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Context

The Canadian landscape is rich and diverse in opportunities for leisure activities. We have seized that opportunity more than most nations. Second homes, lakeside and hillside resorts, ski areas and golf courses dot the landscape from coast, to coast to coast.

Drivers

What was until recently a “mom and pop” business has become a major factor in the real estate industry. Consolidation in the ski resort business, new ownership structures in golf, a vibrant lakeside/seaside alternative to conventional private cottaging through time-share and interval ownership, and the emergence of “lifestyle” communities based on golf and/or skiing, have drawn more players into this sector. It’s an area of the real estate business in which Dillon has considerable expertise and experience, be it the design and approval of new golf facilities in sensitive landscapes, master planning and development of ski resorts, lifestyle community design and development or recreation property development under various forms of ownership.

Outlook

The very features that make the Canadian landscape attractive for these forms of development also present the inherent challenge to achieving success … how to develop in a manner that protects the environmental integrity that made the area attractive in the first place. No small challenge, but one in which we have demonstrated, repeated success.

The future of this sector of the real estate industry is bright. Affluence and ageing of the population are the major drivers. Many Canadians are planning for their retirement lifestyle, a process that increasingly is leading to real estate acquisitions for secondary and sometimes primary accommodation. Golf is a huge industry. Skiing is a huge industry. Boating is a huge industry. But many believe that none has yet peaked. And associated with the increase in demand is a “flight to quality” in the facilities supporting those activities. Standards for new golf course developments in Canada rival the best in the world. Our major ski areas are being transformed into full destination resorts. Lakeside resorts can hardly be compared with the vacation cabin of the ‘60s. And cottage area redevelopment is proceeding apace, with new construction of a size and quality once unimagined.

Changing Client Needs

Services required by this sector of the industry are similar to those in more urban locations, but with a greater emphasis on environmental protection, and the need for greater creativity in site servicing solutions. Surface water quality, boating traffic, lake-carrying capacity, fish habitat, wastewater disposal, water supply, and aesthetics are usually high on the approvals agenda. Many times there are tricky property issues involving easements and private roads. New forms of interval ownership create challenges. Dealing with each and all of these requires skill and experience. Dillon has both.