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Volume 14 Issue 7
JULY 8 — AUGUST 4
FREE TO TAKE HOME
HIGH demand, LOWsupply 2016 REAL ESTATE SALES BREAKING RECORDS
leads to new development by JAMIE SHINKEWSKI
T
he first new townhouse development in over eight years will add selection to the evergrowing demand of prospective homebuyers in Sun Peaks. A&T Ventures of Kamloops has acquired the site next to the Kookaburra Lodge to build a 26-unit townhouse complex, which will mark the first townhouse development since Bridge Gate, which began selling in 2007 but did not sell out until 2012. “What’s happened at Sun Peaks is there was a lot of inventory in both condominium and townhouse, and that inventory, particularly in the townhouses, dried up,” said developer Frank Quinn. “Because there’s no inventory and because there’s
demand, primarily coming from our dollar being low, is driving the U.S. market to us and also Vancouver because people have so much equity in their homes, they’re beginning to look at Sun Peaks as a place to live.” Quinn said this complex will feature townhouses approximately 2,000 square feet in size, similar to the McGillivray Creek townhomes. The complex will be built directly off Sun Peaks Road between the Kookaburra Lodge, the access road to the former rink site and the valley trail at the back. “We’re fast tracking it,” said Quinn, who has been developing properties in Sun Peaks since 1994. “The development of any parcel usually takes a couple years before you get a shovel in the ground, but
Vol 14 Issue 7 July 8 — August 4
we are pretty confident we’re going to be able to get a shovel in the ground on this site maybe as early as this fall but more likely in the early spring as soon as the snow’s off the ground.” Real estate sales are soaring in Sun Peaks in 2016. As of June 27, there were 80 total sales, which is double the total at that point last year and nearly matches the total amount of sales for the entirety of 2015. “It’s amazing how quickly it’s turned around. Nobody wanted to buy anything for years and now everybody wants to buy,” said Liz Forster, managing broker of Sotheby’s International in Sun Peaks. With growing demand and limited supply, the timing is perfect to end the longest ....Continued on Page 2
sunpeaksnews.com
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