Declining lumber industry has B.C. forestry companies eyeing real estate opportunities

pointswest1.jpgpointswest1.jpgpointswest1.jpgpointswest1.jpgpointswest1.jpgInteresting article on by Wendy Stueck about changing industry dynamics on Vancouver Island. Let’s just hope everyone acts responsibly :-).

Things are so tough for the (forestry) industry that on this particularly scenic stretch of coast, some companies have concluded there’s more money to be made in subdividing and selling land than in perpetually logging it.

Vancouver-based TimberWest Forest Corp., for example, a major landholder on the island, has transformed itself over the past few years, contracting out nearly all of its logging operations and stepping up real estate sales to capitalize on the ravenous appetite for lots with a view.

“Demand for residential properties in this area is increasing exponentially,” says Bruce MacMillan, a ReMax real estate agent in Sooke who is selling lots at Wildwood Terrace, a project near Jordan River developed by Victoria-based Totangi Forestry Ltd.

Mr. MacMillan, who has been building or selling real estate in the area for about 20 years, says people drop into his office every day in the summer, hunting for waterfront property or to view lots.


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