This brand-new home may be miniature in size, but the Surrey Memorial Hospital Foundation wants it to encourage big ticket sales ›› p.8
It’s easy being Green Situated on the south slopes of Burnaby, amid forests and park land, Adera’s Green offers one-, two- and three-bedroom dwellings to new homebuyers. Designed to promote energy conservation and sustainable living, the development makes it easy for homeowners to be green. ›› p.5
September 17, 2009
August jump in starts signals recovery Worst may be over in Metro Vancouver’s housing market August was good news for housing construction in Metro Vancouver. The Canada Mortgage and Housing Corporation reports there was a jump in residential housing starts in the Vancouver Census Metropolitan Area (CMA) last month, reflecting a continuing trend toward a steady market recovery. Foundations were poured for 927 new residential units in August, up from the 516 started in July, bringing the yearto-date number to “We are 4,782. While the surge predicting is good news for the that most housing sector, it is still more than 40 per of the cent below the 1,561 slowdown new homes started in has already August 2008. August starts are occurred.” mainly focused in New Westminster and Surrey, CMHC reports, where larger-scale multiple-unit residential projects have helped boost the two municipalities’ starts contributions. In other municipalities, single-family detached homes and smaller-scale multiple unit housing starts continued to dominate. “We are starting to see a return of more sizable projects,” says CMHC senior market analyst Robyn Adamache. “If we see a sustained trend of strong sales combined with declining inventories in the resale market, more builders may be CONTINUED ON P.2
Warranties: security at home When buying a new house in B.C., coverage is mandatory TRICIA LESLIE Warranties cover a variety of products people purchase every day. From iPods to cameras, computers to flatscreen TVs, from appliances to the vehicles we drive, a warranty guarantees that the
Pacific Home Warranty membership sales representative Norm Hayes helps ensure homeowners are protected with a solid warranty. Tricia Leslie photo
goods you’ve bought are covered for a certain amount of time. It also ensures the quality of your purchase. One of the bonuses of buying a new home in B.C. is that home warranties are mandatory on all new homes (with a few exceptions), thanks to the provincial Homeowner Protection Office, a Crown Corporation. Created in 1998, the HPO was formed under the Homeowner Protection Act as a result of the province’s many problems with leaking condominiums.
“Leaky condos were the driving force behind the legislation,” says Pacific Home Warranty business development manager Mike Garritty. “The industry was in a position – from a reputation standpoint – where something had to be done.” At National Group of Companies Home Warranty, spokesman Ray Windsor explains further. “Warranty providers must be licensed CONTINUED ON P.2