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Investors Eye B.C. Campgrounds, RV Parks Amid Changing Market Dynamics

Investors eye properties for their recreational value and redevelopment opportunities as British Columbia’s landscape of campgrounds and recreational vehicle (RV) parks evolves in 2024.

Beachcomber RV Resort, listed for about CA$7.5 million in Central Saanich on Vancouver Island, is a waterfront RV park and campground on nearly 10 acres in two land titles.

The property includes 60 seasonal RV sites and a walkable beach. Its upper level, partially in the Agricultural Land Reserve (ALR), features a 1,176-square-foot house on a bluff with potential for single-family home redevelopment.

Mark Lester, senior vice president of the Unique Properties Group at Colliers International, mentioned that a section of the upper property lies within the ALR. He noted that this designation should not impede the development of that area, as residential construction is allowed in the ALR.

The impact of ALR regulations on RV park development in B.C. is significant. The ALR aims to preserve agricultural land, influencing redevelopment opportunities.

According to an article published by Castanet on July 5, the RV park, which has been operating seasonally for years under a renewable temporary use permit, is on a lower terrace at sea level near a swimmable area. It’s not in the ALR. The site features a 1,223-square-foot, two-bedroom caretaker’s home and resort office.

Designated as a destination commercial area in Central Saanich’s official community plan (OCP), the property has the potential to be rezoned for tourist commercial development, such as cabins or a boutique resort. The current zoning permits luxury residential development.

Lester added that higher interest rates, inflation, and ongoing global geopolitical issues have impacted buyer perceptions and real estate risk profiles.

In addition, Pathfinder Ventures, a publicly listed company that launched Pathfinder Camp Resorts in 2021, has locations in Parksville, Fort Langley, and Agassiz.

The Fort Langley-based company recently unveiled plans to develop an RV park in Osoyoos. The park will feature approximately 120 RV sites on six hectares (15 acres) of leased land along Osoyoos Lake.

As Pathfinder works toward profitability, the company aims to offer pre-sales of new RVs and seasonally leased sites in Osoyoos this summer, with full operations expected to commence in 2025.

“This is going to be an opportunity for an RV owner to have more of a cottage-like experience,” said Pathfinder founder and CEO Joe Bleackley.

Bleackley expressed that Pathfinder hopes to be operating at least nine RV parks by the end of this year while also eyeing Alberta resorts. He mentioned that the company is considering taking over the management of certain parks with the potential for future ownership.

The British Columbia Lodging and Campgrounds Association (BCLCA) is crucial in tracking industry trends. Its 2023 Annual Occupancy and 2024 Rate Survey provides valuable insights into occupancy rates and pricing strategies, helping operators navigate changing market conditions.

“We’re seeing a definite change in booking patterns. Those booking patterns are a wait-and-see because of the wildfire seasons we’ve had,” Joss Penny, executive director of the BCLCA, said.

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Hi, you might find this article from Modern Campground interesting: Investors Eye B.C. Campgrounds, RV Parks Amid Changing Market Dynamics! This is the link: https://moderncampground.com/canada/british-columbia/british-columbias-rv-park-landscape-attracts-investors-for-recreational-redevelopment-opportunities/