…choose a chic, dynamic lifestyle at Trend ›› p.5
January 14, 2010
2009: Year of the real estate rebound December housing sales were hot in Greater Vancouver TRICIA LESLIE A slow start turned into an extremely strong finish for the residential real estate markets in Metro Vancouver. “In 12 months, we went from the worst January in 20 years to the third-best December,” says Fraser Valley Real Estate Board president Paul Penner. “Homebuyers took Boxing Day shopping to new levels with some Fraser Valley realtors, showing multiple homes per day between Christmas and New Year’s.” The FVREB represents Metro Vancouver regions including Surrey, North Delta, White Rock and Langley. In all regions, Penner says the word that reflects Paul Penner the real estate story of 2009 best is “recovery.” December alone showed a 148 per cent increase in sales over the same month in 2008, and that can be attributed to firsttime homebuyers taking advantage of all-time low mortgage interest rates and increasing confidence in the economy, says Penner. “An informal poll of our members in December revealed 40 per cent of home sales were by first-time buyers, when it would normally be 25 per cent.” The overall trend for 2009 was one of increasing sales, decreasing inventory and rebounding prices, the FVREB reports. The board’s listing services processed 16,721 sales in 2009, compared to 13,194 CONTINUED ON P.2
Mortgage rates: 2010 outlook Experts predict a modest hike may happen in late 2010 MAGGIE CALLOWAY The questions preying on British Columbians’ minds as 2010 kicks off are varied, but many are likely wondering if mortgage interest rates will go up or down this year, and whether house prices will increase or decrease. Finding an iron-clad answer can be dif-
TD Financial business development manager Ross Gurney predicts mortgage interest rates will remain stable through the first half of 2010. Rob Newell photo
ficult, but the experts seem to agree interest rates will remain fairly stable. “We see the mortgage interest rate to remain stable through the first half of this year and a gradual increase of around one per cent through the last half,” says TD Financial Group business development manager Ross Gurney. “In 2008, mortgage interest rates were down, lumber prices at historic lows and we had a house inventory problem. All this contributed to a very hot market,” he says. “We had an interesting 2009, but in relation to the rest of the world, we really don’t
have much to complain about.” The websites of most major Canadian financial institutions predict more of the same: no one sees much upward movement in interest rates through the first six months of 2010, and no major jumps for the balance of the year. According to the Canadian Mortgage Trends website, several analysts think the Bank of Canada will wait until the latter part of 2010 – or later – to adjust rates. While a CIBC Economics posting predicts CONTINUED ON P.2
2 • New Local Home | January 14, 2010
New Local Home | January 14, 2010 • 3
More starts expected for this year CONTINUED FROM P.1
in 2008 – an increase of 26 per cent. But the number of active listings decreased by 15 per cent in the same period. In the Vancouver-area housing market, residential sales increased 44.8 per cent in 2009, from 24,626 in 2008 to 35,669 in 2009, reports the Real Estate Board of Greater Vancouver. The number of homes listed for sale decreased by 15.5 per cent, from 62,561 in 2008 to 52,869 last year. “Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the Robyn Adamache resurgence experienced in the Greater Vancouver housing market in 2009,” says REBGV president Scott Russell, adding that home sales neared or passed monthly records in the region through Scott Russell the latter half of 2009. “In fact, last month’s home sales rank as the third-highest selling December in the 90-year history of our organization.” In December alone, Greater “In fact, last Vancouver month’s residential sales totalled 2,515 in home sales 2009, an increase rank as the of 172.2 per cent third-highest from the sales recorded in Deselling 2008. December in cember The residential the 90-year benchmark price for Greater Vanhistory of our increased organization.” couver by 16.2 per cent to $562,463 between December 2008 and December 2009, while the number of homes listed for sale has been in decline for eight of the past nine months, Russell says. “(The decline) results in upward pressure on home prices and less selection for buyers to choose from,” he says. While new home construction picked up throughout B.C. in December, housing starts were down by nine per cent in the Vancouver Census Metropolitan Area compared to December 2008, reports the Canada Mortgage and Housing Corporation. But overall, CMHC is forecasting “a modest increase in housing starts in 2010.” For the most part, multiple-unit residential starts were weak in the Vancouver CMA in 2009, the CMHC reports. But Surrey “picked up the slack” with strong, single-detached housing starts. “The fact that we are beginning to see some larger-scale multiple-unit residential projects breaking ground bodes well for a healthier level of housing starts in 2010,” says CMHC senior market analyst Robyn Adamache.
Interest rates to
likely remain stable Off the front: Bank of Canada will stay ‘on the sidelines’ for first part of 2010 CONTINUED FROM P.1
the Bank of Canada will not hike rates at all in 2010, TD Bank and Desjardins forecast that if there is a rate hike, it won’t happen until the final quarter of 2010. “We believe that the slower growth path for real GDP will keep the Bank of Canada on the sidelines past its conditional commitment, and the first rate hike will not come until the fourth quarter of 2010,” reads the TD Bank posting. What these economists are predicting is a change in the Bank of Canada’s overnight target rate. This rate affects variable-rate mortgages; fixed rates are a different tune and usually move in step with bond yields, which should rise before the Bank of Canada decides to act. “Remember, interest rates are at historic lows with posted rates at around 5.9 per cent. The same rule applies no matter what the interest rate – only spend what you can afford to service,” says Gurney. “Right now, the variable mortgage interest rate is 2.259 per cent, which translates into a monthly payment of $1,700 on a $400,000 mortgage amortized over 25 years. If the rate goes up to six per cent, the same mortgage payment would increase to $2,600.” Even at six per cent, the current mortgage rate is historically, a good one, Gurney notes. “It is just a matter of being aware of what each percentage increase means to your financial bottom line.”
Top photo: the downtown Vancouver financial district bustles with activity while above, a Canadian flag is reflected in the Toronto Dominion tower at Georgia and Howe streets. Rob Newell photos
Overall, the Bank of Canada sets the rates which all Canadian banks follow. It is not a commercial bank and so, does not offer banking services to the public. The bank
has responsibilities for Canada’s monetary policy, bank notes, financial system and funds management. Its principal role, as defined in the Bank of Canada Act is “to promote the economic and financial welfare of Canada.” In 1938 the Bank of Canada became a Crown corporation belonging to the federal government. Since that time, the Minister of Finance has held the entire share capital issued by the bank. Ultimately, the bank is owned by the people of Canada. The Bank of Canada carries out monetary policy by influencing short-term interest rates. It does this by raising and lowering the target for the overnight rate. This overnight rate is the rate at which major financial institutions borrow and lend overnight funds amongst themselves; it influences other interest rates such as consumer loans and mortgages. Before the year 2000, the bank changed the rate at various unpredictable times throughout the year but starting in 2000 they introduced a schedule of fixed dates as follows for 2010: Jan 19; March 2; April 20; June 1; July 20; Sept. 8; Oct. 19 and Dec. 7. One thing all the financial institutions and investment houses agree on is that interest rates will not decline. Yet it is still a good time to buy a home, Gurney says – especially in the first half of 2010. “This is a good time to get into the market for anyone contemplating buying a home,” says Gurney. “For the buyer who is more comfortable with a fixed-rate mortgage, a five-year fixed rate can be negotiated for around 4.25 per cent and a 10-year fixed rate for under six per cent. Taking a fixed rate allows families, knowing the exact amount of their mortgage payment going forward, to plan ahead.”
Publisher: Fiona Harris • 604-575-5822 • publisher@newlocalhome.com Editor: Tricia Leslie • 604-575-5346 • editor@newlocalhome.com Reporter: Maggie Calloway • maggiec@blackpress.ca Advertising Sales: Black Press National Sales • Adrian Saunders • 604-575-5812 • adrians@blackpress.ca Online Advertising: Nicole Hutchinson • 604-575-5826 • nhutchinson@blackpress.ca Designer: Brad Smith • bsmith@blackpress.ca New Local Home is published once a week by Black Press Group Ltd. (Suite 309 - 5460 152 Street, Surrey, B.C. V3S 5J9) 350,000 copies are distributed free across Metro Vancouver. Reproduction in whole or part is prohibited.
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4 • New Local Home | January 14, 2010
‘(The award) is well-deserved’
Audain receives prestigious honour MAGGIE CALLOWAY Receiving the Order of Canada is a huge honour. But Michael Audain, who was recently given the prestigious award, remains modest upon receiving congratulations and immediately points to the many Canadians who give of themselves daily without any fanfare or public recognition. Audain, who also holds the honour of the Order of British Columbia, eschews public recognition and makes it clear he holds these countless Canadians in high regard. He was surprised to find out he’d received the award, Audain admits. “Receiving the phone call from Ottawa advising me of this honour was a complete shock,” he says. “I am very grateful to the people who nominated me and the people of Canada.” Audain, chairman of Polygon Homes, has been a leading homebuilder in Metro Vancouver since 1980. Polygon, and its associate company Morningstar Homes, are among the most well-established and highly respected builders in British Columbia. The company has built more than 18,000 homes throughout the Lower Mainland since its inception, ranging from concrete
support his passion. As VAGF chairman, Audain is committed, along with his equally enthusiastic board members, to creating an endowment to ensure the long-term objectives of the gallery. The UBC Museum of Anthropology received $2.5 million from the Audain Foundation in December 2009 in support of its major capital renewal project, A Partnership of Peoples. This donation, along with others, allows the mu museum to host and attract majjorr international shows that have jo n not been possible due to lack of aappropriate space. The newly named, 5,800-square-foot Audain Gallery will allow UBC’s MOA to develop and produce iits own major exhibits. “The (Audain) Foundation recog recognizes the importance of the Museum of Anthropology to all visual art fans in British Columbia as well as the significant role it plays in the cultural representation of the First Nations people of the Pacific Northwest,” says Audain. “The new gallery and spaces will further enhance and promote MOA’s unique position.” Yet it’s easy to believe, due to his passion and commitment to business and the arts, that Audain is only just getting started. “I wish I had his energy,” quips Morningstar Homes president Dale Barron. “(The award) is well-deserved. He does a tremendous amount of philanthropic work with respect to the arts. He doesn’t just contribute to the cause, he is extremely involved.”
ORDER OF CANADA
Polygon Homes chairman Michael Audain is also well-known for his philanthropic involvement in the arts. He recently received the Order of Canada for his efforts.
highrises to wood-frame condominiums, townhomes and single-family (detached homes) communities. Outside the building business, Audain and his family passionately support the arts in British Columbia. Audain currently chairs the Vancouver Art Gallery Foundation and the Board of the National Gallery of Canada. Through the Audain Foundation for the Visual Arts, the family’s support of fine arts
New Local Home | January 14, 2010 • 5
Live in the now at Trend
throughout Canada has been significant. Locally, his commitment to the Vancouver Art Gallery is twofold: through contributions of art – such as the donation of three Jeff Wall pieces (born in Vancouver, Wall is best known for his large-scale, back-lit CIBA chrome photographs). This donation alone made the VAG the holder of the largest Wall collection in the world. Secondly, Audain has made monetary donations of more than $6 million to
– with files from Tricia Leslie
City living in a dynamic Delta neighbourhood Choosing a chic and vibrant lifestyle doesn’t necessarily mean moving to downtown Vancouver. Trend, a new collection of 51 contemporary homes, combines the best of all worlds by mixing cosmopolitan style with modern conveniences in a dynamic Delta neighbourhood. The project captures the essence of city living in that you can live, play and entertain right in your neighbourhood. Located near 75 Avenue and Scott Road, the Guildford Brook Estates development offers an unlimited helping of urban amenities and diverse attractions in an eclectic mix of popular restaurants, shops, cafes and other businesses. From Save-On Foods and London Drugs to SportChek, Chapters and Starbucks, from the Strawberry Hill Grande Cinemas to local ols, parks, fitness centres and schools, ffers the area surrounding Trend off erss every kind of amenity homeowners are looking for. “On the weekends, you can leave your car at home and walk to ... everywhere,” says sales broker Judy Lakos. The project’s central location in Metro Vancouver also means homeowners have several different transpor-
NOW SELLING
CONTINUED ON P.6
Guildford Brook Estates Inc.’s development, Trend, allows homebuyers to live, play and entertain in their immediate neighbourhood.
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6 • New Local Home | January 14, 2010
‘The affordability is great’
New Local Home | January 14, 2010 • 7
On Tour (1a)Skye-Soleil-Aqua Presentation Centre, Unit 3, 1233 Main St., Squamish. 604-616-1215 (1b)Furry Creek-Ocean Crest 415- Furry Creek Dr. 604-787-1456
(5e) Belmont 1456 Avondale Street. 604-461-7113 (5f)Burke Mountain Heights 3398 Don Moore Drive, Coquitlam. 778-285-6299 (5g)Sterling 3412 Wilkie Avenue, Coquitlam. (5h)Belmont Walk 1442 Marguerite Street, Coquitlam. 604-464-4551 (5i)Larkin House 1131 Pipeline Road Coquitlam. 604-552-1113
Vancouver
Port Coquitlam
New Westminster
(2a)Sage 5898 Gray Ave., (UBC/Wesbrook) 604-822-0809 (2b)Pacific UBC Westbrook Village. 604-221-8878 (2c)Aura 5437 Willow Street & West 38th Ave. 604-264-6477 (2d)The BLOCK 458 East 11 Ave. 604-875-8800 (2e)District: South Main 299 East 7th Ave., Vancouver. 604-879-2010
(6a)Links 2418 Avon Place, Port Coquitlam. 604-460-9907
(11a)Victoria Hill McBride Ave. 604-523-0733 (11b)Q at Westminster Quay Renaissance Square off Quayside Drive. 604-515-9112 (11c)Red Boat Ewen Ave & Furness St. 604-520-9890
Burnaby
(9a)Highland Park 160th & 24th Ave. 604-542-8995 (9b)Glenmore at Morgan Heights 161A St. & 24th Ave. 604-542-8863 (9d)Wills Creek 160th & 32nd Ave. 604-542-6200 (9e)Kaleden 2729-158th Street. 604-541-4246 (9f)Nuvo 15454 - 32 Avenue, South Surrey. 778-294-1201 (9g)Morgan Heights 26th Ave & 164th Street. 604-531-1111, 604-420-4200 (9h)Cathedral Grove 2738-158th Street. 604-541-7383 (9i)Ocean Park 2056-128th Street. 604-538-2345
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Surrey (14a)Augusta at Provinceton 18199 70th Ave, 778-571-1088 (14b)Springfield Village 8676 158 Street. 604-591-1121 (14c)Hazelwood Estates 7881 164A Street. 604-657-5220
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tation options for moving around the Lower Mainland, she notes. The exterior is timeless yet stylish, showcasing expansive windows and featuring elegant details such as warm wood trim, brick, cool metal accents and lush landscaping. Inside, open-design living areas feel spacious and airy. Gourmet kitchens come complete with a stainless steel appliance package, granite countertops and two-toned cabinetry. “On the Spa-like bath and weekends, powder rooms feature you can polished tile floors, designer tubs and granite leave your countertops. car at Overall, the design is home and sleek and modern, while remaining subtle and walk to ... comfortable. everywhere.” Homebuyers have two colour schemes to choose from, to set the stage for the interior style they prefer. The quality of the homes speaks for itself, Lakos says, and adds that now is a fantastic time to buy one of the 10 Trend homes that remain. “The quality surpasses the highest standards ... and (Trend homes) will be ready to move into before the HST comes in,” she says. Plus, there’s the price, Lakos notes. “The affordability is great.” Prices range from $189,900 to $299,900 for the available homes (one-bedroom; one bedroom and den; two bed, two bath). Visit the presentation centre at 7937 Scott Rd., Delta (by Cactus Club) or go to www. trendliving.ca for more information.
(12a)Trend 7445 Scott Road. 604-590-5483
Squamish
No. 1 Rd.
CONTINUED FROM P.5
(1a) (1b)
Kenstone Properties Ltd. is building a towering collection of 115 homes – including five penthouses and seven townhomes – at Sage, located at UBC’s Wesbrook Place.
Delta
South Surrey-White Rock
(5a)Levo 1170 Pinetree Way & Northern Ave. 604-464-5856 (5b)The Foothills Burke Mountain, 3381 David Ave. 604-944-3188 (5c)Tatton 1240 Holtby, Coquitlam. 604-552-2220 (5d)Whitetail Lane 1357 Purcell Drive. 604-552-3003
Above, a rendering shows what Trend will look like upon its completion. At left, the Trend presentation centre in Delta shows a sample of what homebuyers may choose to do with their living area. Below, kitchen and bathrooms feature granite countertops and sleek, modern cabinetry. Trend is a Guildford Brook Estates development that is under construction in a dynamic North Delta neighbourhood. Only 10 homes remain available; prices start at $189,900.
(10a)Falcon Hill 23719 Kanaka Way. 604-466-5723 (10b)Crest at Silver Ridge 22850 Foreman Drive. 604-466-9278 (10c)Solo 11749 223rd Street. 604-467-0800
(8a)Alexandra Gate Cambie-Garden City. 604-279-8866 (8b)Centro 7180 No.3 Road-Bennett. 604-270-8305 (8c)Prado No.3 Road & Lansdowne. 604-276-8180
Coquitlam
Contemporary, sustainable living in sleek, modern style
Maple Ridge/Pitt Meadows
Richmond
(4a)Jewel 6130 WilsonAvenue at Beresford. 604-456-0688 (4b)Brentwood Gate-The Varley 1960 Beta Ave. 604-205-7228 (4c)Adera - Green 7438 Byrnepark Walk. 604-439-8858
(14d)The Highlands at Sullivan Ridge 60A Ave & 146th Street. 778-565-1865 (14e)The Estates at Vistas West 16327 60th Ave. 778-574-1380 (14f)Vista’s west 6093 - 164 Street, Surrey. 778-571-1389
(9j)Southport 3677-143 Street. 604-292-0871
8 • New Local Home | January 14, 2010
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