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Spec Building on Bear Mountain

Speculative home building has returned to Bear Mountain near Victoria. Ecoasis Developments LLP bought the resort's 836 acres last month, along with Westin Bear Mountain Golf Resort and Spa, and two golf courses, from Bear Mountain Land Holdings, a subsidiary of HSBC Bank Canada.

HSBC became owner of the resort property in 2010 after the developer went into creditor protection. HSBC was owed more than $250 million. CareVest, which was owed $42 million, received undeveloped land. Commercial and industrial mortgage lender Romspen, owed $12 million, received title to Jack's Place restaurant and the athletic club. Ecoasis has announced it will be reviewing uses for its property in the coming months.

Developer Canadian Horizons, working under Carevest, is clearing sites and putting in services to create lots to be sold to builders, who are putting up single-family houses. Most houses are being built on speculation. So far about 116 single-family lots are planned, but there are two more parcels available for development within this ownership package, which will likely be mainly single-family.

A group of about seven developers, largely with experience of building on Bear Mountain, have been purchasing lots and putting up homes. Building lots are being priced from $280,000 to $300,000.

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Alexandra Axsen
Owner/Managing Broker
Lake Okanagan Realty
Tel: 250.870.2792
Fax: 778.484.5252
Alex@LakeOkanaganRealty.com
www.LakeOkanaganRealty.com 

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