Posted by: Daryl & Wendy Ashby | June 1, 2013

A Fresh Wave of Buyers for Waterfront

A rising tide lifts all boats and, for waterfront properties in B.C., that’s good news.

A recovery of residential real estate markets across the province and the emergence of more patient buyers and sellers are underpinning an upswing in recreational property activity.

“I’m seeing a lot more activity in the past two months than I saw at any period last year or in the past 18 months.” Waterfront properties on the coast are seeing a greater number of inquiries, offers and purchases; in the Okanagan Valley it’s a similar story, and even developers are beginning to approach planners regarding new projects.

But if the turnaround is a significant change from a year ago, we don’t harbour hopes of a return to the heady days of the mid-2000s. It was an ebullient era, with more ambition than caution and prices that haven’t been matched since.

The pace of activity in the Kootenays remains slow, while prices on the Gulf Islands, Vancouver Island and elsewhere are down by between 20 per cent and 30 per cent, this makes for a great buyer’s market.

Take 8719 West Coast Rd as an example. Built in 1991 this delightful recreational property can be purchased for $369,900 which is less than a bungalow in its neighbouring Sooke Village.

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