W E S T C O A S T
October 16, 2015
CONDOMINIUM REACHING
NEW HEIGHTS Seylynn Village brings elevated lifestyle to Lynn Creek in North Vancouver P8-9
www.westcoastcondominium.ca
CONDO BUYING
PROTECT YOUR INTERESTS WHEN BUYING NEW One crucial rule to follow if you’re buying a home off-plan
P7
STRATA LIVING
HOW TO… RENOVATE A CONDO KITCHEN ON A BUDGET GVHBA’s Bob de Wit has advice on keeping costs down P12
CELEBRITY CONDOS
INSIDE THE COAL HARBOUR HOME OF TWO LOCAL LEGENDS Doug and Diane Clement give us the P14 tour of their downtown pad
CONDOMINIUM
October 16, 2015 1
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. Two brand new penthouse display
homes available for viewing next Saturday, October 17th at noon. Ask about our limited time promotions. MOVE IN READY. 1-3 Bedroom + Den Homes $299,900-$692,900. 778.398.1344 or aragon.ca/portage 260 Salter St, New West
#ARAGONFORWARD Aragon Properties Ltd.
2 October 16, 2015
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PENTHOUSE
DISPLAY HOMES
OCTOBER 17TH NOON SHARP
specifications, features and prices without notice. Please refer to disclosure statement for specific offering details. E.&O.E.
2 NEW
*In our continuing effort to improve and maintain the highest standard, the developer reserves the right to modify or change plans,
OUR DESIGN FORWARD THINKING WILL MOVE YOU TO NEW HEIGHTS.
UNVEILING
LYNNVALLEYRESIDENCES.COM
R EG I ST ER
NOW
A MOUNTAIN COMMUNITY BY BOSA
COMING SOON TO LYNN VALLEY 1, 2 AND 3 BEDROOM HOMES INCLUDING TOWNHOMES BOSADEV.COM
Developer reserves the right to make changes and modiďŹ cations to the information contained herein without prior notice. This is not an offering for sale. No such offer can be made without a disclosure statement E.&O.E.
CONDOMINIUM
October 16, 2015 3
SELLERS, WE DELIVER! With over 133 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
*
FWG
DOWNTOWN
October 16, 2015
Condo market snapshots 6 10 18 22
North Shore Vancouver Burnaby Richmond/Tsawwassen
7
Protect your interests in new condo purchase
8 • 641 s.f. Suite • 1 Bdrm + Den • 1 Bathroom
1903 – 1372 Seymour Street
$599,000
• 902 s.f. Suite • 2 Bedrooms • 2 Bathrooms
• Granite counters • 2 parking • Spacious living • 2 storage • Terrific amenities • Main fee: $364
702 – 1425 West 6th Avenue
YALETOWN
$759,000
KITSILANO
OLD O O JUST S Amazing Water & Marina Views
1005 – 1328 Marinaside Cres.
$2,598,000
• Lovely Renos • Gas Fireplace • Stnlss Kitchen
24
103 – 2160 Cornwall Avenue
Tastefully Updated 1 Bedroom
• Private patio • 2 Pets OK • 1 Parking
$399,000
• 586 s.f. suite • 1 Bedroom • 1 Bathroom
• Ambient f/p • Large & Open • Large Patio
102 – 1875 West 8th Avenue
• Great Building • 1 Parking • Main fee: $269
$358,000
Buying or Selling, you’ve got to have Faith *see FaithWilsonGroup.com for details
4 October 16, 2015
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Can you rent out your condo? Tony Gioventu helps you get your head around strata rental bylaws
$428,000
New Price
Steps to Kits beach!
Renovate your kitchen on a budget Sage advice to cut costs, but not corners, in your new condo kitchen
20
• Conv Location • 1 parking • Main fee: $282
O SOLD
14 12
The celebrated local couple graciously allow us into their Coal Harbour pad
KITSILANO
New Listing • 578 s.f. Suite • 1 Bedroom • 1 Bathroom
Celebrity condos: Doug and Diane Clement
www.FaithWilsonGroup.com
KITSILANO
JUST
• Funct Layout • Great Kitchen • Large balcony
310 – 2255 York Avenue
For the complete schedule of our open houses & our listings complete with enhanced detail go to...
O
A pioneer on the North Shore
Quiet, Top Level Suite
• 1,500 s.f. Home • Gourmet Kitchen • Custom Lighting • 728 s.f. suite • 2 Bdrms + Den • Luxury Abounds • 2 car garage • 1 Bedroom • 3 Bathrooms • 1 Bathroom • Main: $734 • Views
8
Denna Homes’ Seylynn Village brings elevated living to the mountainside
Outstanding 400 s.f. Terrace!
• Open Layout • Great location • Air Conditioning • 1 parking • Views • Main fee: $244
Tri-Cities New West Surrey
There’s one golden rule to follow when buying a unit before it’s built…
FALSE CREEK
Downtown Living
28 31 32
Strata solutions: Solving small-claim disputes Did you know about BC’s online system for tackling minor strata problems?
EDITORIAL
BUYERS
Why Vancouver needs
that we assist in realizing their real estate dreams
a real estate therapist (and now has one)
ENJOY
City suffering growing pains as it transitions to globally desirable destination
S
ince I moved to Vancouver in 2010, I have been struck with the unique qualities of the real estate market – and how Vancouverites feel about it. From a global perspective, it is an extraordinary market in terms of how expensive it is – average house prices put us in the league of London, San Francisco, Hong Kong and New York. But Vancouver doesn’t have the head offices that support the local incomes needed to afford them. This city is transitioning from a relatively small, neighbourhood town into a globally desirable destination, with prices to match. Yes, there are few head offices here, but that is trumped by the extraordinary natural beauty and standard of living. Add to that economic growth and the Asia Pacific gateway, and it’s not surprising people from all over are flocking to live in this stunning metropolis (just as I did). Here’s another way Vancouver differs from London and New York. There, regular locals with regular incomes don’t expect to live centrally. If you’re not rich, you live further out of the city, and commute. If you want to live more centrally, you live in a condo. It’s a harsh truth but this is the
new normal for Vancouver. However, until we all adjust, the city is suffering from a serious case of growing pains. What might help with that is a kind of “real estate therapist” – someone to ease housing woes by offering advice and busting myths about the market (of which there are many). That’s where I come in. Every Saturday at 9am, on Vancouver’s new station Roundhouse Radio 98.3FM, I will be hosting a live call-in show, “The Real Estate Therapist,” with a stellar line-up of regular guests to impart their specialist knowledge. As of press time, the show is scheduled to go live October 24. Please tune in, and call for advice on 604449-8983, or email realestatetherapist@ roundhouseradio.com. You can also tweet @estatetherapist or #realestatetherapist.
It’s not surprising that people from all over the world are flocking to live in this stunning metropolis
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.
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
ADVERTISING SALES
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604-379-4576
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FWG’s 18 MONTH
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 *
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.
PE
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
CONDOMINIUM
the peace of mind of
D
C ONDO
604-439-2630 salessupport@rew.ca
VANCOUVER HEAD OFFICE: 303 West 5th Avenue, Vancouver, B.C. V5Y-1J6
To get us working for you, just call Faith today at
604-224-5277
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
October 16, 2015 5
C ONDO
MARKET
North Shore Temperatures might be cooling off, but the real estate heat was much more intense in September MARKET SNAPSHOT By Jill Lunde
T
he transition from summer to fall saw increased activity in the North Shore’s real estate market. While September condo sales in North Vancouver were more than 15 per cent higher than those in August, that doesn’t come close to matching the over 92 per cent growth experienced in West Vancouver during the same time period. Seen on its own, that surge can be misleading. When comparing condo sales between July and September 2015 with those during the same time period last year, North Vancouver is up close to 44 per cent while West Vancouver’s rise is just under eight per cent. North Vancouver owners looking to sell were also quick to embrace fall: there were 29 per cent more new listings in September than August. In West Van, there was just over a 16 per cent drop in the number of new listings.
Lower Lonsdale This perennially popular neighbourhood with its easy access to shops and cafés as well as the SeaBus had 98 active listings at the time of writing, with a median asking price of $409,000. There has been plenty of new development in the area and two of the latest to come to market are Trophy at the Pier (currently under construction) and West Quay (in preconstruction).
Prices in the latter, where occupancy is expected in 2017, range from $329,900 for a one-bedroom to $659,900 for a twobedroom home. A condo at Trophy will set you back more: its listings range from $539,900 to $889,900. Of the seven sales in Lower Lonsdale from September 19 to October 2, none went for over asking and only one, at the brand-new The Anchor, sold for list price. Owners otherwise accepted offers between one and seven per cent lower than list.
Roche Point It’s a quick trip along the picturesque Dollarton Highway to the scenic Roche Point community. Here the median list price for the area’s 29 active listings is $387,900. Destiny2 at Raven Woods is currently under construction with several homes still available ranging from $289,900 to $397,900. Also coming to the market are waterfront condos at Cates Landing, where a two-bedroom will set you back $618,000. Two condos sold in this neighbourhood between September 19 and October 2. One, a generously sized one-bedroom in the 25-year-old Roche Point Tower was snapped up after nine days on the market for its list price of $449,000. The other, a considerably smaller onebedroom in a 13-year-old complex, sold for slightly under asking. The owner listed for $289,800 and accepted an offer of $288,000.
North Vancouver owners looking to sell were quick to embrace fall: there were 29 per cent more new listings in September than August 6 October 16, 2015
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371
Active condo listings* 186
New listings in September
136
Condos sold in September
••••••••••••••••••••••••••••••••••••
$389,000
North Vancouver September median selling price
$859,000
West Vancouver September median selling price
••••••••••••••••••••••••••••••••••••
49
Median days on market*
••••••••••••••••••••••••••••••••••••
$572
Median price per square foot*
•••••••••••••••••••••••••••••••••••• Type of inventory*
Studio: 2% 2 BR: 49%
1 BR: 42% 3 BR: 7%
*Active listings up to October 2, 2015
C ONDO
BUYING
Protect your interests when buying a pre-sale condo
Getting in at the ground floor can be a great idea… but do you know enough to tackle the documentation? delay the suite possession for a number of reasons, but if you, as a buyer, wish to delay for any reason, you may be in default of the contract. “The fact is you should have a knowledgeable real estate agent as part of your team in any pre-sale condominium purchase, period,” advises Neil Hamilton, a senior property advisor with Macdonald Realty Ltd. of Vancouver. There are other reasons to work with your own real estate agent when buying a pre-sale condominium. A savvy agent will be invited to developer pre-sale events, which give access to floor plans and persquare-foot prices before they are released to the public. Your agent also has access to the real estate board’s MLS system to quickly check comparable resale prices in any neighbourhood, and will know how much other new pre-sale projects in the area are selling for and how quickly. And, if you are looking to flip your assessment before the condo is complete, your real estate agent can help find a buyer. By Frank O’Brien
P
re-sales, where new condominiums are bought from show suites and plans months or even years before they are actually built, have been common in Vancouver for two decades. At one time pre-sales were frantically pursued by investors who realized they could “flip” their assignment – the sales agreement – to another buyer before the condo completed, sometimes pocketing thousands of dollars in appreciation in the process. Those heady days are mostly gone: aside from rare exceptions, modern pricing is so accurate that assignment flips are much less common. Yet, as the condominium construction momentum builds across Metro
Vancouver, investors should be aware that there are still ways to ensure you get the best unit at the best price and at the right time, all of which can translate into a higher resale value on a new condominium. The last great condominium construction cycle peaked in 2007, when 12,376 new condominium apartments were built in Metro Vancouver. This year, 14,650 new condominium apartments will begin construction in Metro Vancouver, following the start of 14,480 condo units in 2014, according to a study by Genworth MI Canada Inc., Canada’s largest private residential mortgage insurer. Still, with more than 8,900 condominium apartments completed in 2015, there are only 1,564 that are finished and remain unsold in the Metro
region, Genworth found in a recent national survey it completed with the Conference Board of Canada. With all the new units pushing into the pipeline, the pressure has ratcheted up in sales centres. Each developer must convince buyers to choose its project over the scores of competing sites, while also keeping a close eye on the myriad of costs and scheduling issues that surround the delivery of any new strata building. A developer’s pre-sale contract can run to 30 or 40 pages and includes a developer disclosure statement and a registered strata plan. This paperwork is drafted by a legal team. The developer can retain the right to change the configuration or even the actual square footage of a unit. The sales contract also dictates the timing and amount of cash deposits up to the closing day. In many cases, a developer can
A developer’s presale contract can run to 30 or 40 pages and includes a developer disclosure statement and a registered strata plan
Frank O’Brien is editor of Western Investor, the largest commercial real estate investment newspaper in Western Canada.
CONDOMINIUM
October 16, 2015 7
P ROJECT
PROFILE
Seylynn Village a pioneer in North Shore’s Lynn Creek
Three “world-class” towers to anchor the residential heart of the District of North Vancouver planned community
W
ith one tower complete and two more in the works, Seylynn Village is transforming the North Shore skyline, offering contemporary highrise living at the foot of the North Shore mountains. Driving north over the Ironworkers Memorial Bridge, it’s hard to miss Seylynn with its completed Beacon building now towering over a historically single-familyresidential neighbourhood. That demographic is set to change, however, with the development of Lynn Creek Town Centre, a planned community the District of North Vancouver envisions as “a transit-oriented, mixeduse community offering a wide range of housing options for people at all stages of life, in a unique location near employment and retail opportunities, natural amenities, and Phibbs Transit Exchange,” according to the district’s website. “Seylynn Village is a pioneer of Lynn Creek, marking the first multi-family residential project to break ground in the area,” says Nick Askew, president of Pacesetter Marketing. “With Beacon complete, it’s building a strong community with young first-time buyers, young families and many downsizers.” Pacesetter and developer Denna Homes
8 October 16, 2015
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are billing Seylynn Village as a “vibrant town centre anchored by three world-class towers” that “set the standard for urban living” on the North Shore. The first tower, the 24-storey Beacon, completed earlier this year and is nearly fully sold, with just a few homes remaining. The grand opening for the second tower, Compass, is set for October 17. Scheduled to break ground in spring 2018, the 28-storey tower will offer 247 luxury condominiums and townhomes in a contemporary highrise, featuring strong concrete lines complemented by glass plates and metal details, designed by Vancouver’s DA Architects + Planners. Standout features of the building include three high-speed elevators for residents’ convenience, triple-glazed windows for soundproofing, and air conditioning in all homes. Homes will boast gourmet kitchens and spa-inspired bathrooms, as well as floor-to-ceiling windows and large, private balconies offering sweeping views of downtown Vancouver, Burrard Inlet and the North Shore mountains. Homes will range in size from 565-square-foot condos to 1,724-squarefoot townhomes to 2,433-square-foot penthouse suites. One-bedroom condos start in the low 300s, two-bedrooms start in the low 400s, with sub-penthouses
starting in the low 700s, and townhomes are offered from the mid-700s. Residents will have exclusive access to the Denna Club, a 14,000-squarefoot amenities complex offering a fitness centre, 25-metre lap pool, lounge, hot tub, steam room and sauna, as well as licensed child care on site. The club is under construction and is slated to open in 2016. Other outstanding building amenities include a bike repair shop, dedicated bike and pet washing station, on-site car co-op vehicles, complimentary electric vehicle charging stations, a meeting room and a guest suite.
While the Denna Club will keep residents active indoors, North Shore living is really about the outdoors – and Seylynn is situated in prime outdoor recreation territory with its proximity to Lynn Creek, Bridgman and Seylynn parks, Lynn Canyon Park and Mount Seymour. Yet retail centres such as Real Canadian Superstore, Canadian Tire, Mountain Equipment Co-op and Park & Tilford shopping centre are conveniently within walking distance. “Seylynn is unique to other developments on the North Shore as you are walking distance and minutes away
from world-class outdoor recreation in B.C.,” Askew says. “It also is situated in one of the best locations for getting off and on the North Shore. You can be downtown in only 12 minutes.” Set to deliver close to 800 homes in total after its third tower, Apex, completes around 2019, Seylynn Village is poised to become the residential heart of Lynn Creek Town Centre. Part of the District of North Vancouver’s official community plan through 2030, Lynn Creek will be made up of three interconnected areas: the town centre core, a residential area and a repurposed light industrial area. Its allencompassing development plan covers land use, housing, economic vitality, community amenities, parks and open spaces, mobility and transportation, and environmental sustainability. “We’re looking out for 6,000 people, 3,000 new housing units, a new and revitalized industrial service area,” says Brian Bydwell, general manager of planning, properties and permits for the District of North Vancouver, in a Lynn Creek informational video on the district’s website. “In town centres we get more than just buildings; we get people, we get that diversity, we get interesting places to live,” he adds. Seylynn Village’s presentation centre and show home are located at 600 Mountain Highway in North Vancouver. For information, visit seylynn.ca or call 604-980-5000. For more on the District of North Vancouver’s plans for Lynn Creek Town Centre, see www.dnv.org/ property-and-development/lynncreek-town-centre.
CONDOMINIUM
October 16, 2015 9
C ONDO
MARKET
Vancouver In a change of pace, condo sales on the city’s East Side outstripped those on the West Side last month MARKET SNAPSHOT By Jill Lunde
T
he great divide between east and west continued in condo sales in Vancouver this September. However, this time, owners were smiling on the city’s East Side, where sales were up close to 24 per cent over August. During that same time, sales dropped nearly 18 per cent on the West Side. Comparing sales from July to September 2015 with those from the same period in 2014, sellers on both sides of Main Street should be united in their glee: sales in the east were up 36.6 per cent while those on the west were tracking just north of 31 per cent higher. On the buyers’ side of the balance sheet, the East Side saw no increase in the number of new listings between August and September, while the West Side an increase of just over 18 per cent of the number of new options added to the marketplace. When it comes to sales registered between September 19 and October 2, we have to tip our hats to the sellers. Fiftyfive per cent of properties went for at or above the listed price… some as much as 11 per cent over asking.
Cambie There’s nothing that can shake up a neighbourhood quite like augmenting its transit options. The Cambie corridor
is undergoing enormous change which is reflected in the condo market: 19 of the 23 active listings at the time of writing were all in brand-new buildings. The median cost of a condo (new or old) in this community is $822,400 – well above the overall West Side listing median of $688,800. Prices in this neighbourhood ranged from a low of $279,900 for a 40-yearold, one-bedroom in Heather Court to over $1.6 million for a three-bedroom in The Monarch that will be ready for move in sometime in 2017. A two-bedroom home on a lower level in that same new development is also available. The price tag? $964,900.
Fraserview Fabulous transit access is not something sellers in this neighbourhood can claim, but many people who live here believe it is Vancouver’s hidden jewel. Running along the Fraser River below SE Marine Drive, the area is great for outdoor enthusiasts with its many parks and access to miles of walking/jogging/ cycling trails. The median price of the 14 active listings is $358,850, which puts it slightly under the East Side’s median listing price of $368,800. Condo hunters can choose from a one-bedroom in the 16-year-old Southampton complex for a low of $269,900 to a two-bedroom in the 24-year-old The Phoenix for a high of $799,000.
There’s nothing that can shake up a neighbourhood quite like augmenting its transit options 10 October 16, 2015
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1,431
Active condo listings* 835
New listings in September
590
Condos sold in September
••••••••••••••••••••••••••••••••••••
$527,000
Vancouver West Sept. median selling price
$410,000
Vancouver East Sept. median selling price
••••••••••••••••••••••••••••••••••••
39
Median days on market*
••••••••••••••••••••••••••••••••••••
$732
Median price per square foot*
•••••••••••••••••••••••••••••••••••• Type of inventory*
Studio: 3% 2 BR: 50%
1 BR: 38% 3 BR: 9%
*Active listings up to October 2, 2015
14 IMPORTANT QUESTIONS SELLERS need answers to 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.
RI EX\HUV ORRN RQOLQH DV WKHLU À UVW VWHS 'RHV KH VKH KDYH D ZHEVLWH GHGLFDWHG 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? A trustworthy DJHQW ZLOO EH GHOLJKWHG WR SURYLGH UHIHUHQFHV IURP VDWLVĂ€ HG FOLHQWV IRU \RX WR UHYLHZ 10. What homes have you sold in my area? An informed agent will provide you with their performance in your neighbourhood and area.
1. What makes you different? Why should I list with you? 11. Do you provide a written schedule of the services you What unique strategies do you use? Today, it is a much tougher and deliver? A set of performance promises will clearly detail what you can expect 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 receiving the EHQHĂ€ W RI WKHLU H[SHULHQFH UHVRXUFHV DQG WKHLU SURYHQ SODQ WR GHOLYHU D VXFFHVVIXO VDOH
from the agent, including recourse if they don’t deliver.
12. Do you provide regular, updated market evaluations on my home? 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 percentage of the agent’s commission will be dedicated to the marketing budget and how does this compare?
3. How many contracts have you negotiated in the last 10 years? The more contracts negotiated and the more exposure to cross cultural 14. What marketing media mix will you use to display my scenarios translate into better advice which delivers better results for you. home to the widest array of potential buyers? Successful agents 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? Consider that taking off the basic two 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? A realistic, market-based price point will attract the full scope of buyers and not just those looking to “steal the deal�. Setting the right price 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.
use a mix of search advertising, social media plus web sites for Vancouver, China, the U.S. and other international markets, and print media.
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 and the commitment 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. Please use these questions as a foundation for making the right choice for your needs.
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
Buying or Selling, you’ve got to have Faith CONDOMINIUM
October 16, 2015 11
S TRATA
LIVING
Renovate your kitchen on a budget Here’s how to get your reno plans in place and make a statement without breaking the bank By Bob de Wit
T
he Vancouver condo market is hot and kitchen design is sizzling too! As condo square footage decreases, kitchen space is changing. Condo kitchens today are often more of a culinary wall in the great-room concept, with an island serving as the eating station, and extra storage and work space. With this new trend, condo kitchen renovations will most likely require wall removal, upgrades in appliances, cabinetry, and flooring, and maybe the addition of an island. To keep costs down, keep the following in mind when renovating: • Roll up your sleeves and pitch in with the demo. And, for that matter, you can help with rubbish, recycling and general cleanup too. This can save you upwards of three to five per cent of your overall renovation costs. • Existing appliances can be resold or recycled. Check with BC Hydro for appliance rebate programs in your area. If not available, list them for free, and eliminate removal costs. • Culinary walls typically feature flushmounted appliances, adding to the seamless, opening living feel. Tap in to your certified builder or renovator’s contacts. Chances are they will get better deals on appliances, saving you money to upgrade. • Re-use existing cabinetry. If cabinets are in good shape, door panels can be replaced or recovered. • Cabinet space-saving systems can exponentially increase your existing usable space per square foot, eliminating the need for excessive cabinetry. • If you are removing walls, the space
12 October 16, 2015
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•
• •
•
will naturally lighten up. Look to under-cabinet lighting to warm up darker corners versus more expensive, recessed overhead lighting. If you don’t have to move the kitchen sink, don’t. It will save you plumbing costs, and potential issues with your strata/bylaws. If however, you are working with a plumber, and have access to include natural gas in your kitchen, this would be a cost-efficient time to upgrade. Check with FortisBC for energy-saving rebates and appliance upgrades (www. fortisbc.com). Open concept living generally features a single floor covering. Buy in-stock flooring rather than making custom orders. This will save you on both time and money. And, make sure wall removal is complete before installing. Have your plans in place. Countertops often become the statement piece in open plans, with a
focal point around the island. You might like to splash out here, given all of the other dollar-saving ideas. • Finally, but most importantly, work with a professional contractor/renovator with condominium knowledge. There will be strata rules to consider, city bylaws, and limitations with common walls, supporting walls, and windows, just to name a few. When buying older units, make sure to do your due diligence; know the bylaws, use a building inspector and most of all, be sure to use a certified builder or renovator, and get the agreement in writing. For all these resources and more, check out www. gvhba.org.
Countertops often become the statement piece in open plans, with a focal point around the island
Bob de Wit is the CEO of the Greater Vancouver Home Builders’ Association (GVHBA), the voice of the residential construction industry in Metro Vancouver. GVHBA has more than 850 members and is proudly affiliated with the provincial and national Canadian Home Builders’ Associations. You can reach Bob at bob@gvhba.org.
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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
STYLE
Celebrity condos: Diane and Doug Clement With this issue, West Coast Condominium begins a new series stepping inside the homes of some of Metro Vancouver’s favourite personalities
By Michelle Hopkins
Y
ou could call Dr. Doug and Diane Clement visionaries of urban living. In 2000, when they bought a condo in Coal Harbour, it was a wasteland of sorts. “There was no Shangri-La, no One or Two Harbour Green towers, no Jack Poole Plaza or Cactus Club, but we knew that this downtown waterfront would grow,” says Doug. These active retirees, both internationally recognized former Olympians - he a former
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renowned sports medicine doctor, bronze medalist at the 1958 Commonwealth Games and an Order of Canada recipient; she a former chef, eight-time cookbook author of the best-selling Chef on the Run series and former host of Global TV’s Saturday Chefs – say they wouldn’t live anywhere else. When this busy couple, 82 and 79 respectively, decided to sell their Marine Drive family home in Vancouver to downsize, they were ready for condo living. “Once our children were grown with families of their own, we didn’t want to look after a large home and the lawn
anymore,” says Diane. The jet-setting couple fell in love with this now exclusive postal code and the lifestyle it offers. “We bought a 1,280-square-foot condo on the 23rd oor of the Shaw Tower and we absolutely love it… it’s like being in a resort every day,” says Diane, adding they enjoy the amenities and security afforded by the 24/hour concierge, the fully equipped health and tness club and the rooftop deck. “We wake up to stunning sunrises, cruise ships going by, the mountains and the seaplanes coming in. I mean, really, where in the world can you have all this?”
Venture a few feet inside their twobedroom, two-bathroom plus den home, high above West Cordova and Burrard streets and you appreciate just why this dynamic duo bought here. The uninterrupted views from the bank of oor-to-ceiling windows are absolutely priceless – from Coal Harbour to the Ironworkers bridge to the east, to the North Shore mountains, the shimmering waters of the city’s harbour and cityscape, including front row seats of Canada Place and the Five Sails. The rst thing you notice in the entryway is the couple’s glass and wood case. It displays numerous gifts and awards
(including Doug’s BC Sports Hall of Fame and Canadian Olympic Hall of Fame plaques), from dignitaries in the elite sports world and from both the provincial and federal governments. Diane pulls out her most recent award – the Civic Merit Award, a medal given to her in July 2015 by Mayor Gregor Robertson. She was recognized for “her outstanding accomplishments as an Olympian and the first woman to coach the University of British Columbia’s women’s track team, as well as her role in co-founding the Achilles International Track and Field Society and the Vancouver Sun Run…” Throughout the residence are elements of what this couple treasures: art from around the globe. In the hallway leading to the master bedroom are two works of art from internationally acclaimed Haida artists – a painting from Robert Davidson and a Dorothy Grant shawl. “I wore that shawl when we hosted Queen Elizabeth during the 1994 Victoria Commonwealth Games,” adds Diane. With a west coast contemporary and functional approach, sleek limestone
floors, birch integrated cabinetry, marble countertops and backsplash, the kitchen couldn’t be a more perfect way to embody Diane, who can still be found cooking and entertaining for large groups of family and friends. “Our family home was very traditional, so we sold or gave most of our furniture away to go with a very modern look,” says Diane. “One of the first things we bought was this Italian table with glass top. It opens up to 10 feet and can accommodate up to 15 guests.” Because Diane has quite a collection of dishes, glassware, and pots and pans, Doug turned a small office into a pantry with floor-to-ceiling shelving. It’s a storage space that serves as a shortstop for the clutter that might otherwise end up in the kitchen: platters; serving trays; assorted pasta; glasses of all shapes and sizes; as well
We bought a 1,280-square-foot condo on the 23rd floor of the Shaw Tower and we absolutely love it… it’s like being in a resort every day
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October 16, 2015 15
as a mini-freezer. They also converted the second bedroom into Doug’s office. Although compact, this room shares the same breathtaking views as the rest of the home. Because of Diane and Doug’s great appreciation for the arts, they purposely kept the walls white in order to showcase their collection of art purchased during their many overseas trips. “We already have spectacular views that can detract from the art works so by keeping the walls and ceilings white, it minimizes the disruptions,” adds Doug. Meanwhile, one of their favourite rooms in which to relax, entertain or enjoy the vistas is the living room, which can moonlight as a guest room with its black leather sofa bed. This space is decorated in a minimalist black and white theme – with pops of interest coming from the geometric motif on the carpet and cushions, as well as from the art displayed on the built-in birch cabinetry – again so as to not detract from the outside panorama. Since moving into the Shaw Tower, they walk everywhere and seldom use their car. “This is freedom, let me tell you,” quips Diane, as the couple shakes hands before they head out for their daily power walk along the Stanley Park seawall.
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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
CONDOMINIUM
October 16, 2015 17
C ONDO
MARKET
Burnaby Condo owners here appear willing to make deals… all the recent sales went for under asking MARKET SNAPSHOT By Jill Lunde
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urnaby saw a slight increase (2.8 per cent) in condo sales in September compared to August with 221 homes trading owners. It’s an even healthier picture when you compare last month’s sales with September 2014. When you look at it that way, sales were almost 42 per cent higher. For those searching for a condo in Burnaby, there were 238 new listings to check out in September, slightly less than the 242 new listings that came onto the market in August. Of the 647 active listings at the time of writing, the median price was $399,000. You can call Burnaby home for as little as $140,000 (a one-bedroom, 40-yearold home in Edmonds) or as much as $1,875,000 (a three-bedroom, 23-yearold suite on the South Slope).
Brentwood Park With a median listing price of $439,900, Brentwood Park has some of Burnaby’s higher priced condos. The community’s least expensive listing, which entered the market in late September, is a twobedroom suite in a 37-year-old building for $238,000. The most expensive of the area’s 83 listings is a three-bedroom in a
nine-year-old complex for $869,000. One of the neighbourhood’s newest towers is the move-in-ready Aviara. Brand-new two-bedroom condos are on the market here from $398,800 to $658,800. All Burnaby condo sales between September 19 and October 2 went for under asking including the four homes trading hands in Brentwood Park. The owners there settled for anywhere from one to five per cent off list price.
Simon Fraser University SFU’s condo community is made up primarily of younger buildings as mass development did not get underway there until the past decade. Of the 45 active listings, with a median price of $397,450, 84 per cent are less than 11 years old. The least expensive option is also the smallest: $249,900 for a 390-squarefoot, one-bedroom in Highland House. If your budget is bigger, the most expensive condo on Burnaby Mountain is a threebedroom, 1,363-square-foot home for $599,000. Two condos in the SFU neighbourhood sold between September 19 and October 2. The owner of a studio accepted an offer six per cent below the $229,000 asking price after three weeks on the market, while a two-bedroom home went for 15 per cent less than its $499,000 sticker price six weeks after listing.
With a median listing price of $439,900, Brentwood Park has some of Burnaby’s higher priced condos 18 October 16, 2015
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647
Active condo listings* 238
New listings in September
221
Condos sold in September
••••••••••••••••••••••••••••••••••••
$395,000
September median selling price
••••••••••••••••••••••••••••••••••••
52
Median days on market*
••••••••••••••••••••••••••••••••••••
$493
Median price per square foot*
•••••••••••••••••••••••••••••••••••• Type of inventory*
Studio: 1% 2 BR: 64%
1 BR: 30% 3 BR: 5%
*Active listings up to October 2, 2015
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October 16, 2015 19
S TRATA ADVICE
Understanding your building’s rental bylaws Your condo’s strata will likely have rules about rentals… here’s how to find out whether or not you can rent your unit By Tony Gioventu
H
ow many times have you heard the story “we were told we could rent our condo, but we found out the strata has a bylaw” or “we rented when we first bought the unit, but everything changed”? The landscape of rental bylaws in condo buildings is difficult to navigate at the best of times unless you have accurate information and your strata understands how to administer rental bylaws. So can you rent your unit or not? Read on! Bylaws that prohibit or limit rentals are permitted for residential strata corporations or residential strata lots in a mixed-use strata property. Whether it is a duplex, bare land strata, high-rise or mid-rise, a strata corporation by a threequarter vote resolution may adopt bylaws that limit or prohibit rentals. If you are purchasing an existing strata lot that was filed before 2010, odds are you will be affected by a rental bylaw, or the strata may adopt a rental bylaw in the future that may change the use of your property. There are three types of exemptions that apply to rental bylaws, and, for the first-time buyer or investor, it is critical to understand how they apply. A rental disclosure exemption can be filed by the owner developer when the strata is first created. For strata corporations that were created and filed in the Land Title Registry before January 1, 2010, if the owner developer filed a rental disclosure, they commonly identified the strata lots and did not set a limit on the time period. Therefore, the exemption from rental bylaws only applies to the owner developer and the first purchaser. If you purchased from the first buyer, this exemption will not apply to you. If the strata was filed in the Land Title Registry on or after January 1, 2010, the rental disclosure had to identify the strata lots and the date of expiry. The difference is the exemption applies to whoever owns the strata lot until the expiry date, many
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of which are 99 years. When you request a Form B Information Certificate from the strata, they must attach a copy of the rental disclosure if one exists. The other two exemptions are family rentals and hardship exemptions. As an owner, you may rent to your or your spouse’s children or parents. If you are experiencing a hardship, such as a financial or medical difficulty requiring you to rent your unit, you may apply to the strata corporation for an exemption from the bylaws. The strata will likely require you to provide evidence of your hardship and may request personal information; however, they must not unreasonably refuse the application. When a strata counts rentals to administer a bylaw limit, they may not include hardship, family rentals or owner developer exemptions as they are defined
by the Strata Property Act as being exempt from rental bylaws. Owners of strata lots must still provide a Form K Notice of Tenant’s Responsibilities to the strata corporation, and you must also comply with occupant age restriction bylaws. An exemption from a rental bylaw is not an exemption from an enforceable age restriction bylaw. Before you purchase and before you rent, obtain a copy of the strata rental bylaws and identify if there is an owner developer rental disclosure that may apply. If there is a rental bylaw, apply to council before you rent to confirm there are vacancies in the rental limit.
If you are purchasing a strata lot that was filed before 2010, odds are you will be affected by a rental bylaw
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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Richmond Tsawwassen The leaves may be turning but it’s still sunny in the condo market south of the Fraser By Jill Lunde
R
ichmond sellers were pleased to see a bounce upwards in sales last month: September condo closes were up nine per cent over August’s with 194 deals being finalized. Sales also compare well with last year: there were 63 per cent more in September 2015 than September 2014. Richmond’s 827 active listings at the time of writing had a median list price of $404,900. Frequent flyers can pick up a studio apartment for $68,000 at the Vancouver Airport Hilton Hotel. That’s the city’s cheapest condo currently. At the other end of the scale, $6,880,000 will get you a spacious three-bedroom in Brighouse. Sunny Tsawwassen is a much smaller market with 48 active listings and a median list price of $393,500. It will cost you $198,000 to get your foot in the door here with a one-bedroom in Sundial Village. Or, if life has treated you well and money is no object, Tsawwassen Springs has a twobedroom condo for $4,750,000.
McLennan North This sought-after residential neighbourhood in the heart of Richmond had 80 active listings at the time of writing with a median price of $435,000. These ranged from a 12-year-old, one-bedroom home at Trellaine for $239,900 to a brand-new two-bedroom in the Monet tower for $ 1,114,900. The latter building has several
condos on offer with a starting point of $346,800. Of three sales in the area between September 19 and October 2, one was in Monet. Going against the flow, the developer accepted an offer slightly below asking: $365,000 for a one-bedroom that was asking $369,000. Another sale was concluded right at the list price, while the third went eight per cent below asking… undoubtedly making the new owners very happy that they low-balled their offer.
Cliff Drive Just the name of this Tsawwassen neighbourhood evokes images of the sweeping views possible across the Georgia Strait on a sunny day… and when isn’t it sunny here? There were 27 active listings in the Cliff Drive neighbourhood at the time of writing, with a median asking price of $398,900. Just $238,000 will get you in the door in a 40-year-old building with a onebedroom unit on the market. That’s the oldest building with a current listing; most are less than 10 years old. Several condos are available in the Tsawwassen Springs master-planned community. Three are in a four-year-old building on the site while nine are in the preconstruction phase and won’t be ready for you until 2017. That includes the area’s priciest option: a two-bedroom for $899,900. Two homes in Tsawwassen Springs sold between September 19 and October 2; both went for list price.
When it comes to brand-new properties, Richmond is a condo hunter’s dream 22 October 16, 2015
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MARKET SNAPSHOT
875
Active condo listings* 265
New listings in September**
194
Condos sold in September**
••••••••••••••••••••••••••••••••••••
$389,000
September median selling price**
••••••••••••••••••••••••••••••••••••
62
Median days on market*
••••••••••••••••••••••••••••••••••••
$482
Median price per square foot*
•••••••••••••••••••••••••••••••••••• Type of inventory*
Studio: 1% 2 BR: 60%
1 BR: 29% 3 BR: 10%
*Active listings up to October 2, 2015 **Richmond only
bar & counter stools over 25 styles to choose from prices starting at $129
S TRATA
LIVING
Strata solutions: Solving small-claim disputes BC is creating an online system for settling small claims, like non-payment of strata fees, outside of court By the experts at FirstService Residential
I
n May 2012, the British Columbia Minister of Justice and Attorney General announced the planned creation of a new, independent tribunal offering online civil dispute resolution tools to British Columbians. The proposed Civil Resolution Tribunal Act is intended to create an alternative to the existing court-based approaches to settling strata disputes. Planned to be in place in 2016, the proposed service will provide a quicker and proportionately less expensive path to resolving common civil complaints and will have the authority to handle the following issues: • Small claims disputes where the parties decide to take the matter to the tribunal instead of the court, up to a maximum value of $25,000, for: debt or damages; recovery of personal property; specific performance of an agreement relating to personal property or services; or relief from opposing claims to personal property. • Strata disputes between owners of strata properties and strata corporations for a wide variety of matters such as: ◦ Non-payment of monthly strata fees or fines. ◦ Unfair actions by the strata corporation or by people owning more than half of the strata lots in a complex. ◦ Uneven, arbitrary or non-enforcement of strata bylaws (such as noise, pets, parking, rentals). ◦ Issues of financial responsibility for repairs and the choice of bids for services. ◦ Irregularities in the conduct of meetings, voting, minutes or other matters. ◦ Interpretation of the legislation, regulations or bylaws. ◦ Issues regarding the common property. The tribunal will not decide tribunal matters that affect land, such as:
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• ordering the sale of a strata lot • court orders respecting rebuilding damaged real property with developers and phased strata plans • determining each owner’s percentage share in the strata complex Such matters will continue to be heard in the Supreme Court. It remains to be seen whether this approach will be successful, but any attempts to minimize the cost and encourage the early resolution of disputes is welcome. The Civil Resolution Tribunal (CRT) was created to increase access to justice for British Columbians by helping them resolve strata property and small claims disputes fairly, quickly, and affordably – and from the comfort of their home computer or even their mobile phone. CRT decisions and orders will have the same force and effect as court decisions in British Columbia. The CRT is going to be very different from other dispute resolution options that have been available in British Columbia. It will give you choices about how, when, and where you resolve small claims and
• dealing
The Civil Resolution Tribunal was created to increase access to justice for British Columbians by helping them resolve strata property and small claims disputes fairly, quickly, and affordably – and from the comfort of their home computer or even their mobile phone strata property disputes, built around your needs and your life. When the CRT opens in 2016, you will be able to use it 24 hours a day, seven days a week, from any computer or mobile device with an internet connection. Interactions with the other participant and/or the CRT are at your convenience. Information and support will be provided along the way to help users get a satisfactory resolution as early as
possible. Tribunal adjudicators will only make a decision for you if you and the other participants to a dispute cannot agree on your own solution. The CRT will also provide unique opportunities for feedback and comments used to help shape the ongoing development of the CRT’s service and tools. For more information, visit the CRT’s dedicated website at www. civilresolutionbc.ca.
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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604-943-8080 CONDOMINIUM
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October 16, 2015 27
C ONDO
MARKET
Tri-Cities
If you’re in the mood for variety, this region of Metro Vancouver offers a wide range of choice
By Jill Lunde
C
oquitlam and Port Moody sellers enjoyed a better September than August, while the reverse was true for Port Coquitlam condos looking for new owners. Sales were up almost 24 per cent last month in Coquitlam compared with the previous month; in Port Moody, sales were a touch over 23 per cent higher. In the meantime, sales in PoCo dropped nearly 10 per cent during the same time period. All owners can take heart though when comparing July to September 2015 sales with those during the same months in 2014. These were up 33.8 per cent in Coquitlam, 38.1 per cent in Port Coquitlam, and 41.3 per cent in Port Moody. Patterns were different when it came to new listings being added to the market last month. While Coquitlam and Port Coquitlam saw decreases compared with August (-3.1 per cent and -6.8 per cent respectively), Port Moody added over 41 per cent more condo listings to the market.
Glenwood With 26 active listings at the time of writing, the median asking price for this neighbourhood was $239,850, below Port Coquitlam’s overall median listing price of $257,400. You can get your foot in the door for $135,900 – that’s a 34-year-old, one-bedroom home at Coquitlam Place. If money is no object and this is your
neighbourhood of choice, a two-bedroom unit is going for $389,000 at two-yearold The Residences on Shaughnessy. Of the two condos that sold in this community between September 19 and October 2, both went three per cent below their asking price. The owner of a 20-year-old, one-bedroom apartment accepted an offer of $194,000 while that of a 23-year-old, two-bedroom home agreed to let their home go for $214,000.
Port Moody Centre Forty-nine of Port Moody’s 66 active listings at the time of writing were located within this busy neighbourhood. With a median listing price of $375,000, there is a wide range of product available: studios and one- and two-bedrooms in buildings aged two to 50 years. The two half-century homes on the market (both in the same building) are also the least expensive: $135,000 for a studio; $135,800 for a one-bedroom. Topping the neighbourhood market at $598,000 is a two-bedroom home in a six-year-old building on Capilano Road. It’s getting stiff competition from another unit in the same building. Located on a higher floor, the latter condo was listed in early September at $569,800. It’s not unusual for Port Moody condos to go for over asking. The one home in this particular community to sell between September 19 and October 2 was a onebedroom at The Room at Suterbrook. It went for $305,000 – two per cent over its list price.
It’s not unusual for Port Moody condos to go for over asking 28 October 16, 2015
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MARKET SNAPSHOT
487
Active condo listings* 208
New listings in September
188
Condos sold in September
•••••••••••••••••••••••••••••••••••• $335,950 Coquitlam September median selling price
$249,900
Port Coquitlam September median selling price
$375,000 Port Moody September median selling price ••••••••••••••••••••••••••••••••••••
53
Median days on market*
••••••••••••••••••••••••••••••••••••
$365
Median price per square foot*
•••••••••••••••••••••••••••••••••••• Type of inventory*
Studio: 1% 2 BR: 64%
1 BR: 30% 3 BR: 5%
*Active listings up to October 2, 2015
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New Westminster
Selling prices are dropping in the Royal City… could this be your time to make an offer? Uptown
By Jill Lunde
T
here was good news for people searching for a condo in New Westminster last month. While sales were down slightly (5.9 per cent) in September compared with the previous month, the number of new listings rose by 2.4 per cent. Median selling prices are also going down. That number in August was $323,000; it dropped almost 12 per cent to $285,000 in September. Last month’s median selling price was also below that of September 2014 when 50 per cent of condos sold for more than $310,390. That’s a more modest drop of a tad over eight per cent. Meanwhile, the median list price for a condo at the time of writing was $309,450. You can enter the New West condo market at $94,900 in a close-to-historic 50-yearold, one bedroom home in Norfolk House in Uptown. Or, if your tastes run to the more modern, at the top end of the market is an eight-year-old, three-bedroom condo at The Residences at Victoria Hill in Fraserview for $825,000. Whatever your preference, keep in mind that, of the 19 condos that sold in this city between September 19 and October 2, only one went for over asking. That twobedroom apartment in Uptown was priced to sell at $129,900. After 49 days on the market, its owner accepted an offer six per cent over asking: $137,600.
There were 89 active listings in this neighbourhood at the time of writing with a median price tag of $226,000. This community offers a wide price range with the most expensive listing topping out at $740,000 for a 21-year-old, twobedroom condo. There has been some recent development in the area, with a number of homes now on the market in the two-year-old Viceroy tower. The other recent addition to the neighbourhood is 258 Condos on Sixth Street; there are two homes on the market in this 2014 building. Seven of New Westminster’s 19 condo sales between September 19 and October 2 were in Uptown. Besides the only property to go for more than list price, owners accepted offers between one and six per cent below asking.
Fraserview The median listing price of a home in this younger neighbourhood is substantially higher than the area’s average: $368,000. Here, prices start at $168,500, which will buy you a one-bedroom home in a 21-yearold building on Blackberry Drive. There are a number of new projects in development in this community including Onni’s The Lookout nearing completion on Victoria Hill and the same developer’s Parkside complex which is currently under construction also on Victoria Hill. Condos listed in these two brand-new complexes range from $293,900 to $511,900.
Of the 19 condos that sold in this city between September 19 and October 2, only one went for over asking
MARKET SNAPSHOT
298
Active condo listings* 127
New listings in September
80
Condos sold in September
••••••••••••••••••••••••••••••••••••
$285,000
September median selling price
••••••••••••••••••••••••••••••••••••
46
Median days on market*
••••••••••••••••••••••••••••••••••••
$343
Median price per square foot*
•••••••••••••••••••••••••••••••••••• Type of inventory*
Studio: 2% 2 BR: 55%
1 BR: 36% 3 BR: 7%
*Active listings up to October 2, 2015
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October 16, 2015 31
C ONDO
MARKET
Surrey Surrey remains a great option for singles and families with a wide choice from studios to three-bedroom homes MARKET SNAPSHOT By Jill Lunde
I
f Surrey is your desired Fraser Valley location, you will appreciate that the condo market is currently where the best selection is; there’s a healthy supply of both new and resale properties. While September saw a 5.8 per cent decrease in sales over the previous month, the 114 sales were nevertheless 8.6 per cent stronger than they were in September 2014. The benchmark sales price was up a modest 1.3 per cent over August’s and 4.1 per cent over the same month last year. Taking a quick look at the 11 condos that sold in Surrey between September 19 and October 2, none went for more than list price and only two sold for their asking price. Most condos were well priced, with owners accepting offers anywhere from one to five per cent below asking.
Clayton This up-and-coming Cloverdale neighbourhood had 36 one- and twobedroom condo listings at the time of writing – none more than 10 years old. While the median price for a home here is currently $243,800, list prices range from $154,000 for a brand-new, 532-square-foot, one-bedroom in the Focal Point development to a $346,000, 889-square-foot, two-bedroom in the same building.
Two other brand-new complexes currently have active listings. One92 offers a one-bedroom, 667-square-foot unit for $204,900 that went on the market in mid-September. Yale Bloc, which will be ready for occupation in 2016, has a 592-square-foot, one bedroom on the market for $189,900. The 10-year-old unit for sale in this community is an 835-quare-foot, twobedroom in the Liberty complex. It also came on the market in mid-September and is asking $239,900. The most recent condo home listing at the time of writing was a five-yearold, two-bedroom in Calera. The owner of this 765-square-foot home is asking $239,900.
Grandview Moving south to the Grandview neighbourhood, condo hunters have a choice of 29 homes, ranging from brand new to seven years old. The median list price at the time of writing was $314,800. The most affordable listing is for a brand-new, 620-square-foot, onebedroom in The Heights. That property came on the market in late September for $229,900. At the other end of the cost scale, $399,800 is the list price for a three-bedroom, 1,198-square-foot unit in the four-year-old Headwaters complex. It also came on the market in late September and is one of only three threebedroom homes for sale in the area.
Most condos were well priced, with owners accepting offers anywhere from one to five per cent below asking 32 October 16, 2015
CONDOMINIUM
884
Active condo listings*
114
Condos sold in September
••••••••••••••••••••••••••••••••••••
$215,500 Median selling price
(Sept 19 - Oct 2)
8.6%
Price change from September 2014
••••••••••••••••••••••••••••••••••••
70
Median days on market*
••••••••••••••••••••••••••••••••••••
$283
Median price per square foot*
••••••••••••••••••••••••••••••••••••
Type of inventory*
Studio: 2% 2 BR: 61%
1 BR: 33% 3 BR: 4%
*Active listings up to October 2, 2015
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October 16, 2015 33
C ONDO
MARKET Cypress CCypre yp ss Park
Caufeild CCaufe ild
Glenmore Glenm enmor enm ore or
WEST VANCOUVER Westmount Westm W oun ount
Forest Fores orestt HHill ores Hill Chartwell Chart Cha well ell Panorama PPanor Pa Panora Pano aanor anora noraama
Dundarave Dunda darave da rave
A selection of open show homes and sales centres across the Lower Mainland
British British Properties Propert Prope oppertrties ope t es Pemberton PPembe rton ton Heights Heigh ts
DISTRICT OF NORTH VANCOUVER
North Lonsddale Lonsddale l
Blueridge Bluer idge Central Centr entral entr ntral ntr al Lonsdale Lonsd Lon alee
Capil Capilano ano
Ambleside AAmble mble lessside
Upper Lynnn
West W We Wes e Lynn es
ANMORE
Kitsilano Kitsi lano
Hasting Hasti Hastings ng ngs gs gs East
Hastings Hasti ngs g
False Cre Cree eeek ek Fairview Fairv Fair Fa iiew Mount M ount Plea Pleasant e sant
Shaughness Shaug aug u hnessyy
Cambbbi Camb bie ie
Main a
Fraser Fraser Knight Knigh ig t
Woodland Woodl W and and Glenarye GGlena rye ye ye
Lochdale Lochd dale a
Lake Cityy
Birchland Birchland Manor
Meadowbroo Meado a owbrook rooo ook ok
PORT COQUITLAM
VANCOUVER
Cape p Hornn
Cariboo CCarib oo
Suncrest SSuncr est s Chhamp hamplain amplain inn
Eastwood Eastw twoo tw ood oo
Maillardvi Maill M ardville lle le
Buckingham BBucki Bu u ngham m
Kilarney KKilar neyy
Fraserview Frase rview v
COQUITLAM Austinn Austi
BURNABY Gardenn GGarde VVillage Villag Villa ggee
Southh VVanc Vancouver ouver
Lincoln Lincoln Par Park
Chineside Chine side
PORT MOODY
Sullivan Sullivan Heights Heigh ts
Glenbrook Glenb rook
Middlegate Middl egate te
Marpole Marpo M le
Oxfordd OOxfor Eagle g Ridge Ri g
Collegge College Park
Laurentian LLaure a ntian ia
South CCamb Cambie ie
SW Marine Marine ne
Westwood Westwo Westw W oood od Plateau Plate teauu teau
Brentwood Brent wood w
Collingwoo Colli inngwoodd
Oakridge Oakri dgee
South u Granv Granville nville
Ioco
Westrridge W
Renfrf ew Renfrew Heights Heigh g ts
South Cambiee Cambi
MacKenzie MacKenzie MacKe Heights HHeigh g ts Quilc Quilchena ui chena he Kerrisdale Kerri sdale le
Southlands South lands
Luna Home 30748 Cardial Ave, Abbotsford Open Daily 12 – 5 pm (except Friday) 604.825.3398 ...................Pg33
Capit Capitol p ol Hill
Grandview GGrand dview iew Arbutus Arbut Ar u us
ABBOTSFORD
Burnaby BBurna byy Heights HHeigh g ts gh
Renfrew Renfr ew ew
Point Grey
Dunbarr DDunba
BELCARRA
Heritage Herit Heri age ge Mountain Mount Mo ainn BURRARD INLET M
Dow DDo own ow wntow wnt w ntown ownn ow
Univers Unive niversity nive rs rsityy
Dollarton Dollarton
Lynn ynnm ynn nmour ur
Yaleto YYalet Ya a et eto toow own wnn
PITT MEADOWS
Fraserr Mills Frase Mills FRASER RIVER
Sapperton Sappe Sa appe pertrtrtonn
MISSION
Edmonds Edmon Ed ond on nds d
NEW WESTMINSTER
South Slop Slopee
Bridgeview Bridg geview
Port ortrt Mann nn Fraserr Heights Frase Heights
Burkeville Burke ville lee
Whalley Whall eyy
Big Bend Bend
Bridgeport Bridg ridge ridg idgeport e
Queennsborough Queensboro Queen sboro sb oroug ugh ugg
Cambiee Cambi
S South Westminste Westm W Wes inster er
Hamilton Hamil ton
Thomp Thompson son
Johnston Johns Johnst o tton onn Heights HHeigh htss
East Richmond Richmond Annieville AAnnie nievville nie v e
Modello #118 - 5021 Kingsway, Burnaby Open Daily 12 – 5 pm (except Friday) 604.456.0688 ...................Pg7
Terra Novaa Terra
RICHMOND
Blundell Blund ell
Tynehead Tynehead
Bear Creek
Port Kells
Kennedy Kenne dy Sunbury Sunbu SSun b ry bu
Seafair Seafa air
Guilf Guilford ord
SURREY
Kings Kingswood woodd Broadmoor Broad dmoor
N North De Delta
Shellmont Shell m mont
ABBOTSFORD
Fleetwood Fleet wood
Straw Strawberry wberry Hill i
Burns Bog
Clayton Clayton
LANGLEY CITY
South Southgate gate
4
DELTA
Hazel #202 - 827 Roderick Ave Open Daily 12 – 5 pm (except Friday) 604.937.2599 ...................Pg 33
Aragon 260 Salter Street Open Sat. October 17 at noon 778.398.1344 ...................Pg 2
NORTH VANCOUVER
6
Seylynn Village 600 Mountain Hwy Open Daily 12 – 5 pm 604.980.5000 ...................Pg 35
PORT MOODY
7
Clarke 909 Clarke Rd Coming in October! 778.558.6377 ...................Pg 29
34 October 16, 2015
CONDOMINIUM
Sullivan Sulli Su van
Colebrook Coleb brook roo
Panorama Panor noram nor ama am Ridge Ridge
South Surr Surrey ey
East Ladne Ladnerr
Port Guichon Guichon
12
Loughed Heights North Rd, West Coquitlam Coming this Fall 604.412.0313 ...................Pg 30
NEW WESTMINSTER 5
Sunshine Sunshine H Hills
Londo Londonn Farm Farm
COQUITLAM 3
MAPLE RIDGE
Mary Hill M
Connaught Conna Con naug na ught ht
BURNABY 2
CCovee Cliff C ff
LLower ow we Lonsdale Lonsd Lo on dale
CCoal Coa aal Harbo Harbour H ur W Endd West
1
Deeep Cove Deep
CITY OF NORTH VANCOUVER KKeith Lynnn
Morgan Morgan Creek Creek Elgin
13
Sunnyside Sunnyside Ocean ea Park
Hazelmere Hazelmere
WHITE ROCK
B Bee Beech Grovee English Engli En g shh Bluffff Bluff
Douglas Dougl as
SURREY
TSAWWASSEN
8
Aura 6971 122 Street Open Daily 12 – 5 pm (except Friday) 778.564.1876 ...................Pg 33
11 Brio 1625 56 Street
BLU at Morgan Creek 15988 32Ave, South Surrey Open Daily 12 – 5 pm (except Friday) 604.961.5160 ...................Pg 33
Northgate 12 CITYHOMES 1708 55A St at 18 Avenue
9
VANCOUVER 10 Proximity 1772 Ontario Street
Open Sat-Thurs 12 – 5 pm 604.828.1029 ...................Pg 13
By Appoitment Only 604.657.9888 ...................Pg 27
Open Daily 12 – 5 pm (except Friday) 604.948.2345 ...................Pg 27
Springs 13 Tsawwassen 5099 Springs Boulevard
Open Tues – Sun 12 – 5 pm & open by app. 604.948.4663 ...................Pg 36
A LIFESTYLE
INVESTMENT IN NORTH VANCOUVER’S NEXT REAL ESTATE HOT SPOT
· Just 12 minutes to downtown Vancouver and steps away from thousands of hectares of BC’s best outdoor activities
· Residents will enjoy the added benefits of an exclusive 14,000 square foot private fitness club
· Great first-time buyer and investor homes starting in the low $300’s with luxurious downsizer homes starting in the mid $600’s
· Live close to all your favorite after work activities, spend less time in the car and come home to comfort and luxury
GRAND OPENING OCTOBER 17TH CALL US TODAY TO FIND OUT ABOUT THE NEXT PHASE OF SEYLYNN VILLAGE – BE THE FIRST TO SEE THE RELEASE OF FLOORPLANS AND EXCLUSIVE PRICING.
VISIT OUR 8,000 SQ FT DISCOVERY CENTRE AND DISPLAY HOMES LOCATED AT 600 MOUNTAIN HIGHWAY, NORTH VANCOUVER. ONLY A FEW LEFT
OCTOBER 17TH
COMING 2017
604.980.5000 SEYLYNN.CA
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.
CONDOMINIUM
October 16, 2015 35
TGCC MANAGEMENT LLP, TSAWWASSEN SPRINGS 12.00 x 792.00 R0011092721 4C
WHERE HOME BECOMES A HOLIDAY.
Marketed By:
Easy Living. Inside & Out A Resort Community in the Sunniest Part of the Lower Mainland Tsawwassen Springs Concrete Condos offer timeless, Arts & Crafts design with expansive views of the golf course, North Shore mountains and water, surrounded by family-run neighbourhood stores with personal and charming service and terrific beaches. You’ll find everything right outside your door from yoga & Pilates, and physiotherapy, to Pat Quinn’s Restaurant & Bar, as well as a neighbourhood store & cafe. GREAT HOMES: ALL ON FREEHOLD LAND. A RESORT COMMUNITY, 30 MINUTES OR LESS TO EVERYTHING. T. 604.948.4663 (HOME) 5099 SPRINGS BOULEVARD, TSAWWASSEN 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.
TSAWWASSEN SPRINGS GOLF | GET YOUR SPRINGS GOLF CARD TODAY! Purchase your Springs Card at Tsawwassen Springs Golf for $99 and receive preferred pricing on green fees all year long. It comes with $59 preloaded on your card, and as a bonus we’ll include a Tsawwassen Springs golf shirt. Call the Pro Shop for more details: 604.948.4653 (GOLF)
HWY 99
TO VANCOUVER
RICHMOND
HWY 17- A
The Perfect Venue for Weddings & Events Even
5133 Springs Boulevard, vard, Tsawwassen sensprings.ca info@tsawwassensprings.ca
TSAWWASSENSPRINGS.CA SPRINGS.CA
VANCOUVER’S NEXT GREATEST RESTAURANT
NOW HIRING careers@tsawwassensprings.ca PATQUINNS.COM
36 October 16, 2015
CONDOMINIUM
SPRINGS BLVD
FERRY TERMINAL
56 ST
Whether it’s a wedding reception or formal gala, gal a a, a corporate meeting or golf tournament, the elegant Springs Ballroom m can be transformed to accommodate special events for 25 to 500 guests. guestts.
52 ST
From the grandest celebrations to the th most intimate affairs, special events at Tsawwassen Springs will create te lasting impressions.
SFPR - HWY 17
TO PEACE ARCH (US) BORDER
HW
Y 9 9