Vancouver Island Housing Prices and Starts Soared in 2017

Posted on Feb 15, 2018

Building Links has recently tabulated the year-to-date construction statistics for the Comox Valley and Campbell River areas for 2017. Construction values in all areas total $217 million, up by $11 million from 2016 to 2017.

Single-family home construction is also up slightly in Comox, Courtenay and Campbell River (6 per cent to 13 per cent) with Cumberland showing the biggest increase of 120 per cent and the CVRD coming in with an increase of 19 per cent.

Secondary suite and carriage home construction has increased significantly by 159 per cent from 2016 to 2017.

Moving forward into 2018, we expect to see continued high prices for residential housing due to lack of supply of zoned land and lots. In the Comox Valley, the average sale price of a single family lot hovered around $240,000 and in Campbell River, the average sale price of a lot was $150,000. To purchase a lot in the Campbell River area is $90,000 less expensive than in the Comox Valley.

In the Comox Valley, 889 single family homes were sold in 2017 and the average price was $491,428, an increase of 19 per cent in the past 12 months.

In Campbell River, 613 single family homes were sold in 2017 and the average price was $407,174, an increase of 18 percent in the past 12 months. (Information courtesy of Kutyn Appraisals).

What can we expect on Vancouver Island, moving forward into 2018? Higher prices in all areas of the residential sector.

Victoria’s increase in prices for residential housing is affecting most markets on Vancouver Island. According to a report from the Canadian Housing and Mortgage Corporation, published in January, 2017, Victoria had historically high housing starts for 2017. Multi-family structures accounted for the majority of housing starts, with elevated rental market starts pushing the total starts to its highest level since 1976. December of 2017 reflected this trend, with a 70 per cent increase in multi-family starts compared to the previous year.

Metro Victoria’s housing market showed strong price growth and overheating throughout the year, giving builders and developers strong incentive to break ground on new projects.

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

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Homes by Crown Isle Begins Construction at “Prestwick on the Rise”

Posted on Jan 30, 2018

Premier builder, Homes by Crown Isle has started construction on a new luxury four-plex In The Rise subdivision.

Prestwick on The Rise consists of four luxury townhomes built in one of the newest areas in Crown Isle and it is located at 933 Prestwick Place in Courtenay, BC. These new townhomes are located close to the Crown Isle Shopping Centre, the new Comox Valley Hospital, the Aquatic Centre, North Island College, the Comox Airport and the Crown Isle Clubhouse and Golf Course. Choosing to live at Prestwick on The Rise, means you are only two minutes away from teeing off at the golf course!

The floor plans include the kitchen, dining room and living room as well as three bedrooms and three bathrooms. Unit A includes the master bedroom on the main floor. Each townhome will include custom highlights and a full six-piece appliance package. The exterior of the building will blend with Crown Isle’s West Coast Contemporary style.

Prices range from $479,900 to $529,900 and the homes vary size from 1,666 to 1,877 sq. ft.

These new luxury townhomes are scheduled to be completed in August or September of 2018 and are expected to sell quickly.

For more information:

Contact: Jayson Welsh, Vice President of Construction
Phone: 250.703.0418
Email: jwelsh@crownisle.com

Contact: Jason Andrew, Director of Sales
Phone: 250.207.0070
Email: jandrew@crownisle.ca

(Note: prices may change without notice)

 

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Riverwalk Centre in Courtenay Features Loft-Style Condos and Commercial Space

Posted on Jan 5, 2018

Courtenay’s new Riverwalk Centre is a mixed used building, featuring 16 unique modern condominiums with lofts all featuring views of the mountains or of the river and ocean. These loft-style homes are located on the upper floor of the building. The ground and mezzanine floor are zoned to accommodate commercial and office space.

The unique design of this building makes it a first of its kind in Courtenay. The developer, Highstreet Ventures Inc. (Scott Butler) along with partners Don Bell and Matt Butler of Traine Construction Ltd and one other investor have built four projects in Courtenay, including The Tides, a 45-unit condo project alongside the river, a Holiday Inn Express on Cliffe Ave and the recently constructed and sold out 71-unit residential condominium project called Riverstone.

Highstreet Ventures Inc. has jsut been honoured by PROFIT 500 on its 29th annual ranking of Canada’s Fastest Growing Companies.

The residential units are all designed differently, ranging in size from 551 sq. ft. to 1,101 sq. ft. There are 16 floor plans to choose from and the prices range from $229,000 to $399,900. Some of the features include: 15’ ceilings; large 7’ tall windows in every home; loft bedrooms that open to the living room below; open concept kitchen, dining, and living space, quartz countertops in the kitchens and bath; large format tile flooring throughout; and Energy Star stainless steel appliances and range hood exhaust fan.

Sliding barn style bedroom doors are featured in premium suites. There is a large shared rooftop patio for all residents to share. These units are expected to be released for sale on Jan. 6, 2018, with occupancy expected in February 2018.

Tenants who have purchased office/commercial space on the main floor include chiropractors, therapists and mortgage
brokers. Other tenants have expressed interest in the building. To date, there are three spaces left, ranging in size from
881 sq. ft. to 2,900 sq. ft., with prices ranging from $242 to $252 per sq. ft. to purchase the office space.

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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
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Updates from Building Links in the December 2017 Edition of Business Vancouver Island

Posted on Dec 13, 2017

In the Comox Valley, the upgrade to the Comox Valley Regional District water system is one of the largest water projects on the agenda for BC, as part of a province-wide effort to bring all drinking water systems to current standards.

While the provincial Ministry of Health sets drinking water quality policies, each regional health authority works with communities to achieve those objectives.

The current treatment project design will feature a filtration plant combined with chlorination. The construction project is expected to cost $110 million and will include five major pieces of
infrastructure:
1. A new deep-water intake in Comox Lake built a kilometre off shore and 30 metres below low-lake level;

2. A new raw water pump station on the shore of the lake;

3. A 2.5-kilometre pipe that will transport the water uphill to the site of the new water treatment plant;

4. A new filtration plant building, including offices for water treatment staff;

5. A five-kilometre pipeline to deliver treated water to the base of the BC Hydro penstock, connecting with the existing system.

The Comox Valley is the only community of its size in BC that does not have a secondary form of treatment. A new system will
bring the Comox Valley water system in line with other communities across BC.

Construction of the new water treatment plant is scheduled to begin in 2019 and be fully operational by 2021.

•••

Medical cannabis producer Santè Veritas Therapeutics is currently in talks with City of Powell River and Catalyst Paper Corporation for expansion as it continues to convert a building on Ash Avenue into a medical-marijuana growing facility.

Santè Veritas has indicated it will exercise its option to purchase the former mill administration building that is currently being
renovated, and has approached the city to buy additional prop- erty for construction of another 50,000-square-foot building.

The company has also approached Catalyst about purchasing additional surplus land.

Santè Veritas signed a memorandum of understanding with the city in 2013 that included provisions for the company to lease the former Catalyst administration building. The company is spending between $6 and $7 million on the building’s conversion which is expected to be completed in January, 2018. The company is planning a public information session in December so the community can learn more about its plans.

Health Canada is expected to provide the license as soon as February, 2018. This project is expected to create up 50 to jobs
at the facility.

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

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Award Winning Builders Creating New Homes at The Gales in Ladysmith

Posted on Dec 8, 2017

The Gales in Ladysmith continues to build luxury ocean view homes with their award-winning builder of choice. The luxury patio homes and condominiums at the Gales are constructed to the highest quality, and Built Green by GNB Builders.
GNB Builders has built a reputation for quality building, excellent customer service and a company that delivers all that it promises. GNB Builders Inc. are home builders with more than 30 years of experience in the building industry. In 2012 GNB Builders was awarded the prestigious BC Built Green Builder of the Year by Department G of Built Green Canada as well as one Gold Care Award and five Silver Care Awards from the Canadian Home Builders Association. In 2013 GNB Builders was awarded with Vancouver Island Business Excellence Award for best company (under 50 employees) and Best Construction Company for the Island from Business Vancouver Island. And in 2016, their work at The Gales won them the Vibe Award for best single family production home.
The Gales is a 68-home development (42 patio homes & 26 condos in two condo buildings) with ocean and mountain views. From a walk on one of the many local beaches to leisurely strolls through pristine forest right at your back door, the lure of natural wonder is ever beckoning. The homes are designed to take full advantage of the views, and provide large outdoor living spaces from which to enjoy the setting.
Stop by today or contact realtor Keith Mazurenko and “be blown away by The Gales.”
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