Cultus Lake development to capitalize on Chilliwack's home sales boom

New lakefront project being developed as Chilliwack area bucks slowdown in Lower Mainland real estate sales

By
Western Investor
November 29, 2016





cultus_lake_development
A development team hopes to catch an updraft in Chilliwack real estate with Lakeside on Cultus Lake. The 21 resort-style homes start at $780,000. | Engel & Völkers Canada

 

Housing sales in Chilliwack are bucking the downward trend in most of the Lower Mainland, with transactions through the first 10 months of this year up 45 per cent from a year earlier, reports the BC Real Estate Association.

This compares with a 24.5 per cent sales increase in the Fraser Valley and a meagre 0.7 per cent increase in resales across Greater Vancouver this year compared to 2015.

Now investors are aiming to attract Chilliwack and recreational buyers by developing the last waterfront site on Cultus Lake near Chilliwack into Lakeside, a $23 million resort-style project with 21 homes.

Priced from $780,000 to $1.6 million, the attached homes range from 1,175 to 1,750 square feet. Each unit has a large balcony with west-facing views to the lake and mountains, according to the developer. 

“Cultus Lake is one of B.C.’s most popular recreational areas., bringing more than one million visitors a year; however, there is very little moorage for boaters,” said project sales leader Ben Hurlbutt of Engel & Völkers Canada. “Lakeside is the only resort residence on the lake with a private marina.”

Lakeside is a collaboration between Jim Young, a long time Cultus Lake homeowner, and Alture Properties, which has been creating resort and residential developments for 16 years. Kerkhoff Construction Ltd. is leading Lakeside’s construction management. 

According to Alture, Lakeside represents “a once-in-a-lifetime opportunity to own a waterfront home with a boat slip on a lake inside the boundaries of a provincial park, where there is no more development land.”


Frank O'Brien is the editor of Western Canada's biggest commercial real estate newspaper, Western Investor, as well as a contributing editor at West Coast Condominium, real estate contributor to Business in Vancouver and a regular media commentator on real estate investment.
Copyright © Western Investor

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