High Demand Continues as Inventory Shrinks in the Victoria Housing Market

A total of 599 properties sold in the Victoria Real Estate Board region this November, 4.5 per cent more than the 573 properties sold in November last year.

Inventory levels remain lower than last year, with 1,815 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2016, 38.5 per cent fewer than the 2,952 active listings at the end of November 2015.

"Our current housing market is in a strong cycle due to many factors, including our current positive economic conditions, baby boomers retiring here, millennial buying cycles, a low Canadian dollar keeping folks closer to home and our favourable living conditions," notes Mike Nugent, 2016 President of the Board. "These factors and others, in combination with ongoing low inventory mean demand for housing is up, particularly in those areas close to the core and amenities."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2015 was $608,600. The benchmark value for the same home in November 2016 has increased by 23.9 per cent to $753,800.

"Foreign buyers are another factor that affects our local housing market. The provincial government is considering implementation of a local tax on foreign buyers to ensure pressure on pricing from that source remains mitigated," adds President Nugent. "While October data shows an increase in foreign buyers into the Capital Regional District compared to previous months, their 6.3 per cent of property transfers indicate that these buyers are one factor in the marketplace. A much larger factor affecting affordability and availability right now is the lack of inventory. An effective method to address housing affordability issues could be through efforts to increase the supply of housing, either through adjustments to zoning or density."

New Victoria Listing

SOLD  New Listing  SOLD

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 Living Room

 Dining Room

Kitchen 

 Master Bedroom

 Main Bath

Back Yard 

Front in Bloom 

Well cared for 80's home with recent updates including Laminate floors and new vinyl in kitchen and bathroom, recently painted and 30 year roof 5 years ago. Wood stove with brick surround keeps the main floor toasty. There is a main floor suite with separate entry that is rented at $1,200/month. Garage is oversized single with 220 plug in. Great home in a fantastic location. To view, call Lorne Tuplin 250-217-4600

Competitive Housing Market in Victoria Continues as Inventory Remains Low

A total of 735 properties sold in the Victoria Real Estate Board region this October, a single property more than the 734 properties sold in October last year.

Inventory levels remain lower than last year, with 1,938 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2016, 38.9 per cent fewer than the 3,170 active listings at the end of October 2015.

"We continue to see low inventory hindering sales in the local market," notes Mike Nugent, 2016 President of the Board. "Though our numbers are down from the record setting pace set this summer, the market is still moving quickly and is still very competitive for certain properties. High demand areas like Saanich and Oak Bay continue to see multiple offers and areas in the West Shore are also seeing sales over listed prices. In other areas, prices remain firm because of high demand and extremely limited inventory."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2015 was $608,200. The benchmark value for the same home in October 2016 has increased by 24.1 per cent to $755,000.

"The federal government's change to mortgage lending rules has also impacted buyers," adds President Nugent. "Buyers that require mortgage insurance are able to qualify for significantly smaller mortgages than before the rule change and this is further limiting their options in a very restricted market. Some buyers have postponed their search in order to save up more of a down payment so they can work within these new limitations."

The graphic below shows market price activity in 3 areas over the past year

If you are considering buying or selling anywhere on the South Island, 
call Lorne Tuplin today 250-217-4600!

Feel free to share this with anyone you know who might be interested or call me at (250) 217-4600.                            SOLD   

3 BR - 3.75 BA - 2284 SQ FT

Property in Sooke

New home under construction- Will be ready for occupancy by early December. This one has some nice upgrades like a natural gas fireplace BBQ outlet & Gas stove. Kitchen cupboards will be white, not as pictured. Laundry is on upper floor. Stainless appliances, white for suite, Demand hot water. To view, call me at 250-217-4600

11-storey rental building OK’d for Uptown; tallest in Saanich

KATHERINE DEDYNA / TIMES COLONIST

OCTOBER 26, 2016 10:16 PM

http://www.timescolonist.com/news/local/11-storey-rental-building-ok-d-for-uptown-tallest-in-saanich-1.2374829

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Proposed 11-storey rental apartment building at Carey Road and Ravine Way.   Photograph By Submitted

A proposal for the largest rental building in Saanich —and the tallest building
of any kind — has received an unanimous nod from municipal council.

The 11-storey building at Carey Road and Ravine Way will complete the
four-stage Uptown complex and provide 134 apartment units and seven
townhouses adjacent to the Whole Foods site, due to open within weeks.

It will have a stepped design, going from four storeys to 11.

Carol Hamill, president of the Mountview Colquitz Community Association,
called the building “well designed and nice looking” — vastly preferable to the
"horrible” 30-storey-tower contemplated by developer Morguard Investments
Ltd. about 10 years ago.

But commercial traffic has increased in the neighhourhood and the residences
will compound that. Already, right turns are permitted on Carey Road, something
 project proponents said would not happen, the association said.

Still, she told a public hearing that the building will be “be a landmark, visible
for miles” that makes an exciting statement as the first piece of the skyline for
the Saanich core.

Mayor Richard Atwell noted how far the site has come since its Town and
Country days, when the Saanich end of Douglas Street was basically “a large
parking lot with stores at the back — it’s turned out to be a very good project.”

But it’s the kind of place that people have to enter to experience, given its
fortress-style exterior facing roadways, he said. To the good, much of the parking,
including for Walmart, is underground. For such a large project, first approved in
2007, opposition at the public hearing was minimal, he said.

Morguard did not give a start and completion date at the public hearing.

Hamill said the solution to traffic issues requires Saanich council to take control
from the B.C. Ministry of Transportation, for Vernon Avenue and Blanshard
Street on one side of Uptown and Douglas Street on the other as they are no
longer highways but used by cyclists, pedestrians and jaywalkers.

The tallest Saanich apartment is currently six storeys at Burnside and Tillicum
Roads, with the eight-storey Shire on Quadra under construction and the tallest
office building at eight storeys, said Jarret Matanowitsch, Saanich manager of
current planning.

The Uptown residential units will sit atop at least two storeys of retail space of
5,157 square metres.

Most of the units — 104 — will have one bedroom.

While council sought to have some units designated as “affordable,” Morguard
said that 60 per cent will be within the income range of a couple each working
full-time at $15 an hour based on Canada Mortgage and Housing Corp. levels
for spending under 30 per cent of pre-tax wages.

Hamill said she does not believe workers at Uptown will be able to afford rent
for the apartments.

The apartments will fill the gigantic hole left for several years adjacent to Whole
Foods, when development slowed in the wake of the global financial crisis in 2008,
Atwell said.

Parking space requirements were reduced from 1.5 per unit to 0.55 — with the
idea that unused retail parking could be accessed and Morguard would provide
discounted passes to ride buses from B.C. Transit stops near the building.

kdedyna@timescolonist.co

© Copyright Times Colonist

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Victoria Housing Market Chills Out For Fall

A total of 781 properties sold in the Victoria Real Estate Board region this September, an increase of 10.9 per cent compared to the 704 properties sold in September last year.

Inventory levels remain lower than last year, with 2,061 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2016, 40.7 per cent fewer than the 3,478 active listings at the end of September 2015.

"This is the lowest level of inventory on the market in September that we have on record [since 1996]," notes Mike Nugent, 2016 President of the Board. "This continuing lack of inventory holds up sales. The market is still strong, but not moving at the pace we saw earlier in the year. This slowdown is typical with what we expect in the fall to winter season and may be more pronounced as a result of buyer fatigue, due to the lack of available inventory."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2015 was $607,100. The benchmark value for the same home in September 2016 has increased by 22.8 per cent to $745,700.

"We have already exceeded the number of sales that we saw in 2015, with a full quarter remaining in the year," adds President Nugent. "And there is still strong demand, thanks to underlying fundamentals in our province - the GDP is up, employment numbers are up, retail and population growth is up. All of these contribute to current market conditions. We also see no indication that the new foreign buyer Property Transfer Tax in Metro Vancouver has pushed foreign buyers into our market in a substantial way, though we continue to track that as a possibility."

The graphic below shows market price activity in 3 areas over the past year

If you are considering buying or selling anywhere on the South Island, call Lorne Tuplin today 250-217-4600!

SOLD! Triplex on Langford Lake
REDUCED $110,000 to $839,0000

SOLD!

A rare lakefront revenue property! This spacious legal non-conforming triplex is situated on .17 acre of waterfront. Each of the 3 suites enjoying the fantastic southwesterly view of the quiet waters of Langford Lake. Over $65,000 in recent updates incl new windows, new flooring, fresh paint, new deck surface, new roof over 2 of the 4 garages, new hot water tank & now on sewers. The middle suite is level entry with access to a large deck overlooking the lake. The upper suite has been nicely updated (incl new appliances). Conveniently located close to all the amenities in a growing community AND this part of Goldstream has been cut off from the highway! Blueprint available. To view, call Lorne Tuplin with RE/MAX Camosun 250-217-4600

View

Back

Dock

Upper Suite Kitchen

Lower Suite Kitchen

View from lower suite

Main floor kitchen

Panoramic view

This is a busy month in many households. Summer is over. The kids are back in school. It’s time to prepare for the change in seasons. If you're trying to find someone to help finish any lingering yard work or home repairs, give me a call. I can recommend professionals in almost any home related field – like contractors, designers, landscape companies, junk removal services, handy people, and more. Of course, if you, a friend or neighbour wants real estate help, please call me for the professional advice you need. **************************** Lorne Tuplin RE/MAX Camosun Victoria, BC Cell: 250-217-4600Toll Free: 1-877-478-9600 WEB: www.lornetuplin.com            www.houseseek.com RE/MAX Awards: Lifetime Achievement, Hall of Fame

What Buyers Notice Most When Viewing a Home

Do you remember the last time you viewed a home for sale? What do you recall about that property? You likely remember the features and characteristics that stood out, such as the gorgeous hardwood floors, the spacious kitchen with the long island, or... the faucet that was dripping in the main floor washroom! Obviously, you want potential buyers to notice the great features of your home rather than those things that are less appealing. So, when preparing your home for sale, pay particular attention to what a buyer is likely to notice and remember. Say, for example, you have a small unused bedroom that has become the unofficial storage room. If something doesn’t go anywhere else, it gets put in that room! Now it’s a cluttered space. What will buyers remember about that room after a viewing? Will they see the potential for a home office or comfy reading room? Most likely, they will just remember a small, cluttered, potentially unusable space. Buyers will also notice a dripping faucet, a scuff in the wall, or the lingering odour of spicy cooking in the kitchen. They will remember all the things that stand out, regardless of whether they are positive or negative. So, when you list your property, make sure that what stands out for potential buyers are the desirable features of your property. If you have a wonderful sitting room with large windows and a great view, make sure that space is clean and comfortable. You may even want to “stage” it a little, perhaps with some fresh flowers and a good book sitting on the end table. As your REALTOR®, I can help you determine the most marketable features of your property and how to ensure buyers notice – and remember – them. Call me today.

Make a “Great Things” List

What’s great about your home? Is it the spacious foyer and generous main floor closet space? Is it the beautiful washroom? Is it the playground that is only a short walking distance away? Although some properties may look similar at first glance, every home is unique – with features and characteristics that make it special. If you’re considering putting your home on the market, make a list of all the great things about your property that potential buyers will want to know. Start by thinking about what you think are the desirable features of your home. Write down what you really love about the house and the surrounding area. Next, think about what friends and other visitors to your home think is great about it. Have you ever heard anyone say something like, “I really love your kitchen!” or, “This is such a quiet street”? Those are indications that potential buyers will like those features and characteristics too. Finally, talk to me. I can help you determine all the great things about your home and area, and how to market them.

Can You Afford the Home You Want?

Can you afford to purchase the home you really want? Here are some things to consider:. What kind of home do you want? What kind of neighbourhood do you want to live in? What features and characteristics do you need in a home? (Three bedrooms? A large livingroom for entertaining? A backyard big enough for a garden?) What homes currently on the market match that criteria? Are there some properties for sale that are close to what you’re looking for? What are their listing prices? How much, realistically, will it cost to buy one of those homes? How much, realistically, can you expect to get for the sale of your current property? How much of a mortgage will you need? How does that compare to the mortgage you qualify for? What additional costs will you incur in selling your current property and purchasing your new home? (For example, moving, home inspection, repairs and renovations, closing costs, etc.) Chances are, there’s a home on the market that you can afford – and is right for you. Call me today to discuss. New Listing - Lakefront Triplex Looking for that special holding property or always wanted to build on a South exposure lake lot?  This property would potentially bring in $3,000-$3,500 per month. Each suite has its own garage & two have decks. Asking $949,900. Call Lorne to view 250-217-4600. Thinking of Selling? If you are considering selling a home, condo or townhouse, now is the perfect time to maximize on your return on investment! Homes are selling quickly and in many cases for more than list price. Call me to talk about the listing process. Direct Cell is 250-217-4600 Lorne Tuplin RE/MAX Camosun Victoria, BC Cell: 250-217-4600 Toll Free: 1-877-478-9600 WEB: www.lornetuplin.com            www.houseseek.com RE/MAX Awards: Lifetime Achievement, Hall of Fame

Market Activity Update

Victoria Property Sales Continue Record Breaking Pace

A total of 883 properties sold in the Victoria Real Estate Board region this August, an increase of 19.2 per cent compared to the 741 properties sold in August last year.

"August is a record breaker in more than one way. For the sixth consecutive month, we have a sales record with more sales than any other month of August on record," says Mike Nugent, 2016 President of the Board. "We also have the lowest number of listings available for sale in an August than we've seen in the last twenty years. That lack of inventory will continue to put pressure on pricing. Sales would be even higher were there more inventory available for buyers to purchase. Regardless of the low inventory, it's safe to say that by mid-September we will have surpassed the number of sales for all of 2015, with four months remaining in the year."

Inventory levels remain lower than last year, with 2,094 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2016, 43.2 per cent fewer than the 3,688 active listings at the end of August 2015.

"As we saw last month, the expected seasonal slowdown continues as we move towards the autumn," adds Nugent. "August tends to be the slower summer month, though the year-over-year sales numbers are very strong. This shows continued consumer confidence in the Victoria real estate market. It is early to determine a trend, but we don't see any early indications that the foreign investment Property Transfer Tax implemented in Metro Vancouver has impacted sales to any extent in Victoria at this time."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August, 2015 was $603,200. The benchmark value for the same home in August 2016 has increased by 23.8 per cent to $746,900

The graph below shows market activity over the past year.

Victoria Real Estate Market Continues to Sizzle in Summer Months

Victoria Real Estate Market Continues to Sizzle in Summer Months

A total of 972 properties sold in the Victoria Real Estate Board region this July, an increase of 22 per cent compared to the 796 properties sold in July last year.

"Though we saw the seasonal slowdown that we expect this time of year, we had another record breaking month," says Mike Nugent, 2016 President of the Board. "The last time we saw a July this busy was in 2009 when 933 properties sold."

Inventory levels remain lower than last year, with 2,161 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2016, 45 per cent fewer than the 3,942 active listings at the end of July 2015.

"Late last week the provincial government approved new legislation that may affect the real estate market in our area, though at this time we can only guess how a foreign investor's tax in the Metro Vancouver region will impact sales here in Victoria," adds Nugent. "Recent data released by the government shows that nearly ten per cent of property transfers in Metro Vancouver involved foreign nationals. This is part of the rationale for applying a fifteen per cent tax on transactions only in Metro Vancouver at this time. Does this mean international demand will spill over into Victoria and other areas of BC? We won't know until we see the data. The Capital Regional District saw two per cent out of country buyers in the year of 2015. Although this is a small percentage of our buyers, anecdotally foreign buyers do tend to favour the same core neighbourhoods and therefore can have an impact on those areas."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July, 2015 was $599,800. The benchmark value for the same home in July 2016 has increased by 23.6 per cent to $741,100.

The graph below shows the market value increase in 3 areas of Greater Victoria

"Lorne was recommended to us by our trusted friend and realty team in Saskatoon. From the first conversation, we could tell that Lorne was well-connected locally, detail-oriented, and very knowledgeable about about home construction & repair costs; but most importantly, he genuinely cared about what we wanted/needed in a home and did everything in his power to make it happen, while still ensuring we were making a solid investment for the future.

We were moving from Coquitlam without knowing anything about the island and just knew that we needed to be within an hour’s drive of Victoria. We had a wish list and only a few short days to look and with only that to go on, in a very hot and very fast-moving market, Lorne lined up some incredible picks for us – making sure we made the most of our short house hunting visits to the island.

He was on-time, organized, prepared, and always quick to point out what repairs/costs might need to be done, what the commute would be like, and what the future might hold for each neighbourhood, including resale values based on historical data and his knowledge of the market. He saved us from making a purchase that would have cost a fortune in repairs and found us the most incredible home in Sooke that checked all of our boxes and more. He had even gotten into the house before us on the possession date to do a thorough inspection and ensure the sellers left it in top condition for us.

He is great company, a killer negotiator, and a very savvy businessman but more than anything, Lorne truly cares that you are happy with your purchase. No pressure, no expectation, and no bullshit; just genuine customer service.

What more can we say but: HIRE THIS MAN! It will be one of the smartest decisions you’ve ever made."  

Thanks again for everything Lorne – can’t wait to see you again soon!

Best,

Elyse & Scott
Elyse Renouf, MBA

Competitive Pricing Still Key in 

Victoria's Hot Real Estate Market

A total of 1,174 properties sold in the Victoria Real Estate Board region this June, an increase of 29 per cent compared to the 910 properties sold in June last year.

"When we look at month over month numbers, sales are down almost 9 per cent in June compared to the record breaking sales we saw in May, which may be due to the very low inventory available," notes Mike Nugent, 2016 President of the Board. "It's likely that sales would be higher were there more on the market to buy, but with the current conditions people may be hesitant to give up the homes they have."

Inventory levels remain lower than the year previous, with 2,289 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2016, 42.8 per cent fewer than the 4,003 active listings at the end of June 2015.

"June marks the halfway point for 2016. By this time last year 4,282 properties had sold," adds Nugent. "In the same six months this year, 6,181 properties have sold. If sales continue at a similar rate, we may meet the total sales from last year by the end of the summer. However, this may depend on available inventory, which continues to decrease."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June, 2015 was $594,700. The benchmark value for the same home in June 2016 has increased by 21.9 per cent to $724,900.

"Even in this market, price and strategy are important," says Nugent. "It's smart to engage a local REALTOR® to identify a price point and marketing strategy to sell your property. We have seen many multiple offer situations and record breaking numbers in the past few months, but there are properties that sit unsold. Sellers trying to test the upper price limits in their specific range will find that buyers are as discerning as ever. Even in this market there is no guarantee of sale." 

Thanks to Tony Spagnuolo, Barrister & Solicitor at www.bcrealestatelawyers.com for permission to use this article

Most individuals who sell real estate are aware that a sale of a principal residence does not attract income tax.

The Income Tax Act requires the individuals to file a prescribed form with their income tax return for the year in which the principal residence is sold. In practice, however, the vast majority of individuals who sell their principal residence will merely ignore the requirement to file the proper forms under the assumption that the sale is not taxable.

In order for a property to qualify as a principal residence during any particular year it must:

1. be a housing unit, a leasehold interest therein, or a share of stock of the co-operative housing corporation. The Canada Revenue Agency (CRA) interprets the term housing unit as being a house, an apartment, condominium or cottage, a mobile home or houseboat; and
2. be “ordinarily inhabited” during the year by the individual, the individual’s spouse or former spouse, or the individual’s dependant child. The CRA has adopted a very liberal approach as far as administering what is meant by the term “ordinarily inhabited”. For example, a summer cottage or winter home which is used (by the owner) for a portion of the year (ie a period of two weeks appears to qualify), could meet the definition of “ordinarily inhabited”. Furthermore, properties occupied for a portion of the year because they were purchased late or sold early in the year will also qualify.

The principal residence can include land upon which a housing unit is situated if the land contributes to the “use and enjoyment of the housing unit as a residence”. However if the land exceeds one and one quarter acres, in order for the excess to qualify, the onus is on the individual to prove that the excess was necessary for the “use and enjoyment as a principal residence”.

For the years subsequent to 1981, an individual may not designate more than one property as a principal residence with respect to that year.

Tax issues may arise when the use of a property is changed from a principal residence to income earning, or vice versa. These are described below.

Conversion of Principal Residence to Income Earning Use

Situations do arise whereby individuals will commence leasing their principal residence, for example where they have temporarily moved to another location.

In such cases the Income Tax Act provides that the individual is deemed to have sold their principal residence at a price equal to its current value and to have reacquired it at a cost equal to that same value. Assuming the principal residence has increased in value from the original purchase date, the above treatment will result in a gain. This gain, however, will generally be exempt from tax pursuant to the principal residence rules. Any subsequent gain though, has the potential to be taxable.

To alleviate the above, the Income Tax Act contains an elective provision under which the individual is considered not to have sold (for tax purposes) his or her principal residence and thereby not to have changed its use. Furthermore this particular section of the Income Tax Act provides that for a period of four years beyond the date of the deemed sale, the individual may continue to consider the property as a principal residence even though it was not ordinarily inhabited by the individual.

To utilize the above, the individual should enclose with the income tax return for the year in which he or she moved out, correspondence in the form of a letter indicating that they are electing pursuant to section 45(2) of the Income Tax Act with respect to the above noted property.

Conversion of Income-Earning Property to Principal Residence

There are also situations where individuals will move into a property that originally was being used to produce rental income. Under these circumstances, similar to the above, individuals will be faced with a deemed sale at the time the property is converted to a principal residence. However, provided the individual has not claimed what is known as capital cost allowance, he or she may elect that for tax purposes there is no disposition (sale) and avoid any potential taxable gain. Furthermore, the election also provides that the property can be treated as a principal residence for up four years prior to the year the individual commenced to occupy it as a principal residence.

Please remember the Income Tax Act may be changed at any time by the federal government. The information above is accurate as of the date of writing but please review the government website or discuss your situation with your accountant to ensure the proper amount of taxes are being paid. If you do not have an accountant, we would be happy to refer you to our partners, Newport Group of Chartered Accountants, contact us at 310-HOME (4663).

EMAIL US
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult a lawyer for individual advice regarding your own situation.

Copyright © 2005 by The Spagnuolo Group of Real Estate Law Firms. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement.

Competitive Pricing Still Key in Victoria's Hot Real Estate Market

July 4 2016, Victoria, BC

A total of 1,174 properties sold in the Victoria Real Estate Board region this June, an increase of 29 per cent compared to the 910 properties sold in June last year.

"When we look at month over month numbers, sales are down almost 9 per cent in June compared to the record breaking sales we saw in May, which may be due to the very low inventory available," notes Mike Nugent, 2016 President of the Board. "It's likely that sales would be higher were there more on the market to buy, but with the current conditions people may be hesitant to give up the homes they have."

Inventory levels remain lower than the year previous, with 2,289 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2016, 42.8 per cent fewer than the 4,003 active listings at the end of June 2015.

"June marks the halfway point for 2016. By this time last year 4,282 properties had sold," adds Nugent. "In the same six months this year, 6,181 properties have sold. If sales continue at a similar rate, we may meet the total sales from last year by the end of the summer. However, this may depend on available inventory, which continues to decrease."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June, 2015 was $594,700. The benchmark value for the same home in June 2016 has increased by 21.9 per cent to $724,900.

"Even in this market, price and strategy are important," says Nugent. "It's smart to engage a local REALTOR® to identify a price point and marketing strategy to sell your property. We have seen many multiple offer situations and record breaking numbers in the past few months, but there are properties that sit unsold. Sellers trying to test the upper price limits in their specific range will find that buyers are as discerning as ever. Even in this market there is no guarantee of sale." 

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Vancouver Island Motorsport Circuit

Full throttle.

• STORY: Jim Tobler
  http://montecristomagazine.com/magazine/summer-2016/vancouver-island-motorsport-circuit

Right in the heart of idyllic Cowichan Valley on Vancouver Island is a world-class raceway, a Federation Internationale de l’Automobile-designed track with five combinations for different activities, of Formula One quality, but laying resplendent amidst waves of scenic greenery.

Peter Trzewik and Sylvester Chuang of Gain Vancouver Island had a dream of creating a place where their clients could drive their cars at high speeds and, after some thought, they hit upon a seminal notion: employ Hermann Tilke, founder of Tilke Engineers and Architects, arguably the world’s most renowned and respected Formula One track designer, responsible for, among others, the tracks at Bahrain International Circuit, Shanghai International Circuit, Istanbul Park, and Valencia Street Circuit. Trzewik, himself an accomplished driver with plenty of links to the German auto industry, connected with the Tilke team and convinced them to pay a visit to the proposed site. Though undoubtedly tired from a long trip that also took them to the States and Mexico, after spending 36 hours on the island, Trzewik says they couldn’t stop talking about how beautiful it was and that they wanted in. The exciting project opened in June.

The Circuit site is only a few kilometres off the Trans-Canada Highway, not far from Duncan, and not so far, either, from Nanaimo. This is a vital part of the overall plan, since potential members of the Motorsport Circuit will have access to the tracks, the clubhouse, and the newly (and splendidly) renovated and soon-to-be-reopened Villa Eyrie located between Victoria and Duncan. The options are not limited, but as Trzewik describes it, “You can arrive in Nanaimo, or in Victoria. We will get you to your accommodations and arrange transport to the track.” There are many options for accommodation, but Villa Eyrie is ideally located, and is owned by the resort. “You can golf in the morning, race in the afternoon, or vice versa,” says Trzewik. “You can have a wonderful evening at the resort, and be ready for the next day.” One of the Circuit’s big advantages is that it is the only one in Canada that is virtually a 365-day-a-year facility. Similar setups are seasonal; others are extreme distances away. Membership has plenty of advantages, including 25 years of driving club privileges, access to the clubhouse restaurant any day of the year, and, for an extra fee, an on-site vehicle storage facility.

Professional instructors, including celebrity guests, and a driving academy are available. State-of-the-art technology allows each lap’s performance specifications to be analyzed, showing drivers where they are doing well and where they can stand to improve. Multiple elevation changes, 19 corners, variants in corner banking degrees, seven different track configurations, all are part of this wonderland for drivers. There is even an off-road track with 10 elements, also designed by Tilke. Trzewik is now able to share his passion for beautiful cars and high-performance driving with members of the Circuit, who in turn can bring guests, and create bespoke driving experiences. Full throttle, Formula One-style fun.