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Powell River, Pearl on the Sunshine Coast

Invest Powell River

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...

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.

Urban/Rural Mix

The Powell River region is an interesting mix of urban and rural. A majority of the population resides within the Municipality of Powell River. Outside of the Municipality are the small communities of Lund, Saltery Bay, and Sliammon. The region also includes the residents of Texada and Savary Islands.

Although the beautiful natural setting is the region's most startling feature, it does offer modern amenities like a new full service hospital; post secondary education (Malaspina University/College); a wide range of retail stores and services; and above par recreational complex; an airport that offers multiple flights and destinations; and a solid telecommunications infrastructure, including High Speed Internet service.

The region's major employer is Catalyst Paper, which operates a paper manufacturing facility within the municipality that produces over 450,000 tonnes of newsprint and lightweight papers per year. It currently employs approximately 500 people.

Although the region is diversifying its economy, forestry is still the largest contributing sector with logging, sawmilling and value added wood manufacturing. This industry helps to contribute to a large skilled workforce trained in a wide variety of of disciplines.

Other industries which contribute to the size of the resident skilled workforce include construction, mining, material transportation, and commercial fishing.

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Population Growth

The population in the Powell River region has been growing with provincial estimates at 0.9% in 2007, which is just below the provincial average of 1.24%. The City of Powell River grew the most over the past year with the addition of 175 new residents. That translates into a growth rate of 1.3%

 
2006
2007
 % of Change
Powell River (Region)
20,641
20,820
+0.9%
Powell River (City)
13,818
13,643
+1.3%

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Real Estate Market

The Powell River Real Estate Market started down in early 2009 after a dramatic cooling of the global economy in 2008. The total number of sales rose in 2009 from 2008. The value of units was off with a 8.1% decrease to $267,803 for a Single Family Home.

  Value of Units Sold for 2009 #of Units Sold for 2009 #of new listings for 2009
RESIDENTIAL
Single Family - Homes
$54,899,731
205
401
Single Family - Mobiles
1,445,351
21
41
Single Family - Condos/ Apts/Duplex
6,018,875
37
80
TOTAL
$62,363,957
263
522
NON-RESIDENTIAL
Farms
$620,000
1
2
Vacant Land
5,182,047
32
152
Other (IC&I)
908,000
6
39
TOTAL
$6,710,047
39
190
GRAND TOTAL
$69,074,004
302
715

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Construction Activity

Construction activity improved in the city of Powell River in 2008, with an increase of a little under $4 million dollars in total building permit values. The largest increase was in commercial renovations and improvements with an increase from $1.9 million to $6.2 million due to the establishment of Quality Food's new store at the Crossroads Village Shopping Centre. Housing starts rose slightly as well jumping from $7.3 million in 2007 to $8.9 million in 2008.

 
2007
2008
New Construction
$7,661,585
$9,949,931
Alterations/Repairs/Additions
6,803,800
8,128,745
Total Permit Values
$14,465,385
$18,078,676

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Transportation

The Powell River region is serviced by a number of solid transportation links.

Flying out of Powell River you can reach Vancouver International Airport in 25 minutes. Short flights are also available to Abbotsford and Comox on Vancouver Island. All of these terminals give travelers access to destinations anywhere in North America and the World.

Local business owner Dave Formosa, who has a number of holdings in and outside of the community, is a big fan of Powell River's air services, "I rarely have any problems traveling outside of the region. In fact, I've had instances where I've been able to fly out of in the morning, grab a connection to Chicago for a business meeting, and then be back to Powell River that evening."

Since 1912, Catalyst Paper's Powell River Mill has been producing newsprint and high quality lightweight papers for customers all over the world. The operation is probably the best example of how well the region's marine barge system works. The third largest groundwood paper manufacturer in North America, Catalyst is able to deliver approximately 459,000 tonnes of paper a year to destinations in North America, Latin America and Asia. Serviced by two large barge transportation companies (Seaspan and Long Transportation), a multitude of other products are shipped in and out of the region daily on a very cost efficient basis. Whether it's containers, rail cars or transport trailers, a very competitive (almost unbeatable) rate can be secured.

It is also important to note that freighter traffic service is available at Texada Quarries facility on Texada Island. The company has a modern freighter loading equipment that handles limestone and granite as well as coal that is barged in from a mine in Campbell River on Vancouver Island. It is the last freighter port north of Delta before having to travel all the way to Prince Rupert.

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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 limited partnership company which has assumed ownership of approximately 800 acres of surplus lands formerly owned by Catalyst. Under the partnership 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.

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Hot Sectors

Energy Production

Powell River has become a hot commodity in the power generation sector as of late.

Plutonic Power Corporation recently began construction on its $500-million 'run-of-the-river' hydro generation project at Toba River East and Montrose Creek. The project will create approximately 300 construction jobs over it 3 year building phase and about 25 permanent jobs when completed. Plutonic is working to establish 9 other power generation sites in the region, and if successful will boost its investment into the billions.

New Commercial & Retail Development

Powell River has experienced an influx of new investment in the commercial/retail sector recently. Over the past 2 years Starbucks, Mark's Work Wearhouse, Staples, Rona, Liquidation World and Dollarama have all established new outlets in the community. The opening of these new stores has generated over $13-million in new investment in the community and the creation of over 200 jobs.

Early in 2009, Quality Foods opened a new location in the city, creating 80 new jobs and thereby bringing the number of grocery stores in the community up to a total of 4. The others are Safeway, Save On Foods and Mitchell Brothers.

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. In particular, Taylor Shellfish has invested over 3 million dollars into operations in the Okeover Arm area and is considering a further 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...

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