British Columbia's recreation property market
continues to ride the wave of Western Canada's
economic boom.
From the shores of Tofino to the mountainside
resorts of the Columbia Valley, B.C. buyers seek
out new areas for their recreation properties,
and B.C. continues to attract buyers not just
from this province, but also from Alberta and
the U.S.
"The world has discovered B.C. It really has,
and that is not going to change," says Rudy
Nielsen, founder of New Westminster-based
Landcor Data Corp. "But 94 per cent of sales are
still to British Columbians."
From Vancouver Island to the Kootenays,
developers are expecting another big year.
"In a word, it's busy," says Peggy Prill, a
market analyst with the Victoria office of
Canada Mortgage and Housing Corp.
Elton Ash, regional vice-president of Re/Max
of Western Canada, which produces an annual
recreational property survey, sees no end to the
strong demand. And, he says, "the last of the
baby boomers won't be seen until 2013. That is
where the greatest extent of the wealth is and
they will continue to buy."
"Two years ago I could have told you what
spots were hot," says Jennifer Podmore of MCP
Intelligence, an industry resource that does
everything from monitoring sales sites and
development applications to following market
trends. "Then, there were a few hot spots where
you had to buy," she says. "Now anything within
700 kilometres of Calgary or Vancouver is hot.
Now you've got everything."
The shift from hot spots to a whole hot
province is all about access.
"The Kelowna airport has surpassed its
10-year plan and is now implementing its 2021
plan to extend the runways to accommodate 747s
so you can get a direct flight from London,"
says Podmore. "Cranbrook is getting an
international airport. And (towns such as)
Windermere and Creston -- they all have little
airports. Airlines such as WestJet and Pacific
Coastal Airlines have done a lot. Anything
within 45 minutes of any airport is a hot spot
in B.C."
Even without the airlines, points out Podmore,
"Part of (the experience) is the journey. The
regions are being so well identified. You pick
up wine in the Okanagan, buy borscht in Grand
Forks, go for a swim in Christina Lake."
Nielsen agrees more buyers now seem prepared
to go farther afield. The traditional
rule-of-thumb on prices is, the closer to a
major urban centre, the higher the cost.
The majority of buyers seek a four-hour
driving distance from a big city like Vancouver
or Calgary. He calls this the "golden circle."
But, he says, that is changing and if you are
willing to drive six to eight hours or more, as
increasing numbers of investors seem to be,
property and land become a whole lot cheaper.
More frequent float and light plane service
to many formerly remote areas is also having an
impact on people's buying intentions, says
Nielsen.
The increased transportation results "in a
lot more discovery," says Podmore. "That's what
an escalated market does. It's made people
figure out what they really love about where
they go. When that pocket gets too pricey,
people will go looking for the next best thing.
Now they can look for the 10 next best things."
New developments continue to spring up across
the province. The Columbia Valley region is
still a powerful magnet for developers and
consumers.
"I think this area will continue to grow
aggressively over the next few years," says
Michael Dalzell, director of resort sales and
marketing for Kicking Horse Mountain Resort near
Golden, which recently announced plans for a
major ski-in ski-out townhome community called
Aspens at Kicking Horse.
Dalzell says there are still some bargains to
be had in the recreation property market. For
example, Aspens' townhomes are expected to start
in the $265,000 range. And the rise of
fractional ownership has placed even higher-end
luxury properties within the affordability range
of many consumers.
Podmore now thinks of B. C. as a giant
international recreation and retirement
playground, and a 12-month-a-year playground to
boot.
"What really changed us was Whistler," she
says. "It made us think differently about the
Rockies and the Kootenays as not just skiing,
but as a summer resort, too -- sometimes more
summer than winter now. It made us think of B.C.
as a year-round resort."