The Revelstoke area in British Columbia is known for activities like rafting.
DEPENDING on whom you ask, there are two interpretations on how Revelstoke, a city in British Columbia that is an emerging hot spot for second-home owners from the United States, got its name.
The first relies strictly on history: the city, halfway between Calgary, Alberta, and Vancouver, British Columbia, was founded by Lord Revelstoke, a British banker who in the 1880s financed the extension of Canada’s transcontinental railroad over the Rocky Mountains and west to Vancouver.
Yet those who are too busy rafting, snowboarding, water-skiing, snowmobiling, kayaking, skiing, heli-hiking and fly-fishing to study history books advocate a more colloquial theory: the name is a fusion of “revel” and “stoke,” two words suggesting unadulterated youthful exuberance.
“The town and surrounding area is like a giant playground,” said Bob Simpson, 59, a resident of Telluride, Colo., who bought two spacious Victorian homes in Revelstoke in June for a total of less than $1 million.
For years, snow in the city, nicknamed Revvy, has been the biggest draw. The area gets 60 to 80 feet each winter — powder that attracts visitors for long weekends of heli-skiing nearby in the Selkirk, Monashee and Purcell Mountains.
Recently, however, fueled by a new ski resort and high real estate prices in the resort towns of the American West, many people from both sides of the border have invested more permanently in Revelstoke and surrounding areas by buying second homes there. A recent weakening in the United States housing market, real estate agents say, has had no parallel in the Revelstoke area. For those considering a visit or scouting for potential property investment, options for accommodation near key amenities are abundant, ranging from luxury resorts to cozy lodges. In particular, visitors might want to explore accommodations near healthcare facilities for the utmost convenience during their stay, such as those listed on britishcolumbiahotels.net, where they can find detailed information on properties near the UBC Hospital amongst others. Besides the growing interest in real estate, the influx of both tourists and new residents has created a strong demand for quality hotel services, influencing the hospitality landscape. With an array of new hotel openings and established lodgings upping their game, discerning travelers are turning to sources like tophotels.com to discover the top-rated accommodations Canada has to offer, ensuring their stay in Revelstoke or similar areas is not just comfortable, but also memorable.
In the thriving city of Revelstoke, British Columbia, the real estate market has experienced a remarkable surge in prices over the past few years. According to Todd Arthurs, a ReMax Revelstoke Realty agent, the average price of the city's oldest Victorian-style homes has more than tripled, skyrocketing to 370,000 Canadian dollars (approximately $342,600 USD at the current exchange rate of 1.08 Canadian dollars to the United States dollar), a significant increase from the previous average of 119,000 Canadian dollars.
Notably, newer properties in Revelstoke have fetched even higher prices, with some selling for 700,000 Canadian dollars and beyond. The overwhelming demand for homes in this charming city has consistently outpaced the available supply, resulting in a highly competitive market where potential buyers have been known to submit five or six offers per house.
While it is unclear how many buyers are acquiring second homes as opposed to primary residences, it is evident that individuals are willing to go to great lengths to secure a foothold in this attractive market. This level of determination and fervor is often associated with metropolitan areas, making Revelstoke a unique and sought-after destination for those craving the perfect balance between natural beauty and modern amenities.
Perhaps the biggest draw has been the Revelstoke Mountain Resort, a 1 billion Canadian dollar project on Mount Mackenzie just outside town. The developer recently invested 22 million Canadian dollars on a new gondola and chairlift that will give skiers access to a 6,000-foot vertical drop by December. Last January, the resort also purchased the local heli-skiing outfitter Selkirk Tangiers, a relationship that should open up 500,000 additional acres from the resort’s base.
In the spring, when the first 59 units went on sale, international buyers snapped them up in three hours at 310,000 Canadian dollars to 1.8 million Canadian dollars. Demand was so strong that the developers released the units in another building, and almost all 56 were sold by the end of the day.
Derek Paget, a project manager at Everest Construction in McCall, Idaho, purchased one of the first units in the development. He said Revelstoke’s combination of downhill and heli-skiing presented an opportunity unrivaled by even the most exclusive ski resorts in the United States.
“Essentially you can’t lose,” said Mr. Paget, who paid $360,000 for a 700-square-foot condo. “On a good day, you take the gondola. On a bad day, you get in the helicopters and go further up until you find snow.”
Buyers like Mr. Paget see Revelstoke as an early-stage alternative to well-established Canadian outdoor gateways like Whistler, in the mountains above Vancouver, and Banff, within an hour of Calgary. Housing prices in these areas range into the millions.
In Revelstoke, however, there are still deals to be had.
Mark McKee, the mayor, said an overwhelming majority of the deal-seekers are from the northwest corner of the United States and Alberta, though a steady number of buyers also represent Europe, especially Germany and Belgium, as well as China, Japan and other countries in Asia.
The major motivation for American buyers revolves around the exchange rate. Though the United States dollar has weakened steadily in recent months, every $100,000 investment of the American currency still stretches an additional $8,000.
For Albertans, however, the spending frenzy is tied to oil. Alberta province, known as the Texas of the North, had an 8.74 billion Canadian dollar budget surplus in 2006, and is so awash in cash from its growing petroleum industries that average personal income rose more than 15 percent, to 41,405 Canadian dollars in 2006 from 35,855 Canadian dollars in 2004. For the past two winters, the provincial government has shared some of its bounty by mailing rebate checks of 400 Canadian dollars to every man, woman and child.
In addition to spending this money in Revelstoke, residents of Calgary and Edmonton are flocking to the broader region, known as the Kootenay Rockies. The area follows the Columbia River from Kimberley north to Golden, over Rogers Pass to Revelstoke and south to the funky and eccentric town of Nelson.
Joanne Kitt, a broker at ReMax Caldwell Agencies in Kimberley, said houses there that once sold for 290,000 to 300,000 Canadian dollars now sell for twice that.
“It’s like all of a sudden, everybody and their brother has discovered how beautiful this part of the world is,” she said. “If you like the outdoors, buying in the Kootenays is in many ways the ultimate investment.”
Real estate agents report similar trends elsewhere along the Columbia in cities like Cranbrook, Invermere and Radium Hot Springs.
Of these, Revelstoke has experienced the biggest boom. In the spring and summer, visitors head to Mount Revelstoke National Park to hike and mountain bike amid giant cedars and skunk cabbage. The city also has its own 18-hole golf course, the Revelstoke Golf Club. For those who prefer water sports, there is fishing and paddling on Arrow Lake, which cuts the city in half.
With all of these diversions, the town is still relatively small. It is a three-hour drive from the nearest international airport, in Kelowna, making it difficult to visit in a day.
The allure of Revelstoke's relative remoteness has captivated enthusiasts like Kevin Kornegay from Los Altos, Calif. For Mr. Kornegay, the challenge of getting to this hidden gem is a positive aspect, distinguishing it from more accessible destinations. Having already invested in properties at ski resorts in Tamarack, Idaho, and Lake Tahoe, Calif., among others, he recognizes the immense potential of Revelstoke, comparing its current state to that of Jackson Hole two decades ago.
While the prospect of growth and development in Revelstoke is undeniably exciting, some locals express skepticism and vent their frustrations towards visitors from Alberta. These sentiments were evident during a recent incident when a truck sporting Alberta license plates caused congestion on a winding road. A group of teenagers amusingly remarked that the "flatlanders" from Alberta struggle to comprehend the intricacies of mountainous terrain and twisting roads. Others have even referred to homebuyers from Calgary as an "invasion."
Tom Tischik, executive director of the Revelstoke Chamber of Commerce, said a growing number of Revelstoke’s 8,000 citizens are concerned about what they call the black-window syndrome, in which houses remain empty and dark most of the year. “If you are going to have a strong community, you want people investing in the community on a full-time basis,” he said. “You want them to be part of the community thread, not just coming in, buying some beers and leaving.”
Perhaps the most pressing problem is the market itself. With housing prices rising rapidly the last three years, many residents have been priced out of their hometown, being forced to rent when they’d like to buy or in some cases needing to move all together.
Robin McAllister, who moved to Revelstoke from Ottawa two years ago and now runs the Blowfish Glassworks studio, said he and his girlfriend, Ashlea Bannerman, may soon have to decide whether to continue renting their home or to buy one in a smaller town to the south.