The Columbia Valley Pioneer • August 3, 2007
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Columbia Valley
New Homes • Developments • Resale Homes • Multi-Family • Interior Design
Local market cooling off By Brian Geis Pioneer Staff The weather is hot, but Columbia Valley realtors are saying the local real estate market, lately one of the hottest in Canada, is beginning to cool. Invermere Re/Max owner Wende Brash said, despite availability, not a single lakefront property has sold since Re/Max released a report calling the East Kooyenays the most expensive recreational property in Canada. According to the report, which made headlines across Canada, the starting price for a three-bedroom, winterized recreational property on a standard 50-foot waterfront lot on Lake Windermere is $2.5 million. “We haven’t had a sale of a lakefront property all year,” Ms. Brash commented. “So, it probably didn’t do us any good, as usual.” The Re/Max report blames a shortage of recreational properties in the popular $400,000 to $800,000 price range for a 36.5-percent decrease in sales activity in the first quarter of 2007, compared to the same period last year. However, the realtors on the ground say there is more property on the market now than ever before. Don Slobodzian of Royal LePage Rockies West Realty said he is looking to September as the indicator. “People are doing the summer vacation thing. Once the kids are back in school, we’ll be able to tell if it was just a summer slowdown or a real downturn in the market. If it is a levelling off, we will know that in September.” According to Mr. Slobodzian, some price reductions are beginning to crop up in the market. “I’m not looking at a pile of data here. This is more of a gut feeling,” he said. “We’re still seeing a lot of listings, but the buyers have certainly backed off. I can’t really say for sure we’re in a slow down period, but it is certainly a softening.” Continued on Page 2
READ ALL THE PIONEER’S REAL ESTATE NEWS AT: www.columbiavalleypioneer.com
August 3, 2007
2 • Columbia Valley Homes
Excess inventory leads to discriminating buyers a lot of the markets,” Mr. Benson commented. “Certainly, it’s not an indication that things are Coldwell Banker’s Gordon Bagan called the cur- going in the tank. We see it as short-term.” rent climate a “reality check” for sellers of overpriced Mr. Costello said Alberta investors, whose outlook properties. is so linked to the oil market, are becoming cautious. “I think the market is still very good,” he said. “A “My sources tell me there is a lack of confidence slowdown in not really the way to describe it. People in the new government in Alberta, combined with just have more choices.” uncertainties around poAccording to Mr. tential increased costs in “I wouldn’t call it a softening; providing additional enBagan, an abundance of we’re all still making sales. vironmental safeguards in listings gives the buyer the oil industry,” he said. choices and that creates I would call it a reality check.” “This has affected Calmore competitive pricing. gary buyers and the trend The price reductions pop– Gordon Bagan is moving to Edmonton ping up around the valley, this year, where profit-takhe said, are properties that ing in the commercial real estate market is providing were already overpriced. “I wouldn’t call it a softening; we’re all still making new liquidity.” Both Benson and Costello agree that a turnsales. I would call it a reality check,” Mr. Bagan commented. “It’s very difficult to price something in this around is in sight. “I hesitate to draw conclusions,” Mr. Costello commarket.” The red-hot demand of the past five years created mented. “Fewer sales, fewer buyers for sure, though the activity Landquest monitors across the province shows unrealistic pricing, he said. “That is going to cease and we’ll see a flattening,” a dead June is turning into an active July in some secMr. Bagan said. “That’s a good thing in any market.” tors of the province, specifically the Okanagan.” “The last couple of weeks have picked up,” Mr. Rocky Mountain Realty’s Barry Benson and Landquest’s Grant Costello said one needs only to look to Benson said. “But we’re having a little harder time selling off the higher-end homes.” Alberta for an indication of what’s happening here. According to Mr. Costello, only two million-dol“I agree we’ve seen a slowdown, but it’s not unlike . . . continued from Page 1
lar homes have sold this year, down from eight during the same period last year. Mr. Benson said significant price reductions, in the $50,000 to $100,00 range, are not uncommon in the high end of the market. Ray Ferguson of Ray Ferguson Realty echoed sentiments that excess inventory is leading to comparison shopping in the market. “There are still a lot of high-end buyers out there,” he said, “but they are becoming more selective.” Now, he said, stigmas attached to properties like the density of homes along the lakefront and blocked lake views are playing in to purchase decisions. Mr. Ferguson said the real hit will come when the hundreds of condominium apartments that are currently in development become available. “Hot markets lead to overbuilding, more realtors and more developer sales offices,” he said. “I think the recreational properties will remain strong, but the condos are going to take a hit.” Condominium apartments priced at $400,000, he said, are not affordable. “Affordable housing is no such thing and that getting to be a serious problem,” he said. The million-dollar homes, if they are priced correctly and in the correct locations, will continue to sell, but gone are the days of homes selling sight unseen. The market will return to the typical sales period of 90 to 120 days, Mr. Ferguson said.
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Columbia Valley Homes • 3
August 3, 2007
New real estate office opens in Invermere By Brian Geis Pioneer Staff Like their corporate founders, two local real estate agents have left Re/ Max to open a MaxWell Realty firm in Invermere. Scott Wallace and Daniel Zurgilgen, both of whom have been selling real estate in the local market since the millenium, hung out the MaxWell shingle on 7th Avenue in Invermere in July and are planning an August grand opening. “We want to be able to accommodate everyone in a way they are used to.” Mr. Wallace commented. “We’re just a couple of old goats, just with a new name.” Only the second MaxWell firm in British Columbia, Mr. Wallace and Mr. Zurgilgen have obtained the rights to MaxWell Realty for the area from Parson to Canal Flats, including Panorama. The fast-growing, Calgary-based franchise real estate company — the No. 2 firm in Western Canada — has established 22 franchises throughout Alberta
Scott Wallace and Daniel Zurgilgen and one in Kelowna since it was founded in 1999 by two former Re/Max executives. “Everybody in Calgary recognizes the MaxWell name,” Mr. Wallace commented, “and the majority of our market is in Alberta.”
Although they started at different firms, both Wallace and Zurgilgen landed at Re/Max Invermere and were there for the last five years. The duo decided to decided to break away from Re/Max, Mr. Zurgilgen explained, after Scott got his managing broker’s licence, which allows him to manage other real estate professionals. “We think we can do things better,” Mr. Wallace said, promising a distinct new approach to buying and selling real estate in the Columbia Valley. While both will work in the residential and condominium sectors, the bilingual Zurgilgen (English and German), will specialize in commercial properties; while managing partner, Mr. Wallace, specializes in vacation and resort properties. Wallace and Zurgilgen invites everyone to drop in to their Frater Landing office, located between Fairmont Jewellers and Interior World. The duo said their spouses, Elaine Wallace and Cathy Zurgilgen, will handle the front office duties and accounting for the new firm.
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August 3, 2007
4 • Columbia Valley Homes
Who’s who in Columbia Valley real estate Coldwell Banker Windermere Valley Realty Gordon Bagan opened Windermere Valley Realty and hung out the Coldwell Banker shingle in 1997. The former director of sales and marketing at Panorama Mountain Resort, Mr. Bagan brings 16 years of experience to table for Columbia Valley real estate buyers. Joined by his licensed assistant Virginia Jopp, the duo work in every sector of the local real estate market, including acreages. The Windermere Valley Realty Offices are located at 375 Laurier Street in Invermere and can be reached toll-free at 1866-342-9450 or by e-mail at info@windermerevalleyrealty.com. Windermere Valley Realty listings can be viewed at http://wvrealestate.ca.
Landquest Realty With an emphasis on all-season resorts, Landquest’s Grant Costello boasts 30 years of experience at marketing rural, recreation-
al and resort developments in the Kootenay Rockies. Mr. Costello was licensed as a sales representative in 1969 and became a managing broker in 1980. His experience includes ten years in the real estate industry as technology pioneer, trainer, and director of information technology. Operating out of the Timber Rock Business Centre in Invermere, Mr. Costello can be reached toll-free at 1-866-558-5263 or by e-mail at grantc@landquest.com. Mr. Costello’s listing can be viewed at www. landquest.com.
MaxWell Realty Invermere Scott Wallace and Daniel Zurgilgen recently opened MaxWell Realty in Invermere. Both have been selling real estate in the Columbia Valley since 2000 and recently split from Re/Max Invermere to start their own firm. Mr. Zurgilgen has lived in the valley for over 30 years and is well-versed in dealing with the most intricate and special properties. Scott has spent most of his real estate
career at Panorama and has specialized in condominiums as well. The firm occupies offices located in Frater Landing on 7th Avenue in Invermere and can be reached toll-free at 1-888-3416044 or by e-mail at info@maxwellrealtyinvermere.ca. MaxWell Realty listings can be viewed at www.maxwellrealtyinvermere.ca.
Ray Ferguson Realty Ray Ferguson has been selling real estate in British Columbia for 39 years. He and his wife, Anne, moved to the Columbia Valley in 1995. Specializing in recreational properties, condos, and homes, Ferguson Realty combines personal, professional service and cutting-edge technology to benefit their clients. Located at 506-7th Avenue in Invermere, Ray Ferguson Realty can be reached toll-free at 1-888-341-6155 or by e-mail at results@ rayfergusonrealty.ca. Mr. Ferguson’s listing can be viewed at www.rayfergusonrealty.ca. Continued on Page 5 . . .
Parkside Place is downtown living, Invermere style. Stroll to the Farmer’s Market or to the lake... enjoy a capuccino just steps from your front door... and live in the heart of BC’s recreational paradise. Move in for summer! Come visit our new showhome this weekend, and see for yourself: • the remarkable quality and attention to detail put into every Quiniscoe home. • homes as healthy as Invermere’s mountain air, built to R-2000 EnviroHome standards and beyond.
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Visit our Sales Centre at Parkside Place at 901-7th Avenue (Main St.) for more information. Open noon until 5:00 pm. Or call (250) 342-7561.
Columbia Valley Homes • 5
August 3, 2007
Who’s who in Columbia Valley real estate Rocky Mountain Realty operates out of offices in Fairmont Hot Springs and Invermere. They can be reached at 1-250343-6911. Rocky Mountain Realty’s listings can be viewed on-line at www.rockymtnrealty.com.
. . . continued from Page 4
Re/Max Invermere Re/Max owner and managing broker Wende Brash has been selling real estate in the Columbia Valley since 1990 and has been the owner of Re/Max Invermere since 1994. Ms. Brash and her team are well-suited to find you any type of property, whether it be a recreational property, commercial, a condominium, vacant land or your very first home. The Re/Max Invermere team of realtors includes Andy Smith, John McCarthy, Ed English, Bernie Raven, Jan Klimek, Bryan Hookenson, Deborah-Kim Rice, Rob Rice and Paul Glassford. Re/Max Invermere is located at 1022B-7th Avenue in downtown Invermere. The Re/ Max team can be reached at 888-258-9911 and listings can be viewed at http://www.remaxinvermere. com.
Rocky Mountain Realty Cranbrook native Barry Benson and his wife Au-
Royal LePage Rockies West Realty
This new home is going up on Fort Point in Invermere. drey lead a team of seasoned real estate professionals at Rocky Mountain Realty. The Bensons took the helm of Rocky Mountain Realty from Barry and Pat BrownJohn earlier this year. The oldest of the Columbia Valley real estate firms, Rocky Mountain Realty team includes Paul Roggeman, Eric Redeker, Bill Thompson, Marlene Champagne, Diana “Dee” Wollf, Brenda BraundRead, Clare McArdle and David Pacey.
in the heart of Invermere. Quiniscoe Homes is proud to introduce Carpenter’s Lane, Invermere’s newest community! Enjoy walking distance to schools, parks and recreation. Two- and threebedroom homes and townhomes featuring Craftsman-inspired architecture are pre-selling now. Priced from $410,000. You and your family will appreciate: • the remarkable quality and attention to detail put into every Quiniscoe home. • homes as healthy as Invermere’s mountain air, constructed to Built Green Gold standards and beyond. The location of Carpenter’s Lane is shown in the map at left. For more information, please visit Quiniscoe’s Sales Centre at Parkside Place, 901-7th Avenue (Main Street), open daily noon until 5:00 pm. Or call (250) 342-7561.
Don Slobodzian and Ross Newhouse teamed up to form Royal LePage Rockies West Realty in 1996. With offices in Invermere, Fairmont Hot Springs and Golden, the duo bring a combined 36 years of real estate experience to Columbia Valley buyers. Specializing in every sector of the Columbia Valley market, including unique and hard-to-find properties, the Rockies West team includes Steve Williams, Kim Collens, Ken Becker, Hildegard Gerlach, Susan Ambler, Ron Maciborski and Dave “Hutch” Hutchinson. Royal LePage Rockies West Realty can be reached at toll-free at 1-888-322-8833 or by e-mail at info@ rockieswest.com. Rockies West listings can be viewed at www.rockieswest.com.
August 3, 2007
6 • Columbia Valley Homes
House prices climb across Canada
THE PIONEER WORKS HARDER!
THE PIONEER WORKS HARDER!
House prices across the country have hit record highs this year, but higher lending rates could slow the rise in home buying, according to an industry report. In June, the average house price was $315,332, a rise of 11.2 per cent from a year earlier, the Canadian Real Estate Association said. This was the greatest yearly increase since August 2006. At $446,893, the average price of a house in British Columbia rose 11.8 per cent in 12 months, maintaining the province’s position at the top of the table and well ahead of Alberta, at $364,072. Here are the average house prices across Canada (followed by the percentage change from June 2006June 2007): • B.C. $446,893 (up 11.8%) • Alberta $364,072 (up 24.7%) • Saskatchewan $180,934 (up 34.9%) • Manitoba $179,531 (up 15.4%) • Ontario $304,699 (up 8.7%) • Quebec $211,206 (up 6.4%) • New Brunswick $142,734 (up 12.0%) • Nova Scotia $191,593 (up 12.3%) • P. E. I. $134,295 (up 0.1%) • Newfoundland $152,641 (up 15.1%) • Yukon $209,687 (up 18.1%) • Northwest Territories $314,022 (up 28.8%)
Your last chance at affordable living in Invermere! Priced from only $145,000 to $165,000 for a limited time. Finally, a place you can call home–or your home-away-fromhome–in the heart of the beautiful Columbia Valley! Phase One of Cedarwood Glen Estates is now selling. Eighteen twobedroom condominiums are now offered for sale, from only $145,000 to $165,000. Arrange a viewing or request more information by calling (250) 341-1182, or emailing sales@cedarwoodglen.com. Act quickly - these units are selling fast!
When you’re home, you know it. cedarwoodglen.com
Columbia Valley Homes • 7
August 3, 2007
Cathy’s Workshop: get your ducks in a row By Cathy Dalrymple Invermere One of the biggest challenges I face as a woodworker is time management. This can often be completely out of my hands, due to material availability or a product of environment such as damp or hot weather which will cause finishes to dry at varying rates. I have seen so many variables in what can delay a project that I try to forecast what could go wrong in order to avoid it. Having said that, a deadline is a deadline and sometimes you just can’t buy another day. I recently was in such a situation. I am a contributor to Canadian Home Workshop magazine, which is a national D. I. Y. magazine. The art director, associate art direc-
tor and a photographer from Toronto were showing up at my house to shoot a couple of pieces for upcoming editions. My task was to have the pieces completed for the shoot. This would seem an easy enough task, given I had a lot of lead time but alas, one of the projects was a kitchen island which of course goes in a hightraffic part of my house. I didn’t want to put it in place too soon for fear of damage before the shoot. Yet I couldn’t complete it and leave it in the shop for same reason, as well as a space issue, while working on other projects. I began about two weeks prior to the shoot. I had table legs being delivered from Ontario, (I don’t have a lathe) and we all know that postal to Invermere can be on the slow side.
Well, everything was going quite smoothly, my project was in the final construction stages, and I just needed hardware and stain. This sounds simple enough. I was using a specific stain to match existing kitchen cabinets. None was available in Invermere. The hinges posed the same problem. What to do. You must compromise. I went with a close match on stain for first coat and awaited stock replenishing at the hardware store for the stain I wanted. As for the hinges, I had to take another option. This changed the door configuration slightly but was manageable. Now I needed only to put the final finish on the project. At this point I am 48 hours from deadline. We were experiencing a bit a bit of a heat wave that week and my stain was drying too quickly. I had to work fast to control the outcome. Luckily experience has shown me how to deal with such an issue and the
finish worked out fine. The morning of the shoot I had help bringing the island over to the house, after removing the front door for the extra inch I required and put it in place. I was very pleased with the outcome and the shoot went well. I did learn a lot about being prepared and realized you just can’t over organize. Like a good you must Girl Scout you must “Be Prepared” and anticipate that anything that can go wrong, may go wrong. It’s all how you deal with it. The kitchen island project will be in the October 2007 issue of Canadian Home Workshop magazine. Cathy Dalrymple owns Toby Creek Custom Woodworking in Invermere. She also writes regularly for Canadian Home Workshop magazine. Call her at 342-3022 or e-mail cathy_tobycreekwood@hotmail.com.
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Bernie Raven Representative
(250) 342-7415 braven@cyberlink.bc.ca
PAUL ROGGEMAN 341-5300
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August 3, 2007 8 • Columbia Valley Homes
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