Clarice Coty's Blog » News of Construction

Construction Starts at Coldwood’s Capital City Centre

Clarice — Tue, 31 Jan 2012 19:27:56 +0000

Ground has now been broken on a $1 billion real estate and construction project at Colwood Corners on south Vancouver Island. With a build-out of 20 years, the “Capital City Centre” has the potential to draw 4,000 people to Colwood’s core, living in 2,220 condominiums and townhomes.
During phase 1 and over the next five years, the southern third of the 14-acre site is planned for a four floors of residential atop 35,000 square feet of space for London Drugs, a five-storey office building, three retail buildings and a public plaza for outdoor events and farmers’ markets.
Once completed, the next building would be a 26-storey residential tower, the tallest building planned for the Island. More retail space would round out the completion of phase 1, worth $250 million. Parking is planned underground.
Ultimately, the build-out envisions 12 residential and office towers and scores of retail units, for a total of 3.8 million square feet of space, spanning the property between Belmont Road and Colwood Crescent.

Luxury Waterfront Condos Now Selling at Oak Bay Beach Hotel in Victoria

Clarice — Mon, 30 Jan 2012 18:28:18 +0000

The Oak Bay Beach Hotel in Victoria on Vancouver Island is nearing completion of its oceanfront hotel, Victoria hotel vacation suites and luxury waterfront residential condos.
Looking back on 2011, the resort had its best sales year yet, with more than $20 million in sales on the books when the year ended, according to the Oak Bay Beach Hotel’s director of sales Brad Neufeld.
“I guess that shouldn’t be surprising given the quality of the project, the ability for clients to come for a hard-hat tour of the project, and the opportunity to see first-hand the views offered in the various properties,” Neufeld said. “Nevertheless, it is extremely gratifying to watch our clients embrace the vision that we are bringing to life. 2011 saw us complete the sell out of the first three phases of vacation hotel suites, and we have now also sold 40 per cent of the residential condo properties in the project.”
The Oak Bay Beach Hotel is still offering pre-opening programs to early buyers.
“Phase four of the vacation hotel suites will be released this month, and we are calling this the ‘Have Your Cake And Eat It Too’ program,” Neufeld explained.
“You receive a leaseback contract from us that is 50 per cent higher that normal, with the right to sell the property back to us after five years.”
The Oak Bay Beach Hotel is also offering a “Fly and ‘Try” program that includes a free weekend / three day trip to Victoria to come and see the vacation suites and oceanfront luxury condominiums. If you decide to buy while you are visiting, the Oak Bay Beach Hotel will pay for your trip.

New Real Estate Developments Mean Construction Increases on North Vancouver Island

Clarice — Tue, 24 Jan 2012 16:01:56 +0000

Editor’s note: The following story ran in the Jan. 13 edition of the Comox Valley Echo.
New figures show there was a big fall in the number of new houses being built locally last year – but there are signs the situation is starting to turn around.
The details have been compiled by Building Links – the digital newsletter monitoring North Vancouver Island construction activity – which notes a significant drop in construction in the Comox Valley and Campbell River areas last year.
In 2010, building permits for 468 single-family homes were issued compared to 363 last year, said Building Links editor Clarice Coty. That represented a fall of 22 per cent.
In percentage terms, the biggest reduction was in the Town of Comox, down from 105 to 44, or 58 per cent.
Year-on-year single-family home building also declined in Cumberland (down from 27 to 16) and in the City if Campbell River (a fall from 167 to 114)
But more homes were built in the City of Courtenay last year than in 2010, with the numbers rising slightly from 61 to 69. And in the rural areas surrounding the municipalities, there was also growth – from 108 homes in 2010 to 120 last year.
The overall value of local construction activity of all types in 2011 amounted to $175 million, said Coty, but that was down by almost $35 million on the previous year’s $209.5 million total – a 16 per cent fall.
“We expect that new housing starts will increase by about 10 per cent in 2012 due to the new inventory of new lots in the Comox Valley,” she suggested. In addition to single-family homes, Coty noted there had also been permits issued last year for 62 multi-family units in Comox worth a total of $11.6 million in construction costs, and another 66 in Courtenay – including three duplexes with a building permit value of $10.2 million.
She added: “There are at least four condominium and mixed use developments that are slated to start construction in the region during 2012: two in Comox, one in Courtenay and one in Campbell River.
“These projects have received most of their approvals and are waiting for building permits before proceeding. In total they will bring approximately 120 new multi-residential units on to the market.”
She considered the past year had been “challenging” for the construction and real estate industries on the North Island, but added: “This year shows signs of promise.”
Go to the Building Links website to subscribe to your 4 free copies of the newsletter

Real Estate Construction Expected to Rise in Nanaimo

Clarice — Mon, 23 Jan 2012 22:44:27 +0000

There’s reason for quiet optimism in the central Vancouver Island area construction industry, despite lingering effects of an economic downturn.
That’s the message close to 200 audience members heard at the Canadian Home Builders’ Association Central Vancouver Island’s construction industry forum in early January. From interest rates and investment opportunities in Nanaimo, speakers talked of a stable B.C. economy with slow growth in a number of sectors expected in 2012.
Toby Seward, Nanaimo’s director of development, said there are people who want to invest in Nanaimo.
“2011 was a bit of a tough year, but it looks like 2012 is going to be a steady year,” he said. “We review the stats, review what’s going forward and the signs are looking good in our one- to five-year forecast.”
There are numerous real estate developments now happening in Nanaimo, including the Sandstone project in Cedar, the Green Thumb Nursery property on Hammond Bay and the Madill property on Bowen Road, he said. “Oceanview is still talking about moving ahead as well,” he added.
Bill Corsan, Nanaimo’s manager of real estate, said investment opportunities are being driven by low interest rates, flattened land values, low vacancy rates and lack of rental products.
Travis Archibald, Vancouver Island market analyst with the Canada Mortgage and Housing Corporation, said housing starts in Nanaimo fell in 2011, but remain relatively stable and a slight increase is forecast for this year.
“We also saw roughly 1,500 MLS transactions in 2011 and expect a slight increase to that in 2012, but nowhere near past levels,” he said. “Supply is relatively stable and there should be a bit of an increase in demand this year, but it is still a buyer’s market.”
Doug Wittal, CHBA provincial president, detects a sense of optimism among homebuilders in the central Island and likes what he sees in terms of people stepping outside the box.
“We drive the market, we drive the economy and if you’re not willing to change your product and get into the new world, you’re not going to have a market and you’re not going to be working,” he said.
Wittal pointed to the Greenrock industrial park between Bowen and Boxwood roads and the Village at Summerhill townhouse project on Dufferin Crescent as two examples. The Boardwalk is another new real estate development in Nanaimo, featuring ocean view condos and townhomes
“You have to be innovative in today’s world,” he said. “Green and affordability are key words. That’s where we have to go.”

Excerpted from the Nanaimo News Bulletin

Building Permit Values Down in Victoria for 2011

Clarice — Fri, 13 Jan 2012 16:23:50 +0000

According to Statistics Canada, the total value of building permits issued in the Victoria region of Vancouver Island from January to November last year was $615.9 million, down 11.3 per cent from the $694.3 million recorded in the same 11-month period in 2010.
Both residential and non-residential construction slowed last year with the value of residential permits issued down 11.5 per cent to $406 million, and non-residential dropping 10.9 per cent to $210 million.
November 2011′s seasonally adjusted building permit numbers were down 64 per cent to $43.9 million, from the $122.4 million in the same month in 2010. That $43.9-million was a slight improvement from the $43 million in permits issued in October.
The massive drop in November 2011 was the result of a spike in permits issued in November 2010, led by major military building projects worth more than $100 million There was nothing similar in the non-residential sector in 2011.
According to Greg Baynton, CEO of the Vancouver Island Construction Association, 2011 was a challenge.
“It has been different . . . traditionally things taper off in the summer and then September to Christmas is quite busy, but we had a record volume of projects through July and August and since September there’s not been much going on. It’s been turned upside down,” Baynton told the Victoria Times Colonist newspaper.
Baynton’s data is based on tenders, rather than permits issued, and those may not overlap as permits can be issued before or after a project goes to tender.
“But since September the market has been flatter than usual. It’s quiet and we expect that to continue until the tail end of the first quarter of 2012,” Baynton said, though the sector remains positive 2012 could end on a strong note.
“We are expecting 2012 to be a bit of a turnaround year. There are lots of projects in the pipeline and I expect tendering and construction activity to pick up a lot,” he said.
The residential construction sector is much more cautious after a tough 2011.
Through the first 11 months of last year, there were 576 single-family housing starts, down 27 per cent from 2010. Multiple-family starts were down 18 per cent over the same period.

New Comox Valley Real Estate Project Will Bring 10 New Townhomes to Piercy Avenue

Clarice — Tue, 10 Jan 2012 22:24:10 +0000

A new Comox Valley real estate development from McQueen Construction is coming to Piercy Avenue in Courtenay. This new Vancouver Island real estate project will feature four townhouses and two duplexes for a total of 10 new homes.
Located only a few blocks from downtown Courtenay, Piercy Avenue Townhomes are set in a sunny, central location in the Comox Valley.
The townhomes and duplexes will feature three different floor plans which will include two or three bedrooms and bathrooms. The homes will range in size from 1,300-1,600 sq. ft.
Home designs include the option of having the master bedroom on the main floor. All of these centrally located new homes will feature hardwood flooring, solid wood cabinets, and appliance packages. The homes will have attached garages and additional driveway parking, and guest parking spots.
Prices are expected to start at $249,900.

Residential Construction Numbers Jumped in Campbell River

Clarice — Mon, 09 Jan 2012 21:59:33 +0000

Campbell River’s taxable residential assessment roll is $3.3 billion this year.
A total of almost $34 million in new residential value has been added due to various changes including subdivision, rezoning and new construction.
In the first three quarters of 2011, Campbell River approved building permits for 90 new single family homes with a value of more than $23.5 million. This was a 40 per cent drop from the same period in 2010.
Still, Campbell River led the way with 90 new homes, compared to 55 in Courtenay and 37 in Comox.
Total construction values, including commercial and industrial developments for the first nine months were 39.3 million in Campbell River, compared to 36.1 million in Courtenay.

Building Permit Numbers Reveal Housing Trends in Victoria Region

Clarice — Wed, 04 Jan 2012 15:19:43 +0000

The value of building permits issued throughout the Capital Regional District (Greater Victoria region) slumped 15 per cent between September and October, and 38 per cent, year over year for October, according to figures realeased by Statistics Canada.
A dip in large projects after a busy summer is mostly to blame, according to the Vancouver Island Construction Association. Municipal statistics from Oak Bay, Victoria and Saanich, however, provide a more nuanced picture of the overall decline.
The number of building permits issued in Oak Bay is down in 2011 from 2010, but it’s substantially higher than any other year since 2007. A total of 747 permits have been issued so far this year, at a value of just over $34 million. Last year saw 815 permits issued, valued at nearly $93 million, thanks largely to the Oak Bay Beach Hotel development.
In Victoria, the raw number of building permits issued has actually increased every year since 2007. The number of permits issued reached 3,805 in the cityin 2011, up from 3,383 five years ago. The value of building permits, however, has dropped $25 million since last year, and nearly $200 million since 2007.
While residential building permits are on the decline in Victoria, the opposite is true for Saanich. The number of residential building permits issued in 2011 far surpasses any year since 2007. 295 units were approved in Saanich last year, mostly for apartment-style housing.

Excerpted from the Oak Bay News.

New Nanaimo Homes at The Boardwalk Set Steps From the Waterfront

Clarice — Tue, 20 Dec 2011 23:33:54 +0000

The Boardwalk is a collection of 33 new Vancouver Island ocean view townhomes and condominiums in Nanaimo, starting from $244,900. Located only steps from Nanaimo’s premiere waterfront walkway in the historic Newcastle area, The Boardwalk is “your path to Island living.”
These ocean view townhomes and condos features contemporary West Coast architectural design, and all concrete and steel construction.
Located only steps from the waterfront, these Nanaimo condos and town homes offer easy access to marinas, waterfront walkways and outdoor activities.
These new Vancouver Island homes are designed to take advantages of the views. Expansive windows bring in light to capture dazzling views of the water, city, marina and more. Soaring nine foot ceilings throughout expand the sense of light-filled spaciousness. Large private balconies and/or ground floor patios offer space for relaxing and taking in the views.
New homes at The Boardwalk range from 554 sq ft studio condominiums to 1355 sq ft 2 bedroom + den townhomes, and range in price from $244,900 to $629,000. The Boardwalk Presentation Centre at 370 Stewart Avenue in Nanaimo is now open Thursdays, Saturdays and Sundays from 1-4 p.m.
And now, purchase a new home at The Boardwalk by Dec. 31 and choose from a free car lease for a year or a $5,000 pre-paid Visa card. Only 5 are available – restrictions apply, speak to the sales team for details.

New Family Show Homes Now Open at Park Place at Cowichan Bay

Clarice — Wed, 14 Dec 2011 17:57:29 +0000

New family homes at Park Place at Cowichan Bay on Vancouver Island have been designed for efficiency and economy without sacrificing quality and luxury detailing.
This real estate development offers variety of single family home floor plans designed to appeal to young families, retirees and professionals alike. Park Place is designed to offer residents quality of life, which award-winning developers Cadillac Homes believes also means having time and money to enjoy those things you like to do.
The community of Cowichan Bay, Vancouver Island is a great place to live and Park Place is ideally situated for easy access to all the amenities of the bay. All homes at Park Place are turn-key and are designed for ease of maintenance, with a worry-free warranty.
These Vancouver Island homes are priced from $359,900, including HST, in either a one or two-storey floorplan.
Two of the new show homes have been finished. Open houses are held at 1531 Cowichan Bay Road, Cowichan Bay, B.C., Fridays, Saturdays & Sundays from 1- 4 p.m.