There were more residential transactions across the region in 2019 than in 2018

Joannah Connolly
Western Investor

Metro Vancouver home sales in December were a whopping 88 per cent higher than the same month one year previously, bringing the year’s total resale transactions to more than 2018’s figure, the Real Estate Board of Greater Vancouver reported January 3.

Across the whole year, there were 25,351 residential sales in the region, a three per cent increase from the 24,619 sales in 2018. This could suggest that the regional real estate market slowdown of the past two years has come to a halt, at least for now. The market’s stronger performance was seen entirely in the last six months of 2019, with a very slow first half being made up for by a flurry of activity from July onwards.

However, the year’s activity was still overall below historic levels, and a 29.6 per cent decrease from the 35,993 home sales in 2017, said the board. Last year’s sales total was 20.3 per cent below the region’s 10-year full-year sales average, it reported.

“Home buyer confidence was a factor throughout the year. In the first quarter, many prospective buyers were in a holding pattern, waiting to see how prices would react to the mortgage stress test, new taxes, and other policy changes,” said Ashley Smith, REBGV president. “We didn’t see typical seasonal patterns in 2019. Demand was quieter in the normally busy spring season and it picked up in the second half of the year. Confidence started to return in the summer, and we saw above average sales in the final quarter of 2019.”

December’s strong activity

December’s unusually strong activity told a different story than that of the full year, with the month’s sales total 9.5 per cent above the 10-year average for December.

The 2,016 resale transactions reported last month were 88.1 per cent higher than December 2018, although this total was also a 19.3 per cent drop from November 2019, as the market slowed in typical fashion for the festive season..

This could also be linked to a lack of choice in available homes. Sellers also seemed to take a holiday hiatus, with the number of new listings coming on the market seeing a drop of almost half (46.8 per cent) compared with November.

The board said the total number of homes currently listed on the MLS in Metro Vancouver is 8,603, a 16.3 per cent decrease compared with December 2018 and 20.1 per cent lower than November’s inventory level.

The region’s return to a seller’s market seems to be firming up. For all property types, the sales-to-active listings ratio for December 2019 was 23.4 per cent, which is the third consecutive month that the ratio has been around 23 per cent. A seller’s market is defined when the ratio remains consistently above 20 per cent for several months.

However, this varies by property type, as the ratio is 15.2 per cent for detached homes (a return to a balanced market), 25.7 per cent for townhomes (close to a seller’s market after three months above 20 per cent) and 32.5 per cent for apartments (now firmly a seller’s market).

The region’s benchmark composite home price (all home types combined) was $1,001,000 in December, having dropped below the million-dollar mark for the previous six months. This price is a 3.1 per cent decrease compared with December 2018 but a slight rise of 0.7 per cent over November, and the third consecutive monthly increase.

Sales and prices by property type and area

All home types in the region saw sales activity increase year over year but decrease month over month, while the reverse was true for benchmark prices.

There were 599 detached home sales in the region last month, which is a 72.1 per cent increase over December 2018, and a 27.4 per cent drop from November 2019. 

The board currently pegs the benchmark price for detached properties in the region at $1,423,500, a four per cent decrease from December 2018, and a 0.6 per cent lift over November 2019.

As ever, the changes vary widely in different municipalities and neighbourhoods. The areas to see the largest year-over-year detached home price declines were Vancouver West and Bowen Island, both down 6.7 per cent, followed by the Sunshine Coast, down 6.4 per cent. West Vancouver, previously the hardest hit, has seen a recent recovery in values, with the detached benchmark price now only 3.2 per cent lower than a year ago.

Sales of attached homes such as townhouses and duplexes in Metro Vancouver in December totalled 364, a leap of 92.6 per cent over December 2018, but a month-over-month decline of 19.3 per cent.

The benchmark price of an attached home in the region is now $778,400. This is a 2.4 per cent decrease from December 2018, and a 0.7 per cent rise since November 2019.

Taking a closer look at different regions, Ladner and Tsawwassen townhome prices have been hardest hit this year, with their benchmarks down 10.9 and 12.5 per cent respectively. On the flip side, Whistler townhome prices are up 9.2 per cent year over year, closely followed by Squamish.

Condo sales across the region totalled 1,053 in December, a near-doubling (up 96.8 per cent) of the condo sales recorded in December 2018, and a drop of 13.8 per cent from November 2019.

A typical apartment in Metro Vancouver is $656,700, according to the board. This is a 2.7 per cent slip from December 2018, and a 0.8 per cent increase compared with November 2019.

Condo prices fell most in West Vancouver, down 10.2 per cent year over year, according to the board, while values dropped more than six per cent in Tsawwassen, New Westminster, Burnaby East and Ladner. The only areas to see condo prices rise over the full year were Whistler and Coquitlam, said the board.

Copyright © Western Investor

Housing market about 10-year average in December

Sean MacKay
Livabl

The Vancouver housing market continued to blow its disappointing early year results out of the water with a strong finish to 2019.

There were 2,016 homes sold in the Greater Vancouver Area last month, an 88 percent spike over December 2018’s total and 9.5 percent higher than the 10-year sales average for the month.

But according to the Real Estate Board of Greater Vancouver (REBGV), which released its December data today, the strength displayed by the market in the second half of the year was not enough to offset the sluggishness that characterized early 2019.

While the total number of homes sold through the year was up slightly from 2018’s total, 2019 remained a well below average year for the Vancouver housing market. The year’s 25,351 home sales came in significantly below the market peak in 2017, when 35,993 homes were sold across the region.

“Home buyer confidence was a factor throughout the year. In the first quarter, many prospective buyers were in a holding pattern, waiting to see how prices would react to the mortgage stress test, new taxes, and other policy changes,” said REBGV President Ashley Smith. “Confidence started to return in the summer, and we saw above average sales in the final quarter of 2019.”

This renewed buyer confidence is expected to continue into 2020, with sales activity projected to remain above long-term averages which will boost home prices. Vancouver prices posted steady declines in 2019 when compared to 2018 figures, but there are signs this trend is beginning to reverse. Prices for all major housing types tracked by REBGV (detached, condo apartment and attached) increased in December over the previous month.

Vancouver home buyers have had to contend with the most unaffordable housing market in Canada for years now. Even as prices declined through the last two years, the market remained extremely unaffordable for the average home buyer. With prices promising to continue their march upward again in 2020, it seems that even this modest reprieve for buyers is coming to an end.

© 2019 BuzzBuzzHome Corp.

REALTORS across BC are working to meet new professional development requirements

BCREA

With a redesigned Professional Development Program now in place, REALTORS® across BC are working to meet new professional development requirements.

The British Columbia Real Estate Association (BCREA) and BC’s 11 real estate boards revised the Professional Development Program for REALTORS® in BC effective January 1, 2020. The changes help to strengthen education requirements in the profession and give REALTORS® access to more diverse learning opportunities throughout their careers.

“Ongoing education is an important part of REALTOR® professionalism and an example of REALTORS®’ commitment to serving consumers,” says Darlene Hyde, BCREA Chief Executive Officer. “We’re excited to launch a new Professional Development Program that reflects this commitment and offers REALTORS® more choice and flexibility in their education.”

The new Professional Development Program incorporates best practices in professional development and adult learning. Under the new program, REALTORS® in BC are required to complete a minimum of 18 hours of professional development over their two-year licensing cycle. These requirements go beyond what’s required by the Real Estate Council of BC to earn and maintain a real estate services license.

To give REALTORS® access to a wider variety of professional development opportunities, BCREA and boards will introduce more courses online and across the province in 2020.

BC?s top 10 luxury homes

other

It should be no surprise that some of BC’s most valuable residential real estate is located in Vancouver’s West Side, but here is a renewed glimpse of how the top properties are fairing in their latest valuations.

Lululemon founder Chip Wilson’s Kitsilano mansion at 3085 Point Grey Road remains the most valuable property, with an assessed value of $64.94 million – down from $73.12 million last year.

Across the board, the overall devaluations were largely from the depreciated land value, not just the structure, itself.

Here is a rundown of the top 10 most expensive homes in British Columbia

1. 3085 Point Grey Road, Vancouver (Kitsilano)

• Overall Value: $64.94 million
• Built: 2008
• Bedrooms: 7
• Bathrooms: 9
• Floor area: 15,694-sq-ft
• Land size: 30,600-sq-ft

The mansion owned by Chip Wilson in Point Grey (Google)

2. 4707 Belmont Avenue, Vancouver (Point Grey)

• Overall Value: $58.72 million
• Built: 2007
• Bedrooms: 10
• Bathrooms: 17
• Floor area: 28,794-sq-ft
• Land size: 74,900-sq-ft

4707 Belmont Avenue, Vancouver. (Google Maps)

3. James Island, James Island BC

• Overall Value: $56.74 million
• Built: 2008
• Bedrooms: 4
• Bathrooms: 5
• First-floor area: 4,656-sq-ft
• Land size: 770 acres

James Island, BC / Shutterstock

4. 4719 Belmont Avenue, Vancouver (Point Grey)

• Overall Value: $36.04 million
• Built: 1997
• Bedrooms: 6
• Bathrooms: 10
• Floor area: 18,114-sq-ft
• Land size: 59,633-sq-ft

4719 Belmont Avenue, Vancouver. (Google Maps)

5. 4743 Belmont Avenue, Vancouver (Point Grey)

• Overall Value: $32.77 million
• Built: 1992
• Bedrooms: 4
• Bathrooms: 9
• Floor area: 16,500-sq-ft
• Land size: 1.28 acres

4743 Belmont Avenue, Vancouver. (Google Maps)

6. 2815 Point Grey Road, Vancouver (Kitsilano)

• Overall Value: $32.58 million
• Built: 1962
• Bedrooms: 5
• Bathrooms: 6
• Floor area: 9,301-sq-ft
• Land size: 33,400-sq-ft

2815 Point Grey Road, Vancouver. (Google Maps)

7. 4773 Belmont Avenue, Vancouver (Point Grey)

• Overall Value: $31.72 million
• Built: 2010
• Bedrooms: 5
• Bathrooms: 9
• Floor area: 13,600-sq-ft

• Land size: 49,200-sq-ft

4773 Belmont Avenue, Vancouver. (Google Maps)

8: 17146 20 Avenue, Surrey

• Overall Value: $31.52 million
• Built: 1989
• Bedrooms: 6
• Bathrooms: 10
• Floor area: 23,436-sq-ft (over three floors)
• Land size: 18.974 Acres

17146 20 Avenue, Surrey

9. 4857 Belmont Avenue, Vancouver (Point Grey)

• Overall Value: $30.2 million
• Built: 1986
• Bedrooms: 6
• Bathrooms: 5
• Floor area: 15,000-sq-ft
• Land size: 120,000-sq-ft

4857 Belmont Avenue, Vancouver. (Google Maps)

10. 35220 Cassiar Avenue, Abbotsford

• Overall Value: $30.02 million
• Built: 1977
• Bedrooms: 4
• Bathrooms: 5
• Floor area: 6,634-sq-ft (over two floors)
• Land size: 16o acres

Daily Hive is a Canadian-born online news source, established in 2008

Northland Properties Corp. new owner of Grouse Mountain Ski Resort

Jeremy Shepherd
Western Investor

For the second time in 18 months, the ownership of Grouse Mountain Resort is changing hands.

Northland Properties Corporation, which owns hotels, the Revelstoke Mountain Resort, and a chain of diners, announced an agreement to buy the popular resort Thursday.

The resort was previously sold to the China Minsheng Investment Group in July 2017 for a reported $200 million, according to the Globe and Mail.

Northland Properties declined to disclose their purchase price.

The deal is expected to close at the end of January, according to Northland Properties chief marketing and digital officer Manoj Jasra.

Replacing the seldom-used Blue Skyride with a new lift up the mountain is a “high priority,” according to Jasra, who listed upgrades to facilities and transportation as the company’s primary focus.

The company is not about to erect new buildings on the mountaintop, he added.

“We don’t have immediate plans to say, build a hotel up there,” he said.

Noting the company owns 60 Denny’s restaurants in Canada, Jasra said he wasn’t sure “if Denny’s will show up at Grouse Mountain or not.”

Asked about the challenges of running a mountain resort amid increasingly unpredictable weather patterns, Jasra emphasized that Grouse is a year-round attraction.

“Although climate change is definitely upon the world immensely . . . we saw a great business investment,” he said.

The acquisition makes sense, particularly given that the company also owns a resort in Revelstoke, explained Capilano University instructor Blake Rowsell. Aside from teaching courses in tourism management and outdoor recreation at CapU, Rowsell also works as a heli-ski guide for Vail Resorts, which owns Whistler Blackcomb.

“There are many independent resorts, like Revelstoke, that are trying to maintain and exist without getting bought up by one of these massive conglomerates,” he said, explaining Vail Resorts and Alterra Mountain Company have been “buying up everything that they can buy.”

Business strategies in the mountain resort industry have been hugely affected by climate change, Rowsell noted.

“The snow line is continuing to go up,” he said.

That means diversifying both in terms of offering non-snow related activities such as shopping and ziplines, as well as providing other options for diehard skiers and snowboarders in search of snow.

Noting that Revelstoke has so far had a good year for snow relative to Whistler, Rowsell suggested it would make sense for Northland to sell combined passes for Grouse and Revelstoke.

“Going to Revelstoke is not that much farther for folks who live in the Vancouver area,” he said.

Having positioned itself as more than a ski hill, Grouse was an attractive purchase, Rowsell said. The acquisition also makes a statement, he added.

“This is a big push for them to buy an alternative property, to say ‘We’re a major player.’”

Grouse Mountain Resort employees were informed of the change of ownership Thursday morning, according to the resort’s communications manager Julia Grant.

The company has not yet met with representatives from the District of North Vancouver, according to the municipality’s communications officer Courtenay Rannard.

“[We] look forward to doing so to better understand the long-term plans moving forward, as this is an important, local community mountain and landmark in North Vancouver,” Rannard wrote in an email.

Northland CEO Tom Gaglardi, who is also the owner and governor of the Dallas Stars of the NHL, stated in a press release the company would “maintain and evolve the iconic Grouse Mountain experience.”

Northland Properties Corporation is owned by the Gaglardi Family with headquarters in Vancouver.

Copyright © Western Investor

NDP establish new taxes on home ownership

Mario Canseco
Western Investor

During the last provincial election, British Columbians were primarily preoccupied with housing, homelessness and poverty – three issues that outpaced topics such as the economy and jobs, the environment and heath care in the minds of would-be voters.

One of the main decisions implemented by the incoming provincial BC New Democratic Party (NDP) government was to establish new taxes related to home ownership, as well as expand some levies that had been introduced by the BC Liberals.

Before the year 2019 drew to a close, Research Co. asked British Columbians about their views on these actions and what they have done, or could do, to make housing more affordable for residents. The results show a public that is mostly satisfied with these decisions, with some regulations enjoying larger levels of support than before, as well as some hope that the process will ultimately help everyone who seeks to become a homeowner.

One of the seemingly controversial decisions by the provincial government was the design and introduction of a “speculation tax” in specific urban areas targeting foreign and domestic homeowners who pay little or no income tax in British Columbia, and those who own second properties that are not long-term rentals.

In December, three in four British Columbians (76%) agreed with the speculation tax – an eight-point increase since we last looked at this issue in March 2019. Majorities in all five regions of the province are in favour of this decision, including 75% in Metro Vancouver, 76% in Vancouver Island, 78% in southern B.C., 80% in the Fraser Valley and 82% in Northern B.C.

There was some thought that the speculation tax would be popular with supporters of the BC NDP and the BC Green Party, and disheartening for those who voted for the BC Liberals. Our tracking work has shown that this is simply not true. While the level of agreement with the “speculation tax” is highest among BC NDP voters from 2017 (86%), it stands at 75% with those who supported either the BC Liberals or the BC Greens.

The foreign-buyer’s tax that was created by the BC Liberals and came into force in August 2016 also went through some changes once a new administration landed in Victoria. The current provincial government’s decision to increase the foreign-buyer’s tax from 15% to 20% is regarded as a positive move by 77% of British Columbians. The same proportion (77%) also endorses the expansion of this tax to areas located outside of Metro Vancouver.

More than seven in 10 British Columbians are also in agreement on two other measures related to housing. The increase in the property transfer tax from 3% to 5% for homes valued at more than $3 million – with the 5% portion only applying to the value greater than $3 million – is seen as a good idea by 72% of British Columbians. Support is identical (72%) for the introduction of a 0.2% tax on the value of homes between $3 million and $4 million, and a tax rate of 0.4% on the portion of a home’s value that exceeds $4 million.

The other theme that needs to be reviewed is the reaction from the public on whether all of these regulations will ultimately assist the province’s residents. In the latest survey, 49% of British Columbians said they think the actions of the provincial government will be “effective” in making housing more affordable in the province. This represents a 10-point increase since March 2019, when only 39% of residents felt this way.

As expected, the desire to see these measures become successful in dealing with housing affordability in the province is strongest among BC NDP voters (58%) and BC Green voters (59%). However, almost half of BC Liberal voters in 2017 (49%) also feel the housing taxes will be effective.

Across the province, agreement with the housing taxes has remained strong, and in some cases – such as the speculation tax and the property transfer tax increase – support has increased over time.

In spite of the protests that garnered media coverage a few months ago in Vancouver’s wealthiest neighbourhoods, the level of opposition from BC Liberal voters to the provincial housing taxes ranges between 18% and 25%, depending on which specific measure is assessed. Critiquing the provincial government’s housing decisions has not been wildly successful for the official opposition, as only about one in four or one in five voters are genuinely upset.

Mario Canseco is president of Research Co.

Results are based on an online study conducted from December 12–16, 2019, among 800 adults in British Columbia. The data has been statistically weighted according to Canadian census figures for age, gender and region in Canada. The margin of error, which measures sample variability, is plus or minus 3.5 percentage points, 19 times out of 20.

Copyright © Western Investor

Chip Wilson?s Point Grey Road home fell by almost $10 million in assessed value

John Kurucz
Western Investor

Pour one out for poor Chip Wilson.

The former lululemon magnate has now seen his Point Grey Road mansion lose $14 million in assessed value over the last three years, according to stats released by the B.C. Assessment Authority Jan. 2.

Alas, Wilson ushers in 2020 with an assessed value of $64.9 million for his palatial, beachfront home in Kitsilano. Last year that number was $73.1 million and $78.8 million in 2018.

Despite that loss, Wilson’s home again tops the list of most expensive properties in B.C.

Seven of the province’s 10 most expensive properties are scattered throughout Vancouver neighbourhoods: Kits, Point Grey, Shaughnessy and downtown. The three others are in Surrey, Abbotsford and the Gulf Islands.

Somewhat miraculously, two Vancouver homes have higher assessed values than a 780-acre island, known as James Island, outside of Victoria. That chunk of heaven is listed at $56.7 million this year.

As was the case last year, the property at 4707 Belmont Ave. comes in at the second spot on the top 10 list, with an assessed value of $58.7 million.

Here’s the complete top 10 list, and in case it wasn’t already evident, those living on Belmont Avenue and Point Grey Road appear to be doing pretty well.

1. 3085 Point Grey Rd. ($64,900,00)
2. 4707 Belmont Ave. ($58,700,000)
3. 4719 Belmont Ave.  ($36,042,000)
4. 4743 Belmont Ave. ($32,771,000)
5.  2815 Point Grey Rd. ($32,588,000)
6. 4773 Belmont Ave.  ($31,720,000)
7. 4857 Belmont Ave. ($30,208,000)
8. 3489 Osler St. ($29,562,000)
9. 2999 Point Grey Rd. ($29,479,000)  
10. Unit 3101 277 Thurlow St. ($29,213,000)

© Copyright 2019 Western Investor

Biggest drops in home values are in West Vancouver and UBC, while many parts of B.C. post an increase in home assessments

Joannah Connolly
Western Investor

Property values across the province have declined only modestly over the past year, looking at all regions and property types, according to the 2020 BC Assessment roll announced January 2.

Owners of residential and commercial property in B.C. will be receiving their assessment notices in the mail over the next week or so, said BC Assessment.

Combining all residential and commercial properties in the Lower Mainland, Vancouver Island, Thompson-Okanagan, Northern B.C. and Columbia-Kootenays, the total value of properties was $1.934 trillion, down 2.45 per cent from the previous year’s $1.983 trillion.

Most of that loss was seen in the Lower Mainland, which has a high proportion of the properties assessed and saw total values decline 4.7 per cent year over year. Within that region, the biggest drops were seen in single-family home values in West Vancouver and UBC, both down 16 per cent year over year, followed by Richmond’s detached houses, down 14 per cent, and then Vancouver, Coquitlam, Port Moody and North Vancouver single-family homes, all down 11 per cent.

In strata residential properties such as condos and townhomes, the only Lower Mainland area to see double-digit value declines was West Vancouver, down 10 per cent, with most other areas seeing declines between four and nine per cent.

“The Lower Mainland residential real estate market continues to see signs of moderation,” said Brian Smith, BC Assessment deputy assessor. “Homes located in Whistler and Pemberton can expect a minimal increase in their assessments, whereas the rest of the region will likely experience a reduced assessment value.”

Housing minister Selina Robinson lauded the news as a win for the NDP government’s recent housing policies. She said in a statement, “As the 2020 property assessments are released, people living in the regions hardest hit by sky-high property-value increases are seeing a moderating trend in housing prices. For the second year in a row, we see only modest changes in the value of both single-family and strata homes in most regions, particularly in the Lower Mainland and on Vancouver Island. This is a positive sign that our government’s efforts to make housing more affordable for more British Columbians are having a real impact.”

On Vancouver Island, the overall property value assessment, including commercial and residential, increased 3.66 per cent to $255 billion. The values of single-family homes on the Island ranged from dropping six per cent in Victoria’s chi-chi Oak Bay, to seeing double-digit increases in Campbell River and some other North Island towns. Most strata homes on the Island also registered increases of a few per cent over last year, with Campbell River again posting 10 per cent value hikes.

“The market has stabilized in most areas of Vancouver Island this year,” said Vancouver Island assessor Tina Ireland. “In the south part of Vancouver Island, the majority of residential property values are moving -5 per cent to +5 per cent, while up island the value increases are a little higher.  The commercial and industrial markets are generally showing increases over last year’s assessments.”

Northern B.C., which is seeing a slow boom due to major infrastructure projects, saw the largest increases in overall assessments among all property types, rising 6.1 per cent from last year to $69.4 billion.

Thompson-Okanagan property values rose by a total of 3.65 per cent, with most areas seeing increases in detached-home values, except Kelowna, Sun Peaks, West Kelowna, Peachland and Spallumcheen.

BC Assessment said in a statement that property owners can appeal their assessment if they feel it is inaccurate.

“Those who feel that their property assessment does not reflect market value as of July 1, 2019 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said Smith. “If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel.”

The agency pointed out that the value changes will not necessarily dictate a change in payable property taxes.

“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” added Smith. “As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”

For example, the City of Vancouver has approved a seven per cent increase in property taxes this year, which most homeowners will have to pay even if their home has decreased in value.

Copyright © Western Investor

Dallas Stars owner to buy Grouse Mountain Resort

Kenneth Chan
other

Less than two years after it acquired Grouse Mountain, a company with strong links to China has decided to sell the recreational and tourist destination on Metro Vancouver’s North Shore, returning the property to a Canadian family.

Northland Properties Corporation (NPC) announced today it has entered into an agreement to buy Grouse Mountain Resort from CM (Canada) Asset Management Co. Ltd.

The Vancouver-based company is owned by Tom Gaglardi and his family, who also own the NHL Dallas Stars, the restaurant chains of Moxie’s Grill & Bar, Chop Steakhouse & Bar, Denny’s Restaurants, and over 50 hotels across Canada, including the Sandman Hotel Group and The Sutton Place Hotels brands.

  Additionally, they own a number of ski resorts, including Revelstoke Mountain Resort and Selkirk Tangiers Heli Skiing. The conglomerate employs over 12,000 people across its properties and divisions.

NPC is also a key partner with Aquilini Investment Group in their plans to build the long-envisioned $3.5-billion Garibaldi at Squamish ski resort.

“With our strong family and company roots in Vancouver, BC, we are excited with the opportunity to make this acquisition,” said Tom Gaglardi, president and CEO of Northland Properties Corporation.

“We look forward to working closely with the existing team and leadership group, as well the community to ensure we maintain and evolve the iconic Grouse Mountain experience for all of our visitors.”

Michael Cameron, president of Grouse Mountain Resort, added: “As a leader in the hotel and restaurant industry, Northland Properties has shown tremendous growth and innovation across their diversified group of companies. We look forward to working together, recognizing the accomplishments that the Grouse Mountain Resort and its team have achieved over the years and continuing to build on that success.”

The acquisition is expected to be finalized by the end of this month. The value of the deal was not disclosed, but it encompasses 1,200 acres of private terrain including 212 acres of skiable terrain on 26 runs.

It was reported in 2017 that CM may have acquired Grouse Mountain for up to $200 million from its previous longtime owners, the McLaughlin family of Vancouver.

At the time, CM described itself as a 60% Canadian-owned company. The remaining 40% shares are owned by Shanghai-based China Mingsheng Investment Group (CMIG), a major firm with close ties to the government of the People’s Republic of China. But over the past year, CMIG has faced financial struggles due to an immense debt load.

According to a December 2019 report in Bloomberg, CMIG was founded in 2014 with the endorsement of Premier Li Keqiang, the country’s second most powerful official. It had run up a debt of about USD $34 billion in 2018, and ever since it has been rapidly selling its assets.

“Since our acquisition in 2017, Grouse has made significant strategic investments in management, sales and marketing, facilities and infrastructure, adventure offerings, and technology capabilities to bolster its value-add for guests,” said Kenny Zou, Managing Director of CM.

“We are delighted to have partnered with such a collaborative management team and achieved impressive growth. Looking ahead, joining one of Canada’s top hospitality groups will be highly beneficial for Grouse Mountain’s guests, employees, and partners.”

Prior to CM’s acquisition, the McLaughlin family held ownership over Grouse Mountain beginning in 1989. They first began operating the resort in 1974.

Grouse Mountain Resort currently sees about 1.3 million visitors annually, with major investments over the decades turning it from solely a ski resort to a year-round destination.

A potential future investment into the resort’s infrastructure is the replacement of the 1966-built Blue Skyride that leads to the mountaintop lodge. The newer Red Skyride first opened in 1976, and uses larger trams that fit approximately 100 people.

The Blue Skyride is currently mainly used to move equipment and supplies up and down the mountain.

Daily Hive is a Canadian-born online news source