The Foothills residential development has nearly sold out of lots. (NICHOLAS PESCOD/The News Bulletin)

Lantzville residential development moving to second phase

Questions remain about impact of speculation tax on Foothills

The second phase of a major residential development in upper Lantzville is underway.

Storm Mountain Developments-Lone Tree Properties is accepting pre-sale inquiries for the second phase of their Foothills development.

Ben Hurlbutt, director of marketing and sales for the Foothills project, said the second phase called Broadridge Pass consists of 26 lots, most of which have stunning views of the scenery.

“Most of the lots have sweeping views of the Winchelsea area,” he said, adding that the lots will likely go on sale in May.

Once completed, the 744-hectare Foothills development project will result in 730 homes and a mixed-use village in upper Lantzville. Construction on the project’s infrastructure has already begun, however, construction on residential properties has yet to begin.

Recently, the provincial government announced that Lantzville has been included in its speculation tax, which is designed to tax foreign and domestic speculators in large urban areas through the province. According to the government, foreigners and satellite families that rent out their non-primary residence can avoid the tax and Canadians who live outside of B.C. can be exempted from the the tax by renting out their property for six months of the year.

RELATED: Nanaimo, Lantzville express concerns after speculation tax tweaks

Hurlbutt said the speculation tax will likely have an impact on Lantzville and the Foothills development, but doesn’t know what that impact will be.

“It will have some impact for sure, but has it yet? No, not yet,” he said.

Buyers and those who have expressed interest in purchasing Foothills property are mostly from within the province according to Hurlbutt. He said Lantzville doesn’t feel like a speculators’ market, adding that the provincial government has done a poor job of communicating the the speculation tax to realtors.

“A lot of it is unclear…” he said. “A lot of it is about residency and homes, but we are selling pieces of land. Is that going to be part of the speculation tax or not?”

Despite the confusion around the tax, Hurlbutt said the Foothills development will continue on, adding that people are moving to Lantzville and into the Foothills development to live, not speculate.

“There is some good … growth going on in Lantzville and the Foothills is a big piece of that and people are moving to Lantzville as end users,” he said.


nicholas.pescod@nanaimobulletin.com

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