DOCSLIB.ORG

Nanaimo Bucks Headwinds Stephen Rae Western Investor

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Nanaimo Bucks Headwinds Stephen Rae Western Investor AS SEEN IN THE WESTERN INVESTOR/JUNE 2009 COVER Harbour city benefits from migration, real estate revival and multimillion-dollar public projects Nanaimo bucks headwinds STEPHEN RAE WESTERN INVESTOR he Nanaimo residential real estate market continued gaining momen- tum after a first quarter that was not Tgreat but much better than many other areas of the country and the Island, according to industry experts. “I personally have not been as busy any time in the last couple years as I am right now,” said Jim Stewart of Coast Realty Group. “Interest rates, the way they are now, are an encouraging sign.” Stewart said the main engine driving the market through spring was the lower price point segment, with units priced $300,000 or less showing real sales strength. “That is an incredibly busy segment of the Gorman Toby Photo: market,” Stewart said. “We are seeing a lot of Right: John Nguyen proposes a $10 mil- first-time buyers. So prices have to be realistic. lion hotel/condo and restaurant complex If you’re putting it on the market and it’s over- at his Palms Harbourside project on the priced, you’re not going to get any action.” Nanaimo waterfront. Above: The Nanaimo He believes Nanaimo continues to be in the General Hospital is undergoing $46.3 same “bubble” that has historically benefited million in expansion and improvements. many areas of southern Vancouver Island, the Inset shows improvements by Houle locales of which have become another word Electric. for retirement. “People from the rest of Canada are still 28 per cent ($168,972). moving here to retire,” Stewart said. “Some are “We continue to be cautiously optimistic buying and writing a cheque for the house.” moving forward, [on the Nanaimo market]” The Nanaimo market did show relative said Ray Francis of Comox’s Coast Group stability in the first quarter of the year, how- and president of the VIREB. Association Construction Regional Vancouver Photo: ever, compared with some other Vancouver Island zones. For the three months ending Government cash in April, average sales prices dropped just 3 Several government cash infusion announce- per cent compared with the same period in ments targeting the Nanaimo region prior to 2008, according to figures compiled by the the May 12 provincial election helped boost Vancouver Island Real Estate Board. market confidence, according to Stewart. The average sale price of a Nanaimo unit in The major economic news came in the form the first quarter was $334,324. Neighbouring of a $46.3 million project for expansion and Parksville and Qualicum Beach, with the high- improvements to the Nanaimo Regional est average ages of residents in the entire coun- General Hospital, to be started in June. $36.9 try according to Statistics Canada, actually million of the total will be used to expand the recorded an increase of 3 per cent during the current 963-square-metre emergency depart- period, sending the price to $379,072. ment to 2,300 square metres. Also, the number All other zones in the VIREB region record- of treatment rooms will be boosted from 24 to ed declines with the Comox Valley down 11 41. The province’s share of these costs was per cent ($301,478), Campbell River down $20.1 million. 21 per cent ($262,958), the Cowichan Valley Work was scheduled to start in July on a $9.4 down 13 per cent ($345,532) and Port Alberni million renal dialysis centre. Costs will be split WESTERN INVESTOR: 1-800-661-6988 AS SEEN IN THE WESTERN INVESTOR/JUNE 2009 60/40 between the province and the Nanaimo navigational instruments to allow planes to Regional Hospital District. The first phase land in inclement weather. Quick facts of this portion of the project was completed in 2008 and cost $4.3 million to prepare the site Bullish on the future for centre completion. Once this project is completed, Nanaimo will BRITISH COLUMBIA Local, provincial and federal governments be well positioned to handle larger aircraft. A also announced funding for a new Nanaimo key to real estate market growth in the Comox- Port Hardy $45 million water treatment plant, after Courtenay area has been the ability of the improvements were ordered by the Vancouver Comox airport to handle larger planes. That 19 Powell River Island Health Authority. The feds and prov- has meant the area was a relatively short flight Campbell River ince jointly contributed about $18 million of for Calgary real estate investors. Courtenay Vancouver the total. That left $27 million to be picked The province also made a $5 million invest- VANCOUVER ISLAND up locally. ment in the Port of Nanaimo Centre, to help NANAIMO ✪ The project will cause, therefore, increases “green” the facility. Also starting in June 19 to development costs in Nanaimo. An increased is a $1.5 million upgrade to the Nanaimo municipal tax will be levied on new develop- Correctional Centre. ments, raising the price of a new home by an One person putting his money on the line Nanaimo, B.C. estimated $13,787. The good news for devel- and betting on the future of Nanaimo is devel- Population 84,000 opers in this is that construction is not expected oper John Nguyen, who one year ago pur- Average detached house price $334,324 to start on the project for another four years. chased 5.2 acres of waterfront property and Major employers Government, service, At the end of February, the province a marina adjoining the Nanaimo downtown fishing, construction, tourism announced an investment of $6 million for the area. Building permits 170 issued in first Nanaimo Airport to extend its main runway The Stewart Avenue property, several kilo- quarter 2009 by 480 metres. The money will also be used for metres from the Departure Bay Ferry Terminal, high intensity runway lighting and improved had been used as a boat storage facility. Now he will use the money for the next phases of it is the location of a $10 million long-term the development. development project that Nguyen envisages The proposed condo/hotel would have units will include a four-storey 24-unit condo/hotel, ranging from 900 to 1,200 square feet. Three a restaurant and a spa. on the upper floor would be penthouses. Nguyen said he has already spent $2 million Whole unit prices would range from on the Palms Harbourside Marina project, $350,000 to $500,000, with 25 per cent frac- including significant upgrades on the water. tional shares to be offered. When fractional “I rebuilt the whole marina from scratch owners are not using their units, they can be and brought it to a certain standard and code,” entered into a pool rented out as a hotel rooms, Nguyen said. His first phase, starting in June, Nguyen said. will offer long-term leases on the 66 boat slips Retailers also appear optimistic, seen for in the marina. example in the just-started construction of a For $49,900, a boat owner would get a new speciality liquor store – the Cask & Keg. 25-year lease on a slip, which is well below Cambie Malone Group of Vancouver are market value if one were paying annually for a building the 7,200-square-foot outlet at the rented slip for a 46-foot vessel, Nguyen said. Country Club Centre on the Island Highway, Once the slip leases are sold, Nguyen said and are planning to toast a fall opening.u WESTERN INVESTOR: 1-800-661-6988.
Load more

Recommended publications
  • NEWS RELEASE for Immediate Release Ministry of Citizens' Services 2021CITZ0046-001542 Aug
    NEWS RELEASE For Immediate Release Ministry of Citizens' Services 2021CITZ0046-001542 Aug. 5, 2021 Faster internet for Denman and Hornby islands VICTORIA ʹFaster, more reliable internet is coming to people on Denman and Hornby islands as the Connecting British Columbia program continues its work to bring world-class connectivity to rural communities on the coast. ͞We are moving toward a future where people in communities up and down the coast have the same level of internet services being offered in urban centres like Vancouver and Victoria,͟said Lisa Beare, Minister of Citizens͛Services. ͞Upgrading the networks on Hornby and Denman will boost the performance of internet access this year and prepare the islands to be connected to the high-performance Connected Coast network.͟ People on Denman and Hornby islands will soon be able to enjoy improved internet performance thanks to two projects supported by the Connecting British Columbia program. CityWest will receive up to $3.26 million from the program to upgrade services on Denman Island and up to $2.38 million for its work on Hornby Island, helping to ensure people in these communities have the internet access they need well into the future. ͞While in-person connections are at the heart of our home support, outreach and family support services, we rely on the internet to make this work possible,͟said Lori Nawrot, executive director, Hornby and Denman Community Health Care Society. ͞Our staff often work in isolation in empty or marginal pockets of internet and cellular reception. Improved service will make our jobs safer and expand our options for online training and certification, crucial for the recruitment of new staff.͟ More than 1,350 households will begin to see improvements through these projects, with reliable, high-speed internet coming with the Connected Coast project.
    [Show full text]
  • International Cooperation in Small Cities: New Directions and Innovative Local Practices in British Columbia
    International Cooperation in Small Cities: New Directions and Innovative Local Practices in British Columbia Prepared by Laura Barluzzi and Deborah Glaser, British Columbia Council for International Cooperation and Dr. Julie Drolet, University of Calgary August 2016 Funded by the International Development Research Centre, IDRC Project Number - Component Number (if applicable): 107467-00020199-038 Disseminated under Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) This report is presented as received from project recipient. It has not been subjected to peer review or other review processes. This work is used with the permission of BCCIC. © Copyright 2016, BCCIC. 1 ACKNOWLEDGEMENTS We would like to acknowledge the important contributions of Shams Alibhai, former Executive Director, and Lynn Slobogian, former Program Officer, of the British Columbia Council of International Cooperation (BCCIC) in Vancouver, BC, Dr. Julie Drolet, of the University of Calgary, and Colleen Hanley, of the Comox Valley Global Awareness Society, in the development of the research proposal. Both Shams and Lynn were instrumental in the establishment of BCCIC’s regional networks and relationships. Since the launch of the research project, Michael Simpson, Executive Director, Jennifer Faith Boundy, Laura Barluzzi, and Deborah Glaser of BCCIC have led the project investigation team at BCCIC in various stages. The members of BCCIC’s regional networks in the Comox Valley (Vancouver Island), Nelson (the Kootenays), and Prince George (Northern BC) are acknowledged for their strong support for the development and completion of this research project. A representative of each network participated in the project’s steering committee, to guide and to inform the project.
    [Show full text]
  • East Kootenay Cover Images Courtesy of Picture BC
    McCreary Centre Society Results of the 2013 BC Adolescent Health Survey East Kootenay Cover images courtesy of Picture BC, www.picturebc.ca. East Kootenay RESULTS OF THE 2013 BC ADOLESCENT HEALTH SURVEY Copyright: McCreary Centre Society, 2015 McCreary Centre Society is a non-government not-for- ISBN: 978-1-926675-35-0 profit committed to improving the health of BC youth through research and community-based projects. McCreary Centre Society Founded in 1977, the Society sponsors and promotes 3552 East Hastings Street a wide range of activities and research to identify and Vancouver, BC, V5K 2A7 address the health needs of young people in the province. Copies of this report are available at www.mcs.bc.ca Youth health • Youth research • Youth engagement For enquiries, please email [email protected] Follow us on Twitter @mccrearycentre McCreary team Annie Smith Executive Director Elizabeth Saewyc Research Director Duncan Stewart BC AHS Coordinator/Research Associate Maya Peled Research Associate Colleen Poon Research Associate Stephanie Martin Graphic Design/Community & Communications Manager Kate Kovaleva Research Assistant Preeti Prasad Research Assistant Brynn Warren Research Assistant Ange Cullen Research Assistant Annalise Zwack Administrative Assistant Alexandra Young Report Layout Acknowledgements Statistical weighting and expertise provided by Rita Green. Funding for the 2013 BC Adolescent Health Survey was pro- vided by BC Ministry of Children and Family Development, BC Ministry of Health, and BC Office of the Representative for Children and Youth. Sincere thanks are due to all the students who participated in the 2013 BC Adolescent Health Survey. This study was approved by the Behavioural Research Ethics Board, University of British We are also indebted to the following East Kootenay coordi- Columbia, #H12-02630.
    [Show full text]
  • Coastal Invasive Plant Management Strategy ______
    Coastal Invasive Plant Management Strategy Prepared by Brian Wikeem, P.Ag. and Sandra Wikeem Solterra Resources Inc . June 30, 2010 ACKNOWLEDGEMENTS The BC Agricultural Research and Development Corporation and the BC Ministry of Transportation and Infrastructure are gratefully acknowledged for financial support for this project. In-kind support was also provided by the BC Ministry of Agriculture and Lands, BC Ministry of Environment, and the BC Ministry of Forests and Range. The members of the Coastal Invasive Plant Committee board of directors including Becky Brown, Glenda Barr, Zak Henderson, Michele Jones, Rob Lawrence, Kate Miller, June Pretzer, Valentin Schaefer, and Ernie Sellentin are thanked for their contributions to this report. Lynn Atwood, past Program Coordinator, is thanked for providing unpublished reports that furnished background information. Jeff Hallworth and Melissa Noel are especially acknowledged for collecting material, reviewing drafts of the report, and overall support. Coastal Invasive Plant Management Strategy ___________________________________________________________________________ EXECUTIVE SUMMARY Invasive plants have been a problem in Coastal British Columbia (BC) since earliest European settlement but little has been done to control these species until recently. The Coastal Invasive Plant Committee (CIPC) was formed in 2005 to service Vancouver Island and surrounding coastal communities. The committee consists of public and private sector groups, First Nations, industry, utilities, and conservation groups that share a common interest in promoting coordination and cooperation to manage invasive plants in the region. The CIPC area covers approximately 60,000 km 2 including Vancouver Island, mainland coast and Gulf Islands; and consists of eight regional districts, 34 municipalities, 15 Gulf Islands, and 57 First Nations.
    [Show full text]
  • Community Climate Action Plan
    Our Kelowna as We Take Action Kelowna’s Community Climate Action Plan June 2018 kelowna.ca/imaginenext CITY OF KELOWNA Our Kelowna as We Take Action Letter from the Future May, 2040 I’m writing this to you as I watch the spring rains that have been pouring out of the sky for the last three days. This is pretty normal for this time of year, but I find myself thinking about how, 22 years ago when I was a kid, this kind of weather seemed so unusual. I remember waking up one May day in 2017 to find our house surrounded by water while my parents were trying to keep it out of our basement. The news that night said the flooding was a “once in a 200-year event.” These days, though, it seems like we’re getting these kinds of major weather events every few years. Our winters are shorter with less snow, and followed by incredibly wet springs with hotter, drier summers and more wildfires and pest problems than before. But thankfully, a lot of improvements have been made over the last 20 years and we’re better able to cope with them. One of the noticeable shifts is how we use our land. Much of Kelowna’s growth over the last 20 years has been concentrated in our five urban centres. This has created compact neighbourhoods with great mixes of residential, commercial and recreation space. People don’t have to travel long distances to go between the places where they live, work, shop and play so it’s a lot easier to get around by walking, biking or transit than it was when I was a kid.
    [Show full text]
  • Brooklyn Creek Demonstration Application in the Comox Valley
    Assessing the Worth of Ecological Services Using the Ecological Accounting Process for Watershed Assessment Brooklyn Creek Demonstration Application in the Comox Valley September 2018 The Ecological Accounting Process (EAP) is a program deliverable for “Sustainable Watershed Systems, through Asset Management”, Georgia Basin Inter-Regional Education Initiative What the Reader Will Learn Readers will find in this report a demonstration of the Ecological Accounting Process (EAP) as it was applied to the Brooklyn Creek watershed in the Comox Valley on Vancouver Island. Brooklyn Creek is a small creekshed whose hydrology and ecological services have been altered and degraded by decades of land use impacts. Of three local governments with management authority over land use and conservation in the creekshed, only the Town of Comox has acted strategically for more than a decade to maintain (prevent degradation) and manage (enhance) the stream corridor and the available ecological services. The report offers three big ideas. The first is that local government, First Nations, and community, businesses and other stakeholders have divergent views about what the ecological services of the creekshed may be worth. The Town’s actions through the parks, public works and planning departments in concert with the Brooklyn Creek Watershed Society reflect that these stakeholders understand the worth (value in use) of the package of ecological services provided by the creekshed: They appreciate the insoluble connection between the condition of entire creekshed hydrology and the extent of ecological services available in their catchment. This realization has led to investment of more than $4 million to acquire, maintain and manage lands harbouring ecological systems and aesthetically- connected parks, greenways, trails and other recreational assets.
    [Show full text]
  • Survey of BC Galleries, 2015
    Survey of BC Art Galleries ‐ 2015 The Reach Gallery and Museum is a The Campbell River and District Art The Chilliwack Art Gallery is located The Comox Valley Art Gallery is located Coqutlam's public art gallery is included Greater Vernon's public art gallery is The Kamloops public art gallery is a The Kelowna Art Gallery is a Canadian The Langford public art gallery serves purpose‐built facility that is operated by Gallery is located in a Centennial within the Chilliwack Cultural Centre, in a repurposed fire hall. in the Evergreen Cultural Centre, in located in a repurposed retail space purpose‐built facility constructed in public art gallery located in Kelowna, the communities of Langord, Colwood a Society under a fee for service building that was purpose‐built for a which also includes two unique addition to: a rehearsal studio; meeting beneath a City‐owned parkade. 1998. British Columbia founded in 1976. The and View Royal. It is currently located agreement with the City of Abbotsford. museum. The building is now occupied performance venues, music instruction rooms; and a 250‐seat, flexible black gallery has become a leading public art in a heritage building just outside of The Reach is 20,000 square feet in size. by both the art gallery and the studios, arts and crafts studios, meeting box theatre. The theatre offers both gallery serving the central Okanagan town, however the Coastal Collective communities visitors centre. rooms and offices, and is the new home traditional proscenium‐style seating, as region. The gallery was incorporated as has chosen to move to a new, purpose‐ The building features a 6,100 square to the Chilliwack Academy of Music.
    [Show full text]
  • Okanagan Cover Images Courtesy of Picture BC
    McCreary Centre Society Results of the 2013 BC Adolescent Health Survey Okanagan Cover images courtesy of Picture BC, www.picturebc.ca. Okanagan RESULTS OF THE 2013 BC ADOLESCENT HEALTH SURVEY Copyright: McCreary Centre Society, 2014 McCreary Centre Society is a non-government ISBN: 978-1-926675-32-9 not-for-profit committed to improving the health of BC youth through research and community-based McCreary Centre Society projects. Founded in 1977, the Society sponsors and 3552 East Hastings Street promotes a wide range of activities and research Vancouver, BC V5K 2A7 to identify and address the health needs of young people in the province. Copies of this report are available at www.mcs.bc.ca For enquiries, please email [email protected] Youth health • Youth research • Youth engagement Follow us on Twitter @mccrearycentre McCreary team Annie Smith Executive Director Elizabeth Saewyc Research Director Duncan Stewart BC AHS Coordinator/Research Associate Maya Peled Research Associate Colleen Poon Research Associate Stephanie Martin Community & Communications Manager/Graphic Design Kate Kovaleva Research Assistant Preeti Prasad Research Assistant Brynn Warren Research Assistant Ange Cullen Research Assistant Annalise Zwack Administrative Assistant Acknowledgements Statistical weighting and expertise provided by Rita Green. This study was approved by the Behavioural Research Ethics Board, University of British Funding for the 2013 BC Adolescent Health Survey Columbia, #H12-02630. was provided by BC Ministry of Children and Family Development, BC Ministry of Health, and BC Office of the Representative for Children and Youth. Sincere thanks are due to all the students who participated CIT ATION in the 2013 BC Adolescent Health Survey.
    [Show full text]
  • Sustainability
    Sustainability Trends in British Columbia’s Population Size and Distribution Population growth in British Columbia is among the fastest in Canada.1 As the number of people living in the province increases so does pressure on the environment – for example, through land use changes, increasing water demand, waste production, or emissions of pollutants. This indicator reports on the status and trends in British Columbia’s population size and distribution for the province and among regional districts. • British Columbia’s population has increased continuously in the last century. There were an estimated 4.7 million people living in British Columbia as of 2015. • The majority of British Columbians live in the Greater Vancouver Regional District. The 2015 estimated population size for Greater Vancouver is more than 2.5 million people. The second largest population, at around 400,000 people, falls within the Capital Regional District. The third and fourth largest populations in B.C. are in the Fraser Valley and the Central Okanagan Regional Districts. • Regional population sizes have increased in southern B.C. The Central Okanagan has seen the largest recent increase in population size – the population more than doubled from 1986 to 2015. • Regional population sizes have decreased in the northwestern B.C. The Stikine has seen the largest recent decrease in population size, with the 2015 population approximately half what it was in 1986. Population sizes in regional districts in central British Columbia, including Cariboo and Fraser-Fort George, experienced almost no change in estimated population size since 1986. ✶ Long-term Change in British Columbia’s Population Size (1867-2015) 5 When British Columbia joined Canada in 1871, the population was estimated to be about 40,000 people.
    [Show full text]
  • Property Information Package
    Rare Private Oceanfront Property Information Package Maris Estates Lot 3 & 4 Eagles Drive, Courtenay, BC Mark Lester Dave Procter FRI Personal Real Estate Corporation Broker Owner Senior Vice President Realtor 604 692 1409 604 218 6814 [email protected] [email protected] Accelerating success. The properties offer outstanding northeasterly views over the Georgia Strait, BC’s upper Sunshine Coast, coastal mountains and Mitlenatch Island Nature Marine Park which is only 7 nautical miles away. Introduction Maris Estates Colliers International and Re/Max Ocean Pacific Realty are pleased to present the sale offering of two outstanding oceanfront acreages in the Comox Valley area of Vancouver Island. Located just about 20 minutes north of Courtney and the Town of Comox near the rural community of Merville, the Maris Estates lands consist of two, 20 acre properties with over 2650 feet of cumulative lineal ocean frontage and offering walk-on, private beach frontage, mature forests and upper elevations that provide for some of the most breathtaking views of the Strait of Georgia and the Coast Mountains in the distance. The Comox Valley is a diverse area on the eastern shores of Vancouver Island. It is known for its central location, being only about 1.25 hours north of Nanaimo, its laid back and low-key lifestyle, its spectacular beauty, and its endless recreational amenities. This is an area that incorporates a rural lifestyle, an agricultural breadbasket, a rich cultural fabric and Vancouver Island’s best proximity to the mountains and the sea. The Maris Estates Lands represent an excellent opportunity for one or two discerning purchasers to invest in this growing and vibrant part of Vancouver Island.
    [Show full text]
  • One Spot Trail Brochure
    THE TRAIL e Comox Valley owes much of its history and development to the logging industry that operated in the area in the early 20th century. e One Spot Trail is built upon the old Comox logging grade that ran from Headquar- ters to Royston. Stroll or ride along this historic trail and take a step back in e “One Spot” locomotive loaded with logs circa 1919. time to learn about the history of logging in the (Vancouver Public Library, 6044 - e Frank Leonard Collection) SAFETY & TRAIL ETIQUETTE Comox Valley. Observe the present day ecology of • Dogs must be leashed at all times. the second growth forests and the area’s productive HISTORY • Do not let your pet harass wildlife or livestock. agricultural lands. e One-Spot Trail is located on the former main • Expect bears in the area and horses on the trail. e One Spot Trail was built primarily for horseback line railway grade of the Comox Logging and riding. ere are a few sections with packed gravel, Railway Company. eir rst locomotive, the • Please respect agricultural operations and “One-Spot”, was a wood burning Baldwin engine, private property along the trail. but much of the trail has a dirt surface. Walking, One Spot Trail cycling and horseback riding are all permitted. Please built in 1909. • is is a multi use trail; please respect other users. exercise proper trail etiquette. Bikers should call out e steam engine was used to transport timber from to hikers and equestrians to warn them of their the various logging camps located upstream from approach.
    [Show full text]
  • Comox Valley Agricultural Plan: Phase 1: Report 1 - History and Resources
    Comox Valley Agricultural Plan: Phase 1: Report 1 - History and Resources “Close to Home” Prepared for: December 16, 2001 (Updated July 28, 2002) Prepared by: Qu’West Consulting Services From the Ground Up GroundWorks Strategic Marketing Solutions George Penfold , MCIP Gary Rolston P.Ag. Paul Guiton Comox Valley Agricultural Plan Phase 1: History and Resources Table of Contents Table of Contents .................................................................................................................. i 1. INTRODUCTION ..........................................................................................1 1.1 Background: Agriculture in BC and Canada......................................................1 Table 1: B.C. Agriculture, Fish and Food Trade Balance ($million)................................1 1.2 Goals and Objectives of This Study ...................................................................1 1.3 Assumptions.........................................................................................................2 1.4 Approach...............................................................................................................3 Map 1: Regional District and Comox Valley Study Area .................................................4 2. REGIONAL CONTEXT..................................................................................5 2.1 History of Agriculture in the Comox Valley ........................................................5 2.2 Current Regional Setting .....................................................................................6
    [Show full text]