The Okanagan, Interior and Island Real Estate Marketplace

By Susan M. Boyce for the BC Homes & Resorts feature for August 24 – September 07, 2007. Summer’s sizzlin’. And in the Okanagan especially, so is the real estate market with sales climbing beyond expectations. Here are a few of the many exciting new real estate developments “on the horizon” throughout BC.

LakeStone Kelowna Master Planned Community

Located o more than 200 hectares of Lake Okanagan waterfront property in Kelowna, LakeStone is now taking priority registration. A distinctive real estate master planned community featuring signature golf course, marina, vineyards, and luxury homes to be built over 10 to 12 years, plans include a 75 slip marina with unique underground boat grotto at LakeStone Kelowna – a dry storage boat cave nestled into the mountain side which will stack and store approximately 175 boats at LakeStone in Kelowna BC – that even has its own valet system to guarantee access to your boat within five minutes. The resort’s waterfront amenity building at Kelowna’s Lakestone, The Beach House, will offer a boutique hotel, casual and fine dining, luxury spa, fitness facilities, infinity pool, meeting facilities, and public boardwalk. For more information, and to priority register, visit www.lakestoneresort.com.

Meritage Lofts Penticton Loft Homes

Ideally located on fashionable Front Street in Penticton’s up and coming heritage district, Meritage Lofts offers downtown living in one of BC’s favourite outdoor playgrounds. Nine suites of unique living space, these homes blend creativity and function. Featuring 17-foot lofts with mezzanines, vaulted open spaces floor to ceiling windows, spacious decks, views, wide plank hardwood floors, plus lots of natural light and free flowing spaces, Penticton’s Meritage Lofts brick design is complemented with contemporary finishing details inspired by Vancouver’s popular Yaletown district. For more information, visit www.meritagelofts.com.

Summerside Salt Spring Island Condos and Cottages

Inspired by the village communities of Europe, Summerside Salt Spring is a collection of sophisticated condominiums and garden cottages located on Salt Spring Island, one of the soutern most Gulf Islands of BC. Tucked into a forested hillside and surrounded by vineyards and farmland, Summerside is built on five acres of farmland. A restored, 1912 farmhouse serves as the community’s central clubhouse and features an indoor pool and fitness facilities. Cedar finishes, slate accents, board and batten construction, quarry stone rock gardens, gracious windows are just a few of the design details that make this a real estate investment on Salt Spring Island Summerside that will be treasured for today and generations to come. Easy walking distance to the many boutiques, cafes, restaurants and other amenities at Ganges Harbour at Salt Spring. For more info, and to register for updates, call Rebecca Sorenson at 250-370-9777 or 250-886-7653. You can also visit on the web at www.summersidesaltsring.com.

King Edward Bay Bowen Island Homes

Found amid the picturesque beauty of Bowen Island, King Edward Bay offers a limited number of luxury homes on 5.4 hectares of microclimate forest and shoreline. Each home is designed to blend into the natural landscape and will enjoy the privacy of one acres slices of paradise. The property real estate at Bowen Island’s King Edward Bay faces southwest onto Collingwood Channetl and is one of the last remaining premium waterfront properties on the south coast of British Columbia. For more details, on this quiety relaxed yet elegant retreat on Bowen Island King Edward Bay, visit on their website at www.kingedwardbay.com.

Kincora Ridge Estates Comox Estate Homes

Inspired by nature and with special attention paid to preserving the beauty of the site’s mature trees and lush greenery, the Kincora Ridge Estates are located on the Oceanside community of Astra Beach on the Comox Peninsula. Just minutes to downtown Comox and Courtenay, here pathways, nature park reservies and beaches are literally at your doors. The exclusive development real estate at Comox Kincora Estates is limited to 11 estate homes with lots ranging from approximately 1.3 to 4.6 acres for a perfect balance of privacy and serenity. For details, call Ross Keylock at 250-334-9900 or toll free at 877-216-5171 or you can visit www.keylock.ca.

The Hudson Victoria Lofts and Courtyard Homes

Located in the heart of downtown Victoria, The Hudson condo lofts is your real estate opportunity to own a piece of history reborn. Featuring modernist single-level flats, two-level lofts and innovative courtyard homes, The Hudson lofts is the long awaited revival of Victoria’s much loved Hudson’s Bay Building – truly loft living of historic proportions. Walking distance to all amenities that make Victoria so unique – the bustline Inner Harbour, the legislative buildings, and a delightful array of boutiques, restaurants, galleries and museums – The Hudson courtyard homes and condo lofs continues to capture the hearts and imagination of real estate buyers with vision. Don’t miss this rare opportunity to be part of the new reality of British Columbia’s capital city. For more information, viist www.hudsonliving.ca.

San Carlos Golf Towers Resort Condominiums in Mexico

Rising above the lush green fairways of The San Carlos Golf & Country Club and overlooking the blue waters of the Sea of Cortez, San Carlos Bay Golf Towers offers luxurious condominium living in a distinctly resort-style environment. Features include spacious floor plans, private swimming pool, breathtaking views of the mountains and ocean, plus unmatched customer service. San Carlos Bay Golf Towers in Mexico is the only condominium project in San Carlos with secured indoor parking and an on-site water purification system so you hav bottled quality water throughout your entire suite. You’ll also receive a membership to the San Carlos Golf and Country Club at no additional charge. Built to US construction standards, San Carlos Bay Golf Towers are priced form the low $200,000s and available in a range of two and three bedroom floor plans. You’ll feel like your’e on vacation every day of the week. For more inforatmion, please call 780-434-4700 or email dennis@allstarsrealty.ca or visit www.sancarlosbaygolftowers.com.

Trepanier Manor Peachland Resort Homes

Trepanier Manor, the Okanagan’s only five-star, all inclusive private hotel with a separate premiere private residence collection, is located on a 25 acre estate in Peachland BC – at the very gateway to BC’s wine and lake country. Here you can setp outside your door and enter your own secret grotto garden at the Trepanier Manor Peachland, enjoy the many services and amenities of a luxury resort without the impersonal feel of staying in a hotel room, have your own chef prepare a romantic breakfast or gourmet dinner, or perhaps indulge in a massage in the privacy of your own home. Only 20 private, luxury residences are available at the Peachland Trepanier Manor resort homes and they are priced from $850,000 for a mountain and forest setting or from $1.1 million for superior lake view homes. Plans include three-bedroom duplex style homes situated around the village green. Trepanier Manor homes in Peachland frontage lots with stunning lake views and south facing country homes with lake and mountain views. The Trepanier Manor discovery centre is now open at the Hainle Winery. For more info, visit www.trepaniermanorhotel.com

Look What’s New in the BC Resorts Real Estate Market

Kelowna Terravita Private Enclave of Golf Residences – Summer 2009 Update

Private Okanagan golf residences in Kelowna resort real estate market are now going through a one day only sell-off of remaining units on July 25th, 2009 at 11am. Save from 20% to 35% off the original list price of these new private Okanagan golf residences in Kelowna Terravita resort homes development. Flexible occupancy dates are now available for these new homes that are completed and the one day event sell-off of these Okanagan golf homes in Kelowna Terravita will include a wide selection of one bedroom plus den to two bed and den suites. The floor plans at Terravita Okanagan golf homes for sale will range from nine hundred and sixty six to one thousand five hundred and fifty seven square feet in size. A sample of the new Okanagan golf suites for sale include Suite 304 (one bedroom and den in Building 1) that was $329,900 and is now listed at $229,900. Suite 312 at Terravita Kelowna golf residences is a two bedroom home in Building 4 and has been dropped to $249,900 from $364,900. The Building 2 Suite 206 is also a 2 bed resort Okanagan golf residence and is now $259,900 while Suite 101 at Terravita golf homes for sale in Building 3 is now $279,900 from $409,900. Visit terravitaliving.com for more information or call 250.768.7757 or 1.888.768.7752 to secure your VIP suite now so you don’t miss out. The Kelowna Terravita Okanagan golf resort residences Presentation Centre and Furnished Show Suite is open daily from noon to 5pm and Friday by appointment only. Ask the Terravita Resort sales representative for details. Prices at these Kelowna private enclave of Okanagan golf residences are subject to change without notice.

Great new pre-sales developments you haven’t discovered yet by Susan M. Boyce for BC Homes & Resorts published by www.HomeBase.ca.

Spirit Ridge Vineyard Resort & Spa Osoyoos Condominiums

Located on the shores of Lake Osoyoos amidst the Nk’Mip Cellars Winery vineyards and adjacent to Sonora Dunes Golf Resort and the Nk’Mip Cultural Centre, presales Osoyoos Spirit Ridge Vineyard Resort & Spa is the South Okanagan’s only four-star resort. Inspired by rich, warm colours of classic adobe architecture, pre-construction Spirit Ridge offers an extensive amenities package including three rooftop lounging terraces, two year round outdoor pools with hot tub, on site riding stable, and a variety of water sports equiprmnt from speed boats to kayaks. The Spirit Ridge Condominiums Vineyard Resort & Spa in Osoyoos Okanagan BC all homes are fully furnished – right downt to the corkscrew and patio barbeque. There is also an optional, professional managed rental program at the presales Osoyoos Spirit Ridge Vineyard Condos. The pre-sales Condominium suites at Spirit Ridge Osoyoos are priced from $67,000 (quarter fractional interest) or $271,000 (full interest). The pre-construction Spirit Ridge Vineyard Resort & Spa presentation centre is open 10am to 4pm daily at 1200 Rancher Creek Road in Osoyoos BC. For more information, call 1-877-313-9463 or visit on the web anytime at www.OwnSpiritRidge.ca. Other Lower Mainland and pre-construction real estate in Vancouver are located here.

Trumpeter Pointe Waterfront Lots in Duncan BC

Nestled on the south shores of Quamichan Lake, this lakeshore community of single family homes at pre-sales Trumpeter Pointe Duncan waterfront features sunny southern exposures plus lakefront residences, lake views, and mountain view homesites. presales Duncan custom homes are creafully located to maximize enjoyment of the surrounding natural beauty. Here you can watch swans and herons, stroll forested walking and wetland trails, or spend a lazy afternoon fishing for stocked rainbow and cutthroat trout –all this, yet your only minutes from city amenities. Trumpeter Pointe waterfront lots and pre-construction lakefront homes in Duncan BC offers 17 lakefront and 49 view lots all with careful attention paid to preserve and protect the habitat and ecosystem, as well as minimize the impact of storm water run-off and riparian zone disturbances. For more information about presales Duncan Trumpeter Swan lakefront homesites please call 250.748.8080 or 250.743.5151. You may also call toll free at 1-888-748-8088 or visit www.trumpeterpointe.ca.

Parksville Tanglewood Beach Homes and Vacation Residences

An intimate, year-round waterfront community adjacent to Rathtrevor Beach in Parksville BC, long considered the premier beach on the east coast of Vancouver Island – as well as to the 347 hectare Rathtrevor Park. Offering only pre-sales 46 beach homes at presales Tanglewood Parksville Beach and vAcation Homes, many with soaring two storey vaulted ceilings, pre-construction Tanglewood blends seaside tranquility with city-savvy sophistication. Features include large covered entry porch, nine-foot ceilings in bedrooms and bathrooms, clerestory windows strategically placed to maximize winter sunshine, two sided natural gas fireplace with built in bench, wood floors in main living areas and gourmet kitchens. The Parksville Tanglewood Beach homes are priced from $367,000. For more information about the Tanglewood Parksville vacation residences, please call 1-888-243-1071 or you can visit on the web anytime at www.tanglewoodbc.com.

Victoria Aquattro Condominiums and Townhomes in Colwood

After an official sod turning ceremony early this spring, presales Victoria’s Aquattro Condos is preparing for a June opening for their presentation centre located at Anchorage Avenue just off Lagoon Road in Colwood on Vancouver Island’s West Shore. Adjacent to the Esquimalt Lagoon near Victoria, pre-construction Aquattro Condominiums and townhomes is a master planned community featuring townhouses, low and mid rise condominiums plus tower residences. The real estate development at Colwood Aquattro Victoria condos will features ponds, protected waterfront, and a 22,000 square foot amenities building. Phase One Aquattro homes are expected to start in the high $700,000s. For more information, and to priority register for Aquattro Condos, visit www.aquattroliving.com.

Terra Vita Kelowna Condominiums

Located beside the Third Fairway at Shannon Golf Course on Kelowna’s Westside, Terra Vita Condos and residences is comprised of four low rise condominiums. These one bedroom with den, two bedroom and two bed plus den homes at Kelowna Westside Terra Vita real estate properties are finished to exceptionally high standards sure to appeal to the home buyers who insist on quality construction. A rock entry at pre-construction Kelowna Terra Vita condominiums on the Westside of the city gives this gated Okanagan community a dramatic sense of arrival and privacy. For more information about the presales Terra Vita condos in Kelowna BC and to priority register, please call Debbie Harding at 250.763.5703. Website coming soon at www.terravitaliving.com where you can find all the details pertaining to the official launch of the Terra Vita condominiums in Kelowna’s Westside.

Across Canada, real estate markets pause for a breather | Slowest in the West - BC Real Estate Snapshot

Housing: Bank of Canada seen as welcoming price moderation. Originally published in The Province newspaper and written by business reporter Jim Jamieson.

New house prices for real estate in Canada stayed the same from November to December – the first time in 6 ½ years that month-to-month prices didn’t rise, Statistics Canada said yesterday. They were also flat in Greater Vancouver, but real estate industry insiders don’t see the lull as a sign that the bubble in the real estate market is about to burst in the region’s red-hot market.

“We’re just taking a breather right now,” said Peter Simpson of the Greater Vancouver Home Builders Association. “It’s going to be more of a minor correction and a return to a more balanced real estate market.”

Simpson said his association is forecasting price increases of between seven and nine per cent in the Lower Mainland this year for new homes, from single-detached to multi-family real estate.

He said high land prices and real estate development costs combined with a possible interest-rate reduction may fuel more real estate activity. “A builder is like any other manufacturer,” he said. “Any extra costs they incur have to be passed along to the real estate buyer.”

StatsCan said Vancouver was one of six metropolitan areas that registered no monthly change. The others included Halifax, Charlottetown, Quebec, Montreal and Ottawa-Gatineau. Among those showing decreases were Victoria, which saw prices of real estate fall 0.4 per cent, and Calgary, where they dropped half a percentage point.

Vancouver last had a zero price increase for new houses in March 2006, but the last time it occurred for Canada as a whole was in June 2000.

With real estate prices of single-family detached homes straining affordability, buyers have increasingly migrated to multi-family property developments – whose real estate market segment has now doubled to about 80 per cent of new home sales.

Jason Craik of Mac Marketing Solutions, which markets multi-family projects in Vancouver, said he sees a levelling off in that segment, although circumstances can vary.

“Demand will be good, but I just don’t think you’ll see buildings selling out on weekends anymore,” he said. “I don’t think we’re going to see any crazy increases. “It’ll be four or five per cent. We’re into more of a normalized market situation in Vancouver real estate.”

Craik said affordability will be more of an issue, “which is why the government needs to be more creative in terms of density.”

Canada Mortgage and Housing Corp. reported that housing starts in the Vancouver area were up 22 per cent in January to 1,327 units, compared to the same month last year – including a 51- per cent increase in multi-family unit construction real estate and a 36 per cent decline in single-detached units.

Year over year, Vancouver prices were up 8.2 per cent – well below Calgary (up 42.2 per cent), followed by Edmonton (41.5) and Saskatoon (16.1). The moderation in new real estate housing prices should put less upward pressure on inflation in the coming months, analysts said.

That would be welcomed by the Bank of Canada, which has warned that soaring real estate housing prices, especially in Western Canada, are one of the major inflation threats.

jjamieson@png.canwest.com

Slowest in the West – BC Real Estate Snapshot

The average selling price for a home in B.C. went up a whopping 17.7 per cent in 2006, according to the Canadian Real Estate Association. The CREA says that rate will slow to 9.4 per cent this year and even further in 2008, when the rate of price increases in real estate will be lowest in Western Canada.

Average residential real estate selling price, forecast % change 2007-2008.

B.C. +6.1%
Alberta +7.2%
Saskatchewan +6.5%
Manitoba +7.7%
Ontario +3.1%
Quebec +3.3%
New Brunswick +2.7%
Nova Scotia +4.3%
P.E.I. +3.1%
Newfoundland +2.0%
Canada +4.8%

For more information about the Lower Mainland Vancouver property real estate market, click here.