The landscape of campgrounds and recreational vehicle (RV) parks across B.C. is constantly changing as investors recognize their recreational value and potential for redevelopment. One such property is Beachcomber RV Resort in Central Saanich on Vancouver Island, which is currently listed for about $7.5 million. This waterfront RV park and campground spans nearly 10 acres and includes 60 seasonal RV sites and a beautiful beach. The upper level of the property, partially in the Agricultural Land Reserve (ALR), offers the potential for single-family home redevelopment. The lower terrace, where the RV park is located, is not in the ALR and features a caretaker’s home and resort office.
Mark Lester, senior vice-president with the Unique Properties Group at Colliers International, explains that the unique waterfront location of Beachcomber RV Resort makes it an attractive investment opportunity. The property is currently operating seasonally under a renewable temporary use permit, but it has the potential to be rezoned for tourist commercial development or luxury residential development.
While interest rates have risen and the market has softened, RV park and campground sellers still have high expectations for property values. According to Freddy Marks, managing broker at Re/Max Nyda, remote properties like Escott Bay Resort at Anahim Lake are offering great deals for buyers looking for resorts and RV properties. These properties provide a unique investment opportunity compared to residential or other types of investments.
Developing a pipeline of parks
Pathfinder Ventures Inc., a publicly listed company that launched Pathfinder Camp Resorts in 2021, is expanding its presence in the RV park industry. With locations in Parksville, Fort Langley, and Agassiz, Pathfinder recently announced plans to develop an RV park in Osoyoos. The company aims to offer pre-sales of new RVs and seasonally leased sites in Osoyoos this summer and be fully operational in 2025. Pathfinder also has plans to expand east with the right of first refusal and an agreement to manage four RV parks in Ontario and one in Nova Scotia.
Joe Bleackley, founder and CEO of Pathfinder, believes there is a shortage of RV parks in Canada and sees growing demand for these types of accommodations. The company aims to create a brand and an experience for RV owners, with the goal of becoming the Hilton of the campground space.
Diversified approach
Holiday Park Resort near Kelowna offers a unique experience with its fully serviced leasehold and rental RV sites and condos. The resort, which recently celebrated its 40th anniversary, provides a range of amenities such as pools, hot tubs, a recreation center, and more. Dawn McLaughlin, the resort’s president and new owner, highlights the challenges faced during last summer’s wildfires but remains optimistic about the demand for longer-term stays due to the housing crisis and affordability issues.
“Softer season” predicted
Joss Penny, executive director of the British Columbia Lodging and Campgrounds Association (BCLCA), predicts a slightly softer season compared to previous summers due to changing booking patterns and concerns about wildfires, potential floods, cooler weather, inflation, and fuel prices. However, BCLCA members saw an increase in business during the pandemic, with most customers coming from B.C. and Alberta. Penny also notes the changing demographics and expectations of campers, with younger generations having different connectivity needs and preferences.
As the RV park and campground industry continues to evolve, investors are recognizing the potential for recreational value and redevelopment. Whether it’s a waterfront RV resort or a remote property offering great deals, there are opportunities for those looking to invest in this growing market.
What do you think about the future of RV parks and campgrounds in B.C.? Are you considering investing in this industry?
