“Okanagan's largest resort development to generate over $1.5 billion in economic activity,” declared the press release that arrived August 23, 2006, touting Lakestone, a venture of Vancouver-based 20/20 Group Inc.
Vineyards, a golf course, a marina and villas ranging in price from $700,000 to $1.8 million were planned for Lakestone, the latest vineyard-oriented project to be announced for the Okanagan. Concord Pacific's Greata Ranch Vineyard Estates in Peachland, Bellstar Hotels and Resorts Ltd.'s vision of a wine village in Oliver, and The Rise, a 735-acre development with 1,200 homes above Vernon, had led the way into a market where “cautious” never modified “optimism.”
“It takes individual elements that whole resorts have been built on and puts them together in one resort,” John Murphy, president of 20/20 at the time, said. “We've got water, wine and golf, all in one location.”
When the financial crisis hit in 2008, more than $50 million had been spent on the project. Twenty lots were serviced, 10 had sold, and 20/20 was on the hook to Royal Bank.
That's where Macdonald Development Corp. (MDC) stepped in.
“I suggested they just pay off their debt and hang on to the property,” said Rob Macdonald, president of MDC. “[20/20] just wanted to sell the property, so I ended up buying it for $16 million, which was the bank debt.”
The deal closed in 2011, and MDC set about reconfiguring the project, eliminating the golf course and vineyards, downsizing the marina and rearranging home sites across the 550-acre property. Project costs are now in the range of $1 billion.
Plans continue to include 1,365 homes, but, as planning documents note, “the allocation of densities on the site has changed to reflect current market and phasing considerations, while responding to detailed site planning and grading studies that place specific housing types on the most suitable pieces of land.”
Construction and sales resumed last year, with news voters had re-elected the BC Liberals.
“Right after the election, we moved forward with the hard construction and moved forward with the development full-tilt,” Macdonald said.
There are now 116 lots under development.
With momentum building behind the new incarnation of the project, MDC hosted a ceremony with Lake Country Mayor James Baker and Ron Cannan, member of Parliament for Kelowna-Lake Country, on June 20 to signal Lakestone's formal relaunch.
Positive momentum is also building in the province's hotel market.
Carrie Russell, managing director of hotel valuation and advisory firm HVS Canada, told a recent seminar the firm hosted in Vancouver that demand for rooms in Metro Vancouver was up 8.4% in the first quarter over the same period a year ago. Demand for Vancouver International Airportproperties rose 14%, making them tops in the country. The performance puts Metro Vancouver on track for a strong year after three years of lacklustre demand.
Credit rising demand to an influx of visitors from Asia, particularly China. The number of visitors from China was up 30% in the first quarter, while travel from Asia as a whole and the U.S. rose 7% and 4%, respectively.
Robert Pratt, president of Coast Hotels Ltd., said Vancouver is attractive to visitors from China because it's familiar yet far enough from China to have prestige. It also offers a blend of urban amenities and wilderness that Chinese travellers find attractive, because a range of experiences is offered in the single destination.
Canadian Tourism Commission numbers indicate the average Chinese traveller stays 14 nights and spends $1,853 per visit. The demand ultimately boosts the value of local hotel assets.
HVS expects per-room sale prices to increase 3% this year and next, and then jump 7% in 2016.
Within four hours and 20 minutes of this column hitting doorsteps last week, the province announced that municipalities won't lose property tax revenues from registeredmedical marijuana farms that locate off farmland. Beginning in 2015, the facilities will be taxed at the applicable rate – unless they're located on farmland, in which case they'll be taxed at commercial rates.
Marijuana production joins wine and cider production as well as sand and gravel extraction on the province's table of operations permitted on farmland that aren't taxed at farm rates.
**This article is written by Peter Mitham from Website: www.biv.com**
It’s not just the residential real estate market that continues to sizzle, the commercial property market continued its red hot pace in the last quarter.
“Those expecting the Canadian commercial real estate investment market to come off the boil will continue to wait,” says a new report from CBRE.
The real estate company said Friday investment volume reached a new first quarter record in 2014 and pension funds are leading the charge.
Investors bought $6.8-billion of Canadian commercial real estate in the first quarter, up 12.2% from the same period a year earlier. Some of the increase can be attributed to larger transactions that were finalized in the first quarter of 2014, including the approximate $500-million purchase of Toronto’s upscale Bayview Village mall which was first reported by The Financial Post.
“Each distinct investment cycle is unique and this current cycle stands out for its resilience,” said John O’Bryan, chairman of CBRE, in a statement. “The purchaser profile has varied significantly over the past year. REITs were dominant initially, only to have private buyers come to the forefront and now pension funds are moving into an increasingly dominant position.”
He says pension funds are expected to become increasingly aggressive as they allocate even more money for real estate driven by access to cheap capital.
Pension funds accounted for 33.7% of total investment activity in the first quarter, just behind private investors who usually are responsible for about 45% of activity. The REITs were down to about 11.4% of activity in the first quarter.
“When you can buy commercial real estate for almost the same price as building it new, there is some hesitation and more financial scrutiny; however, pension funds and other investors are in need of income producing investments and by most metrics, commercial real estatehas a very strong track record over the past decade,” said Ross Moore, director of research, in the release.
Office buildings have been the main driver of deals, accounting for just over $2-billion of activity in the first quarter. Retail investment was about $1.9-billion for the quarter followed by land purchases at $1.27-billion.
Eastern Canada also drove the market with investment activity $3.6-billion in Toronto and $1.1-billion in Montreal.
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梁國權是加拿大西岸最成功的房地產顧問之一。 他屬於Re/Max ，該公司是北美房地產顧問公司界的翹楚。25年的商業房地產買賣經驗及誠懇、踏實的工作態度，加上能操流利廣東話， 上海話， 普通話和英語，使他獲獎無數，成就非凡。以往的不提，2011年， 他在Re/Max 加拿大的所有房地產經紀中排名第五， 在全球e/Max排名第9。 最近，由於他在2013年商業房地產的買賣工作上表現出眾而獲得了在加拿大西岸第4名的獎項。這些 獎項，直接見證了顧客對梁先生的專業及個人的 肯定及認同。
梁先生過去的房地產經驗牽涉到各種不同類型物業的買賣， 包括在大溫地區的土地開發、 零售物業、 購物中心大樓、 酒店、農地及度假別墅等。他可以很稱職地從多方面協助顧客，例如租賃、 商業買賣、 合資、融資等。
梁先生不單是一位房地產經紀， 他多次在報紙上刊登關於房地產投資題材的文章。 對於未來的發展趨勢，他以特殊的而可靠的計算技巧， 從而對物業的市場價值和投資項目的利潤潛力作出非常準確的評估。多年來，由於他建立了良好信譽及廣闊的人脈，所以能在為客戶的談判中有一定的發言份量及影響力。
加拿大政府在2014 年2月11日下午宣布了2014年度财政预算案，建议一刀切取消投资移民与企业移民类别， 有报道说大约九成申请来自中国内地，勢必對大溫房地產造成重大影響。梁先生認為，長遠來說， 溫哥華的房地產市場不會由於新政策的出現而受到不良的影響。第一，溫哥華是全球最適宜人類居住的國際都市之一， 但是它的房地產價格還是在國際水平上偏低，絕對沒有泡沫。 第二，加拿大有穩定安全的金融體制，各大銀行机构的贷款利息远远低于亚洲国家， 给投资者的融资带来了很大的方便。第三，加元贬值，人民币升值，中国投资者的资金價值實質上膨胀了。第四， 政府計劃引進對加拿大經濟更有利的移民群體。 除了各省政府的省提名移民項目繼續生效之外，聯邦政府目前正着手推出两个新项目以取代被腰砍的投资和企业家移民项目，包括投资移民风险投资基金(Immigrant Investor Venture Capital Fund) 和商业技术项目。
这些新的移民项目将会为大温地区的商业房地產带来新的生机。因为接管本地的退休生意成了这一批梦想要移民的家庭的唯一出路。 有很多生意都超過200万加元，有一定的风险， 投资者需要全身心地投入，符合移民项目的要求。投资者经营的生意为本地带来就业机会，为政府带来税收，创造生产力。也有机会引进或融合外国的技术，得以作出对生产的改良和创新等。 这项 移民计划，将会为加拿大的经济带来积极的影响。
最後， 由於最新超級簽證的推出， 大量的投資者可以很容易地進入加拿大長期居留， 最長達9 年。 即使他們不移民，也能夠實現投資和定居加拿大夢想。最重要的一點是，加拿大歡迎不同國籍人士的投資，沒有任何歧視。所以移民政策不會對房地產投資帶來任何負面影響。
Excellent Development Property! Private 9.994 Acres land located at 24th Ave and 161St in Grandview, a prosperous neighborhood with dense commercial units and plenty of community facilities, such as schools, parks, large shopping centers and famous restaurants. All within walking distance. Easy access to White Rock and the United States boarder through highway 99 (exit 8A). Among the dense residential area, this property is currently a nursery operated by Japan Bonsai Garden Art who can move out anytime. The adjacent acreage site to its east will be developed into a townhouse complex with over 200 units. A new Super Store is being built at its adjacent lot to its west. All city services are available nearby. This property is supported by the most updated NCP to rezone to the Multiple Residential Use which allows 30-45 units per acre. It has the potential to build apartment buildings on this property. Don't miss this opportunity!
Address:16172 24th, Surrey, BC
Legal: PL 5524 LT 3 LD 36 SEC 13 TWP 1 Part NW 1/4, Mfg Home Reg. #96732
Zoning: One Acre Residential Zone
Lot Size: 9.994 Acres (approx. 340 SF X 1295 SF)
Gross Tax (2012):$1870.94