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(News Release) VICTORIA — While the average price for a single-family home in Greater Victoria softened slightly (by 3.62 per cent) in January 2012 when compared to January 2011, sales over the same period have increased by 9.4 per cent.

“These numbers definitely match what we have been hearing from our members,” says Carol Crabb, president of the Victoria Real Estate Board. “Showings have increased, sales are slowly increasing, and there is a sense of optimism among area realtors.
 
“Buyers are still price sensitive and very aware of the market values of homes. Sellers need to be aware that average prices trending up or down may not apply to their market area. They should consult with realtors regarding prices in their own neighbourhood communities.”
 
The number of active listings continues to decrease from a high of 5,094 in July 2011, creating more balance in the market. When supply exceeds demand, buyers can afford to be choosier and wait for the right house, at the right price.
 
“That said, buyers seem to be tired of all the doom-and-gloom stories about the global economy,” Crabb adds. “Interest rates are good and they are keeping our members busy with showings.”

(News Release) VICTORIA — Bosa Properties Inc. officially broke ground yesterday on Promontory at Bayview Place, a 21-story condominium tower overlooking Victoria’s Inner Harbour. When completed, it will be the city's tallest building. 

Sharing the honour with Bosa Properties President Colin Bosa was Victoria Mayor Dean Fortin and the master developers of the Bayview Place neighbourhood Ken and Patricia Mariash, from whom Bosa Properties purchased the development site for Promontory last spring.
 
“This is an exciting day for us at Bosa Properties and for the hundreds of men and women — most of them local — who will be employed here as tradespeople to construct the 177 homes at Promontory over the coming two years," says Colin Bosa.

“We’re incredibly proud of this project, and do not take lightly the responsibility that comes from constructing such a prominent tower in one of Canada’s most cherished settings. The Inner Harbour is a beautiful and special place, and we will work hard to ensure that this addition to the landscape is a successful one”.

“We’re also very pleased to be a part of Bayview Place, and have strong regard for the work that Ken and Patricia have done here — Promontory is but the second phase of Bayview Place and more great things are in store here,” adds Bosa. “We are anxious to bring to life what we believe is an exceptional development project in an extraordinary location.”

The Bosa Properties Foundation also announced a further investment in the local community yesterday, as part of its $177,000 charitable commitment that comes from the commencement of Promontory. Colin Bosa announced support of the James Bay Community Project and presented funding in the amount of $10,000 at today’s event.

“Thanks to the Bosa Properties Foundation, our grassroots community organization will be able to continue to offer support to parents and their children through our family resource programs that promote healthy parenting, mutual support, and the importance of play. Accessibility to information and support for all parents is key to nurturing successful healthy lives in our community,” says John Vickers, vice-chairman of the James Bay Community Project, who accepted the funds on behalf of the organization.

“The Bosa Family Foundation made our Christmas extra special this year and we are grateful for their gifts of generosity and compassion to our community — a community that we now proudly share.” 

Mayor Dean Fortin echoed the community welcome to Bosa Properties. “I’m pleased to welcome Bosa Properties to Victoria and to help launch this exciting residential project. What really resonates for me as mayor is the investment in our community they are making with both the commencement of this project and the launch of their charitable foundation here in Victoria. Promontory will make a lasting and impressive statement on our inner harbour, and is an important next step in the continued evolution of this neighbourhood.”
 
“The thoughtful planning and creation of this neighbourhood is extremely important to us, as Patty and I have made Bayview our home,” says Ken Mariash, principal of Focus Equities and master developer of Bayview Place.

“We are extremely pleased to see Bosa Properties commencing construction here. Bayview Place is moving forward and the future looks bright. We’re looking forward to making other exciting announcements in the coming months.”

(News Release) OTTAWA — Although the labour market stalled in the final few months of the year, over 250,000 jobs were created in Canada in 2011, according to the Conference Board of Canada's latest Metro Help-Wanted Index.

Job markets in many Canadian cities followed a similar pattern, as 18 out of 26 census metropolitan areas (CMAs) posted increases in employment last year.

Although the Conference Board’s Metro Help-Wanted Index shows that near-term prospects are positive or stable in most cities, the uncertain global economic climate and the moderate economic growth that Canada has experienced in recent months suggest that any gains in the labour market are likely to be modest.

Near-term employment prospects are positive in 11 cities, stable in 12, and negative in just three.

Prospects remain bright in the resource-rich West, where they are positive or stable in all eight CMAs. Moreover, Western labour markets are tight, as evidenced by a low indicator of labour market tightness. This ratio, which measures the number of unemployed workers to the number of online job ads, sits below the Canadian average of 2.2 in every Western Canadian CMA except Abbotsford–Mission.

(News Release) COLWOOD — League Financial Partners this week broke ground on Capital City Centre, a $1-billion mixed-use development located in Colwood that, when completed, will be Vancouver Island's largest-ever development.

The $250-million first phase of the 13.89-acre project (to be built out over 20 years) will be developed in three sub-phases (1A, 1B, and 1C) over the next five years. Phase 1A will include a four-storey residential building over a new 35,000 square foot London Drugs, a five-storey office building, and three additional retail buildings. Phase 1B will feature a 26-storey residential tower, making it the tallest building on Vancouver Island. Phase 1C will include a second 26-storey residential tower, a four-storey residential mid-rise building, a 33,000 square foot grocery store, and additional retailers.
 
The heart of Capital City Centre will be its civic plaza, a public gathering space for the community. It will play host to a variety of events and festivals, such as local farmers’ markets, arts and crafts shows, and live entertainment. The civic plaza will be completed as part of the first phase.

“We have taken the time necessary to responsibly develop this project and will continue to do so throughout the phases,” says Adam Gant, CEO of League Financial Partners. “Our vision is that Capital City Centre will be an urban village that encourages residents to be outdoors and to take part in the community’s vibrant lifestyle.”
 
At the height of construction, the project will generate employment for approximately 500 construction workers. Employment in the region is expected to double by 2026, fueling a strong demand for housing, recreational facilities, retail stores, and services.
 
“The City of Colwood is becoming recognized as one of Canada’s most economically dynamic and attractive regions,” says Colwood Mayor Carol Hamilton. “We’re excited to have a project as significant as this reflect that acknowledgement.”
 
Capital City Centre is situated next to the Royal Roads University (RRU) campus. As part of the development, LEAGUE will donate 1,500 square feet within the first office tower. RRU is expanding its program offerings and is increasing domestic and international enrolments. The university is founded on strong community partnerships and will examine opportunities to use the space to support its educational priorities.
 
“Over the last 17 years, we have graduated close to 17,000 students who apply their education in organizations and communities around the world. We are constantly looking at new ways to expand our presence in our local communities,” says Allan Cahoon, president of Royal Roads University. “This project builds on successful examples of collaboration on the West Shore. We congratulate LEAGUE and all its partners for this ambitious project.”
 
The project is conveniently located on the approved alignment of the future rapid transit system that will connect the West Shore municipalities to downtown Victoria. Additional amenities include the Royal Colwood Golf Club, the Olympic View Golf Club, and the Juan de Fuca Recreation Centre. LEAGUE is also building a connection from the site to the Galloping Goose Trail, with an anticipated completion date of spring 2012.
 
As currently planned, after the 20-year build-out period, the community will total 12 residential towers, ranging in height from 16 to 29 storeys, four-storey wood-frame residential buildings located above retail units, two-storey townhomes, multi-storey office buildings, and a public plaza that will feature retail and restaurant facilities. It will also be one of Canada’s largest urban projects on a contiguous site.

(News Release) NANAIMO — Tourism Vancouver Island has been awarded accreditation from the Destination Marketing Accreditation Program (DMAP). 

DMAP is an international accreditation program developed by the Washington, D.C.-based Destination Marketing Association International (DMAI). In earning the DMAP accreditation, destination marketing organizations (DMOs) communicate to their community, buyers, and potential visitors that their DMO has attained a significant measure of excellence.
 
“Tourism Vancouver Island is honoured to receive the Destination Marketing Accreditation from DMAP,” says Dave Petryk, president and CEO of Tourism Vancouver Island.

“We are very pleased to be recognized in the destination marketing community for providing outstanding services in accordance with international standards and benchmarks in this field.”
 
“By applying for and receiving DMAP accreditation, Tourism Vancouver Island has demonstrated a commitment to quality programs and services,” says James T. Wood, DMAP board chairman. “Earning DMAP accreditation tells the Vancouver Island community and potential visitors that your DMO has attained a measure of excellence assuring that their trust is well placed and their business in good hands.”
 
Tourism Vancouver Island is one of six regional destination management organizations in British Columbia that represent Tourism British Columbia through the delivery of co-operative marketing and community development programs.

DMAP accreditation standards cover a wide variety of topics including governance, finance, management, human resources, technology, visitor services, group services, sales, communications, membership, brand management, destination development, research/market intelligence, innovation, and stakeholder relationships.
 
DMAP is an independent international accreditation body and a leader in defining quality and performance issues in destination marketing.