W E S T C O A S T
November 13, 2015
CONDOMINIUM www.westcoastcondominium.ca
HIGH LIVING, HIGH STYLE IN SOLTERRA’S
MILANO New tower in burgeoning Brentwood offers flair and function P18-19
INVESTMENT
SPECULATING ON PRESALE CONDOS Despite high prices, there’s still plenty of money to be made P14
CONDO STYLE
TRICKS OF THE CONDO DÉCOR TRADE How the professionals go about styling fabulous pads and show suites P20
CONDO LIVING
HOW TO… PLAN A SUCCESSFUL CONDO RENO A painless project is possible, says GVHBA’s Bob de Wit P28
CONDOMINIUM
November 13, 2015 1
SELECTION
PORTAGE Portage is a collection of waterfront condo and loft homes. All homes feature a reclaimed brick wall and a built in Bosch coffee maker. Loft homes include rooftop patios and 20’ foot ceilings. Ask about our limited time promotions.
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2 November 13, 2015
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tatement for specific sp ific offering spec off ing details. offer d ils. E.&O.E. deta E O.E. E.& specifications, features and prices without notice. Please refer to disclosure statement
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*In our continuing effort to improve and maintain the highest standard, the developer oper reserves the e right right to o modify modify or o change ng plans, s,
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November 13, 2015 3
SELLERS, WE DELIVER! With over 152 successful transactions negotiated in 2015, we have the marketing skills, the presentation skills and the negotiation experience to assist you in realizing your real estate dreams. To get the Faith Wilson Group TEAM working for you today, just call Faith at 604.224. 5277 or visit FaithWilsonGroup.com
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DOWNTOWN
November 13, 2015
Condo market snapshots 6 12 16 24
1903 – 1372 Seymour Street
$599,000
• Granite Counters • 2 Parking • Spacious Living • 2 Storage • Terrific Amenities • Main fee: $364
702 – 1425 West 6th Avenue
YALETOWN
$759,000
CENTRAL LONSDALE
26
Breathtaking 360 Views
• 1,500 s.f. Home • Gourmet Kitchen • Custom Lighting • 1,970 s.f. Home • Penthouse Suite • Pet/Rent w/ Rest • 2 Bdrms + Den • Luxury Abounds • 2 Car Garage • 2 Bdrm & Den • Soaring Ceilings • 2 Parking • 3 Bathrooms • 3 Bathroom • Main: $734 • Main Fee: $978 • Views • Large Terrace
1005 – 1328 Marinaside Cres.
$2,598,000
1600 –120 West 16th Street
For the complete schedule of our open houses & our listings complete with enhanced detail go to...
$1,880,000
www.FaithWilsonGroup.com
MOUNT PLEASANT EAST
KITSILANO
O D L O S T O JUS New Listing • 1,039 s.f. Home • Light & Bright • 1 Bdrm & Den • SE Corner • 2 Bath • Open Concept
304 – 1188 Quebec Street
Spacious & Bright Garden Level
• 1 Pkg/1 Stg • 725 s.f. home • Rentok/Petw/Rest • 1 Bedroom • Main Fee: $508 • 1 Bathroom
$525,000
• Fantastic Suite • Generous Rooms • Great Patio • 1 Parking • Updated Kitchen • Main Fee: $287
105 – 935 West 15th Avenue
$399,000
Buying or Selling, you’ve got to have Faith *see FaithWilsonGroup.com for details
4 November 13, 2015
CONDOMINIUM
Despite high condo prices, there are still neighbourhoods ripe for investment
High living, high style
18
Understanding depreciation reports
Tricks of the condo décor trade Designers who have styled homes and show units share their tips and suppliers
20 New Listing
Bosa Built Bright Suite – Central Location
Speculating on presales
How these mandated documents benefit owners and buyers, by Tony Gioventu
New Listing
Amazing Water & Marina Views
Surrey North Shore New West
Solterra’s Milano offers both flair and function in a red-hot neighbourhood
Outstanding 400 s.f. Terrace!
• 902 s.f. Suite • Open Layout • Great location • 2 Bedrooms • Air Conditioning • 1 parking • Views • Main Fee: $244 • 2 Bathrooms
8 14
Claiming for unpaid strata debts
18 • 641 s.f. Suite • 1 Bdrm + Den • 1 Bathroom
30 32 33
New laws have changed how strata corporations can call in outstanding money
FALSE CREEK
Downtown Living
Vancouver Tri-Cities Burnaby Richmond/South Delta
20 28
How to… Plan a perfect reno Working with a builder who understands strata units is crucial, says Bob de Wit
EDITORIAL
BUYERS
Fix to property transfer tax a huge boon for condo buyers
that we assist in realizing their real estate dreams
If Victoria heeds BCREA’s advice, purchase tax on condos and low-cost homes could plummet
O
f the many factors affecting real estate affordability, the outdated property transfer tax (PTT) has to be one of the most frustrating. That’s because there is an easy fix to the problem – and one that the BC government is now, thankfully, considering. The PTT was implemented in 1987 and is woefully out of date, still using that year’s original house values. I think we all know that the cost of a home in BC has, ahem, gone up somewhat since then. Currently it charges a one per cent tax on the first $200,000 of a home’s purchase price, and two per cent on the remainder above that price. So, for a $500,000 condo you’d pay $2,000 on the first $200,000 of the price, plus $6,000 on the remaining $300,000, totalling $8,000 in PTT. It was intended that buyers at the lower end of the market would have a minimal tax burden – which worked when there were plenty of sub-$200,000 properties. Now, of course, that’s not the case. The British Columbia Real Estate Association has been lobbying Victoria on this for years and finally finance minister Mike de Jong has said that they are reviewing it. The BCREA’s suggestion is to increase the one per cent threshold
from $200,000 to $525,000, with two per cent payable on the balance. It also recommends annually indexing the one per cent threshold to the MLS price index. This change would be of massive benefit to buyers at the lower end of the market. Take our $500,000 condo: the PTT goes from $8,000 to $5,000. A big difference. However, under BCREA’s suggestion, Victoria would lose out on a lot of revenue in that $200,000 to $525,000 band. So it would be naïve to hope for the plan to be adopted without amendment. My suggested solution? Implement BCREA’s idea, but add a third threshold – a luxury home band – whereby the two per cent band goes up to $3 million (again, annually indexed). For the balance above that, a new higher percentage could be introduced. It’s time lower end buyers got some help, and those with the deepest pockets are in the best position to make it happen.
the peace of mind of
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Satisfaction Guarantee* Whether buying your first condo or that palatial penthouse, it is a huge decision... one you literally have to live with. Sometimes, regardless of how rigorous and detailed your home search and your buying process was, lifestyle and family evolution hastens a change in your needs beyond your original requirements.
So, if your decision doesn’t meet your needs or wants, with the Faith Wilson Group your satisfaction is still guaranteed. FWG THE *
This change would be of massive benefit to buyers at the lower end of the market
Joannah Connolly Editor-in-Chief West Coast Condominium Joannah Connolly is the editor-in-chief of West Coast Condominium and Western Investor newspaper, and is the editor and content manager of Real Estate Weekly and REW.ca. She appears regularly on radio, TV and conference panels discussing the Vancouver real estate market.
CONDOMINIUM
Here’s how it works •
If you find that within 18 months of the completion date the home you purchased with Faith Wilson Realty Group does not meet your evolving needs, we guarantee to sell and not charge you the listing portion of the commission.
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A C E O F MI N
•
To qualify for this guarantee, you must purchase another property of equal or greater value using our services.
•
The listing portion of the commission on your first home will be credited to you upon the final reconciliation of your new purchase.
With over 450 successful contracts negotiated in the last 3.5 years, the Faith Wilson Group TEAM is ready to assist and guide you through every step of the process.
W E S T C O A S T
PUBLISHER: Janai York EDITOR-IN-CHIEF: Joannah Connolly EDITOR: Jill Lunde CONTRIBUTING EDITOR: Frank O’Brien SALES MANAGER: Lynn Fry SALES REPRESENTATIVES: Tracey Aussem, Rebecca Bookham, Audrey White, Audrie Gilson, Jackie Mollenhauer, David Bobenic PRODUCTION MANAGER: Holly Burge PRODUCTION: Darko Isic, Peter Gallagher DESIGNERS: Carol Rui, Arslan Sultan, Joanne Yen
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COPYRIGHT: WEST COAST CONDOMINIUM is published bi-weekly by Real Estate Weekly Partnership. Copyright 2015. While every effort is made to ensure the accuracy of articles and advertising that appear in each edition of West Coast Condominium, the publisher may not be held responsible for any errors or omissions that may from time to time occur. No part of this publication may be quoted or reprinted in any medium without the express written permission of Real Estate Weekly Partnership.
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CONDOMINIUM
November 13, 2015 5
C ONDO
MARKET
Vancouver Condos in the region’s biggest city vary wildly in size and price By Jill Lunde
T
here’s no denying the building boom across Metro Vancouver and in the region’s largest city itself. Of the 1,312 active listings, 229 (a touch over 17 per cent) are for condos that are brand new. Some of these are move-in ready, but 80 per cent of them won’t be welcoming homeowners until sometime between 2016 and 2019. Of those condos yet to complete, the cheapest listing is $275,900 for a onebedroom in the Renfrew & 2nd complex on the city’s east side. The 48 units in this development that will be finished in 2017 are a mix of one-, two- and threebedrooms. Scheduled for completion in 2019, the architectural wonder that will be Vancouver House boasts the most expensive presale: $9,488,800 for a three-bedroom penthouse suite. This particular condo has 3,525 square feet of indoor living space and an additional 2,299 square feet of outdoor living. Nine presale condos are amongst our reports of recent sales. Developers rarely let their homes go for less than listing and that was the case for six of these properties. One, however, went for one per cent under asking, another for two per cent less, and the third for four per cent under list.
Champlain Heights Most of the condos in this eastside area are being built in the River District
master-planned community, Vancouver’s last and largest waterfront community. Nineteen of Champlain Height’s 25 active listings are for brand-new homes and three others are only two years old – all located in River District. The least expensive active River District offering is $319,900 for a one-bedroom home in the Three Town Centre complex. When complete in 2017, the owners of this apartment will be just steps away from a yet-to-be-built grocery store, restaurant, banks, shops and cafes. The area’s most expensive listing is $898,000 for a two-bedroom waterfront penthouse in the move-in-ready Shoreline building. Two sales were reported recently in River District. They included a twobedroom unit in the two-year-old New Water complex which went for two per cent under its $498,000 asking price and a two-bedroom presale that went for its list price of $514,900.
Fairview Snug between the southern entrances to the Cambie and Granville bridges, this neighbourhood also runs parallel with the Broadway medical district. It’s an ideal location for those working there or downtown. While many of the neighbourhood condos were built 20 to 30 years ago, there are some new developments underway. There are two active listings for SOTA at South Granville which will complete in 2016 and three for The Spot on Cambie which is anticipated to be ready for occupation in 2017. These listings range from $734,900 to $4,688,000.
Scheduled for completion in 2019, the architectural wonder that will be Vancouver House boasts the most expensive presale: $9,488,800 for a three-bedroom penthouse suite 6 November 13, 2015
CONDOMINIUM
MARKET SNAPSHOT
1,312
Active condo listings* 120
Condos reported sold (Oct 17-30)
••••••••••••••••••••••••••••••••••••
$708,888
Vancouver West median listing price*
$359,800
Vancouver East median listing price*
••••••••••••••••••••••••••••••••••••
45
Median days on market*
••••••••••••••••••••••••••••••••••••
$756
Median price per square foot*
•••••••••••••••••••••••••••••••••••• Type of inventory*
Studio: 3% 2 BR: 49%
1 BR: 38% 3 BR: 10%
*Active listings up to October 30, 2015
14 IMPORTANT QUESTIONS SELLERS need answered before hiring a real estate agent to market & sell your home! Literally tens of thousands of dollars are riding on the agent you hire to market, present and negotiate the sale of your Vancouver home. And let’s face it - in real estate, as in life - not all things are created equal. Honest answers to these questions from the agents you are interviewing will help you to decide whom to entrust to market and sell your home for top dollar with the least amount of hassle.
1
What makes you different? Why should I list with you? What unique strategies do you use? Today, it is a much tougher and more dynamic real estate market than it was even 5 years ago. A successful agent stays up-to-speed on the complex, multi-dimensional marketing needed to reach all buyers, including mobile and internet-savvy consumers and international prospects.
2
How many properties have you marketed and sold in the last 12 months?
Did you know that only 10% of Vancouver agents sold more than 10 homes in the last 12 months? Working with top producers ensures you are UHFHLYLQJ WKH EHQHÂż W RI WKHLU H[SHULHQFH resources and their proven plan to deliver a successful sale.
3
How many contracts have you negotiated in the last 10 years?
The more contracts negotiated and the more exposure to cross cultural scenarios translate into better advice which delivers better results for you.
4
Do you work solo or with a team?
There are simply too many steps in the full process for a solo agent to do a great job of everything. A team approach is the only way to ensure you receive the attention to detail and the full service and consistent coverage that you deserve.
5
How do you manage all showings across all of your listings?
&RQVLGHU WKDW WDNLQJ R̆ WKH EDVLF WZR weeks of holidays, stats and 1 day per week
means your solo agent misses 74 days (20%) of the year to meet face to face with prospective buyers and highlight the best of your home. Does the agent have licensed property showing specialists as part of their team or do they miss opportunities to show and sell?
6
What is your pricing strategy for my home?
Strategic realistic, market-based pricing will attract the full scope of buyers and not just those looking to “steal the deal�. Setting and managing pricing requires skill, experience, plus local market trends knowledge.
7
How long, on average, does it take your listings to sell?
Ask if the agent tends to sell a home faster or slower than average and compare that answer to your goals; this is an indicator of their expertise.
8
Beyond posting my home on MLS and its related pickup sites, where will my home be marketed online? Today, 92% of home buyers use the internet during their home buying process and nearly half of buyers look RQOLQH DV WKHLU ¿ UVW VWHS 'RHV KH VKH have a website dedicated exclusively to showcasing their clients’ homes? Does the agent’s internet marketing plan assure accessibility in Chinese and optimization for mobile devices?
9
Do you provide references from past clients?
10
What homes have you sold in my area?
An informed agent will provide you with their performance in your neighbourhood and area.
11
Do you provide a written schedule of the services you deliver?
A set of performance promises will clearly detail what you can expect from the agent, including recourse if they don’t deliver.
12
Do you provide regular, updated market evaluations on my home?
In closing, the sale of your home is likely one of the largest ďŹ nancial decisions you will make. The right agent with the skills, the plans, the commitment and the team will deliver distinctly better results. We present these questions for your consideration in order that you make the right decision for you and your family. My team and I are prepared to answer these and all other questions regarding the sale of your home, at your convenience. To set up a meeting call me at 604.224.5277
Once your home is listed, how often do you update me on relevant market activity and overview?
13
What is your marketing budget for my home so as to stand out versus comparable listings? What percent of the agent’s commission will be dedicated to the marketing budget and how does this compare?
14
What marketing media mix will you use to display my home to the widest array of potential buyers?
Successful agents use a mix of search advertising, social media plus web sites for Vancouver, China, the U.S. and other international markets, and print media.
A trustworthy agent will be delighted to SURYLGH UHIHUHQFHV IURP VDWLVÂż HG FOLHQWV for you to review.
Buying or Selling, you’ve got to have Faith CONDOMINIUM
November 13, 2015 7
S TRATA
LIVING
How new legislation affects
claiming for unpaid debt Strata corporations claiming for unpaid fees now have to be quicker about it to allow strata fees to remain unpaid, and it often takes more than two years from the time the owner stops paying strata fees for the strata corporation to make the decision to initiate proceedings. As a result, strata corporations are going to have to take a different approach to the collection of their debts. So far, we have only mentioned the collection of strata fees; however, under the new LA, the collection of ALL monies owing to a strata corporation will be subject to a two-year limitation period. These debts could include outstanding strata fees, outstanding special levies, interest, insurance deductibles, NSF charges, administration charges, lien ling fees, gas charges, move-in fees, key fob fees, parking fees, chargebacks (damage caused by the owner), repairs below the insurance deductible, legal fees charged pursuant to a bylaw, the costs of remedying a contravention, and any other nes. While the above list is not exhaustive of the types of debts that would be subject to the new two-year limitation period, it is important to emphasize that the limitation period is the same for any and all of the above types of debts.
By Clark Wilson LLP on behalf of FirstService Residential
W
hen dealing with most legal issues in strata corporations, the rst place to look for guidance is the Strata Property Act. However, other legislation can have a signi cant impact on the business of strata corporations. The Limitation Act, 1996, c. 266 (the “current LA”) is one such piece of legislation. The current LA sets out the limitation period, which is the time period that an individual (including a strata corporation) has to le a civil claim, such as collecting a debt. Under the current LA, different
8 November 13, 2015
CONDOMINIUM
causes of action or types of lawsuits have different limitation periods, which are generally two, six or 10 years. The limitation period begins to run on the date on which the person has the right to bring an action. In certain circumstances, the start of the limitation period can be postponed. In an effort to standardize limitation periods across Canada, the current LA is being replaced with the Limitation Act, 2012, c. 13 (the “new LA”) effective from June 1, 2013.
Time to claim is getting tighter Most strata corporations would not have taken much notice of the limitation periods in the current LA unless faced with a major lawsuit. It will likely come
It will likely come as a surprise to most strata corporations and property managers that there is even a time limit to collect a debt as a surprise to most strata corporations and property managers that there is even a time limit to collect a debt. Under the current LA, the limitation period to collect a debt is six years, which is a long time to allow strata fees to remain unpaid, so for the most part, strata corporations would have initiated proceedings long before the limitation period expired. That’s all about to change. Section 6 of the new LA sets the basic limitation period for most claims, including a claim in debt, to two years. Two years is not a long time
Transition: Which debts are due when? The new LA is enforced from June 1, 2013, which means that all causes of action that accrued on or before May 31, 2013, are subject to the limitation periods in effect under the current LA. Any cause of action arising on or after June 1, 2013, will be subject to a limitation period of two years. In terms of strata fee/debt collections, CONTINUED - PG 10
CONDOMINIUM
November 13, 2015 9
604-263-1144 Kerrisdale
604-689-8226 Yaletown
604-263-1144 Main Street
Beyond
Expectations
If you are looking to buy or sell a condo or townhouse, your DEXTER REALTOR ® (backed by the entire Dexter Team) has the knowledge and the experience to support and guide you through the entire process.
Wherever you are, we can help. Contact us with confidence. Enjoy the security and confidence which comes from dealing with professionals who care. Call or visit us at www.dexterrealty.com
10 November 13, 2015
CONDOMINIUM
Since different types of receivables may require different kinds of legal this means a strata corporation has six action, the strata corporation should years to collect all debts that are due and consider obtaining legal advice to assist owing on or before May 31, 2013. For in making the decision. Where the any debts that come due and owing on or receivable is small, such as a $200 ne after June 1, 2013, the strata corporation for a bylaw contravention, it may make will only have two years to start a lawsuit sense to write it off if the owner does not acknowledge the debt. On the other to collect the debt. Although determining the limitation hand, if the money owed is $1,000 in period for strata fees and special levies strata fees, the strata corporation may will likely be easy, since the due date for want to proceed with legal action to strata fees is usually set out in the bylaws prevent other owners from defaulting and the due date for special levies must on fees on the assumption that the be set out in the three-quarter vote corporation will write it off. If the debts fall under the current resolution, not all charges to an owner’s LA, a strata account will be corporation may clear. For example, want to consider if the bylaws are Strata corporations waiting until the silent on when are going to have arrears reach payment of a ne about $5,000 is due, when does to take a different before initiating the limitation approach to the legal proceedings. period start: 1. The date of collection of their debts However, with the level of strata fees the council meeting at which the council makes in some strata corporations, it may take longer than two years of not paying strata the decision to levy the ne? 2. The date of the letter notifying the fees to reach that threshold. Because of this, the limitation period for any arrears owner of the ne? 3. The date the ne is levied on the older than two years would expire and the arrears of strata fees might never owner’s account? Because of the uncertainty of the reach the threshold. In such circumstances, it might make due dates of some of the charges on an owner’s account, legal advice may be sense to start forced sale proceedings. required to determine the limitation The strata corporation could start the proceedings, but not serve the initiating period applicable for certain charges. documents (petition and af davit), on the owner and other respondents Collection methods Given the change to a two-year immediately. Under the Supreme Court limitation period, a strata corporation Civil Rules, the strata corporation has will have to diarize its outstanding 12 months to serve the petition. This accounts to allow enough time to decide gives the strata corporation a further whether legal proceedings will be started 12 months to accumulate arrears to a and to initiate those legal proceedings threshold amount that makes the court before the limitation period expires. proceedings cost effective. In addition, Here are some options for collecting the strata corporation could serve the proceedings and allow time to pass outstanding debts: 1. Initiate court proceedings to collect before setting a court date to obtain the order for sale of the strata lot. Again, this the money. buys the strata corporation some more 2. Write it off. 3. Engage the payee to make a partial time to make the forced sale proceedings payment to reset the limitation period. more cost effective. CONTINUED FROM PG 8
FirstService Residential in British Columbia is a subsidiary of FirstService Corporation, a global leader in the rapidly growing real estate services sector, one of the largest markets in the world. As the leading property management company in North America, FirstService Residential oversees more than 6,500 residential and commercial associations including 1.5 million residential units.
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THIS IS NOT AN OFFERING FOR SALE. ANY SUCH OFFERING MAY ONLY BE MADE WITH A DISCLOSURE STATEMENT. THE DEVELOPER RESERVES THE RIGHT TO MAKE CHANGES TO THE INFORMATION CONTAINED HEREIN. E&OE.
C ONDO
MARKET
Tri-Cities This family-friendly region offers lots of choices for folks needing multiple bedrooms
By Jill Lunde
W
hen size matters – and it often reigns supreme in the suburbs – the Tri-Cities have plenty to offer home hunters. Sixty-seven per cent (295) of the area’s active condo listings have at least two bedrooms. That’s the minimum amount a condo dweller with a child is going to want. The median size of these properties is 947 square feet… which allows for a whole lot of living. The largest condo available is also a brand-new one. At 1,637 square feet, this two-bedroom unit in Evergreen in North Coquitlam was listed in late October for $488,888. Close to the almost complete SkyTrain line and with a huge deck, this move-in ready home also has great city and mountain views. Of the 33 recent sales in the Tri-Cities, the largest condo to go was 1,967 square feet in Central Port Coquitlam. It spent close to three months on the market but the owners walked away with $616,000, three per cent more than their list price.
Westwood Plateau Known for its extensive greenbelts, this Coquitlam neighbourhood offers easy access to outdoor recreation. There are 36 active listings here with a median price of $381,344. The largest condo on the market is also the area’s most expensive.
At $1.1 million, it has a total floor area of 1,930 square feet, but it’s not for you if you have kids – it’s a one-bedroom penthouse in the three-year-old Cascade building. There are five three-bedroom homes currently available. These run from $428,888 for a 1,119-square-foot home in the family-oriented, 10-year-old Silver Springs complex to $510,000 for a 1,294-square-foot corner unit on the top floor of the Lanterns building. There were five recent condo sales in Westwood Plateau and all went for one per cent below their asking price. In terms of floor area, the largest was a 1,130-squarefoot, two-bedroom home in Dayanee Springs. After 11 days on the market, the owners accepted an offer $5,000 under their $415,000 list price.
MARKET SNAPSHOT
500
Active condo listings* 19
Condos reported sold (Oct 3-16)
•••••••••••••••••••••••••••••••••••• $338,000 Coquitlam median listing price
$257,950
Central Port Coquitlam
Port Coquitlam median listing price
Most condo owners in this PoCo community enjoy walking distance to shopping, restaurants and other amenities including the West Coast Express, but are also close to parks and recreation facilities. Of the area’s 93 active listings, 52 are twobedroom homes and six feature three bedrooms. All of the latter listings are in the Orchard Valley Estates complex, which has easy access to a number of schools. Prices range from $145,000 to $168,000. There were three recent condo sales in this neighbourhood: one sold at list price; one went for under asking; and the other went for three per cent over list.
$378,800 Port Moody median listing price ••••••••••••••••••••••••••••••••••••
52
Median days on market*
••••••••••••••••••••••••••••••••••••
$361
Median price per square foot*
•••••••••••••••••••••••••••••••••••• Type of inventory*
There were five recent condo sales in Westwood Plateau and all went for one per cent below their asking price 12 November 13, 2015
CONDOMINIUM
Studio: 1% 2 BR: 63%
1 BR: 31% 3 BR: 5%
*Active listings up to October 16, 2015
C ONDO
INVESTING
Speculating on presales A tip: Look at markets where old condos sell for more than new By Frank O’Brien
T
he new condominium market in Metro Vancouver is sizzling hot and prices of new concrete condos, the favourite type for investors, have reached record levels. Yet, there remains room for a nimble investor to get in and get out of the new high-rise condominium market quickly and with a tidy profit. This strategy has been rare over the past few years because new condominium prices were fairly stable. That has changed in recent months, however, according to Urban Analytics, a Vancouver firm that consults with condominium developers. During a presentation October 22 to the Urban Development Institute, Pacific Region, Urban Analytics analyst Michael Ferreira conceded that prices are changing so rapidly that it has become hard for developers to price future projects accurately. The demand is so intense that prices for some new high-rise condominiums are changing even as the building is going up. Ferreira noted that there are now only 798 new and unsold concrete condominiums in Metro Vancouver, despite 12,581 starts this year alone. And, he added, 87 per cent of the 21,600 new concrete high-rise condominiums to be built by 2018 have already been presold. There’s an opportunity here for investors: the buying and selling of presale condominiums, or assignments, while the tower is ascending.
Record prices going up The average new concrete condominium in downtown Vancouver is now selling for $1,100 per square foot. It is $825 per square foot along most of the Cambie Corridor, $620 to $650 per square foot in Burnaby, $600 per square foot in North Vancouver’s Lower Lonsdale area, and $500 per square foot in New Westminster, as some examples.
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Yet, these record-high prices are all expected to increase because of the rapidly accelerating cost of land zoned for condominium development. We won’t go into who is buying and where, but suffice to say that land costs are about double what they were two years ago when most of the current condominium towers were being planned.
Ripe neighbourhoods So, how do you decide where to buy a presale high-rise condominium? Look in neighbourhoods where the current resale condominiums have a higher price than the presale prices of new condominiums. This gives both an indication of potential price appreciation and market demand in that area. As of September, Metro Vancouver condominium apartment prices were up nine per cent from a year earlier, to a benchmark of $419,000 and sales had soared 28.7 per cent, reports the Real
There’s an opportunity here for investors: the buying and selling of presale condominiums, or assignments, while the tower is ascending Estate Board of Greater Vancouver. Dig down, though, and you find submarkets where resale condominium prices are rising faster than the average, and where older units are selling for more than new condominiums, based on per-square-foot values. In Burnaby’s Metrotown, for example, the average resale condominium sells for $705 per square foot, but the average new condominium tower is preselling for
$650 per square foot. In Richmond, resale condominium prices average $614 per square foot, but new condominiums are selling for an average of $575 per square foot. Lower Lonsdale in North Vancouver is another example. Here, the average resale condominium sells for $744 per square foot, but new concrete condominiums are preselling for $600 per square foot. Happy hunting, investors.
Frank O’Brien is editor of Western Investor, the largest commercial real estate investment newspaper in Western Canada.
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Burnaby Sales are maintaining a steady clip in one of Metro Vancouver’s most transit-friendly cities MARKET SNAPSHOT By Jill Lunde
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ring an offer to the table: of the 29 recently reported condo sales in Burnaby, only two went for more than list price. Another six, all brand-new units, sold for their asking price. That leaves 72 per cent of the sales going for under asking – anywhere from one to nine per cent less. The new owners of a one-bedroom condo in Highgate’s Ventura building drove the hardest bargain. They picked up their new home for $23,000 less than the $258,000 asking price. That property had been on the market for 115 days, a clear indication that it was indeed overpriced. At the other end of the scale, the sellers of a five-year-old, two-bedroom Motif apartment in the Brentwood Park community presumably walked away happy from their sale. They certainly ended up with $25,000 more in their pockets than their $655,000 list price. That condo was on the market for less than a week.
South Slope This neighbourhood lies below Metrotown between Imperial and Marine on the south-facing slope overlooking the Fraser River. Most of the area’s condominiums have easy access to the mall and all its amenities. There are 40
active listings here, with prices ranging from $299,000 for a one-bedroom apartment in the 22-year-old Wyndham Court building to $1,875,000 for a threebedroom penthouse in the 23-year-old The Savoy. Right around the middle of the pack is a two-bedroom home in the Belvedere tower which went on the market in September and is listed at $388,000. This nine-yearold condo with a total floor area of 827 square feet has a large south-east facing patio overlooking a park. If amenities are important to you, this property has access to an exercise room with hot tub, a steam room, theatre, library and a social room. There were two sales recently reported in this neighbourhood. One went for one per cent less than its $365,000 list price after four days on the market. The other owners held out for 60 days and walked away with two per cent more than their $439,900 list price.
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Active condo listings* 29
Condos reported sold (Oct 17-30)
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Capitol Hill North Burnaby’s Capitol Hill neighbourhood is widely known for its multicultural communities as well as its easy access to nearby Simon Fraser University. Of the area’s five active listings, three are in the same Empire Drive building while the other two are along Hastings Street. All are twobedroom homes and they range in price from $189,900 to $498,500. That topend unit is in the three-year-old Altezza complex and has mountain views.
The new owners of a one-bedroom condo in Highgate’s Ventura building drove the hardest bargain 16 November 13, 2015
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Studio: 1% 2 BR: 64%
1 BR: 30% 3 BR: 5%
*Active listings up to October 30, 2015
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Milano offers “high living, high style” in red-hot Brentwood neighbourhood Solterra Group developing new tower in popular Burnaby neighbourhood
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ownsizers and move-up buyers alike have an enticing new option among the towers popping up in Burnaby’s popular Brentwood neighbourhood. From the award-winning developers of downtown Vancouver’s Dolce Vita at Symphony Place, Chinatown’s Keefer Block and Squamish’s Eaglewind comes Milano, a 30-storey highrise on Alpha Avenue, just two blocks south of Lougheed Highway and the Brentwood SkyTrain station. “Brentwood is a red-hot market, so we anticipate some savvy investors taking advantage of the market and our new landmark building in Brentwood,” says Laura Rizzo, vice-president of marketing for Solterra Group of Companies.
With its central location and proximity to the SkyTrain and retail centres such as Brentwood Town Centre, it’s no wonder Brentwood is a hot spot. And with Brentwood mall undergoing a full renovation as part of a major redevelopment plan, the neighbourhood’s fortunes look bright indeed. Also close by are Madison Centre, anchored by Save-On-Foods and Winners, and a new commercial centre headlined by Whole Foods under construction at the corner of Willingdon Avenue and Lougheed Highway. Near the centre of the action, yet tucked away on a quiet side street, is the future home of Milano. Designed by renowned GBL Architects of Vancouver, Milano will be a modern, contemporary tower of 176
homes and nearly 150,000 square feet in total. With the tag line “High Living, High Style,” the development aims to please homebuyers who appreciate luxury finishes and exacting attention to detail, according to Rizzo. “Solterra has a reputation for unique, distinct buildings with stellar interior design, luxe finishing detail and superior construction quality,” Rizzo says. Aiming to make a spectacular first impression, Milano will feature a grand three-storey lobby with concierge and elegant finishes and furniture, as well as a striking water feature out front with a large-scale public art piece, Rizzo says. Plan configurations will include one-, twoand three-bedroom apartment residences, eight townhomes and eight three-storey
“work/live homes.” “There are residences that suit every lifestyle,” Rizzo says. Homes will feature gorgeous Italianimported, dual-tone kitchens with premium appliances, elegant quartz countertops and full-height backsplashes. Spa-like bathrooms will boast European faucets and Italian cabinetry, and every home will have air conditioning for summer comfort. For the ultra-discerning, Solterra’s exclusive Private Collection residences on the top eight floors will offer upgraded finishes and details throughout, Rizzo says. Building amenities will include an outdoor landscaped terrace with a barbecue and dining area, fire pit, lounge areas, outdoor movie theatre, putting green and children’s play space. Other planned amenities include underground parking with optional electric vehicle charging stations, bicycle storage, car wash area, dog-washing station, fitness gym, indoor hot tub, steam room, a guest suite and a party room. Sales begin in mid-November, with prices starting at $298,900 for onebedroom homes and $468,900 for twobedroom homes. For more information or to register for VIP previewing starting in early November, call 604294-8989, email info@milanoliving.ca or go to www.milanoliving.ca.
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Tricks of the condo décor trade Top local interior designers who stage condos and show homes offer up their best tips By Michelle Hopkins
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n oversized pendant light, vases filled with fresh cut flowers, and a cluster of photographs positioned in just the right spot. When interior designers decorate or stage a
condo, the colours, design, style, lighting, size of rooms, and location are all taken into account. West Coast Condominium asked some of Vancouver’s busiest interior designers to show us around a local condo or show home they staged, and share their savvy design ideas that make for imaginative, elegant, and sophisticated condo living.
Kendall Ansell Interiors – Kendall Ansell, principal Condo at 1199 Seymour St., Vancouver In the heart of downtown, this condo’s interior was inspired by the luxurious W Hotel in New York City. “The W does a good job of bringing inviting greys into its hotel so that it looks chic,” says Ansell. “By layering warm grey textures and fabrics you create a very classic look that doesn’t seem to date itself.” Ansell also likes to introduce a dash of whimsy to the décor, such as a mirrored cube table, glass desk or the mix of industrial pieces as a way of offering homeowners a chance to think outside the box. Her goal for the overall appearance of
the show home was to create a casual, yet elegant look that also reflects the stunning west coast topography. “We know that Seymour Street, being between Granville Street and Yaletown, is usually for someone looking to enjoy the night life of the city,” she adds. “The apartment reflects a chic, sophisticated person.” When decorating a smaller space, she suggests people stay with light colours, an open concept and pieces that can be moved around easily. “For instance, the large ottoman in the living room can be added to the sofa to make a ectional,” says Ansell.
Shopping guide • Bar stools: Pottery Barn • Sofa, lamp, ottoman, coffee table, bed, bedside tables: The Living Lab • Rug, desk and console: West Elm • Art, pillows, bedding: HomeSense
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When decorating a smaller space, stay with light colours, an open concept and pieces that can be moved around easily
Patricia Gray Interior Design – Patricia Gray, principal Bayshore condo in Coal Harbour, Vancouver As you enter the Bayshore condo, light and airy whites, soft creams, and browns reign supreme. The living room’s white sofas and chairs offer a soft, contemporary interior design. “It is comfortable, minimal and everything was chosen to complement and not detract from the view,” says Gray. “We used swivel chairs so people can turn around to take advantage of the magnificent view.” The custom-designed sofa features a chaise lounge so people can put their feet up while watching the TV on the opposite wall, read a book, or have a nap. This residence definitely took its cues from its stunning cityscapes, and views of Stanley Park, the ocean and the North Shore Mountains. “Everything was designed to capitalize on the view,” adds the designer. “Where a space does not have as beautiful a view, it requires more attention by creating focal points within the space.” Lastly, Gray says invest money in your key furnishings. “In any living room, the sofa is the biggest anchor piece,” says Gray. “Make sure it is comfortable, the best quality you
can afford because you are going to have it for the longest time.”
Shopping guide • Trays and bowls in kitchen: Provide Home • Coffee table bowl: 18Karat • Bedding: Duxiana • Master bedroom throw: LivingSpace • Master bedroom bedside lamps: Luminosa Light Designs • Custom furnishings throughout: Patricia Gray
In any living room, the sofa is the biggest anchor piece. Make sure it is comfortable, the best quality you can afford because you are going to have it for the longest time
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Insight Design Inc. - Linda Gallo, senior interior designer Compass for Seylynn Village in North Vancouver With this condo, Gallo and her team were looking to create a space that was fresh yet elegant and clean. At the same time, they filled it with thoughtful details that reflect the essence of home. The warm grey palette in the kitchen, with a clean, crisp countertop and backsplash, was a great backdrop for the interior furnishing selections, says Gallo, adding for the most part, they kept a fairly neutral palette. Punches of bold colour were injected in order to create rhythm and movement. “Incorporate area rugs to ground spaces and use pieces that sit up off of the floor so that you can see beyond furniture or, better yet, pieces with glass like the dining room
It’s great to mix pattern and finishes but limit yourself to just a few, otherwise it can start to feel cluttered
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table,” she says. “It’s great to mix pattern and finishes but try to limit yourself to just a few, otherwise it can start to feel cluttered.” Because the condo is in North Vancouver, Gallo went for a slightly urban feel, yet comfortable and inviting enough to reflect the active lifestyle of the true North Shore resident. For that wow factor, Gallo chose the living room coffee table, which she says is a little piece of luxury with a chrome base and a marble top. “This piece was custom made to anchor the space and create a piece of beautiful and natural art in a room largely full of windows which doesn’t allow for much art elsewhere,” Gallo adds.
Shopping guide • • • • • •
Living room chairs: Mint Interiors Living room table lamp: Bocci Living room floor lamp: LightForm Grey felt boxes: Crate & Barrel Gold frames: Indigo/Chapters Art: Art Works Gallery
Polygon Interior Design Ltd. – Celia Dawson, senior vice president, interior design Bradley House at Windsor Gate, Coquitlam The modernistic white light fixture in the kitchen forms a centerpiece to draw people into the home wanting to see more. “We like to include dramatic lighting to create different focal points within the room,” says Dawson. “Lighting today is truly sculptural art.” This show home is filled with unique, contemporary furnishings with injections of brilliant colour courtesy of the art work and rugs. This combination made the space modern without feeling cold and unwelcoming. Using white paint as an overall canvas offers a striking backdrop for furnishings and art work. Then, adding a darker earth tone or patterns and textures on one focal point wall adds more drama and elegance to any room. “In one dining space and in a bedroom, there’s a similar effect with the horizontal lines or slats on the wall and headboard,” adds Dawson. “There’s a distinct
Include dramatic lighting to create different focal points within a room
sculptural feel to it, and in the bedroom specifically, it seems to stretch the eye, so to speak. The effect is one of a seemingly elongated the room.” Dawson went on to say that horizontal lines widen a space just like vertical lines will tend to elongate or give the space more height. “Repeating the theme or keeping it consistent helps to keep the spaces flowing and not seem too busy,” she adds.
Shopping guide • Lighting: LightForm; The Lighting Warehouse; Once a Tree Furniture • Carpets: East India Carpets; Salari Fine Carpet Collections • Original Artwork: Bau-Xi Gallery; Winsor Gallery • Televisions: Pure Image
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Richmond South Delta Go big or go home… there’s lots of condo choice for families here By Jill Lunde
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ixty-nine per cent of the active condo listings in Richmond and South Delta are for two-, three- and four-bedroom homes, making the region a great place for families to house hunt. All of the four-bedroom listings (there are seven at the time of writing) are in Richmond, primarily in the Brighouse neighbourhood. Their total floor area ranges from 1,688 square feet for a Terra Nova home listed for $748,000 to 3,655 square feet for a two-level riverfront condo listed for $3,680,000. Of the 20 recently reported condo sales in the region, all were for one- and twobedroom units and none went for over asking. A quarter of these sold for their list price; one owner in Richmond’s Quilchena neighbourhood accepted an offer 19 per cent less than their $288,888 list price after six weeks on the market. The most expensive recent condo sale in Richmond was $990,000 for a twoyear-old home in Brighouse. That sale price was four per cent less than asking. In South Delta meanwhile, $909,900 was the highest amount spent – which was right at list – for a Tsawwassen Springs presale.
West Cambie This community is the hub of a rapidly
changing Richmond and has seen a good deal of housing growth in the past few years. The area is considered an excellent choice for convenience and lifestyle. Of its 76 active listings, 55 are for two-bedroom homes, with two three-bedroom condos on the market. The largest of these homes has a total floor area of 1,417 square feet. With an asking price of $997,000, this twobedroom waterfront penthouse offers views of the sunrise as well as the sunset. The largest three-bedroom has 1,242 square feet of living space. For $473,000, you can call this spacious condo home and get used to resort-like living with the building’s clubhouse. There were two recently reported sales in West Cambie, both in the Alexandra Court building which will be completed in 2016. Both these two-bedroom homes sold for their list price.
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Condos reported sold (Oct 17-30)
••••••••••••••••••••••••••••••••••••
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Richmond median listing price*
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South Delta median listing price*
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Delta Manor Of the six active condo listings in Ladner, five are in the Delta Manor neighbourhood and all but one has two bedrooms. If size matters, the largest condo on the market is 1,134 square feet. This renovated Addlington Court listing overlooks green space and can be yours for $429,000. For $469,000 you can move into a newer two-bedroom home in the Canu development. This two-year-old condo is a bit smaller (1,017 square feet) and has both patio and yard space.
This community is the hub of a rapidly changing Richmond and has seen a good deal of housing growth in the past few years 24 November 13, 2015
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Median days on market*
••••••••••••••••••••••••••••••••••••
$490
Median price per square foot*
•••••••••••••••••••••••••••••••••••• Type of inventory*
Studio: 1% 2 BR: 59%
1 BR: 30% 3 BR: 10%
*Active listings up to October 30, 2015
moritz
sterling
turner
loveseat $698
chair $498
coee table $449
S TRATA ADVICE
Understanding depreciation reports BC legislation now requires stratas to have one… how do they benefit both owners and buyers? Buyer benefits
By Tony Gioventu
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e p r e c i a t i o n reports are a relatively new requirement for strata corporations in BC. A depreciation report, also known as a reserve fund study in other parts of Canada, is a planning tool that enables strata corporations to look into the next 30 years of the life of their buildings. It gives you a clear understanding of what the strata is responsible to maintain and renew, when those components and assets will require major maintenance or replacement, and an estimate on how much you can anticipate the cost for those projects when the time comes. In BC, legislation was brought into effect in June 2011 and became mandatory for all strata corporations by June 13, 2013, unless the strata has four units or less, or the strata has passed a three-quarters vote resolution. If the strata chooses to waive the report, owners must pass a three-quarters vote resolution to that effect annually. Commissioning a report requires the strata to hire a depreciation planner. While the Strata Property Act recommends the strata retain a qualified person, the Act does not specify the minimum qualifications. Most strata corporations have retained engineers, certified reserve planners, architects, appraisers or quantity surveyors who are experienced to produce the report.
Inventory of assets The report must contain an inventory of all common property and common assets of the strata, and identify the property or assets that are the responsibility of individual owners to maintain and repair or to pay for the cost. The deprecation planner must conduct an onsite assessment of the property as they are required to evaluate the components and provide the life expectancy before each component is scheduled for replacement. The real issue facing most strata corporations is future costs. The report has
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to include the projected cost of replacing components and provide three funding models – essentially examples of how the strata may pay for the future expenses.
Long-term planning Many strata corporations have found their depreciation reports to be a valuable resource both to help in longterm planning and in creating annual operating plans for maintenance and repairs. Surveys conducted across the province in 2005 identified the average strata owner contributed between $11 and $17 a month to their contingency reserve fund. Considering that many strata developments have appraisal values of $10-50 million, the contributions were barely enough to cover routine emergencies and minor repairs. As a result, when strata corporations are faced with major repairs, the norm has been delayed construction and large special levies. This contributes to delays and deferment, which invariably results in unnecessary increased costs. That average contribution has changed since 2005, and repeat surveys have shown an increase in an owner’s contribution to $35-$70 a month. One of the great benefits
The real issue facing most strata corporations is future costs. The report has to include the projected cost of replacing components of the change in legislation is we now have the benefit of authorizing contingency funds for recommended depreciation items by majority vote. The legislation has made it easier to save and easier to approve expenses, in hopes stratas will be more proactive.
Buyers are one of the greatest beneficiaries of depreciation reports. As a buyer you have the opportunity to look into the next 30 years of life of your interested purchase and assess the property value and your future costs. When you obtain an Information Certificate Form B, the strata must include a copy of the most recent depreciation report. Read the report and look closely at the summary schedules. The report should indicate when the next major repairs are due, and the projected cost estimates. This will give you a good sense of your future costs. It will also give you a good sense of how the strata has been managing the property. If there are a number of scheduled upgrades that are overdue, the strata is likely deferring maintenance. Compare the next major costs with the balance of the contingency fund. If there is a roof cost of $500,000 in 2017, and only $100,000 in the fund, odds are the strata will be seeking a special levy around $400,000 from the owners in the near future. Whether you are a strata manager, council member, owner, or buyer, take advantage of the depreciation report. It is excellent information for planning to ensure your buildings are maintained properly and to prevent avoidable damages due to neglected costs and assessing the future risks of the strata corporation.
Tony Gioventu is executive director of the Condominium Home Owners’ Association, which promotes the interests of strata property owners by providing advice, resources and support for its members. Tony has more than 20 years of experience within the local real estate and development industry.
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Plan a successful condo renovation there will be a lot of information on what is, and is not, allowed.
Work with a professional builder who understands the importance of adhering to your strata’s bylaws
Work from your list Dates, timing, insurance and permits are just a few things required by the strata. Working from the renovation list, your builder will be able to provide required records and timelines for starting and completing each job along with the required insurance, etc. Depending on the work to be done, access points to your unit within the building and to the street will be required. The bylaws will provide information on access rules, working hours (noise bylaws), demolition removal processes, etc.
By Bob de Wit
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lanning to upgrade your condo with a professional renovation? Remember: just because you are working only on the interior of your unit does not exclude you from strata bylaws. Under BC’s Strata Property Act, an owner must obtain written approval before altering a strata lot. Adjoining walls, flooring, plumbing, and electrical are examples of items in a renovation requiring approval. In addition to the Act, each condo strata will have its own schedule of bylaws and approval process. So what is the best way to navigate through all these rules? Follow these simple steps.
Just because you are working only on the interior of your unit does not exclude you from strata bylaws Photo journal from start to finish
Before you start, talk to your property management company Get a clear understanding of the bylaws and the renovation approval process. Most often, the management company will act on behalf of the strata with your builder. These days, if the next strata meeting is weeks away, a common request is to seek council approval via email, eliminating the need to wait. Regardless of the strata process, time must be accounted for in your plan for the approval.
Create a work list Your strata will want to see your plans for the renovation project. Some councils require extremely detailed information, others not as much. Rule of thumb: break down the renovation into projects, e.g. bathroom update; new kitchen. Then, under each item, list work to be done, e.g. new kitchen: demolition; removal of
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existing cabinets and appliances; nonstructural wall removal to open kitchen to living room; installation of kitchen island; new appliances and cabinetry; painting walls; new flooring; new electrical; use existing plumbing. Breaking out the work will provide a clear picture of the intended renovations, and will also serve as a checklist for potential issues.
your renovation with flexibility is recommended as there will inevitably be a bylaw or restriction unrelated to structure, but nonetheless, a bylaw you must adhere to. Make sure to read the bylaws with your builder before the process begins. Chances are you are not the first to renovate and
It’s not just the pretty pictures that count. Be sure to capture each stage of the renovation, including the messy days, when walls and floors are torn out and opened up. Images provide a catalogue of the state of the original condo, the steps taken, and the work completed – a great source of information not just for the strata council, but also on the final walk through before signing off. Working with a professional builder, who knows the strata rules, will expedite the process and protect you from potential do-overs. It’s a simple plan.
Be flexible When renovating kitchens and bathrooms, ventilation, plumbing and electrical will be factors in determining if your renovation is possible. Approaching
Bob de Wit is the CEO of the Greater Vancouver Home Builders’ Association. The GVHBA has more than 850 members and is affiliated with the provincial and national Canadian Home Builders’ Association (CHBA BC). You can reach Bob de Wit at bob@gvhba.org or follow Bob @rdewit
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Surrey Surrey will soon overtake Vancouver as the region’s most populous city, assisted in no small part by the number of condos being built By Jill Lunde
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urrey is set to become BC’s most populated city by 2020, living up to its motto of “the future lives here.” Helping it achieve that milestone are the 102 active listings for brand-new condos. That represents 12 per cent of the overall listings. The vast majority (72 per cent) are move-in ready with 2015 completion dates, but some won’t be ready to call home until 2018. There are new condos available in just about every Surrey neighbourhood: Bolivar Heights; Clayton; Cloverdale; Fleetwood Tynehead; Grandview; Guildford; King George Corridor; Morgan Creek; and Whalley. Whalley is by far the neighbourhood undergoing the most change with close to 40 per cent of the new-build listings. Three of the eight recently reported condo sales in Surrey were for brand-new units. Both a one-bedroom in move-inready Maxx @ Verve and a three-bedroom in the under-construction Residences at 3 Civic Plaza sold for their list prices ($214,900 and $779,900) while a twobedroom in Cloverdale’s The Ridge at Bose Farms went for one per cent less than its $334,900 sticker price.
Queen Mary Park Surrey condo hunters eager to find a home in a more settled neighbourhood would do well to check out this community
which is named for the large park at 88 Avenue and 132 Street. The park’s nature trails are a great balance to the area’s shopping and restaurant amenities. There are 49 active condo listings here with 10 in the area’s five-year-old 53unit SoHo complex. They range in price from $188,000 for a one-bedroom home to $260,000 for a two-bedroom. The neighbourhood’s oldest listing is a 27-yearold, two-bedroom in Kensington Gate that went on the market in late October for $199,900. This gated complex on a quiet cul-de-sac is for adults 45-plus and features a clubhouse and recreation centre. The area’s most recent reported sale was for a 20-year-old, one-bedroom home that went for a brilliant six per cent more than its $119,900 asking price.
Sunnyside Park Bordering Crescent Beach and Ocean Park to the west and White Rock to the south, Sunnyside Park does indeed enjoy a sunny (dis)position. Of the area’s 24 active condo listings, the youngest are in the sixyear-old Mint building. There are two homes here on the market: a one-bedroom for $248,000; and a two-bedroom asking $309,000. The area’s oldest listing, in the 34-year-old Spinnaker complex, came on the market in late October. It’s a twobedroom with an asking price of $179,900. A two-bedroom home in this neighbourhood recently sold for very close to asking. The unit in Muirfield Gardens went for $1,500 less than its list price of $350,000.
The area’s most recent reported sale was for a 20-year-old, one-bedroom home that went for a brilliant six per cent more than its $119,900 asking price 30 November 13, 2015
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MARKET SNAPSHOT
875
Active condo listings* 8
Condos reported sold (Oct 16-30)
••••••••••••••••••••••••••••••••••••
$234,900 Median listing price*
••••••••••••••••••••••••••••••••••••
71
Median days on market*
••••••••••••••••••••••••••••••••••••
$289
Median price per square foot*
••••••••••••••••••••••••••••••••••••
Type of inventory*
Studio: 2% 2 BR: 60%
1 BR: 34% 3 BR: 4%
*Active listings up to October 30, 2015
$379,900 778.878.4687
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North Shore It’s hard to find anyone who lives here who doesn’t love it By Jill Lunde
W
hen it comes to town loyalty, North Shore residents take the prize. Whether it’s the easy access to the ocean and mountains that bring them here, people stay because they love the sense of community they find in their individual neighbourhoods. The area’s 345 active listings represent your chance to find out what the buzz is about. The 24 recently reported sold properties also offer an interesting picture. Twenty-two of those sales were in North Vancouver and selling prices were generally at or close to asking price. The outliers were a six-year-old, one-bedroom unit in Vista Place in Central Lonsdale and a 37-year-old, one-bedroom in Lower Lonsdale’s Emerald Manor. The former’s owners waited 45 days before accepting an offer six per cent below their $339,000 sticker price while the latter apartment took six days to sell for 18 per cent over its price of $179,900. That owner walked away with over $40,000 more than asking in their pocket.
Lynn Valley Known for its tight-knit community, Lynn Valley is a growing neighbourhood with the recent construction of the new Lynn Valley Village shopping centre. There are a lucky 13 active listings in the area with a median price of $425,000 - $10K more than the overall area. For
that price, you could make your home in a two-bedroom home in Lynn Terrace that is just steps away from the village shops. This condo features a large balcony overlooking a greenway. A number of new homes are available in the neighbourhood including two two-bedroom units in the recently completed Canyon Springs development ($539,000 and $559,000). Walter’s Place is in preconstruction with homes scheduled for completion in 2017. A twobedroom listing here is on the market for $439,900. The neighbourhood’s most recent reported sale was for a one-bedroom condo in a 13-year-old building. It went for two per cent under asking: $292,000.
Deer Ridge Properties in this exclusive West Vancouver neighbourhood generally offer stellar views of the ocean, city and mountains and the two currently active condo listings are no exception. For $1,790,000 you can be the owner of a three-bedroom penthouse that’s had lots of recent upgrades. Money no object? If that’s the case, check out the $4,280,000 listing. This home is also a newly renovated penthouse with 4,713 square feet of interior space and a 1,200 square foot private terrace. The most recently reported condo sale in Deer Ridge was a two-bedroom home that spent nine days on the market before its new owner offered five per cent over its $1,150,000 list price.
Properties in this exclusive West Vancouver neighbourhood generally offer stellar views of the ocean, city and mountains and the two currently active condo listings are no exception 32 November 13, 2015
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New Westminster With easy access to transit and no bridges to cross to get downtown, New West can be a great option for those willing to commute By Jill Lunde
N
ew Westminster remains a good city to do business in – condobuying business, that is. Of the 18 recently reported sales, only two went for more than list price. Most owners accepted offers below list, as much as four per cent under asking for three of the properties. That included the owner of a new condo in the Trapp + Hollbrook building in downtown New Westminster. It was listed at $325,000 but the buyer closed the deal at $312,500. The happiest seller was likely the owner of a two-bedroom condo in Fraserview’s Palace Quay tower. After just over a week on the market, that unit sold for eight per cent over asking: $420,000. The median selling price for these 18 condos was $319,800… considerably higher than the $299,900 median listing price of the city’s 274 current listings.
The Quay This riverside neighbourhood has lots going for it including its boardwalk and easy access to parks, shops, and transit. It also offers plenty of choice when it comes to condo living with 47 active listings. A one-bedroom in Laguna Landing is the area’s least expensive option at $267,500. The most expensive current listing is a three-
bedroom presale at Riversky 1 which is asking $715,900. The area’s median price ($399,000) would see you living in a spacious two-bedroom corner unit in The Riviera tower which boasts an indoor pool, Jacuzzi, fitness room and large common outdoor patio. Come prepared to lowball the price. Of the neighbourhood’s seven recently reported sales, all but one went for under asking. The exception was a two-bedroom situated right on the boardwalk with great river views from its living room and patio areas. The owners here walked away with $10,000 more than their $350,000 list price after 11 days on the market.
The Heights This New West neighbourhood crosses a lot of territory and its three active condo listings are great options for studious folks, being close to either Douglas College or the Justice Institute. The two JI options, which are also close to Queen’s Park, are side-by-side listings. They are both 627 square feet; one is listed for $209,900 and its neighbour for $215,000. Closer to Royal City Centre Mall is the third neighbourhood option. This twobedroom top-floor unit is on the market for $230,000. There was one recently reported sale in The Heights: a two-bedroom listing was asking $283,800. The owners agreed to an offer two per cent under asking: $279,000.
Come prepared to lowball the price. Of the neighbourhood’s seven recently reported sales, all but one went for under asking
MARKET SNAPSHOT
274
Active condo listings* 18
Condos reported sold (Oct 17-30)
••••••••••••••••••••••••••••••••••••
$299,900 Median listing price*
••••••••••••••••••••••••••••••••••••
41
Median days on market*
••••••••••••••••••••••••••••••••••••
$357
Median price per square foot*
•••••••••••••••••••••••••••••••••••• Type of inventory*
Studio: 2% 2 BR: 49%
1 BR: 41% 3 BR: 8%
*Active listings up to October 30, 2015
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November 13, 2015 33
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MARKET WEST VANCOUVER DISTRICT OF NORTH VANCOUVER
A selection of open show homes and sales centres across the Lower Mainland
CITY OF NORTH VANCOUVER
ANMORE BELCARRA
13
BURRARD INLET
12 PORT MOODY
ABBOTSFORD 1
COQUITLAM
PORT COQUITLAM MAPLE RIDGE
BURNABY
Luna Home 30748 Cardial Ave Open Daily 12 – 5 pm (except Friday) 604.825.3398 ...................Pg31
VANCOUVER
PITT MEADOWS
FRASER RIVER
MISSION
NEW WESTMINSTER
BURNABY 2
Modello #118 - 5021 Kingsway Open Daily 12 – 5 pm (except Friday) 604.456.0688 ...................Pg17
RICHMOND SURREY
ABBOTSFORD
LANGLEY CITY
COQUITLAM
DELTA
3
Hazel #202 - 827 Roderick Ave Open Daily 12 – 5 pm (except Friday) 604.937.2599 ...................Pg 31
4
Loughed Heights North Rd, West Coquitlam Coming this Fall 604.412.0313 ...................Pg 13
NEW WESTMINSTER 5
Aragon 260 Salter Street Coming this Fall 778.398.1344 ...................Pg 2
NORTH VANCOUVER 6
Seylynn Village 600 Mountain Hwy Open Daily 12 – 5 pm 604.980.5000 ...................Pg 35
7
The Residences at Lynn Valley 1175 LYNN VALLEY RD Coming this Fall 604.924.0166 ...................Pg 3
RICHMOND 8
PORT MOODY 9
Clarke 909 Clarke Rd Coming in October! 778.558.6377 ...................Pg 15
SURREY 10
Aura 6971 122 Street Open Daily 12 – 5 pm (except Friday) 778.564.1876 ...................Pg 31
11
BLU at Morgan Creek 15988 32Ave, South Surrey Open Daily 12 – 5 pm (except Friday) 604.961.5160 ...................Pg 31
VANCOUVER
Harbour Walk 12235 No 1 Road Open Mon to Fri 9 -4 pm, Sat & Sun 12 - 4 pm 604.274.7326 ...................Pg 27
34 November 13, 2015
WHITE ROCK
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12 Proximity 1772 Ontario Street Open Sat-Thurs 12 – 5 pm 604.828.1029 ...................Pg 11
Arc 13 The 89 Nelson Street Coming Spring 2016 604.899.8800 ...................Pg 9
TSAWWASSEN 14 Brio 1625 56 Street Call for your Private Viewing. 604.657.9888 ...................Pg 29 Northgate 15 CITYHOMES 1708 55A St at 18 Avenue Open Daily 12 – 5 pm (except Friday) 604.948.2345 ...................Pg 29 Springs 16 Tsawwassen 5099 Springs Boulevard Open Tues – Sun 12 – 5 pm & open by app. 604.948.4663 ...................Pg 36
SECURE ANY HOME WITH ONLY
$ 10,000
HOME
TYPE
SIZE
PRICE
DEPOSIT
403
1 BED
565 SF
$326,900
$10,000
602
1BED + DEN
602 SF
$347,900
$10,000
504
2 BED
766 SF
$433,900
$10,000
410
2 BED + DEN
800 SF
$452,900
$10,000
1707
3 BED + DEN
1,291 SF
$802,900
$10,000
OFFER AVAILABLE ON THE NEXT 20 HOMES. FOR DETAILS VISIT OUR DISCOVERY CENTRE.
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· AT THE HEART OF LYNN CREEK – NORTH VANCOUVER’S MOST EXCITING NEW MASTERPLANNED COMMUNITY · SWEEPING VIEWS OF DOWNTOWN VANCOUVER AND THE NORTH SHORE MOUNTAINS
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604.980.5000 SEYLYNN.CA
600 MOUNTAIN HIGHWAY, NORTH VANCOUVER. OPEN 12 – 5PM DAILY.
THIS IS NOT AN OFFERING FOR SALE. ANY SUCH OFFERING MAY ONLY BE MADE WITH A DISCLOSURE STATEMENT E.&O.E. PRICES AND PROMOTIONS ARE SUBJECT TO CHANGE WITHOUT NOTICE. SOME CONDITIONS APPLY.
CONDOMINIUM
November 13, 2015 35
PERFECT HOME. Perfect Investment.
2 BEDROOM + 2 BATHROOM CONDO THAT HAS IT ALL INSIDE 1010 SQUARE FEET Choice of North facing Golf Course + Mountain Views or Sunny South Exposure
Floor to ceiling windows for bright living space
DECK 10'-8" x 11'-0"
LIVING 11'-1" x 13'-5"
Over 100 square feet of outdoor living for luxurious year-round entertaining
BED #2 10'-0" x 10'-0"
Second bedroom with large closet High Quality Concrete building for long term living + return on investment
DINING 12'-6" x 9'-2"
MASTER BEDROOM 13'-4" x 13'-3"
Master bedroom with large closet + ensuite KITCHEN 8'-6" x 9'-4"
Open concept kitchen with a breakfast bar, perfect for entertaining
Large in suite storage HRV, Geoexchange heating, air conditioning and hot water
STORAGE 8'-6" x 7'-10" (67 sf)
ENTRY 5'-0" x 7'-0"
BATH 6'-4" x 5'-11"
ENSUITE 5'-0" x 9'-3"
*Solar panels on roof to Second spacious bathroom In suite laundry THIS IS NOT AN OFFERING FOR SALE. ANY SUCH OFFERING CAN ONLY BE MADE WITH A DISCLOSURE STATEMENT. E. & O.E. SALES BY REGENCY REALTY LTD. PRE-CONSTRUCTION OFFERING.
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RICHMOND
HWY 17- A 52 ST
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36 November 13, 2015
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FERRY TERMINAL
56 ST
TSAWWASSENSPRINGS.CA
SPRINGS BLVD
SFPR - HWY 17
TO PEACE ARCH (US) BORDER
HW
Y 9 9