A survey of registrants to the Western Canadian Hotel & Resort Investment Conference, held October 12 and 13 in Vancouver, revealed that Victoria is seen as being the weakest hotel market among major Western Canadian cities. Vancouver and Calgary are seen as competitors for top honours as the best market for hotel owners, according to the survey.
In the areas of property investment, the same group has a number of interesting opinions, including some that relate to the removal of the HST.
The feeling is that it will take 18 months or more for the tax to be repealed. In the meantime, it will be difficult to convince buyers to step forward to pay a higher tax than the one that will eventually be in place.
In the resort market, there appears to be a sentiment that granite countertops, stainless-steel appliances and media rooms are out of the reach of many recreational real estate purchasers.
This year and next, the focus will be on more practical amenities that focus on the use of recreational real estate, as opposed to the investment potential, according to survey respondents.
from Western Investor November 2011
