Parastone Group’s new focus

Parastone Group has turned its attention to building single-family housing

1 of 2Parastone Group is nearing completion of three single-family homes in Fernie, B.C. All are sold. — Photo courtesy Parastone Group

2 of 2It is expected that the homes will be ready for occupancy by May 2014. — Photo courtesy Parastone Group

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“The housing market in Fernie is very good,” said Simon Howse, general manager of Parastone Group in Fernie, B.C., “especially for new housing under the $500,000 mark.”

With a number of commercial and multi-family dwelling projects completed and well received in Fernie—as well as single-family homes in other communities—Parastone has made its first venture into single-family housing in Fernie. The company acquired property on 6th Avenue in Fernie, and now has three new houses near completion on the transformed site. Howse said the homes were each offered at $399,000 and all three were sold before the foundations were complete.

Each house has a basement, a garage and 1,700 square feet of living space spread over two floors. The houses offer great views, oversized windows and moderate finishes, and they’re within walking access of downtown. Howse expects that the owners will be able to occupy their new homes in May.

“There’s a demand from local people for more housing,” Howse said. “They want to own (homes) within a reasonable walking distance from downtown. The new owners are two working-age families from Fernie and one from Sparwood.”

Howse said that Parastone is good at finding undervalued property and adding value to it by creating a product that is well suited to the community.

“We’ve done plenty of commercial and multi-family housing, but we will be bringing to market a greater variety of housing product in the near future,” he said. “This is a stepping stone to getting more deeply involved in building single-family housing.”