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Port Hardy |
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This month’s market minute focuses on
the northernmost town on Vancouver
Island, Port Hardy. While this region
has been hit in the past with a slumping
resource-industry based economy, the
future is brighter for Port Hardy and
region, with eco-tourism
becoming even more important. In
addition, the BC Ferry route between
the central coast mainland and Port
Hardy means that this port supports
communities along BC’s central coast,
such as Bella Bella, Shearwater, and Klemtu. We asked our friends at
www.mylandcor.com to take a closer
look at this sleeper community, Port
Hardy. |
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When we take a look at the residential
sales trend in the Port Hardy region,
both urban and rural areas show a marked
increase in sales. Since 2000, the
number of residential sales in the
district of Port Hardy have increased
104%. In that same time period, the
number of sales in rural Port Hardy have
increased by a whopping 178%. |
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With a rise in the number of sales, we can also
see a rise in the assessed values of the area.
After a dip in the early 2000’s, the average
assessed value of property in the District of
Port Hardy has risen from its bottom level of
$117,358 in 2004 to $125,412 in 2006. In Rural
Port Hardy, the average assessed value has risen
from $140,176 in 2004 to $156,920 in 2006. |
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While the sales trend and assessed values
continue to rise, the price of property in this
area has fallen slightly. The average sale price
of property in the District of Port Hardy was
$101,353 in 2000, but has fallen to $91,972 in
2005. Similiarly, the average price of property
in rural Port Hardy fell from $174,081 in 2000
to $100,603 in 2005. This is one of the few
areas in British Columbia which saw an assessed
value rise, but prices fall.
Port
Hardy and Northern Vancouver Island is
poised to take advantage of a boom in the
resource market, as well as become leaders
in the alternative energy fields. Port Hardy
is also home to the B.C. Ferries route to
Prince Rupert, an area expected to grow
drastically in the next few years. |
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Finally, the untouched nature of
northern Vancouver Island makes this an
excellent place for eco-tourism businesses
and support for the many recreational
opportunities which exist in the area. To
support this area, the airport at Port Hardy
offers international tourists easy access
from Vancouver International Airport.
The beautiful scenery and quiet
lifestyle would suit those looking to get away
from it all. If you are contemplating purchasing
recreational real estate in and around the Port
Hardy area, we remind you of the NIHO motto.
Don’t wait to buy land. Buy land and then wait! |
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