Home Away From Home
PARKSVILLE AND QUALICUM Beach on Vancouver Island many years has been a favourite among tourists from around the world to visit and purchase vacation homes and recreational properties. The beautiful sand beaches and low tides allow for endless walks on the perfect sand. Resort Drive in Parksville is a great example with its many resorts filled with families enjoying the beautiful beach settings along Rathrevor Beach.
In 2008 the United States’ economy went into the tank which created a flurry of foreclosures furthering devastating the housing market. In turn, the properties people were first prepared to give up were resort-type holdings. This in turn had Canadians and others around the world flocking to the resort destinations in the USA to purchase properties at a fraction of what they had been selling for. What this did for the Canadian recreational market and in particular our vacation / recreational market on Vancouver Island was devastating.
The situation today shows hope. The US market is improving and the Canadian dollar is at a 10 cent disadvantage, making the purchase of those resort getaways less economically feasible for Canadians. This in turn has the sales of recreational / vacation style homes on the increase, however that particular market is still weighted towards favouring buyers.
What buyers are considering when purchasing here at home as compared to other countries such as Mexico and the USA is their comfort level of health care, crime and finances. When in Canada you know exactly what to expect if you become sick or injured. Not so in the USA or Mexico. We have all heard horror stories of fellow Canadians getting hit with hospital bills running into the hundreds of thousands due to a clause in their insurance. We also know the crime rate in Parksville Qualicum is essentially zero compared to the USA and Mexico with crime out of control and no control on weapons. In short, we know where we stand on home soil.
Another important consideration for many in Western Canada is the short and inexpensive commute using Westjet at Comox or Air Canada Regional in Nanaimo both only a 45 minute drive from the sand beaches of Parksville / Qualicum Beach. Many employees in northern Alberta workforce live and play on the island because of the easy commute. You could be one!
Knowing what you want for you and your family is important in the decision making process. Is it 100% ownership to be used only by you and your family? Would you like to earn income as a rental property when you are not using? Property management / rental pools versus using a “For Rent By Owner” FRBO arrangement? For more details on our second home or recreational / vacation markets please call me at (250) 951-6200.