Tim Down
QUALICUM BEACH – In commercial real estate, Tim Down says it is the best of times and the worst of times.
“We’ve never had this type of demand, and yet we are having a hard time sourcing inventory given current demand,” says Down, an Associate Broker with Lindsay & Associates at RE/MAX Anchor Realty. “There are opportunities for new developers and developments to come to the community given but the longstanding issue of a lack of available, serviced lands that allow for development.”
Down joined the Lindsay team in October after a long and successful run in the Okanagan that included working with Coldwell Banker, RE/MAX, and for the last five years, as founding partner and Managing Broker at NAI Commercial Okanagan in Kelowna. RE/MAX Anchor Realty is centrally based in Qualicum Beach serving the local markets of Nanoose Bay, Parksville-Qualicum Beach and surrounding communities.
“We’re seeing in-fill of multi-family developments to build townhouses and condominiums,” he notes. “In terms of commercial opportunities, there is the new Quality Foods development in Parksville, and across the street there is the new Gateway residential rental apartment development. It’s good to see a new pub in Qualicum Beach, the Fern and Cedar Pub. Wembley Crossing, a small lot residential development across from Wembley Mall, is now essentially sold out. Demand for new mixed-use developments is increasing in Parksville and Qualicum Beach given their close walking proximity to shopping, services, parks and beaches.
“There is some new light industrial land coming available in the southwest area of Parksville. The price of land is at a premium, and it’s hard to find – but that’s an issue across Canada.”
“The challenge remains that we’re seeing continued, pent-up buyer demand from all demographic group aspects,” he points out. “Younger families want to buy a single family home but realize they can’t given escalating prices. Older homeowners who want to right size into patio home living without stairs and yard work but have limited available options to select from as well.
Parksville and Qualicum Beach remains a popular destination on the east side of Vancouver Island because of its lifestyle and livability – and, of course, being next to the ocean. However, Qualicum Beach is also one of the oldest demographics in the province, comparable to Osoyoos, which makes it unique in terms of housing options that meets the needs of its residents.
“The spring market is unfolding,” he observes. “And it is clear that there remains an historic low level of available properties for sale across all asset classes further exacerbating the supply demand imbalance in favour of all Sellers. If you thought last year’s prices were high, 2022 looks to be another record year given continued market demand.”