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Media Coverage
Okotoks Western Wheel, April 8, 2009 Albertans not shying away from vacation homes
When foothills residents want to play in the snow, lie in the sun and soak in hot mineral water they head to the Columbia Valley. The flock of Albertans heading west to B.C. has dropped off since the real estate market took a tumble late last year. Despite the lukewarm real estate market developers of vacation properties in B.C. and Alberta are pressing forward. The British Columbia Real Estate Board's (BCREA) chief economist, Cameron Muir, said he expects vacation home sales to pick up soon. "The average sale price of a home in the province hit a 26-month low in November," said Muir. "The irony of markets is that there's no shortage of buyers when prices are near a peak and a scarcity of buyers when prices are near a trough." A BCREA survey showed that 61 per cent of investors considered vacation homes a better investment than stocks and bonds. An example of a development moving forward is Mountainside Ridge, a 56-lot development built on 1,500 acres of land in the Columbia Valley. The new mountainside community will be built alongside a $1 billion expansion of the area's resort community. Over the next 25 years Fairmont Resort is redesigning its hot springs pools, building a new village with expanded shopping and considering opening up another 700 vertical feet of skiing, accessible by gondola. The expansion and Mountainside Ridge were announced one year ago in the spring of 2008 just before the real-estate market crashed and the world economy took a tumble, but the developer remains optimistic that vacationers, retirees and those who want to live the quiet life will continue to come to the Columbia Valley looking for a place to live. Dan Oliver, a salesman for the new neighbourhood perched on a mountainside close to Fairmont Hot Springs, said the market slowed down nine months ago, but is picking up again now that housing prices and interest rates have dropped. "Our phone has been ringing," says Oliver. At Mountainside Ridge they are selling 1/3-acre lots starting at $170,000. Homeowners can design their own home, following guidelines that incorporate the natural setting. He said buyers in the Fairmont area are primarily from Alberta and typically live a three to four hour drive away from the resort. "Fairmont is an all-season playground," says Oliver. "We have everything - hot pools, ski hills, golf courses and there are a lot of great lakes right there. People who love to hike, they could spend a lifetime hiking and not hike the same trail twice." He said the appeal of vacation properties will keep them viable even with the downturn in the economy. "Recreation properties are always popular," says Oliver. "I learned that growing up in Ontario, where they have cottage country." Now that this country's baby boomers are heading into retirement vacation and second homes in desirable locations will continue to sell, he added. For additional information regarding the project, click on the logo:
Reprinted from Okotoks Western Wheel |
