A 48-berth marina designed for owners of luxury yachts should be open for business in Victoria's Inner Harbour by this time next year. Alberta based Western Asset management Development Group is developing the $20 million marina which is designed for yachts between 65-140 feet long. The marina is being built partly in response to an increase in these types of yachts being built (770 last year alone). Developers of the project expect some of the owners to be from Victoria but many international "mega-yacht" owners as well as Victoria is increasingly becoming a real estate haven for the ultra-rich. Some approvals are still pending on the project including a provincial water lease.
Reading the papers lately, I have noticed several articles regarding CMHC forecasts of lower housing starts across Canada by the end of 2008 and into 2009. Although BC bucked this trend for the first 3 months of the year, it seems the housing market may finally be beginning to balance after yearsof a frenetic pace, multiple offers and lines of buyers waiting to buy new condos.
In Vancouver, the listings inventory has spiked in the last few weeks and hearsay from our member real estate agents across BC is that the market is more balanced than in the last few years allowing buyers to chose a home more carefully. Don't get me wrong, I still hear about the occasional bidding war and multiple offers for the right property (and price)-it just seems that this is becoming less common than it was in 2004, when my husband and I sold our Vancouver house in one day for $30, 000 over asking (common in our neighbourhood at the time)-ah, those were the days (for sellers anyways!).
The news is good for both buyers and sellers. If your home is attractive, well built and properly priced, it should sell at market value (which is much more than it would have been worth at the beginning of this real estate wave). If it needs some work, don't get too greedy and be prepared to price it appropriately (you should still be way ahead of your profit margin a few years back). If you are buying and are not in a rush, take some time to determine exactly what you want. If find what you are looking for at the right price then make an offer. The nice thing about this market is that it might not have to be a "no subjects, cash" offer to get the deal.
If you've been keeping up with the news lately, you've no doubt noticed some articles about the development planned for the mouth of the Adams River. The project, proposed by the New Futures Building Group, was to include 218 year-round residences, a 160-berth marina and commercial space. Due to its location at the mouth of the river, famous for its salmon run, it faced by strong opposition from the Shuswap Environmental Action society who believe it will pose a threat to the salmon run.
In light of the opposition, developers agreed to completely remove the marina from their plans and also lowered the height of the planned commercial space from 16 metres to 11.5 metres ; however, opponents would like to see the entire project cancelled and the land be made into parkland.
Meanwhile, in the Lower Mainland, the city of Chilliwack made a move to extend its boundaries to the area surrounding Cultus Lake and caused an issue with local native bands who claim that any change in title to the lands should result in the land going to them first. The developed land around the lake, which currently includes waterfront homes, marinas and a water slide park is currently leased from the City under renewable leases. When the amalgamation with Chilliwack was proposed, some owners of these homes and businesses suggested having the option to buy their titles which started the controversy.
Although City officials claim there are no plans to allow owners to purchase their titles, native leaders are preparing an application under the federal government's new claim policy.
So what does this all mean? Native land claims and environmental concerns have been the cause of controversy in B.C. for many years. For developers, research and due diligence when purchasing property and planning is of the utmost importance here. Ensuring that you have resolved any potential issues with local First Nations and that your development is designed in an environmentally friendly manner prior to making your applications will hopefully help you to sail through the process trouble free.
