Dispatches

Dispatches By Steve Threndyle

45%: reduction in GHG emissions by 2030 targeted by District of Squamish.

The “Bank of Mom and Dad”

It’s the question we all silently ask when a young family builds a massive new home: “Where did they get the money?” The Canadian Housing Statistics program, formed by Statistics Canada to gain insights into urban home buying, found that nearly 40 per cent of detached house sales in Metro Vancouver in 2018 were non-market (for instance, between related parties, or internal corporate transactions). Another eyebrow-raising tidbit: in 2018, 300,000 B.C. homeowners owned more than one property and 62,000 homeowners owned more than three. statcan.gc.ca/en/subjects-start/housing

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Squamish Continues to Boom

Through Squamish real estate has been trending up for years, the trend seems set to continue indefinitely. According to Craig Doherty, a Howe Sound real estate expert, “There is no slowdown in sight for this adventure paradise, as there are so many major projects on the go that will offer even more lifestyle options, more jobs, infrastructure and adventure options.” A few to watch for include Oceanfront Squamish, a community with 2,500 new homes, a Capilano University campus and an 11-acre oceanfront park; the $1.6-billion Woodfibre LNG plant, set to start construction in 2023; and an investment of $50-million from the District of Squamish in local infrastructure and facilities, including transportation and climate-action support. oceanfrontsquamish.com, woodfibrelng.ca, squamish.ca

40%: amount of Metro Vancouver home sales that were non-market in 2018.

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A Flood of Insurance Options

In 2021, forest fires, floods, freezing temperatures and scorching heat caused hundreds of millions of dollars in property damage throughout B.C. As the tortuous process of cleaning up and rebuilding got underway, some property owners received the shock of a lifetime: insurance that wouldn’t cover their expenses. Homeowners who live in semi-rural or rural areas should regularly consult one of B.C.’s almost 900 licensed local brokers to reassess evolving coverage, to ensure a policy that truly covers a “worst-case” scenario.

Snowbird Strategies

Purchasing U.S. sunbelt property isn’t like nipping over the border to purchase bargain wines and chunks of cheddar. The complications of foreign ownership require boots on the ground, on both sides of the border, to ensure a smooth buying process. Your accountant or financial planner can advise how U.S. property could affect your current assets and your estate, and strategies from cross-border trusts to holding property in a Canadian corporation to structure the purchase. On the U.S. side, seek out a local real estate agent (check references!) who specializes in foreign ownership sales. snowbirds.org

27%: increase in value of residential property in the Palm Springs, California, area in the past year.

HK 161 France 464 Canada 779 Japan 379 UK 356 China 215 Denmark 702 Australia 960 Germany 587 Sweden 425 Italy 335 Greece 484 United States 832 Spain 373 Russia 237

Average residential floor space per capita in ft2 .

Small Homes, Happy Lives

Suburban homes built in the 1950s seldom exceeded 2,000 square feet, with families of up to six making do in two or three bedrooms. Sociologists (including UBC’s Elizabeth Dunn) have studied how the mania for monster houses might negatively affect modern families. Pre-pandemic, studies and academic papers pointed to large lots and expansive foyers as discouraging social interaction and well-being, with the novelty of big-home living wearing off within two years. Stay tuned for how recent work-from-home, home-schooling and other living-larger trends might impact happy living in the long term; for smaller-footprint living consult firms like happyhomedesign.ca.

90%: new Penticton residents who moved into a house, condo or town home in 2022. Photo by Destination BC/Joann Pai.

Penticton Reimagined

A recent Welcome Home survey in this Okanagan city revealed that new residents are young (91 per cent under 65), ready to work (32 per cent moved for a job or to start a business) and exiting the Lower Mainland in droves (23 per cent of new arrivals). “The number of skilled and remote workers moving to Penticton in recent months reflect a positive trend that is critical to our local economy,” says economic development manager Carly Lewis. Notable in the findings was a 16 per cent cohort of work-from-home new residents who chose the Okanagan setting for their “home office.” —C.R.penticton.ca

57%: margin by which Kimberley was voted B.C.’s Best Small Town. Photo by Kootenay Rockies Tourism/Mitch Winton/ Stonefire Pizzeria Restaurant.

CBC small town B.C. competition winner: Kimberley

Right Sizing is pleased to see the mainstream media agreeing with our selection of Kimberley as a B.C. small-town Hidden Jewel (visit our archives online to see our Kimberley story, from the Winter 2020 issue, and a Hidden Jewel town in every issue). CBC Radio Vancouver recently conducted the Search for B.C.’s Best Small Town (between 500 and 12,000 residents), which Kimberley won over 127 other places. The seven-week competition attracted more than 850,000 votes, with Kimberley’s attributes (like sunny year-round weather, low housing costs, endless adventure activities, proximity to an airport in Cranbrook and a walkable downtown) winning out over second-place Ucluelet. kimberley.ca, cbc.ca/news/canada/british-columbia/community/best-small-town-1.6339961

A New Beginning for the Nicola Valley

Troika Developments recently broke ground on a project that’s the culmination of 30 years of reconciliation with five local First Nations, plus collaboration with all levels of government and with PR Petroleum. The seven-acre site of Gateway 286, a former rest stop near Merritt (the junction of Highways 5 and 97C), will be built out and transformed. The new destination will have plenty of commercial space to serve the local community and passing travellers, including restaurants and food stops, Western Canada’s largest EV charging station and a dog park. troikadevelopments.com >>

30,000: number of square feet of commercial retail space at Gateway 286.

Electric Vehicles Charging Forward

Last summer, thanks to a new partnership between mining giant Teck and Vancouver-based Portable Electric, the world’s most powerful mobile charging unit appeared at community events and music festivals throughout the Kootenays. Light enough to be towed behind a pick-up truck, these mobile units could improve the uptake of electric vehicles in remote places where fixed charging stations are few and far between and frigid winter temperatures are the norm. portable-electric.com

It all starts here

Thinking of relocating? Nanaimo is the fastest growing community on Vancouver Island, and it’s easy to see why it is the perfect place for your next adventure. With biking, kayaking, shopping, ziplining and a growing number of new business opportunities, the lifestyle choices are endless in Nanaimo. From the moment you take the bikes off the roof rack, get onto the water, or open the door to your new office with a view, come #ExploreNanaimo and see why it all starts here.