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Speculation Tax


How will the new Speculation Tax affect Invermere Real Estate?

Regional District Of East Kootenay (RDEK) has wrote an article on Speculation Tax and how it will affect the whole East Kootenay - See below 

 

Speculation Tax Causes Concern
Although the Province’s recently announced Speculation Tax does not apply in the East Kootenay, the Regional District of East Kootenay (RDEK) Board of Directors believes the region is already being impacted by the announcement and wants assurances the Tax will not be implemented in the region.

The tax, which was announced in the provincial budget, will apply a tax of $5 per $1000 of assessed value for properties owned by out-of-Province homeowners who do not occupy their residence. In 2019, the rate will increase to $20 per $1,000. “The new tax uses a broad-brush to paint all second-property owners as speculators. Our Board wants to stress to the Province that in our area, our second-homeowners are a valued and important part of our communities and we are gravely concerned about the impact this tax could have should it be expanded,” says RDEK Chair Rob Gay.

As a result, the Board is calling on the Province to provide assurances the tax will not be expanded to the RDEK and undertake meaningful consultation with local government before any further changes are contemplated

“Our concern isn’t just about the potential future impacts. We believe there are already negative impacts on regions not originally included in the tax, particularly because of the uncertainty it has created,” adds Gay. “Recreational property investors may be hesitant to invest in our region if there is no assurance that the Province won’t be expanding the Tax further.”

The Board will be sending a letter to both the Premier and Minister of Finance explaining the negative impact on regions not originally included in the tax, requesting consultation prior to any changes, emphasizing the importance of our second-homeowners in our region and asking for assurances the tax will not be implemented in the East Kootenay.

In addition, the Board will be submitting a resolution to the upcoming Association of Kootenay and Boundary Local Governments Annual General Meeting calling on the Union of BC Municipalities to advocate that the Province engage in appropriate consultation with local government and to provide local governments with an opportunity to opt in or out of the tax.


Copperhorn Chalets in Radium Hot Springs


They will new Chalets for sale in Radium Hot Spring. The Columbia Valley Pioneer Issue March 3 2017 has an article stating that owners Copperhorn Chalets in Radium will be moving forward to complete the buildings. Article is below 

Radium chalets close to completion

By Nikki Fredrikson

Pioneer Staff

1087277 BC Ltd., owners of the Copperhorn Chalets in Radium, have received their development permit allowing them to move forward with completing the buildings. At the Wednesday, February 22nd council meeting, the Radium Hot Springs council unanimously passed the development permit for the six five-plex buildings.

“In this particular case, the development permit has been approved, which will allow them to basically redo and complete the exterior of the buildings. Then they will have to apply for a building permit that will deal with the actual structures of the buildings,” said Mark Read, chief administrative officer for the Village of Radium Hot Springs.

After the architectural team at Cover Architectural Collaborative finishes their review of the buildings, they will then apply for a building permit. Unlike the development permit, the application for the building permit will not have to go through council, but rather through Arne Dohlen, Radium’s director of planning and development services.

“It is a little more complicated, those buildings are under remedial action requirement with the municipality. So it is more complex, more engineering guarantees will be required before Arne would be ready to issue a building permit,” said Mr. Read.

According to Kelly McKinley, lead architect for the project, they will be bringing in structural and civil engineers, as well as consultants, to review each component of the chalets.

“We’ll be doing reviews and drawings co-ordinating with the other engineers to get a set of drawings together, to submit for a building permit,” said Mr. McKinley. While the architect team finishes their review of the chalets, work will go ahead on the exterior portions of all six buildings.

Mr. McKinley said they want the exterior to come together so the people living on the south side no longer have to look at abandoned buildings. “I think the intent is to really work on the exterior and particularly the two south that are closest to the existing units that are there. I think that was even part of the DP requirement to get those buildings finished on the exterior,” said Mr. McKinley.

Still to be completed is the entire interior of these buildings, with only some plumbing and electrical in place currently. New additions to this project will be the inclusion of a garbage enclosure, more parking stalls, and added landscaping.

“It will be a really good asset for the community, it’s going to look good, it’s great that it’s getting finished. Beyond that I think it’s a great project to add to the community,” said Mr. McKinley.


Invermere Real Estate will be changing with announcements from Pine Ridge


In The Pioneer issue March 3rd/2017,  the Statesman Group has talked about the plans for Pine Ridge Mountain Resort which is located in Invermere. With all these new plans it should help the Invermere real estate landscape.

Article is below

 

Big plans ahead for Pine Ridge development in Invermere

By James Rose
Special to The Pioneer

After several years of little activity, the ball is starting to roll again with Statesman Group’s Pine Ridge Mountain and Lakeview Community development (located up behind David Thompson Secondary School).

“Last year, we built and sold the first show home in many years. The new owners will be moving in at the beginning of April,” said Jamie McArthur, a representative of the Calgary-based Statesman Group. “We now have two more show homes underway, and they are expected to be complete this coming spring season.”

Mr. McArthur also noted that there has been some “great interest from prospective buyers.”

Furthermore, last year, work began on the development’s outdoor park, which the company has called “Columbia Valley Family Park”.

“We landscaped and seeded a three-hole training golf course, plus an extra putting green,” said Mr. McArthur. “When the snow melts, we will put the finishing touches on the tee boxes, and the course will be ready for use by late spring.”
Statesman also installed a children’s playground, including a boogie board, and a kids’ zip line.

“In the spring, we’ll be adding pickle ball courts, an outdoor fitness apparatus, and an open field for all sorts of activities.”

All of the amenities included in the Columbia Valley Family Park will be available for the public to enjoy, and not just the residents of the development.

Statesman Group is a 40-year-old, family-owned-and-operated Canadian company with extensive experience in senior living communities and medical centre developments.

“We are not just developers, but we are also the builders and the operators,” commented Mr. McArthur. “As such, we build our developments knowing that we will continue to support our homeowners for many years to come.”
The company’s tag line is “What a Beautiful Way to Live”, which is intended to reflect their belief that a home is more than just a house. “When we build a community, we understand that our homeowners want to live a rich and fulfilling life and so we are committed to adding years to your life… and life to your years,” said Mr. McArthur.
For the Pine Ridge development, the idea behind it was to make sure that it could be enjoyed by people of all ages, and at any stage in their family life.

“We are tucked away on the mountainside, providing a quiet and pristine setting for those who want that majestic mountain lifestyle, but we are also within walking distance of the schools and downtown Invermere,” said Mr. McArthur.
“And now, with the addition of the outdoor park, the grandkids will love to come visit grandma and grandpa.”
Statesman intends to market Pine Ridge to prospective residents as the perfect place for the active family, or active retiree. Offered currently are a couple of different home designs: a chalet-style design (multi-family) and a single detached home design.

“Our chalets are ideal for the person who wants to come out a few times a year to enjoy the wonders of the valley,” said Mr. McArthur.

“These lock-and-leave homes provide the owner the convenience of enjoying all of the comforts of home, but (they) can also travel, and not have to worry about taking care of their home.”
In Statesman’s other developments around Western Canada, many of the development company’s chalet owners (they use similar designs for other developments) rent out their homes throughout the year, making them a great investment property.

For Pine Ridge, Statesman is hoping to start building another 12 chalets in the next 12 to 24 months.

“We also have 110 lots for single family homes,” added Mr. McArthur. “These homes can either be a great second home for some, or a full-time home for those who are ready to get out of the bigger cities.”

As for the development’s timeline going forward, Statesman is actively building and developing today, and will continue to do so as the market demand continues to grow.

“We are hoping to build 15 to 20 homes per year over the next few years,” said Mr. McArthur.
In the meantime, Mr. McArthur pointed out that there are yet more additions to be made this coming spring with regards to the outdoor park.

“We’ll have some conversations with the community this spring, and build it out to best suit the needs of everyone in the area, but additions could include tennis courts, beach volleyball, and perhaps that much discussed zip line.”
But on a grander scale, the company has also developed plans for a major recreation centre that it would like to build adjacent to the outdoor park, and donate the land and the building to the community.
“Plans for the rec centre include a full-sized hockey rink, Olympic swimming pool, leisure pool, water slide, fitness centre, bistro, lounge, medical facilities, educational theatre, day care, spa, racquet courts, running track, adventure park, and more,” said Mr. McArthur.

“We are actively communicating with various stakeholders, government officials, and community leaders. It’s a hefty endeavour, but we know it will serve the entire Columbia Valley well

 


Invermere


A great clip on Invermere by Global news. Pretty easy to see why Invermere real estate is a high priority for many Alberta Recreational buyers.

http://globalnews.ca/video/3064273/small-town-bc-invermere-7




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