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uilding Hope. B s. e m o H g in Build

Annual Report 2012

Mission To mobilize volunteers and community partners in building affordable housing and promoting homeownership as a means to breaking the cycle of poverty.



CEO and Board Chair Message


Vision, Mission, Values


The Habitat Model


Partner Families


8745 Government Street, Burnaby


8180 Ash Street, Richmond




International Work






Community Partners


Financial Summary

FRONT, BACK AND INSIDE COVER PHOTOS: Jessica Clark, Photographer


Growth is on our Horizon CEO and Board Chair Message This past year at Habitat for Humanity Greater Vancouver has been a time of exciting change. Some transformation happens naturally while other changes are brought about as a result of the conscious decision and efforts of people who can envision something different, something better. We at Habitat for Humanity Greater Vancouver, through the extraordinary commitment of over 300 volunteers, community partners, staff and our Board of Directors are shaping a future toward building a better tomorrow for families. A very special thank you is extended to our partner families who so willingly share their experiences, often reliving emotional moments that have transformed their lives. Our family’s voices capture what is possible when you, our community partners and volunteers, give us the power to change lives for the better and end the cycle of poverty. During this time of transformation, we are grateful for the commitment and dedication of our entire team in keeping us on track with our core mission: to mobilize volunteers and community partners in building affordable housing and promoting homeownership as a means to breaking the cycle of poverty. Tim Clark Interim CEO

This year’s Annual Report serves two purposes: to celebrate our accomplishments and to set the stage for the future. So what’s next for Habitat for Humanity Greater Vancouver? Since the appointment of our interim CEO last October, we’ve been talking about what should be important to Habitat over the next 10 years. It has been through this process of reflection and open dialogue that we will form a strategy that embarks on a model of sustainability, accountability, collaboration with our community partners, and work towards a measurable impact. Values are potentially more important today than ever before. Transparency and accountability to you — our donors, community partners, volunteers, family partners, and staff, will help us become a stronger organization: building more homes for more families. The changes we are experiencing — while challenging and complex — are vital to positioning us to move forward in order to lend a “hand up” to more families. So to our Board, ReStore and Society staff, volunteers and community partners, we say a great big thank-you. As drivers of change; self-sustainability and environmental impact is at the forefront of our decision making. Because of our commitment to donor accountability we can proudly say 100% of our operational costs are paid for from the net sales of our ReStores: allowing all donated funds to go directly towards our build fund. A social enterprise at its finest.

Joanne Campbell Board Chair

There is a growing sense of excitement among our Board members, staff, donors, and volunteers as plans are being made to expand our ReStores in order to build more homes. With the recent opening of our third ReStore, in North Vancouver, and over the next few months, the renovation of our Vancouver and Burnaby ReStores; growth is on our horizon.


Extraordinary Commitment Vision, Mission, and Values

Vision A world where everyone has a safe and decent place to live.

Mission To mobilize volunteers and community partners in building affordable housing and promoting homeownership as a means to breaking the cycle of poverty.

Values Housing for All: We believe that access to safe, decent and affordable housing is a basic human right that should be available to all. Human Dignity: We believe in the worth and dignity of every human being. We respect the people we serve and those that help us in this effort and recognize them as our greatest resource. Partnership: We believe we can best achieve our mission through meaningful and mutually beneficial partnerships with others. Faith in Action: We believe that faith is lived through action. Building on our Christian foundation, we serve and work with people of all faiths and beliefs in a spirit of justice and compassion. Diversity & Inclusiveness: We believe there is a role for everyone committed to our vision, mission and values and we seek to enrich our organization through diversity.

Board of Directors Our Board of Directors volunteer their expertise and time to provide strategic direction to the organization. There are also committees such as Finance, Family Selection, and Governance, which bring a range of skills, life experiences and vision to successfully help Habitat Partner Families. Joanne Campbell, Chair Jennifer Kwok, Treasurer John Bennett Lori Benning Oliver Hamilton Elizabeth Huntsman Winnie Shi

ANNUAL REPORT 2012 | Habitat for Humanity Greater Vancouver


Building a Better Tomorrow for Families Housing Model Habitat for Humanity is different from other affordable housing options. It starts with a partner family contributing 500 hours of “sweat equity” towards building their home. We offer low-income working families a “hand up, not a hand out.” Our partner families are empowered by becoming owners of property. They buy the homes we build at fair market value, through a no-interest mortgage and with no down-payment. Habitat families have stability and security in knowing they do not pay more than 30% of family income for mortgage payments, insurance and property taxes. This “hand up” gives them a home they can afford, a chance to add to savings, and a way to break free from the cycle of poverty. Habitat for Humanity works because we bring together community, businesses and volunteers to build safe, decent, affordable homes that are completely paid for by the time they are built. Mortgage payments are reinvested directly into a fund to build more Habitat for Humanity homes, known as the Fund for Humanity. This revolving fund leverages current mortgage payments into more homes for more low-income families. Over time, the Fund for Humanity will grow into a sustainable funding source, reducing the need for outside funding sources. It is one more way that Habitat for Humanity’s partner families give back to their community. But what really sets Habitat for Humanity apart from all other affordable housing options is the return to taxpayers on an investment in Habitat’s affordable homeownership homes. Other housing options leave families continuing to depend on taxpayers to subsidize the annual operating costs for their social housing units. With Habitat for Humanity, our partner families not only assume responsibility for the cost of running and maintaining their homes, they pay back taxpayers as much as $3,600 on average through property taxes each year.

Being part of the Habitat family has enriched our lives in so many ways,” said Lisa. “With all our hearts, we thank each and every single person who was involved with Habitat for Humanity for making this dream of a home for us come true. — Lisa Fedorak


Power to Change Lives for the Better Partner Family Selection Criteria There are three criteria to qualify for a Habitat home: 1. Need for affordable housing. The family income is within the recognized government-set low-income guidelines for their particular region and inadequate living conditions exist in terms of structure, cost, safety or size, 2. Ability to repay a Habitat mortgage. The family requires a stable income sufficient to cover the monthly mortgage payments and other expenses that come with homeownership. Household income must fall between predetermined minimums and maximums based on family size; and 3. Willingness to partner with Habitat. Families are required to invest 500 hours of “sweat equity” which serves to build selfesteem, pride of ownership, and a feeling of community.

Selection Process






How Partner Families are Chosen Each family is required to complete a detailed application form, which is then screened by our Family Selection Committee, a staff-supported group of volunteers who represent all aspects of society. Family finances and credit ratings are carefully reviewed before the committee members interview the family in their home. References provided by the family are checked and communication is made with the landlord and employers. Once selected, an agreement is signed and the family is required to volunteer 500 hours of sweat equity before they are eligible to purchase their home. We offer many ways to complete the sweat equity hours including helping in the ReStore, assisting in fundraising efforts, labouring on someone else’s home and, of course, working on their own home. Families are required to attend workshops to help them learn about the responsibilities of homeownership. They cover topics such as setting goals, budgeting, use of credit, problem solving and how to be part of a strata. They are designed to prepare the family for the financial, property and community responsibilities that come with owning a home.

ANNUAL REPORT 2012 | Habitat for Humanity Greater Vancouver




Lending a “hand up” to More Families Benefits to Partner Families and the Larger Community Habitat for Humanity provides access to a simple, decent home through a no-interest, no down payment mortgage, making affordable homeownership possible for low-income Greater Vancouver Families each year. Over time, the families’ equity in their home increases. Habitat families can often see an improvement in their financial situation since the percentage of their income being spent on housing remains at 30 percent. Prior to purchasing a Habitat home many of these families spend over 50-70 percent of their income on rent. A safe, healthy living environment contributes to the positive growth and development of the family. Studies sponsored by Canadian Mortgage and Housing Corporation (CMHC) and The University of Guelph in 2004 and 2012 have provided strong evidence that Habitat families become healthier, happier, experience improvements in education and financial position, and are contributors to the community rather than reliant on government assistance. Habitat projects also offer an opportunity for community members, of all walks of life, to come together and work side by side in a meaningful way. Pride of ownership leads to a renewed sense of confidence, and along with their stable, long-term housing arrangement, they become longterm contributors to the community and the local economy.

report they are better off financially now 58% ofthanfamilies before they moved into their Habitat home

36% were less reliant on social assistance 65% report their children’s confidence has improve 70% report improved health including reduced illnesses 89% say their family life has improved reported being happier since moving into their

86% Habitat home


Celebrating Our Accomplishments Government Street and Cordova Street 8745 Government Street, Phase 6 completed June 2013

Six excited families took ownership of their homes in the final phase of our Government Street project. The Home Dedication Celebration took place on June 27, 2013 and it was an emotional moment as Habitat for Humanity Greater Vancouver provided partner families with a “hand up” to set them on a path to success. With the completion of this final phase, 27 Habitat Families and 41 children will be united in a townhouse community, complete with a wheelchair accessible playground. This marks a significant milestone for Habitat for Humanity Greater Vancouver as this was the first build site for our affiliate as we expanded from a primarily volunteer driven organization. Without the outstanding commitment of an incredible number of community donors, sponsors and volunteers, homeownership would not be possible for our partner families. This opportunity will truly make a difference in their lives and is another reminder how invaluable our mission is to the Greater Vancouver community.

66 West Cordova Street In a partnership with Vancity, the Vancity Community Foundation, and Westbank, four families are enjoying the benefits of affordable homeownership in urban downtown Vancouver.

ANNUAL REPORT 2012 | Habitat for Humanity Greater Vancouver


Setting the Stage for the Future Upcoming Build – Ash Street 8180 Ash Street, Richmond

Linda Reid, MLA for Richmond East and Tim Clark, Interim CEO, Habitat for Humanity Greater Vancouver. In collaboration with BC Housing, Habitat for Humanity Greater Vancouver will take ownership of land at 8180 Ash Street in Richmond in June of 2013. Our goal is to raise enough funds to start breaking ground in late 2013. This will be a new and unique project for Habitat for Humanity Greater Vancouver. Six decent and affordable single family homes will be built. In addition, each will have their own affordable rental suite as a mortgage helper. All twelve families will fit our selection criteria and benefit from affordable payments, indexed to their income based on our Habitat for Humanity housing model. To further enhance lives, this build will also be our first project to include a trade apprenticeship training program for those seeking to increase their job prospects in the construction industry. This new building model will create broad community impact on a number of levels which we look to replicate as we expand throughout the Lower Mainland.

There is a growing sense of excitement among our Board members, staff, donors, and volunteers as plans are being made to expand… in order to build more homes.


Commitment and Dedication Volunteers

Habitat for Humanity Greater Vancouver has an amazing group of dedicated volunteers. They enthusiastically further our mission to break the cycle of poverty and they are the engine that drives our organization, comprising of nearly 300 strong. Our volunteers contribute in a number of ways: ReStore Sales Floor Customer service, cash, stocking shelves, and pricing. ReStore Warehouse Loading/unloading trucks, testing product, assembly of product, and sorting. Build Site General Labour Individuals of various experience provide the majority of ongoing labour on site, helping with tasks like framing, painting, insulation, and landscaping. Build Site Skilled Labour Professional trades donate their time and talents to assist with the more technical aspect of each build. Build Site Sponsor-A-Build Days Companies and community organizations provide both financial contributions and volunteer time to each build. Events Volunteers help promote Habitat within the community. We truly appreciate the hard work of each and every one of our 300 volunteers. We could not do the work that we do without their continued contributions. Every hour donated means vital resources can be directed to building homes.

ANNUAL REPORT 2012 | Habitat for Humanity Greater Vancouver

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A Great Big Thank-You Build Site Dedication comes in many ways to Habitat for Humanity. We are always grateful for all the efforts of our volunteers, however, once in a while we are knocked off our feet by the energy, expertise, and selflessness that our volunteers consistently give. Hundreds of individuals have contributed to the completion of our Government Street project. A special shout out to Gail Clark, Elizabeth Neufeld, Tyson Sully, Dave Russell, Al Louie, Paul Unruh, DJ Devries, Rick Siebel and James McGuirk for their tireless commitment to building Phase 6. And to Al Deby and Carl Eden who have worked on Government Street since its initiation with Phase 1 in 2000, they are our superstars! To our friends and confidants, Al, Carl and our entire volunteer team - thank you for building homes and hope in our community.

Al Deby

Carl Eden

5000+ Hours and Counting.

5000+ Hours and Counting.

Al Deby, a man who has been described as a true companion, reliable, fearless, hardworking, and kind, has dedicated 17 years to building homes for those who are in need of a “hand up”. Seventeen years! With the exception of the odd electrical and plumbing details, Al has worked on every component of our habitat homes; framing, insulating, roof work, concrete pouring, landscaping, etc. You name it he’s done it — and well.

When ground was broken on the very first phase of Habitat for Humanity Greater Vancouver’s Burnaby townhouse complex in the year 2000, Carl Eden was there with his tools.

“Al may be 83, but he can work circles around any 25-year old. He’s a hard worker and gets along with everyone and is capable of doing a number of different jobs.” says Wayne Carrick, Habitat for Humanity ReStore staff and former build site supervisor.

“For me it was all about getting out of the house and staying active once I was retired. I spent my working life in the airline industry as an aircraft mechanic, so when I retired this kind of work was a natural for me… it’s kept me active and given me an opportunity to work with some great people. ” Carl says.

In addition to his build site presence, Al has volunteered numerous hours at our Burnaby ReStore over the years. He’s a mentor and role model to our fleet of volunteers and we are incredibly indebted to Al for his tireless commitment to Habitat and our families. He has helped build all six phases of our Government Street project in Burnaby, which has placed 27 families with a total of 41 children in safe and decent homes.

Carl has shown up week after week putting in countless hours to the Government Street project. Committing three days a week, Carl has put in some of the highest recorded hours on the build site. Although he can be a quiet guy, Carl is a man that is to the point and gets things done – an incredible resource for our team. We don’t know what we would do without him and we hope to continue to have his expertise as we expand into Richmond, BC.

Carl has been volunteering ever since and now some 13 years later Carl can feel proud of the efforts he has put in to help 27 Habitat for Humanity families become homeowners.

They are the ones we rely on, we trust them, and they always do a great job. They work hard and never ask for anything in return. —Jake Moir, Volunteer Coordinator for Habitat for Humanity

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Social Enterprise at its Finest ReStore

The ReStore is an exclusive brand to North America. The first Canadian ReStore opened in Winnipeg, Manitoba in 1991. There are now 69 ReStores across Canada. ReStores accept and resell quality new and lightly used home products from consumers as well as end-of-line, scratch-and-dent, discontinued inventory, paint mis-tints, and customer returns from retailers and manufacturers at 50-80% off retail prices. Much of what is sold would otherwise end up in a landfill. In Greater Vancouver alone, our stores help to keep 1,800 tons of waste from going to our landfills each year.

What you need to know about ReStores:

Community Partnerships + Environmental Accountability + 100% of Operational Costs Covered = Building More Homes

•• All products are donated by individuals and businesses in the community. •• Revenue raised covers 100% of Habitat for Humanity operations and contributes to the building of new homes. •• Three Greater Vancouver ReStore locations. Vancouver, Burnaby and North Vancouver with plans to expand. •• Volunteers fill the majority of our positions at the ReStores, including cashiers, floor assistants, inventory control, and warehouse personnel.

ANNUAL REPORT 2012 | Habitat for Humanity Greater Vancouver

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Self-Sustainability and Environmental Impact ReStore Be Inspired to Volunteer – Meet Al

Helping the Region Answer the Zero Waste Challenge •• Metro Vancouver has set ambitious targets for the reduction of solid waste entering landfills. The ultimate target is ‘zero waste’ for the region, and in the interim, this initiative requires incremental improvements. •• Habitat for Humanity ReStores play a significant role in reducing the flow of surplus and waste construction material to Metro Vancouver landfills. In 2012 more than 1,200 tons of material that would have been trucked to landfills, was resold and recycled at ReStores in Burnaby and Vancouver.

5600+ Hours and Counting.

•• Habitat for Humanity ReStores diligently recycle: cardboard, plastics, Styrofoam, metal, wiring and electronics are all separated and recycled appropriately — we dismantle aged appliances to ensure all recyclable components are retrieved before anything goes to the landfill.

We are always looking for volunteers to help run our ReStores. A simple 4 hours per week can help change lives. Al is no stranger to helping – he’s invested more than 5600 hours volunteering at our Vancouver ReStore since he started in 2007. That’s nearly 3 years of full time work, volunteered!

•• Habitat for Humanity ReStores support municipalities in their quest to be green and environmentally sustainable, while fulfilling the mandate to “increase the supply of adequate, appropriate, and affordable housing,” which in turn improves the quality of life in the community.

Al has a long list of volunteer experience, dating back to his youth in Atlantic Canada. In addition to his incredible commitment with Habitat for Humanity, Al visits the downtown Eastside three times a week to volunteer and assist at the Catholic Church.

•• On target to divert 1,800 tons of waste material from Metro Vancouver landfills for 2013 because of donations and sales at our ReStores.

“I’m happiest being involved and helping others. Volunteering at Habitat for Humanity has given me a sense of purpose and I’m giving back to society.” Al said. Al encourages everyone to find their purpose. “All people are important, because all people are unique and have special value. They need to recognize that value.” He believes in the work he does at Habitat for Humanity and enjoys working with the other staff and volunteers. “It has a personable feel,” he says, “make time in your life with the people you want to share time with.” Al’s main responsibilities at Habitat are in the shipping and receiving where he sorts donated items determining what needs repair. Occasionally he assists on the retail floor sharing his smiles, sense of humour and expertise with our customers. Our Habitat family is richer for Al’s dedication and we look forward to the next 5600 hours together. Thanks Al!

Our dedicated volunteers are the heart and pulse of our organization.

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Community Collaboration Local Partner Habitat for Humanity Greater Vancouver is grateful for the outstanding support of the community as we work to provide affordable homeownership for families in need. There are many ways to get involved. Through the generosity of community groups, companies, and many caring individuals, we are able to successfully carry out our mission.

South Arm United Church donates proceeds from their annual charity lunch. Habitat for Humanity Greater Vancouver was selected and we were honoured to receive a cheque for $420! Thank you ladies! Your support and contribution will help our Richmond development get off the ground.

Wayne Helfrich is a true community partner for Habitat for Humanity Greater Vancouver. To date, Wayne has raised over $48,000 of his $100,000 target through the sale of his wooden puzzles and advocacy in the community and real estate industry.

Gordon Food Services is committed to raising $100,000 in support of the upcoming single family build in Richmond, BC. To date, over $55,000 has been raised through events like their car wash and BBQ on the grounds of their Annacis Island offices! Bravo GFS BC!

Global Village During spring break, most high school students spend the time relaxing at home or catching up on movies. However, a group of 15 students chose to spend their spring break working to put a roof over a strangers head in Chiang Mai, Thailand. St. John’s School is located in Kitsilano. Service is one of the major pillars on which the school stands. Since 2006, Mr. Sukhbir Bolina, a staff member at the school has proudly organised Global Village trips with Habitat for Humanity. These service trips to various developing parts of the world offer the students many life lessons that are difficult to teach in the classroom. Over the years, the trips have become an integral part of the school that Grade 11 and 12 students look forward to every year.

ANNUAL REPORT 2012 | Habitat for Humanity Greater Vancouver

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Vital for Moving Us Forward Community Partners January-December 2012 We are grateful for all donations of cash and in kind gifts. Gifts of over $1000 are recognized here for the 2012 fiscal year. Legacy ( $2.5 million +) BC Housing

Gold ( $500.000+) The Home Depot Canada The Home Depot Canada Foundation

Silver ($ 250,000+) Vancity Vancity Community Foundation

Bronze ($100,000+) Westbank Projects Corp.

Developer ($50,000+) Alpha Technologies Social Venture Partners Vancouver

Ground Breakers ($25,000+) 360 Build Smart Partnerships Atlas Pots Interior Design Institute of BC Mackenzie Financial MCAP

Craftsmen ($10,000+) Alltran Electric Ames Tile and Stone Ltd. Applied Engineering Solutions Ltd. Bennett Surveys Citi Foundation City of Burnaby Concert Properties Euro Tile Genworth Financial Canada Hardie Plank Horace Engineering Ltd. Maple Ridge Lighting Michael James Rowley Mike Tigges Morrison Hershfield RBC Foundation Robinson Lighting and Bath Centre Russell Industries Small Works Stantec Engineering Co Ltd. Starline Windows TD Bank The Real Estate Foundation of BC Vaughan Planning and Design Ltd. Vector Engineering Services Ltd. Wayne Stephen Bissky Architecture Western Union Business Solutions Yunnan Foundation

Builder ($5,000+)

Banner Carpets Ltd BA Robinson to Builder list BC Roofing Contractors Association Canadian Standards Association Community Savings Credit Union Deloitte Delta Hotels DP World Canada Inc. Dryco Building Supplies Eecol Electric Corp Fluor Canada Goldcorp Hilti Home Idol Building Supplies International Union of Operating Engineers Interwrap iQMetrix Jerry Minni Kask Bros. Ready Mix Ltd. Kerr Construction Macquarie Private Investments Margo Fluker Metropolitan Hardwood Floors Mosaic Stone Works Ltd. New Life Community Church Nissan Norburn Lighting Oakville Natural Stone Corporation Olympic Industries Pottery Barn Kids RCABC Guarantee Corp Ricoh Ryan Galbraith Sae Kerr Sandy Strukoff SNC Lavalin O&M Tannis Braithwaite Teligence Tree of Life ULC Tritex Fabrics Turner Construction Wayne Helfrich WBI Home Warranty

Champion ($1000+) 2nd Century Rug Co. Amacon Developments Anonymous Baron Gallery Barrie Brill BC Plumbing Supplies Beatty Floors Blackburn Young Office Solutions BMW – Benefits Waste Management Bob Hissink Bucci Developments Buildex Vancouver Burritt Brothers Business Interiors By Staples Colin Campbell

Concord Pacific Developments Daniel Haugseng DBA Newton Onmiplex Industrial Centre Donna Lacobellis Ellen Giesbrecht Euro-Rite Cabinets Ltd. Geoff Burian Heritage Office Furnishings Hugo Pendersen HYDRECS Fund Imperial Paving Ltd. International Facilities Management Association Johnson Controls, Bue Sky Involve Project Julian Jamieson Ken Bun Klondike Contracting Laurel Lee Lightform LIV Interiors Luanne Funk Macdonald Dettwiler & Associates Madeline Ung Marketplace Events Mary-Louise Anderson Matt Nugent Maxim Lighting Metro Wallcoverings Nickels Cabinets Nilex Inc. Oliver Chee Pacific Rim Motorcycles Ltd. Peter Beaupre Robert Allen – Beacon Hill Robert Bracken Robert Rees Roofing Contractors Association of BC Roofmart Pacific Ltd. Scotiabank Simren Desai St. Joseph’s School Steele Urquhart Litigation Counsel Taymor Industries Tony Tang UFCW Local 247 Training and Educations Walrus Design Inc. Walter Wardrop William Switzer and Associates (2012) Ltd. Ying Shen

Thank you is a small word for a big emotion.

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Transparency and Accountability

HABITAT’S REVENUES $3,000,000 20%




$2,000,000 4%





$500,000 18%


Treasurer’s Report




Sale of constructed properties sold Interest ReStore revenues Contributions, grants and donations

The $2.83 million of revenues financed on-going construction of property, ReStore operations, reserve funds, and Society operations. The financial statements of Habitat for Humanity Greater Vancouver are audited and prepared in accordance with Generally Accepted Accounting Principles (GAAP).

HABITAT’S EXPENDITURES $3,000,000 $2,500,000 34%


In 2012, Habitat for Humanity Greater Vancouver achieved sound fiscal results, remained committed to improving openness and transparency, and implemented the necessary steps to ensure the organization’s policies and practices complied with the new accounting standards requirements set out by Accounting Standards for Not for Profit Organizations (ASNPO) January 1, 2012.


For the period from January 1, 2012 to December 31, 2012, a surplus of $188,000 was achieved through ReStore growth and stable increases in contributions, grants and donations Jennifer Kwok Treasurer, Board of Director

$1,500,000 39%


33% 6%








Cost of constructed properties Restore operations Fundraising expenses and depreciation Administration

HABITAT’S ASSETS $4,500,000 $3,750,000 $3,000,000



71% 1%


1% 32%

$750,000 $0

14% 14%



Mortgages receivable Equipment Property under construction Cash and term deposits


Transparency and accountability to you — our donors, community partners, volunteers, family partners, and staff, will help us become a stronger organization: building more homes for more families.

ANNUAL REPORT 2012 | Habitat for Humanity Greater Vancouver

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Cost of Constructed Properties




Net Proceeds from Constructed Properties



















Contributions, Grants and Donations Proceeds Fund Raising Expenses Net Contributions, Grants and Donations ReStore Operations ReStore Revenue ReStore Operating Expenses Net ReStore Operations Constructed Properties (1) Sale Proceeds (2)

General Administration Expenses Administration Depreciation Total General Administrative Expenses Interest Revenue Excess of Revenues over Expenditures

Note (1) In 2012, six units were under construction and are anticipated to be sold in 2013. Note (2) Sales proceeds from property have been discounted at an imputed interest rate of 3.75%.

69 W. 69th Avenue Vancouver, BC V5X 2W6

Phone: 604.681.5618





2475 Douglas Road Burnaby, BC V6C 5A9

126 Harbour Avenue North Vancouver, BC V7J 2E4

69 West 69th Avenue Vancouver, BC V5X 2W6

Phone: 604.293.1898

Phone: 604.985.5618

Phone: 604.326.3055

Charitable Registration Number: 88198 3183 RR001

2012 Annual Report