$699,000 GREY
642 Gower Point Rd, Gibsons
3 bd · 1.0 ba · 1,749 sqft
· 6,250 sqft lot
· built 1970
· 207 DOM · MLS R3096295
Ocean view
Oil-tank era
Listing: Redfin search · fetched 2026-09-27T19:15
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 17 /100
| Equity | 0/40 | -114,108 vs limit (-15.2% 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 | 212d on market, no cuts — anchored seller |
Offer case
GREEN at $552,000 — that's $147,000 (21.0%) below the $699,000 ask. Long shot
That discount is
8.9× what this market normally concedes.
EVIDENCE
- Coast-wide, homes sell at 97.6% of list — a 2.4% discount is simply normal here.
- 212 days on market vs a 60-day median — but ZERO price cuts, so this reads as an anchored seller, not a motivated one.
- Already asking below the $545/sqft local sold level — little room to push.
Support score 0.0 — evidence weight that this seller
would entertain the discount. Not a prediction; a checklist with numbers.
The four tests
Equity — FAIL
(price + $40,000 reno + PTT+legal closing) <= 85% x ARV
all-in = $699,000 + $40,000 + $14,480 = $753,480
ARV = $752,202 → limit = 85% × ARV = $639,372
margin = $-114,108 · at band low ($710,313): $-149,714 — GREEN needs this ≥ 0
Rent — PASS
est. rent >= 0.40% x ARV
est. rent = $3,300/mo (whole house (3bd) $3,300)
floor = 0.4% × ARV $752,202 = $3,009/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 494
Scored 2026-10-02T05:55 · 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 $752,202
range $710,313 – $1,007,723
(about half of comparable sales landed inside this band)
median $/sqft of 12 renovated size-matched sales (12 priced from list × measured sale ratio — ~3y registration lag), blended 70%/30% with assessed × 1.03 (sale/assessed, renovated) · confidence medium
($/sqft used: 419)
Cross-check: comps say $732,831, BC Assessment × sale ratio says $797,402 (-8% apart)
| Sold | Dist | Sqft | Price | $/sqft | Date | Reno |
|---|---|---|---|---|---|---|
| 617 Gower Point Rd | 0.11 km | 2,003 | ~$799,672 | 399 | 2026-01-16 | ✓ |
| 561 Spyglass Pl | 1.09 km | 1,962 | ~$1,170,704 | 597 | 2025-11-13 | ✓ |
| 565 Wildwood Cres | 1.14 km | 2,221 | ~$1,170,704 | 527 | 2026-01-08 | ✓ |
| 143 Pratt Rd | 1.35 km | 2,223 | ~$795,766 | 358 | 2025-11-05 | ✓ |
| 962 Cemetery Rd | 2.77 km | 1,916 | ~$1,049,630 | 548 | 2025-11-28 | ✓ |
| 1453 Davidson Rd | 5.16 km | 2,016 | ~$844,586 | 419 | 2026-01-02 | ✓ |
| 304 Esplanade Rd | 5.21 km | 1,733 | ~$937,246 | 541 | 2026-06-15 | ✓ |
| 776 Geddes Rd | 6.52 km | 1,460 | ~$877,784 | 601 | 2026-02-19 | ✓ |
| ~ = final list price × measured sale ratio (BC title registration lags ~3 years, so recent solds have no registered price; the proxy is within ~2% of the registered price when both exist) | ||||||
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 2026-09-27T20:45
· 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.
- 207 days on market — ask the listing agent why it hasn't moved.