dHzmedia

On the slopes of Mount Washington on Vancouver Island, engineers are staking the ground for the second phase of Beaufort Heights, a 150-lot alpine development.

On the shores of Cowichan Lake, the 75-lot Creekside lakefront development has sold out, and more properties will soon be up for sale.

To the east, on the island's coast, surrounding the greens of the new Greg Norman-designed golf course, the Cliffs Over Maple Bay development has also sold out its initial phase lots, and is now offering Phase 2 properties.

These three developments are part of an increase in recreational real estate developments throughout Vancouver Island that real estate and tourism experts say is being fed by an aging but active baby boomer population.

"The boomers are driving the economy, so to speak, and they're all at the point where they're looking for these recreational activities," said Ross McKeever, a real estate broker at Colliers International in Victoria.

McKeever said that its local developers, such as the Limona Group, which owns the Creekside development, and off-island developers that are scooping up swaths of lands.

According to its website, the Limona Group sold the last four homes in its initial phase development at Creekside for between $399,000 and $729,000.

Mike Klein is head of resort development at Mount Washington and said Phase 1 alpine lots at Beaufort Heights sold out quickly, for about $90,000 each. He said Phase 2 lots are the same size as the older lots, but high demand has allowed the resort, in a partnership with Victoria-based developer LeFevre and Co., to boost the price to between $115,000 and $118,000 per lot.

The Comox Valley has seen lot values increase by 23% since last February, with condo prices increasing by 41% in the same time period, according to the Vancouver Island Real Estate Board.

WestJet began regular scheduled flights to Comox in 2001. The flights have helped turn the area into a accessible vacation destination in recent years, said, said Dave Petryk, president and CEO of Tourism Vancouver Island.

Both McKeever and Petryk said that the island is experiencing an influx of Albertans partly because of the WestJet service.

"Some of them are buying time-share type properties that they can visit in their off-times, but use in the end as retirement properties," he said.

According to Tourism Vancouver Island, 21% of inquiries about golf on the island were from Albertans, followed by 13% from Californians and 8% from British Columbians.

On the west coast of the island near Port Renfrew, Wyndansea Golf Oceanfront golf resort is currently under construction. The resort will include the 18-hole Jack Nicklaus signature golf course and an enclave of 30 oceanfront and semi-oceanfront lots that vary in size from a half to three-quarters of an acre.

Over the next five years, the resort plans further residential lot development. Developer Marine Drive Properties values the entire project, which will also include an additional condo-hotel, at $650 million.

Bear Mountain Resort opened near Victoria in 2003. The resort includes Vancouver Island's original Nicklaus-designed golf course and is now selling Phase 2 lots, homes and condos.

The development set real estate sales records in its opening days on the market last November, and plans to open a second golf course at the resort in 2008.

Petryk said that its not only golf and skiing attracting visitors.

In a Vancouver Island survey, visitors to the island were drawn to activities such as marine wildlife watching, hiking and walking tours, as well as visiting museums and wineries.

"Mountain biking seems to be the one that's taken off the most," said Klein, regarding summer recreation at Mt. Washington resort.

For additional information regarding the project, click on the logo:

Reprinted from Business in Vancouver
To view Business in Vancouver online click here