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W E S T C O A S T

October 30, 2015

CONDOMINIUM A NEW STANDARD

ON THE NORTH SHORE Bosa’s newest master-planned community, The Residences at Lynn Valley P8-9

www.westcoastcondominium.ca

CONDO DEVELOPMENT

CASHING IN ON OUTDATED STRATA BUILDINGS Owners and developers could benet under new strata dissolution rules

P7

CONDO STYLE

SPACE-SAVING FURNITURE FOR SMALLER HOMES Compact solutions for limited-space living that don’t compromise on style

CONDO LIVING

P10

HOW TO… RENOVATE TO MAXIMISE YOUR BATHROOM Make the most of your smallest room, says GVHBA’s Bob de Wit

P21

CONDOMINIUM

October 30, 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 now available for viewing. 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 30, 2015

CONDOMINIUM

PENTHOUSE

DISPLAY HOMES

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.

COME SEE OUR


O W N T H I S FA LL

THE NORTH SHORE’S MOST ANTICIPATED URBAN NEIGHBOURHOOD

THE HEART OF LYNN VALLEY, VERYTHING AT YOUR DOOR WITH EVERYTHING DOORSTEP

REGISTER NOW FOR EXCLUSIVE DETAILS

SPACIOUS 1, 2 AND 3 BEDROOM HOMES INCLUDING TOWNHOMES

LYNNVALLEYRESIDENCES.COM EYRESIDENCES.COM 166 604.924.0166

• EX EXPANSIVE

• AIR

• BO BOSA

OUTDOOR SPACE CONCRETE CONSTRUCTION • OV OVER HEIGHT CEILINGS • IM IMPORTED ITALIAN CABINETRY

• MASTER

CONDITIONING PLANNED REDEVELOPMENT WITH LYNN VALLEY CENTRE

BOSADEV.COM

Artist’s representation only. Developer reserves the right to make changes and modifications 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 30, 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 30, 2015

Condo market snapshots 6 12 16 26

Cashing in on old condos

8 • 641 s.f. Suite • 1 Bdrm + Den • 1 Bathroom

Outstanding 400 s.f. Terrace!

• Open Layout • Great location • Air Conditioning • 1 parking • Views • Main fee: $244

1903 – 1372 Seymour Street

$599,000

• 902 s.f. Suite • 2 Bedrooms • 2 Bathrooms

YALETOWN

$759,000

KITSILANO

O

O D L O S T S JU

Amazing Water & Marina Views

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

1005 – 1328 Marinaside Cres.

• Granite counters • 2 parking • Spacious living • 2 storage • Terrific amenities • Main fee: $364

702 – 1425 West 6th Avenue

$2,598,000

• 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...

• Conv Location • 1 parking • Main fee: $282

7 10

KITSILANO

Surrey Tri-Cities New West

Small but perfect condo living Space-saving furniture solutions that offer just as much function and style as the big stuff

Come home to The Residences at Lynn Valley Bosa Properties’ new development is setting a new standard for homes on the North Shore

Renovate your condo bathroom…

21 22

… to maximise the space – GVHBA’s Bob de Wit has a host of tips to trick the eye

Want to live with Rover? What you need to know about age and pet restriction bylaws, by CHOA’s Tony Gioventu

$428,000

www.FaithWilsonGroup.com

MOUNT PLEASANT EAST

30 32 33

Owners and developers could see windfall as new law eases strata dissolution vote

FALSE CREEK

Downtown Living

North Shore Vancouver Burnaby Richmond/South Delta

24

Complying with the green police Organic waste requirements are in full force – here’s what you can get fined for

New Listing

New Price

Bosa Built Bright Suite – Central Location • 1,039 s.f. home • Light & Bright • 1 Bdrm & Den • SE Corner • 2 Bath • Open Concept

304 – 1188 Quebec Street

Tastefully Updated 1 Bedroom

• 1 Pkg/1 Stg • 586 s.f. suite • Rentok/Petw/Rest • 1 Bedroom • Main Fee: $508 • 1 Bathroom

$525,000

• 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 30, 2015

CONDOMINIUM

28

Multi-family housing soars ahead in BC Condo-apartment construction investment has nearly closed gap with detached homes


EDITORIAL

BUYERS

Enough already with

the green police

that we assist in realizing their real estate dreams

Fines, penalties and shaming not the answer to encouraging recycling

E

very week a 30-ton truck rolls down a Kerrisdale alleyway and stops at every apartment and condominium building. At each stop the truck idles as a uniformed representative of the environmental industry emerges and walks into the parking lot. He lifts a small green plastic can and carries it to the front of the truck and attaches it to giant pincers that swing and tip the little can into the cavernous truck, and return it. The driver sprays a cleaner into the plastic can, wipes it out and carries it back to its place. The truck then lumbers down the alley and the process is repeated at the next building. And so on. And so on. Across Metro Vancouver, the same ritual is being played out thousands of times every day by hundreds of big, fossil fuel-burning trucks. And if a condominium owner fails to separate and recycle such organics, governments can now hunt them down and punish them. (See this issue’s Strata Living column on page for tips on how to comply with the rules and avoid penalties.) This, of course, require inspectors, who, we surmise, also drive from lot to lot to sniff through garbage so the green police can identify and penalize the scofflaws.

Soon, a hotline will be set up so neighbours can report on neighbours who may have slipped a mushy orange into the waste can. Starting this month, Vancouver condominium residents are also required to separate all their containers for recycling. Someone is watching, probably in that second squad car in the alley. Fines are imminent. Resistance is futile. Well, we say, enough already with the environmental despotism and the bloated bureaucracy behind it. The current zeal towards fines and public shaming (if I see one more of those tattletale recycling commercials I will throw a banana peel into the street) is making society meaner, not greener. Lighten up, people.

The current zeal towards fines and public shaming is making society meaner, not greener

Frank O’Brien

Contributing Editor Frank O’ Brien is editor of Western Investor, the largest commercial real estate investment newspaper in Western Canada.

PUBLISHER: Janai York EDITOR-IN-CHIEF: Joannah Connolly EDITOR: Jill Lunde CONTRIBUTING EDITOR: Frank O’Brien SALES MANAGER: Lynn Fry SALES REPRESENTATIVES: Tracey Aussem, Rebecca Bookham, Audrey White, Audrie Gilson, Jackie Mollenhauer, David Bobenic PRODUCTION MANAGER: Holly Burge PRODUCTION: Darko Isic, Peter Gallagher DESIGNERS: Carol Rui, Arslan Sultan, Joanne Yen

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the peace of mind of

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

ENJOY

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 30, 2015 5


C ONDO

MARKET

North Shore With its location close to the mountains, the North Shore is a great option for outdoor enthusiasts MARKET SNAPSHOT By Jill Lunde

R

ecent North Shore condo sales are all over the map: 10 of the 22 sales went for less than list; eight properties appeared to be priced correctly, selling at list; and four owners rejoiced with closings over their asking prices. The biggest gain was for a two-bedroom Lower Lonsdale condo. After 11 days on the market, its owners walked away with seven per cent more than they were asking for their 41-year-old home: $341,000. Perhaps not so pleased were the owners of a 40-year-old, two-bedroom Dundarave home. This 1.4 million dollar listing sold for five per cent under asking after a little over five weeks on the market.

Dundarave This beautiful beachside community is one of the most in-demand neighbourhoods in West Van and five of its 17 active listings are over the milliondollar mark. It’s not all lifestyles of the rich and famous here though… you can hobnob with the millionaires for as little as $299,000 for a one-bedroom condo in the 51-year-old Surfside Towers. Then again, if you are living the dream and have $9.65 million to spare, there’s a threebedroom, eight-year-old home on Argyle Avenue with your name on it. There were two recent sales here. In

addition to the previously mentioned listing that went for less than asking, a three-bedroom in the 40-year-old Bellevue Terraces complex was snapped up after only four days on the market for $56,000 over its asking price of $2,749,000.

CONDOMINIUM

Active condo listings*

Lower Lonsdale The North Shore’s fastest growing and most populated neighbourhood is commonly referred to by locals as LoLo. With over 100 active listings, you can live here for a “lo-lo” of $189,000. That will buy you a studio in the 46-year-old Harbour Court Apartments. At the other end of the scale, the neighbourhood’s “hi-hi” listing is $2,688,000 for a fourbedroom, eight-year-old penthouse on Esplanade. The community’s median listing price is $434,000. Twenty-three of the neighbourhood’s active listings at the time of writing are for brand-new homes. Some, like the waterfront Trophy at the Pier and The Anchor, are currently under construction. Others, like West Quay, are in the preconstruction phase and aren’t expected to be complete until 2017. Of the five recent sales in Lower Lonsdale, only one went for less than list price. After only four days on the market, the owners of a two-bedroom unit at Nottingham Place let their home go for three per cent less than their $329,900 asking price.

The North Shore’s fastest growing and most populated neighbourhood is commonly referred to by locals as LoLo 6 October 30, 2015

371

22

Condos reported sold (Oct 3-16)

••••••••••••••••••••••••••••••••••••

$399,900

North Vancouver median listing price*

$948,000

West Vancouver median listing price*

••••••••••••••••••••••••••••••••••••

44

Median days on market*

••••••••••••••••••••••••••••••••••••

$565

Median price per square foot*

•••••••••••••••••••••••••••••••••••• Type of inventory*

Studio: 1% 2 BR: 51%

1 BR: 41% 3 BR: 7%

*Active listings up to October 16, 2015


C ONDO

DEVELOPMENT

Cashing in old condos Change to Strata Property Act will allow easier sale of entire buildings 50-unit condominium building could be demolished and rebuilt with 75 or more modern strata units if the floor-space ratio allows. Coulson, whose team has helped broker some of the largest recent apartment deals in Metro Vancouver, expects most of the action to be focused around aging and smaller low-rise condominium projects where it would be easier to get most owners to agree to a sale. “It will take some time to get started, but this will be a big trend,” he predicts. Donnelly expects some applications will end up in court, if the vote is just at 80 per cent and a minority of owners simply doesn’t want to sell. But he expects most applications will have the necessary backing of owners before proceeding. For investors, the first thing to check is the OCP for an area and then to start looking for condominium and townhouse complexes that have a combination of a large land base, an aging structure, and a higher density allowance. Based on current land values, there are potential windfall prices available.

By Frank O’Brien

M

etro Vancouver’s aging condominium and townhouse projects could be the new target of developers – potentially offering windfall profits for strata owners – when a change to the provincial Strata Property Act comes into effect. That could happen by year-end. Under the proposed change, it will be easier for strata owners to dissolve their strata corporation and sell the entire building. Under the change, 80 per cent of strata owners, rather than the current unanimous vote, will be needed to dissolve the strata. “I have had one group of condominium

owners reach out to me already,” says real estate agent Lance Coulson, a multifamily commercial specialist with CBRE commercial real estate, Vancouver. Darren Donnelly, of Clark Wilson Commercial Real Estate Group, said the new legislation has passed first reading and he expects it to become law as early as December. Donnelly has been involved with a number of such cases under the former regulations and he believes the change will trigger a rush of applications. The first condominiums in BC were built in the mid-1960s, and some strata buildings were converted from even older condominiums. Owners may wish to terminate their strata corporation for several reasons. Major building components, like roofs and

foundations may start to fail, threatening expensive repair bills. In some cases, strata owners may simply want to sell the property to a developer for the current land value, which can be much higher than an old building is worth. Not all owners can expect a big cash out. The ideal is buildings close to SkyTrain stations and those on major corridors where higher density is allowed under updated official community plans (OCP) of the local municipality. This could mean, for example, that a

The ideal is buildings close to SkyTrain stations and those on major corridors where higher density is allowed under updated official community plans

Frank O’Brien is editor of Western Investor, the largest commercial real estate investment newspaper in Western Canada.

CONDOMINIUM

October 30, 2015 7


P ROJECT

PROFILE

Come home to The Residences at Lynn Valley Bosa is setting a new benchmark of excellence for multi-style developments on the North Shore

8 October 30, 2015

CONDOMINIUM


N

orth Vancouver’s Lynn Valley is coming into its own and in the epicentre of this extensive renaissance is The Residences at Lynn Valley by Bosa Development. At the gateway to the Trans Canada Trail system – with more than 400 individual hiking, walking and cycling trails – The Residences is minutes away from the best of Mother Nature’s playground. “Lynn Valley’s amazing natural setting and strong community spirit are what inspired our vision for The Residences,” says Nat Bosa, visionary founder and president of Bosa Development. “Homes are at sky level, with oversized windows and large balconies looking out to stunning mountain and valley views. The Residences celebrate a way of life that we feel honoured to bring to this community.” Designed by the award-winning Chris Dikeakos Architects, when complete, this master-planned community will feature six concrete Whistler-inspired buildings, ranging from four to 12 storeys encompassing 350 homes, a fully renovated Lynn Valley Centre Mall and new retail space in addition to the new public gathering spaces featuring stunning public art. There’s a sense of community that permeates the neighbourhood culture that Lynn Valley is known for. In addition, the rustic timbers and steeply pitched rooflines pay homage to the surrounding landscape, while a rooftop garden and an array of outdoor amenities embrace the Lynn Valley lifestyle. Inside, the surrounding elements of nature blur the line between interior and outdoor. Each home features wideplank engineered hardwood floors in a palette of earth tones, generous ceilings, floor-to-ceiling windows and air conditioning – providing touches to enhance comfort. The first phase of The Residences consists of two beautiful boutique-style buildings with the most expansive outdoor spaces and highest ceilings in the development and features exclusive homes including one-, twoand three-bedroom homes ranging from 511 to 2,285 square feet, many with dens or flex spaces. “The Residences are understated yet sophisticated, cozy yet clean,” says Cristina Oberti of Cristina Oberti Interior Design Inc. “One feels a sense of comfort

and of inviting space, but finer details, such as the high-end appliances, wood and stone and porcelain tile finishes work to give the spaces a very luxurious and resort-like feel.” The epicurean centre of the home is highlighted by Italian cabinetry, a premium integrated Bosch appliance package, including a gas cooktop, high end quartz countertops with waterfall edges and a solid slab backsplash. The Zen-inspired ensuite bathrooms are showcased by porcelain tile on the floor and walls and the imported Italian

cabinets add a touch of warmth to the otherwise serene and very soft bathroom setting. In addition, there are oversized balconies, triple-glazed windows for superior soundproofing, air-conditioning and two elevators in each building to get residents in and out fast. “It’s not just a place to live and work, but a place of refuge where you want to escape to and relax,” adds Oberti. This is an exciting opportunity to buy a magnificent home in a sought-after neighbourhood in a premium location,

built by a developer with a stellar track record for quality and integrity spanning more than three decades. At The Residences at Lynn Valley, every detail has been carefully planned to offer superiority and refined living spaces. For exclusive details and more information about The Residences at Lynn Valley please call 604-924-0166 or email info@lynnvalleyresidences.com. www.lynvalleyresidences.com

CONDOMINIUM

October 30, 2015 9


C ONDO

STYLE

Space-saving furniture for small but perfect condo living If your condo is on the smaller side, you need to maximize space while not compromising on comfort

By Michelle Hopkins

W

hether you are a first-time home buyer or downsizing into condo living, one of the hardest things to do is to sell or give away some of those beloved pieces of large furniture. It’s hard to imagine living without that massive but gorgeous heirloom buffet that grandma gave you or that huge sectional that you’ve been lounging on for years. How to fit belongings into a compact space often takes ingenuity and a little

10 October 30, 2015

CONDOMINIUM

planning. However, more often than not, those larger, bulkier pieces simply look too overpowering and out of place in a smaller condo. “People who are downsizing from a medium or large home often have largescale, deeper, wider furniture that really doesn’t work well in a condo,” says Amanda Hamilton, principal of Amanda Hamilton Design. “You just can’t get the same depth in a smaller space.” A common misconception is that decorating a condominium must be first and foremost all about functionality rather than design. That sentiment could not be further from the truth. Your condo may

be short on its footprint, but that doesn’t mean it has to be short on style. Is there room for both function and style? A resounding yes, says Hamilton. “You can fill your condo with items that fit your space while highlighting your personal style and personality… you don’t have to give up one for the other,” she adds. Over the last few years furniture designers have been creating furniture for small interiors, such as condominiums and apartments, and coming up with multifunctional solutions with a beautiful aesthetic value. When we think of space-saving

furniture, we conjure up images of Murphy beds or beds with underneath storage. Although that still holds true today, there are also other innovative examples – such as trundle beds that can be folded into a sofa when watching television. With a little time and a few helpful ideas, a space-challenged dwelling can become not only a functional home but a beautiful one as well.

Hamilton’s favourite space-savers

1

One of the best multi-functional and useful pieces of furniture is the side table/seat combo. “For clients, we frequently


Your condo may be short on its footprint, but that doesn’t mean it has to be short on style

will add in wood stumps or poofs that act as both side tables and extra seating,” Hamilton adds. “You can also layer them for extra dining table space.” Because of their size, they can easily be moved and stored underneath a coffee table. The drop-leaf table is a timeless and elegant piece of furniture that has been used in homes for centuries. It became popular where dining space was limited. The folding leaves extend to allow for more seating or, when not in use, the table can be tucked against a wall. Nesting tables. Use them separately, place them across the room, and store them together when you’re done.

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You can find ultra-modern ones in clear, transparent design or beautiful rustic, chic, antique ones. Ottomans are another fabulous furnishing. Today’s ottoman is firmly established as the design go-to, cherished for classic good looks as well as for casual entertaining. “The shape, style and upholstery of today’s ottoman can add casual elegance to a room,” says the interior designer. “They are very versatile. Many ottomans are on casters so you can just slide them out of the way for easy storage.” You can also buy ottomans that offer removable tops with storage space for toys or blankets or some with

4

attachable, oversized coffee tray tables. Wine racks. You might not consider a wine rack if space is at a premium, but it doesn’t have to be that way. There are wine racks that allow you to store a couple of dozen wine bottles that can easily fit on any wall. It’s also a great DIY project, adds Hamilton. You can create stunning sculptural ones or ones made out of your favourite wood. Many of us work from home and finding a solution for much-needed office space can be challenging. There are wall-mounted, semi-circular drop-leaf tables that become desks in seconds and can also be used as nightstands.

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Floating bookcases take up no floor space and can display things that communicate who you are, such as artwork, mementoes collected during your travels, and curios that mean a lot to you. You can also change your vignettes throughout the year. Stagger shelves to create a visually stunning feature wall. “There are lots of creative solutions to furnishing a small space and another one that I especially like is repurposing goods you already have,” says Hamilton. “We had an old wine box that we decided was the perfect spot to display our records, and it is also a great space saver.”

CONDOMINIUM

October 30, 2015 11


C ONDO

MARKET

Vancouver The area’s largest city leads the way with the greatest number of available listings By Jill Lunde

T

here was a wide difference between the list and selling prices of the 70 recent condo sales in the region’s major metropolis. At one extreme, a 45-year-old, one-bedroom in the West End’s Westsea Towers went for 11 per cent less than asking ($290,000 versus $324,800) after 27 days on the market. Tipping the scales in favour of sellers was a one-bedroom, 18-year-old home in the East Side’s Fraser neighbourhood. After one week on the market, its owner is walking away with $441,000 – 18 per cent over the $375,000 list price. Trying to view all of the 1,400-plus condos currently on the Vancouver market would be next to impossible, which is why it’s important to know what you want before you look. You can narrow your search on REW.ca to the city’s West Side (1,086 active listings at the time of writing) or the East Side (324 listings), or by price range from $149,000 for a studio apartment in downtown’s Rosedale on Robson to a $19.8 million, three-bedroom home in Coal Harbour’s Two Harbour Green. Having a target neighbourhood is an important first step. Let’s take a closer look at two popular choices.

Kitsilano It’s impossible to think of this neighbourhood without conjuring images of Kits Beach, but the area is also

renowned for its organic food stores and many restaurants. The cheapest listing is a $279,000 onebedroom home in a 40-year-old building. It’s close to transit, shopping and the beach. The priciest option will take you farther from the water, but its large rooftop patio has great views of English Bay and the North Shore. It’s a brandnew two-bedroom condo in the Arbutus Ridge complex. This penthouse suite is on the market for $1.25 million. Of the area’s five recent sales, one owner walked away with five per cent less than their asking price after only four days on the market ($654,900 versus $688,800) for their two-bedroom home in Pinnacle Living. Likely a happier seller was the owner of a two-bedroom unit in Blenheim Terrace who accepted an offer seven per cent over list ($535,000 as opposed to $498,000) after six days on the market.

Mount Pleasant This vibrant and eclectic East Side neighbourhood is known for its heritage buildings and artistic sensibilities. The area’s cheapest home is in a 51-year-old building west of Main. This one-bedroom apartment in Rosemont Manor will set you back $189,000. You can tip the scales with $1.9 million for a three-bedroom home in the six-year-old Jacobsen building. This penthouse suite boasts spectacular views of the city, water and mountains. Of the area’s five recent sales, all but one went at or over list price.

Trying to view all of the 1,400-plus condos currently on the Vancouver market would be next to impossible, which is why it’s important to know what you want before you look 12 October 30, 2015

CONDOMINIUM

MARKET SNAPSHOT

1,410

Active condo listings* 70

Condos reported sold (Oct 3-16)

••••••••••••••••••••••••••••••••••••

$698,000

Vancouver West median listing price

$364,900

Vancouver East median listing price

••••••••••••••••••••••••••••••••••••

38

Median days on market*

••••••••••••••••••••••••••••••••••••

$744

Median price per square foot*

•••••••••••••••••••••••••••••••••••• Type of inventory*

Studio: 3% 2 BR: 48%

1 BR: 39% 3 BR: 10%

*Active listings up to October 16, 2015


14 IMPORTANT QUESTIONS SELLERS need answered before hiring a real estate agent to market & sell your home! Literally tens of thousands of dollars are riding on the agent you hire to market, present and negotiate the sale of your Vancouver home. And let’s face it - in real estate, as in life - not all things are created equal. Honest answers to these questions from the agents you are interviewing will help you to decide whom to entrust to market and sell your home for top dollar with the least amount of hassle.

1

What makes you different? Why should I list with you? What unique strategies do you use? Today, it is a much tougher and more dynamic real estate market than it was even 5 years ago. A successful agent stays up-to-speed on the complex, multi-dimensional marketing needed to reach all buyers, including mobile and internet-savvy consumers and international prospects.

2

How many properties have you marketed and sold in the last 12 months?

Did you know that only 10% of Vancouver agents sold more than 10 homes in the last 12 months? Working with top producers ensures you are UHFHLYLQJWKHEHQHÂżWRIWKHLUH[SHULHQFH resources and their proven plan to deliver a successful sale.

3

How many contracts have you negotiated in the last 10 years?

The more contracts negotiated and the more exposure to cross cultural scenarios translate into better advice which delivers better results for you.

4

Do you work solo or with a team?

There are simply too many steps in the full process for a solo agent to do a great job of everything. A team approach is the only way to ensure you receive the attention to detail and the full service and consistent coverage that you deserve.

5

How do you manage all showings across all of your listings?

&RQVLGHU WKDW WDNLQJ R̆ WKH EDVLF WZR weeks of holidays, stats and 1 day per week

means your solo agent misses 74 days (20%) of the year to meet face to face with prospective buyers and highlight the best of your home. Does the agent have licensed property showing specialists as part of their team or do they miss opportunities to show and sell?

6

What is your pricing strategy for my home?

Strategic realistic, market-based pricing will attract the full scope of buyers and not just those looking to “steal the deal�. Setting and managing pricing requires skill, experience, plus local market trends knowledge.

7

How long, on average, does it take your listings to sell?

Ask if the agent tends to sell a home faster or slower than average and compare that answer to your goals; this is an indicator of their expertise.

8

Beyond posting my home on MLS and its related pickup sites, where will my home be marketed online? Today, 92% of home buyers use the internet during their home buying process and nearly half of buyers look RQOLQH DV WKHLU ¿UVW VWHS 'RHV KHVKH have a website dedicated exclusively to showcasing their clients’ homes? Does the agent’s internet marketing plan assure accessibility in Chinese and optimization for mobile devices?

9

Do you provide references from past clients?

10

What homes have you sold in my area?

An informed agent will provide you with their performance in your neighbourhood and area.

11

Do you provide a written schedule of the services you deliver?

A set of performance promises will clearly detail what you can expect from the agent, including recourse if they don’t deliver.

12

Do you provide regular, updated market evaluations on my home?

In closing, the sale of your home is likely one of the largest ďŹ nancial decisions you will make. The right agent with the skills, the plans, the commitment and the team will deliver distinctly better results. We present these questions for your consideration in order that you make the right decision for you and your family. My team and I are prepared to answer these and all other questions regarding the sale of your home, at your convenience. To set up a meeting call me at 604.224.5277

Once your home is listed, how often do you update me on relevant market activity and overview?

13

What is your marketing budget for my home so as to stand out versus comparable listings? What percent of the agent’s commission will be dedicated to the marketing budget and how does this compare?

14

What marketing media mix will you use to display my home to the widest array of potential buyers?

Successful agents use a mix of search advertising, social media plus web sites for Vancouver, China, the U.S. and other international markets, and print media.

A trustworthy agent will be delighted to SURYLGHUHIHUHQFHVIURPVDWLVÂżHGFOLHQWV for you to review.

Buying or Selling, you’ve got to have Faith CONDOMINIUM

October 30, 2015 13


604-263-1144 Kerrisdale

604-689-8226 Yaletown

604-263-1144 Main Street

Beyond

Expectations

If you are looking to buy or sell a condo or townhouse, your DEXTER REALTOR ® (backed by the entire Dexter Team) has the knowledge and the experience to support and guide you through the entire process.

THE LARGEST REAL ESTATE EXPOSURE IN BC. Put yourself front and centre and connect with thousands of active home buyers in the Lower Mainland. With 40,000 copies distributed across Greater Vancouver to apartment buildings and retail locations, West Coast Condominium offers the largest and most comprehensive distribution method targeting condo purchasers in the marketplace. Expand your audience further by including the Real Estate Weekly in print and Rew.ca online. With more than 312,000 home deliveries and over 1 million online visits a month, REW.ca has the largest circulation of any real estate publication and is BC’s fastest growing real estate website. Contact Lynn Fry at: 604.379.4576 or email: lfry@glaciermedia.ca for more information.

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

14 October 30, 2015

CONDOMINIUM


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.


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MARKET

Burnaby With its central location and excellent transit, Burnaby remains a favourite for many people looking for condos MARKET SNAPSHOT By Jill Lunde

B

urnaby is a great city for condo hunters. A quick look at the recent closes shows that all save one of the reported sales went for at or below list price. This was true for both brand-new units as well as homes in older buildings, with one owner accepting an offer nine per cent under asking. That was an anomaly; most owners accepted offers around two per cent below list price. The one property that went for more than list was a two-bedroom unit in the SFU area. The owner of this 27-yearold home was asking $412,500 and accepted $415,000 after only four days on the market. The range of selling prices was broad, from $200,000 for a twobedroom, 33-year-old unit in the Cariboo neighbourhood to $881,000 for a twobedroom, five-year-old home in Jewel near Metrotown.

Central Park Neighbourhood residents see Central Park as having the best of what Burnaby has to offer: a huge urban park with forest walks as well as excellent sports and recreation facilities. Add to that its own SkyTrain station and an easy walk to the shops at Metrotown and you have

a winning recipe for a great place to live. Of the area’s 24 active listings at the time of writing, all are one- or twobedroom units with prices ranging from $159,900 to $498,800. The median list price is $345,950 – well below the city’s overall median of $408,000. Most of the available properties are in older buildings; 19 of the 24 home are between 20 and 41 years old.

CONDOMINIUM

Active condo listings* 221

Government Road Heading north and east is the neighbourhood of Government Road. Nestled between Burnaby Mountain and Burnaby Lake, the area also has great parklands and nature trails as well as fast access to downtown Vancouver. Shopping is easy at the nearby Lougheed Mall. There are 21 active listings here, ranging in price from $159,000 to $399,900. Most of the available properties are oneor two-bedroom homes but there are two three-bedrooms also on the market. These apartments also tend to be on the older side, with 18 of the listings being in buildings older than 25 years. Several of the homes were new listings at the time of writing, so, if this is your target neighbourhood and you haven’t checked inventory lately, it may be time to ask your real estate agent to set up some viewings.

These apartments also tend to be on the older side, with 18 of the listings being in buildings older than 25 years 16 October 30, 2015

675

Condos reported sold (Oct 3-16)

••••••••••••••••••••••••••••••••••••

$408,000

Median listing price ••••••••••••••••••••••••••••••••••••

46

Median days on market*

••••••••••••••••••••••••••••••••••••

$500

Median price per square foot*

•••••••••••••••••••••••••••••••••••• Type of inventory*

Studio: 1% 2 BR: 63%

1 BR: 31% 3 BR: 5%

*Active listings up to October 16, 2015


SPECIAL ADVERTISING FEATURE

2015 FALL UPDATE The Big Reveal: Stratus Owners get First Glimpse of New Homes For some SOLO District homeowners the anticipation and wait to see their units is finally over. Appia Development, the developer behind the new North Burnaby neighbourhood, has started taking future residents of Stratus – the first of four planned buildings – on walk-throughs of their homes. “People are really excited to finally be able to see something concrete,” said Gemma Karstens-Smith, Appia’s customer liaison. “Some people bought in the summer of 2012, so they waited for their new homes for over three years!” Karstens-Smith, who is organizing all of the walk-throughs, said the process gives homeowners the opportunity to explore and identify anything that needs touching up – such as wall and trim paint. “At Appia, we pride ourselves on delivering the very best in quality,” Karstens-Smith said. “Homeowners’ happiness and their high praise make our business thrive, so we want them to have every opportunity to point out anything they may notice is not quite finished before they move in.” Walk-throughs also help residents get acquainted with all the features of their new homes. “They learn about the different products used in the construction of their units – from the materials used for the countertops and floors, to how their air conditioning and heating systems work,” Karstens-Smith said. Now that the amenity spaces have been completed, residents are also getting a chance to check out the lobby, fitness centre, steam room and sauna during the tours. These tours are built into each contract, however, owners who are unable to attend can sign authorization forms to allow a designated alternative to perform the inspection of their units. Stratus residents will start to move into their homes this fall. “We’re really looking forward to getting all of the home owners into their new homes,” Karstens-Smith said. “SOLO District is going to be a really special community.”

SALES:<EKI<1 2131N@CC@E>;FE8M<EL<#9LIE89P

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SOLO;@JKI@:K%:FD CONDOMINIUM

October 30, 2015 17


SPECIAL ADVERTISING FEATURE

SOLO District: the Place to be in Business The new North Burnaby development boasts a prime location, an array of amenities, a pedestrian-friendly design and close proximity to transit.

with retail that services the residents and office tenants, creating an upbeat, modern environment and a desirable place to live and work,” she said.

BUILDING SIZE

“The large, safe boulevards connect shops and local residents, which creates a village atmosphere at SOLO District,” said Meghan Kennedy, the development’s leasing manager.

There are many other perks to being in business at SOLO District. A fitness facility and outdoor multi-court that includes showers, change rooms and day lockers, will be available to office employees. The development will also feature an “end of trip” facility complete with bike storage, showers and lockers for tenants who cycle to work.

FLOOR SIZES

“Recent studies have shown that high pedestrian volumes have a positive impact on businesses economically and appeal to a younger demographic,” she added. These characteristics have already attracted a variety of businesses to the development.

In addition to retail space, SOLO District has approximately 230,000 square feet of office space left for leasing.

“We have established a great tenant mix, including Ricky’s All-Day Grill, SOLO Dental, Stripped Wax Bar, Uncle Fatih’s Pizza and The Girls Nail & Lash Boutique,” Kennedy said. “The shopping centre component of SOLO District will comprise approximately 101,681 square feet and will be anchored by Whole Foods, Shoppers Drug Mart and a BC Liquor Store.”

“CMW Insurance has leased a floor of office space, which we are very excited about,” Kennedy said. “We still have eleven floors remaining of roughly 20,000 square feet each.”

These tenants decided to lease at SOLO because of its location and modern, trendy, environmentally friendly atmosphere, according to Kennedy.

For retail leasing inquiries, please contact Sheldon Scott of Colliers International at 604662-2660 or sheldon.scott@colliers.com. For office leasing inquiries, please contact Meghan Kennedy, leasing manager, at 604-294-0666 or meghank@bosadev.com.

“SOLO

District

is

an

urban

community

All phase one retail spaces have now been leased, but one retail unit is still available in phase two. Phase three and four leasing will launch once phase one and two are complete.

230,000 square feet Class ‘A’ Office

CIVIC ADDRESS 2025 Willingdon Avenue, Burnaby BC +/- 20,000 square feet, each

OFFICE FLOORS 12 (levels 3–14)

TIMING Target completion of Spring 2016

PARKING Secured parking @ 2 stalls per 1,000 sf

SUSTAINABILITY LEED-CS Platinum (target or equivalent)

SOLO DISTRICT Residential – 1,400 residential units in 4 towers Retail – 100,000 + square feet including Whole Foods Market, BC Liquor Store and Shoppers Drug Mart Office – 230,000 square feet of office over 12 floors

SKYTRAIN Brentwood SkyTrain Station just steps away at Lougheed and Willingdon (Millennium Line)

LEASE RATES Contact Mark Trepp at (604) 805-5431


SPECIAL ADVERTISING FEATURE

SOLO Helps Buyers Looking to Downsize Whether you’re an empty nester, just want a house that’s less work, or are interested in buying an investment property, SOLO District is the perfect place to downsize. “Downsizers want accommodations that offer the features and benefits of their single-family residences,” said Randy Chin, a sales manager at RBC. “SOLO District is situated at a premium location in North Burnaby. It provides a walkable community full of amenities – dining, shopping, entertainment, recreation – and the SkyTrain is steps away.” SOLO District is also a great community for buyers looking to live in one unit and invest in another for some extra income. “This type of buyer may want to purchase a second unit for their child or as a rental property for a student,” Chin said. “SOLO is a really desirable place for students since post secondary institutions are only minutes away.”

Taking the Plunge Before deciding to downsize, prospective homebuyers need to consider whether or not they will be able to handle moving from a 3,000 square foot house to a 740-1,500 square foot condominium. “It’s an adjustment to move out of a singlefamily, detached home into a multi-family residence,” Chin said. But he added that many developers are aware that downsizers don’t want to move from large houses to closet-sized condos because they want to keep doing things like hosting their families for Christmas or having guests stay with them from out of town.

BUILDING ON THE BOSA LEGACY The Appia team, under Jim Bosa’s leadership, is distinguishing itself for its vision in creating vibrant, exciting communities, with homes of superior quality, created with superb materials, exquisite finishes and fine craftsmanship. Homes that contribute to their neighbourhoods and provide lasting value to their owners.

“Developers are starting to react to this evolution and put a supply of larger units into their pipeline,” Chin said. “Appia and Bosa have the scale to be able to do that and have provided 3 bed and 3 bed + den homes.”

CONDOMINIUM

October 30, 2015 19


SPECIAL ADVERTISING FEATURE

SPACIOUS VIEW UNITS MOVE IN STRATUS FALL 2015

ELEVATING

YOUR LIFESTYLE BATH

DEN BATH BEDROOM

ENSUITE

ENTRY

BEDROOM

LIVING F

WALK-IN CLOSET WO WINE FRIDGE

WD

LOFT

KITCHEN DW

DINING MASTER BEDROOM

MAIN

OPEN TO BELOW

BALCONY

UPPER BALCONY

1,785 SF

3 BED + LOFT + 3 BATH

• Beautiful panoramic views overlooking the Cascade Mountains, Downtown Vancouver and beyond • Air conditioning • Smooth finish 9’ ceilings • Imported Italian Armony Cucine cabinetry in kitchen and bathrooms • Laminate wood flooring in entry, kitchen, living, dining, and dens • Custom roller blinds in every home

SALES:<EKI<1 2131N@CC@E>;FE8M<EL<#9LIE89P

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I

• Premium kitchens with contemporary Kohler fixtures • Energy Star® stainless steel appliance packages featuring Blomberg, Bosch, Fisher & Paykel • Polished quartz countertops in kitchen and bathrooms • Porcelain 12” x 24” floor tiles and wall tile for tub surround and shower wall • Premium bathrooms with Kohler fixtures and soaker tub • 2 Parking spaces and 1 storage locker

SOLO;@JKI@:K%:FD


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LIVING

Renovate your condo bathroom to maximize space Wall-mounted vanities and toilets

Creating a spa-like atmosphere in your ordinary condo bathroom is possible with these ideas

These extend the site line, creating a sense of increased oor space, without detracting from storage space. Rimless toilets also add to the spa-like effect with a minimalistic style, while increasing ease in cleaning. Note: You will need to check with your builder regarding what is possible within the existing plumbing of your strata unit for wall-mounted plumbing.

Waterfall, steam and multi-head showers The options are multiple when considering xtures to turn the shower/ tub space into a total spa experience. Think beyond the traditional and visit showrooms for the complete array of options when designing your condo bathroom. Tip: Installing a steam shower will require special insulation so be sure to consult your builder and strata before purchase.

By Bob de Wit

I

t may be one of your smallest rooms, but inch for inch, it is one of the most important spaces in your condo. How can you maximize a bathroom within the standard ve-by-seven-foot space, and within the limitations of the condo strata? I turned to the experts and asked some of our certied builders and designers. Top of the list for owners considering a condo bathroom renovation is a spalike atmosphere, complemented by lowmaintenance features. Sounds like the same for any home owner really. But when working within the restrictions of limited condo space and strata guidelines, it is smart to work with the experts, to maximize every inch. Here are the top builder tips for condo bathroom renovations.

Frameless glass-enclosed showers/tubs The shower typically takes up one-third of the space, based on a standard-sized tub. By eliminating the shower curtain, the visual space extends through the entire room. Sleek, minimal xtures create a

Before you splash out, reach out to a certied builder or designer experienced in condo bathroom renovations. Strata rules, and common walls and plumbing will determine the parameters of your renovation. Using a builder knowledgeable in strata rules and bylaws will save you time and money, with maximum results. low-maintenance barrier, while creating a spa-like feel.

Shower seats Seen in luxury bathrooms, seating is becoming more commonplace. The built-in seat lends itself to relaxing in the shower, with the added functionality of storing products. Seats are also a benet for those aging in place. Tip: Talk to your builder about heated seats.

White, neutral tones, stone and wood Colour adds to the spa sensation. Natural stone is a favourite with the designers. Although more expensive per square foot than other fabricated options, this may be

the logical place to splash out and spend a little more. One of the benets of working in a smaller space is the overall cost will be far lower, as compared to installing stone tiles in a kitchen. The use of natural stone also helps to personalize the space with a touch of luxury, while adding value to your condo design. Tip: Wood is suggested as a natural complement to stone to add balance and warmth.

Strata rules, common walls and plumbing will determine the parameters of your 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.

CONDOMINIUM

October 30, 2015 21


S TRATA ADVICE

What you need to know about age and pet restriction bylaws Navigating your strata’s bylaws can be tricky. Here’s what you need to know before adopting Rover or letting your adult children move in Age restriction bylaws are permitted under the Act only for the purpose of limiting the age of occupancy. Under the current legislation, an age restriction bylaw may apply to ages between 19 and 55, and the strata corporation sets the minimum age of occupants. This may have a significant impact on your purchase in a community, especially if you are planning a family or plan to have other occupants in your strata lot who do not comply with the age restrictions.

When we move into strata communities, we share the lifestyle choices of our fellow owners

By Tony Gioventu

M

any people live in condominiums because they are a great lifestyle choice. As condo owners we share a broad range of facilities and assets that enable us to enjoy more leisure time and fewer of the obligations of maintaining a detached home. While we no longer have to clean the gutters, mow the lawn, or wash the windows, we do have to be reminded that, when we move into strata communities, we share the lifestyle choices of our fellow owners. In many strata corporations those lifestyle choices are controlled through the strata bylaws. The Strata Property Act permits both age and pet bylaws that apply to owners, tenants and occupants of the strata corporation. The Schedule of Standard Bylaws, which form part of the Act, permit a reasonable

22 October 30, 2015

CONDOMINIUM

number of fish or small aquarium animals, a reasonable number of caged mammals, up to two caged birds and one cat or one dog. If your strata corporation has amended or repealed the standard bylaws, they will automatically apply; however, if your strata has passed and filed a bylaw that applies to pets, the strata bylaw will prevail, provided it complies with the Act, the BC Human Rights Code and any other enactment of law. There are literally hundreds of variations of pet bylaws across the province with different objectives, but each strata has to decide what works best for its community. Before your strata adopts a new amendment to its bylaws, consider the reasons why you are doing this. You may already have a bylaw in effect that can resolve a problem without the need for additional bylaws. A common example is nuisance. There is no need to adopt a pet bylaw that requires an owner to

keep their pet quiet, when the standard nuisance bylaw is sufficient. Strata corporations also believe that if they adopt a bylaw that limits the size of a pet, it will be a solution to noise problems, without considering that a small dog that is not controlled by an owner may be just as aggressive or disruptive as a large dog. The number of pets may also be an issue. A strata may pass a new bylaw that increases or decreases the number of pets or certain pets. Strata corporations are also required to accommodate persons with certified assistance pets such as guide dogs. As a result, when considering bylaw amendments, it is always prudent to obtain legal assistance.

When a pet bylaw or age restriction bylaw is passed, the bylaw does not apply to the current pets or any current occupants in the building who may not conform to that bylaw. If the standard bylaw applies, and an owner has one dog, and the strata corporation passes a new bylaw that prohibits dogs, the dog currently living with the owner is exempt until the pet is no longer living in the unit. That owner cannot replace the pet and must comply with the bylaws. The same conditions apply to a person who is underage at the time the bylaw is passed. Buyers need to exercise a high standard of care when they are considering an apartment, townhouse or bare land strata. Read the current registered bylaws closely and never makes assumptions. Just because you see pets or children does not mean they are permitted under the bylaws.

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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October 30, 2015 23


S TRATA

LIVING

Complying with organic waste requirements Tips on how condo residents can observe the rules and avoid fines By the experts at FirstService Residential

B

y now – whether we like it or not – we should all be getting used to separating our food waste from the rest of our garbage. With the July 1 cut-off date for implementation well behind us, fines for non-compliance can now be imposed. Many strata corporations are asking about how the legislation will be enforced. Here is a summary of the different enforcement periods and associated fines to be imposed by your waste service provider: • Now to December 2015: Any garbage loads with more than 25 per cent organics may be fined with a 50 per cent surcharge (approximately $500 or more). • 2016: Any garbage loads with more than 10 per cent organics may be fined with a 50 per cent surcharge. • 2017: Any garbage loads with more than five per cent organics may be fined with a 50 per cent surcharge. While enforcement measures are likely to focus initially on major organic waste producers, such as restaurants, grocery stores, and hotels, strata corporations should take note of the enforcement calendar. Many stratas worry about the difficulty of encouraging all residents to properly separate food waste. Education is the key to success.

decompose in moisture. It may also be helpful to use a kitchen catcher that comes with a label explaining what items can be disposed of as organic waste. Properly diverting food waste in your unit helps your strata’s centralized organics bin remain clean and smell-free.

Use a “kitchen catcher”

Keep your waste dry

The success of your organic program is greatly influenced by how residents separate food waste in their units. Experience shows that the use of a kitchen catcher (small plastic bin with a snaplatch lid) by residents is critical for the proper capturing of organic material. A good kitchen catcher will be sturdy and have a seal-tight lock, to prevent spillage should it be dropped in a common area. Kitchen catchers should also be perforated to allow airflow. Contrary to common belief, the airflow prevents foul odours by allowing organic waste to dry rather than

The dryer the food waste disposed of by residents, the less potential for bad odours and infestation. Residents should pour all food liquids down the drain rather than into the kitchen catcher. Also be sure to frequently empty your kitchen catcher into your building’s centralized organic waste bin. Newspaper is also a great tool for residents. Wrapping your food scraps in newspaper before dumping it into your kitchen catcher will help soak up any moisture to further limit odours. Newspaper is not only readily available, it

24 October 30, 2015

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is often free. Use it to line to your kitchen catcher. Since newspaper is compostable, it can be dumped into your strata’s centralized organic cart.

Be sure to remove glass, plastic and metal It is important not to mix glass, plastic, and metal with your organic waste. While it may seem easy to throw out containers lined with food scraps, including nonorganic materials in your organic waste can easily lead to fines for the strata as these materials can be detected by your service provider during regular pick-ups.

The success of your organic program is greatly influenced by how residents separate food waste in their units

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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CONDOMINIUM

October 30, 2015 25


C ONDO

MARKET

Richmond South Delta It’s sunnier south of the Fraser where the condo market is as hot as ever By Jill Lunde

T

ravelling south of Vancouver can lead to some great deals for condo hunters, particularly for those searching in South Delta where property values are bound to explode once the George Massey Tunnel is replaced. South Delta recorded six recent sales including three in a new building in the Tsawwassen Springs complex that won’t be ready for occupancy until 2017. All three of these went for their list prices, which ranged from $299,900 to $364,900. Only one of 12 recent sales in Richmond went for its list price: a new home in Steveston’s The Pier at London Landing is scheduled for completion later this year. After 19 days on the market, it found its first owner for $1,089,900.

Steveston South This picturesque village has grown rapidly with the closing of its many historic canneries. There were 28 active listings at the time of writing ranging from a onebedroom in 17-year-old Nautica North for $269,900 to a two-bedroom in 11-year-old Copper Sky West for $1,198,000. Seven of the community’s current listings are for The Pier, with prices there ranging from $349,900 to $639,900. Part of the London Landing neighbourhood, The Pier offers luxury waterfront homes with generous outdoor spaces to capitalize on the area’s great vistas. There were two recent sales in Steveston

South, including the previously mentioned unit at The Pier. The other was for a onebedroom home in Rivers Reach which sold after five days on the market for a shade under asking: $329,000.

CONDOMINIUM

864

Brighouse Richmond’s downtown core and major shopping district offers a vast choice when it comes to condos – all conveniently located near restaurants, shops, a library and the Canada Line. There were 400 active listings at the time of writing with a median price of $466,900. That’s also the cost of a two-bedroom unit on the market for Alfa, which is currently in preconstruction. The most expensive Brighouse listing is a $6,880,000 threebedroom home in a two-year-old building right on Brighouse Way. The addition of SkyTrain has had a major impact on this neighbourhood with many new buildings. Several brand-new condos are on the market including units in the Bravo, Carrera, Monet, and Riva developments which are expected to be complete in 2015, along with homes in Alfa, which should be ready for occupancy in 2018. Three recent sales in the community all went for less than their asking price: a one-bedroom in Chancellor Gate went for four per cent under its $158,000 list price; a one-bedroom in The Chancellor sold for $275,000 (five per cent less than asking); and the owners of a twobedroom in Arboretum accepted an offer of $208,000 – seven per cent under their sticker price.

The addition of SkyTrain has had a major impact on this neighbourhood with many new buildings 26 October 30, 2015

MARKET SNAPSHOT

Active condo listings* 18

Condos reported sold (Oct 3-16)

••••••••••••••••••••••••••••••••••••

$409,000

Richmond median listing price*

$379,950

South Delta median listing price*

••••••••••••••••••••••••••••••••••••

63

Median days on market*

••••••••••••••••••••••••••••••••••••

$487

Median price per square foot*

•••••••••••••••••••••••••••••••••••• Type of inventory*

Studio: 1% 2 BR: 60%

1 BR: 29% 3 BR: 10%

*Active listings up to October 16, 2015 **Richmond only


bar & counter stools over 25 styles to choose from prices starting at $129


C ONDO

NEWS

BC’s rapid growth in new home investment fuelled by multi-family housing

Condo-apartment building spend nearly caught up to single-family home investment

28 October 30, 2015

CONDOMINIUM

I

nvestment in BC home building rose in August nearly 17 per cent year over year and 10.8 per cent since last month to $809 million, according to Statistics Canada data published October 21. Multi-family housing construction once again led the investment growth in BC, rising 29.3 per cent compared with August 2014, and 15.2 per cent month over month, to a total of $353 million – almost closing the gap on single-family home investment. Continuing the recent trend, the province’s detached home construction spend also increased, although at a slower growth rate, with the $360 million of investment across BC a 9.5 per cent rise over August last year and a 8.8 per cent jump from July. BC’s townhouse/row home construction

investment continued to perform strongly, increasing 18.2 per cent year over year to $69.5 million in August. This was an 8.7 per cent rise over July 2015. As with last month, the only properties to see a year-over-year drop in construction investment in August were duplexes, spending on which fell 15.5 per cent year over year and 9.4 per cent month over month to $26.6 million. The province’s total $809 million new home construction spend was once again the third highest total in the country, after Ontario and Alberta. However, BC’s annual home investment growth rate easily outstripped both those provinces, and was Canada’s second highest, with the Northwest Territories’ comparatively small investment of $3.3 million in August representing a 72 per cent yearover-year rise.

Across Canada, new home spending continued to remain almost flat compared with a year ago, totalling $4.4 billion in August, up just 0.4 per cent from the same month a year earlier. Statistics Canada reported notable year-over-year declines in singlefamily housing and duplex construction spending nationwide, as investment in these property types fell 11.6 and 12.8 per cent respectively. Those drops were offset by higher investment in apartment and condominium building construction across Canada, up 24.8 per cent to $1.6 billion, as well as higher spending on row house and townhome construction, up 16.9 per cent to $432 million. However, across the country, detached homes still saw the biggest total investment in August at $2.2 billion.


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* Prices do not include GST. This is not an offering for sale. Any such offer may only be made with a Disclosure Statement. E. & O. E.

CONDOMINIUM

October 30, 2015 29


C ONDO

MARKET

Surrey From ultra-chic urban dwellings to condos with a more rural feel, there’s plenty of choice in this south of the Fraser city MARKET SNAPSHOT By Jill Lunde

O

utside of the city of Vancouver, Surrey has the greatest selection of condos with 876 active listings at the time of writing. House hunters come here for great deals as well as the wide range of choice; condos here also have lowest price per square foot. With a median list price of $236,850, available condos in Surrey range from a low of $59,900 for a 25-year-old studio in the Sunnyside Park neighbourhood to a high of $1,265,900 for a presale threebedroom penthouse in Whalley’s Alumni Tower. There are a number of new homes available in this sleek residential highrise, which, when it is complete in 2017, will be the first of a series of towers in the University District development. Demonstrating the breadth of brandnew properties available in Surrey, there are over 100 such listings currently on the market. They start at $152,000 for a onebedroom in the move-in ready Balance development in Bolivar Heights. Other new Surrey developments where owners should be able to take quick possession include Focal Point in Clayton, Gemini II and Adagio in King George Corridor, and Maxx @ Verve in Whalley.

Guildford This Surrey neighbourhood is best known for its retail corridors which

include the recently redeveloped Guildford Town Centre. It also has excellent access to the highway. Almost 14 per cent of the active condo listings here are for brand-new buildings including move-in ready homes at Chroma and G3 Residences. Area prices range from $158,000 for a one-bedroom apartment in the 20-yearold Georgian Gardens to $378,000 for a three-bedroom in the six-year-old Escada building. There were two recent sales in Guildford, both of which went for under list price. A three-bedroom in Hartford Woods sold for $265,000 – one per cent off list price, while a two-bedroom in the G3 Residences went for three per cent less than its $259,900 asking price.

Cloverdale Known as the historic centre of Surrey, Cloverdale is a vibrant and charming community with a small-town feel. The area’s 43 active condo listings start at $82,900 for a one-bedroom unit in Clover Park Gardens and go as high as $559,649 for a two-bedroom in the seven-year-old St. Andrews complex. The Ridge at Bose Farms, which is scheduled for completion this year, is the community’s newest development. Built on the historic Bose Family Farm, the complex will include fully restored heritage buildings as well as brand-new homes. Available condos here start at $169,900 and go up to $549,900.

Demonstrating the breadth of brand-new properties available in Surrey, there are over 100 such listings currently on the market 30 October 30, 2015

CONDOMINIUM

876

Active condo listings*

3

Condos reported sold (Oct 3-16)

••••••••••••••••••••••••••••••••••••

$236,850

Median listing price* ••••••••••••••••••••••••••••••••••••

69

Median days on market*

••••••••••••••••••••••••••••••••••••

$289

Median price per square foot*

••••••••••••••••••••••••••••••••••••

Type of inventory*

Studio: 2% 2 BR: 60%

1 BR: 34% 3 BR: 4%

*Active listings up to October 16, 2015


778.878.4687

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October 30, 2015 31


C ONDO

MARKET

Tri-Cities

From bustling downtown cores to rural retreats… everything is within easy reach from this region North Shore

By Jill Lunde

I

t’s a tale of three cities when comparing condo activity in the TriCities. There were a combined 19 sales recently, with nine going anywhere from one to four per cent below asking, seven going right for list price (five of which were brand-new homes purchased from two developers), and three going for over asking. The majority of available properties are in Coquitlam, where there were 289 listings at the time of writing. These range from a studio suite in the 47-yearold Armada Estates asking $109,800 to a $1.1 million one-bedroom listing in Westwood Plateau’s three-year-old Cascade development. $135,000 is what it will take to get you in the door in Port Moody. That’s the price for a 50-year-old studio apartment. This charming city’s most expensive listing is $898,000 for a two-bedroom in the North Shore neighbourhood. Prices drop as you head east. The most expensive active PoCo condo listing is a $598,888 two-bedroom in Villagio 2. More than 30 per cent of the listings here are for brand-new properties, some ready in 2015 and others in their preconstruction phase. Buying directly from the developers will cost you anywhere from $179,900 to $364,900.

Port Moody’s Heritage Mountain, Twin Creeks, Noons Creek, Mountain Meadows, and Heritage Woods neighbourhoods of the North Shore are relatively new and home to many parks. The 13 active listings at the time of writing range from $278,800 for a two-bedroom condo in the 17-year-old The McNair development to a two-bedroom sub-penthouse with spectacular views of the inlet in the sevenyear-old Crescendo in Newport Village for $898,000. The most recent sale in this neighbourhood was also in Newport Village. A two-bedroom, 11-year-old home here sold for $423,000 – three per cent under asking, after 18 days on the market. This neighbourhood is known for its friendly vibe and pleasant shops with European-inspired architecture.

Maillardville This Coquitlam neighbourhood’s French roots are reflected in its street names and celebrations such as the annual Festival du Bois. There were 18 active listings here ranging in age from one to 25 years and in price from $155,000 to $389,900. The two one-year-old apartments on the market are both in the 86-unit Mackin Park development on Lebleu Street. One, an 820-square-foot apartment, is asking $294,900. A lower level, 793-square-foot home can be yours for $299,900. Both these units went on the market in June.

MARKET SNAPSHOT

500

Active condo listings* 19

Condos reported sold (Oct 3-16)

•••••••••••••••••••••••••••••••••••• $338,000 Coquitlam median listing price

$257,950

Port Coquitlam median listing price

$378,800 Port Moody median listing price ••••••••••••••••••••••••••••••••••••

52

Median days on market*

••••••••••••••••••••••••••••••••••••

$361

Median price per square foot*

•••••••••••••••••••••••••••••••••••• Type of inventory*

This neighbourhood is known for its friendly vibe and pleasant shops with European-inspired architecture 32 October 30, 2015

CONDOMINIUM

Studio: 1% 2 BR: 63%

1 BR: 31% 3 BR: 5%

*Active listings up to October 16, 2015


C ONDO

MARKET

New Westminster

This historic city is centrally located and well serviced by SkyTrain, with listings from brand new to 57 years old

By Jill Lunde

R

ecent sales in the Royal City indicate that condo owners here are willing to make deals: all but one went for less than its list price. That was a one-bedroom unit in the city’s downtown and it sold for $2,000 over its $295,000 asking price after only one day on the market. At the other extreme, after 70 days on the market, an owner in the Quay neighbourhood settled for six per cent less than the list price of $323,800 for their one-bedroom home. Indicating that most properties were well priced, the majority sold within one per cent of their asking price.

Sapperton There was one recent sale in this historic neighbourhood at the time of writing. After six weeks on the market, a two-bedroom home in the seven-year-old Copperstone complex went for its asking price of $265,000. The community’s 16 active listings range from $138,500 for a one-bedroom suite in the 34-year-old Westmount Arms building to $659,900 for a threebedroom home in the yet-to-be-built The Sapperton. The latter is the first residential tower to be built in the masterplanned Brewery District and is expected to be ready for occupancy in 2017. The new community, which is located on the

site of the old Labatt Brewery adjacent to the Sapperton SkyTrain Station and the Royal Columbian Hospital, is breathing new life into the neighbourhood. It will be a mix of residential high-rises, shops, and office buildings. If newer buildings appeal to you, Sapperton may be a good bet. Condos here tend to be on the younger side: close to 90 per cent of the current listings are less than 10 years old.

MARKET SNAPSHOT

284

Active condo listings*

Queensborough This close-knit island community is a city within a city with its many parks and shopping areas. With 21 active listings at the time of writing, you can find yourself living here for as little as $288,800 for a two-bedroom home in a 17-year-old building. If your pockets are deeper, the most expensive current listing is a three-bedroom home in the two-year-old Glasshouse Lofts. It’s listed at $825,900. This is a very young neighbourhood when it comes to the age of its condos. The 17-year-old listing is the exception; all the other condos currently on the market are six years old or less. Ten of the available properties are for the brandnew Portage development. These move-in ready homes are one-, two-, and threebedroom listings ranging from $309,900 to $552,900. With great views of the Fraser River, Portage’s design is inspired by its natural surroundings as well as the area’s industrial past.

If newer buildings appeal to you, Sapperton may be a good bet. Condos here tend to be on the younger side: close to 90 per cent of the current listings are less than 10 years old

10

Condos reported sold (Oct 3-16)

••••••••••••••••••••••••••••••••••••

$292,950 Median listing price

••••••••••••••••••••••••••••••••••••

38

Median days on market*

••••••••••••••••••••••••••••••••••••

$345

Median price per square foot*

•••••••••••••••••••••••••••••••••••• Type of inventory*

Studio: 3% 2 BR: 52%

1 BR: 38% 3 BR: 7%

*Active listings up to October 16, 2015

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October 30, 2015 33


C ONDO

MARKET WEST VANCOUVER DISTRICT OF NORTH VANCOUVER

A selection of open show homes and sales centres across the Lower Mainland

CITY OF NORTH VANCOUVER

ANMORE BELCARRA BURRARD INLET

PORT MOODY COQUITLAM

PORT COQUITLAM MAPLE RIDGE

BURNABY

ABBOTSFORD 1

VANCOUVER

Luna Home 30748 Cardial Ave Open Daily 12 – 5 pm (except Friday) 604.825.3398 ...................Pg31

3

RICHMOND

Modello #118 - 5021 Kingsway Open Daily 12 – 5 pm (except Friday) 604.456.0688 ...................Pg25

SURREY

DELTA

Solo District 2131 Willingdon Ave. Coming this Fall 604.298.8800 ...................Pg 17

12

5

Aragon 260 Salter Street Open Sat. October 17 at noon 778.398.1344 ...................Pg 2

NORTH VANCOUVER 6

13

Hazel #202 - 827 Roderick Ave Open Daily 12 – 5 pm (except Friday) 604.937.2599 ...................Pg 31

NEW WESTMINSTER

Seylynn Village 600 Mountain Hwy Open Daily 12 – 5 pm 604.980.5000 ...................Pg 35

WHITE ROCK

SURREY 8

9

The Residences at Lynn Valley 1175 LYNN VALLEY RD Coming this Fall 604.924.0166 ...................Pg 3

34 October 30, 2015

CONDOMINIUM

TSAWWASSEN

Aura 6971 122 Street Open Daily 12 – 5 pm (except Friday) 778.564.1876 ...................Pg 31

11 Brio 1625 56 Street

BLU at Morgan Creek 15988 32Ave, South Surrey Open Daily 12 – 5 pm (except Friday) 604.961.5160 ...................Pg 31

Northgate 12 CITYHOMES 1708 55A St at 18 Avenue

VANCOUVER 7

ABBOTSFORD

LANGLEY CITY

COQUITLAM 4

MISSION

NEW WESTMINSTER

BURNABY 2

PITT MEADOWS

FRASER RIVER

10 Proximity 1772 Ontario Street Open Sat-Thurs 12 – 5 pm 604.828.1029 ...................Pg 15

Open Weekends 1 – 4 pm 604.657.9888 ...................Pg 29

Open Daily 12 – 5 pm (except Friday) 604.948.2345 ...................Pg 29 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 REAL ESTATE HOT SPOT COMPASS AT SEYLYNN VILLAGE FOLLOWS UP THE PROVEN QUALITY AND SUCCESS OF BEACON, RIGHT AT THE HEART OF LYNN CREEK – NORTH VANCOUVER’S MOST EXCITING NEW MASTERPLANNED COMMUNITY. SWEEPING VIEWS OF DOWNTOWN VANCOUVER AND THE NORTH SHORE MOUNTAINS. A RESIDENTS ONLY 14,000 SQ FT PRIVATE FITNESS CLUB. IMMEDIATE ACCESS TO UNRIVALED NATURAL BEAUTY AND RECREATION. ALL JUST 12 MINUTES FROM DOWNTOWN VANCOUVER.

NOW SELLING

1 BED STARTING FROM THE LOW $300’S 2 BED STARTING FROM THE LOW $400’S VISIT OUR 8,000 SQ FT DISCOVERY CENTRE AND DISPLAY HOMES LOCATED AT 600 MOUNTAIN HIGHWAY, NORTH VANCOUVER.

ONLY A FEW LEFT

NOW SELLING

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 30, 2015 35


RANCHER IN THE SKY. Spacious Living. Inside & Out 1608 Square Feet Luxurious deck space for year-round outdoor entertaining.

Bright living space.

DECK 14’-10” X 10’-6”

Master bedroom large enough for a king sized bed. A master bedroom with a walk-in closet. Master ensuite with dual vanity and large soaker tub.

Concrete construction for a strong durable building, inside & out.

Open-concept living area with expansive windows and gas fireplace.

LIVING 16’-11” X 17-3”

ENSUITE 9’-3” X 9’-8”

MASTER BEDROOM 14’-1” X 14-2” DINING 11’-0” X 14’-1”

Ample kitchen space for cooking, dining. Equipped with stainless steel appliances.

WALK-IN CLOSET 6’-2” X 8’-1”

Enjoy full size, energy saving washer and dryer unit with double door closet.

KITCHEN 8’-6” X 12-6”

DEN 9’-3” X 8’-10”

HRV, Geoexchange heating, air conditioning and hot water.

LAUNDRY 5’-0” X 3’-2”

BEDROOM 2 12’-8” X 11-1”

POWDER 5’-1” X 5’-5”

ENTRY 6’-10” X 7-4”

STORAGE 7’-9” X 8’-5”

* Solar panels on the roof to offset electricity costs.

(65 SQ. FT.)

ENSUITE 7’-6” X 5’-4”

Large in-suite storage room

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.

Powder Room

TO VANCOUVER HWY 99

THE BEST FREEHOLD INVESTMENT IN THE REGION.

RICHMOND

HWY 17- A 52 ST

5099 Springs Boulevard, Tsawwassen T. 604.948.4663 (HOME) info@tsawwassensprings.ca

TSAWWASSENSPRINGS.CA 36 October 30, 2015

CONDOMINIUM

FERRY TERMINAL

56 ST

SPRINGS BLVD

Open Tuesday to Sunday 12 -5pm

SFPR - HWY 17

TO PEACE ARCH (US) BORDER

Great Homes: All On Freehold Land. A Resort Community, 30 Minutes Or Less To Everything.

HW

Y 9 9

WESTCOAST CONDOMINIUM Oct 30, 2015  

West Coast Condominium is the only publication in British Columbia’s Lower Mainland to give readers all the latest local condo market news...

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