Pine Valley, as a design, is very definitely a championship golf course. That was the original intention of the design and that's what the course still is today albeit a fairly unique style of championship design---probably loosely defined as rather penal in playability.
However, PVGC, on purpose, is definitely a championship design and golf course that's never in their history been interested in holding major championships there and never really has (Walker Cup, local Opens etc). The reasons they never wanted to hold championships there is interesting however. The best way to describe what the course was intended to be by it's creator, Geroge Crump, was more in the way of a training ground for the local elite players to do well in championships of all types, although never necessarily there.