You do not mention which passport(s) does your friend hold. If he has a passport from a country, ctizens of which do not require a Canadian visa (such as the UK or the US), there would really be no issue as a PR card/visa would not be required at all.
On the contrary... he's a landed immigrant, has a home, business, family and yacht in Canada, so he definitely would not be "visiting." He would be returning, or "entering" Canada to stay permanently, and therefore requires the Permanent Resident's card.
(Irish passport.)