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What's new in the Downtown Economy?
Brought to you by the Greater Victoria Econimic Ddevelopment Commission
Of the 11 major projects underway in downtown Victoria, The Greater Victoria Economic Development Coporation showcases Parkside Victoria Resort & Spa within its monthly report.
Buying a Room of Your Own: What's the Deal?
by Megg Mueller Schulte
Business travelers often are repeat clients for hoteliers; they may return to the same city many times in one year. Most have their favorite spots to stay the night. And it seems the lodging industry has noticed this (albeit not new) trend and decided there might just be a better way to get you back to their property.
Victoria: An Irresistible Draw for Investors
by Marc Requier, Oct 25, 2004
Since 1967, single family homes in Victoria have gone up in value by 1300%. That means an investment of $100,000 over the course of thirty-six years would now be worth $1.3 million - a 21% annualized return on investment. The question today for savvy real estate investors is simple: Where's the top of this market?
Parkside Spa Design a Green Dream
by Andrew A. Duffy, Oct 15, 2004
Of the 11 major projects underway in downtown Victoria, The Greater Victoria Economic Development Coporation showcases Parkside Victoria Resort & Spa within its monthly report.
Parkside to Pursue LEED Certification
July 22, 2004
Leadership in Energy and Environmental Design Certification provides a complete framework for assessing building performance and meeting sustainability goals. Based on well-founded scientific standards, LEED emphasizes state of the art strategies for sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality. Through a comprehensive system offering project certification, professional accreditation, training and practical resources, LEED recognizes achievements and promotes expertise in green building.
Final Design Approval Granted
We are pleasd to announce final design approval by City of Victoria Council last week.
In total, there will be 320+ quarter ownership interests. The concept is flexibly designed and suites may be used for personal use, entered in the rental pool or for RCI Points. The owner determines the mix of uses from time to time.
The overall project includes 126 suites all rated for RCI Points and will include a luxury spa & fitness center, medical center, restaurant, convenience store, pharmacy, beer & wine shop, owner lounge, sales office and resort facilities. Parking will all be underground.
We expect to break ground this summer with construction commencing in the fall. Completion is projected for 2008. We will soon be accepting Limited Reservation Agreements and adding more images and plans to the website soon.
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Condo Crazy
Don DESCOTEAU Black Press (Victoria), Sept 30 2005
Condo buyers in Victoria are, for the most part, locals.
That's according to numbers given a room full of planners, designers, architects and developers by the Greater Victoria Real Estate Board at the Urban Design Institute's fall luncheon.
A popular myth floating around is that many of the hundreds of new units sold in and around the downtown area are being snapped up by offshore buyers.
While that is true to a certain extent, real estate board representative Tim Beaumont said, there is more to the numbers than meets the eye. In 1996 the average percentage of out-of-town buyers of condominiums in the region was roughly 24 per cent. In 2002 it had jumped to 31 per cent, but last year it had returned to 23 per cent, he said.
As with any statistics, housing market numbers can be skewed somewhat, Beaumont said, since anyone living here for five years or more is considered local. Nonetheless, he said the rule of thumb is that between 25 and 30 per cent of condo buyers in the region will generally be out-of-towners.
"If you look at a Shoal Point, for example, that number might be higher, but out at Bear Mountain you'll probably find the majority of buyers are local," he said. Among the 23 per cent listed as out-of-town buyers last year, about 37 per cent were from Vancouver Island or the Lower Mainland.
Victoria real estate market unlikely to pop
Busniness Examiner South,September 05, 2005
Housing prices keep rising. In July, the average single family home rang in at $460,274, compared to $442,193 in June 2004. Condos took a hike up too, and the average price jumped from $219,190 in June to $245,818 the following month. Great for property owners whose homes are appreciating rapidly, but some analysts contend that Victoria's real estate market is a bubble poised to burst.
"The only spots in Canada where house prices may be growing much faster than conditions seem to warrant are Vancouver and Victoria," wrote Angela Barnes in "Expert Sticks Pin in Housing Bubble Fear," The Globe and Mail, July 28, 2005. An economist from Toronto-Dominion Bank provided the commentary.
Victoria may not satisfy the criteria for real bubble status. A true bubble would form around a market that has become speculative, when purchases are made in anticipation of future price increases, says Christian Janssen, Ph.D., adjunct professor in the Faculty of Business at the University of Victoria. "Symptoms include purchasers selling before taking possession, or acquiring rental properties without renting them out, anticipating that they will go up in value. I don't believe that's happening in Victoria. The bubble is not here yet."
Vancouver Island is tops, American magazine's readers say
Victoria Times-Colonist files, Vancouver Sun, July 16, 2005
Vancouver Island is the best island to visit in the U.S. and Canada, according to a magazine readers' survey. The island ranked sixth worldwide in the survey by Travel + Leisure, arguably the top U.S. consumer travel magazine. The only three Canadian hotels on the survey's Top 100 worldwide were also from the Island. "We truly couldn't afford to buy this advertising," said Tourism Victoria's Melissa McLean -- even though Victoria at ninth spot lags four spots behind Vancouver as a North American destination. The Aerie Resort topped the "World's Best Hotel for $250 (US) or less" as well as ranking fifth best hotel overall in the U.S. and Canada in a near-tie with Tofino's Wickaninnish Inn. The two placed 29th and 30th respectively in the Top 100 category worldwide. Sooke Harbour House squeaked into the list at 99th place.
Recreational homes now in bidding wars
by Fiona Anderson, Vancouver Sun, June 29, 2005
Bidding wars and line-ups of buyers are not just for the Lower Mainland condo market anymore, as British Columbia's recreational properties are increasingly in demand.
In the South Cariboo, people are lining up for properties, Brad Potter, a realtor in 100 Mile House, said in an interview. And several are being sold above their asking price. "I've been selling real estate up here for 15 years, and this is the first time I've ever seen [buyers bid over the listing price]," Potter said. "You guys down on the coast are used to that kind of market, but we've never seen it around here." Potter blames the rush on baby boomers who are looking ahead to retirement within a few years. And everyone wants waterfront. "Waterfront is getting very, very scarce. Soon as we put one on the market, it is usually gone in a couple of days," Potter said. "And of course, we're putting the prices up because of that activity." Prices are rising with almost every new listing, he said. What makes the South Cariboo so attractive is that it remains affordable, according to a report issued Tuesday by Re/Max. The most sought-after properties are those priced between $150,000 and $300,000. That has put a lot of pressure on the South Cariboo and the Sunshine Coast, the report said. Where 100 Mile House and the Cariboo have an advantage is price point, Elton Ash, regional vice-president of Re/Max Western Canada, said in an interview. People are willing to travel the extra 30 minutes or an hour to take advantage of cheaper pricing. Recreational properties on the higher end of the spectrum are feeling less pressure, especially in markets in Ontario, the report said. But prices in B.C. are likely to continue to climb. "For British Columbia the economic performance of the province is very positive," Ash said. "[And] because of the confidence in the B.C. economy, people want to get into the market now to hedge against future price appreciation." The Alberta influence is also affecting the B.C. market, Ash said. "Here in the Okanagan all the way to Tofino, there is a lot of interest from Albertans because a lot of money is being made in Alberta right now," Ash said. And as the number of millionaires in Canada grew 8.3 per cent last year, many from Alberta and B.C., that means there's more money to spend on lifestyle, Ash said. Sunshine Coast realtor Rob Jardine said prices in his neck of the woods have increased 10 to 15 per cent in the past year, with an oceanfront home costing on average about $800,000, while property on the nearby islands are about $550,000 to $600,000. Properties on Ruby and Sakinaw Lakes are so in demand that they don't even hit the market. Although high prices have slowed down demand slightly on the coast, a 28-lot development on Gambier Island was sold out in about a day with prices between $160,000 and $280,000, Jardine said. Its mainly baby boomers from Vancouver that are buying, Jardine said.
The Re/Max Recreational Report covered close to 50 major centres throughout Canada. Prices in Ontario, the most desirable cottage property in Canada with 5 million people in the Greater Toronto Area trying to escape the humidity of Toronto each weekend, has levelled off as the western provinces from Manitoba to B.C. experienced unabated price increases, the report said. According to the report, a 3-bedroom waterfront home in Whistler or Salt Spring Island tops $1 million while the same property in Tofino, Ucluelet, Penticton or Vernon would be $500,000. The only western recreational destination in the $500,000-plus club outside B.C. is Sylvan Lake, Alberta
The Dream Condo in Victoria, British Columbia... A World of Its Own
By Leslee Farrell, Dream House Magazine
It has been clearly established and eloquently stated that Victoria is a Number One Destination City. Her remarkable climate, combined with her beauty, cleanliness, safety, culture and entertainment seem a paradise to all who discover her.
Match this rich quality of life with international and local buyers seeking security and a pampered lifestyle, and the concept of the ultimate "urban oasis" is born. The dream does not end there, as this location conscious harbour has proven to be a superb investment. It could just be the perfect match: the "Dream Condo" in the heart of Victoria, British Columbia.
A Piece of Paradise
By Charlie Gillis, Macleans.ca, July 1, 2004
As cottage prices go through the roof, many urbanites feel shut out, writes CHARLIE GILLIS. So, in a twist on time-shares, builders are offering just that.
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