$699,000 AMBER

642 Gower Point Rd, Gibsons

3 bd · 1.0 ba · 1,749 sqft · 6,250 sqft lot · built 1970 · 152 DOM · MLS R3096295

Ocean view Oil-tank era

Redfin ↗

Listing: Redfin search · fetched 2026-08-03T07:15

Description

Charming 3-Bedroom Home in Lower Gibsons - Located in the sought-after "Bay Area" this home offers a blend of modern upgrades  &  coastal charm. Recent enhancements include a new roof (2024), all-new siding, and a brand-new IKEA kitchen. The residence features two distinct living areas, one with vaulted ceilings, hardwood floors, built-in bookcases, and a wood-burning insert. Enjoy peek-a-boo ocean views from the large, sunny front deck, which boasts new surfacing and hand-painted rails. Established landscaping adds to the property's appeal. Situated within easy walking distance to the marina, beaches, Public Market, and the array of shops, cafes, and restaurants that Lower Gi

From listing remarks (RE/MAX City Realty)

Rating 57 /100

Equity	40.0/40	+245,549 vs limit (+20.9% of ARV)
Cash flow	2.6/30	-678/mo
Suite-arb	11.4/15	zone permits a suite; other conditions short
Motivation	3.0/15	152d on market, no cuts — anchored seller

Offer case

Price can't fix this. rent test — needs 4,701/mo vs 3,300 estimated. Price cannot fix this; only higher rent (a suite) or a lower ARV would.

EVIDENCE

Coast-wide, homes sell at 97.6% of list — a 2.4% discount is simply normal here.
152 days on market vs a 59-day median — but ZERO price cuts, so this reads as an anchored seller, not a motivated one.
ARV confidence is LOW (thin or unrenovated comps) — the target price below could be off by 10%+ in either direction.

Support score 0.0 — evidence weight that this seller would entertain the discount. Not a prediction; a checklist with numbers.

The four tests

Equity — PASS

(price + $40,000 reno + PTT+legal closing) <= 85% x ARV

all-in = $699,000 + $40,000 + $14,480 = $753,480 ARV = $1,175,328 → limit = 85% × ARV = $999,029 margin = $245,549

Rent — FAIL

est. rent >= 0.40% x ARV

est. rent = $3,300/mo (whole house (3bd) $3,300) floor = 0.4% × ARV $1,175,328 = $4,701/mo rents table: Gibsons · as of 2026-08-02

Cash flow — PASS

rent - carrying >= -800/mo (PM-managed, typical rent, at ask)

payment $2,800 (loan $559,200 @ 4.4%/30y) + tax $359 (mls) + ins $158 + maint $165 + vac $198 + PM $297 carrying = $3,978/mo · rent $3,300 → cash flow = $-678/mo (floor $-800)

Suite-arb — FAIL

zone permits suite AND sqft >= 1,900 AND no suite language AND $/sqft < community median

zone RL-1 suite:yes · sqft 1,749 (min 1,900) suite language: no · $/sqft 400 vs median 501

Scored 2026-08-03T08:53 · thresholds from criteria.yaml

Cash-flow scenarios $/mo · hover a cell for carrying cost

Price	$3,300 typical self-managed	$3,300 typical PM	$3,650 high self-managed	$3,650 high PM
$699,000	−$381	−$678	−$70	−$398
$664,050 −5.0%	−$241	−$538	+$70	−$258
$639,585 −8.5%	−$143	−$440	+$168	−$160

Rents: rents.yaml as of 2026-08-02 · financing from criteria.yaml

Comps & ARV

ARV $1,175,328 — median $/sqft of 12 size-matched comps x 112% reno uplift (only 1 renovated comps found) · confidence low ($/sqft used: 600)

Sold	Dist	Sqft	Price	$/sqft	Date	Reno
617 Gower Point Rd	0.11 km	2,003	~$799,344	399	2026-01-16
698 Franklin Rd	0.34 km	1,238	~$975,024	788	2025-08-22
264 Arbutus Reach	0.61 km	2,027	~$2,630,320	1,298	2025-09-18	✓
636 Bay Rd	0.68 km	1,445	~$1,755,824	1,215	2026-01-30
998 Fircrest Rd	1.0 km	1,594	~$731,024	459	2025-09-03
1051 Gower Point Rd	1.36 km	1,490	~$1,171,102	786	2026-02-23
614 Glen Rd	1.44 km	1,551	~$975,024	629	2026-01-14
702 Gibsons Way	1.5 km	1,452	~$828,624	571	2026-03-12
~ = final list price used as sale proxy (BC title registration lags ~6-12 mo)

Solds from Redfin sold-search + public-records sale prices (belowTheFold)

Price & sale history

Seller basis: $370,000, 2008-09-15 — asking +88.9%

2026-08-03	new	699000 first seen at $699,000
2026-07-15	Price Changed	$699,000 GVR
2026-03-04	Listed	$775,000 GVR
2008-09-15	Sold (Public Records)	$370,000 Public Records
2008-05-18	Listed	$379,500 GVR
2006-06-29	Sold (Public Records)	$365,000 Public Records
2006-03-28	Listed	$369,000 GVR
2003-04-29	Sold (Public Records)	$166,000 Public Records
2003-01-14	Listed	$169,900 GVR

History: Redfin belowTheFold · fetched 2026-08-03T07:45 · events observed by Coastwatch

Zoning & land

RL-1 — RL-1 - Low-Density Residential Zone suite OK

Gibsons Low-Density Residential. Far stronger than a suite: THREE dwelling units on lots up to 280 m2 and FOUR on anything larger, max four units per building, 325 m2 GFA cap for a standalone dwelling. Rear building height of 6.5 m within 7.5 m of the rear lot line is what makes suites-above-garages and laneway homes work where there is a lane. Minimum lot area 280 m2. [gibsons.ca Bylaw 1342 s.2.2.1]

Aquifer Protection DPA: Aquifer Protection Sub Area 2 — Aquifer protection DPA: septic siting and well drilling are constrained.

PID	010-598-057
Parcel	642 GOWER POINT RD (Gibsons)
Wastewater	Town of Gibsons sewer service
Water	Gibsons Zone 1 - Gibsons Aquifer system
Fire protection	Gibsons/West Howe Sound FPA

Town of Gibsons Zoning Bylaw (current, via Property Viewer service) · fetched 2026-08-03T05:43 · meanings from zoning_rules.yaml (verify before relying)

Assessment

Assessed total	$799,000
Land / improvements	$626,000 / $173,000 (78% land — the higher, the more the value is in the dirt)
Assessed / ask	1.14 asking under assessment
BCA folio	524.00443.000

BC Assessment via SCRD parcel layer · fetched 2026-08-03T05:55

Open questions

Built 1970 — oil-tank era. Ask for a tank scan or decommissioning certificate.
Aquifer Protection DPA: Aquifer Protection Sub Area 2: Aquifer protection DPA: septic siting and well drilling are constrained.
152 days on market — ask the listing agent why it hasn't moved.

Notes

$699,000 AMBER

642 Gower Point Rd, Gibsons

Worth it at 675/

$675k, 20% down — recompute: Loan = 540,000 (CMHC premium $0, ≥20% down). Payment scales linearly off your ask-price numbers (payment/loan = 2800.26/559,200 = 0.0050077/mo): → Mortgage payment ≈ $2,704/mo Fixed carrying costs unchanged (tax/insurance are assessment-based, not price-based): tax $359.49 + ins $158.33. | | Self, typical (3300) | PM, typical | Self, high (3650) | PM, high | |---|---|---|---|---| | Carrying | 3,584.92 | 3,881.92 | 3,623.42 | 3,951.92 | | Cash flow | ‑284.92 | ‑581.92 | +26.58 | ‑301.92 | All four clear the ‑800 floor (they already did at 699k too — PM/typical was ‑678). Bleed shrinks by ~$97-100/mo across the board vs. asking price. Equity test: PTT at 675k = 2,000 + (475,000×2%) = 9,500 → +2,500 legal = closing 14,000 All-in = 675,000 + 40,000 reno + 14,000 = 729,000 Limit = 85% × ARV(1,065,631) = 905,786 Margin = 176,786 (vs 152,306 at ask) — passes with more room. What doesn't move: Rent test and suite-arb are price-independent and both still fail — rent floor is 0.4%×ARV = $4,263/mo, actual rent estimate is $3,300 (high case $3,650), nowhere close; sqft (1,749) is under the 1,900 suite-arb minimum regardless of what you pay. So verdict stays AMBER at $675k, not GREEN — you can't buy your way into the rent/suite tests, and GREEN also requires medium/high ARV confidence, which this has explicitly flagged as low (fallback 112% uplift off only 2 renovated comps in the ARV set — treat the $1.065M ARV as soft, not a number to lean on for the equity cushion). Also worth pressure-testing before you go to $675k: DOM is 152 days but the motivation flags show zero price cuts recorded on this listing despite dropping from $775k→$699k — that's a data inconsistency, ask the agent directly why it's sat this long. And it's a 1970 build (oil-tank era, no tank cert) sitting in an Aquifer Protection DPA — get those cleared before you get precious about the last $24k. Bottom line: $675k improves your margins modestly across every test but changes no pass/fail outcome. This is still a cash-flow-negative AMBER on a listing where the arv used to justify the "equity" pass is admittedly shaky.

quick sanity check: what is the asking price and the verdict?