Housing demand has decreased in the Vancouver Island Real Estate Board (VIREB) area, which ranges from Duncan to Port Hardy, in the first half of 2018. Despite lower sales to date, lack of inventory continues to tilt the market in favour of sellers and move prices up.
More and more seniors are seeking a place to transition to, and there are several projects under way to meet the high demand on Vancouver Island.
There is a total of 345 new seniors’ units that will be built within the next 24 – 36 months in the North Vancouver Island region.
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In Courtenay, a public hearing for the proposed seniors housing complex on five properties located near the intersection of
Cliffe Avenue and 29th Street was held in August. Each of the properties fronts onto Cliffe Avenue and has views of the Courtenay Riverway and the ocean. The applicants are proposing to rezone two properties and to add a care facility and complementary uses as a permitted uses in the R-4A zone. The proposed seniors housing complex is comprised of approximately 78 independent living units in a four-storey building, and a 76-bed assisted care facility a two-storey building.
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Also in Courtenay, Phases 1 and 2 of a renovation project for the Westerly Hotel is underway to move forward to convert existing hotel suites into 48 seniors’ residences for Phase 1. Further enhancements in Phase II will include the addition of amenities, such as a new dining room and media room.
The decommissioning of hotel units is underway now and the renovation of the independent studio and one bedroom units are expected to be completed in Feb. of 2018. Phase 3 is in the planning stages and will include an additional 48 units in a four-storey building located alongside the river. Upon completion of this project, which is expected to take 24 months, the hotel will continue to operate alongside the seniors’ residences.
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Port Alberni – Following a public hearing, city council has taken another step in the proposed development to Westporte Park, a seniors development. The proposed development includes 20 units of one-bedroom housing, which will accommodate either couples or single seniors. If approved, construction is planned to begin in the fall of 2017.
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Powell River – The Committee of the Whole has recommended the approval of a development permit for a seniors’ housing project known as Coastal Winds and a Zoning Bylaw Amendment received first and second reading in April. Inclusion Powell River and Golden Life Management are proposing to build a 75-unit seniors’ housing complex next to Powell River General Hospital. The intention is to build the project on a 3.5-acre parcel located on Joyce Avenue. The rezoning application requested a change from R-1 to Comprehensive Development Zone, paving the way for a mixed-use facility that could include businesses on the main level and living units on the upper levels. Once all approvals are in place, this project is expected to begin construction.
NANAIMO, BC – Sales activity across the Vancouver Island housing market area finished on a high note in December, capping off the strongest year since 2009. After a sluggish market in 2012, sales began to pick up some steam in the second half of 2013, resulting in a stronger finish to the year than the Board anticipated a few months ago.
The Vancouver Island Real Estate Board (VIREB) reports a total of 3,941 single-family homes sold in VIREB coverage area on the Multiple Listing Service® (MLS®) in 2013. This signifies a ten per cent increase over the 3,582 sales recorded in 2012. Average sale price remained relatively flat for the year, decreasing by one per cent.
NANAIMO, BC – Multiple Listing Service (MLS) sales summary data for September released by the Vancouver Island Real Estate Board (VIREB) shows housing sales activity across Vancouver Island was up 29 per cent compared to last year, while the average sale price remained virtually unchanged. The average price of a single family home sold within the VIREB region in September 2013 was $323,914, down one per cent from this time last year. A total of 336 units sales were recorded in September 2013, in comparison to September 2012, when only 261 single-family homes sold.
NANAIMO, BC – Multiple Listing Service (MLS) sales summary data for August released by the Vancouver Island Real Estate Board (VIREB) shows housing sales activity across Vancouver Island was up 38 per cent compared to last year. The average price of a single-family home sold within the VIREB region in August 2013 was $339,809, which is an increase of four per cent from the average sale price recorded in August 2012. There was a significant increase in unit sales for August 2013, where 391 units were recorded, in comparison to August 2012, when 283 single-family homes sold. However, when looking at these same figures over a 12-month basis, units sold only grew by one per cent, while the average price actually dropped one per cent to $329,502.
How Will Emerging Contract Security Trends Affect Your Business? Get the Answers at VICA’S Member Meeting on September 18!
Do you know how emerging trends like subguard compare to other options in contract security? Do differences between the options negatively impact stakeholders or benefit them? Get the answers to these questions at the upcoming Vancouver Island Construction Association (VICA) member meeting:Developing Trends in Contract Security September 18, 2013 7:30 a.m. to 11:00 a.m. Laurel Point Inn 680 Montreal Street Victoria, BC
This topic will be of particular interest to general contractors, trade contractors, construction managers, project managers, owners, architects, and engineers. A wide range of industry perspectives will be presented and discussed, followed by a question-and-answer period.
Terry Brown will be your facilitator and featured panelists include :
- Owner – Rick Gudz, CFB Esquimalt Site Manager, Defence Construction Canada
- Insurer – Zurich Insurance
- Surety – Randy Singh, Construction Services Account Executive, HUB International
- Surety – Dave Bentley, Construction Services Account Executive, HUB International
- General Contractor – Anibal Valente, VP, PCL Constructors Westcoast Inc.
- Trade Contractor – Russ Hepworth, President, Tech Mechanical
One sponsorship spot is currently available for this event. Please contact email@example.com for information regarding this opportunity.
This event is free for VICA members and $75.00 for non-members. To become a VICA member, visit their website.