New EnergyEfficiency Rebates
PM 40063056
FALL 2019
VANCOUVERISM: THE INSIDE STORY
A Rental Supply Update
The Multi-Family Investment Market
INVESTMENT PROPERTIES FOR SALE THE ARTIUM 125 Dundas Road, Kelowna
1493-1567 Albatross Avenue and 1130 & 1160 Kingfisher Avenue, Kitimat
FOR SALE
FOR SALE
FOR SALE 97 bed, newly-constructed, all-inclusive student housing complex in Kelowna
CARLTON MANOR 782 Winnipeg Street, Penticton
OCEANVIEW APARTMENTS
ST. ELMO ROOMS 425 Campbell Avenue, Vancouver
Extensively renovated property located in the historic Strathcona neighbourhood
CHATELAINE APARTMENTS
132 West 4th Street, North Vancouver
FOR SALE
119 high quality rental units across 7 stratified buildings in Kitimat
1869 FRANCES STREET 1869 Frances Street, Vancouver
FOR SALE
SOLD
10 unit apartment building in Penticton’s core
Exceptionally well maintained 10 unit building in Lower Lonsdale
34-unit apartment building with tremendous rental revenue upside in Grandview-Woodland
OCEANIC COURT 7070 Inlet Drive, Burnaby
CLOVERDALE APARTMENTS 5772 177B St, Surrey
CASA BERNELLO & ROBYN APARTMENTS
SOLD
SOLD
117 units on 2.7 Acres close to Simon Fraser University
Rare opportunity of scale in the heart of Cloverdale
Patrick McEvay*
James Blair*
Senior Vice President 604-998-6056 patrick.mcevay@am.jll.com
www.jllmultifamilybc.com *Personal Real Estate Corporation
Senior Vice President 604-998-6055 james.blair@am.jll.com
330 Ash St & 700 Fourth Avenue, New West
SOLD Total of 117 units well situated in New West’s Uptown neighborhood
David Venance* Executive Vice President 604-998-6054 david.venance@am.jll.com
© 2019 Jones Lang LaSalle Americas, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however,no representation or warranty is made to the accuracy.
THE KEY Office Hours: 8:30 am to 4:30 pm weekdays Vancouver Office: Suite 1210-1095 West Pender Street Vancouver, BC V6E 2M6 Tel: 604.733.9440 Toll Free BC: 1.888.330.6707
Victoria Office: 830B Pembroke Street Victoria, BC V8T 1H9 Tel: 250.382.6324 Toll Free BC: 1.888.330.6707
CONTENTS 4
CEO’s Message
8
New Energy-Efficiency Rebates
10
The Multi-Family Investment Market
14
Vancouverism: the Inside Story
David Hutniak Chief Executive Officer
Kimberly Coates Director of Member Engagement
Hunter Boucher Director of Operations
Lisa Henderson Member Services Representative
18
A Rental Supply Update
20
LandlordBC 2019 Golf Tournament
Erin Breier Events & Communications Coordinator
Taylor Hansen Member Services Representative
24
Benefits of a Submetering Provider
25
Hunter’s Hints
Monika Sosnowska Marketing & Communications Specialist
Bianka Cseko Member Services Representative
27
Associate Members/ Corporate Suppliers Mainland
30
Associate Members/ Corporate Suppliers Vancouver Island
Board of Directors Chair Jason Middleton Vice-Chair Claire Flewelling-Wyatt, Treasurer Richard McCarvill Directors Andrew Békés, Nicolas Denux, Michael Drouillard, Jason Fawcett, Claire Immega, Richard Laurencelle, Paul Sander, Kim Schuss, Irene Tiampo, Derek Townsend
The KEY is published by MediaEdge Communications For any advertising/publishing inquiries, please contact: Dan Gnocato, Publisher, dang@mediaedge.ca or t: 604 549 4521, ext. 223 Publication Mailing #40063056 Magazine Coordinator Erin Breier Content Editor Hunter Boucher Production MediaEdge Communications Cover Photo Larry Beasley
Disclaimer: This publication is designed to provide informative material of interest to readers; the opinions of the authors of the articles do not, however, necessarily represent the opinions of the board of directors. The magazine is distributed on the understanding that it does not constitute legal, accounting or other professional advice. Although the published information is intended to be helpful, neither we nor any other party will assume liability for loss or damage as a result of reliance on this material. Appropriate legal, accounting or other assistance should be sought from a competent professional.
FALL 2019 | 3
THE KEY guidelines contained therein are meant to assist landlords and the public in understanding what the rules in B.C. are about and what personal information landlords may collect from anyone seeking to enter into a tenancy agreement.
CEO’S MESSAGE David Hutniak, CEO, LandlordBC Personal Information Protection Act (PIPA) Landlords in B.C. are bound by the Personal Information Protection Act (PIPA). In September 2019 the Office of The Information & Privacy Commissioner of British Columbia (OIPC) released a guidance document entitled Private Sector Landlords and Tenants. The
• Tenancy Disputes • Residential Tribunal Hearings • Human Rights • Privacy • Building Maintenance and Protection
This new guidance document reflects the outcome of proper consultation and collaboration with our industry. In this regard, LandlordBC wishes to express its appreciation to Commissioner Michael McEvoy, Deputy Commissioner Jeannette Van Den Bulk, and Director of Policy Caitlin Lemiski for their professionalism and collaboration.
Vancouverism In this edition of The Key we are honoured to have a submission for your reading enjoyment from highly respected urban planner Larry Beasley. Larry provides us with an overview of his recently published book entitled Vancouverism.
STRATA PROPERTY LAW CONSTRUCTION LAW NON-PROFIT HOUSING LAW
Call one of our Tenancy Lawyers or email us at info@haddock-co.ca Grant Haddock • Ola Karpik • Oscar Miklos Nisha Anand • Kimberly Hui • Ripan Hans
NOR TH VA NCO U V ER / V IC TO R IA
4 | FALL 2019
We are very delighted that after a rather lengthy and in-depth consultation between the OIPC and LandlordBC, the new September 2019 guidelines addressed and corrected all the inconsistencies contained in that March 2018 document. This is indeed a very positive outcome for our members and the broader landlord community in B.C.
We encourage all our members to review the new guidance on the OIPC website www.oipc.bc.ca and if you have questions, please contact our member’s only “Help Line”. We wish to also advise we will be making appropriate changes to our proprietary Application for Tenancy form in due course.
LEGAL SERVICES FOR RESIDENTIAL & COMMERCIAL LANDLORDS
LANDLORD/TENANT LAW
These new guidelines are in stark contrast to the guidance that the OIPC issued in March 2018. The March 2018 guidance document was produced and released under the direction of an Acting Privacy Commissioner who famously departed the organization on the same day the document was released. Many of you will recall that the recommendations contained in that March 2018 document were vehemently denounced by LandlordBC. It was our view at the time that in addition to the Acting Privacy Commissioner failing to accord LandlordBC, as the leading industry association representing owners and managers of rental housing, and the requisite among procedural fairness (notice and consultation), he made findings of fact based on no evidence, made fact findings that were obviously unreasonable, made law findings that were obviously unreasonable, and made recommendations that were incoherent and could not be reasonably followed by a reasonable landlord.
Vancouver, an otherwise unremarkable Canadian city, underwent a radical transformation that saw it emerge as an inspiring worldclass metropolis celebrated for its livability, sustainability, and competitiveness. City-watchers everywhere took notice and wanted to learn more about this new model of urban growth, and the term “Vancouverism” was born. The book tells the story of Vancouverism and the urban planning philosophy and practice behind it. The author, Larry Beasley, is a former chief planner of the City of Vancouver and a leader at the heart of the action. Writing from an insider’s perspective, he traces the principles that inspired Vancouverism and the policy framework developed to implement it.
Vancouver
Build, Broker, Buy, Insure, Roof, Plumb, Wire, Glaz
Our Great City Needs New Energy Efficient Rent
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xpectations of our Clients. And to Look Back on Good Deals.
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THE KEY
New Energy-Efficiency Rebates By Jordan Fisher, President, FRESCo Building Efficiency Landlords can now access a range of rebates and free program offerings to help reduce their energy and water costs. Good news for landlords facing increasing costs on a variety of fronts including taxes, utilities, maintenance, and repairs — there is more help available to help lower utility costs. With 80 per cent of B.C. apartment stock more than 35 years old and built to significantly less efficiency standards than what exist today, many buildings use more energy than necessary to provide appropriate space and water heating for their tenants. And landlords typically bear the cost. Any additional cost is hard to recover considering limits to revenues that result from rent controls. The problem is even more significant given the high cost of real estate which makes it challenging for landlords to grow revenue by expanding their portfolios. Reducing a building’s utility costs is a common strategy that leading building owners and managers use to stay completive and support their bottom line. By improving a building’s energy and water efficiency, landlords can make a big dent in these costs. Utilities like natural gas provider FortisBC have offered various incentive programs for a long time and, by offering hands on support at no cost to building owners, have simplified what can be a complex process for time-stretched building owners. Recent expansions of these programs make this even easier and more cost effective.
Increasing costs and rent controls Just how much are costs increasing? LandlordBC conducted a study that examined operating expenses between 2009 and 2018 and compared it to the maximum allowable rent control rate. The study found that, on average, expenses increased at 7.6 per cent per year, that’s about three times the rate of inflation and far greater than the allowable rental increase rate over that period. In 2019 the rental increase rate was reduced, and for 2020 it will be 2.6 per year. This gap highlights the significance of the challenge, and the importance of finding ways to control costs.
Utility costs Landlords commonly pay about three quarters of the utility costs for their buildings, as compared to tenants who pay the remaining quarter. Over half of energy cost is for the natural gas used to provide both hot water and heating to tenants. Water is also a significant cost at 30 per cent, and much higher than many realize. In fact, water costs have increased at an alarming rate of 9.4 per cent per year.
8 | FALL 2019
With these increasing costs, paired with limited opportunities to recoup costs, improving both energy and water efficiency is critical to maintaining profitability.
Support through rebates and incentive programs Owners and managers are understandably concerned about increasing costs in their buildings. Given that natural gas is the primary energy used for space and water heating in buildings, rebate and incentive programs offered through FortisBC are a key consideration for landlords who want to take action. Pipe and tank insulation are simple, low-tech ways to help reduce heat loss, and ensure the precious energy landlords use isn’t being wasted. FortisBC has created new rebates to offset front-end costs for building owners who make these simple improvements. Rebate values vary by the area covered and thickness of the insulation. Make-up air units provide fresh air to buildings. Most of this existing equipment has modest levels of efficiency. FortisBC conducted a real world test of high-efficiency condensing makeup air units and these showed natural gas savings of 28 per cent as compared to existing equipment. As a result of this success, FortisBC now offers rebates of up to $6,000 per unit. FortisBC is evaluating other promising new technologies to make sure they deliver on the promised savings and help eliminate energy losses for landlords. They continue to offer rebates for upgrades to higher efficiency boilers and water heating equipment and their ongoing Rental Apartment Program (RAP) remains the best gateway for landlords to access these programs.
Making it easier for landlords Recognizing that rental apartment buildings were a priority, but underserved by energy efficiency programs, FortisBC created RAP, a program specifically for this sector. FortisBC designed RAP to address many of the common barriers landlords face when looking to make improvements. Apartment building owners and managers are typically busy juggling multiple priorities and most are not experts in how to find and implement cost effective energy efficiency strategies. By bundling FortisBC’s offerings for landlords into one package, and providing support and benefits beyond rebates, landlords have found the RAP very effective in reducing energy use. LandlordBC has been supporting the RAP program as a way of helping the industry reduce its operating costs and greenhouse gas emissions. RAP has three main components. The first is the free supply and installation of efficient showerheads and faucet aerators, valued at approximately $50 per unit. These changes alone reduce natural gas use by an average of 12 per cent. The second is a free energy assessment by a professional engineer, valued at $2,000. This helps
landlords find cost-effective opportunities and rebates for their specific situation, including any new rebates. And third, ongoing professional support should the landlord choose to invest in additional efficiency upgrades. This includes support to design and implement the upgrades, as well as secure applicable rebates. This support is valued at several thousands of dollars.
• 283,000 GJ of natural gas.
The program has included companies that own a single building, through to large companies that are using it to help upgrade dozens of buildings. Participants have described their experiences with the program as follows:
How to get started
“The program saved me an immeasurable amount of time, and being able to pass on an expert opinion to the building’s owners has simplified the entire process,” said Anuradha Mahawaththe, CAPREIT — Western Canada. “The final proposal was so well laid out that I agreed with the recommendations without any further questions and approval was received quickly.” To date, RAP has provided upgrades to more than 800 buildings representing over 30,000 units. This has led to some impressive results, including more than $2 million in reduced utility costs. Savings also include: • Annual water savings of 290 million litres. That’s equivalent to about 120 Olympic-sized swimming pools worth of water. In fact,
participants in Vancouver alone have saved enough water to run a garden house non-stop for six years.
• 274,000 kWh of electricity. • 15,000 tonnes CO2e of GHG emissions; equivalent to more than 3,200 single-family homes.
The easiest way for owners and managers interested in taking advantage of the various rebates and program offerings available to rental apartment buildings is to enroll in the RAP program. The program is intended for purpose-built rental apartment buildings, nine units and larger that are serviced by FortisBC. More details are provided at fortisbc.com/apartment. Program personnel can be reached at 1-877-327-6137 or apartmentrebates@fortisbc.com. Jordan Fisher is the president of FRESCo, an energy-efficiency and engineering consulting firm that operates throughout B.C. and Alberta. FRESCo operates the Rental Apartment Efficiency Program for FortisBC and acts as the LandlordBC energy specialist. He can be reached at jfisher@frescoltd.com.
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FALL 2019 | 9
THE KEY
The Multi-Family Investment Market By Lance Coulson, Executive Vice President, CBRE National Apartment Group B.C. Could It Be Making a Comeback? After a slow first half of 2019, investors’ interest and sales activity for multi-family buildings throughout Metro Vancouver and Greater Victoria appears to be bouncing back as a result of extremely attractive interest rates, clarity in governmental policies, lack of supply, and rising rental rates across the region. In 2018, total apartment sales reached a total of approximately $1.4 billion in the Vancouver region. However, for the first half of 2019, apartment transactions have totaled just over $400 million with approximately 41 rental buildings being sold between January and June 2019, which is an indication that we are off pace to match the 110 rental apartment sales that completed overall in 2018. Some of the main factors that contributed to the slowdown in market activity in the first half of 2019 were: 1. Market Uncertainty In the spring of 2018, Premier John Horgan appointed a Rental Housing Task Force which released 23 recommendations for review by the Provincial Government as potential solutions to better protect renters. Following this in September 2018, the B.C. government reduced the maximum allowable annual rent increase for 2019 from 4.5 per cent down to 2.5 per cent. Then in the Fall of 2018, a referendum on electoral reform took place, and though B.C. voted in favour of maintaining the current first-past-the-post system, this introduced further uncertainty into the market, putting many prospective investors on the side lines. 2. Government Policy Governments at various levels have introduced measures to try and protect tenants from “demovictions” and “renovictions” and made rentals mandatory in new developments in some municipalities. This has caused developers looking to acquire apartment buildings on sites with underlying redevelopment potential, or investors considering underperforming apartment buildings with the intention of adding value through repositioning, to revisit their value assumptions. It shouldn’t be surprising that the effects of the market uncertainty combined with government policy have slowed down sales activity. Possibly, the term “policy induced recession” could apply. Especially considering that it was the government’s intention to do exactly that to the residential real estate market with the introduction of numerous taxes including: the Foreign Buyers’ Tax and higher Property Transfer Tax rates (for residential properties > $3M), both of which apply to apartment buildings due to them being included under the residential real estate umbrella for tax purposes. The combination of various implemented policies presented investors and apartment building owners with a substantial amount of information and protocols to digest, which led to general uncertainty throughout the market. As a result, many investors chose to sit on the sidelines in order to observe
10 | FALL 2019
and reflect on their strategies moving forward, which triggered a slowdown in the market.
Strong Market Fundamentals That said, the current fundamentals for apartment buildings remain solid and we are in fact starting to see a renewed interest in investor’s appetite to buy rental apartment buildings due to a number of factors: • Interest rates remain at historically low levels despite the government having expressed the potential of increasing the interest rates at the beginning of 2019. The compressed interest rate environment has provided investors the opportunity to secure extremely favourable long-term debt, which will likely keep cap rates in Metro Vancouver relatively lower to the other major Canadian markets. In fact, most multi-family deals can be financed with Canadian Mortgage and Housing Corporation (CMHC) insured mortgage rates of a low 2 per cent for 5-year terms and low-to-mid 2 per cent for 10-year terms, which are the lowest rates available in the commercial financing sector. *Note that the range of estimated interest rates is current as of Sept. 2019 and may be subject to future changes. • British Columbia and Metro Vancouver continue to benefit from positive migration and tenant demand; Vancouver’s regional population continues to rise by approximately 40,000 – 50,000 people per year, and for many the cost of home ownership remains out of reach, making renting the only viable option for the foreseeable future. • Governments have yet to effectively incentivize any real significant amount of new rental stock, ensuring vacancy rates remain low, tenant demand high, and continued upward pressure on rental rates.
Market Overview Given the softening in the condo sales market within Metro Vancouver, the market is seeing less demand on re-development land which has impacted sales of apartment buildings with high underlying land values. Further, with repositioning of underperforming
We’ve got On high-efficiency HVAC, water heaters and more* to help improve the energy performance of your building and save costs. Start saving at fortisbc.com/businessrebates That’s energy at work. *Terms and conditions apply. FortisBC may modify or cancel programs at any time.
Connect with us
FortisBC Inc. and FortisBC Energy Inc. use the FortisBC name and logo under license from Fortis Inc. (19-022.13.30 09/2019)
THE KEY apartment buildings being more complex and time-consuming due to government policy on renovictions, there are fewer low cap rate transactions from “value-add investors”. However, we have seen a surge of demand among institutional investors for newly-constructed multi-family assets throughout the Lower Mainland and Vancouver Island regions. In addition to these types of assets, we continue to see demand from investors for transit-oriented and well-located assets, as well as better maintained buildings at slightly higher cap rate. Large-scale institutional investors and REITs are continuing to see opportunity in Metro Vancouver and are not discouraged by a higher price-per-door’s or by the region’s relative lower capitalization rates. Canadian Apartment Properties Real Estate Investment Trust (CAPREIT), one of Canada’s largest REITs, has been a major player in acquiring new purpose-built apartment buildings in Metro Vancouver, two of which were recently transacted by the CBRE National Apartment Group BC: “The Point Apartments”, a 98-suite luxury rental in Langley, and “The Meridian Apartments”, a 90-suite luxury rental building located across the street from The Point Apartments. What makes these newly built rental apartment buildings so attractive to institutional investors is the immediate ability to generate market rents as well as the low cost of maintenance and capital expenditures. In comparison to condo pricing in the Lower Mainland which have a benchmark price of $649,000, these new rental apartment buildings
generally transact below condo per-foot values and trade at slightly higher cap rates, making them appealing investment opportunities.
Large-scale institutional investors and REITs are continuing to see opportunity in Metro Vancouver... Although we are seeing less demand from developers and repositioners in apartment assets, the reality is that Vancouver and Victoria are world-class destinations and investors are drawn to the security of the cash flow that multi-family assets in the region provide. Incorporating the consistent migration of people into the region, as well as the future influx of high-profile tech companies such as Amazon, Facebook and Apple, the demand from tenants for wellmaintained and high-quality apartment rentals will only continue to grow. For the remainder of 2019 and as we progress into 2020, we will continue to see majority of demand coming from both institutional and private investors seeking new purpose-built rental buildings in core areas, and for older improved assets at cap rates that are 500 to 100 basis points higher on average than what was being achieved in 2018.
CBRE LIMITED
NATIONAL APARTMENT GROUP | BRITISH COLUMBIA
A leader in Metro Vancouver and Victoria Apartment sales between 2015 - 2018, with a total sales value in excess of $774 Million!*
*SOURCE: REALNET AND CBRE (JANUARY 1, 2015 – DECEMBER 31, 2018 COMBINED). INCLUDES TRANSACTIONS WITH CO-OPERATING BROKERS.
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LOCAL KNOWLEDGE GLOBALLY CONNECTED We are a leading apartment sales team in BC that has the ability to reach buyers across the globe with 460+ offices situated in all major markets around the world. We are a team with significant local knowledge and expertise that is globally connected, a combination that is indispensable and creates the most competitive marketing program. We specialize in achieving maximum value for our clients while at the same time maintaining a professional stress free sales process all the way through!
2916 LONSDALE AVENUE, NORTH VANCOUVER
LANGARA ESTATES ONE
FOR SALE
FOR SALE
FOR SALE
13 SUITES | RECENTLY UPGRADED Exceptional West End Location with large suites List Price: $8,975,000 (3.25% Cap Rate)
RETAIL PLAZA | PRIME LONSDALE LOCATION 100% leased with rental escalations List Price: $11,325,000 (3.25% Cap Rate)
975 WEST 10TH AVENUE, VANCOUVER
CBRE LIMITED REAL ESTATE BROKERAGE
STRATA WIND-UP | 5.63 ACRES Trophy location on the edge of Langara Golf Course Status: Bid Process|cbrevancouver.com/LangaraEstatesOne
1383 EAST BROADWAY, VANCOUVER
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SOLD
FOR SALE
FOR SALE
17 SUITES | DIRECTLY ACROSS FROM VGH Excellent location & significant rental upside List Price: $7,989,000
30 SUITES | 16,077 SF SITE Good holding income with future redevelopment List Price: $12,250,000
Have a rental apartment property and are considering selling? Wondering if now is the time to sell? Need advice or have questions? Contact Us!
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LANCE COULSON PERSONAL REAL ESTATE CORPORATION
Executive Vice President National Apartment Group - BC
604 662 5141
lance.coulson@cbre.com
12 | FALL 2019
GREG AMBROSE
Senior Sales Associate National Apartment Group - BC
604 662 5178 greg.ambrose@cbre.com
BRAND NEW PURPOSE-BUILT RENTAL APARTMENT One of the biggest multi-family sales to-date in 2019 Sold: $39,000,000 (2019)
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THE KEY
Vancouverism: the Inside Story By Larry Beasley, C.M. Will the Current Generation Carry on the Innovations of the Past? In my new book, Vancouverism (published by UBC Press, and available on Amazon), I describe the extraordinary transformation that was achieved in Vancouver from Expo ’86 to around the 2010 Olympic Games. This 20 plus year period was a time of innovation, experimentation, and courage by all the proponents of change in the city — developers, landowners, City Hall, business, special interest groups and citizens. It was a rare moment where many interests came together in the same direction and strong collaboration was the order of the day. Together we re-invented our economy for the future by dramatically recreating our city, particularly the inner-city, as an amazing place to live, work, play, and visit. But the world continues to turn and the success of the past has to be constantly reworked. The current generation faces many challenges to our city’s greatness. Will the innovations and experiments continue? Will the courage be there to do things in a completely new and different way? This is the question my book highlights both by chronicling the past for inspiration and diagnosing the current situation in search of a progressive on-going direction and strategy. The last years of the twentieth century were heady for Vancouver. In my book, I talk about the massive reconstruction of our downtown from the inside out. I describe the comprehensive new community developments on the vast sites on False Creek and Coal Harbour, the spin-off construction in Downtown South, Triangle West (northwest Downtown) and the wide-spread infill intensification in the West End and along Central Broadway. I close with the new agenda of sustainability that first really hit the streets in the Athletes Village for the Olympics. I talk about how all this change came about in such a short period of time, what principles, practices, and processes were at play, and what the mindsets were of the key actors and consumers who were involved. I describe how we not only revitalized the downtown with widespread new housing but how we included families with children and low-income people, not just young singles and empty-nesters. This broadened out significantly the market for inner-city dense and diverse living which, prior to that time, had been of interest to a much narrower demographic — it makes for a vibrant, if frenetic, real estate scene. In our urban core, we now appeal to a wider consumer base than any North American city. I describe how we added amenities and all kinds of facilities, cultural offering, and services so the lifestyle was not only appealing for locals but fascinating for visitors, setting off unprecedented growth in tourism. I tell the stories behind the trade and convention centre expansion, how we got a dance centre, film centre, and contemporary art gallery, and how the relocated library, with its provocative design, anchors a whole new character destination in our town.
14 | FALL 2019
I illustrate how deliberate design of the city was vital, just as the world was discovering the power of design in all the products we enjoy every day. I show in detail how design thinking evolved in such things as the tower-and-podium building form that now characterizes Vancouver, the thousands of townhouses that line our streets for a lovely domestic feel, the leafy courtyards and roof gardens that embellish our green quotient, and our protection of public view corridors as well as brokering of private views. These are design moves that Vancouver pioneered. I explain our unique dedication to neighbourliness and area character that has enhanced the human quality of our city even with massive reconstruction and change. For many years we have emphasized a contemporary beauty and hip experience that has become catnip to endless people who want to come here, to be here, and to stay here. The turn-of-the-century transformation repositioned our city, changed our brand and narrative in the world, enhanced our confidence as a community, and gave faith to all kinds of people that the city was their place, recreated in their image. Of course, our very success engendered problems that we had not seen before. The big one in our town is affordability of housing and workplaces and retail and cultural sites. As immigrants have joined us from all over the planet and as suburbanites from our own country and region have shifted to urban living, pressures on the supply/ demand balance of big-city life have been harsher than ever before. More demand than supply has set off price increases that have tipped us into an affordability crisis. In the book, I describe how the city and country now have to undertake something completely new in modern Canadian experience — a sector of secure middle-income housing and similar arrangements for other key urban uses. And this will take all our ingenuity, courage, and power to make it happen. A big part of housing the ‘missing middle’ in Vancouver will be purpose-built rental. We all know that free-market rental homes are significantly less expensive for the average household than is
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THE KEY Vancouverism: the Inside Story (Cont’d)
home-ownership. Secured rents at various levels, as in the case of bonused housing, opens accessibility even further. Our whole society must take a fresh look at the ways and means to achieve and sustain this housing. In the 1990s, we did not quite understand how vital this is or would become. We now know that we need a return to tax credits for purpose-built rental that were once offered by the federal government. We need more investment by pension funds and longterm investors to deliver purpose-built rental, so local government has to support this format with more bonuses and incentives. We need the banking sector to come up with new financing tools. We need to bring back some of the re-hab assistance programs which once updated older housing for another generation of healthy and comfortable living. The point is that it will take all kinds of public/ private partnerships to support rental housing as a real priority for our city. Neither sector can do it alone. My book talks about different strategies for affordability, but there is no doubt that a new dedication to rental housing is where we have to go. We continue to have problems that we tried hard to solve in the formation of Vancouverism but without real success — things that continue to haunt us. My book zeros in on the worst continuing dilemma, which is the dysfunction of the Downtown Eastside. The decade-long multi-government initiative to bring relief to the poor and indigent in this community has been overwhelmed by events and circumstances since then. Mental health and addiction victims remain on the streets without enough help and support. Homelessness is pervasive, even if not as bad as in other cities. For these folks, Vancouver is a dead end rather than a new beginning, and they wander around without hope or help. My book calls for a massive initiative by all governments, business interests, and citizen organizations to tackle the fundamental issues of poverty and neglect once and for all. The first priority is to make sure everyone has a home — again we find that rental stock is a key line of support. Temporary housing is essential because the first step is to just help people get off the streets. But pushing right up the rental chain so inexpensive permanent units are made available is also important. Again, we will have to find inventive public/private partners to do this.
16 | FALL 2019
Our confidence from past success has also pinpointed difficulties that we had ignored up to now. These things need a contemporary fix that I outline in my book. One big one is the increasing noise and intrusions of city activities and mobility that are slowly driving a lot of people crazy. Traffic noise, idling noise, construction noise, crowd noise, garbage pick-up noise, gardening machine noise, emergency vehicle noise — a constant din hits people every day and is getting louder. In response to all this racket, I predict a public outcry and political movement to quiet things down. Another big blind spot is the lack of careful and constant maintenance of public places in the city — parks and streetscapes in particular. It has been too easy to cut civic maintenance budgets over the years, leaving residents and landlords to fend for themselves to cope with conditions outside their front doors. Sidewalk repairs leave ugly black asphalt scars that are not properly restored for years. Garbage piles up in public trash cans with seemingly random pickup. This all can lead to what is called a “broken window” syndrome that causes an overall decline in civility and safety, as is seen in many American inner-cities. Our style has always been just the opposite — we are a hospitable and mutuallyrespectful people. In my book, I predict that citizens will finally say enough is enough and the rebellion will be ugly. I also talk about self-help measures and reformed civic actions that might avoid this political eventuality. Both of these issues need smart new thinking and initiatives to save the day. But, a changing world also just brings to the fore new opportunities and challenges that simply did not previously exist. In my book, I talk about the evolution of Vancouverism and fundamental resets that will be needed to deal with these new possibilities. The big drama that I emphasize in the book is the filling out and diversification in Greater Vancouver suburbs more than has ever before been necessary. With our fast growing regional population, the stability of suburbs is under duress. The once inner-city experience of Vancouverism is now heading to the suburbs. All the principles will be at play but the physical expressions for buildings, spaces and whole neighbourhoods will be wonderfully different. My book plots the explosion of suburban regional town centres, the fast
expansion of all kinds of transit to link up these intense places, the taming of the car, the gentle insinuation of second and third units on once single-family lots, and the diversification of residential offerings, including social and special-needs housing — but mostly a significant expansion of rental housing. Since 60 per cent of Canadians still reside in unsustainable suburbs, this must be the prime focus of the next generation. Other brand new innovations will need brand new approaches that have not previously been on the table in Vancouver. My book talks about the impacts of disruptive technologies in communications and transportation. It covers the amazing possibilities of the sharing economy that is spreading around the globe. It reviews the new living arrangements that are becoming interesting to more and more people. It emphasizes that the very nature of work is being redefined. A city that does not tap into these trends will be left behind. More importantly, they will miss the benefits that are being found every day as people rethink their old formulas of life. Solving problems is one obvious necessity. With our place now firmly on the world stage, staying up with the recent awesome sweeps of human creativity is no less a necessity. We have our continuing anxieties in Vancouver but that does not diminish the amazing achievement of that whole generation of men and women, hundreds and hundreds of them, who changed our
city for the better, against all odds — they were the inventors and agents of Vancouverism. My book unabashedly celebrates these people and their achievement as an inspiration that might now spur on another round of clever thinking and action to make things even better. A progressive city cannot stand still. We have to move on with the same tenacity that got us to where we are today. We can celebrate past success but we cannot bask in it. That is important because Vancouverism is a phenomenon of international interest and a lot of people are looking our way for ever new urban ideas and solutions. Larry Beasley is the founding principal of Beasley and Associates, an international planning and urban design consultancy, and the “Distinguished Practice Professor of Planning” at the University of British Columbia. For many years, he was a chief planner for the City of Vancouver.
Apartment Financing Specialists CMHC and Conventional The Best Pricing in the Market
Derek Townsend Principal 604‐683‐2518 dtownsend@citifund.com 700 – 1111 W. Hastings St. Vancouver, BC V6E 2J3
Visit our website at www.citifund.com to see some of our past projects.
FALL 2019 | 17
THE KEY
A Rental Supply Update City of Vancouver trumped by suburbs It’s widely acknowledged that rental apartment vacancies in Metro Vancouver are extraordinarily low (currently 1.0 per cent) and have been so for many years. Immigration remains strong, with approximately 35,000 – 40,000 new residents yearly. On the flip side, home prices remain beyond the reach of many. This has long created the perfect storm for unaffordability in our region. The solution? Dramatically increase rental supply. It seems that most suburban municipalities have figured it out and are on the right track. We’ve recently completed our update of new rental projects under construction, approved and proposed for 2019 in Metro Vancouver. Reviewing these figures and looking back at our historical summary, we unearthed something quite telling. In the last two years, the City of Vancouver has gone from being the new rental supply sweetheart, sending out self-congratulatory missives outlining the success of its programs, to being absolutely outpaced by the suburban market. As of 2016, the suburbs were so far behind that the Urban Development Institute asked us to serve on a panel in a seminar called “Building Rental in the Suburbs” to demonstrate how rental was possible outside of Vancouver. Yet fast-forward two and a half years to today, and you’ll see the crushing rate at which developers are applying to build rental in other municipalities.
Based on the 7,587 currently in the pipeline, that’s an average of only 1,896 suites per year. By comparison, in the suburbs, 11,377 units are in the pipeline, with Coquitlam, the City of North Vancouver, New Westminster and Burnaby leading the way. A number of factors are at play. On the one hand, municipalities such as Coquitlam and the City of North Vancouver are offering very simple incentives, such as offering an extra 1.0 FSR if the project is rental. On the other hand, the City of Vancouver’s rezoning and approval process is so convoluted, prolonged and risky that builders of rentals are moving elsewhere or simply putting their projects on hold. Also frustrating to Vancouver’s many developers is the City’s unwillingness to amend failed programs. Implemented in 2014, Marpole’s Community Plan is an example, with only one new rental project approved in the last five years despite the fanfare and years of preparation. If the mayor truly desires new rentals as he claims, council must encourage development, rather than playing petty politics that already make rental projects very difficult to get off the ground. Only time will tell whether all these projects are completed. For now, here are the numbers:
The proposed category of new rental construction in the City of Vancouver has dropped by 29 per cent in two years, while the suburbs have witnessed an amazing 147 per cent increase. This telling difference reveals Vancouver’s failure to ramp up new supply opportunities. Also, don’t forget that four long years will go by before all these suites are available (even assuming they’re all actually built).
Year-to-year Comparison Metro Vancouver transactions, dollar volume and prices decline The numbers are in. Time to update you on Metro Vancouver’s multifamily market, comparing the first half of this year’s sales activity with the same period last year. And the numbers are quite … shocking. But perhaps we shouldn’t be shocked, considering that the last year and a half were the most challenging we’ve seen in almost two decades. Massive provincial and municipal government intervention was the main driver, with the rental apartment sector taking hits left and right.
Vancouver includes UBC. Suburbs include: Burnaby, Coquitlam, Langley, New Westminster, City of North Vancouver, District of North Vancouver, Surrey, Maple Ridge, West Vancouver, Port Coquitlam, Port Moody, White Rock and Richmond.
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For the first half of this year, transactions dropped 50 per cent and dollar volumes plummeted 62 per cent from the comparable period in 2018, while average prices have decreased 26 per cent in Vancouver and 20 per cent in the suburbs. A total of 42 transactions occurred
during the first six months this year, to last year’s 84. As for dollar volume, this year witnessed $529 million as compared to last year’s $1.383 billion.
... average cap rates have increased by 50 per cent in Vancouver in the first quarter of 2019, as compared to last year’s average.
3.73 per cent so far this year as compared to 2.49 per cent in 2018. But don’t fret! This is largely due to the influx of new purpose-built rental buildings that typically command higher cap rates — the numbers are skewed as buildings will trade at approximately 100–200 basis points higher as compared to existing old rental stock. As for the rest of the suburbs, yields have dropped by 17 per cent, thanks in part to the acquisition of many rental buildings as redevelopment sites, where sensitivities to yield are less important. Corresponding with the decrease in activity and values, average cap rates have increased by 50 per cent in Vancouver in the first quarter of 2019, as compared to last year’s average. Vancouver is averaging
The information above comes from the Goodman Commercial 2019 Mid-Year report.
500
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THE KEY
LandlordBC 2019 Golf Tournament & Charity Fundraiser This years’ golf tournament was held on August 21st at University Golf Club in Vancouver. It definitely wasn’t the sunniest day we’ve had but the golfers didn’t let the rain stop them from coming out and having a great time for a good cause.
This was the 14th year we have hosted this tournament to raise money for Covenant House Vancouver, and the total funds donated through the 2019 tournament was just under $7,000. That makes the grand total that has been raised in the last 14 years at more than $90,000. We would like to say a huge thank you to everyone who came out and supported this tournament, in particular our wonderful platinum sponsor BFL Canada Insurance Services Inc. who always do such a great job. We look forward to seeing everyone next year!
Thank you to our sponsors Platinum Sponsor
Gold Sponsorship
Silver Sponsorship
Hole Sponsorship Curaflo Sparkle Solutions Haddock & Company
Phoenix Restorations Hollyburn Properties
Golf Ball Sponsorship JLL Putting Contest Sponsorship A-1 Windows Tote Bag Sponsorship Telus Golf Cart Sponsorship Manna Plumbing Beverage Sponsorship First National Financial
20 | FALL 2019
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LandlordBC is part of a national partnership with the Home Depot. Arranged and organized by Canadian Federation of Apartments Association to bring more programs and services to LandlordBC members. To become linked to a PRO Desk and a PRO Account Sales Associate, please send your PRO Xtra I.D. to Paul_E_Emerson@homedepot.com and you will be linked with a PRO Desk in your area.
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22 | FALL 2019
THE KEY
Benefits of a Submetering Provider By Peter Mills, Co-CEO, Wyse Meter Solutions Inc. New construction projects provide an invaluable opportunity to minimize a property’s carbon footprint and maximize its net operating income through submetering of all utilities. Part of the benefit of working with a submetering provider during the design and working drawings stage is the ability to accommodate and make minor design changes for consideration of metering of electricity and other utilities, in particular hot and cold water, natural gas and thermal loads. Working with a submetering provider offers insight in the early stage before final design decisions are made. Most older buildings can be challenging to meter for water, for example, as the building’s mechanical design makes it cost prohibitive to retrofit. New construction is a great opportunity to meter for water and other utilities, such as gas meters for appliances like gas stoves, fireplaces and barbeques, in addition to BTU meters to measure heating and cooling costs of in-suite fan coil units. It is best to factor these utilities into the framework early on in the design process, as it can be limiting to go back and do it later. By working with a submetering provider early on, you can ensure your building is optimally designed for metering all utilities you wish to consider to maximize the efficiency of your property.
Benefits of Working with a Submetering Provider during Pre-Construction 1. Assistance with Project Management and Coordination with Contractors As a developer of a new construction building, it is key to build these submetering options into the infrastructure early on. A private submetering provider will coordinate with your design, technical and project management teams to ensure the building is properly equipped for multiple utility submetering options. This will ensure design resources are optimized in the crucial design stage and provide long term resale value for your building in the future. 2. Create More Rentable Space Submetering providers have access to the most up-to-date, compact high-density submetering equipment on the market. In new construction, installing high density submetering systems has proven to save approximately 10 square feet per floor, which frees up about 200 square feet of additional space per building, valued at approximately $4.50 per rentable square foot. In a standard 200-unit building, this amounts to more than $250,000 worth of rentable real estate. Submetering systems can also offer open-source software for quick, universal access without getting locked into proprietary programming or expensive firmware and software updates. Their compact design allows for unobtrusive implementation in tight spaces that are often considered too confined for old style local distribution company electrical metering. These new submeters are also more easily
24 | FALL 2019
maintained in comparison to traditional glass meters, and service work can be performed quickly and efficiently without disrupting power for residents. High density submeters are read remotely through a cellular network and don’t require access to the building. This improves the efficiency of the building and increases its value significantly for future landlords. 3. Lower Operating Costs from Day One A diligent submetering provider will conduct a preliminary audit even before construction to make sure you’re on the right bulk rate structure. A lot of buildings are placed on a commercial rate structure by the LDC’s, but a submetering provider will ensure that you are on a proper residential rate during construction. This provides significant savings. The second largest operating cost for building owners is utilities. Buildings fill up quickly, so having each suite equipped for metering and residents enrolled as bill-payers immediately upon move-in ensures that the building owner is only responsible for utility costs in common areas and any unoccupied units. 4. A One Stop Shop Solution It’s less expensive to work with a submetering provider for electricity, but there are even further cumulative savings for residents when metering multiple utilities. When working with separate providers such as an LDC, water, and gas utilities, residents are dealing with multiple enrollment forms, multiple bills, and multiple administration fees. These bills are often also distributed at different times throughout the month. By working with a private submetering provider, your residents are working with only one utility provider for all utilities. It’s a one-stop monthly billing solution. All monthly utility costs are seamlessly delivered on one reliable bill, with significant cost savings. These conveniences also extend to customer service. If your residents have questions about any of their utilities, the provider’s robust customer service team is there to field all inquiries. Peter Mills, is Co-CEO of Wyse Meter Solutions Inc. For more information, contact him at: pmills@wysemeter.com
Hunters Hints By Hunter Boucher, Director of Operations, LandlordBC New Privacy Guidelines: What you need to know On September 4th, The Office of the Privacy Commissioner (OIPC) released a new guidance document for landlords and tenants. In this updated document, it clarifies some areas of confusion created by the previous report issued in 2018. This updated guidance document is a result of significant pressure from LandlordBC on the OIPC which ended with a month’s long in-depth consultation process. We are pleased with this new guidance document and we would like to express our sincere appreciation to Mr. McEvoy, Commissioner and Ms. Van Den Bulk, Deputy Commissioner for their professionalism and willingness to listen to us to ensure that the rights, powers and privileges of all landlords in the province of British Columbia are respected.
Credit Checks
Credit checks are allowed! Section 18 of this guidance document explains that credit checks are a reasonable practice when determining suitability for tenancy. Credit checks can be used but should generally only be utilized at the end of the selection process. Landlords should use their judgement on a case by case basis to determine if they feel a credit check is needed. “When extending a tenancy offer to an individual, a landlord assumes significant financial and property risks. Credit checks can be a resource for landlords to assist them in evaluating an individual’s risk profile.”
Multiple Application Forms In the 2018 guidance document a landlord collecting information and consent for their tenant selection process was required to have a separate form and consent clause for each step. This meant a landlord and applicant would need to meet several times as landlords go through their selection process. This new guidance document allows landlord to use one, simple application form.
FALL 2019 | 25
THE KEY Hunters Hints (Cont’d) “A landlord can request consent to perform a credit check as part of their standard application process”
form might need to be used. Below is a timeline showing how LandlordBC recommends scheduling a move out inspection.
Criminal Record Checks
15 days before the end of tenancy. Send an email or letter to the tenant with two times on the last day of tenancy to conduct a move out inspection, also provide the opportunity for the tenant to suggest their own time. In this you should also set a date that you would like the tenant to respond by, we recommend that you request they respond within five days. If your tenant responds either agreeing to one of your times or suggests a time that works for you, then simply confirm with the tenant and conduct the inspection at that time.
Generally, landlords cannot run criminal record checks. Section 15 of the guidance document clears up a point of significant confusion. In previous guideline documents criminal record checks have been allowed, despite most landlords and tenants feeling that they were unnecessary and invasive. In the September 4th document, the privacy commissioner firmly established that these checks are not permitted unless there are reasonable circumstances. “For example, it may be reasonable if the rental unit is in the same building as a daycare.”
Condition Inspections The implications for not following end of tenancy procedures properly can be costly. From owing the tenant double deposit to not being able to claim for damages, the risks are high. The risks can be mitigated. While we may be talking about the end of tenancy, protecting your investment at the end of tenancy begins with conducting a condition inspection with the tenant at the move in as well as move out. At move in the inspection should be straightforward and quick. Not conducting a move in inspection can result in you not being able to claim for any damage or cleaning at the end of tenancy. At the move out, things can be more complicated. It is important to ensure that you begin the move out inspection process by properly scheduling a time to conduct the inspection with the tenant. The tenant must be given at least two opportunities and an approved
7 days before the end of tenancy. If your tenant did not respond to your initial request to schedule a condition inspection or you were not able to come to an agreement on a time or date, you will need to utilize the Residential Tenancy Branch form “Notice of Final Opportunity to Schedule a Condition Inspection”. This form is used when the landlord has attempted to schedule a condition inspection but has not been successful. When using this form you are setting the specific time in which the condition inspection will be held and while your initial communications with your tenant regarding the scheduling of the inspection can be via email this form needs to be served in a legal method. We recommend serving this form either in person directly to the tenant or by posting it on the tenant’s door. Once this form is served, the time and date for the inspection are set. Whether the tenant shows up or not for the inspection, you should conduct the inspection at that time. The condition inspection report is just one part of the end of tenancy process and LandlordBC has much more information in our guides AD card:q7 section of our site.12/9/11 9:52 AM Page 1
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26 | FALL 2019
604-261-1111
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Unit 1 – 8038 Glenwood Drive Burnaby, B.C. V3N 5E9
ASSOCIATE MEMBERS/CORPOR ATE SUPPLIERS - MAINLAND Accounting D&H Group LLP, CPA’s Michael Louie (604) 731-5881 www.dhgroup.ca
Sparkle Solutions Corp
Remont Construction Ltd.
Smythe CPA
Trail Appliances
Jamie Dosanjh (604) 992-7124 www.trailappliances.com
Building Repair & Renovation Nuwest Contracting Ltd. Debra Gettling (604) 525-6145 www.nuwestcontracting.com
Daniel Lai (604) 687-1231 www.smythecpa.com Advertising & Promotion Places4Students.com Laurie Snure (866) 766-0767 www.Places4Students.com Appliance - Rentals Coinamatic Canada Inc. Jack Ursaki (604) 813-7805 www.coinamatic.com Sparkle Solutions Corp.
Connie Goldman (604) 396-3184 www.sparklesolutions.ca Appliance - Sales Penguin Appliances Sales & Services Sam Sangha (604) 451-4411 www.penguinappliances.ca Rona Inc.
Brad LeGrow (604) 314-1366 www.rona.ca
Connie Goldman (604) 396-3184 www.sparklesolutions.ca
WestCoast Appliance Gallery
Byron Loucks (250) 888-3799 www.westcoastappliance.ca Appraisal - Insurance Normac Appraisals Ltd. Margarita Carlos (604) 221-8258 www.normac.ca Appraisal - Real Estate Cushman and Wakefield Phil Joubert (604) 608-5955 www.cushmanwakefield.com
Asbestos Removal Phoenix Restorations Ltd. John Wallis (604) 945-5371 www.phoenixrestorations.com ServiceMaster Restore of Vancouver
Sean Kennedy (604) 435-1220 www.svmvancouver.ca
Appliance - Sales & Service Coinamatic Canada Inc. Jack Ursaki (604) 813-7805 www.coinamatic.com
Biohazard Remediation 1st Trauma Scene Clean Up Ltd. Brian Woronuik (604) 598-8887 www.traumascenecleanup.ca
Handy Appliances Ltd
Phoenix Restorations Ltd.
Rocky Mangat (604) 879-1555 www.handyappliances.ca Midland Appliance
Gary Braun (604) 278-6131 www.midlandappliance.com Midnorthern Appliance The Brick Commercial Sales Division
Sherry Madden (604) 587-6658 www.thebrick.com
John Wallis (604) 945-5371 www.phoenixrestorations.com ServiceMaster Restore of Vancouver
Sean Kennedy (604) 435-1220 www.svmvancouver.ca Building Envelope Remdal Painting & Restoration Inc. Dan Schmidt (604) 882-5155 www.remdal.com
Robert Szpakowski (604) 837-8813 www.remontconstruction.ca
Building, Maintenance Rona Inc. Brad LeGrow (604) 314-1366 www.rona.ca Building SUPPLIES Home Depot Michael Lirangi (416) 571-8940 www.homedepot.ca/proxtra Communications/ Entertainment Telus Michelle Mydske (604) 230-2658 www.telus.com Concrete Work Nuwest Contracting Ltd. Debra Gettling (604) 525-6145 www.nuwestcontracting.com
Electricians Evanson Electric Ltd. David Evanson (604) 657-7957 www.evansonelectric.com Elevator City Elevator Ltd. Heiner Marnet (604) 299-4455 www.cityelevator.ca Metro Elevator Ltd.
Preet Binning (604) 569-2977 www.metroelevator.ca Energy Efficiency & Conservation Enerpro Systems Corp. Steven Roka (604) 982-9155 www.enerprosystems.com FRESCo Building Efficiency
Jordan Fisher (250) 590-9440 www.frescoltd.com
Wyse Meter Solutions Inc.
Jessica Lewis (416) 869-3003 www.wysemeter.com Yardi Systems Inc.
Sam Jaishankar (888) 955-7900 www.yardi.com
Credit Reporting Agency RentCheck Brenda Maxwell (800) 661-7312 Ext. 221 www.rentcheckcorp.com
Engineers FRESCo Building Efficiency Jordan Fisher (250) 590-9440 www.frescoltd.com
Decks Duradek Canada Ltd. Kim Smallwood (604) 591-5594 www.duradek.com
Read Jones Christoffersen Ltd.
Drainage & Sewer Cambie Roofing Paul Skujins (604) 916-9090 www.cambierooring.com Duct Cleaning Air-Vac Services Canada Ltd. Brent Selby (604) 882-9290 www.airvacservices.com
Jason Guldin (250) 213-2520 www.rjc.ca
Fire Protection & Monitoring Vancouver Fire & Radius Security Elaine Giesbrecht (604) 232-3488 www.vanfire.com Flooring and Carpeting Mira Floors and Interiors Deverow Walters (604) 856-4799 www.mirafloors.com Furniture, mattresses, electronics Midnorthern Appliance - The Brick Commercial Sales Division Sherry Madden (604) 587-6658 www.thebrick.com Heating Fuels Columbia Fuels Dave Young (877) 500-4328 www.columbiafuels.com Inspections Canadian Tenant Inspection Services Ltd Jim Garnett (778) 846-9125 www.ctiservices.ca Insurance AC&D Insurance Services Ltd. Scott Jamieson (604) 982-1039 acd.insurebc.ca BFL Canada Insurance Services Inc. Shirley Timmins (604) 669-9600 www.bflcanada.ca
Estate & Succession Planning Monarch Financial/ Manulife Securities Inc. Richard Laurencelle (604) 681-2699
Capri CMW
Financial Planning, Mortgage Financing CIBC - Wood Gundy Gilbert Lam (604) 603-2889 www.cibcwg.com/ raymond-shum
Mike Nichol (250) 519-2300 www.megsonfitzpatrick.com
R. Folkins (604) 294-3301 www.cmwinsurance.com Megson Fitzpatrick Insurance Services
This list is intended for use by the members of LandlordBC. It is distributed with the understanding that it does not constitute a recommendation or guarantee from LandlordBC. Rather it is consolidation of recommendations received by LandlordBC from its individual members. Although the information is intended to be beneficial, neither we nor any other party will assume liability for loss of damage as a result of reliance on this material.
FALL 2019 | 27
THE KEY ASSOCIATE MEMBERS/CORPOR ATE SUPPLIERS - MAINLAND Intercom Repairs & Installation, Security & Intercom Systems Vandelta Communication Systems Ltd. Hugh Rae (604) 732-8686 www.vandelta.com Internet Listing Services Yardi Systems Inc. Sam Jaishankar (888) 955-7900 www.yardi.com Investment & Retirement Planning Monarch Financial/ Manulife Securities Inc. Richard Laurencelle (604) 681-2699 Landscaping - Lawn & Garden Maintenance BUR-HAN Garden & Lawncare Robert Hannah (604) 983-2687 www.bur-han.ca Legal Services Haddock & Company C Grant Haddock (604) 983-6670 www.haddock-co.ca Media MediaEdge Communications Dan Gnocato (604) 549-4521 www.mediaedge.ca Mortgage Financing Citifund Capital Corporation Derek Townsend (604) 683-2518 www.citifund.com First National Financial Corp
Russ Syme (778) 327-5712 www.firstnational.ca
Mortgage Insurance CMHC Robyn Adamache (604) 731-5733 www.cmhc.ca Online Payment Service Yardi Systems Inc. Sam Jaishankar (888) 955-7900 www.yardi.com
28 | FALL 2019
Paint Sales Cloverdale Paint Inc Dave Picariello (604) 551-8083 www.cloverdalepaint.com Painting Service Prostar Painting & Restorations Ltd. Jonathan Moorhouse (604) 876-3305 www.prostarpainting.com Remdal Painting & Restoration Inc.
Dan Schmidt (604) 882-5155 www.remdal.com
Pest Control Assured Enviromental Solutions Brett Johnston (604) 463-0007 www.assuredenviromental.ca Solutions Pest Control Ltd.
Jason Page (855) 858-9776 www.PestSolutions.ca
Pipe Lining/ Re-Piping Allied Plumbing, Heating & Air Conditioning Lance Clarke (604) 731-1000 www.allied-plumbing.ca CuraFlo of BC Ltd. Randy Christie (604) 298-7278 www.curaflo.com Victoria Drain Services
Dave Lloyd (250) 818-1609 www.victoriadrains.com Plumbing - Supplier & Manufacturer Moen Inc. Darren McMullen (604) 679-8914 www.moen.ca Plumbing/Heating/ Boilers Allied Plumbing, Heating & Air Conditioning Lance Clarke (604) 731-1000 www.allied-plumbing.ca BMS Plumbing & Mechanical Systems Ltd
Tamara Merchan (604) 253-9330 www.bmsmechanical.com Cambridge Plumbing Systems Ltd. John Jurinak (604) 872-2561 www.cambridgeplumbing.com
Montalbano Plumbing Services LTD.
Giovanni Montalbano (604) 444-0222 www.montalbano.ca Viessmann Manufacturing Co. Inc.
Randy Stuart (604) 533-9445 www.viessmann.ca
Xpert Mechanical & JK Lillie Ltd.
Kerry West (604) 294-4540 www.xpertmechanical.com Printing Citywide Printing Ltd. Gordon Li (604) 254-7187 www.citywideprint.com
Property Management Advent Real Estate Services Ltd. Michelle Farina (604) 782-6478
CAPREIT
Cody Neal (604) 210-7257 www.capreit.net Century 21 In Town Realty
Doug Holmes (604) 536-0220 www.penpm.com
Century Group Lands Corporation
Shamon Kureshi (403) 462-6200
Cherry Creek Property Services Ltd.
Bruce Robinson (604) 541-5244 www.hughmckinnon.com
Klaus Rode (604) 760-5856
Tina Thygesen 604.948.3832 www.centurygroup.ca Laurie Weitzel (250) 427-7411
Coldwell Banker MacPherson Real Estate Ltd.
Rob MacPherson (778) 882-0211
Austeville Properties Ltd.
Andrew Abramowich (604) 216-5500 www.austeville.com
Bayside Property Services Ltd.
Lynda Creamer (604) 432-7774 www.baysideproperty.com Beacon Hill Suites Ltd.
Tess Imhoff (250) 590-1775 Bill Henderson
Robert Kollen (604) 789-9600 Bolld Real Estate Management
Leo Chrenko (604) 671-0293 www.bolldpm.com Brightside Community Homes Foundation
Jan Robinson www.housingfoundation.ca
Sally MacIntosh (604) 980-9304 www.humeinvestments.com Lantern Properties Ltd.
Jeffrey Hayes (604) 220-5333
Macdonald Commercial R.E.S. Ltd.
Dexter PM
Katie Khoo (604) 501-4417 www.associabc.ca
Hume Investments Ltd.
Custom Realty Ltd.
Ascent Real Estate
Associa British Columbia Inc.
Hugh & McKinnon Realty Ltd.
LI-CAR Management Group
Genny Sturhahn (604) 430-5624
Azi Hosseini (778) 881-4414 Susan Colosie (604) 431-1800 www.ascentpm.com
Hope Street Management Corp.
Copper Ridge Court
Jolene Foreman (604) 916-6345 www.cpsreatly.ca
Aedis Realty
Homelife Peninsula Property Management
Kevin Skipworth (604) 689-8226 www.dexterpm.ca Dorset Realty Group Canada Ltd.
Ron Schuss 604-270-1711 ext. 111 www.dorsetrealty.com DPM Rental Management Ltd.
Jane Dennison (604) 982-7059
EasyRent Real Estate Services Ltd.
Sean Rafati (604) 662-3279
FirstService Residential
Judith Harris (604) 689-6975 www.fsresidential.com Green Door Property Management
Ben Green (250) 688-0362
Lita Powell (250) 785-2662
T. Letvinchuk (604) 736-5611 www. macdonaldcommercial.com Maclab Properties Group Ltd.
Carola Espinoza (604) 939-0221
Macro Properties
www.macroproperties.com Imran Jivraj (416) 789-0858 Mainstreet Equity Corp.
Hanna Archutowska (604) 582-0131 www.mainst.biz
Maple Leaf Property Management Apartments
Dali Janic (604) 925-8215
Maxsave Real Estate Services
Linda Stacey (250) 562-6228
Metro Vancouver Housing Corporation
GWL Realty Advisors
Stacey Hammond (604) 451-6504
Holywell Properties
Barry Wiedman (780) 488-0288
Tarek Shoukry (604) 713-3162 www.gwlrealtyadvisors.com Adam Major (604) 885-3460 www.holywell.ca
Murray Hill Developments Ltd.
Oakwood Property Management
Carol Dobell (250) 704-4391
ASSOCIATE MEMBERS/CORPOR ATE SUPPLIERS - MAINLAND Pacific Quorum Properties Inc.
Lyn Stoll (604) 634-3039 www.pacificquorum.com Porte Realty Ltd.
Daniel Bar-Dayan (604) 732-7651 www.porte.ca Prospero International Realty Inc.
Jeff Nightingale (604) 669-7733
Raamco International Properties Canadian Ltd.
Kimm Zbierski (201) 567-5991 www.raamco.ca
RE/MAX Management Solutions
Mark Shillington (250) 717-5010
Re/Max Sea to Sky Real Estate Ltd.
Shankar Raina (604) 932-2300
Real Property Management
Kap Hiroti (604) 678-4696
Realstar Managemen
John Phipps (604) 970-2444 www.realstar.ca
REMAX Professional Rental Management
Richard Van (604) 273-6801 www.professionalrentals.ca Rize Alliance Properties Ltd.
Katherine Lui (604) 630-1636
Sunstar Realty Ltd.
David Mak (604) 436-1335 www.sunrealty.ca
Sutton Group - West Coast Realty
Cindy Hamel (604) 807-1105
Sutton Max Realty Property Management
Wallis Lee (604) 726-5988 suttonmaxrealty.com SwiftRent Team
Reza Khatami (604) 239-0911 www.swiftrent.ca TPM Properties
Debbie Hunt (250) 383-7663 Turner Meakin Management Company Ltd.
Stella Boiser (604) 736-7020
Unique Real Estate Accommodations Inc.
Nina Ferentinos (604) 984-7368 Valley Realty
Jennifer Lal (604) 755-4055 www.valleyrealtyabbotsford. com
S.A.H. Properties Ltd.
Seth Baker (778) 235-9293 www.multifamily.ca
Renovation & Repairs Remont Construction Ltd. Robert Szpakowski (604) 837-8813 www.remontconstruction.ca Rental Market Information Cushman and Wakefield Phil Joubert (604) 608-5955 www.cushmanwakefield.com Re-Piping Brighter Mechanical Mike Pearson (604) 279-0901 www.brightermechanical.com Cambridge Plumbing Systems Ltd.
Manna Plumbing Ltd.
Angela Thomaidis (416) 552-6144 Wesgroup Properties
CBRE Limited
Lance Coulson (604) 662-5141 www.cbre.ca Goodman Commercial Inc.
Leslie Pomeroy (604) 926-6947
Mark Goodman 604.714.4790 www.goodmanreport.com
Salesforce Marketing Limited
Jones Lang LaSalle Real Estate Services Inc. (JLL)
Marianne Miller (778) 878-7304
Multifamily Real Estate Services Corporation
Vertica
Rowan Property Management Ltd.
Anthony Boos (250) 719-5454
Roofing Bond Roofing Daniel Fajfar (604) 375-2100 www.bondroofing.ca
Maulen Kalau (604) 675-5240 www.marcusmillichap.com
Seva Roberts (604) 537-4399
Real Estate Sales Cushman and Wakefield Phil Joubert (604) 608-5955 www.cushmanwakefield.com
Royal LePage Cascade Realty
Marcus & Millichap
Dan Schulz (778) 999-5758 www.bcapartmentinsider.com
John Jurinak (604) 872-2561 www.cambridgeplumbing.com
Sarah Liu (604) 648-1866 www.wesgroup.ca
Arthur Allan (250) 748-9090
Superior Flood & Fire Restoration
Vancouver Rental Group
Roboson Holdings Lt
Sarah Hill (604) 657-0069 www.rennie.com
Macdonald Commercial R.E.S. Ltd.
David Venance 604-998-6054 www.jllmultifamilybc.com
Chris Kobilke (604) 710-3908 www.mannaplumbing.com Restoration Phoenix Restorations Ltd. John Wallis (604) 945-5371 www.phoenixrestorations.com Prostar Painting & Restorations Ltd.
Jonathan Moorhouse (604) 876-3305 www.prostarpainting.com Remdal Painting & Restoration Inc.
Dan Schmidt (604) 882-5155 www.remdal.com
ServiceMaster Restore of Vancouver
Sean Kennedy (604) 435-1220 www.svmvancouver.ca
Blaine Booth (604) 601-8206 www.superiorrestoration.ca
Cambie Roofing Contractors Ltd.
Paul Skujins (604) 916-9090 www.cambierooring.com Penfolds Roofing & Solar Jonathan Manca (604) 254-4663 www.penfoldroofing.com
Roofing Membranes Penfolds Roofing & Solar Jonathan Manca (604) 254-4663 www.penfoldroofing.com Software - Property Management Pendo Rental Software Inc. Josh Heppner (604) 306-5947 www.pen.do/partners/ landlordbc
Waste/ Recycling Waste Connections of Canada Inc. (Formerly Progressive Waste Solutions) Rob Barr (604) 834-7578 www. WasteConnectionsCanada. com Window Replacement/ Installation/ Renovation A1 Windows Ltd. Rob Elliott (604) 777-8000 www.a1windows.ca Retro Teck Window Mfg. Ltd
Wilfred Prevot (604) 291-6751 www.retrowindow.com
Window & Door Manufacturing Centra Windows Lana Gordin (604) 882-5010 www.centrawindows.com
Yardi Systems Inc.
Sam Jaishankar (888) 955-7900 www.yardi.com
Supplies - Hardware Rona Inc. Brad LeGrow (604) 314-1366 www.rona.ca Tax Planning D&H Group LLP, CPA’s Michael Louie (604) 731-5881 www.dhgroup.ca Utilities/ Natural Gas Absolute Energy Inc. / Bluestream Energy Kirby Morrow (778) 340-1580 www.absolute-energy.ca FortisBC Energy Inc.
Chris Alionis (604) 592-7985 www.fortisbc.com
Utility Sub-Metering QMC James Easton (604) 526-5155 www.qmeters.com
FALL 2019 | 29
THE KEY ASSOCIATE MEMBERS/CORPOR ATE SUPPLIERS - VANCOUVER ISLAND Advertising & Promotion Places4Students.com Laurie Snure (866) 766-0767 www.Places4Students.com Appliance - Rentals Coinamatic Canada Inc. Jack Ursaki (604) 813-7805 www.coinamatic.com Appliance - Sales Rona Inc. Brad LeGrow (604) 314-1366 www.rona.ca Appliance - Sales & Service Coinamatic Canada Inc. Jack Ursaki (604) 813-7805 www.coinamatic.com Appliance - Sales & Service Trail Appliances Jamie Dosanjh (604) 992-7124 www.trailappliances.com Appliance - Sales & Service WestCoast Appliance Gallery Byron Loucks (250) 888-3799 www.westcoastappliance.ca Biohazard Remediation 1st Trauma Scene Clean Up Ltd. Brian Woronuik (604) 598-8887 www.traumascenecleanup.ca Building SUPPLIES Home Depot Michael Lirangi (416) 571-8940 www.homedepot.ca/proxtra Cleaning - Carpet & Upholstery Island Carpet & Upholstery Inc. Ron Gould (250) 590-5060 www.islandcarpetcleaning.ca Cleaning - Janitorial Services Select Janitorial Inc. Sherry Gruber (250) 360-0666 www.sjivic.com
30 | FALL 2019
Communications/ Entertainment Telus Michelle Mydske (604) 230-2658 www.telus.com
Capri CMW
Credit Reporting Agency RentCheck Brenda Maxwell (800) 661-7312 Ext. 221 www.rentcheckcorp.com
Mike Nichol (250) 519-2300 www.megsonfitzpatrick.com
Electrical Service Rushworth Electrical Services Inc. Dustin Rushworth (250) 361-1231 www.rushworthelectric.ca Energy Efficiency & Conservation FRESCo Building Efficiency Jordan Fisher (250) 590-9440 www.frescoltd.com Yardi Systems Inc.
Sam Jaishankar (888) 955-7900 www.yardi.com
Engineers FRESCo Building Efficiency Jordan Fisher (250) 590-9440 www.frescoltd.com Read Jones Christoffersen Ltd
Jason Guldin (250) 213-2520 www.rjc.ca
Heating Fuels Columbia Fuels Dave Young (877) 500-4328 www.columbiafuels.com Inspections Canadian Tenant Inspection Services Ltd Jim Garnett (778) 846-9125 www.ctiservices.ca Insurance AC&D Insurance Services Ltd. Scott Jamieson (604) 982-1039 acd.insurebc.ca BFL Canada Insurance Services Inc.
Shirley Timmins (604) 669-9600 www.bflcanada.ca
R. Folkins (604) 294-3301 www.cmwinsurance.com Megson Fitzpatrick Insurance Services
Brown Bros. Agencies Limited
Blane Fowler (250) 385-8771 www.brownbros.com
Complete Residential Property Management
Dennie Linkert (250) 370-7093
Internet Listing Services Yardi Systems Inc. Sam Jaishankar (888) 955-7900 www.yardi.com
Concise Strata Management Services Inc.
Legal Services Haddock & Company C Grant Haddock (604) 983-6670 www.haddock-co.ca
Jason Middleton (250) 475-2005
Media MediaEdge Communications Dan Gnocato (604) 549-4521 www.mediaedge.ca
Beth Kauwell (250) 754-4001 www.concisemgmt.com
Supplies - Hardware Rona Inc. Brad LeGrow (604) 314-1366 www.rona.ca
Tracey Forest (250) 749-6660 David Burr Ltd.
Cindy Lam (250) 384-9335 davidburr.com/ Devon Properties Ltd.
Equitex Property Management
Property Management Advanced Property Management Inc. Lorri Fugle (250) 338-2472 www.advancedpm.ca
Yardi Systems Inc.
Countrywide Village Realty Ltd.
Mortgage Insurance CMHC Robyn Adamache (604) 731-5733 www.cmhc.ca
Power Washing Island Carpet & Upholstrey Cleaning Inc. Ron Gould (250) 590-5060 www.islandcarpetcleaning.ca
Software - Property Management Pendo Rental Software Inc. Josh Heppner (604) 306-5947 www.pen.do/partners/ landlordbc/ Sam Jaishankar (888) 955-7900 www.yardi.com
David Craig (250) 595-7000 www.devonprop.com
Pipe Lining/ Re-Piping Victoria Drain Services Dave Lloyd (250) 818-1609 www.victoriadrains.com
Lindsay Widsten (250) 753-8200
Cornerstone Properties Ltd.
Mortgage Financing First National Financial Corp Russ Syme (778) 327-5712 www.firstnational.ca
Online Payment Service Yardi Systems Inc. Sam Jaishankar (888) 955-7900 www.yardi.com
Widsten Property Management
Duttons & Co. Real Estate
David Logan (250) 389-1011
Cynthia Blank (250) 386-6071 Kahl Realty Inc.
Jason Kahl (250) 391-8484 Meicor Realty Management Services Inc.
Laurie Sims (250) 338-9979
Pemberton Holmes Property Management
Claire Flewelling-Wyatt (250) 478-9141 Proline Management Ltd.
Kelly Whitney (250) 475-6440 www.prolinemanagement. com Raamco International Properties Canadian Ltd.
Kimm Zbierski (201) 567-5991 www.raamco.ca TPM Properties
Debbie Hunt (250) 383-7663
Utilities/ Natural Gas Absolute Energy Inc. / Bluestream Energy Kirby Morrow (778) 340-1580 www.absolute-energy.ca FortisBC Energy Inc.
Chris Alionis (604) 592-7985 www.fortisbc.com
Waste/ Recycling Waste Connections of Canada Inc. (Formerly Progressive Waste Solutions) Rob Barr (604) 834-7578 www.WasteConnectionsCanada. com
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NEW
NEW
NEW
Apartment portfolio—114 units South Granville, Vancouver
Balmoral Park Apartments 1265 West 13th Avenue, Vancouver
Side-by-side buildings
4 apartment buildings in the heart of South Granville.
44 suites in South Granville on a massive 25,000 SF
Mixed-use investment opportunity. Can be
Can be purchased on individual basis.
lot. 500 metres to future S. Granville SkyTrain station.
purchased on individual basis.
Call for price
$24,000,000
$8,600,000 ($5,700,000 + $2,900,000)
NEW
4651 & 4663 Hastings Street, Burnaby
REDUCED
REDUCED
8-suite apartment building
Nelson Plaza
4987 Main Street, Vancouver
1019 Bute Street, Vancouver
Landsdowne House 1537 Burnaby Street, Vancouver
Redevelopment potential (Little Mountain Adjacent
16-suite West End apartment building with infill
24 suites close to English Bay. Renovation program
Area Rezoning Policy, up to 2.3 FSR)
development potential.
almost complete – 3.9% cap rate.
$3,800,000
$9,250,000 (previously $10,250,000)
$12,600,000 (previously $13,800,000)
REDUCED
SOLD
Cedar Crest Manor 1569 West 12th Avenue, Vancouver
Costa Brava 1531 Barclay Street, Vancouver
Mountview Apartments 2182 West 39th Avenue, Vancouver
Well-maintained 10-suite apartment building in the
23-suite West End apartment building. Features
21-suite well-maintained apartment building.
heart of South Granville.
beautiful 2-bedroom penthouse.
One block to Kerrisdale Park.
$5,980,000 (previously $6,200,000)
$12,000,000
$11,300,000 (sale price TBA upon closing)
David Goodman Direct 604 714 4778 david@goodmanreport.com
Mark Goodman
Cynthia Jagger
Personal Real Estate Corporation
Personal Real Estate Corporation
Direct 604 714 4790 mark@goodmanreport.com
Direct 604 912 9018 cynthia@goodmanreport.com
Goodman Commercial Inc. Office: 604 558 5511 560–2608 Granville Street Vancouver, BC V6H 3V3