New Home Construction Has Begun in Phase II at The Ridge

Posted on Dec 24, 2017

New home building is now underway in Phase II at The Ridge. Many homes are under construction and three of their premier home builders are busy. Lawmar ContractingBrando Construction and one of their newest builders, Candor Developments all have new homes under construction.

This new phase includes 43 single family lots with zoning to accommodate secondary suites.

Contact any of the premier builders at The Ridge for more information on new homes for sale:

From all of us at The Ridge, we wish you a Happy New Year!

Phone: Bruce Clapham 250.650.8588
Email: theridge.bruce@mail.com
Follow us on Facebook

Read More

Secondary Suite and Carriage Home Construction Sees Major Jump

Posted on Oct 25, 2017

Building Links has recently compiled the building permit and construction values for the Comox Valley and Campbell River areas for the third quarter of 2017. Building Links notes a trend in the increase in the construction of secondary suites and carriage homes.

They reported an overall increase of 238 per cent. Building Links tracks this information when a separate building permit has been taken out for a secondary suite or carriage home. In many municipalities including Courtenay, Comox and Cumberland, 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 they estimate that the increase is actually more like 400 per cent in 2017 compared to 2016.

This means, according to the building permits reported, that there have been approximately 100 secondary suites and or carriage homes built in the past year, compared with approximately 25 built in 2016.

Due to the rising cost of individual lots, the cost of construction and the looming shortage of sub trades, more buyers are looking to subsidize the high cost of a new home by building a secondary suite or a carriage home. According to the Vancouver Island Real Estate Board (VIREB) report for September of 2017, the cost of purchasing a home in the Comox Valley and the Campbell River area has increased by 22 per cent over the same time period last year.

There is a shortage of lots in both the Campbell River and the Comox Valley areas, and this is contributing to the extremely high cost of buying a new home. Many new subdivisions are being proposed in both areas, but it is taking, in some cases, years to get the subdivision approved by the various municipalities.

According to the same report by VIREB in September, strong economic fundamentals are underpinning housing activity in British Columbia, particularly in the southern half of the province. The BC economy has expanded at above-trend growth for more than three years, with 2017 expected to be the fourth consecutive year of economic growth hitting three per cent or higher.

The secret is out about Vancouver Island – its beautiful scenery, the welcoming communities and up to now, the reasonable cost of buying a home. The real estate scene is changing dramatically and quickly and more people are choosing Vancouver Island as their destination to retire or relocate. In my view, the price of real estate will continue to go up due to the demand to live in a piece of paradise, known as Vancouver Island.

Clarice Coty is the editor of Building Links.
Contact: clarice@buildinglinks.ca or
find Building Links on Facebook.

Read More

Building Links Reports Huge Increase in Suite and Carriage Home Construction Permits

Posted on Oct 12, 2017

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

Read More

Phase 2 Ready for New Homes at The Ridge in Courtenay

Posted on Sep 30, 2017

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.

Read More

Residential Construction Booming in the Comox Valley and Campbell River

Posted on May 17, 2017

According to our calculations there has been a dramatic increase in the permits for the residential sector in the Comox Valley and Campbell River regions during the first quarter of 2017.

Single family dwelling starts are up by 57 per cent overall, with the biggest increase occurring in Campbell River which showed a 100 per cent increase in the new homes started this year, compared to the same period last year.

The construction of secondary suites has increased by at least 100 per cent. We know that there are more secondary suites being constructed, however, certain subdivisions already zoned in the Comox Valley do not issue a permit for the suite when building a new home.

The zoning for some subdivisions in Cumberland, Courtenay and Comox have been zoned for secondary suites. The construction of secondary suites will continue to rise, due to the low vacancy rate and the higher cost of real estate.

Total construction values are $45.3 million compared to $37.2 million in 2016, a 24 per cent increase.

According to the most recent Vancouver Island Real Estate Board (VIREB) statistics, inventory of single-family homes declined by 33 per cent from April 2016, with 1,122 active listings available last month compared to 1,694 one year ago.

In April 2017, the benchmark price of a single-family home in the VIREB area was $419,100, up 17.5 per cent from one year ago. Prices increased in every zone, ranging from 13 per cent in Duncan to 22 per cent in Nanaimo. The bench-
mark price of an apartment in April rose 28 per cent board-wide from the previous year, but the highest increase was in Campbell River, at 39 per cent. The townhouse market also strengthened in April, posting a 21 per cent increase board-wide.

The April 2017 benchmark price of a single-family home in the Campbell River area was $335,000, an increase of 18 per cent over April 2016. In the Comox Valley, the benchmark price hit $415,800, up 16 per cent from 2016. Duncan reported a benchmark price of $354,400, an increase of 13 per cent compared to April 2016. Nanaimo’s benchmark price rose 22 per cent to $461,600 while the Parksville-Qualicum area saw its benchmark price increase by 20 per cent to $477,700. The price of a benchmark home in Port Alberni hit $227,400, up 19 per cent from one year ago.

Clarice Coty is the editor of Building Links. Contact: clarice@buildinglinks.ca or find Building Links on Facebook at www.facebook.com/BuildingLinks

Excerpted from the Business Examiner Vancouver Island, May 2017 edition.

Read More

Low Lot Inventory Spurs on Higher Prices for New Single Family Homes

Posted on Apr 19, 2017

We have seen unprecedented frenetic activity in the new home market during the past year, due mostly to the low inventory of new lots in both the Comox Valley, the Comox Valley Regional District and Campbell River.

New subdivisions are being designed and plans are being submitted to the various municipalities for approval. Builders, eager to build new homes for clients are contacting developers directly to get their names on reserved lists for when the properties are registered.

Lot prices in the Comox Valley and the Campbell River area have risen substantially due to the shortage of lots. Prices in Campbell River range from approximately $90,000 to $200,000; the higher prices account for lots that feature ocean views or are larger in size. Prices in the Comox Valley range from approximately $140,000 to $225,000. These prices are the average price range of lots and there are some lots that may be a little less expensive and some that are more expensive, based on location and size of lots.

One trend we are seeing during the past year is the popularity of lots zoned to include secondary suites, also known as in-law suites or legal suites. Lots that are zoned to accommodate this type of home, is typically selling for about $20,000 to $30,000 more than the lot zoned to allow for the construction of a single-family home.

Different municipalities track secondary suites in a variety of ways. For example, if a lot is zoned to allow for a secondary suite, then it is usually not reported in the building permit statistics, only the value of the home is reported. However, if someone is adding a secondary suite, once the home is built, or the owner is required to report it to the municipality, then that information is released.

Our research shows an approximate 40 per cent increase in the creation of secondary suites in the Comox Valley and in the Campbell River region in 2017 compared 2016.

Both communities continue to show an increase in the average sales price. For March, 2017 the average price was up 18 per cent to $465,892. Campbell River was very similar with a 19 per cent increase to $399,456.

The vacancy rate in the Vancouver Island rental market is at a record low level and this is certainly the case for Campbell River and the Comox Valley. This fact is pushing rents up and is forcing more buyers into the market. In some cases, it is cheaper to own than it is to rent. There are still some older, less expensive condominiums to be found, around the $130,000 to $150,000 range if someone is looking to invest in the market.

Clarice Coty is the editor of Building Links.
Contact: clarice@buildinglinks.ca
or find Building Links on Facebook

Originally printed in Business Vancouver Island, April 2017 Edition.

Read More