A new year can sometimes bring new challenges. As you may be aware, the Superintendent of Real Estate in BC has recently brought some new changes into the way real estate assistance is delivered to clients. One of the changes which will have a larger impact on our office than perhaps others is the elimination of Limited Dual Agency. In the past and especially with our recreational properties, we have been able to work on behalf of both seller and buyer with their permission and understanding of what that means. We will no longer be able to provide this service. The new rules come into effect in March 2018 and we are still working out how the BCO Team is going to approach these changes. Our clients’ best interests are always at the front of mind and will continue to be as we move forward in this changing real estate landscape.
Campbell River continues to thrive, serving as a hub for many coastal industries. The City continues to promote a diverse economic and cultural community, and there is a lot of physical development happening throughout. Perhaps the biggest draw to Campbell River though is the lifestyle it provides – giving some of the best access to beaches, lakes, mountains and forests of anywhere on the coast.
In the recreational market we have seen some long standing inventory be consumed and a start in an upward trend in prices.
While there continues to be a steady small presence of American and international buyers, the majority of people looking at properties on the BC Oceanfront website are Canadian, predominantly from the island and lower mainland. Buyers are looking for recreational property close to home, and many are exploring downsizing from a larger family home to a smaller residence plus a recreational property.
Early in 2018 we look forward to introducing a selection of private lakefront acreages on northern Vancouver Island – something not seen before.
The BCO Team wishes all our clients a contented holiday season and we look forward to working with you in 2018.