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Winter 2007 |
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When we talked with the Lakes
Economic Development Association in
Burns Lake, they noted that most new
arrivals would like to live around one
of the region's many lakes and within a
10-20 minute drive to Burns Lake. One
of the areas that they noted was between the village of Burns
Lake and the south side of Francois
Lake, accessible year-round by ferry.
This waterfront is
prime area for those
interested in water sports of all sorts.
Buyers can consider properties in this
region for primary residences or as a secondary home
for weekend getaways. We turned to our
sister company MyLandcor.com to get
further details on available acreage
here.
While the Lakes District
encompasses about 3000 miles of
shoreline, we will be focusing on a
smaller section for the purposes of this
report: |
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Highway 35 from Burns Lake leading to the
Francois Lake Ferry to Southside
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Tchesinkut Lake
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Colleymount Road on the north side of
Francois Lake
We requested that MyLandcor
examine all vacant residential properties,
differentiating between properties less than
and greater than two acres. There were 313
properties in total.
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Of the 96 vacant residential properties less
than two acres, 57 properties were
considered waterfront, or 59%.
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There were 39 waterfront properties over two
acres, or 23%.
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Real Estate Movement
Vacant residential properties
under 2 acres have seen increases to their
assessment values. From 2002 to 2007, the
average assessment for non-waterfront lots
have risen 46%, while the average assessment
for waterfront lots have risen 62%.
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When we examined vacant
residential properties over 2 acres, we observed
an increase in assessment values and number of
sales in this area. The average assessment for
non-waterfront lots increased by 17% and
waterfront lots increased 56%. There are also
more people interested in larger acreages,
particularly non-waterfront lots. The number of
sales of non-waterfront lots increased from 1 in
2002 to 36 in 2006. |
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Property Owner Locations
We asked MyLandcor to provide maps
showing the location of the primary
residences of owners who purchased
recreational investment property (including
second homes or vacation cabins) in the area
close to Burns Lake and the area surrounding
Francois Lake.
Not surprisingly, owners of
property in the region close to Burns Lake
are mainly from the Burns Lake to Prince George
corridor. Other purchasers come from
Vancouver, Victoria, Grand Prairie, Red Deer
and the Calgary areas. |
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Owners of property in the Francois
Lake region are more widespread. While Burns
Lake and Prince George ownership remains high,
many purchasers are from elsewhere in the
province. Areas with high levels of ownership in
this region include the Okanagan, Burnaby,
Victoria, Campbell River, Edmonton and Calgary.
There were several purchasers from California
and Michigan. There were some purchasers from
Europe, including Germany, Austria and
Switzerland. |
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As sale prices for recreational
property continue to rise within a four to six
hour drive time from the Lower Mainland,
Edmonton and Calgary, those looking for
waterfront will have to widen their search to
find something affordable. The waterfront
surrounding Burns Lake could be the next area
for those living around Edmonton to build
recreational getaways as it is located within a
ten hour drive.
This area is also becoming more
attractive to those from the Lower Mainland.
NIHO pointed out to Cottage Magazine last year
that prices for waterfront within a four hour
drive of Vancouver can range from $325,000 to
$800,000 for waterfront lots, with sub-shore
lots beginning at $120,000. However, at NIHO’s
sold out Cluculz Lake properties near Prince
George, a one acre lot on the water sold for
$54,000, and a 10 acre sub-shore lot for
$28,900.
In addition, recent upgrades
to the Prince George airport mean that it has
become easier for people to reach this area for
their holidays. The airports at Burns Lake and
Houston are also pursuing funding to expand in
order to handle scheduled flights.
The acreages surrounding Burns
Lake are ideal for a recreational getaway. We remind you of our
philosophy of purchasing land: “Never wait to
buy land. Buy land and then wait."
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