October 2, 2015
W E S T C O A S T
CONDOMINIUM www.westcoastcondominium.ca
THE ART OF ELEGANT LIVING Luxury is standard at Metrotown’s Modello P8-9
NEW HOMES
MULTI-FAMILY HOUSING SKYROCKETING Vancouver multi-family starts at highest level since 2012
P12
STRATA LIVING
A COMMON PROPERTY ISSUE What’s the deal with parking spaces and storage lockers? P14
INVESTMENT
VANCOUVER FLIPS NOT A FLOP Some Vancouver condo ips netting $12,000 a month P16
CONDOMINIUM
October 2, 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’
2 October 2, 2015
CONDOMINIUM
foot ceilings. Visit our designer display homes today. Portage is move in ready and waiting for you. 1-3 Bedroom + Den Homes $299,900-$692,900. 778.398.1344 or aragon.ca/portage 260 Salter St, New West
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specifications, features and prices without notice. Please refer to disclosure statement for specific offering details. E.&O.E.
*In our continuing effort to improve and maintain the highest standard, the developer reserves the right to modify or change plans,
specifications, features and prices without notice. Please refer to disclosure statement for specific offering details. E.&O.E.
*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. MOVE IN TODAY!
LYNNVALLEYRESIDENCES.COM
R EG I ST ER
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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 2, 2015 3
SELLERS, WE DELIVER! With over 123 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 Living
Outstanding 400 s.f. Terrace!
• Open Layout • Great location • Air Conditioning • 1 parking • Views • Main fee: $244
1903 – 1372 Seymour Street
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8
What’s the deal with parking and storage?
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Quiet, Top Level Suite
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• Funct Layout • Great Kitchen • Large balcony
310 – 2255 York Avenue
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• Conv Location • 1 parking • Main fee: $282
$428,000
DUNBAR
16 26
Some condo flips returning $12,000 a month – but in which areas?
Who pays for what? The second of our two-part introduction to strata finances
D JUST SOL
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New Listing
Making money from condo flips
www.FaithWilsonGroup.com
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20
New Listing
Steps to Kits beach! • 578 s.f. Suite • 1 Bedroom • 1 Bathroom
• Lovely Renos • Gas Fireplace • Stnlss Kitchen
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Beautifully Maintained Home!
• 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
$368,000
Buying or Selling, you’ve got to have Faith *see FaithWilsonGroup.com for details
4 October 2, 2015
CONDOMINIUM
14
Common property? Private space? CHOA’s Tony Gioventu explains
New Listing
• 1,500 s.f. • Gourmet Kitch • Custom Lighting • 728 s.f. suite • 2 Bdrms + Den • Luxury Abounds • 2 Car Garage • 1 Bedroom • 3 Bathrooms • Main fee: $734 • 1 Bathroom • Views
Richmond Surrey Tri-Cities
24 30 32
The art of elegant living
KITSILANO
Gorgeous Home With Views
O
Burnaby Vancouver North Shore
6 10 22
• Granite counters • 2 parking • Spacious living • 2 storage • Terrific amenities • Main fee: $364
702 – 1425 West 6th Avenue
YALETOWN
1005 –1328 Marinaside
Condo market snapshots
Luxury comes as standard at Metrotown’s Modello
DOWNTOWN
• 641 s.f. Suite • 1 Bdrm + Den • 1 Bathroom
October 2, 2015
Renovate your condo – the right way Only a fool renovates without the professionals, says Bob de Wit
33
Get cooking… … with these great ideas for fabulous small-space kitchens
EDITORIAL
BUYERS
Money laundering hunt
that we assist in realizing their real estate dreams
lacks a smoking gun
H
ere is a popular concept outlined in newspaper articles, gossip, and in the foundation for an October 5 Vancouver conference: Corrupt billionaires from China, with the connivance of local realtors, are reportedly washing dirty money through Metro Vancouver real estate. This theory is long on rhetoric and short on facts. There is scant evidence that extensive money laundering is taking place in Metro Vancouver’s housing market, despite the anecdotes and hyperbolic headlines. Kirk Kuester, executive managing director of Colliers International, is a veteran Vancouver real estate professional who often deals in multimillion-dollar real estate deals, including with foreign buyers. “I have not seen a single cash deal or one that would be considered suspicious [in Metro Vancouver],” Kuester said. There is nothing illegal about foreigners buying our real estate. Also, BC real estate agents are only legally required to get identi cation from a buyer. Realtors are not responsible for verifying a buyer’s income, or its source. A recent report on potential money laundering done by a Toronto accounting rm for the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which focused on BC real estate, concluded there was a “risk” of money laundering but offered no evidence.
Under FINTRAC rules, real estate agents and banks must report all large cash transactions of $10,000 or more. But the average-priced Metro Vancouver condominium requires any buyer to put down at least $15,000 to $20,000 in cash. As well, FINTRAC concedes that, since 2012 – with more than 5.8 million real estate transactions completed – only two large cash transaction and ve suspicious transaction reports have been led by BC real estate agents. No charges have ever been laid. The Association of Certi ed Anti-Money Laundering Specialists is planning the October 5 seminar at the Vancouver Club in an attempt to gain an understanding of how widespread money laundering really is in Metro Vancouver. The meeting will undoubtedly generate more headlines and suspicions, but we doubt it will expose any smoking guns.
There is scant evidence that extensive money laundering is taking place in Metro Vancouver’s housing market
Frank O’Brien Contributing Editor Frank O’ Brien is editor of Western Investor, the largest commercial real estate investment newspaper in Western Canada.
W E S T C O A S T
CONDOMINIUM PUBLISHER: Janai York EDITOR-IN-CHIEF: Joannah Connolly 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
Rea l Estate W eekly
ADVERTISING SALES AND DISTRIBUTION Tel: 604-435-7977 Fax: 604-439-2630 VANCOUVER HEAD OFFICE: 303 West 5th Avenue, Vancouver, B.C. V5Y-1J6
ENJOY
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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 *
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.
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.
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.
PE
D
C ONDO
or visit
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CONDOMINIUM
October 2, 2015 5
C ONDO
MARKET
Burnaby It may be a seller’s market, but, when it comes to condos, Burnaby buyers can take heart that there is still room for negotiating when it comes to price
O
f the condos that sold in Burnaby between September 5 and 18, only one went for over list price. That home, a two-bedroom apartment in the Brentwood Park neighbourhood in Burnaby North was asking $473,800 and sold for $482,000. Two other homes sold for their list price. Both of these were presales for Intergulf’s The Park Metrotown, which is expected to be ready for occupation in 2017. A 749-squarefoot unit there sold for $525,900, while a slightly larger 794-square-foot unit went for $536,900. These two brand-new homes were the most expensive sales in Burnaby condos during this time period. The balance of sales all went for under asking. The lesson? Don’t be timid when making your offer; many homeowners will accept bids below their list price. Two condo sellers let their homes go during this time for $20,000 under asking. When it comes to what’s still on the market, house hunters have some 700 properties they can check out in Burnaby. They range from a 40-year-old, onebedroom suite in Edmonds for $140,000 to a $1.9 million, 23-year-old, threebedroom home on the South Slope.
That property has the largest square footage of all the current listings: 2,877. If you happen to want a large number of bedrooms, your best choice may be a fourbedroom, nine-year old home in Highgate. Its asking price is $788,000 and it is 1,498 square feet. A closer look at the Highgate community shows there are 86 active condo listings in this Burnaby South neighbourhood that runs along Kingsway. The most expensive is the abovementioned $788,000 property, but you can get your foot in the door here with a $174,000, one-bedroom, 729-square-foot apartment in a 38-yearold building. The average list price of the available condos in Highgate is $380,093, which is considerably below the city’s average list price of $427,661. The average days on market for the area’s current listings is 68, which is just one day more than the overall city average. The most recent listings at press time were both two bedrooms. One was listed for $349,000 and the other for $476,000. With similar sizes, their distinguishing factors were their age. The more expensive condo is eight years old while the other is 15.
MARKET SNAPSHOT
702
Active condo listings* 21
Condos sold (Sept 5-18)
••••••••••••••••••••••••••••••••••••
$471,020
Average listing price* ••••••••••••••••••••••••••••••••••••
67
Average days on market*
••••••••••••••••••••••••••••••••••••
$499
Average price per square foot*
•••••••••••••••••••••••••••••••••••• Type of inventory*
Don’t be timid when making your offer; many homeowners will accept bids below their list price
Studio: 1% 2 BR: 62%
1 BR: 33% 3 BR: 4%
*Active listings up to September 18, 2015
6 October 2, 2015
CONDOMINIUM
THE ART OF ELEGANT LIVING
GSW AY
PRESENTATION CENTRE
OR
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ROYAL OAK AVE
ESF
NELSON AVE
BER
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MARLBOROUGH AVE
WIL
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GD
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AVE
B E A U T I F U L LY A P P O I N T E D 1 , 2 , 3 B E D R O O M & E S TAT E L E V E L H O M E S
MODELLO PRESENTATION CENTRE #118 - 5021 Kingsway, Burnaby Open daily 12-5pm (closed Fridays) Located on Marlborough, one block west of Royal Oak - across from London Drugs on Kingsway
ModelloByBoffo.ca
604.456.0688
THIS IS NOT AN OFFERING FOR SALE. SUCH AN OFFERING CAN ONLY BE MADE BY A DISCLOSURE STATEMENBT, E&OE
CONDOMINIUM
October 2, 2015 7
P ROJECT
PROFILE
Modello The new face of luxury urban living Modello marks a new generation of stylish urban living in Burnaby’s thriving Metrotown district
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S
pectacular views, luxurious homes, a rooftop patio and private residence club to rival a ve-star hotel … welcome to Modello. Unlike anything you’ve seen in Burnaby before, multi award-winning Boffo Developments presents a 37-storey tower that will soar at the corner of Beresford and Willingdon, in Metrotown’s sought-after Central Park community. Inspired by other world-class cities with magni cent highrises in upscale neighbourhoods, Modello takes sophistication and elegance to a whole new level. The full-service concierge will provide hotel-style luxury and convenience, with a covered portecochere creating a grand entrance and dramatic sense of arrival. This unique selection of thoughtfully designed homes – comprising one-, two- and three-bedroom and estate-level residences – are walking distance to parks, trails and recreation, while also providing immediate accessibility and convenience to Metrotown and the Skytrain. In keeping with the city’s art scene, Modello is at the gateway of the City of Burnaby’s planned Beresford Art Walk, which aims to create an active streetscape complete with public art, cafes, fabulous dining options and entertainment. Modello’s exclusive collection of 163 residences ranges in size from 640 to 1,700 square feet. The building includes a mix of of ce and retail space, as well as a ne dining restaurant. The homes are designed with an obsession for detail and timeless quality, featuring elegant wide-plank brushed walnut or oak hardwood oors, customdesigned millwork and cabinetry, nine-foot ceilings and expansive oorto-ceiling windows. For those who are environmentally conscious, the entire building uses state-of-the-art geothermal heating and cooling technology – individually metered in each home. “The building is selling extremely well, but a great selection of oorplans is still available,” says Kathleen Lui, sales manager at Modello. “There truly is nothing in Burnaby that can compare to these residences. One of our differentiating features is the full-size kitchens, most of them bigger than you would nd in a single-family home.” The gourmet kitchens are equipped with chef-inspired Miele appliances, plus a European Fhiaba oversized 36-
inch, counter-depth, built-in paneled fridge. Other notable features include a polished marble slab kitchen backsplash, wine fridge, and generous pantries and working spaces. The hotel-style bathrooms feature heated marble oors and oating vanities with under-cabinet lighting. Marble and quartz countertops with matching backsplash complement the sleek faucets
and evoke a spa-inspired feel. “All the homes have large private covered terraces, ranging in size from 150 to more than 1000 square feet of outdoor living space,” says Lui. Each home is designed to feel like a corner suite, and owners can enjoy the breathtaking views of the city, as well as sweeping views of the North Shore mountains and, from the west, Central Park.
Meanwhile, the entire fth- oor podium level is devoted to a private rooftop club, offering both indoor and outdoor spaces for the exclusive use of Modello residents. This ve-star setting includes a formal dining area, bar and catering kitchen, richly furnished lounges, and terraced garden seating and entertaining spaces with a number of replaces. The tness centre and yoga space will come complete with top-of-the-line weight-lifting and cardio equipment, steam room, shower and change rooms and an outdoor jetted hot tub, nestled within the beautifully landscaped gardens. Boffo Developments is the province’s premier boutique home builder, and Modello will build on the legacy of the neighbouring award-winning Jewel towers, once again elevating the benchmark for luxury condominium living in Burnaby. For more information, call 604 456 0688, email info@ModelloByBoffo. ca or visit ModelloByBoffo.ca. The presentation centre is open noon to 5pm every day except Friday. It features a fully furnished display suite that you truly have to experience for yourself, and is located at #118-5021 Kingsway (at
CONDOMINIUM
October 2, 2015 9
C ONDO
MARKET
Vancouver It might as well be the tale of two cities when comparing the West Side with the east MARKET SNAPSHOT
G
o east, young buyers: the West Side of Vancouver’s average asking price is almost two and a half times that of the average East Side condo. If that’s not enough to persuade you to explore east of Main Street, perhaps this will motivate you…. 22 per cent of condos sold on Vancouver’s East Side between September 5 and 18 went for over asking; on the West Side it was a massive 44 per cent. Indeed, Vancouver defied the trend seen in most other parts of the region when it came to sales. While only one home in neighbouring Burnaby and three in Richmond went for more than their list price during this same period, 29 of 76 Vancouver sellers accepted offers over asking. A further seven sellers settled for their list price. The lowest sale price during this time was ironically in toney Shaughnessy. After nine days on the market, this onebedroom home went for $167,000. At the high end, was a three-bedroom Qulichena property whose owner accepted an offer of $2,388,000. While the listing price difference between the East and West Side is vast, things do even out a bit when you take luxury properties (those with
asking prices over $4 million) out of the equation. Without these listings, the average asking price for a West Side condo falls to $814,161 – still about double that of the East Side. If you want to talk luxury, there are 38 condos with list prices in excess of the $4 million mark. All but one were concentrated in the Coal Harbour, Yaletown, West End, and Downtown neighbourhoods. Coal Harbour takes the prize for the most expensive listing. At $19.8 million, this three-bedroom, 6,018-square-foot, seven-year-old home had been on the market for 38 days at press time. Looking for something lavish but on the more affordable side? Within easy walking distance of Yaletown, you’ll find East Vancouver’s most expensive listing. The two-bedroom, 1,335-squarefoot home at Onni Group’s Central is brand new and listed at $1,650,000. The building boasts distinctive architecture, excellent proximity to Skytrain, and is right across the street from Science World and Southeast False Creek. As of press time, nine additional units were also listed for Central, with asking prices beginning at $639,900 for an 890-square foot, two-bedroom home.
1,534
Active condo listings* 76
Condos sold (Sept 5-18)
••••••••••••••••••••••••••••••••••••
$1,034,282
Vancouver West average listing price*
$426,765
Vancouver East average listing price*
••••••••••••••••••••••••••••••••••••
64
Average days on market*
••••••••••••••••••••••••••••••••••••
$924
Average price per square foot*
•••••••••••••••••••••••••••••••••••• Type of inventory
22 per cent of condos sold on Vancouver’s East Side went for over asking; on the West Side it was a massive 44 per cent 10 October 2, 2015
CONDOMINIUM
Studio: 3% 2 BR: 48%
1 BR: 39% 3 BR: 10%
*Active listings up to September 18, 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 2, 2015 11
C ONDO
NEWS
Vancouver multi-family housing starts in August at highest since 2012: CMHC Single-family homebuilding trends lower as developers focus on condo construction
This is in line with CMHC forecasts that would see demand shift ... towards lower-priced alternatives
H
ousing starts in Metro Vancouver continued to rise in August, with increases the steepest in condo-apartment construction, according to a Canada Mortgage and Housing Corporation (CMHC) report published September 9. Housing starts in the Vancouver Census
12 October 2, 2015
CONDOMINIUM
Metropolitan Area (CMA) were trending at 22,421 units compared with 21,860 units in July. The trend is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts. “While single-detached starts trended lower, multi-family starts increased to their highest level since the fall of 2012,”
said Richard Sam, CMHC’s principal market analyst for Vancouver. “Builders continued to develop higher-density projects to meet rising buyer demand in the resale market.” In the Abbotsford-Mission CMA, however, housing starts were trending at 578 units in August, down from 655 in July. Across Canada, the trend measure of housing starts was 196,565 units in August, compared with 185,642 the previous month. Bob Dugan, CMHC’s chief economist, said, “Housing starts have been trending up, supported by strong condominium activity in Toronto. This is in line with CMHC’s most recent forecasts that would see demand shift from new higher-priced single-detached homes towards lowerpriced alternatives. “While national starts have increased, housing construction has started to slow in Alberta and Saskatchewan as a result of weakening economic conditions related to the decline of oil prices.” CMHC said it uses six-month moving averages to account for considerable swings in monthly estimates and to obtain a more complete picture of the state of the housing market. In some situations, said the CMHC, analyzing only the monthly seasonally adjusted data can be misleading in some markets, as they can be variable from one month to the next.
MAKE A STATEMENT Visit our bold new showroom at 1772 Ontario Street
Life doesn’t wait, so why should you? This is your opportunity to live in Proximity. Now showing 1 & 2 bedroom homes in trending South East False Creek.
P.C. HOURS 12pm-5pm / Sat-Thurs 1772 Ontario Street 604.828.1029 liveinproximity.com
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.
S TRATA
LIVING
What’s the deal with parking and storage lockers?
Make sure you understand how a building’s strata designates these areas before purchasing Your one-stop source of ower ainland home listings and real estate news. RESALE HOME LISTINGS | NEW HOMES FOR SALE AGENT PROFILES | REAL ESTATE MARKET NEWS HOME BUYING & SELLING ADVICE
14 October 2, 2015
CONDOMINIUM
By Tony Gioventu
T
he allocation of parking and storage lockers can be a confusing part of negotiations for condo buyers. When buying into new or existing stratas, there may be indications that there are “two parking spaces with this unit” or “an 8x6 storage locker.”
How can you confirm the allocation of use or designation of property before you buy? If this is a new development, you will require a complete copy of the disclosure information from the owner developer. If this is an existing strata corporation, you need to request a Form B Information Certificate from the strata corporation and review the information filed in the Land Title Registry. Parking and storage lockers may be
designated, allocated, or assigned for exclusive use or common use in a variety of methods. They are either common property, limited common property which identifies exclusive use, part of a strata lot, or a separate strata lot. They may also be hosted in another property such as an air space parcel or a shareduse facility where two or more strata corporations share parking and storage allocations located on one of the strata corporation properties or an independent property. As the buyer and owner, your greatest concern is how is the property designated, how is it allocated, and who controls the changes of allocations. The bottom line: whose parking or storage is it? If your strata is located in a highdensity neighbourhood, each parking space may add $25,000 to $50,000 to the value of your condo.
Common property - or not? In many strata corporations, parking and storage are simply common property, and allocated by the strata corporation through the council. In the absence of any bylaws or rules that create parking allocations or plans, the council is permitted to allocate exclusive use of common property for up to one year. In practice, many strata corporations maintain the same parking allocations unless there is a need for a change. If the parking is common property and there are no easements or parking licenses in effect, the parking is left to the strata to administer, and everyone shares the parking. It is easy to see why conflict is created in a strata with common parking and storage where a few owners have multiple parking spaces or storage lockers, and several owners have none. If parking or storage is limited common property (LCP), it is for the exclusive use of the strata lot(s) that have been identified either by the owner developer who filed the original plan, or a plan filed by the strata corporation amended by a three-quarters vote to allocate limited common property. Either designation must be filed in the Land Title Registry to be enforceable. The benefit of LCP is that
604.336.8968
only a unanimous vote can change or undo the owner developer designations, and only a three-quarters vote can change or undo strata designations. The strata council does not have random authority to reallocate. If the parking space is designated a separate strata lot or part of your strata lot, only you – the owner – may transfer the ownership or use to another party.
2512 Yukon Street Vancouver, V5Y 0H2
Eric Coulombe 604.764.8620 eric@infiniterealestate.ca MOUNT PLEASANT
KITSILANO
Leasing or licensing Another form of parking or storage allocation is through a lease or license created by the owner developer. Even for existing strata corporations there may be some type of license in place that designates parking for specific periods of time, typically 99 years. If they exist, these licenses or leases are found in the original disclosure documents filed by the developer with the office of the Superintendent of Real Estate in B.C. In most cases these licenses transfer with the strata lots to subsequent buyers. The Strata Property Act now requires strata corporations to include parking and storage locker information as part of the Form B Information Certificate. The form must identify if parking or storage is allocated to a strata lot, how it is designated, and how it is allocated. If you cannot confirm the parking or storage through the documents provided by the strata or registered through the Land Title Registry, talk to your lawyer. Just because an owner indicates they have two parking spaces, doesn’t make it true.
‘Uptown’ 1 Bedroom with a View! • 594 s.f. • 1 Bdrm+Flex
• Quiet Side • Great View
• Large Balcony • Rentals Ok
612–2788 Prince Edward Street $419,900
Lining Tan Personal Real Estate Corporation
JUST SOLD
Arbutus Walk PRIME 1 Bedroom! • 710 s.f. • Top Floor • Skylighted Den • Sunny Balcony
409–2161 West 12th Avenue
604.616.2383
604.715.5101
lining@infiniterealestate.ca
christine@infiniterealestate.ca
MARPOLE
Concrete Quiet neighbourhood • 2 Parking • Private Patio
• S.W facing • Stunning Home
101–5958 Iona Drive
$1,288,000
JUST SOLD Funky Loft Style Townhome
• 1,278 s.f. • 2 Bedrooms
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.
• 2 Bathrooms • 2 Flex Rooms
• Exposed Brick • Huge Roof Deck
1155 West 73rd Avenue
$649,000
Brodie Young
Bruce Lee
604.818.6770
604.761.6638
brodie@infiniterealestate.ca
bruce@infiniterealestate.ca
DOWNTOWN
Whose parking or storage is it? Each parking space may add $25,000 to $50,000 to the value of your condo
$464,900
Christine Hay
UNIVERSITY
• 1,800 s.f. • 3 Bedrooms
• Open Layout • 2 Prkng+Locker
FAIRVIEW
JUST SOLD Conveniently Located
• 855 s.f. • 2 Bedrooms
Private Suite near VGH
• Mountain Views • 2 Bathrooms • Water Views • Open Concept
2104–818 Taylor Street
$549,000
• 672 s.f. • 1 Bedroom
• 1 Bathroom • Open Kitchen
• Corner Unit • Patio
409–937 West 14th Avenue
$399,800
MORE MARKETING MORE OPPORTUNITIES MORE COMMUNICATION CONDOMINIUM
October 2, 2015 15
C ONDO
INVESTING
Some Vancouver condo flips return $12,000 a month
Looking to make a fast buck? Three neighbourhoods offer the biggest return on investment We looked at appreciation over the past three months in 34 individual Vancouver neighbourhoods. While some markets had higher increases, the best areas for a condominium investor appear to be the West End, Mount Pleasant, and Marpole, all of which have active sales. In the West End, where more than one condominium sold every day during August, the typical price increased 5.1 per cent from three months earlier, or a return of $23,000. In Mount Pleasant on Vancouver’s East Side, which registered 33 condo sales through the Multiple Listing Service in August, the typical price increased 4.9 per cent from three months earlier, or nearly $17,000. In Marpole, the three-month appreciation was 12.3 per cent – highest in the city – for a $45,500 increase in value.
By Frank O’Brien
I
f you had bought a typical condominium in the Grandview area of East Vancouver in May and flipped it in August, you could have made $10,000. Had you done the same thing in South Cambie, the three-month return on your investment would have been $33,700. Across the West Side of Vancouver, the typical condominium sold in August had a benchmark price more than $12,000 higher than a month earlier, according to dig-down statistics from the Real Estate Board of Greater Vancouver. On the East Side of the city, the average monthly return on investment was a more modest $3,200. If you look at price appreciation over the past five years, the average Metro Vancouver condominium is up 11.3 per cent, or more than $41,000, to an August value of $405,000. The typical townhouse returned 13.5 per cent, or nearly $67,000, in the same period. If a condominium investor had put down 20 per cent back in 2010 and sold this summer, they could have made a 56 per cent cash-on-cash return. Anyone purchasing a resale condominium must appreciate the appreciation seen in Metro Vancouver’s strata sector. The opportunity to buy and flip appears tantalizing. While the past is no guarantee of future performance, benchmark condominium prices are up 49.5 per cent in the past 10 years and townhouse prices are up 55 per cent. Let’s just say the odds of your condo increasing in value this year are pretty good. So where exactly should you buy in the city of Vancouver to gain the maximum return on your investment with a quick sale?
16 October 2, 2015
CONDOMINIUM
SIX VANCOUVER MARKETS WITH HIGHEST PRICE INCREASE Based on benchmark condominium values for three months ending August 31 Neighbourhood
% increase
Dollar increase
Marpole
12.3
45,500
Oakridge
9.3
70,900
South Cambie
5.9
33,900
West End
5.1
23,000
Point Grey
5.0
21,100
Mount Pleasant (East Van)
4.9
16,900 - Source: Real Estate Board of Greater Vancouver
Frank O’Brien is editor of Western Investor, the largest commercial real estate investment newspaper in Western Canada.
A Timeless Collection of 2 and 3 Bedroom Stately Residences B E I N V I T E D T O T H E F O R M W E R K S B O U T I QU E
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CONDOMINIUM
October 2, 2015 17
B USINESS
PROFILE
Don’t sacrifice beauty and style in your smaller home
Mobler Furniture offers space-saving furnishings you’d be proud to display in any setting By Michelle Hopkins
W
hatever the design of your condo or your own personal style, decorating for a smaller space begins with assessing how you live, your floor plan and the importance of flow in small spaces. Adapting to a smaller home means you need to rethink the dimensions of your furniture, storage and room sizes. That’s where multi-functional streamlined furniture comes in. This trend opens up a world full of innovative and compact furniture designs – so think well made and think quality, says Thomas Rasmussen, marketing manager for Mobler Furniture. Choosing modern yet timeless furnishings can be a real test for the smallhome dweller. But the good news is that, over the past decade or more, furniture manufacturers have been building furniture to fit this condo lifestyle wave. No longer is smaller furniture simply built to fit into a space, the hallmark of change is to create double-duty but attractive, well-constructed pieces of furniture. “Manufacturers have answered the call and are building beautiful pieces which are well-engineered, multifunctional and sophisticated,” adds Rasmussen. Interior designer Keith Lawrence, manager of merchandising and design at Mobler Furniture, agrees. “Living small and living efficiently does not have to mean you give up on style and beauty. Space-saving furnishings that look fabulous, have become all the rage,” says Lawrence. “We sell many lines from furniture collections across the world for condo-sized spaces.” Scaled-down furniture will make the room look larger; however, fewer but larger pieces of multifunctional furniture will help avoid clutter created by small furniture pieces spread out in the room. Today’s dual-purpose furniture goes
18 October 2, 2015
CONDOMINIUM
Space-saving furnishings that look fabulous have become all the rage beyond what you might expect. There are L-shaped sectionals featuring extensive storage space, desks with openings for cables and wires to hide them, drawers on wheels that slide under your desk for more storage, ottomans that transform into coffee tables, desks that boast drawers for television remotes and magazines, storage beds with two-drawer access from both sides of the bed, and an articulated coffee table, which, when raised, turns into a dining room table able to accommodate four people comfortably. Perhaps one of the biggest trends in smaller furniture is the technology. Manufacturers are creating innovative and contemporary pieces that are technologically advanced. “It goes back to people buying fewer pieces, spending more money on qualitymade furniture that is more ergonomically
advanced,” adds Lawrence. When it comes to colour, lighter or muted hues create a sense of space and provide a neutral background for furniture and artwork. “In Vancouver we are fortunate to have condos with lots of windows. Pair that bright natural light with light finishes and you visually expand the room,” adds Lawrence. “When choosing fabrics or rugs, look for clean, simple or plain coloured and smaller prints in order to create a single, unified effect.” It’s an ongoing evolution and the choices are getting increasingly more sophisticated and beautifully crafted. In the end, the beauty of today’s smaller homes is that a lack of square footage doesn’t mean you have to forfeit style.
Barstools can be the answer to many small-space dilemmas Since most condominiums have open floor plans, barstools have taken a more prominent place in the home. It seems kitchen tables are going the way of the formal dining room in favour of kitchen islands. Mobler’s barstools come in a wide range of styles and colours. Some are outfitted with a gas lift/hydraulic component (for variable height), and many come in a brushed-steel or chrome finish to match appliances or modern decor. Pictured on this page are just a few of the least contemporary barstools on the market today.
CONDOMINIUM
October 2, 2015 19
S TRATA
LIVING
Who pays for what? An introduction to strata finances, Part 2 This week, the experts at FirstService Residential explain who is responsible for strata fees and operating funds
Your one-stop source of lower mainland home listings and real estate news. RESALE HOME LISTINGS | NEW HOMES FOR SALE AGENT PROFILES | REAL ESTATE MARKET NEWS HOME BUYING & SELLING ADVICE
20 October 2, 2015
CONDOMINIUM
By the experts at FirstService Residential
W
hen you’re buying into a strata building or development, it can be tough to get your head around the various
funds and expenses. The following outline of strata corporation nances and budgeting, based on a guide from the provincial government’s Of ce of Housing and Construction Standards, can be a helpful resource. In the rst part of this series, we
604-263-1144 Kerrisdale
604-689-8226 Yaletown
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Beyond
Expectations
If you are looking to buy or sell a condo or townhouse, your DEXTER REALTOR ® (backed by the entire looked at common expenses. This time, we examine who is responsible for operating funds and strata fees.
Operating Funds The strata council is authorized to make expenditures from the operating fund (if the expenditure occurs either once a year or more often than once a year). Operating fund expenditures can be made if approved either in the annual budget or by a resolution passed by a three-quarter vote at a general meeting. If unapproved, the expenditure, plus all previous unapproved expenditures made in the same scal year, may still be made if it does not exceed either: • The limit for unapproved expenditures set out in a bylaw; or • If no bylaw exists, the lesser of $2,000 or ve per cent of the total contributions to the operating fund for the current scal year; or • The expenditure is the minimum amount that the strata council needs to expend in order to ensure safety and prevent signi cant loss or damage. The strata council must inform owners as soon as possible about this expenditure.
Strata Fees Each strata lot owner pays strata fees to cover budgeted common expenses. Strata fees are usually paid monthly and include contributions to the operating fund and the contingency reserve fund. Strata fees are set when the budget is approved by majority vote at the annual general meeting. Within two weeks of the budget passing, the strata corporation must inform owners of the new strata fees.
Dexter Team) has the knowledge and the experience to support and guide you through the entire process.
Calculating strata fees Strata fees are normally calculated by dividing the expenditures in the approved budget among the strata lots on the basis of unit entitlement. In apartment-style or townhouse strata developments, unit entitlement is often based on the habitable size of the strata lot. In bare-land stratas, unit entitlement is usually equal for each strata lot. Strata fees may also be calculated by using a formula other than unit entitlement, by passing a unanimous vote on a resolution approving the new formula, and registering the resolution, and the approved formula, with the Land Title and Survey Authority of BC.
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.
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 2, 2015 21
C ONDO
MARKET
North Shore The North Shore is bucking a regional trend, with a large percentage of sales going for over asking price
O
f the 17 condo sales on the North Shore between September 5 and 18, close to a quarter sold for at or over list price. That’s bucking the trend in Metro Vancouver which is seeing most condo properties go for less than asking. Two of those properties, both in the Northlands neighbourhood, went for well over list price (eight and 12 per cent more). It seems fair to assume they were priced to sell, with both taking in offers the owners couldn’t refuse in under a week. The owners of the only Ambleside condo that sold during this time may the happiest of all. Their two-bedroom, 11-yearold home sold for $1,480,000. That was $15,000 less than they were asking but the deal was sealed quickly… the home sold as soon as it was listed. At the other end of the waiting game spectrum, a one-bedroom condo in Roche Point sat on the market for 240 days before it found its new owners. They sealed a deal $20,000 below the $279,000 asking price. In terms of what’s still available on the market, there’s a wide difference between the average list price in North and West Vancouver: $505,809 versus $1,278,531. Let’s take a look at the highs and lows in both areas.
North Vancouver has 323 of the North Shore’s 405 active listings. At the low end, a one-bedroom in Central Lonsdale hit the market four days before press time at $185,000. It’s a 45-year-old, 705-squarefoot home. A short walk away in Lower Lonsdale, you will find North Vancouver’s most expensive current listing: a fourbedroom asking $2,688,000. It is 2,483 square feet and the building is eight years old. At the time of writing, it had been on the market for 122 days. There are fewer choices in pricier West Vancouver; here there were 83 active listings. You can find yourself a cozy 632-square-foot, one-bedroom home in a 50-year-old building for $229,000. At the other extreme, $9,650,000 will buy you a three-bedroom, 3,324-square-foot luxury pad in Dundarave. West Vancouver’s Park Royal is experiencing a condo-building renaissance. All of the district’s current brand-new and presale listings are there and all come with steep price tags, ranging from $975,900 to $3,380,000. Some of these homes are ready for occupancy now. Others don’t expect to be finished until 2017.
MARKET SNAPSHOT
405
Active condo listings* 17
Condos sold (Sept 5-18)
••••••••••••••••••••••••••••••••••••
$505,809
North Vancouver average listing price*
$1,278,531
West Vancouver average listing price*
••••••••••••••••••••••••••••••••••••
67
Average days on market*
••••••••••••••••••••••••••••••••••••
$682
Average price per square foot*
•••••••••••••••••••••••••••••••••••• West Vancouver’s Park Royal is experiencing a condobuilding renaissance
Type of inventory*
Studio: 1% 2 BR: 49%
1 BR: 44% 3 BR: 6%
*Active listings up to September 18, 2015
22 October 2, 2015
CONDOMINIUM
NO
A R A R E CO L L E C T I O N O F WAT E R F R O N T H O M E S A limited collection of townhome and apartment residences has come to the North Vancouver waterfront, alongside magniďŹ cent Cates Park and near charming Deep Cove.
3919 DOLLARTON HIGHWAY NORTH VANCOUVER OPEN NOON TO 6PM DAILY (EXCEPT FRIDAY) TELEPHONE 604.929.5746
W
SE
LL
IN
G
C ONDO
MARKET
Richmond Tsawwassen From river views to easy SkyTrain access, there’s lots to be said for condo living in Richmond
W
ith 913 active listings, folks looking for a condo in Richmond have plenty of choice ranging from the low end of $68,000 for a studio in Brighouse with its easy SkyTrain access to a palatial three-bedroom in the same neighbourhood for $6,880,000. Brighouse is the city’s community of extremes: 31 of its 33 $1-million-plus listings are there as are 75 per cent of listings under the $100,000 threshold. At the low end, the Brighouse properties are all 16 years old and well under 500 square feet. Despite their low sticker price, none has been snatched up; they have been on the market from between 61 to 989 days as of press time. The latest Richmond listings to come on the market are also in Brighouse and Brighouse South. There are three condos to satisfy middling budgets: a $238,628 onebedroom; a $349,000 two-bedroom; and a $469,000 three-bedroom. Their square footage ranges from 751 to 1,144. Studios make up a small percentage of the overall number of available homes – just one per cent. But, these can be the best entry-level homes. The seven currently listed range in price from the previously mentioned $68,000 Brighouse property to a brand-new Bridgeport studio listed at $270,900. The latter is in the Parc Riviera
master-planned community that runs along the river’s edge in North Richmond. Taking a look at the 25 Richmond condos that sold between September 5 and 18, only three went for over asking. Even then, those margins on two of the three were small: one property asking $435,000 sold for $440,000; the other went for $1,000 over its $549,000 list price. The owners with the biggest smiles on their faces were the Brighouse South ones who listed at $539,000 and settled for $570,000. A one-year-old, two-bedroom condo in that same Parc Riviera master-planned community mentioned earlier was sold for close to asking: $800 off its $412,800 price tag. Even with that unit on the market for 278 days, the owners were willing to hold on until they got a good offer. When it comes to brand-new properties, Richmond is a condo hunters dream. More than 10 per cent of the current listings are for new construction or presales. Several of these developments are ready for move ins this year; some won’t be ready for you to put down roots until 2018. Polygon Home’s Avanti in the West Cambie community is in its preconstruction phase and expects to be complete by 2017. A number of two-bedroom units there were listed recently ranging in price from $579,900 to $649,900.
When it comes to brand-new properties, Richmond is a condo hunters dream
MARKET SNAPSHOT
913
Active condo listings* 25
Condos sold (Sept 5-18)
••••••••••••••••••••••••••••••••••••
$471,020
Average listing price*
89
Average days on market*
••••••••••••••••••••••••••••••••••••
$507
Average price per square foot*
•••••••••••••••••••••••••••••••••••• Type of inventory*
Studio: 1% 2 BR: 59%
1 BR: 29% 3 BR: 11%
*Active listings up to September 18, 2015
24 October 2, 2015
CONDOMINIUM
Fo l l ow t h e M a r k e t Le a d e r s t o
TSAWWASSEN & LADNER 速
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速
Progroup Realty
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www.remaxprogroup.ca
604-943-8080 CONDOMINIUM
October 2, 2015 25
C ONDO
STYLE
Get cooking with these ideas for small-space kitchens Small can be beautiful, especially when you maximize storage opportunities
26 October 2, 2015
CONDOMINIUM
By Michelle Hopkins
T
he kitchen has long had the distinction as being the epicentre of the home. It’s a gathering place for family and friends alike. When it comes to condo-size kitchens, the lack of storage can be a real problem. It doesn’t have to be! It’s actually an opportunity for condo owners to think outside the box in order to make the most of the space they do have. There are many ways to create storage solutions for homes that lack storage space according to Huong Nguyen, founder and creative director of The Spotted Frog. “First off, you can create the illusion
of space by keeping your colour palette light,” says Nguyen, who has designed numerous condominiums including for local hero Rick Hansen. “White kitchens are really hot, so go with white, cream, light gray or taupe (the red-hot hue in Europe right now). North America is in love with grey right now, but go with a light- to medium-toned grey, not charcoal.” Lighter woods, such as maple, walnut or bamboo, also create the appearance of more space. “Keep your tones soft with not a lot of contrast,” she adds. Now that your kitchen appears more spacious what do you do about that lack of storage? With a little creative
brainstorming and a good dose of DIY elbow grease, it’s amazing what can be achieved.
Nguyen’s list of clever ways to add extra storage
• Many
kitchens have that awkward dead space that typically collects dust. You know that space between the top of the kitchen cabinets and the ceiling? You will be surprised at how much more storage room that gap can generate. You can either add wicker or wire baskets up there to stash items you don’t use every day, or you can use that extra space to display your favourite cookbooks. “You can even make your own wooden
•
•
•
•
wine rack and keep your wine bottles up there,” says Nguyen. Or head over to your local hardware store, buy some lumber cut to size and build a couple of shelves to stack dishes on. (All you need to do is paint them.) Maximize your cabinetry by taking it right up to the ceiling. “By removing the dead space, the soffit, you can add extra cabinets.” If you have older cabinetry, you can paint or stain them all the same colour for uniformity. If you have nine-foot ceilings, you can extend your cabinetry by stacking two on top of each other. “You can add glass doors on some of them so that you can display your collection of nice glasses or dishes.” You know that corner cabinet sometimes dubbed the Bermuda Triangle or blind corner – the one that you can’t even remember what you’ve stored in there because you have to get on your hands and knees to reach to the far back? Well, trending right now is smart storage, the brains, if you will, of corner cabinetry. “Kitchen cabinet manufacturers are finding great new ways to use this often seldom-used storage space by adding inside cabinet organizers.” Think pull-outs, swing-out drawers or Lazy Susans. Another bane of kitchens is underneath the sink. You can make it work harder and better by adding glide outs or pull outs which are ergonomically designed for ease. Your bottom shelf glide out can be a great place to put two or three organizers that can play host to your recycling, garbage, etc. Then, add adhesive removable hooks to
•
• • •
•
•
the inside door to store light items such as dish cloths and sponges. Your countertops are prime real estate – use them wisely. If you clutter your counters it will only make your kitchen appear smaller. “We have installed an appliance garage in three condos recently. It looks similar to a mini rolldown desk. It is built into your cabinetry (but it touches the countertop) to stash away your small appliances, such as your toaster and coffee machine.” Another countertop hog is the knife block. You can purchase a magnetic strip that mounts on your backsplash to store your kitchen knives. Talking about your backsplash – hang racks for your favourite coffee mugs or anything else that is taking up precious room. Can’t accommodate a kitchen island? Consider a rolling cart. “You can buy really nice, small rolling carts (or tea carts), which have shelving below to store lots of small items.” Empty walls are also valuable real estate. Use some of your walls to hang pots, spice racks or to organize your display-worthy kitchen gadgets that you love. If you have it in your budget, consider putting in a built-in kitchen banquette. Banquettes are a great solution for smaller kitchens because you can fit more diners into the space that might be too tight for four chairs and a table. Pocket-size banquettes also offer tons of storage in the seats. “Lift up the seats and you have tons of room for those big serving platters that don’t fit anywhere else.”
CONDOMINIUM
October 2, 2015 27
C ONDO
NEWS
Condos accelerating growth in BC home building investment: StatCan Multi-family building spend in the province catching up to detached home investment, reports statistics agency
I
nvestment in BC home building continued to climb – and increase its rate of growth – rising nearly 19 per cent year over year in July to $731 million, according to Statistics Canada data published September 22. As has been the recent trend, apartment-condo construction led the investment growth in BC, rising 32.3 per cent compared with July 2014 to a total of $306 million – almost catching up with single-family home investment. The province’s detached home construction spend also increased, although at a slower growth rate, with the $331 million of investment an 11.9 per cent rise over the same month last year. Townhome, or row home, construction investment in BC continued to rise
28 October 2, 2015
CONDOMINIUM
steadily, increasing 14.4 per cent year over year to $64 million in July. However, bucking the recent trend, the only property type to see a reduction in construction investment in July was the duplex, spending on which fell 6.3 per cent year over year to $29 million. The province’s total $731 million new home construction spend was again the third highest total in the country, after Ontario and Alberta. BC’s home investment growth rate was also Canada’s third highest, after spending surges in July in the Northwest Territories and Nova Scotia (up 65.9 and 27.8 per cent year over year respectively). As with previous months, increases in new home spending nationwide were much more muted than those seen in BC.
Investment in new home construction across Canada totalled $4.2 billion in July, up a meagre 0.5 per cent from the same month a year earlier. As with BC, Statistics Canada reported that the increase came mostly from higher investment in apartment and condominium building construction, up 17.5 per cent to $1.4 billion, as well as higher spending on row house construction, up 6.3 per cent to $395 million. Single-family home and duplex construction across Canada again both saw year-over-year declines in construction investment, falling 7.4 and 15.8 per cent respectively. However, detached homes saw the biggest total investment in July at $2.1 billion.
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October 2, 2015 29
C ONDO
MARKET
Surrey Surrey sellers appear willing to negotiate; none of the recent sales went for over asking MARKET SNAPSHOT
W
ith most condo prices well below Metro Vancouver’s average and plenty of active listings, Surrey is one of the region’s jewels when it comes to choice. There were 906 available apartments at press time, slightly less than Richmond’s 913 and a ways behind Vancouver which led the pack with 1,534. If you hanker for a home that is brand new, Surrey has 82 options. Some are ready for move in; others won’t be finished until 2018. The vast majority (33) are in the Whalley neighbourhood where several new towers are popping up including Residences at Three Civic Plaza, Wave, Evolve, University District – Alumni, Maxx at Verve, and Prime on the Plaza. All these homes can lay claim to great locations close to the city’s new downtown core and all its amenities as well as easy access to Skytrain. It will cost you more to own here; the average listing of a brand-new condo in Whalley is close to $405,000 – well over the city’s $249,245 average. In terms of Surrey’s more recent listings, 68 condos had been on the market for less than nine days at press time. These ranged from a one-bedroom, 21-year-old home in Whalley that is asking $107,900 to a brand-new, two-bedroom unit in the second phase of the Gemini complex
along the King George Corridor that is on the market for $433,920. If your budget is more in line with Surrey’s average asking price of about $250,000, the newest listing you should pounce on is for a one-bedroom unit in Whalley’s two-year-old Ultra-Urban Village development. If you are willing to stretch that field of view to all current $250K listings, there are four choices: a 785-square-foot, five-year-old, twobedroom home in Clayton; a 23-year-old, 1,103-square-foot two bedroom in East Newton; a slightly smaller 1,100-squarefoot, two-bedroom, 20-year-old unit in Whalley; and, also in Whalley, a onebedroom, 611-square-foot home in a twoyear-old building. A quick look at sales between September 5 and 18 reveals that five condos changed hands in that time. None went for more than the owners were asking. If that is any indication, Surrey sellers are willing to entertain offers. One seller, whose 17-year-old, two-bedroom home in the King George Corridor neighbourhood sold for $248,000, accepted an offer $21,900 less than asking after only seven days on the market. After 20 days on the market, a Guildford condo owner closed at $900 below their asking price of $149,900 for their 29-year-old, twobedroom home.
906
Active condo listings*
5
Condos sold (Sept 5-18)
••••••••••••••••••••••••••••••••••••
$249,245
Average listing price* ••••••••••••••••••••••••••••••••••••
96
Average days on market*
••••••••••••••••••••••••••••••••••••
$284
Average price per square foot*
••••••••••••••••••••••••••••••••••••
Type of inventory*
Studio: 1% 2 BR: 59% Surrey is one of the region’s jewels when it comes to choice
30 October 2, 2015
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1 BR: 35% 3 BR: 5%
*Active listings up to September 18, 2015
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Tri-Cities
Variety is the spice of life and this part of Metro Vancouver offers plenty of condo options MARKET SNAPSHOT
C
oquitlam dominates the Tri-Cities when it comes to active condo listings; 56 per cent of the available homes are here. Prices range from $129,900 for a 37-year-old apartment in Coquitlam West to a $1.1 million recently listed three-year-old unit in Westwood Plateau. Beyond the price, location and age differences between these two onebedroom properties, there’s also the size factor. The former is 660 square feet while the Westwood Plateau property is almost three times that size. The listing that comes closest to the city’s current average list price is a presale of a onebedroom home in Coquitlam West’s The Crown. This Beedie Development Group unit is on the market for $345,900 and will be move-in ready in 2017. Moving eastwards, Port Coquitlam had 169 active listings at press time. Condos are less expensive here with the current price range going from a low of $130,000 for a two-bedroom home in a 41-yearold building to a high of $598,888 for a six-year-old, two-bedroom apartment in Central PoCo. The listing that comes closest to the city’s average asking price is another two-bedroom apartment in Central Port Coquitlam. This sevenyear-old, 830-square-foot home is on the market for $263,800.
You can settle into condo life in Port Moody from a low of $135,000 for a recently listed studio apartment in the centre of town to a high of a little over a million for a three-bedroom in the same neck of the woods. With 68 condos actively listed, the one that comes closest to Port Moody’s average price is a twobedroom in an eight-year-old building in the same neighbourhood. Its asking price? $374,900. When it comes to a quick analysis of the 17 Tri-Cities condos that sold between September 5 and 18, only one went for more than the owners were asking. A two-bedroom unit in Port Moody’s North Shore community spent nine days on the market before it was snapped up for $330,000 – a mere $100 over its list price. Several other sales were made right at their list price, particularly in buildings under construction. Two units in Freemont Green South, which will be complete in 2016, sold at asking: a onebedroom went for $249,900; and a twobedroom for $409,900. The new owners of two units at The Windsor by Polygon in the New Horizons community will also be moving in when the building is complete in 2016. They bought their homes for the asking prices of $394,900 and $428,900.
535
Active condo listings*
11
Condos sold (Sept 5-18)
•••••••••••••••••••••••••••••••••••• $345,976 Coquitlam average listing price*
$263,615
Port Coquitlam average listing price*
$372,176 Port Moody average listing price* ••••••••••••••••••••••••••••••••••••
66
Average days on market*
••••••••••••••••••••••••••••••••••••
$366
Average price per square foot*
•••••••••••••••••••••••••••••••••••• Type of inventory*
Several sales were made right at their list price, particularly in buildings under construction
32 October 2, 2015
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Studio: 2% 2 BR: 64%
1 BR: 29% 3 BR: 5%
*Active listings up to September 18, 2015
S TRATA
LIVING
Renovate your condo – the right way Knowing what hoops you’ll need to jump through is that much easier when you hire a professional By Bob de Wit
M
ore space is often cited as a reason for choosing to purchase an older condo. And in many cases, older condos have a lower per-square-foot cost, allowing your extra dollars to be invested in renovations. But remember: when renovating your condo, choosing a renovator is as important as choosing your condo. I reached out to condominium specialist Robert Capar, CHBA BC’s past president and owner of maison d’etre design-build inc. for tips. “If your renovator is not aware of renovation items speci c to condominiums, it can end up costing the condo owner in time and money,” says Capar, citing “good planning and design before the work starts” as key to help minimize the renovation time and to help bring the project in on budget. Additional tips for condo owners working with their renovator: • Strata rules: Condo buildings have different rules and regulations on top of municipal requirements – be aware of your strata rules, and be sure to inform your renovator. • Strata approval: The city’s permitting department requires strata approval, con rmed in writing. It is important to ensure you work with your renovator to get your proposal to the strata council with all the relevant data for approval, prior to permitting.
• Elevators: Pre-book elevators to move
• •
materials, with the ability to lock off use, as required. Ń Note: Elevators and common areas will need to be cleaned daily and kept free of construction materials. Waste removal: Waste cannot be accumulated on-site – i.e. no big bins. Plans need to be in place to deal with frequent removal. Fire safety: Know your building’s sprinkler regulations and inform your contractor. Ń New code changes do not allow for the use of quick-setting adhesives, requiring re sprinklers to be turned off overnight. Someone must remain onsite overnight when work is being done. Ń The integrated building warning system cannot be touched – period. If it is moved or damaged the cost to reset the entire building system will be incurred.
If your renovator is not aware of renovation items specific to condominiums, it can end up costing the condo owner in time and money Ń
•
Fire separation between suites, around plumbing xtures, and in walls is a big item for inspectors and must be done to code. Permits: It is important for the renovator to know what can and
cannot be changed in the suite. Examples include: Ń Designated spaces cannot be claimed in a renovation in the city of Vancouver. These excluded spaces are normally designated “storage rooms” and “enclosed balcony” spaces. Ń The City of Vancouver has also adopted new energy code requirements for condo renovations, requiring new renovations to include upgrades to the energy consumption of the condominium space. (Look for these rules to be adopted in other municipalities in the future.) Plan ahead with a professional renovator; it’s your key to a successful dream condo renovation.
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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WEST VANCOUVER
NORTH VANCOUVER
6
5
4
COQUITLAM
PORT MOODY
7 VANCOUVER
BURNABY
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8
PORT COQUITLAM
3
MAPLE RIDGE
PITT MEADOWS
NEW WESTMINSTER
RICHMOND
SURREY
DELTA
LANGLEY
TSAWWASSEN
2 WHITE ROCK
A selection of open show homes and sales centres across the Lower Mainland
BURNABY 1
NORTH VANCOUVER
Modello #118 - 5021 Kingsway, Burnaby Open Daily 12 – 5 pm (except Friday) 604.456.0688 ...................Pg7
TSAWWASSEN 2
Tsawwassen Springs 5099 Springs Boulevard Open Tues – Sun 12 – 5 pm & open by app. 604.948.4663 ...................Pg 36
NEW WESTMINSTER 3
Aragon 260 Salter Street Open Daily 12 – 5 pm (except Friday) 778.398.1344 ...................Pg 2
34 October 2, 2015
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VANCOUVER
4
Cates Landing 3919 Dollarton Highway Open Daily 12 – 6 pm (except Friday) 604.998.8856 ...................Pg 23
7
Proximity 1772 Ontario Street Open Sat-Thurs 12 – 5 pm 1 & 2 Bedroom 604.828.1029 ...................Pg 13
5
Seylynn Village 600 Mountain Hwy Open Daily 12 – 5 pm 1, 2 & 3 + Den Bedroom 604.980.5000 ...................Pg 35
8
Winona Park 344 W 62 Avenue Opening Autumn 2015 2 & 3 Bedroom 604.683.5441 ...................Pg 17
A NEW PERSPECTIVE FOR
NORTH VANCOUVER
Seylynn Village is a true pioneer of change on the North Shore. The captivating modern architecture of the first phase, Beacon, has already begun to transform the skyline. And now with Compass, the 28-storey second phase of this state-of-the-art community coming soon, the residential heart of a new town centre is quickly taking shape. Sweeping views, immediate access to North Vancouver’s unrivaled natural beauty, and 35 unique plans to choose from – all just 12 minutes from downtown Vancouver.
GREAT SELECTION OF HOMES STARTING FROM $326,900
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. PRESENTATION CENTRE AND SHOW HOME LOCATED AT 600 MOUNTAIN HIGHWAY, NORTH VANCOUVER. OPEN 12 – 5PM DAILY.
ONLY A FEW LEFT
OCTOBER 17TH
COMING 2017
604.980.5000 SEYLYNN.CA
This is not an offering for sale. Any such offering may only be made with a Disclosure Statement E.&O.E.
CONDOMINIUM
October 2, 2015 35
TGCC MANAGEMENT LLP, TSAWWASSEN SPRINGS 12.00 x 792.00 R0011092721 4C
GRAND & ELEGANT RESORT LIFE.
Marketed By:
Easy Living. Inside & Out The Best Freehold Investment in the Region Starting at $299,900 With destination shopping to come at Tsawwassen Mills in 2016, and massive infrastructure upgrades such as the South Fraser Perimeter Road, and the Tunnel Replacement Project, Tsawwassen is a hotspot for investment. Get in now! 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 | ONLY GETTING BETTER! Tsawwassen Springs will be opening a short game practice area, a putting green and a covered, heated driving range this fall. The superior drainage keeps fairways and greens dry all year long. What golfers are calling “the best course on the West Coast.” BOOK YOUR TEE TIME TODAY at TsawwassenSprings.ca AND DON’T FORGET TO ASK ABOUT OUR SPRINGS GOLF CARD! T. 604.948.4653 (GOLF)
HWY 99
TO VANCOUVER
RICHMOND
HWY 17- A
The Perfect Venue for Weddings & Events Eveents
5133 Springs Boulevard, Tsawwassen info@tsawwassensprings.ca
TSAWWASSENSPRINGS.CA 36 October 2, 2015
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NOW HIRING careers@tsawwassensprings.ca PATQUINNS.COM
SPRINGS BLVD
FERRY TERMINAL
56 ST
Whether it’s a wedding reception or formal gala, a corporate meeting or golf tournament, the elegant Springs Ballroom can be transformed to accommodate special events for 25 to 500 guests.
52 ST
From the grandest celebrations to the most intimate affairs, special events at Tsawwassen Springs will create lasting impressions.
SFPR - HWY 17
TO PEACE ARCH (US) BORDER
HW
Y 9 9