NewHome+Condo Guide – Vancouver – October 14, 2023
The first and only complete guide to pre-construction homes and condos
Introducing The North, a limited release of 67 exclusive residences defined by bold architecture, spacious interiors and the convenienc e of central Port Haney living. Life at The North means mountain views, river walks, retail amenities and transit access, all steps from home.
Price d for first-time buyers, the North combines thoughtful, pragmatic design w ith residence s on the cusp of nature.
The North. Delivering Life in Balance to Maple Ridge.
Advertising Call 1.866.532.2588 ext. 1 for rates and information. Fax: 1.888.861.5038
Circulation Highly targeted, free distribution system aimed at real estate buyers using street level boxes and racking, plus door-to-door insertions in key audience segments. Call 1.866.532.2588 to discuss distribution opportunities.
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WHEN IS THE RIGHT TIME
TO BUY A HOME?
MARLENE EISNER
EDITOR
New Home + Condo Guide
EMAIL: marlene.eisner@nexthome.ca
TWITTER: @MarleneEisner
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They say timing is everything, and that rings especially true when you are thinking of buying a home. There are so many factors that need to come together before making such a big decision. From the neighbourhood you wish to live in and its proximity to public transit and major roadways, to the housing type and the all-important financing, each piece should fit neatly together to complete your home-hunting picture.
However, even if you’ve earmarked a neighbourhood and found a project that suits your budget and lifestyle, how do you know when is the right time to buy? With the housing market seemingly shifting from one week to the next, it can be confusing to understand it all. If you’re looking for some clarification, turn to page 28, where Brittany Reimer explains why it is important to understand and look at market cycles to make a well-informed decision.
And, for those of you who already own your home and are looking for ways to lower your costs with added income, our mortgage expert, Alisa Aragon-Lloyd, lists nine ways you can use your home to make extra money. Turn to page 14 and see if any of them will work for you
As always, this issue has other interesting and informative articles to help you on your home-finding journey, from new releases and upcoming projects to inspiring ideas on how to decorate your new space, including your bedroom for a comfortable night’s sleep.
Let us know what you think. We’d love to hear from you.
Sleep on it: Snuggle up in style in a bedroom designed for comfort and warmth Page 22
In West Coquitlam lies The Grove, a collection of 49 townhomes where city and nature intertwine. Custom designed, each home merges West Coast modern architectural ideologies with spacious interiors that draw inspiration from single-family living. Here, underground parking creates space for lush outdoor courtyards, which harmonize with soft, natural interior textures to bring a renewed sense of clarity to everyday rituals.
VANCOUVER – DOWNTOWN VANCOUVER
1. CLARIDGE HOUSE 498 West 41st Avenue
604-941-8305 polyhomes.com
2. GRYPHON HOUSE 6191 West Boulevard 604.620.8295 gryphonhousevancouver.com
3. WEST WIND 2620 Acadia Road 604-260-8446
5. AMBER 604-871-8600 aragon.ca/amber
6. THESIS W 49 Ave & Cambie St liveatthesis.com
7. SHIFT 35th Ave & Quebec St. aragon.ca/shift
8. THE CONSERVATORY
11. FORM 1558 West 6th Ave formbyanthem.com
12 PARK 1698 West Georgia Street anthemproperties.com
13. GRYPHON NOVA Oak & 67th 604-620-8295 gryphonnova.com
14. ITALIA
MARCO POLO WORK, LIFE IN BALANCE
It’s a western reflection of eastern influences, an enchanted place that’s poised to redefine the intersection between work, lifestyle and art. It’s the best of all worlds.
Introducing Marco Polo by Gryphon, an 11-storey, mixed-use community on Cambie Street at 49th Avenue. When completed in late 2027, Marco Polo will provide a forward-looking workplace model that seamlessly combines the best of traditional offices, ground-floor retail, a private club with co-working spaces and wellness amenities with three levels of opulent residences, all within a single development.
One key differentiator that’s causing a whirlwind of excitement within the medical community is Marco Polo’s three levels of premium offices that will be medical-use ready, including independent water/sewer lines. That’s good news for tenants of many of the aging medical buildings in the Oakridge District.
BRINGING LIFESTYLE TO WORK
Driven by Gryphon’s deep commitment to respond to the evolving needs of sophisticated business professionals, Marco Polo’s
10,000-sq.-ft. The Curator Club is something fresh and dynamic in Vancouver. Designed specifically to foster collaboration and ingenuity, The Curator Club will provide a wide range of amenities and services. From traditional offerings such as a lounge, casual workspaces and a fitness centre with yoga and Pilates rooms, to cutting-edge features that include content creator rooms, a communal kitchen and a double-height atrium space, every detail is curated to answer not the question “Why?” but rather “Why not?”
“People are now prioritizing wellness, especially with all the changes brought about by the pandemic,” says Jason Hsu, Gryphon’s CEO. “Employees are increasingly seeking a work-life balance that emphasizes health and flexibility. Offices with amenities are now experiencing 12 per cent higher demand than those without. At Marco Polo, a trip to the office becomes an extension of your everyday lifestyle.”
ENVIABLE LOCATION
Poised to become the new downtown, Oakridge is a neighbourhood that can lay claim to being at the centre
of everything. Education at all levels, including Langara College and the highly sought-after International Baccalaureate Programme at Sir Winston Churchill Secondary School, are close at hand.
SkyTrain connection to Vancouver’s business district and the Vancouver International Airport are right across the street, and the future R4 RapidBus connecting to UBC and Metrotown will be right outside the front door. There’s also an abundance of parking
LOCATION
Vancouver
BUILDER
Gryphon Development
HOME TYPE
Midrise
SALES CENTRE
2762 Granville Street
CONTACT
marcopolobygryphon.com or 604.620.8295
stalls—more than a 1:1 ratio. It’s a new level of convenience no matter where you want to go or how you want to get there.
Parks and greenspaces, too, are within easy strolling distance. Tisdall Park is around the corner, the lush greenery of the Langara Golf Course just down the street, and Queen Elizabeth Park with its spectacular views and fragrant rose garden is a short drive to the north along the Cambie Corridor.
LIVE CONNECTED
“Marco Polo seamlessly blends elements from East and West to create a unique and luxurious space,” says Sarah Ou Yang, principal and creative director of CLVR Studio.
“The Curator Club’s social areas are designed like a hotel, where people can make connections and unwind, while features like meeting rooms and content creation rooms are spaces for collaboration that make big ideas come to life.”
Marco Polo offers 198 AAA strata offices, 13 retails spaces, and 45 residential units. Commercial and retail units are now pre-selling. The Marco Polo presentation centre is open by appointment only at 2762 Granville Street. Information about residential suites will be announced next year. Call 604.620.8295 or visit marcopolobygryphon.com to register, so you’re among the first to discover more about Marco Polo.
SOUTH CAMBIE
A NEIGHBOURHOOD WITH PANACHE
South Cambie’s borders include Elizabeth Park to the east and the tonier Shaughnessy on the west. It is located between the busy northsouth corridors of Oak and Cambie streets and stretches from West 16th Avenue in the north to West 41st in the south.
THE VIBE
South Cambie might be one of the smallest of Vancouver’s neighbourhoods but it’s got panache! Since the Canada Line went in, this former sleepy enclave burst onto the scene as a cultural melting pot
by MICHELLE HOPKINS
waiting to be discovered. It’s saturated with a variety of upscale, bohemian and chic boutiques, bakeries, bars and restaurants.
THE LIFESTYLE
Favourite hangouts run the gamut. Whether it’s enjoying nature’s best, a fashionista’s dream or anything in between, South Cambie is emerging proud and strong after years of growing pains (think Canada Line nightmares)! In the southern-most part you have a beautiful boulevard with oversized trees known as Cambie Heritage Boulevard, and there’s Queen
Elizabeth Park up on Little Mountain. There’s also an antidote for serious shopaholics — Oakridge Shopping Centre or funky boutique shops along the Canada Line.
MEET THE NEIGHBOURS
With the high cost of housing and dwindling supply, a growing and aging population and an exodus of youth who can’t afford to live in the city, South Cambie residents are now affluent upwardly mobile young professionals and families, as well as empty nesters with deep pockets. Here’s the breakdown: Roughly
33 per cent are of Asian descent, 31 per cent are immigrants hailing from a hodgepodge of nations and 21 per cent are baby boomers 60-plus.
IN THE AREA
Besides its crown jewels, Queen Elizabeth Park and Nat Bailey, South Cambie is renowned for its topnotch hospitals, great educational institutions, the posh Oakridge Shopping Centre, and let’s not forget great ethnic eateries, funky watering holes and distinctive boutique shops.
PLANES, TRAINS AND AUTOMOBILES
The much-anticipated completion of the $2-billion Canada Line dramatically transformed the neighbourhood and has gotten residents out of their cars, while making it easy to get to YVR. Cyclists rule in Vancouver and the city has made it a priority to create many dedicated bike lanes.
DOLLARS & SENSE
Increased density and transit access contributed to a shift in house prices, with homes tripling in price. Getting into this neighbourhood is not cheap but the city has approved a number of condo projects, making living here slightly more affordable!
HOT SPOTS
WALRUS DESIGN
This funky, contemporary lifestyle boutique is where you’ll find anything from a cannabis candle to laser-cut birch plywood coasters and everything in between.
BIERCRAFT BISTRO
For beer afficiados, this is Mecca. Biercraft has a huge selection of specialty and craft beer from around the globe.
LEMONADE GLUTENFREE BAKERY
This sweet spot is a hit with both locals and merchants. For those with a serious sweet tooth, don’t be frightened off by glutenfree … everything is sinfully delicious!
GENERATE EXTRA INCOME
BY LEVERAGING YOUR HOME
Real estate is a big investment, but remember, it is an investment. If you purchase a property strategically, it can help you generate income, tax savings and capital appreciation. For example, if you have a lot of extra space in that spare bedroom, garage, or basement that you are already heating, paying taxes on and making mortgage payments for, why not earn some extra money at the same time? There is a positive side to becoming self-sufficient using
the assets you already have. With increased day-to-day costs, there is a huge financial advantage to keeping your overhead costs low by having a home-based source of income.
It’s always a good idea to check first with your local bylaws to ensure that you familiarize yourself about licenses, fees and other requirements that govern your municipality. Also, don’t forget to report your earnings on your income tax return.
THE
FOLLOWING ARE SOME WAYS TO MAKE MONEY:
• Use your home for a business Not only does this save you the cost of renting a separate location for your business, it creates tax deductions for the portion of your home that
you use for work. Even if you don’t have your own business, you may be able to telecommute with your current employer.
• Rent out a portion of your home When buying, look for properties with basement suites or mother-inlaw suites. If you are willing to share living space and extra bathrooms, you could use the spare bedroom for a home stay or get a roommate. This can create substantial monthly revenue, which can reduce or cover your mortgage payments.
• Rent out storage or parking If your garage or basement is usually empty, rent them out for storage space. Similarly, if your condo comes with a parking space you never use, rent it out. Be sure to
check condo regulations first and have a contract so you are not liable for damage.
• Rent to vacationers If you travel for months at a time, offer your home as a vacation rental. This also works if you have a second, often-unoccupied property in a desirable location. Make sure you have a contract that covers any potential risks.
• Throw party sales Some homes are just natural gathering places. You can host a party sale, such as Tupperware, Mary Kay, or anything that interests you (e.g., lingerie, essential oils, bath and body products, health and weight management products). If you are not interested in being a salesperson, independent distributors may be willing to part with a share of their profits or pay to use your home instead of theirs.
• Boarding place for dogs and cats Are you an animal lover? Many pet owners would rather board their pets in a private home than at a commercial kennel. Make sure you follow all bylaws and necessary requirements.
• Ready for Hollywood? Your home might have star potential. There
are residential property scouts that search for locations for films, TV shows and commercials. You can also register your property in a film location. Scouts will prepare a digital casting call from properties and match the director’s needs. Make sure that you are fully aware of what changes or modifications they will do to your property and that all repairs are completed due to the set designer’s damage.
• Reduce taxes When you purchase a revenue property, you generate substantial tax deductions for mortgage interest, closing costs, property taxes and ongoing maintenance.
• Leverage your equity If you have substantial equity in your home, you have access to an affordable source of funding for other revenue-generating opportunities, such as investments, starting your own business, or upgrading your education.
SPEAK WITH A PROFESSIONAL
Before heading out on your journey to generate extra income through homeownership, speak with a professional mortgage expert on how to create wealth through real estate.
Alisa Aragon-Lloyd has been a mortgage expert for more than 11 years. She has her own company, Bridgestone Financing Pros, powered by DLC Origin Mortgages and is on the board of directors for the Homebuilder Association of Vancouver (HAVAN) and an award-winning member.
BURNABY – NEW WESTMINSTER
BURNABY
1. OASIS AT CONCORD BRENTWOOD 4863 Dawson Street concordoasis.com
2. JUNEAU 604-299-9191 juneaubyamacon.com
3. CEDAR CREEK 7166 14th Street 604-529-8868 liveatcedarcreek.com
4. ALASKA 4455 Alaska St 604-299-9191 alaskabyamacon.com
10. THE STANDARD Metrotown thestandardbyanthem.com
The Palm Springs ‘Golden Age of Glamour’ has arrived in the heart of Metrotown. Introducing Riviera, a 38-storey tower integrating worldclass craftsmanship and sophisticated mid-century style that’s poised to elevate urban living in this sought-after Burnaby neighbourhood.
At the grand entry, an illuminated water feature and distinctive gold lattice metalwork greets residents and their guests—sophisticated, iconic and unlike any other. Inside the soaring, two-storey lobby, a pair of magnificent chandeliers further enhance Riviera’s mid-century aesthetic and create a dramatic nighttime visual, while a concierge is ready to provide uncompromising assistance.
HOMES TO SATISFY
Finishes and fixtures in each home have been meticulously curated to create a serene, elegant tranquility. Spacious, well-planned layouts are
equally suited to family living as they are for effortlessly hosting special occasions. Expansive windows and ceilings of up to nine-ft. invite natural light inside.
Kitchens include an entertainmentfriendly island with a rich stone waterfall edge and lots of space for prep or platters. Full-height cabinetry is paired with quartz composite counters and a seamless Carrara-inspired backsplash for a sleek, contemporary look. Full-sized appliances include a five-burner Bosch gas cooktop and an integrated Fisher & Paykel French-door refrigerator ready to handle demands of every chef.
All this plus generous balconies or garden patios with outdoor lighting.
DAZZLING AMENITIES
Amenities, too, are a step above. Just an elevator ride away, an entire floor of hospitality-inspired amenities awaits—8,000 sq. ft. in all. Here, you’ll
LOCATION
Metrotown
BUILDER
Ledingham McAllister
HOME TYPE
Highrise
SALES CENTRE
4700 Imperial Street, Burnaby
CONTACT
admin@rivierabyledmac.com or 778.658.0288
discover a state-of-the-art fitness centre, social club with fireside lounge and impressive chef’s kitchen and private dining, as well as a comfortable guest suite. Outside, Riviera’s lushly landscaped terrace includes fire tables, barbecues, an outdoor dining space and smartly designed lounge seating. The Riviera Presentation Centre is now open noon to 5 p.m. daily for previews, except Fridays at 4700 Imperial Street in Metrotown. Be among the very first to learn about Riviera as you explore our brandnew Presentation Centre and two beautifully designed display homes. Sales begin soon with prices starting at $764,900.
For more information and to learn about our early buyer incentives, contact the Sales Team at admin@rivierabyledmac.com or 778.658.0288. Register now to stay up to date at rivierabyledmac.com
ICON AT SOUTHGATE CITY THE PINNACLE OF LUXURY
Now under construction in the heart of Burnaby’s Southgate City, Icon is poised to become a tranquil enclave in this spectacular 60-acre masterplanned community. Here, residents will experience an easy connection to the surrounding natural environment, as well as exceptional access to every urban amenity.
Soaring 46 storeys to the sky, Icon is Southgate City’s third tower and boasts an eye-catching, elliptical architecture unlike anything else in the neighbourhood. It all adds up to the best of urban living and social engagement.
SAVVY INTERIORS
Comprised of 352 homes ranging from one-bedroom to spacious 1,323-sq.-ft. three-bedroom plans, every fixture and finishing detail has been meticulously curated to craft homes of serene sophistication and elegance. Nine-ft. ceilings plus generous windows create homes that feel open and airy from every angle. And there’s LG integrated heating and air conditioning for comfort
throughout all four seasons. Even the balconies are unique, each one gracefully curved to become a private outdoor oasis.
Chef-inspired kitchens include spacious islands with waterfall edge, premium appliances including five-burner gas cooktop with an undermount stainless-steel single wall oven, and marble-inspired quartzcomposite counters with a matching seamless backsplash. After all, good parties and social gatherings always end up in the kitchen.
Bathrooms, too, present a luxurious outlook, with spa-inspired features including floating-like vanity with custom mirrored medicine cabinet, frameless glass shower or deep soaker tub, and a relaxing ambience.
AMENITIES FOR YOUR LIFESTYLE
Icon’s indoor and outdoor amenities—over 9,000 sq. ft. of them—are sure to impress.
At the grand entrance, an illuminated water feature dances beneath an impressive art sculpture. There’s a hotel-inspired auto court for
effortless drop-offs and pick-ups, plus a dramatic, double-height lobby with concierge desk.
And here’s just a hint of what you’ll find inside: A social club area with fireside lounge, games room, chef’s kitchen and dining area. Step out onto the sprawling outdoor Terrace Lounge that includes outdoor kitchen and dining, plus firepit and lounge seating all surrounded by lush landscaping and sparkling waterscapes. Get fit in the stateof-the-art fitness centre featuring a dedicated yoga and meditation room. When you need a change from the home office, there’s a convenient coworking and study room. And when guests come calling, which you know they will, there’s a comfy guest suite. So, who says you can’t have it all?
The Icon presentation centre is open noon to 5 p.m. daily for previews, except Fridays at 7662 – 18th Street in Burnaby. Sales begin soon with prices starting at $729,900. Visit iconatsouthgate.com or call 604.544.8800 for more information.
Sleep on it
by BREN PETRUNICK
photos MIKE CHAJECKI
Snuggle up in style in a bedroom designed for comfort
and warmth
pro-tip:
Before you go shopping, measure your mattress depth. Standard sheet sets might not fit mattresses that are higher than 14 inches. Include your mattress pad or topper in your measurement, as the additional thickness needs to be considered. There are three common height ranges for fitted sheets: Standard, deep pocket, and extra-deep pocket.
While you might consider key furnishings such as a bed or dressing table to be the focal point in the bedroom, it’s really the fabrics that take centre stage. Materials are a unifying feature in any room, but they garner a special significance in the bedroom, as they are both a design element and a functional necessity. Heading into the cooler months is when we feel the impact of bedroom fabrics the most. As temperatures begin to plummet and hibernation mode sets in, we are tempted to spend more time nestled in our bed. Here are three tips if you’re shopping for sheets, plush pillowcases and cold-weather covers.
Seasonal switch-up
The transition between seasons is an excellent signal to swap out your bedding. A refreshed bed scape will create a comfortable, cosy nest for sleeping, no matter what Mother Nature has in store for us. This is a great time to pack away your lightweight cottons and linens, and dress your bed in heavier, heat-retaining fabrics.
COTTON FLANNEL
If you tend to reach for flannel shirts and pajamas when the temperatures
drop, flannel sheets might be right up your alley. This soft, mid-weight cotton has a fuzzy finish that comes from brushing or a loose weave. Flannel packs an extra punch of fluff to keep you toasty through the cooler nights ahead.
EGYPTIAN COTTON
If you want to surround yourself in warmth and luxury, Egyptian cotton is for you. Widely hailed as the most luxurious bedding fabric around, Egyptian cotton is the common name for the extra long staple (ELS) cotton produced in Egypt’s unique climate, where cotton fibres grow longer than other cotton varieties. With an unsurpassed reputation for exceptional quality, Egyptian cotton yields sheets with superior softness, durability and breathability. One touch of this exquisite fabric and you won’t give the higher price tag a second thought.
Size matters
Selecting bedsheets that are the correct size for your mattress is critical to comfort. Loose sheets can become a tangled nightmare while you sleep, while sheets that are too tight put you in the middle of a wrestling match every time you wash your linens and make your bed. Also, mattresses come
in a range of depths and dimensions and selecting the right size sheets can feel like a guessing game.
Layer up
Dressing your bed for cooler seasons doesn’t stop at sheets, pillowcases and a comforter. Layering is an effective way to give visual and physical warmth to a room. Add a mattress topper, extra pillows and throws in a variety of textures and textiles such as velvet, wool and chunky knits for more heat. Don’t forget about plush area rugs underfoot and treatments for the windows. Heavier, coordinated drapery on your windows helps trap in heat and block out light, so you can hibernate in total comfort, while creating a cohesive esthetic.
It’s all in the details
When designing a bedroom interior, it’s easy to fixate on the bed as the focal point of the room. While this starts you off on the right track, you’re just scratching the surface of what’s possible with bedroom design. The sum total of all the little details can make or break a room. And, in the case of a bedroom, luxurious, layered fabrics that are perfectly fitted to the space and the season can all but guarantee a good night’s sleep.
Bren Petrunick is the creative founder of award-winning Simply White Interiors. For two decades, the Niagara-based design firm provided stylish and uniquely personal interiors. Servicing Niagara, the GTA, and Ontario. swi.design
HOT PROPERTIES
FIND YOUR NEXT HOME
PREVIEWS & REGISTRATIONS
GREENHOUSE
Home type: Condominiums
Developer: Concord Pacific
On the map: Burnaby Web: concordgreenhouse.com
Info: Greenhouse, inspired by a bygone era, is conceptualized as a modern-day facsimile of the French orangeries of old, a one-ofa-kind project created in harmony with nature. Modern amenities include the serene Crystalline Pool, the Fountain Pavilion and an elegant dining hall. Expansive suites transition to a convertible solarium that feature retractable glass panels and a balcony heater for all-season enjoyment. Register today.
MARCO POLO
Home type: Condominiums
Developer: Gryphon Development
On the map: Vancouver Web: marcopolobygryphon.com
Info: Marco Polo, an 11-storey, mixed-use community on Cambie Street at 49th Ave., offers 45 residential units with a forwardlooking workplace model that seamlessly
combines the best of traditional offices, ground-floor retail, a private club with coworking spaces and wellness amenities and opulent residences. The Curator Club is 10,000 sq. ft. offering amenities and services such as a lounge, casual workspaces, a fitness centre with yoga and Pilates rooms, content creator rooms, a communal kitchen and a doubleheight atrium space. Register today.
METRO21
Home type: Condominiums
On the map: Shokai Developer: Burnaby Web: metro21.ca
Info: Deeply rooted in exclusivity, sophistication and comfort, this boutique residence serves as an enduring sanctuary that elevates the quality of your life. Here, a carefully chosen collection of amenities meet your professional needs and personal aspirations, for an unmatched lifestyle that masterfully strikes a balance between enduring elegance and modern living. Register today.
TIMBER HOUSE
Home type: Condominiums, townhomes, loft homes
Developer: Aragon
On the map: New Westminster Web: timberhousebyaragon.ca
Info: Timber House is a collection of 87 oneto four-bedroom condominiums, townhomes, and loft homes. The exterior’s modular design introduces a combination of glass accents plus matte black, textured white, and wood siding, for a sophisticated yet welcoming look. A lush, central courtyard with meandering paths and a kids’ play area connects Timber House directly to both the riverside boardwalk and the rest of the Port Royal community. Plus, the building incorporates cross laminate timber (CLT) construction, an environmentally friendly material that is durable, versatile, and inherently beautiful. Register today.
TIMBER HOUSE
1. WEST 505 Nelson Street westbybeedie.com
2. SYDNEY 545 Sydney Ave. 778-948-0333 sydneybyledmac.com
3. VUE Foster Ave & Whiting Way vueliving.ca
4. SOPHORA AT THE PARK #101 - 1135 Pipeline Road 604-942-8416 polyhomes.com
2. LUXE LANSDOWNE Lansdowne Road & Number 3 Road luxelansdowne.com
3. PARK RESIDENCES II AT MINORU PARK 6333 Mah Bing Street 604-563-8899 parkresidences.ca
4. RC RICHMOND 6331 No. 3 Road 604-788-6608
5. GALLERIA 8555 Capstan Way 604-233-7748 concordgalleria.com 1
UNDERSTANDING
THE EFFECTS OF A HOUSING MARKET SHIFT
Investors, owners, potential buyers and real estate agents alike have been keeping both eyes on the shift in the Metro Vancouver market. While the
real impact of these shifts can be a divisive and difficult thing to ascertain, anyone seeking to better understand the effects of market changes should turn their attention toward market cycles in general and what they are and how they work.
While no two market cycles are alike, understanding a typical cycle can help you maximize
returns by making informed and well-reasoned decisions.
WHAT IS A MARKET CYCLE?
In real estate, a textbook market cycle is made up of four main phases: Recovery, expansion, hyper supply, and recession.
Recovery: During this phase, market growth is stagnant, with
limited housing starts. This presents opportunities for investors to keep an eye out for any signs of advanced recovery and to jump on belowmarket value properties.
Expansion: The next phase in the cycle consists of strong economic growth and an increase in demand for housing as the economy improves. Buyers also start to gain confidence,
which leads developers to create properties that can be sold at a higher market value.
Hyper supply: A market may experience this when the housing supply exceeds buyer demand. This is typically a result of developers and investors trying too fervently to increase the supply when demand is high.
Recession: The final phase means that supply has exceeded demand by a wide margin and there are high vacancy rates.
It’s important to note that not every market follows a classic market cycle and is dependent on several external factors including government policies, socio-economic factors, demographics and technology. For example, we know that the Lower Mainland has suffered from a decades-long period of undersupply in housing. This means that this market may be less prone to the hyper-supply phase of market cycles.
WHAT HAS CHANGED IN RECENT CYCLES?
The speed in which information is reaching consumers has had a large impact on established market patterns. Today’s homebuyer is increasingly well-informed, with access to a large and diverse amount of information. Because of the quick distribution of information via social media and the internet, market sentiments and activity can change at a faster rate based on headlines and chatter.
The result of this is reflected in the numbers when you look at the acceleration in velocity and amplitude of the ups and downs. In many ways, the information explosion is a blessing and a curse to the real estate industry. Homeowners and buyers can stay informed and make the best decisions for themselves. However, the sharing of information can lead to reactivity and result in over-pronounced enthusiasm or pessimism. When the landscape is shifting so rapidly, there is more pressure to react quickly out of fear. However, the reality is that without time for deep consideration
and understanding, unintended consequences can sneak in.
WHAT DOES A MARKET CYCLE LOOK LIKE TODAY?
In the past, industry insiders often mentioned the ‘seven-year cycle’ in real estate, while other research concluded that the average real estate cycle span is more like 18 years. But with the continued increases in the speed of the market cycle, it’s no longer accurate to talk about the industry in these ways.
We are now much closer to threeyear cycles as a result of the volume of information available and the rate of how it is distributed. Geopolitics have become not only relevant to the conversation but extremely important. Overnight news now has an immediate impact. In the past, troubling economic news would occur overseas, and there would be time to contemplate its potential consequences and how to react. Now, reactions can be immediate. With the speed of market changes moving at an increasingly brisk pace, it’s becoming easier to be caught up in ‘hype’ or to make snap decisions as you try to avoid market ‘FOMO’. To not get caught up in this fearbased decision-making, it’s crucial to take in a fuller, more holistic view of the market.
Understanding the pace of the market cycles can be a helpful tool when deciding to purchase a home or invest in real estate. However, it has proven over the years that the right product for the right homebuyer will always sell, regardless of the pace of market cycles.
Brittany Reimer is managing director of MLA Canada’s Fraser Valley branch. Brittany uses her experience, relationships and passion for the real estate marketing industry to help push MLA into a new frontier.
DEDICATED TO EXCELLENCE
THESE BUILDERS AND DEVELOPERS ARE PROUD OF THEIR COMMITMENT TO EXCELLENT CUSTOMER SERVICE AND CREATING GREAT COMMUNITIES
HOT PROPERTIES SURREY – LANGLEY – ABBOTSFORD – MISSION
SURREY
1. PIANO 105A & City Parkway concordpiano.ca
2. PARK GEORGE 9908 King George Blvd 604-583-9866 parkgeorge.com
3. DISTRICT NW University Drive & 105 Avenue thind.ca
4. CENTURY CITY HOLLAND PARK 13583 98 Avenue centurycitysurrey.com
5. PURA 105 Ave & 132 St mypuracondo.com
6. AMAYA LIVING 106 Ave & 140 St amayaliving.ca
7. SEQUOIA 133 Street & 104 Avenue Sequoiawestvillage.ca
LANGLEY
8. ALDERGROVE TOWN CENTRE 3100 272 Street atcliving.com
9. HAYER TOWN CENTRE 76 Avenue & 200 Street 604-800-9662 hayerbuildersgroup.com
10. THE HIVE AT WILLOUGHBY 206222 80 Avenue 778-686-8572 thehivewtc.com
11. WESTBROOKE AT WILLOUGHBY 604-385-3540 foxridgehomesbc.com
12. SOUTH VILLAGE AT LATIMER VILLAGE 20018 83A Ave 604-371-0698 vestaproperties.com
ABBOTSFORD
13. THE RAIL DISTRICT 2774 Montrose Avenue 604-850-0040 raildistrict.ca
NEW
These listings are meant to offer a comprehensive overview of new home and condo developments currently being marketed throughout Metro Vancouver and the Fraser Valley.
ABBOTSFORD
Court MR
604-621-5888 Now Selling
Downtown Gate TH 604-357-1943 Coming Soon
Falcon Ridge SF 604-309-0540 From $789,000
High Street Village LR/TH highstreetvillage.ca Coming Soon
JEM LR jemliving.ca Coming Soon
Laurel on Mill Lake LR laurelmilllake.com Coming Soon
McKenzie Mews TH mckenzie-mews.com Coming Soon
Montvue LR montvueliving.ca Coming Soon
Onyx at Mahogany LR 778-255-7099 Now Selling
The Peak at Mountainview TH mymountainview.ca Call
The Rail District TH raildistrict.ca Register Now
BURNABY
O2 Metrotown HR o2metrotown.com Now Selling
Arbour MR/TH 604-559-5795 Now Selling
Azure at Southgate HR azureatsouthgate.com Now Selling
