There has been a reported increase of 238% in the construction of secondary suites and carriage homes in many north-central Vancouver Island jurisdictions in the 3rd quarter.

In many municipalities such as Courtenay, Comox, Cumberland and Campbell River specific zoning allows for the construction of a secondary suite in a single-family home without applying for a separate permit. Based on this information, we estimate that the increase of construction of secondary suites is actually more like 400% in 2017 compared to 2016. In conclusion, according to the building permits reported and our estimates, there has been a minimum of 100 secondary suites and or carriage homes built in the past year, compared with approximately 25 built in 2016 in the Campbell River and Comox Valley regions.

The trend is growing thanks in part to new communities like The Ridge development in Courtenay, which is zoned to allow secondary suites or carriage homes on all of its Phase 2 lots.

Overall single family home construction was up in all areas except for Comox, which reported a decline of -37%. The CVRD remained relatively stable, reporting a small decline of -5%. Overall, 309 permits for single family homes was up by 8% (24 new single family homes). Overall construction values were up by 11%, or $16 million over the same time period last year.

There is a strong demand in all areas for new single family homes and we expect to see a gradual increase in construction as more lots are brought onto the market.

Excerpted from BuildingLinks.ca Oct. 11, 2017 Editor’s Note

Riverside Senior Living, a locally and independently owned Vancouver Island Retirement Community is opening in Spring 2018 in downtown Courtenay. Situated along the Courtenay Riverwalk, adjacent to the Best Western Westerly Hotel, these new retirement living suites offer a choice between 320 sq ft studio units and 640 sq ft one bedroom spaces. The suites all feature kitchenettes with full size refrigerators.

The show suite at Riverside Senior Living in Courtenay is now open for viewing. Book a tour today and learn about the amenities and services of the Comox Valley’s newest seniors’ independent living community.

All of these Vancouver Island retirement living units come with a host of amenities included in the monthly fee which includes: heat, hydro and basic cable, housekeeping; three prepared meals daily; social areas including a media lounge, fitness facility, indoor pool, games room; three onsite dining options; and a variety of scheduled activities.

At Riverside Senior Living, the downtown Courtenay location means you are only steps from amenities including: grocery, pharmacy and other retails services; restaurants and entertainment; and the green space provided by the Courtenay Riverwalk. Many of the suites also feature beautiful views of the Courtenay River.

Riverside Senior Living is set to welcome its first residents in Spring 2018. Tour their show suite today and learn about the amenities and activities they offer.

To book a tour, call 250.331.4010 or visit RiversideSeniorLiving.ca to learn more.

Strong economic fundamentals are underpinning housing activity in British Columbia, particularly in the southern half of the province. The B.C. economy has expanded at above-trend growth for over three years, with 2017 expected to be the fourth consecutive year of economic growth hitting three per cent or higher.

The Vancouver Island Real Estate Board has released its September 2017 housing report. Employment growth is around seven per cent, and consumer confidence is high, with retail sales in the province expected to climb close to eight per cent this year.

The September 2017 benchmark price of a single-family home in the Campbell River area was $370,700, an increase of 22 per cent over September 2016. In the Comox Valley, the benchmark price hit $461,700, up 22 per cent from last year. Duncan reported a benchmark price of $410,500, an increase of 16 per cent compared to September 2016. Nanaimo’s benchmark price rose 18 per cent to $498,300 while the Parksville-Qualicum area saw its benchmark price increase by 16 per cent to $518,000. The price of a benchmark home in Port Alberni was $254,700, up 18 per cent from one year ago.

Excerpt from VIREB October 2 press release.

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Construction on new homes in Phase 2 of The Ridge will be underway this month. This phase consists of 43 lots, with some featuring stunning views of the ocean and of the surrounding mountains.

The developers plan to add an additional 100 lots in the next phase, which will to come onto the market in the summer of 2018. All of these lots will include zoning for a secondary suite.

The Ridge is a new sustainable residential community in South Courtenay and is a picture-perfect location for building a new home in the Comox Valley on Vancouver Island.

Contact The Ridge to register as a “prospective client” for more information on their new residential lots for sale that will be available in 2018.

Phone: Bruce Clapham 250.650.8588
Website: theridgebc.com
Follow them on Facebook
Looking for map? Find one here.

The Newest Phases of The Rise and Cambridge Park Estates at Crown Isle are coming soon.

Crown Isle Resort and Golf community has announced that they are very close to receiving City of Courtenay approval for construction drawings on the expansion of two major subdivisions within the community.

Site services and road work are expected to commence this winter, with paving scheduled to take place in the Spring when the asphalt plant re-opens for 2018. They are forecasting to have registration on the lots sometime in late April / early May of 2018.

There are 69 lots being released in Phase III of The Rise (north side of Ryan Road) and 67 lots in the extension of Crown Isle Drive, Cambridge Park Estates. Lot prices in The Rise are expected to start at $195,000 and in Cambridge Park Estates at $250,000.

Silver Sand Land Corp. and Silverado Land Corp, the two Real Estate Development Divisions of the Crown Isle community, will begin taking reservations on Proposed Building Lots both phases in September. Pricing is subject to change.

For more information on the reservation process please contact:
Jason Andrew, Director of Sales
Cell: 250.207.0070 Email: jandrew@crownisle.ca