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Canada’s for Apartment Owners, Managers and Association Executives Canada’s #1,Voice most read publication forManagers Apartment Owners, Managers and Association Executives Canada’s Voice for widely Apartment Owners, and Association Executives

Vol.6 No.1 April 2013 rentalhousingbusiness.ca

RENTAL HOUSING HOUSING BUSINESS BUSINESS RENTAL

RENTAL HOUSING BUSINESS

GROUPE DENUX

&

ROMS BC

AL KEMP

+

2013 Federal Budget

Charity begins at home! CFAA’s

National Outlook RHB Edition

2013 employee compensation survey Property tax assessment review


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TABLE OF CONTENTS

Jean-Louis Denux of Groupe Denux (page 10) O’Shanter Development Company – pg 12 and Al Kemp of the ROMS BC (page 30)

10 30

GROUPE DENUX Groupe Denux is a privately owned company that owns and manages residential rental properties in BC and Montreal. This second-generation family business continues to operate with the same beliefs and standards upon which it was founded.

AL KEMP AND ROMS BC Al Kemp is the CEO of the Rental Owners & Managers Society of BC (ROMS BC), which serves and represents owners of residential rental units throughout British Columbia.

2013 FEDERAL BUDGET

22

2013 employee compensation survey

36

Property tax assessment review

The 2013 federal budget includes several general corporate or trust tax changes that may have some effect on rental housing operations or investments.

The CFAA Employee Compensation Survey gives landlords important data to assist in achieving the highest overall success and profitability.

If you decide to sell your property, you need to address your property tax appeals in the agreement of purchase and sale.

CHARITY BEGINS AT HOME!

APRIL 2013

NATIONAL OUTLOOK

15

RHB EDITION

Register now for the CFAA Rental Housing Conference Hear great speakers! Take part in great networking! Following very successful conferences last year in Vancouver, and two years ago in Toronto, the 2013 CFAA Rental Housing Conference is returning to Toronto, June 11-13. The Westin Prince Hotel will host this national industry event. Rental housing executives, investors, property managers, hands-on owners, communications people and maintenance managers will be in attendance to hear presentations from over 50 speakers over the course of two days. In addition to learning opportunities at the education sessions, delegates will enjoy networking opportunities at Building Innovations Tour on Tuesday, June 11, and the Hockey Hall of Fame Supper and Wyse After Party, on Wednesday, June 12. continued on page 3

Inside this edition Building innovations tour - 2013 In National Outlook (Digital edition) Available at www.cfaa-fcapi.org

Federal budget Property tax update Hockey Hall of Fame Activities CFAA Rental Housing Employee Compensation Survey

Updating suburban apartment living for everyone’s benefit

Group of Companies

By John Dickie, CFAA President

The Globe and Mail recently reported that Canadians are the world leaders in suburban apartment dwelling (March 30, 2013). Ottawa has more apartment buildings than Dallas; Edmonton has more than Boston; each a city more than three times as populous; and many of Canada’s apartment buildings are outside the city core. Nearly one million people live in the suburban apartments of Greater Toronto, or one in five residents. But there is something seriously wrong with these apartment towers. What can be done in them and around them is severely limited. Under the zoning rules currently in place, only very limited commercial activities can take place, often limited to a tuck shop and a hairdressing salon. Nothing can be built around the buildings because the site density was maxed out upon construction 30 or 40 or 50 years ago. continued on page 4

National Outlook - RHB Edition 1

NATIONAL OUTLOOK

After page 26

National Outlook, the newsletter of the Canadian Federation of Apartment Associations (CFAA), provides political news, policy updates, association news, and other information to keep rental housing providers up to date and ready for future opportunities and risks.

CHARITY BEGINS AT HOME!

Page 16

In contrast to the myth of the “greedy, heartless landlord,” members of the property management industry are known for their altruism. Skyline exemplifies philanthropy within the industry, as it has made charity a central tenet of its operations and business philosophy.


A

t page 15, this issue of RHB Magazine reports on the changes relevant to rental housing providers announced in the 2013 federal budget.

See page 22 to read about CFAA’s Rental Housing Employee Compensation Survey. Together with CFAA’s consultant, Pal Benefits Inc, CFAA is substantially upgrading the survey this year. In 2013 each report will provide Canada-wide data, and provincial or regional data for every position. The report will also provide city based data if it is available, or a statistical estimate of the city’s pay scales. In addition, new in 2013, the reports will provide data on over 20 head office positions, as well as all the building based positions. For survey participants, the prices will be unchanged from 2011. I urge all rental housing providers to participate in the survey by providing their employee compensation data as described at page 24. Found following page 26, the current issue of National Outlook – RHB Edition addresses the issues involved in updating suburban apartment living for everyone’s benefit, including the tenants, the neighbours and rental owners. National Outlook also sets out the educational program for CFAA’s 2013 Rental Housing Conference, to take place in Toronto from June 11 to 13. The Conference will include a building innovations tour (during the afternoon of June 11); a reception and supper, and an after party hosted by Wyse Metering Solutions, all at the Hockey Hall of Fame (June 12); two full days of educational sessions (June 12 & 13); and lots of networking opportunities.

CFAA looks forward to hearing Benjamin Tal’s latest economic update, as well as key information from leading rental housing providers and innovative industry suppliers. We urge rental housing providers from across Canada to register and attend Canada’s Rental Housing Conference. Another conference of note for rental housing providers is Landlord Webcon, which will take place on May 9, and is described in “Coast to Coast” at page 38. In the feature story starting at page 10, learn about the operational style of Groupe Denux, which operates rental properties in BC, Quebec and France. An article starting at page 31 provides background on the Rental Owners and Managers Society of BC (ROMS BC) which is one of CFAA’s two member associations in BC, and on Al Kemp, the current ROMS BC Executive Director, and a long- standing CFAA director. We hope you enjoy this issue of RHB Magazine, including National Outlook.

John Dickie John Dickie, CFAA President

CFAA Member Associations British Columbia Apartment Owners and Managers Association (BCAOMA) www.bcaoma.com P: 604.733.9440, 1-877-700-9440

Kingston Rental Property Owners Association (KRPOA) www.kingstonrentals.com P: 613-572-7276

Rental Owners and Managers Society of BC (ROMS BC) www.romsbc.com P: 250-382-6324, 1-888-330-6707

Eastern Ontario Landlord Organization (EOLO) www.eolo.ca P: 613-235-9792

London Property Management Association (LPMA) www.lpma.ca P: 519-672-6999

Saskatchewan Rental Housing Industry Association (SRHIA) www.srhia.ca P: 306-653-7149

Federation of Rental-housing Providers of Ontario (FRPO) www.frpo.org P: 416-385-1100, 1-877-688-1960

Manufactured Home Park Owners Alliance of British Columbia (MHPOA) www.mhpo.com P: 1-877-222-4560

Waterloo Regional Apartment Management Association (WRAMA) www.wrama.com P: 519-748-0703

Greater Toronto Apartment Association (GTAA) www.gtaaonline.com P: 416-385-3435

New Brunswick Apartment Owners Association (NBAOA) www.nbaoa.myidealhome.com P: 506-640-1460

Hamilton & District Apartment Association (HDAA) www.hamiltonapartmentassociation.ca P: 289-440-3185

Professional Property Managers’ Association (of Manitoba) (PPMA) www.ppmamanitoba.com P: 204-957-1224

Investment Property Owners Association of Nova Scotia (IPOANS) www.ipoans.ns.ca P: 902-425-3572

The Canadian Federation of Apartment Associations represents the owners and managers of close to one million residential rental suites in Canada, through 15 organizations across Canada. CFAA is the sole national organization representing the interests of Canada’s $80 billion rental housing industry. For more information about CFAA itself, see www.cfaa-fcapi.org or telephone 613-235-0101


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Editor’s Note

Vol. 6 No. 1 CO-FOUNDER, DIRECTOR

Juan Malvestitti juan@rentalhousingbusiness.ca

R

HB Magazine believes that charity begins at home, and supporting charitable initiatives helps to promote a healthy rental housing industry. We’re taking the initiative to profile companies in the rental housing industry that dedicate their efforts and resources to contributing to charitable causes. This month, we are profiling the Skyline Group of Companies, which has made charity a central tenet of its operations and business philosophy. The organization has focused its efforts on supporting charities that help its tenants and the communities in which they live, and even runs an annual charity golf tournament.

CO-FOUNDER, PUBLISHER

Marc L. Côté marc@rentalhousingbusiness.ca

EDITORIAL

David Gargaro david@rentalhousingbusiness.ca

CONTRIBUTING EDITOR

John Dickie, President CFAA jdickie@rentalhousingbusiness.ca

DESIGN

Thomas Calvert

RHB invites you to let us know about what you are doing with respect to charitable initiatives in the industry. Drop me a line at david@rentalhousingbusiness.ca and perhaps we’ll feature your organization and its charitable efforts in a future issue.

PHOTOGRAPHY

RHB returns to British Columbia with two very interesting features. First, we have a profile of Groupe Denux, a privately owned, family-run property management company that manages its own properties. Even after nearly 40 years of being in business, the company has remained true to its family (and French) roots, and takes a hands-on approach to managing its properties and staff. It operates under a decentralized structure, where there is no one person making corporate decisions and individual owners make their own purchasing decisions.

Kayla Clark

We also have a profile of Al Kemp and the Rental Owners & Managers Society of BC (ROMS BC). Al has focused on the importance of service and leadership throughout his career, including his current position as executive director of ROMS BC, which provides services, products and representation to owners of rental properties throughout British Columbia. The society has been able to grow its membership by focusing on providing solutions to members’ problems and collaborating with other associations. RHB Magazine is also the exclusive media partner for Landlord Webcon 2013, the apartment Internet marketing conference that takes place on May 9, 2013. Look for us at that conference, as well as the CFAA Rental Housing conference being held on June 11 to 13.

Orange Frog Studio

OFFICE MANAGER SUBSCRIPTIONS Canada: One year $27.00 Elsewhere: $39.00 Single copy sales: Canada $9.00 Elsewhere: $12.00 Opinions expressed in articles are those of the authors and do not necessarily reflect the views and opinions of the CFAA Board or management. CFAA and RHB Inc. accept no liability for information contained herein.  All rights reserved.  Contents may not be reproduced without written permission from the publisher.

P.O. Box 696 Maple, ON, L6A 1S7 416.236.7473 www.rentalhousingbusiness.ca

Make sure to check out the rest of the articles and information in the magazine, as well as CFAA’s newsletter, National Outlook. Enjoy the issue!

All contents copyright © RHB Inc.

David Gargaro To view the online edition of RHB, please go to www.rentalhousingbusiness.ca

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“We“We are excited are excited to be to bringing be bringing a new a new set of setenhanced of enhanced services services and and ideas ideas to the to the market,” market,” saidsaid Peter Peter Mills,Mills, Co-CEO, Co-CEO, Wyse. Wyse. “The“The customer customer is always is always at the atcenter the center of our of our approach approach to sub-metering.” to sub-metering.” The The Wyse Wyse Meter Meter corporate corporate structure structure will will retain retain the the experience experience of the of the current current management management team. team. Founder Founder DinoDino Chiesa Chiesa will will guide guide the the nextnext phase phase of strategic of strategic business business growth. growth. Managing Managing Director Director Karen Karen Chiesa Chiesa will continue will continue to oversee to oversee excellence excellence in customer in customer relationship relationship management management and and seamless seamless services services delivery. delivery. Joining Joining the the growing growing executive executive teamteam is Leah is Leah Werry Werry as Director as Director of Sales of Sales and and PaulPaul Guimond Guimond as CFO. as CFO. could could not not be more be more excited excited about about partnering partnering withwith DinoDino and and Karen Karen whowho havehave “We“We donedone an outstanding an outstanding job job in establishing in establishing Wyse Wyse within within the the Ontario Ontario marketplace. marketplace. Together Together we very we very much much looklook forward forward to leveraging to leveraging the tremendous the tremendous synergies synergies thatthat existexist within within the the newnew management management team team and and looklook forward forward to significant to significant growth growth opportunities opportunities moving moving forward,” forward,” saidsaid Ian Stewart, Ian Stewart, Co-CEO, Co-CEO, Wyse. Wyse. A strategic A strategic partnership partnership withwith MultiLogic MultiLogic Energy Energy Solutions Solutions will provide will provide Wyse Wyse and and its its client client basebase withwith access access to the to the latest latest energy energy management management technologies technologies and and government government incentives. incentives. Wyse Wyse will continue will continue to align to align itselfitself withwith key key partners partners ensuring ensuring customers customers meet meet theirtheir energy energy management management targets. targets.

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The family-centric rental empire:

Groupe Denux

Groupe Denux has been involved in owning and managing rental properties for almost 40 years. This second-generation family business continues to operate with the same beliefs and standards upon which it was founded. It also remains close to its French roots and culture, which includes owning and managing properties in Quebec and France, and maintaining a bilingual environment.

Jean-Louis and Diane began purchasing and managing rental properties in Victoria, Nanaimo and other locations on Vancouver Island through their company, Sophie Investments. The Denux family grew the company gradually, buying undervalued rental buildings, repairing and upgrading properties and units, and then renting them. They managed their own properties to stay closer to their investments, staff and tenants.

The Denux history

Over the years, the Denux family returned to France to visit family and friends. In 1996, they purchased two office buildings in Montpellier. This subsequently led to the purchase of future commercial rental properties in France.

Jean-Louis Denux immigrated to Canada from France in 1970. He married his wife Diane and settled in Quebec City to raise a family of five children. He worked as a computer programmer at the University of Laval, and also operated a hobby farm. Jean-Louis eventually tired of government work and looked for ways to make a living and achieve some level of freedom, eventually settling on real estate. In 1974, Jean-Louis and Diane purchased and managed several century old residential duplexes in Old Quebec City through their first company, Immeubles Eve. After determining that the rental income could support his family, Jean-Louis left his university position. He worked as a realtor in the late 1970s and early 1980s, helping European immigrants to purchase businesses throughout Quebec, while he continued to expand his apartment portfolio. Jean-Louis eventually tired of the cold Quebec weather, and looked for a warmer climate in which to live. Jean-Louis had come to admire British Columbia for its quality of life, so in 1984 they sold their Quebec investments and moved to Victoria to start a new life and business. “The timing was rather fortuitous, as my father sold his investments in Quebec when the market was at its peak,” said Nicolas Denux, General Manager, Victoria branch, Groupe Denux. “The BC real estate market, particularly in Victoria, was at the low end of the cycle, which meant there were a lot of great buying opportunities.”

10 april 2013

In 2003, the Denux family returned to Quebec to purchase rental properties in Montreal. Eve and Marie Denux remained to run the Quebec arm of the business, which included purchasing and managing additional rental units. The company was able to purchase large concrete high-rise buildings at good price per door and cap rates. In 2010, the company purchased industrial, commercial and retail units in Calgary. “My brother and sisters, and respective spouses, have worked in the company for years, have invested in the company and became responsible for running the organization,” said Nicolas. “After my father passed away in 2008, we re-organized under the name of Groupe Denux to better reflect that we own and run the business as a family.” Structure and culture Groupe Denux is a privately owned, family-run company, with offices in British Columbia, Quebec and France. The company owns and manages several dozen residential rental properties in Victoria (and other cities in BC) and Montreal. It also owns commercial, industrial and office properties in Victoria, Nanaimo, Calgary, Montreal and France.


Congratulations to Groupe Denux!

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[ Groupe Denux ]

Groupe Denux operates under a decentralized structure, with no president or CEO making corporate decisions. The owners make purchases based on consensus and experience. They operate independently, manage their own staff, make individual purchasing decisions, and can also branch into other asset classes and invest in competing properties. However, all properties remain under the Groupe Denux “umbrella.”

competitive and offer the best quality services to retain residents and attract new tenants.

“We’ve stayed true to our French roots, maintaining close ties to our language and culture,” said Diane Denux. “We continue to grow the business in Quebec and France. Even our Victoria office staff employees are bilingual, and we serve French wine at all office functions.”

Groupe Denux’s investment discipline focuses on managing buildings to maximize their revenue potential. When they upgrade and improve buildings, they will find ways to use wasted space to create new storage facilities or entertainment rooms. They will also upgrade individual units with value-added extras, such as modern kitchens with dishwashers.

Groupe Denux’s owners share head office resources, such as ordering, accounting and marketing. The company uses its group buying power to negotiate better supplier rates, such as elevator maintenance, garbage collection and advertising. Groupe Denux employs in-house staff to maintain and repair their buildings to reduce costs, but will also contract out services when necessary. Groupe Denux takes a hands-on management philosophy to property management. The owners believe that quality of care is important because they are providing people with homes, and they want their residents to be proud of where they live. Company employees and owners want to ensure that their rental properties are the best on the block, so they ensure that they are well maintained. Groupe Denux has ingrained their family-corporate philosophy and hands-on approach into the training of their property managers. Ownership reinforces the idea that being a resident property manager is more than a 9 to 5 job – it’s a lifestyle. They want property managers to get to know their residents, understand their issues, and report back to head office on all matters big and small. Groupe Denux believes that the company succeeds due to the dedication and hard work of their property managers, as they are the company’s face with the residents. “Our property managers are responsible for maintaining the property, collecting rent, enforcing legislation and serving as personal counsellors to our residents,” said Nicolas. “Their efforts to maintain our buildings keep our residents happy, which shows up in the bottom line of our profit reports.” Investment and growth strategy Groupe Denux takes a rather low-key approach to evaluating its success. Owners are relatively humble and tend to downplay how well they’ve been able to make intelligent buying decisions. However, the company maintains strict discipline with respect to its investment criteria, ensures that its market research is correct and up to date, and installs the right staff in its buildings so that they are properly operated. Groupe Denux researches the market so that they know what buildings are available, and their value. Ownership stays on top of what its competitors are doing in their buildings so that they can remain

12 april 2013

“It’s a dollars and cents business, and we believe in paying close attention to our bottom line,” said Nicolas. “We often look for poorly run buildings, buy them when they’re on sale and make improvements so that we can improve the returns on our investments.”

Groupe Denux consistently works on familiarizing itself with variances in local markets to better understand what will improve its buildings in those markets. Ownership will take best practices from different markets and apply them across their portfolio to improve buildings and offer residents what competitors do not currently provide. Some offerings seem like common sense, such as clean or repainted suites for new tenants, but applying best practices creates advantages in various markets. “For example, we included appliances in all our Montreal units in an area where other buildings did not offer them, which attracted higher paying tenants,” said Nicolas. “We also offer longer rental office hours to tenants to better accommodate their work situations.” Challenges and opportunities Ownership consistently looks for ways to keep tenants in their buildings during difficult economic times. The most effective methods have involved training their staff and management to provide better levels of service, as well as improving the company’s overall marketing strategies. “Tenants like to live in buildings with good on-site management because service depends on people to provide it,” said Nicolas. “It is crucial to find the right staff for each building, and train them properly so that they can keep residents happy, which means that they will stay in the building longer.” Buildings in different markets also have different issues. For example, many older buildings have relatively small windows, which are expensive to enlarge and upgrade. Finding the space to improve kitchens and bathrooms (which are often a focus for tenants) can make it easier to add desired amenities. “The business has become more challenging due to the increased competition to purchase rental properties,” said Nicolas. “There are many more investors buying properties, which has led to increased purchase prices for rental buildings. There is no point in buying a rental property if it is too expensive and there is no room to make money.” Over the years, Groupe Denux has purchased and taken over management of buildings that were either poorly run or had a negative reputation among residents. In some cases, ownership installed new


1-2 Page - Rental Housing Business - Group Denux.pdf 1 4/18/2013 11:19:45 AM

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Rental Housing Business 13


[ Groupe Denux ]

security systems and trained their management staff to effectively manage (and evict) residents who caused problems in the building. Improving management and security helped to turn those buildings into positive living environments. Groupe Denux has also purchased buildings that had gone into bankruptcy and receivership. They were able to make the buildings profitable by dealing with specific problems and paying close attention to the financial aspects of running the buildings. Some of their bankruptcy purchases have been in the portfolio for more than 20 years. “We believe in questioning the status quo, finding efficiencies, reducing costs and improving issues over time,” said Nicolas. “We look for ways to get better, and get out of ruts when something is not working. It’s a matter of thinking about the big picture as well as dealing with the individual details.” Future plans Groupe Denux will continue to purchase buildings at a pace that will enable them to properly manage their portfolio. The owners want to maintain the current atmosphere, and know what is going on in their buildings. They are in no hurry to grow beyond their current size, and will add new buildings to their portfolio when opportunities arise.

Christie Phoenix Insurance

Rental properties will continue to be the company’s focus, although the organization is flexible enough to explore other opportunities, such as development, that will enable it to diversify their portfolio. Groupe Denux also plans to focus on improving their current portfolio of properties. Many buildings are 30 to 50 years old, so upgrading them to current standards will help to reduce operating costs. Ownership believes that it can achieve significant cost savings by reducing energy and water usage through modernization of appliances and equipment, installing new windows and bringing buildings up to more modern standards. “We will look at other types of building improvements, such as replacing and upgrading parking garages in our Montreal properties,” said Nicolas. “We also upgrade individual units and common areas with newer amenities and modern finishes to provide residents with higher quality product.” Groupe Denux has also entered into the development market to build rental properties in markets where opportunities for growth exist. The company built (or participated in the construction of) two office buildings in France in 2009 and 2011. It is nearing completion of a 33-unit rental property in Nanaimo, BC, and a few years ago rebuilt a rental property that was destroyed by fire in Montreal. RHB

Christie Phoenix Insurance is proud to work closely with Groupe Denux, providing expertise in Risk Management, Risk Transfer and all Insurance matters to meet their guidelines and company objectives.

Christie-Phoenix (Victoria) Ltd., is a locally owned and operated Insurance Brokerage with offices in Vancouver and Victoria, celebrating 40 years. Through our knowledge, creativity and experience we are determined to find tailored solutions to our customer’s needs. Our access to a leading number of top rated insurance companies helps make this happen for you. Our clients include first time tenants, homeowners and boat owners to a wide range of small businesses, large commercial corporations with national & International exposures, hotels, strata buildings and real estate portfolios. Christie Phoenix is a LEADER in the insurance marketplace. We provide 24 hour claims support, outstanding customer service and a professional but relaxed environment in which to conduct your business with us.

Prompt and personalized service is assured! Nolan Peters, CAIB, CIP, CRM Partner T 250-386-1454 Cell 250-881-2882 npeters@christiephoenix.com | www.christiephoenix.com

14 april 2013

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[ Government ]

2013 Federal BudgeT Tax worries for landlords and money for tenants & cities

John Dickie, President CFAA

The 2013 federal budget does not include any tax reform measures directed at rental housing providers specifically, either positively or negatively. However, several general corporate or trust tax changes may have some effect on some rental housing operations or investments: • The dividend tax credit on active business income earned by a Canadian controlled private corporation (“CCPC”) is being decreased from 16.67% to 13%, in order to more accurately reflect the federal tax rate which is applied to active business income earned by a CCPC. Rental income does not qualify for the preferred active business income tax rate, but some landlords are able to flow some income through management corporations since income from management services was and is eligible.

homeless. The amount budgeted is a $16M annual decrease from the annual amounts spent in the immediate past. However, the commitment to on-going programs, given well before the end dates of the current programs, has been welcomed in the affordable and supportive housing sector. Money for cities Through indexing the contribution of gas tax revenue, and an incremental GST rebate for municipalities, a new Community Improvement Fund will provide money for municipal infrastructure work. That will provide a modest reduction in the pressure for increases in municipal property taxes, which are typically a landlord’s largest operating expense.

• The limits on the deduction of interest paid to non-residents by “thinly capitalized” corporations will apply also to the deduction of interest paid to non-residents by “thinly capitalized” trusts. That change could in theory have a negative impact on Real Estate Investment Trusts (REITs), but only in limited circumstances.

Without spending the rental industry’s limited political capital on them, CFAA expressed its support for such infrastructure support in our pre-budget submission.

• The government is continuing to study whether to tax corporate groups together by some mechanism.

CFAA will investigate whether the proposed trust tax changes will have a negative effect in practice. CFAA will monitor the possible changes to seek to avoid negative effects on trusts and corporations holding rental real estate. RHB

Money for tenants The 2013 federal budget includes a 5 year commitment to spend $119M per year on the Homelessness Partnering Strategy (HPS), and $253M per year on the Investment in Affordable Housing program. The HPS provides money for shelters and other services for the

Conclusion

Please contact me at president@cfaa-fcapi.org if you have concerns about the proposed tax changes applicable to thinly capitalized trusts or the study of tax changes to corporate groups.

Rental Housing Business 15


CHARITY BEGINS AT HOME!

Group of Companies


Charity Begins at Home!

In contrast to the myth of the “greedy, heartless landlord,” members of the property management industry are known for their altruism. In fact, they are dedicated to serving the people who reside in their buildings. Besides providing safe and clean places to live, property managers regularly engage in charitable activities that benefit their tenants and the communities in which they live.

Since then, Skyline and Onward Willow have developed a fruitful relationship that includes creating a community garden, sponsoring food and snack programs at local schools and community centres, and providing support for families during the holidays. Over the last three years, Skyline has hosted the organization’s annual volunteer appreciation dinner to thank the community’s dedicated residents.

Skyline Apartment REIT is one of the largest owners and managers of multi-residential real estate in Canada. Skyline Group of Companies (Skyline) exclusively supports the REIT with property management, asset management and wealth management functions through three separate businesses.

“We learned that our success is only as strong as the communities in which our properties exist,” says Marissa Teeter, Director of Investor Relations, Skyline Wealth Management Inc. “We take an active interest in our tenants and support their communities by fuelling tenant-centric community initiatives.”

Skyline exemplifies philanthropy within the property management industry, as it has made charity a central tenet of its operations and business philosophy. Management has committed to engaging in charitable initiatives within its buildings’ communities, and has helped to improve its tenants’ lives. Building a charitable base In 2003, Skyline purchased four apartment buildings in a disadvantaged area of Guelph. The buildings and neighbourhood were both in need of attention and care. As a relatively new landlord, Skyline wanted to upgrade its newly purchased buildings and improve its tenants’ quality of life. Around this time, ownership was introduced to Onward Willow – Better Beginnings, Better Futures (www.onwardwillowbetterbeginnings. ca), a non-profit charitable organization that supports the healthy development of young children, and strengthens family and community life in disadvantaged neighbourhoods. Skyline discovered that many building residents needed special support programs and were benefiting from Onward Willow’s services. The company recognized how Onward Willow could positively impact tenants through provision of food programs, emergency cupboards, clothing supplies and other essential services, and decided to partner with the charity.

Focusing on community initiatives Skyline focuses on three or four charitable organizations and initiatives to prevent dilution of its efforts and resources. The company selects charities that efficiently channel assistance to recipients. Also, understanding that strong communities contribute to strong business, Skyline prefers to work with charities that direct their efforts to the communities where its tenants live. One such charity is The Children’s Foundation of Guelph and Wellington (www.childrensfoundation.org), which helps children and youth to achieve their potential through programs that provide intellectual, emotional and physical support. Skyline adopted nine Food and Friends student nutrition programs, which benefit families that live in Skyline buildings and surrounding communities. The company provides financial support, and staff members volunteer their time to serve food at a local community centre. “Skyline’s financial involvement has resulted in a substantial core funding base for two key programs,” says Glenna Banda, Executive Director, The Children’s Foundation of Guelph and Wellington. “Skyline has also helped to increase our community awareness and networking opportunities. Our partnership with Skyline has become a model for us to build relationships with other businesses in the community.”

Rental Housing Business 17


Charity Begins at Home!

Another key charity is Big Brothers Big Sisters of Guelph (www.bbbsg.ca), which promotes the development of children and youth in the community through mentoring programs. Skyline brings all of its resources to the table to support the program’s “bigs” and “littles.” In addition to directing funds to the charity, Marissa serves as Vice President of the Board of Directors, organizes third party fundraising events, and provides volunteers, office space and equipment when needed. “Skyline’s continuing support and contribution has enabled our agency to serve the children in our community,” says Matthew Stanley, President, Big Brothers Big Sisters of Guelph. “Without a doubt, our agency would not be in the positive position it is today, and numerous children would not benefit from our services, without its support. Skyline has consistently gone beyond what could be expected of a community corporate partner.“ Some charitable efforts are a matter of timing and opportunity. In 2010, Skyline planned to develop a piece of land adjacent to an apartment building in Guelph. Management donated the land to Habitat for Humanity (www.habitatwellington.on.ca), a non-profit organization that builds affordable housing for low-income families. Skyline approached the organization’s executive director with the proposal, who was both surprised and appreciative of receiving the land. The company worked with city hall to change the zoning, handled all legal matters and made the transition of the land as seamless as possible. “We worked with Habitat for Humanity to build a duplex that would house two families,” says Roy Jason Ashdown, Co-Founder and Chief Operating Officer, Skyline Group of Companies. “We volunteered our time with building efforts, and encouraged suppliers to donate materials and resources.” Integrating charity into corporate philosophy Skyline’s management believes in practicing what it preaches and leading by example. Upper management participates in each charitable event and initiative, taking a hands-on approach to community building while encouraging other managers and employees to get involved in the cause. Attending events and witnessing the impact of its actions has brought Skyline closer to its community, and has provided a better understanding of its tenants’ needs. “We take a businesslike approach to our charitable involvement to ensure its effectiveness,” says Jason. “We treat our relationships with charities as partnerships, and look for ways to better integrate with them to improve results.” Skyline uses its network of stakeholders to promote its charitable causes, consistently informing tenants, employees, suppliers and investors about upcoming events and initiatives. The company’s efforts to unite stakeholders in its goals help with recruitment of volunteers, and increase funds and community awareness for the charities. “We have an Intranet for employees, we post bulletins and signage in our buildings, and we send out mailings to investors and suppliers,” said Jason. “We also host Lunch n’ Learns so that employees can learn more about the company’s philosophy toward community building, and how they can personally make an impact.” Skyline also launched a Staff Volunteer Day that provides staff members with one paid workday per year to volunteer for a cause of their choosing. This initiative enables the organization to donate more than 3,000 community service hours per year, and reach out to different causes that impact tenants and employees. Skyline’s Staff Volunteer Day enables its charitable philosophy to permeate every aspect of the company and give employees a sense of pride in their contributions. Realizing the benefits of charity Beyond the social goodwill of giving back to tenants and their communities, Skyline has realized economic benefits from its philanthropic commitment. The company’s extensive community involvement has greatly enhanced its reputation, which is boosted by its presence at charitable events with media coverage.

18 april 2013


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Rental Housing Business 19


Charity begins at home!

“Guelph is a small city, and the property management industry is relatively tight, so we’ve developed a reputation for our charity work,” says Marissa. “In fact, we receive a lot of free publicity and marketing, and it has opened many doors for new business relationships.” Tenants, employees, suppliers and investors have expressed their pride in being involved with an organization with such a strong focus on charitable endeavours. Skyline’s tenant-centric reputation attracts and retains tenants in its buildings, and its community focus appeals to prospective and current employees. From the REIT investor’s point of view, understanding the company’s commitment to charity supports the REIT’s obligation to provide “peace of mind investing.” Investors have extolled the company’s virtues and take pride in their association with a real estate investment company that cares about the communities where its properties are located. Skyline’s suppliers have demonstrated great appreciation for its charitable efforts, especially the Annual Charity Golf Classic in September. Skyline founded the golf tournament to provide financial support, volunteers and resources to its key charities. Suppliers donate generously and work diligently to make this highly anticipated event a success. The Annual Charity Golf Classic provides suppliers with a platform for charitable involvement without having to invest their resources in organizing such a large-scale event. Now in its ninth year, the tournament has raised more than $250,000, as well as awareness for the company’s charitable causes. “We are very appreciative of our suppliers who sponsor the Annual Charity Golf Classic and support our charitable causes,” says Jason. “They are integral to the event’s success and increase the funds we raise for our charities.” Skyline has received recognition from local communities and the real estate industry for its dedication to charitable efforts. In 2012, the Guelph Chamber of Commerce presented the company with the President’s Business Recognition Award for Community Building, and Skyline received the Outstanding Community Service Award two consecutive years at FRPO’s annual Marketing, Achievement and Construction Awards gala. Several charities have also recognized Skyline as Corporate Partner of the Year.

20 april 2013

“The accolades and support make us want to work harder and do more,” says Jason. “Charitable involvement is ingrained in how we run our business. It’s consistently growing and moving, and the acknowledgements encourage us to keep giving.” Getting involved in charitable initiatives Recently, Marissa spoke to nearly 100 business professionals and small business owners on the economic benefits of volunteerism. Here are her five tips on helping your business get involved in community and charitable initiatives: • Select a cause your company believes in: What causes are relevant to your business’ stakeholders? Do you want to benefit your local community or make a global impact? Does the charity do work in a field related to your company’s operations? • Ensure the charity is a good fit: Arrange an interview with each charity’s representatives. What are their views on corporate philanthropy? How do they disburse funds, or decide who receives their services? What volunteering opportunities, sponsorships and events do they offer? Is there a natural synergy between your organizations? • Develop a long-term relationship and partnership: Identify the charity’s needs, and how it may benefit from the partnership. The charity should also be interested in your company’s growth, and how it can reciprocate by offering support and resources to help meet social responsibility and brand promotion goals. • Promote your cause to stakeholders: Raise awareness of your charitable endeavours with key stakeholders. Maximize your networks and communication media to promote your efforts. • Donate, volunteer, participate … and encourage others to follow: Lead by example, and integrate community initiatives into your company culture. Organize special events, and empower your stakeholders to do the same. Supporting charitable initiatives helps to build strong communities, which are essential for maintaining a healthy rental housing industry. For more information, or to get involved with the charities mentioned in this article, please visit www.skylineonline.ca or contact Marissa Teeter at mteeter@skylineonline.ca. RHB


1-2 Page - Rental Housing Business -SkylineREIT.pdf 1 4/18/2013 11:21:05 AM

C

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Barry Gidney Assistant Vice President Commercial Mortgages

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Ilan Barda Senior Manager Commercial Mortgages

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Thank you Skyline for your 20+ years of unwaivering commitment to supporting community initiatives.

K

Thank you for 25 years of shared success.

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Rental Housing Business 21


[ Survey ]

2013 Employee Compensation Survey New & improved

Since employee satisfaction impacts strongly on tenant satisfaction, landlords need to balance their employee costs against tenant satisfaction and retention levels in order to maximize their net rental income. The CFAA Employee Compensation Survey gives landlords important data to assist in achieving the highest overall success and profitability. In 2009 and 2011, CFAA worked with Pal Benefits Inc. to survey rental housing employers across Canada. We reported city specific data for a number of building positions, ranging from three in Victoria, four in Kingston, and five in Saskatoon and Quebec City, through 10 in Edmonton and Vancouver to 14 in Toronto, but we were not able to report on all positions outside the largest centres due to the high level of protection of confidentiality provided. Many more positions to be covered For 2013, the survey will report on 12 building positions, providing Canada-wide data and provincial or regional data, as well as actual

22 april 2013

city data, or a statistical estimate of city wages for the positions for which there is not enough local data. In addition, the survey will address over 20 head office positions. For a complete list of the positions being covered, see the compensation survey section at www.cfaa-fcapi.org. For several positions, the data will be reported showing the compensation driven by building size. The survey will also provide information on benefit programs, pension plans, turnover rates, and other HR practices. The CFAA rental housing employee benefits and compensation survey will cover over 5,000 employees of landlords of various sizes. Best of all, CFAA will be providing all this additional data to survey participants at the same price as we charged in 2011. The data will be collected between now and June, analyzed over July and August, and the reports issued in September. In October, Pal Benefits will host a seminar in Toronto, and a webinar, to present the findings and answer questions on how to make the best use of the survey.


Rental Housing Business 23


[ Survey ]

Rental Housing Positions Property Based Staff: Building Superintendent

Maintenance Technician

Maintenance Manager

Maintenance Coordinator

Property Manager

Cleaner

Property Assistant Manager

Property Administrator

Leasing Agent

Property Accountant

Security Guard

Doorman/Concierge

Head Office Staff: CEO/President/Managing Director

Chief Operating Officer (VP/Director of Operations)

Top Finance Position (CFO)

Corporate Controller

VP, Acquisitions (VP, Investments)

Staff Accountant

Head of Marketing (VP, Marketing)

Accounts Payable Accountant

Director, Asset management

Director of rental properties

Regional Manager

Legal Administrator/Paralegal

Head of Leasing (VP, Leasing)

Head of marketing and leasing

VP, Shareholder relations

Main media relations contact

Top IT position

IT Systems Administrator

Top HR Position (VP/Director, Human Resources)

HR Generalist (or “staff person”)

Top Administration Position (VP, Administration/ Director, Business Operations)

Manager, Purchasing (VP, Purchasing & Contracts)

Office Manager

As long as you have at least one employee, we urge landlords to participate in the rental housing industry’s employee compensation survey!

compensation report, and $525 for the combined compensation and benefits report.

Survey pricing – participate and save!

Additional services with the survey

For Vancouver, Calgary, Edmonton, Ottawa, Montreal and Halifax, survey participants who provide their data will receive their City report for only $250. Non-participants will be charged $625 for the compensation report, and $750 for the combined compensation and benefits report. HST or GST is in addition.

A national report is also available. Custom cuts of the data will be available from Pal Benefits at an additional charge.

Slightly higher prices apply for the Toronto report, which includes the most extensive local data. For Victoria, Saskatoon/Regina, Winnipeg, London, Waterloo Region, Hamilton/Burlington, Quebec City and smaller Ontario centres, survey participants who provide their data will receive their city report for only $175, plus HST. Non-participants will be charged $425 for the

24 april 2013

Pal Benefits will also provide guidance on completing the survey data submission requirements. Pal Benefits will keep the data completely confidential, and not share it with anyone, including CFAA, other than through the reports, which always aggregate landlords and employees to protect privacy. RHB Sign up today to participate in and buy the compensation survey, by e-mailing CFAA at admin@cfaa-fcapi.org, or filling out and faxing in the order form found under compensation survey at www.cfaa-fcapi.org.


50 Speakers

16 Panels

Investment Conference Building Innovations Tour

Breakfast with Your DelegatesA larg Discussion Group

Rental Operations Conference Hockey Hall of Fame Supper Wyse After Party

Your Thoughts Matter! Conversations start June 11 to 13, 2013 in Toronto. Join the industry as we discuss key issues that affect you and your buildings. Hear from other landlords and industry experts on what matters to you. Network with colleagues and help shape the future of the rental housing industry.

CFAA RENTAL HOUSING CONFERENCE 2013 Register now and attend June 11 - Building Innovations Tour

June 12 – Investment Conference

June 12 - Hockey Hall of Fame Supper and Wyse After Party

June 13 - Rental Operations Conference

Here is what delegates said about the 2012 Conference: It was great to hear different landlord perspectives! Very clear and concise presentations from a wide range of speakers. Excellent variety of topics and networking opportunities! See the program at page 3 in National Outlook

REGISTER NOW AND SAVE! www.cfaa-fcapi.org T 613-235-0101


APRIL 2013

NATIONAL OUTLOOK

RHB EDITION

Register now for the CFAA Rental Housing Conference Hear great speakers! Take part in great networking! Following very successful conferences last year in Vancouver, and two years ago in Toronto, the 2013 CFAA Rental Housing Conference is returning to Toronto, June 11-13. The Westin Prince Hotel will host this national industry event. Rental housing executives, investors, property managers, hands-on owners, communications people and maintenance managers will be in attendance to hear presentations from over 50 speakers over the course of two days. In addition to learning opportunities at the education sessions, delegates will enjoy networking opportunities at Building Innovations Tour on Tuesday, June 11, and the Hockey Hall of Fame Supper and Wyse After Party, on Wednesday, June 12. continued on page 3

Inside this edition

Updating suburban apartment living for everyone’s benefit

Building innovations tour - 2013

By John Dickie, CFAA President

In National Outlook (Digital edition)

The Globe and Mail recently reported that Canadians are the world leaders in suburban apartment dwelling (March 30, 2013). Ottawa has more apartment buildings than Dallas; Edmonton has more than Boston; each a city more than three times as populous; and many of Canada’s apartment buildings are outside the city core. Nearly one million people live in the suburban apartments of Greater Toronto, or one in five residents.

Available at www.cfaa-fcapi.org

Federal budget Property tax update Hockey Hall of Fame Activities CFAA Rental Housing Employee Compensation Survey

But there is something seriously wrong with these apartment towers. What can be done in them and around them is severely limited. Under the zoning rules currently in place, only very limited commercial activities can take place, often limited to a tuck shop and a hairdressing salon. Nothing can be built around the buildings because the site density was maxed out upon construction 30 or 40 or 50 years ago. continued on page 4

National Outlook - RHB Edition 1


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NATIONAL OUTLOOK

APRIL 2013

continued from page 1

CFAA Rental Housing Conference 2013 Investment Conference – Wednesday, June 12

The topics, speakers and schedule are subject to change.

The first day of the conference will feature presentations focused around Investment in the rental housing industry. A return favorite, and conference highlight, will be the economic update by Benjamin Tal, of CIBC World Markets. Benjamin’s presentation will address housing prices, interest rates, and vacancies and rents. He’ll also discuss the economic climate in China, Europe and the US and how Canada will be impacted. At any time slot for the confirmed speakers, see the box on page 4. For featured topics, see the schedule below. Conference delegates can choose either session. Time

Stream A

Stream B

8:45 am

Major Rental Housing Sales – Ontario, Quebec and Atlantic Canada

Developing national trends and issues – including rent control and new development incentives

BREAK

10:15

Landlord Licensing – causes and new adopters

Major Rental Housing Sales - Western Canada

10:45

Executive Round Table – where do REITS, pension funds and private companies see rental investment opportunities and risks across Canada? LUNCH

1:00 pm

Economic Update by Benjamin Tal BREAK

2:45

Student Housing – Developing or repositioning housing for students

Where is housing-finance going?

Rental Operations Conference - Thursday, June 13 Rental Operations will be the focus for the second conference day. For the topics to be addressed June 13 see the schedule below. Time

Stream A

Stream B

8:45 am

A building science update (what’s new in repair techniques)

Government mandated building operation changes across Canada – including waste handling BREAK

10:00

The labour market for the next 10 years: Where are your employees coming from, how do you grow them and keep them happy?

11:00

Innovations in rental operations (for example: going paperless; going mobile; electronic rental payment methods: PAC’s, Pay Pal, email transfers)

CFAA’s rental housing employee compensation survey

LUNCH

1:00 pm

Communicating with residents – what do today’s prospects and tenants expect?

What can rental housing providers learn from the hotel industry?

BREAK

2:45

Handling a messy public relations problem: what to say and how to say it

Legal update on employee issues and other rental housing issues

*Early Bird Registarion now open - see details on page 4 continued on page 4

National Outlook - RHB Edition 3


NATIONAL OUTLOOK

APRIL 2013

continued from page 3

Early Bird Registration now open Register now at the CFAA conference website to take advantage of the Early Bird rate. A number of registration packages are available to suit the needs of all conference delegates. Delegates can register to attend the entire conference and all social events, or pick and choose. For the best conference access, out of town delegates are encouraged to stay on-site at the Westin Prince Hotel. Through the CFAA website, a discounted rate of $155 per night is available until mid-May. To attend this year’s conference, please register online at www.cfaa-fcapi.org, or contact CFAA with your inquiries at events@cfaa-fcapi.org or (613) 235-0101.

Confirmed speakers at 2013 Conference Speakers at the Investment Conference on June 12 will include Benjamin Tal, CIBC World Markets; Doug Bibby, NMHC; Vince Brescia, FRPO; Ruth Buckle, Killam Properties; Avrom Charach, Kay Four Properties; John Dickie, CFAA; Will Dunning, Will Dunning Inc.; Robert Fleet, First National; Tom Gerard, Cushman & Wakefield; Al Kemp, ROMS BC; Mark Kenney, CAPREIT; Frank Malone, TD Canada Trust; Tony Manganiello, Cushman & Wakefield; Arun Pathak, SMAR Holdings; Barry Remai, Remai Group; BJ Santavy, Skyline Apartment REIT; Tyler Seaman, Oxford Properties; Tim Sommer, Cushman & Wakefield; John Stang, Minto; Steve Stewart, Centurion REIT; Wayne Tuck, Centurion Apartment REIT; and Bill Zigomanis, Boardwalk.

Speakers at the Rental Operations Conference on June 13 will include Peter Altobelli, Yardi; Kris Boyce, Greenwin; Vince Brescia, FRPO; Daniel Chodos, Whitten & Lublin LLP; Daryl Chong, GTAA; John Dickie, CFAA; Bob Doumani, Aird & Berlis; Darren Henry, National Efficiency Systems Inc.; Bonnie Hoy, Bonnie Hoy & Associates Inc.; Naj Jivaji, Halsall Associates; Debbie Johnson, Gateway; Kristen Ley, Cohen, Highley; Andrew Lowe, Oxford; Valerie MacLean, BCAOMA; Maureen McMahon, Gateway; Steven Osiel, PAL Benefits; David Polisi, Manaya Marketing Solutions; Patrick Postrehovsky, RentMoola; Danny Roth, Brandon Communications; Paul Smith, DMS Property Management; Larry Smith, Haney Property Management; Wayne Tuck, Centurion REIT.

CFAA Allied Members: Gold Enercare Connections Gottarent.com My Ideal Home Network

RHB Magazine Yardi Systems WyseMeter Solutions

Silver Cohen Highley LLP Excel Collection Services Landlord Web Solutions Noble Building Supplies

Pattison OneStop Places4Students.com RentMoola

Bronze Burlington Corporate Apparel and Promotional Bentall Kennedy (Canada) LP Carma Industries Enbridge Gas Distribution Coinamatic H&S Buildings Supplies

Insinkerator Rent Check Credit Bureau Orkin Canada Rogers Communications Sparkle Solutions Suite Collections Water Matrix

continued from page 1

As well, the residents are currently often poor, and economic opportunities are not handy. The path of starting a small business out of their homes, often used by immigrants to advance, is foreclosed because of the zoning rules. Poverty is more concentrated since there is little diversity of housing types and dwelling age. The city zoning rules that limit the use of sites to residential only, and that require green space as if it produced healthy living, have been rethought and revised for new developments. In new developments, much more commercial activity takes place and the lower floors of the developments often include commercial space so that services are handy and there is pedestrian traffic at varied times. That makes for jobs near living accommodation, better safety, a way up for immigrants, and a vibrant feel much appreciated by residents and especially by younger residents. Unfortunately, the revised approach has not yet come to apartment living in the vast bulk of buildings which are 30 or 40 or 50 years old. However, some steps are being taken to open up apartment towers for new development. Under Toronto’s Mayor Rob Ford, the “Tower Renewal” office has been brought under the social development department, and is seeking solutions. continued on page 6

4 National Outlook - RHB Edition


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NATIONAL OUTLOOK

APRIL 2013

continued from page 4

As a result of that review, the City of Toronto has just approved a new zoning category known as “residential apartment commercial” which will permit the variety of uses now found in new developments. Daryl Chong is the President and CEO of the Greater Toronto Apartment Association, the CFAA member association in Toronto. He advocated strongly for that change. Daryl explains that there are three tiers to the plan. Tier 1 is the permission to use existing space for new uses, including the live-work model for professionals like accountants. That will be some advance; however, the existing space often has limitations regarding height or access, and city policy certainly does not encourage the conversion of residential units into commercial ones. Tier 2 is about allowing one story additions into the former green space that lines the driveways and forms the grounds

of many buildings. Uses for the new commercial space could be internet cafes, small grocery stores, commercial day-cares or the like. Tier 3 is about allowing another residential tower. Such a tower could be a condominium, or rental, or a mix of the two. Either way it would add to the income mix in the community, and provide a market for new and improved commercial enterprises. A relaxation of the current zoning rules would create value for owners and investors, put jobs and shopping next to where people live, and improve the opportunities and lives of high-rise residents. The restructuring of the suburban environment could also be the jump start the economy needs to return to substantial growth, in an environmentally friendly way.

Building innovations tour 2013 –

see both renovations and new construction The second stop on the tour is 77 Davisville and 45 Balliol owned and managed by Greenrock Property Management. Located near the intersection of Yonge and Davisville, 77 Davisville was awarded the 2012 FRPO MAC award for curb appeal. 45 Balliol received the 2010 MAC award for major upgrades to its common areas and amenities, which will also be on show, and which are driving higher rents and improved tenant retention.

The Building Innovations Tour is the opening event of the 2013 CFAA Rental Housing Conference. The tour takes place on June 11, 2013, departing from the Westin Prince Hotel at 1 pm and returning at approximately 4:30 pm. Along the way, tour goers will visit three buildings in Toronto and be treated to light refreshments. The first building is Kingston Estates owned and operated by Timbercreek Asset Management. Kingston Estates won the 2012 FRPO MAC Award for the best suite renovation over $5,000. Each suite has newly renovated and modernized kitchens, cabinets and bathrooms, and refinished hardwood floors. Those renovations have led to higher rents and less turnover.

6 National Outlook - RHB Edition

The third stop of the tour is the “Harrison” by K & G Group, located in the Avonshire condominium community near Yonge and Sheppard. Completed in 2010, “Harrison” features state-of-the-amenities comparable to those found in premium condo properties, as well as the latest in suite finishes. It was built to be environmentally responsible, energy efficient and offer green-inspired amenities. The Building Innovations Tour sponsor, Manaya Mobile Solutions, will provide a short demonstration at one of the building stops. Conference delegates can participate in the bus tour either as part of a Conference Package or as an add-on when registering for a single day. Conference registration is available online at http://cfaa-fcapi.org/Registration.php. Register now so you don’t miss out.


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IN THE KNOW

Arthur Weisz passes away

SPRING HOPE FOOD DRIVE The Spring HOPE Food Drive is an annual event organized by rental housing industry associations across Canada to collect donations for local food banks at a time of high need. After all of the generous donations at Christmas time, many local food banks find their shelves are almost bare by early spring. The Spring HOPE Food drive has grown over the years to become the largest door-to-door food drive in Canada. Many local food banks count on it to replenish their supplies.

Arthur Weisz, founder of the property management firm Effort Trust, passed away on Monday, April 22 at the age of 94.

Arthur and his wife, Margaret, were born and raised in Hungary, and went on to survive the horrors of World War II, the Holocaust, and a Russian prison camp. In 1951, they emigrated to Canada with their son Tom, and settled in Hamilton, Ontario to start a new life. Arthur supported his family (including their daughter, Janet) by working as a bricklayer’s assistant. He later launched a real estate business called Effort Trust. Arthur started in the business by working with Hungarian immigrants, and then moved into property management, eventually growing Effort Trust into one of the largest property management firms in Ontario.

Over the course of his 62-year career with Effort Trust, Arthur developed a reputation in the property management industry (and the City of Hamilton) as an honest businessman, a mentor, a role model, and a generous (yet quietly unacknowledged) philanthropist. Arthur is survived by his two children, five grandchildren, and five great-grandchildren.

This year the drive expanded into BC with ROMS BC and BCAOMA hosting a food drive on March 21. In BC, proceeds from the Spring Hope Food Drive benefited the Mustard Seed Food Bank in Victoria, the Loaves and Fishes Food Bank in Nanaimo, and the Greater Vancouver Food Bank Society in the lower mainland.

The Ontario drive took place on April 23 with several member associations participating including FRPO, GTAA, LPMA, HDAA, WRAMA and EOLO. Donations collected in Ontario went to help various local food banks, including the Daily Bread Food Bank (in Toronto), the Mississauga Food Bank, the North York Harvest Food Bank and the Ottawa Food Bank. CFAA would like to thank all of the landlords and tenants who participated in making this year’s Spring HOPE Food Drive such a success. If you are interested in participating in next year’s event, please contact your local apartment association to see how you can become involved.

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H&S Building Supplies Ltd. Reaches a Milestone

Home Adaptations for Seniors’ Independence

H&S Building Supplies Ltd. is The Home Adaptations for Seniors’ Independence program celebrating its 20th anniversary offers financial assistance for minor home adaptations that of supplying building materials to will help low-income seniors to perform daily activities in ANNIVERSARY the property management industry. their home independently and safely. Founded in 1993, the family-owned Delivered by: Canada Mortgage and Housing Corporation business began as a lumber supplier. (CMHC) in Prince Edward Island and Yukon Territory. APPLIANCEBATHROOMBUILDINGCLEANINGECO-FRIENDLY Over the years, H&S expanded and ELECTRICALFIRESAFETYFLOORHARDWAREHVACKITCHEN In all other jurisdictions, federal investments in affordable diversified its product SINKSLIGHTBULBSLIGHTFIXTURESPAINTPLUMBINGSEAS offerings to SUPERSPECIALSWALLWHMISANDMOREAPPLIANCEBATH housing are being cost matched and delivered by provinces better serve its growing client base. Today, the company BUILDINGCLEANINGECO-FRIENDLYELECTRICALFIRESAFE and territories under the Investment in Affordable Housing FLOORHARDWAREHVACKITCHENSINKSLIGHTBULBSLIGHTFIXTURES is known as one of the premier suppliers to thelike property PAINTPLUMBINGSEASONALSUPERSPECIALSWALLWHMI H&S would to thank (IAH) 2011-14 agreement. Under the agreement, provinces ANDMOREAPPLIANCEBATHROOMBUILDINGCLEANINGECO-FRIENDLY management industry, servicing Toronto Area, allthe ofGreater our Customers andasSuppliers ELECTRICALFIRESAFETYFLOORHARDWAREHVACKITCHEN and territories match the federal funding that was previously well as Ottawa, Kingston, Sarnia, London, andand Hamilton. for their loyalty continued support SINKSLIGHTBULBSLIGHTFIXTURESPAINTPLUMBINGSEAS allocated for the Affordable Housing Initiative and Renovation SUPERSPECIALSWALLWHMISANDMOREAPPLIANCEBATH years of the H&S has maintainedBUILDINGCLEANINGECO-FRIENDLYELECTRICALFIRESAFE thethroughout philosophy our and 20 practices of servicing a Programs Off-Reserve and deliver a range of provincially/ Property Management Industry. FLOORHARDWAREHVACKITCHENSINKSLIGHTBULBSLIGH small family-owned business. The company has built longterritorially-designed affordable housing programs, which PAINTPLUMBINGSEASONALSUPERSPECIALSWALLWHMI term relationships withANDMOREAPPLIANCEBATHROOMBUILDINGCLEANINGEC property owners and managers, and may include financial assistance for renovation programs. ELECTRICALFIRESAFETYFLOORHARDWAREHVACKITCHE focuses its product offerings on meeting their needs. H&S SINKSLIGHTBULBSLIGHTFIXTURESPAINTPLUMBINGSEAS SUPERSPECIALSWALLWHMISANDMOREAPPLIANCEBATH maintains a comprehensive inventory of materials across Prince Edward Island and Yukon Territory have chosen to BUILDINGCLEANINGECO-FRIENDLYELECTRICALFIRESAFE all categories to provideFLOORHARDWAREHVACKITCHENSINKSLIGHTBULBSLIGH clients with an integrated, one-stop maintain www.hsbuild.com 1 800-207-8325 or 905 738-6003 existing delivery arrangements for the Affordable PAINTPLUMBINGSEASONALSUPERSPECIALSWALLWHMI shopping experience. ANDMOREAPPLIANCEBATHROOMBUILDINGCLEANINGEC COMMERCIAL | MULTI-UNIT | RESIDENTIAL | INDUSTRIAL | Housing INSTITUTIONALInitiative and renovation programs off-reserve for ELECTRICALFIRESAFETYFLOORHARDWAREHVACKITCHE the 2011-2014 period.  As a result, CMHC is delivering   H&S Building Supplies Ltd. believes that apartment the renovation programs off-reserve including the Home owners and managers are responsible for the company’s Adaptation for Seniors’ Independence Program in these two longevity and success, and plans to continue serving its jurisdictions. extended family for years to come. th

Eligibility Information

Tax changes impacting group benefit plans

Homeowners and landlords may qualify for assistance if:

Any employer-paid premiums to group sickness or accident insurance plans are now a taxable benefit to employees. These new rules were introduced in the 2012 Federal budget and came into effect as of January 1, 2013. According to the new rules, along with life insurance premiums which are already taxable, Accidental Death and Dismemberment and Critical Illness premiums paid by the company, on behalf of employees, now needs to be reported as taxable benefits.

• The occupant is 65 years of age or over and has difficulty with daily living activities due to loss of ability brought on by aging.

• The total household income is at or below the program income limit for the area. • The home is a permanent residence.

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Rental Housing Business 29


[ ROMS BC ]

30 april 2013


[ ROMS BC ]

Al Kemp

R O M S

B C

G r o w t h t h r o u g h co l l a b o r at i o n a n d s e rv i c e Al Kemp has always believed in working with people and being of service to others. He has learned how to be an effective leader, and has strived to bring out this skill in others by teaching them what it means to lead. By doing what he enjoys, and finding opportunities to discover new challenges and interests, Al has been able to bring about change in every aspect of his career and life. His choices to promote leadership and to address new challenges led Al to become Chief Executive Officer of the Rental Owners & Managers Society of BC (ROMS BC), which serves and represents owners of residential rental units throughout British Columbia.

and natural talent for human resources management, as he was shortly thereafter elected president of the Regina Personnel Association.

Al lived in Western Canada for most of his youth, which includes an early childhood in Calgary before moving to Vancouver. After graduating from Lord Byng Senior Secondary School in Vancouver, he joined the Royal Canadian Mounted Police (RCMP). He was initially posted on the Six Nations reserve near Brantford, Ontario. Over the course of his eightyear career with the RCMP, Al served at various postings throughout Ontario and British Columbia.

In 1977, Al moved to Victoria to help with the creation and growth of a new Crown corporation: BC Buildings Corporation (BCBC). It was responsible for owning, managing, leasing and constructing all government properties in the province, and it derived its income from charging rent to the various ministries that used those properties.

“I decided to leave the RCMP because I was not overly enamoured with the enforcement side of my job,” said Al. “I enjoyed the service aspect of my duties, so I decided to find something where I could be more involved in serving people.” Building a career through service and leadership In the late 1960s, Al moved to Regina to take a position as a human resources manager with Dominion Bridge, a structural steel fabricator. He developed a keen interest in the service aspect of his role, and was later promoted to a personnel supervisory position. He had great interest

In 1970, Al took a position as employee relations supervisor with Great Canadian Oil Sands Limited (Suncor Energy), which was involved in mining the Athabasca oil sands. He was later promoted to Manager of Human Resources and Plant Services, which greatly expanded his responsibilities and commitment to being a service provider. The position was especially challenging, since the plant was remotely located about 300 miles from Edmonton. The company had to provide a range of services to the plant and its employees, including safety, security and transportation.

“We used private sector principles to own and manage government properties,” said Al. “It made the ministries accountable for the space they rented, which used to be provided by a public works department, and helped to save millions of taxpayer dollars.” As BCBC’s fifth employee, Al was hired as corporate manager of human resources. Between June and April 1 of the following year, about 1,200 employees were hired or transferred from government – a complex process, especially when there were no computers! Al grew with the organization, and was eventually promoted to vice president of property management, making him responsible for leading more than 1,000 trades and service staff throughout British Columbia.

Rental Housing Business 31


[ ROMS BC ]

Carly Ludwar-Jellis, Hunter Boucher, Al Kemp, Amy Kerr, Allison Saturley. Missing from picture is Debbie Travers.

During his time with BCBC, Al worked to change the way that public sector organizations did business. He attempted to change the environment by implementing private sector systems, where employees would make decisions and solve problems instead of following rules laid out in policy manuals. Al spent most of his time in the field, training employees to follow service-focused principles and take ownership of their jobs. In 1991, The Financial Post named BCBC one of the 100 best companies to work for in Canada. In 1985, while he was still involved with BCBC, Al founded a consulting firm called A.G. Kemp & Associates Inc., which provided training and consulting in contemporary leadership. In 1996, he left BCBC to focus on his consultancy and pursue different interests. “BCBC began to change with new leadership, and I became the only remaining member of the private sector on the executive committee,” said Al. “Their mission changed, so I felt that it was time to move on to something new and more in line with my interests.” Later that year, Al applied for a position as part-time executive director with the Apartment Owners and Property Managers Association of Vancouver Island (which eventually became ROMS BC). The role enabled him to continue building his consultancy, while he worked to grow the organization and provide education opportunities for its members. “When I joined ROMS BC, there were 450 members, all from south Vancouver Island, and we had almost no marketing and no brand,” said Al. “I was given free rein to grow the association, and represent the industry through lobbying and media relations. Today, we have more than 2,500 members throughout British Columbia who manage more than 55,000 rental units, and we add 40 to 50 new members every month.” Since 1997, ROMS BC has been a member of the Canadian Federation of Apartment Associations (CFAA), that represents owners and managers

32 april 2013

of residential rental properties across Canada. Currently, CFAA’s longest serving Director, Al also served as CFAA Chair from 2000 to 2001. Rental Owners & Managers Society of BC Originally known as the Greater Victoria Apartment Association and then by several other names, ROMS BC was founded in 1971 by a group of local landlords whose main goal was to use their purchasing power to get discounts on heating oil. In 2005, the name was changed to Rental Owners and Managers Society of BC (ROMS BC) to better describe the association’s mandate and strengthen its branding. ROMS BC provides services, products and representation to help its members (from single-suite owners to major property management companies) with the management of their rental properties throughout British Columbia. The society’s main goal is to educate its members on all aspects of running their businesses. Going beyond what many apartment associations try to do for their members, ROMS BC encourages its landlord members (big and small) to contact them whenever they have questions about legal, operational or business issues related to rental properties. “We know the law, and we understand the business of renting properties in BC,” said Al. “Our staff is very knowledgeable on all issues, including unique situations, and we’ve built a reputation on finding the right answer. We’ll do the research to ensure that we provide accurate information so that our members can make properly informed decisions. Our goal is to provide the correct information – 100% of the time.” Membership in ROMS BC includes many other benefits. The society will perform credit checks on tenancy applicants, provide forms that enable members to meet government and business requirements, and conduct educational workshops and trade shows. ROMS BC offers a unique residential rental insurance program exclusively for its members,


British Columbia’s source for all your apartment financing needs I analyze your needs and develop a customized proposal detailing your loan strategy, preferred terms and best rate solution. Russell Syme Assistant Vice President Commercial Mortgages BC Region

Because mortgage lending is my specialty, I am able to anticipate and resolve the toughest challenges that arise in developing financing solutions while providing you with ongoing expert service and advice. First National is a proud supporter of ROMS BC.

For more information, contact me today. Russell Syme, Assistant Vice President, BC Region T: 778.327.5712 E: russell.syme@firstnational.ca firstnational.ca Ontario Mortgage Brokerage License No. 10514

Rental Housing Business 33


[ ROMS BC ]

and provides them with discounts and savings from reputable industry suppliers who are Associate Members. The society has also lobbied on behalf of its members to all levels of government. In 2010, the Greater Victoria Chamber of Commerce presented ROMS BC with its Outstanding Customer Service award. Al was also named runner up for Outstanding Business Person of the Year. Growth through partnership ROMS BC has been able to grow its membership in part by developing relationships with other provincial associations. There were two small landlord associations in Kelowna and Prince George, as well as an organization representing manufactured home park owners, that operated without staff resources. While ROMS BC wanted to grow its membership to become a truly provincial association, it had no desire to undercut the other groups’ membership drives. ROMS BC developed partnership agreements with the different associations by establishing geographic catchment areas. People who joined ROMS BC were given automatic membership in their local landlords’ association, and ROMS BC sent 20 percent of those members’ dues to that association. This resulted in the growth of the Kelowna and Prince George affiliate associations, and led to the establishment of one in Nelson. “It is important to grow and support these local associations to improve our networking efforts and enable them to lobby at the municipal level,” said Al. “It helps us to learn more about the local laws and rules affecting landlords, and the rebated dues help to fund these associations.” Partnering with the Manufactured Home Park Owners’ Alliance of BC provided ROMS BC with access to a very large client base in a related market. The Alliance represents members that own and manage nearly half of BC’s 800 manufactured home parks and they are significant contributors to the rental industry. While the Alliance is governed by a separate Board and operates under its own provincial legislation, ROMS BC provides its members with the same services that are available to ROMS BC members. In October 2012, ROMS BC, the BC Apartment Owners and Managers Association, and the Professional Association of Managing Agents reestablished the Rental Housing Council (RHC) to promote the residential rental housing industry’s interests and professional image. It provides a unified voice on behalf of rental housing property owners, managers and associates throughout BC. RHC’s mandate includes lobbying the provincial government on behalf of its members and providing media relations. Working with the government When the Liberal government succeeded the NDP in 2001, Honourable Rich Coleman, the Minister Responsible for Housing, committed to update the Residential Tenancy Act. His goal was to make it more

34 april 2013

understandable for the people affected by the Act, as the previous Act was difficult to follow. He also wanted the Act to better balance the rights and responsibilities of both landlords and tenants by allowing them (not bureaucrats) to actively participate in identifying what should – and should not – be in the Act. From 2001 to 2003, various tenants’ and landlords’ groups (including ROMS BC) worked together to provide input on the new Residential Tenancy Act. Government bureaucrats balked initially and pushed back against the process. However, they eventually agreed to work together, and helped to write a more balanced Act that included clearer legal consequences for both landlords and tenants. The new Act came into effect in 2004, and was later amended in 2006. ROMS BC has a positive working relationship with the provincial government’s Residential Tenancy Branch. Both groups have a great deal of respect for each other and how they operate with regard to helping the people who rely on their services. For example, the Residential Tenancy Branch consults with landlord groups before changing any important forms or documents. “The Residential Tenancy Branch is very service oriented, and their Information Officers are adept and experienced in helping landlords and tenants with answering questions,” said Al. Challenges and lessons Al believes that the rental housing industry has to work more diligently to overcome the negative stereotypes associated with landlords and property managers. Since landlords are already heavily regulated, tenants and their rights are well protected. RHC (and its supporting associations) can help to improve landlords’ image by continuing to focus on the fact that they provide people with homes. “They should also work to eliminate the negative stereotypes associated with renters, who are sometimes portrayed as low income people who rent because they have no other choice,” said Al. “There are many legitimate reasons to rent instead of own, and many renters choose to rent because they prefer it over home ownership.” Al is a strong proponent of the importance of leadership in all areas of life, from business to church to home. He believes that real leaders are made, not born, but people have certain innate talents that help them to become leaders. True leaders should endeavour to support their employees by providing an environment where people choose to succeed. Since 2000, Al has been involved with Leadership Victoria, a community-based, volunteer organization that develops, recognizes and honours outstanding community leaders in Greater Victoria. “Leaders don’t motivate – people choose to be motivated,” said Al. “There is a significant difference between managers and leaders, and these two terms are often confused in business circles. Managers direct processes, while leaders influence results.” RHB


Congratulations Al and ROMS BC staff. We look forward to many more years working together. Rent BC and ROMS BC have been partners for over a decade. Al Kemp has supported and endorsed our company and is always willing to suggest how we can better serve the residential rental industry. We have supported, endorsed ROMS BC, provided discounts to their members, and even designed the ROMS BC website. ”Partnership” is not a strong enough word! Both our organizations have grown and benefitted from our association.

1-800-862-9874 | www.rentbc.com

CMHC & Conventional Mortgages for: Multi-Family Rental Properties Senior’s Housing Projects Commercial Properties Construction Projects Vancouver Brian D. Kennedy or Jonathan Wong Phone: 604-685-1068 Email: vancouver@peoplestrust.com Calgary Dennis Aitken or Josh Barker Phone: 403-237-8975 Email: calgary@peoplestrust.com Toronto Michael Lombard or Ady Steen Phone: 416-368-3266 Email: toronto@peoplestrust.com

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Rental Housing Business 35


[ Tax ]

Property Tax Assessment Review and the Sales/ Refinance Process By Darlene Webb, National Business Development Manager, Cushman & Wakefield

Let’s say that your multi-residential building has leaky old toilets. Until you had an energy audit, you didn’t realize that these toilets were flushing away your hard-earned dollars through your water bill. The audit also stated that you could save more money every month by installing more efficient toilets. Your water bills would be significantly less and the overall property value would increase, as more income flowed to the bottom line (and not down

the toilet). Suppose that, shortly thereafter, you wanted to sell or refinance your property. Would you show potential purchasers, or the bank, old water bills? No. They wouldn’t accurately reflect your expenses. You would show the new water bills because you want to state the actual value based on future water costs.

Gross income – 6 units @$1,100/mo

$79,200

Expenses - 40%

$31,680

NOI (Net Operating Income)

47,520

$52,520

$678,850

$750,285

40% less $5,000 tax savings

$26,680

Cap Rate 7% [Income/Cap Rate = Value] Value

36 april 2013


[ Tax ]

Your property taxes are the single largest fixed cost on your income statement. You want to ensure that you are paying the least amount of tax. To do that, most owners or managers have a professional review their property taxes. A professional will ensure that the correct appeal process is followed within the appropriate time limits. However, let’s focus on how taxes could affect a potential sale or refinancing of the property. What are the areas of concern? Suppose that a professional reviews your property taxes and advises you to seek a tax reduction through the assessment appeal process. If you decide to sell your property, you need to address those appeals in the agreement of purchase and sale. When a property changes hands, the potential benefit of an outstanding appeal goes to the owner of record when the municipality adjusts the taxes and issues a refund. So, you’ve paid the property taxes until you sell, and you’ve paid for the property tax consultant, but the new owner would reap the benefit. How can you ensure that you benefit from your investment in the tax appeal? Have your realtor or broker include a clause in the agreement that adjusts for property taxes already paid, but subsequently refunded. You might want to set aside funds in escrow to account for future tax rebates. There are several ways to manage this, so talk with your realtor or broker. Don’t watch your hard-earned dollars get flushed away! Your accountant or property tax professional should also create a strategic proforma to outline your expenses to a potential purchaser (or the bank) once the adjustment for property tax savings has been made.

and how such savings could increase the building’s value. Having an outstanding appeal, and a clear understanding of where your property fits within the system and process, will provide a talking point for negotiations, and potentially, real equity and cash during disposition or refinancing negotiations.

The other side of this equation is the purchaser. We’ll discuss that perspective in the next article. RHB For further information on property tax and how it affects your multi-residential holdings, please contact me at 416-359-2466 or darlene.webb@ca.cushwake.com.

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For example, a simple $5,000 reduction can affect your bottom line significantly. See the proforma opposite. As shown in the proforma, $5,000 in property tax savings increases the property value by more than $71,000 or 10.5%. This is substantial when negotiating a sale or financing! As an owner or vendor, it’s important to understand the benefits of managing your property taxes to reduce your operating costs,

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Rental Housing Business 3/27/12 37 9:11:32 PM


COAST TO COAST FRPO – RTA Refresher Woodstock – May 2 The Federation of Rental-housing Providers of Ontario has delivered an RTA Refresher workshop at various sites across the provinces. The next workshop will be held in Woodstock on May 2. Visit the FRPO website to find a course near you: www.frpo.org/Events GTAA – Night at Races May 2 Woodbine Racetrack The Great Toronto Apartment Association is hosting a Night at Woodbine Races on May 2. Visit the GTAA website at www.gtaaonline.com/ for details. WRAMA – Dinner Seminar May 8 The Waterloo Regional Apartment Management Association is hosting a dinner seminar on May 8. Vince Brescia will give an update from FRPO, and Cathy Nederend from Health Canada will discuss pesticide use within apartment buildings. Visit the WRAMA website at www.wrama.com for details. Landlord Web Solutions – Webcon May 9 Landlord WEBCON 2013, Canada’s Apartment Internet Marketing Conference, will take place on May 9 at the Pearson Convention Centre in Toronto. Landlord WEBCON focuses on educating landlords and marketing personnel on the latest digital trends and technologies impacting the industry. This year’s keynote speakers are Bruce Croxon (star on CBC’s Dragon’s Den) and Amber MacArthur (host of CTV’s App Central/ bestselling author of Power Friending). Don’t miss this must attend conference. For more information about the event, speakers, and topics, go to www.landlordwebcon.ca or call 905-397-5088.

ROMS BC - Tenant Selection and Tenancy Management Workshops May 11 - 9:00 – 1:00 The Rental Owners and Managers Society of British Columbia will be hosting workshops on Tenant Selection and Tenancy Management. For more details about the workshops visit the ROMS BC website at www.romsbc.com. Register online for workshops at www.education2013.speedsurvey.com. LPMA – General Election Dinner Meeting May 14 Lamplighter Inn The London Property Managers Association is hosting its General Election Dinner Meeting. Vince Brescia and Mike Chopowich of FRPO will be speaking. To register or for more details, visit the LPMA website at www.lpma.ca. IPOANS – 2013 Annual General Meeting May 14 Westin Halifax The Investment Property Owners Association of Nova Scotia is hosting its Annual General Meeting on May 14 at the Westin Halifax. Visit the IPOANS website at www.ipoans.ca/events.html for details or to register. PPMA – General Membership Meeting May 15 The Professional Property Managers’ Association (of Manitoba) (PPMA) hosts its General Membership Meetings on the third Wednesday of the month. For more information, visit the PPMA website at www.ppmamanitoba.com. GTAA – CMHC Seminar May 23 The Great Toronto Apartment Association is hosting a CMHC seminar on “Maximizing the Value of Your Portfolio” on May 23. Visit the GTAA website at www.gtaaonline.com for details.

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FRPO – Annual General Meeting May 23 Vaughan Estates The Federation of Rental-housing Providers of Ontario is hosting its Annual General Meeting on May 23 at Vaughan Estates, with a reception. This is a free event for FRPO members. Visit the FRPO website for details: www.frpo.org/Events. KRPOA – Boat Cruise May 28 The Kingston Rental Property Owners Association is hosting a Boat Cruise on May 28. The cost is $30 for members and $65 for non-members. Meal and entertainment will be provided. Boarding begins at 6 pm. For details contact: krpo.assoc@gmail.com. FRPO – 2013 FRPO Golf Classic May 29 Angus Glen Golf Club The Federation of Rental-housing Providers of Ontario is hosting its Annual Golf Classic in support of Interval House at Angus Glen Golf Club on May 29. Visit the FRPO website for details or to register: www.frpo.org/Events. CFAA – 2013 Rental Housing Conference June 11-13, 2013 CFAA’s Rental Housing Conference for 2013 will be held in Toronto on June 11, 12 and 13. The Building Innovations Tour will open the conference during the afternoon of June 11. The Building Innovations Tour will visit three different buildings with three different key features, or sets of features. Details about the stops on the tour and the features of the buildings are available on the CFAA website at www.cfaa-fcapi.org.

June 12 will feature investment topics, and the Hockey Hall of Fame Supper and Wyse After Party. The Wyse After Party is a new addition to the CFAA Conference this year. CFAA would like to thank Wyse Metering Solutions for hosting the After Party, and encourages conference attendees to join us at the Hockey Hall of Fame for the Supper and After Party. Rental operations topics will be addressed on June 13 See National Outlook, after page 26 in this magazine for more details about the Conference topics and other events. As they become available, updates will be added to the CFAA website at www.cfaa-fcapi.org. Conference registration is now open. CFAA hopes to see you at the Rental Housing Conference 2013. PPMA – 2013 Annual Golf Tournament June 19 Pine Ridge The Professional Property Managers Association (of Manitoba) is hosting its annual 2013 Golf Tournament at Pine Ridge. For more details or to register, visit the PPMA website at www.ppmamanitoba.com. BCAOMA – Networking Dinner Cruise June 19 The British Columbia Apartment Owners & Managers Association is hosting a networking dinner cruise. For more information or to register visit the BCAOMA website at www.bcaoma.com. HDAA – 2013 Golf Tournament June 24 Century of Pines Golf Course The Hamilton and District Apartment Association is hosting a Golf Tournament at the Century Of Pines. Register as a single or foursome. For information visit the HDAA website at www.hamiltonapartmentassociation.ca.

Rental Housing Business 39


Ad Index

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40 Profile


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New Listings and Recent Sales www.goodmanreport.com

531 Lonsdale Avenue, North Vancouver 6455 West Boulevard, Vancouver

2272 Franklin Street, Vancouver

15-suite apartment/townhouse.

10-suite apartment building. Views.

$6,600,000 18-suite concrete apartment. C-2 zoned. $8,600,000

Totally rebuilt to a high-end condo quality.

Rare high exposure mixed-use redevelopment site.

$2,100,000

Two P/H units. Many upgrades. Across from park.

Under Contract

1588 East Hastings, Vancouver 20-suite rental investment.

2358 York Avenue, Vancouver $4,495,000 11-suite apartment building.

New rental pre-construction offering. 4.9% cap.

140 Sixth Street, New Westminster $3,900,000

Prime Kitsilano location. Stellar P/H views.

135-suite residential concrete tower

Sold

Under Contract

1715 West 11th Avenue, Vancouver 65-suite apartment building.

1305 Jervis Street, Vancouver

$16,500,000 23-suite apartment building.

Prime South Granville neighbourhood. 250’ x 125’

668 East 8th Avenue, Vancouver $5,795,000

Prime West End location - close to English Bay.

11-suite apartment building.

$3,125,000

Prime Mount Pleasant neighbourhood.

Sold

Central City Shopping Centre

102 Ave

$26,075,000

& 1.1 acre high-density development site.

Sold

SFU Surrey Campus

Subject Property

102 A ve

Skytrain Station

10240 City Parkway, Surrey 1.03 acre high density mixed-use.

Cambie and Marine, Vancouver $9,950,000 Intracorp’s purpose-built rental

Prime development site in Surrey City central.

Greater Vancouver’s #1 Multi-Family Investment Resource View details of all listings and sales at GoodmanReport.com

project. 110 suites. New construction.

David Goodman 604 714 4778 david@goodmanreport.com

1929 West 3rd Avenue, Vancouver

$30,000,000 53-suite apartment building.

$15,950,000

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Mark Goodman 604 714 4790 mark@goodmanreport.com

RHB Magazine  

April 2013

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