Community located 20 kilometres west of Kamloops has plenty to draw buyers in

Diana Skoglund
Sun

TOBIANO

Project location: 20 minutes west of Kamloops on the Trans Canada Hwy

Project size: 615 building lots; 499 apartments and townhouses, 9 buildings; sites up to 450 rooms, 3 hotels

Prices: “Bluff” lots, -$300,000 — +/-$550,000; ”Summers Landing” townhouses, -$400,000 — +$700,000; ”Lake Star” townhouses, +$400,000 — -$700,000

Telephone: 1/877-373-0055

Email: [email protected]

Web: tobianoliving.com

Developer: Pagebrook Inc.

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Tobiano is the newest, and rarest, jewel in the Thompson Okanagan. A working cattle ranch, an under-used lake and rolling sagebrush hills have been sculpted into a master-planned resort just 20 minutes west of Kamloops on the Trans-Canada Highway.

Mike Grenier, with his father Bill, owner of the Pagebrook Inc. development company, first saw the Six Mile Ranch property in the mid-1990s, while looking around North America for property with recreational-development potential. He purchased the property in 1995 and soon after built his family’s own award wining timber-frame home, with 18,000 glorious acres as a backyard.

Grenier admits to having tweaked his plans over the years, but his vision has remained true–to create a premier resort destination.

Mike, Shelley and their daughters Rebecca, 11, and Allison, 9, are about to have neighbours.

Finishing touches are being added to the first of the Tobiano properties, Lake Star Town Homes, scheduled for occupancy.

Mike Vopni of the Sotheby’s brokerage firm says that although no major product launches are imminent, the real estate company tasked with marketing Tobiano is constantly releasing new properties.

“As we sell a residential lot or town home, we release new inventory,” he said from his office in the gull-wing roofed Discovery Centre at the centre of the development. “We have sold well over $3.5 million this year which I believe puts Tobiano on the top of the list for sales success at a master planned resort community for sales in 2008.”

Planning this community has included the precision timing of construction. The Thomas McBroom-designed, 18-hole golf course opened to rave reviews last summer and Tourism Kamloops is already touting Tobiano as the best new course in Canada. A round of golf here is often the dealmaker on a property purchase. McBroom has often said that Tobiano is one of the most picturesque properties he’s ever worked on. The fairways and the tee boxes complement the landscape and its gulleys, canyons and fissures.

The rest of the development follows suite. With nearly 1,000 acres set aside for the developed part of Tobiano, neighborhoods are widely spaced, with each home and amenity building situated for optimum view, balanced by a ”village centre,” hotels and the golf course. All set against the stunning backdrop of Kamloops Lake and surrounding hills.

Most purchasers are from Metro Vancouver. Their motivation is mixed: Some are picking up recreational property and some primary residences. Vopni estimates the sales are in favour of the recreation buyer. Either way, it’s the recreational opportunities that speak to the purchasers. Besides the golf course, there will be a 100 slip full-service marina and an equestrian centre complete with a network of trails that will connect riders to 17,000 acres of forest, hills and fishing lakes on the other side of the highway. Horse and rider will access the trails through a culvert passing under the highway.

The short, twenty-minute commute down that Trans-Canada to the schools and shopping in nearby Kamloops compares favourably against the Lower Mainland’s traffic gridlock. For urbanites coming for the weekend, Vancouver is a neat 3-hour drive (once you’re clear of the before-mentioned traffic snarl).

Patrick Harlow, a product development manager with Bell Canada, is going to trade his estimated 10 hours of weekly commute from South Delta to downtown Vancouver. The twice a day drive over two bridges and through a tunnel will be replaced with nine holes in the early morning, before a shift at the home office. He expects to spend two days a week at Bell‘s Vancouver office, cutting four hours a week off his commute. He’s not sure what the change of location will do for his golf handicap.

The 38-year-old says having a full-time residence at Tobiano is a chance to give Ethan, his four-year-old son a chance to grow up in a place where there is time to dirt bike, golf, horseback ride, snowmobile and jet ski, all without leaving the community.

“It’s the way my wife [Natalie] and I were raised in Alberta,” Harlow says.

“In the Lower Mainland we spend so much time trying to get out of the city, we have no time to really enjoy ourselves.

“It takes forever to get to Whistler for the weekend, but we’ve been to Sun Peaks and it’s a mini-Whistler, and only a one-hour drive from Tobiano.”

An avid horsewoman growing up in Alberta, Natalie is looking forward to stepping out her front door, heading to the equestrian centre for weekly rides into the trails through the resort’s undeveloped forests and rolling hills. Besides being able to access all that recreation from their home at The Bluffs, the Harlows will move into a neighbourhood complete with Ethan’s grandparents.

Natalie’s father and mother are getting ready to move from Alberta into their Lake Star townhouse. Harlow said when his snowbird in-laws drove past the development last spring they had no idea it was the same place he and Natalie were considering.

Patrick and Natalie bought their third of an acre in April of 2007. They’ve just listed their South Delta home with a realtor and are making the final changes to the plans of their dream home that will overlook Kamloops Lake. They expect to be in their new home this fall or the spring of 2009 and Ethan will start school in Kamloops. And after classes, his dad says, its up to Ethan whether they’ll go to the driving range, jet ski or don the wranglers and boots to ride the range.

Diana Skoglund is a Kamloops writer and editor.

© The Vancouver Sun 2008

 

Prices ease slightly as unsold properties are up by 54 per cent over ’07

Derrick Penner
Sun

Lower Mainland house hunters are now in a buyer’s market with prices that have eased slightly off of earlier-year highs, according to the latest report from the Real Estate Board of Greater Vancouver.

The region saw 2,425 sales registered through the Multiple Listing Service in June, the board reported, a 43-per-cent decline from the same month a year ago.

At the same time, owners listed 6,546 properties, an 18-per-cent increase from the same month a year ago. On June 30, Greater Vancouver’s inventory of unsold properties stood at 18,260, a 54-per-cent increase from a year ago.

And while so-called benchmark prices in June were still up over the same month a year ago, in many markets typical prices were down slightly from benchmark prices in May.

The Greater Vancouver benchmark price for a detached house was $765,654 in June, up 7.3 per cent from the same month a year ago, but down from the May benchmark of $771,250.

“When a market is in buyer’s market conditions, there is little upward pressure on home prices,” which is reflected in those May-to-June changes Cameron Muir, chief economist for the B.C. Real Estate Association said in an interview.

However, Muir doesn’t see any factors that would drive prices down.

Consumer confidence is lower than it was a year ago and Vancouver‘s high prices have squeezed some buyers out of the market, Muir said, but the region’s overall economy remains strong with solid job creation and positive levels of population migration.

“There is no indication, at this point, of any kind of substantial decline in prices,” he added.

Dave Watt, president of the Real Estate Board of Greater Vancouver, said the homes that are selling are still selling relatively quickly, but the market is becoming increasingly competitive.

“The buyer sure knows about your competition, because of the power of the Internet,” Watt said. “For sellers today, you’d better know about your competition.”

Maple Ridge realtor Ron Antalek, with Re/Max Ridge Meadows, said it is the sellers who still try to set new all-time highs with their prices that are watching their properties sit.

“In general, the average [price] is reasonably stable, but not really showing any price increases,” Antalek added. “We’re seeing sale prices, in some occasions, equal to last year.”

Watt said realtors are starting to see more sellers reduce their asking prices. Fraser Valley markets also showed a slowing of sales and rising inventories that pushed the region into buyer’s territory.

Fraser Valley realtors recorded 1,418 MLS sales, a 31-per-cent decline from the same month a year ago.

At the same time, 3,236 new listings hit the market, bringing the valley’s total inventory of unsold homes to 11,295, a 47-per-cent increase from the same month a year ago.

The Fraser Valley‘s average detached house price hit $561,771 in June, a six-per-cent increase from the same month a year ago.

Muir added that he expects to see some balancing out in the market as the year progresses as sellers readjust their expectations and either re-price their properties given today’s realities, or pull their listings off the market.

© The Vancouver Sun 2008

REBGV
Other

How to find, rent or buy a home in Canada

Sun

Canada‘s population is becoming increasingly diverse in nearly every region of the country. According to the most recent Census, an average of about 240,000 newcomers arrive in Canada each year. As a result, roughly two-thirds of Canada‘s annual population growth now comes from net international migration.

Moreover, Canada‘s immigrant population is itself becoming increasingly diverse. Over the past several years, newcomers have come to Canada from across the globe, including many parts of Asia, Europe, Africa, Central and South America, Mexico, Oceania and the United States.

For many, finding a safe, affordable place to live can be one of the most immediate challenges. To help Canada‘s newcomers make the best decisions for their families, Canada Mortgage and Housing Corporation (CMHC) offers the following tips on what to look for when buying or renting a new home:

– Try to be as flexible as possible, especially when choosing your first home. Housing in Canada can vary greatly between different provinces and territories, cities, communities and even neighbourhoods. Decide in advance how much you can afford to spend, how many rooms you will need, where you’d like to live and what type of housing will help your family feel most at home.

– Be prepared to adapt to Canadian housing customs and practices. For example, Canadians consider a family with three or four children to be quite large, so finding a home with three or more bedrooms can be difficult. You may have to accept a smaller place or less central location until you can find what you really want. Or consider a temporary measure such as using bunk beds so small children can comfortably share a room.

– Chances are that the first place you live in Canada will be rented. If you are renting, find out exactly what the rent will include. If you use a rental locator, check their reputation with the local Better Business Bureau. Remember that while the rent may be higher in central areas, these neighbourhoods also often offer greater access to work, shopping, recreation and public transportation.

– Use several different search methods to find your new home. For example, ask relatives or friends who already live in the area for help or advice. Search the classified ads of daily newspapers. Check bulletin boards in grocery stores, laundromats, health clinics, thrift stores, libraries, community centres, places of worship and service clubs. Or just go from building to building to ask the superintendents if any apartments are available now or will be in the near future.

– When it comes to choosing a neighbourhood, there are many non-governmental agencies that can help you adjust to life in Canada and find a community where you’ll feel comfortable. Make a list of neighbourhoods where you think you might like to live. Be sure to take into account the character of the community as well as the proximity to medical care, public transportation, schools, shopping, places of worship and possibilities for work.

– If you’re buying a home, make sure you have the right team of professionals on your side. You will likely want to hire an appraiser and home inspector to get a better idea of the condition of a home and how much it is worth. You will also need a lawyer to help protect your interests. In addition, if you need to arrange for a mortgage, you will probably need to find a lender or mortgage broker who can help you buy your home.

– Before you begin searching for a home, learn more about the housing market. Find out the latest price trends in the city or neighbourhood that interests you. Keep interest rates in mind. Figure out how much house you can realistically afford. And ask a lender or mortgage broker in advance how large a mortgage loan you will qualify for.

– Always check out a house or apartment as thoroughly as possible before deciding whether it is right for you. Make sure all plumbing, electrical and other systems and features are in good working order. Walk around the neighbourhood to get a feel for whether or not you can picture yourself living there. And ask about utility, repair and other costs that you may have to pay over and above the rent or mortgage.

– Get to know your rights and responsibilities as a tenant or home owner. Most cities and towns in Canada have bylaws that protect your rights and set out certain responsibilities whether you own or rent your home. Make sure you’re familiar with these bylaws, and if you have a problem with a neighbour, landlord or superintendent, try to work things out in person before taking legal action.

– Lastly, looking for a place to live can be a frustrating, stressful and time-consuming process. So try to remain positive and avoid being too choosy. If you’re having difficulty finding a permanent place, consider a room that rents by the week or month while you keep looking. And remember: don’t feel rushed into renting an apartment or buying a home immediately. By taking the time to find the right place now, you won’t feel pressured to move again until you really want to.

For more information on housing in Canada or to receive a free electronic copy of The Newcomer’s Guide to Canadian Housing in either English or French, visit www.cmhc.ca or call CMHC at 1-800-668-2642. For more than 60 years, Canada Mortgage and Housing Corporation (CMHC) has been Canada‘s national housing agency, and a source of objective, reliable housing expertise.

© The Vancouver Sun 2008

 

Sun

There are a number of professionals who can help you find the right condo. Real estate agents, lawyers and notaries, developers and financial advisors all play an important role.

Buying a condo is different from buying a house, so it’s a good idea to hire professionals who specialize in condos.

REAL ESTATE AGENTS

A good real estate agent specializing in existing condos can save you time and energy. You can choose to deal with the vendor’s real estate representative (for existing condos), but you should really enlist one who will act only on your behalf. If you deal with the vendor’s agent, there should be no charge to you, as the agent will be paid a commission by the vendor. An agent acting exclusively for you should not charge a fee for his/her services, as he/she normally shares in the vendor’s agent’s commission. Make sure you are clear on who is paying the real estate agent’s commission, and what your obligations are once you’ve signed an agreement. When you meet with your agent, be specific about what features you’re looking for, location, and your budget. This will allow your agent to prescreen condos within your price range, in the neighbourhoods you want to live in, with the features and amenities you want.

A real estate agent can also assist you in making an offer to purchase once you’ve found the unit that’s right for you.

Remember for a re-sale unit purchase, make the offer conditional upon getting all corporation documents available to the purchaser under provincial legislation, including an estoppel or status certificate where available, or the financial statements and governing documents for the condo. Make any sale conditional upon a satisfactory review of the condo’s financial condition and inspection by a qualified professional.

LAWYERS AND NOTARIES

Hiring a real estate lawyer or notary who is knowledgeable about condos will help ensure that your legal interests are protected. Your lawyer will explain all the documentation for the condo including the declaration, by-laws, rules and disclosure statements and will review your offer to purchase and the purchase and sale agreement. Your lawyer should be able to determine whether or not there are any pending legal actions against the condo that may have financial implications to the unit owners.

If your offer to purchase is accepted, your lawyer will handle many of the closing arrangements.

Architects, Engineers and Home Inspectors A professional inspection is a wise idea. All too often, people purchase too quickly due to the desirability of the condo or in anticipation of competing offers. Buyers could face substantial costs after they take ownership of the unit due to construction-related defects that may have been detected by a pre-purchase inspection. For an objective review of the condition of your unit and building, it is recommended that you find a qualified inspector such as that supported by the Canadian Association of Home Inspectors at www.cahi.ca.

FINANCIAL ADVISORS

Ensure you can afford your mortgage and the monthly expenses you will face as a result of your purchase. Your bank manager or financial advisor can help you customize your mortgage to suit your financial goals and needs. CMHC’s on-line Homebuying Step by Step Guide can also help you to determine what you can afford. You can find the guide on CMHC’s Web site at www.cmhc.ca

© The Vancouver Sun 2008