the same as anywhere else in Canada, and it's a graduated scale. Additionally, gas here is currently $2.19 to $2.29 a litre. And yes, you will need a car. Gas isn't cheap anywhere these days, but sometimes we do end up paying a little bit more in Powell River due to our isolation.
Transferring Properties
Another thing I wanted to mention is that there are some additional costs that people don't always expect when buying a home in British Columbia. All sales require that the buyers pay property transfer tax, or PTT. PTT is a graduated tax that charges 1% on the first $200,000, 2% on the amount between $200,000 and $2 million, 3% on the amount between $2 million and $3 million, and 5% on the balance after $3 million.
For new homes under $750,000, you don't pay PTT. However, you do pay a 5% Goods and Services Tax, or GST, on new homes over $750,000. Unfortunately, you do pay both 5% GST and the PTT when buying or selling a home. There are also lawyer fees involved in the transfers of title, depending on the specific purchase or sale. I tell my clients to typically budget around $1,500 for this.
Make Powell River Your Home
I hope this gave you some insight into the cost of living here in Powell River. There are many options when looking for a place to live, and we have homes and building lots in all shapes and sizes. Whether you want to live out in the sticks or right smack in the middle of town, there's a place for you here in Powell River.
If you have any questions, feel free to reach out to me and I’ll be happy to connect. Don't forget to subscribe to my channel for more information on Powell River, and stay tuned to see what I feature next!