Taking the
inside
“(Young buyers) are on very stable ground. They didn’t get hurt. They are who we should be paying attention to.” Bob Rennie talks to New Local
out ›› p10
Home about the Metro Vancouver real estate market. ›› p1,11 Read what he has to say . . .
June 4, 2009
Real estate market is changing, says condo king Marketer Bob Rennie says builders must change, too TRICIA LESLIE Vancouver’s real estate market is changing, and developers need to pay attention. This is the message Bob Rennie passed along at the Urban Design Institute’s annual general meeting recently. Saturday, en route to Los Angeles, Rennie expanded on his keynote speech. The local housing market may be rebounding from its recent decline, but it will not be the same market as before the slump, Rennie said. “The buying habits of all demographics have changed forever.” Developers need to realize the old market is never coming back, and that the investor and luxury markets are gone, the wellknown real estate marketer – who many call the condo king – said. With interest rates, home prices and monthly mortgage payments all dropping, the numbers look favourable for a recovery, Rennie said. “It’s not if, it’s when,” he said. While the Canadian Mortgage and Housing Corporation recently downgraded its forecast for new home construction, sales and prices, the B.C. Real Estate Association says housing market conditions are improving more rapidly than expected in the province, with balanced markets emerging in Vancouver, Victoria and the Fraser Valley. The CMHC reports that average housing CONTINUED ON P.11
More people are planning to stay at home rather than vacation. In this issue, New Local Homelooks at how you can make the most of your outdoor spaces this summer. Above, Culinary Ink chef/ owner Donnie Ungaro prepares to grill on a Vancouver patio. Rob Newell photo
Home is hot this summer Entertaining and eating in are popular, so a Vancouver chef shares some of his secrets KOLBY SOLINSKY One of the questions that arises after settling into your new home is, “So, what
now?” More often than not, this problem can be solved with an effective means of entertainment – for yourself, your family, or party guests – that gives you a fuller appreciation for your home’s amenities. New housing developments have adopted trends that highlight these amenities, including decks, patios and pools or kitchens, living rooms, and wine cellars. In the dead of summer, many of us use any excuse we can to enjoy our backyards.
And what would satisfy that summer lovin’ better than a good meal? Nothing, according to Donnie Ungaro, chef/owner of Culinary Ink, who has made a living off this philosophy. At Culinary Ink, Ungaro serves as a personal chef and in-home caterer who provides a number of options for his clients, including making dinner for a party CONTINUED ON P.2