WWW.OAKBAYCONDOS.COM THE VIEW FROM YOUR G.I.C. Own an exquisitely furnished 5-star waterfront condo & earn monthly revenue. Invest in a vacation condo at the new Oak Bay Beach Hotel in Victoria BC and receive a contracted rate of return that exceeds the return of your G.I.C.’s. Enjoy months of Victoria sunshine, the ocean steps from your door, onsite spa and dining options and 5-star amenities that you won’t believe. No G.I.C. can give you that! For a limited time, we’re offering to buy back your suite after 5 years at VICTORIA, BRITISH COLUMBIA 5% over your original purchase price if you are not completely satisfied. Condos from $379,000. Available Now! This advertisement is not an offer to sell real estate which can only be done by way of a Disclosure Statement. The Disclosure Statement for the Vacation CALL BRAD NEUFELD Homes at the Oak Bay Beach Hotel can be obtained from the Developer at 1111 Wharf Street, Victoria, B.C. DIRECTOR OF SALES 1.800.668.7758 contents 4 GETTING WARMER It’s still a buyer’s market for rec RECREATION & INVESTMENT properties, but with increased inventory and lower PROPERTIES prices, it won’t last long, say experts. also in this issue: is published by the Calgary HOW TO: Herald Special Projects 7 BUY LOW, SELL HIGH With great deals to be Department 4 Finance your rec property 8 found, a Kimberley, B.C. realtor says rec property real SPECIAL PROJECTS MANAGER: 4 estate is ‘better than the stock market.’ Insure your home 9 Barb Livingstone, 403-235-7339; 4 Secure the premises 10 [email protected] 14 COOL IDEAS Summer is all about enjoying the out- 4 Determine the type of property CO-ORDINATOR: Jennifer Worley doors at your rec property. And with these cool ideas, that’s right your you 12 that shouldn’t be a problem. COVER PHOTO: Courtesy Sunrise 4 Keep your property shipshape 15 Ridge Waterfront Resort 16 ISLAND TIME A vacation home on B.C.’s islands is a 4 Rent your property when TO ADVERTISE: Call your refreshing change of pace for rec property buyers not in use 15 advertising representative or Lori looking to escape the rat race. Grahl at 403-235-8665 Advertising FeAture Oak Bay Beach Hotel – luxury living your way he Oak Bay Beach Hotel has been For those who want a life of luxury year- part of Victoria’s waterfront since round, Oak Bay Beach Hotel also offers T1928. When the hotel reopens this residential properties. These exclusive fall, it will do so as both Victoria’s first true offerings reside on the fourth floor of the five-star hotel and first luxury boutique hotel as well as in the residential section resort offering private residences and of the hotel’s penthouse floor. hotel investment condos. Homes range from 900-square-foot lux- Buying a recreation property can be a ury suites to 2,350-square-foot lofted two- bit of a juggling act. Invest too heavily in bedroom-and-den penthouses. Residences rental income and you have a property you start at $995,000. can never use. Don’t rent at all, and you Whether buyers are looking for a perma- have a property that sits empty 46 weeks nent residence or a recreation/investment a year. With its unique hotel investment- property, they will find a lot to enjoy at condos, Oak Bay Beach Hotel has found a Oak Bay Beach Hotel. The hotel features perfect middle ground between the two. an English-style pub, dinner theatre, fine “We designed this property really to suit dining and a quaint café. Guests can also the client who wants to own a property in take advantage of the Victoria Golf Club. Victoria and be able to make money at it, The hotel’s marina also provides guests but still be able to use it,” says director of to use the property for up to four months homeowner pays a utility and amenities with an array of aquatic adventures, sales Brad Neufeld. of the year while still gaining a maximum fee, the hotel also covers all of the expens- including kayaking, fishing, whale watching At Oak Bay Beach Hotel, the buyer owns amount of revenue. es of the unit. This includes furniture, and tours of the Gulf Islands. The hotel’s the property outright and leases it back “We’re an hour flight away. You come condo fees, utilities, property taxes and spa facility offers a seaside pool, and a to the hotel. The hotel becomes the ten- and check in and the revenue stops for a maintenance. series of hot mineral pools, as well as a ant and signs a contract guaranteeing a couple of days or a week or whatever you Investment opportunities available spa treatment centre, gym, sauna, steam set amount of revenue whether or not the stay for. Then, you check out and the rev- include suites with studio, studio and kitch- room and fitness classes. suite is ever rented. Ninety per cent of the enue starts right up again the next day,” en and one-bedroom configurations. Floor For more information, visit guaranteed revenue comes from April to says Neufeld. plans range from 450 to 750 square feet, www.oakbaycondos.com, or call toll free at October, making it possible for the owner Other than during their stay, when the and suites are available from $379,000. 1-800-668-7758. The heat is on Low interest rates, attractive prices and a great selection make the timing right for buying recreation property BY GERALD VANDER PYL increasing sales and are, in fact, recording There are signs people increasing sales, it won’t take too long for uring the height of the recreation prices to start creeping up again.” property market five years ago, prices are getting back in the He says current low interest rates are also Dwere climbing 20 per cent a year in a factor for people who may finance part of many popular areas, and people were buying recreation property a recreation property. When you combine sight unseen so as not to miss out on the best all the positives, it really makes sense to buy properties. market, realizing now is a now rather than wait too long and miss out. Compare that with 2012, when buyers “The interest rates are good, there’s lots have a large inventory of properties to choose great time to buy. (of properties) to choose from, the prices are from, and at prices that have corrected in attractive and the forecast is those prices will many areas of Western Canada. “So they had better get going on creating start to increase,” says Shaw. Already, there are signs that people are those memories.” “I think it would be a little while before getting back in the recreation property Hawker says baby boomers are also you would miss the boat, but the opportuni- market, realizing now is a great time to buy, re-entering the market, to have a vacation ties are here now,” says Shaw. say realtors. home where family will want to gather during Daniel Zurgilgen, owner of Maxwell Brad Hawker, broker/owner of Royal the holidays. Realty Invermere, says the region lost a lot of LePage Rocky Mountain Realty in Canmore, He says when you think about it; is it more recreation property buyers to warm-weather says the uncertain economy had a lot of likely your children and grandchildren will regions such as Phoenix, but a new crop of people who wanted to purchase recreation want to visit you for Christmas at a house in the young professionals with families are now property sitting on the sidelines. city, or if you have a second home in Canmore? looking to buy in the Windermere Valley. “What we’ve seen for about four years or “So there is that pent-up demand, and we’ll “The (May) long weekend showed numbers so is demand was diminished because of fear. see more and more of those people who have like we haven’t seen for the last three or fours But people are now seeing that their financial been looking for three, four or five years mak- years,” says Zurgilgen. “We had more requests position is as good or better than it’s been ing that purchase decision.” for showings and more activity than we’ve (for years), he says. Rob Shaw, president of the Okanagan had for a long, long time. “The last six months in Canmore have Mainline Real Estate Board and a Vernon “People are coming and thinking now is seen (the market) pick up in activity, and the realtor, says the region saw increased activity the time to buy.” last four months that has really translated in April and May. Shaw, the chief economist He says like many areas, the valley has into sales. for the British Columbia Real Estate Associa- seen a rise in inventory, and a drop in prices, “It is still a buyer’s market, but our inventory tion, recently upped the forecast for growth making it much easier for people to find the has come down considerably from the peak.” in the B.C. interior for 2012. perfect property, especially compared with Hawker says many people who were “The inventory of properties for sale the height of the market. sitting on the sidelines realized they were provides a really good choice for Albertans “In 2007, if you wanted to buy a house in missing out on the main reason why they looking for a place in the sun, or even in the Invermere I could have showed you maybe wanted to buy a recreation property — to snow (at a ski hill), says Shaw.