Developer sees potential in Victoria
Robert Quigg has built riches on his ability to spot the most promising places for new property.
The Vancouver developer, who started as a simple craftsman and built one of the leading real estate companies in British Columbia, has set his sights on the provincial capital Victoria, which boasts the highest park-to-people ratio in North America and offers more sunshine than any other place in the Maple country, at 2,185 hours a year.
While construction companies in Vancouver, British Columbia's urban centre on the Pacific coast of the mainland, saw housing starts crashing down by 22 per cent last month, Victoria's real estate sales went up by 15 per cent compared to last year.
'Victoria, like much of BC, is experiencing a heightened demand for prime property as new residents purchase for retirement, recreation, and investment,' said Mr Quigg, who last month announced that he acquired land from the Bear Mountain Resort, 20 minutes north of Victoria, in order to build a luxury condominium complex totalling US$1.2 billion.
'Canadians are turning their attention dockside,' said Phil Soper, president and chief executive at Royal LePage Real Estate Services in Canada.
With one-third of the country's population of 32 million and by controlling roughly 45 per cent of Canada's wealth the boomers - born between 1946 and 1965 - are a major and growing force in the national real estate market. 'Baby boomers are investing in the future, from both a lifestyle perspective and an economic standpoint,' explained Elton Ash, regional director with Re/Max of Western Canada.
