As West Shore councils work hard to continue to increase services throughout the area, residents will also continue to branch out on the West Shore. That's the belief of one West Shore-based realtor.
Gary McInnis and his wife Kathleen, both agents with Pemberton Holmes Ltd., purchased a home in the Royal Bay area back in July 2004. While McInnis joked he made that decision for the both of them, it's a decision he doesn't regret. "I guess I've been a walking advertisement for Royal Bay ever since," he added.
He was volunteering at a fundraiser in the area when he ran into an old acquaintance. It turned out that friend owned the lot McInnis had his eye on. Their conversation ended with a handshake and McInnis rushing off to finalize his plans. He had been searching for the right lot – the same size, if not bigger than what was available in other areas of the region – that would accommodate the home he wished to build.
It's the same reason many other residents end up on the West Shore, he noted.
"There is clearly an attraction for this part of the world … I don't think people will stop wanting to live in this area."
In terms of development along the Latoria Road corridor and adjacent areas, McInnis said, "I'm certainly not surprised by it … This is what I expected to see in the way of growth when we moved here."
He noted some of that growth has happened because there is space for it. "The option to create new subdivisions is almost zilch anywhere else … There aren't a number of areas that can accept the growth."
As for the continued emergence of new developments in that area and elsewhere on the West Shore, McInnis said, "market absorption really dictates what gets subdivided and built."
Of course, finding property owners willing to sell can also be a challenge. That is easier to do when land prices go up, McInnis noted, but even in today's market, it's no easy task to take a parcel of land and subdivide it for development. "It's expensive and time consuming – not that it shouldn't be.”
While demand generally drives the market, growth on the West Shore will continue on pace with access to services, he said. "As the services come along, the growth can come with it." By services he referred to items such as sewage and storm drains, not just power and cable. As for the future, he noted, "with the amount of amenities developers are required to contribute … We could probably see the same level of growth."
The Latoria corridor is a prime example of that. While services are being expanded to the area, not all property owners have access. "I think you'll see a lot of development on both sides … but that's all going to depend on properties being serviced," he noted.
Whether the area will continue to blossom will also be dependent on what developers have to offer potential buyers, he said. "I wonder what the market acceptance will be as we diminish lot sizes," McInnis pondered.
Factors such as commuting options and travel times also play into the way potential buyers decide on a home. He noted a light rail transit system would go a long way in helping persuade some potential buyers to locate in the West Shore. Although, he admits, that might be a pipe dream.
katie@goldstreamgazette.com
GREATER VICTORIA MARKET UPDATE » MONTH TO DATE SEPT 19/16 COURTESY VICTORIA REAL ESTATE BOARD
» 422 / 704 -- NET UNCONDITIONAL SALES / TOTAL, SEPTEMBER 2015
» 621 / 962 -- NEW LISTINGS / TOTAL, SEPTEMBER 2015
» 2,079 /3,478 -- ACTIVE RESIDENTIAL LISTINGS / TOTAL, SEPTEMBER 2015