By Jen Dart

The real estate market in Tofino has been on a major upswing since the early 2000s. Many locals like to point out that when first subdivided a half century ago, lots at Chesterman Beach were moving slowly and priced at around $10,000. Today they sell in the $2 to $3 million range.

While on a smaller scale, the same growth is reflected in the market for the rest of this town of roughly 1,800 people.

Tofino’s real estate market can be compared to high-end ones such West Vancouver and Oak Bay, due to the volume of higher prices properties. This is evidently due to high-priced sales in neighbourhoods such as Chesterman Beach, Jensen’s Bay and Rosie Bay.

Adding to the desirability of this market is the finite number of properties available. Much of the land on the Esowista Peninsula remains undeveloped.

Buyers in this area are often looking for a second home or vacation property. This is the vision the project developers had for the Shore building, and it holds true for many other properties in town.

There are a number of different options available for such a small market. Condominums, homes, commercial properties – and even entire islands – are currently on offer.

The average price of a single-family home in Tofino is around the $600,000 mark, above the British Columbia average of $505,178. Condominiums start at around $300,000. These prices represent a significant increase over prices even 10 years ago, when single-family homes were in the $250,000-300,000 range.

In comparison, the average price in Vancouver for a two—storey single family home in 2010 was 1,007,500. A standard condominium in Vancouver was priced at $484,500 in 2010. Compare those numbers to Victoria, where the single-family dwellings average was $480,000 and condominiums were $285,000.

The Tofino market saw much activity – and spikes in prices – from 2000 until a couple of years ago. While things may have slowed down everywhere, this is one market where sellers have not opted to lower prices to make sales.

The desirability of living in Tofino means that buyers will always pay top dollar for all kinds of properties here.

The proximity to local beaches, the rainforest of Clayoquot Sound, and Pacific Rim National Park all make this a market that has much going for it, whether you are planning to vacation or make your home here.

And although prices have dropped across the country during the global recession over the last two to three years, this is one market that has held steady.

Tags: The Shore, Tofino, tofino condo, tofino property, tofino real estate
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By Kathy McCormick – Calgary Herald

Penthouse bought as an investment takes couple’s “breath away”

After visiting Vancouver Island and falling in love with the area, Jo Brar and Harpreet Virdee of Calgary decided to buy a penthouse in The Shore in Tofino, B.C., as an investment.

View the article: Calgary Herald

Tags: The Shore, Tofino, tofino commercial real estate, tofino condo, tofino real estate, tofino waterfront
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By Jen Dart

The original concept for the Shore building came out of one of the developer’s master’s thesis.

Moss Development’s Thomas Olsen was a student of business administration writing his thesis on the best redevelopment fit for the old BC Packer’s plant on Tofino’s waterfront.

During his study, Olsen discovered that a somewhat surprising concept most complimented the unique site.

“My definition was not recreational real estate,” he said, “it was a second home. I went through all the different research and that was the best segment for the project.”

With this in mind, Olsen wanted to incorporate two-bedroom units into the four-story building. Working with the architects, Eleven Eleven Architecture, the team decided early on the building should be constructed of concrete and steel.

The architects considered another waterfront site in Tofino before settling on the current location. The dramatic views of Meares Island across Tofino harbour from the Shore had them hooked, however.

This view of the ever-changing landscape of Tofino harbour, as well as the dramatic backdrop of the rainforest of Clayoquot Sound, is framed in the floor-to-ceiling windows of each of the 24 condominium units in the Shore building. This transition from urban to the natural world, from the terrestrial to the water, happens as soon as you step into the unit. It’s also a backdrop that can be appreciated from the outdoor decks of each condo.

“When we were doing the launch, we talked about the ‘centre of town, edge of the world,’” Olsen said. “A lot of people couldn’t get in touch with that when it was under construction. But from the street, there is quite a dramatic effect when you walk in the doorway and it’s just framed nature.”

There are two floors of two-story units, and two floors with single-story units in the Shore. Seven commercial units front Main St., and there will be a restaurant and commercial space on the currently under construction dock.

Once finished, the dock and marina will feature boat slips (residents have first right of refusal for moorage), a public pick up and drop off area, a storage area for and exercise studio for residents, as well as a waterfront promenade. The promenade is part of a dedication to the District of Tofino, as is an area for a commissioned art piece. It’s the district’s plan to eventually have a walkway all along the harbour.

“We’re the first developers to have provided “a section of that,” Olsen said of the promenade.

The building also has underground secured parking for residents, though you won’t need your car much to get to any of the restaurant or shops in Tofino – they’re all within walking distance of the property.

Currently, only three penthouses and three harbour-view units remain unsold. For more information on the floor plans and the design features of the units themselves, please visit the residential section of the Shore Tofino website.

Tags: The Shore, Tofino, tofino condo, tofino real estate
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