Squamish, Bowen Island real estate deals luring Vancouver buyers

Home seekers priced out of the Lower Mainland's astronomical real estate market are increasingly heading on up to Sea to Sky country to realize their dream of home ownership.

This past weekend the 65 units of an unfinished condominium developmentin Squamishsold outin just 90 minutes. The one-, two- and three-bedroom unitsinthe ParkHouse complexranged in price from $167,000 to $449,900.

A spokespersonsaid 30 per cent of the buyers were from the Vancouver area, while another 60 per cent were first-time buyers from Squamish. Another ten per cent were from Whistler.

On nearby Bowen Island, where homes on largelots can still be had for under $700,000, sales have also been picking up with one island real estate agent reportingan influx ofyoungfamilies from the greater Vancouver area.

From apartment to acreage

"You can sell a tear down in East Vancouver for amillion and come here and buya beautiful place with acreage," said Dee Elliott.

Elliottclaimsover half her clientele now fall into this general description: First-timehouse buyers, aged 30 to 45 with young children, formerapartment orcondo dwellers from high-density areaslike the West End orCommercial Drive.

Bowen Island willalways havelimited appeal to buyers because of the ferry, but the recent addition of ahigh speed bus service from Horseshoe Bay to downtown has helped ease the pain for commuters.

In 2008 the global economic turndown devastated the island's real estate market, a good portion of which is made up of recreational properties.

Acting Mayor Maureen Nicholson sayssigns that themarket is finally rebounding are everywhere.

"The activity hasbeen high," she told CBC. "There's been properties that have moved this summer that have been on the market for years."