Nestled between the shores of Craig Bay and Parksville Bay on Vancouver Island, the City of Parksville is home to a little more than 12,000 people who are in love with the laid-back lifestyle, sandy beaches and Mediterranean climate that characterize this little slice of paradise by the sea.
Thriving Businesses, Rich Tourism
According to Parksville Mayor Ed Mayne, “We enjoy the best of urban and rural living in the Parksville-Qualicum Beach region. Parksville offers an excellent combination of business and recreational opportunities, services, activities and retirement as well as a great place to raise a young family. Surrounded by a stunning natural setting, spectacular beaches and mountains, the community values a relaxed lifestyle and quality of life in Parksville. Parksville is a thriving place to do business and a popular vacation destination.” It sure sounds as if all the ingredients for successful investment are alive and well in this 14.5 sq. km area of Vancouver Island.
City Life Within Arm’s Reach
In examining the reasons people are choosing to invest in first and second homes in Parksville, you must think about size. Parksville is a quaint, small community on a big island – a very big island. Vancouver Island is the largest island on the North American west coast – occupying 32,000 sq. km. So, while Parksville has everything needed to enjoy a peaceful getaway (beaches, sunshine, parks, and quiet neighbourhoods), residents and visitors are never far from all the things the larger Vancouver Island community has to offer – long coastal drives, harbours, old-growth forests, surfing beaches, postcard-perfect towns and the Edwardian architecture and contemporary cultural vibe of Victoria – the island’s largest city. In short, there’s something for everybody and it’s no wonder there is an increasing demand for condos and townhomes in and around Parksville.
In addition to an abundance of sunshine and natural beauty, Parksville can proudly boast of six provincial parks within a half hour’s drive. On a clear day, you can enjoy spectacular views of both the Straits of Georgia and the snow-capped peaks of the Vancouver Island Mountain Range. It all sounds like west coast living at its very best! An annual Beach Festival hosts the Canadian Open Sand Sculpting Competition – attended by more than 100,000 art and sun lovers pumping visitor dollars back into the community. The event is held in early August, but the remarkable sculptures remain in place (weather permitting) until the end of the month. The event attracts world-class sand sculptors from all over the world.
The Market Breakdown
Recent statistics released by the Victoria Real Estate Board confirm a 16% increase in residential units over the past year, buoyed largely by a large uptick in condo sales. Single-family homes on Vancouver Island are not nearly as overpriced as they are in the city of Vancouver, but they remain out of reach for many young people. The benchmark price for single-family homes in the Qualicum Beach-Parksville area is stable, but still hovering at a little over $500,000. Condos, apartments and townhomes sell for considerably less and will continue to meet the needs of young families, singles and retirees for some time to come. Buyers and renters alike are attracted to the area, the affordability and the lifestyle that condo living in this beautiful island affords those fortunate enough to live and vacation here.
Parksville manages to tick all the boxes on the “where should we live” checklist. Mayor Mayne seems to hit the nail on the head in describing this small city’s perfect blend of rural and urban elements. It’s the kind of place nearly everyone wants to live in – or at least visit. Given the unique combination of affordability and desirability this awesome community radiates, prospects for investors appear excellent.