Landlord BC Magazine | Winter 2016

Rental Housing Code Red

Inspect Your Property Regularly

LandlordBC Annual General Meeting 2016

PM 40063056

WINTER 2016

PURPOSE BUILT RENTAL MARKET IS BRIGHT

Over 450 apartment buildings sold to date.

JLL is a leading financial and professional services firm specializing in real estate. We’re in business to create and deliver real value through commercial real estate for clients, shareholders, and our own people.

Visit jllmultifamilybc.com and subscribe to our maillist for regular market updates. Or call us at 604-998-6001 to obtain a confidential market valuation of your property.

+1 604 998 6001 | jllmultifamilybc.com/landlordbc Jones Lang LaSalle Real Estate Services Inc. | 355 Burrard Street | 14th Floor | Vancouver, BC V6C 2G6 @2016 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.

E. & O. E. Jones Lang LaSalle Real Estate Services, Inc. Real Estate Brokerage

THE KEY Office Hours: 8:30 am to 4:30 pm weekdays Vancouver Office: #203 - 1847 West Broadway Vancouver, BC V6J 1Y6 Tel: 604.733.9440 Toll Free BC: 1.888.330.6707 Fax: 604.733.9420 Fax Toll Free: 1.877.382.6006

Victoria Office: 830B Pembroke Street Victoria, BC V8T 1H9 Tel: 250.382.6324 Toll Free BC: 1.888.330.6707 Fax: 250.382.6006 Fax Toll Free: 1.877.382.6006

David Hutniak Chief Executive Officer

Hunter Boucher Member Services Manager

Shona Redman Member Services Representative & CRB Specialist

Board of Directors President Jason Middleton Vice-President David Craig Treasurer Douglas Clarke Directors Andrew Békés, Bill Goold, Michael Drouillard, Jason Fawcett, Richard Laurencelle, Richard McCarvill, Paul Sander, Kim Schuss, Irene Tiampo, Claire Flewelling-Wyatt

CONTENTS 4

Chair’s Message

6

CEO’s Message

8

Benefits of Independent Utility Submetering

10

Homeless Tenants

Erin Breier Events & Communications Coordinator

12

The End of Multiplying the Small Business Deduction

14

Purpose-Built Rental Market is Bright

Kimberly Lachuk Membership Development Manager

16

Are We on Cusp of a Rental Housing Renaissance?

18

Rental Housing Code Red

20

Inspect Your Property Regularly

22

LandlordBC AGM 2016

24

LandlordBC Annual Golf Tournament & Charity Fundraiser

26

Hunter’s Hints

30

How Can CRB Help You?

31

Associate Members/ Corporate Suppliers Mainland

34

Associate Members/ Corporate Suppliers Vancouver Island

Lisa Henderson Member Services Representative

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 Digiwerxstudio.com

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.

WINTER 2016 | 3

THE KEY I would first of all like to thank my predecessor, Andrew Bekes, for his tenure as LandlordBC chair and, in particular for his leadership through the formation of LandlordBC and for his subsequent contribution to help make LandlordBC the industry leader that it is today and for the future.

CHAIR’S MESSAGE Jason Middleton, Chair, LandlordBC As we witness the passing of another successful AGM, it signals the beginning of a new year with new expectations and many opportunities for our organization and industry. I am very pleased and excited to chair the board of LandlordBC this year and I look forward to meeting you at the various LandlordBC education days and networking events throughout 2017.

As I have been involved in the business since 1992 and president of Cornerstone Properties since 2003, it is very important to me that the rental housing industry keeps pressing forward. I am excited about the tremendous impact that the staff and the board of directors continue to have on advancing the rental housing industry. The foundation that LandlordBC is built upon is being the best resource for owners and managers of rental housing. So whether it is education or advice in dealing with challenging situations, group programming to mitigate risk and reduce cost or, ensuring our industry is represented appropriately to all levels of government, I am very confident that the staff are able to deliver this to and on behalf of all our members.

Along with the other directors who bring a wealth of knowledge and expertise to the association, I feel that we are going to have a strong and fruitful year.

On behalf of the board I thank you for your continued support. I encourage you to tell your friends and colleagues who are rental housing providers, and not currently LandlordBC members, to join today so that we can continue to build and even stronger voice for our industry.

LANDLORDBC BOARD OF DIRECTORS 2016 -2017 Jason Middleton, chair David Craig, vice-chair Douglas Clarke, secretary –treasurer

LEGAL SERVICES FOR RESIDENTIAL & COMMERCIAL LANDLORDS

Andrew Bekes Bill Goold Michael Drouillard Jason Fawcett Richard Laurencelle Richard McCarvill Paul Sander Kim Schuss Irene Tiampo Claire Flewelling-Wyatt

4 | WINTER 2016

LANDLORD/TENANT LAW

• Tenancy Disputes • Residential Tribunal Hearings • Building Maintenance & Protection • Human Rights • Privacy

STRATA PROPERTY LAW CONSTRUCTION LAW

THE KEY driven by the research of Dr. Paul Kershaw, a University of BC professor, who is a leading thinker about generational inequality in Canada. After years of raising awareness about the growing squeeze on younger Canadians, Generation Squeeze realized that awareness isn’t enough. Squeezed Canadians in their 20s, 30s and 40s need more influence, both in politics and the market.

CEO’S MESSAGE David Hutniak, CEO, LandlordBC National Housing Strategy. Generation Squeeze.

Rental Housing Crisis.

It has been an action-packed several months for LandlordBC. We continue to build on our commitment to professionalize the rental housing industry. We are proud of two initiatives that provide renters with increased confidence when securing their next home by growing enrollment – the Certified Rental Building Program (CRB) and the LandlordBC Landlord Registry and e-learning platform that launch (softly) on November 30. CRB is a robust quality assurance program targeting owners and managers of larger, multi-unit, purpose-built rental housing. The Landlord Registry is aimed at all other owners and managers, most of whom represent the secondary market in our province. The registry provides a platform to enhance their knowledge and demonstrate their embracement of responsible landlord practices. As an industry we have a responsibility to ensure that we know our rights but also know and respect tenant rights.

We owe it to each other to operate our businesses in a manner that protects the integrity of the entire industry.

The National Housing Strategy has been a front-burner issue throughout the summer with the federal government preparing to share for the first time publicly their key areas of focus as a result of a massive consultative process. The report will likely be public in the coming month. LandlordBC has contributed to this important dialogue advancing the need for progressive tax policy and programming to facilitate the building of new purpose-built rental units and the enhancement of existing rental stock. We also continue to advocate for portable housing benefits for renters. We’ve actively advanced our industry’s concerns and recommendations primarily through the National Housing Collaborative, the B.C. based Rental Housing Coalition and, the Housing Minister’s (the Right Honourable Rich Coleman) B.C. Consultation on the National Housing Strategy.

While the expectations from some stakeholders are high, this is the first time in decades that the federal government has committed to a long term housing strategy. We are hopeful that what will emerge will be a thoughtful strategy that recognizes the need for a robust collaboration with the private sector to address the chronic shortage of secure rental housing in B.C. and across Canada.

LandlordBC is collaborating with Generation Squeeze, a campaign

6 | WINTER 2016

Governments spend less than $12k on benefits and services per Canadian under 45, compared to more than $33k for every retiree. This is not a “good deal” if you are in your 40s or younger. Despite Canada’s strong economy, investments made in this younger generation look unbalanced. So while Generation Squeeze does not want to work against the interests of their parents or grandparents, they do want a Canada that works for all generations. It is notable that renters are perhaps the most discriminated group in this entire dialogue.

There’s been no shortage of media coverage on the low rental housing vacancy rates in so many of our communities and the need for more rental housing. It is encouraging to see that we are starting to witness some traction in terms of new purpose-built rental construction, with the Capital Region being notable for 2,573 rental units proposed or being built of which 662 are in Victoria alone. This is contrasted against a backdrop of higher housing prices in the region and the increasingly negative impact of home sharing programs like Airbnb on long term rental housing.

In addition, multiple jurisdictions are watching to see what the impact of Metro Vancouver’s 15 per cent foreign buyers tax will be, with early indications showing that the tax may be having the intended impact to slow sales and moderate prices and, Vancouver’s proposed Empty House Tax to repatriate vacant condos for long term rental housing.

In B.C., we’re in a rental housing supply crisis and the social and economic consequences can no longer be ignored. Within the Lower Mainland, for example, we have the City of Vancouver with a .5 per cent vacancy rate and the City of North Vancouver with a .4 per cent vacancy rate (a balanced market is considered to have 3 – 5 per cent vacancy rate). The majority of the existing stock is old – an estimated of 93 per cent of all rental housing units in these two cities being over 36-years old. Purpose-built rental housing is a challenging product to build at the best of times. To add to the challenge are increasingly well organized critics who do not seem to sympathize with the need for more rental housing and are instead focusing on their own self-interest. While not all purpose-built rental projects should necessarily be approved, those projects that comply with Official Community Plans for density, design, parking and the like, should not be subject to the Nimbyism (not in my back yard). We need our political leaders and the broader community to push back and it is encouraging to see the emergences of the Yimby (yes in my back yard) movement. LandlordBC has been a forceful voice, participating in public hearings, community outreach, engaging political leaders, collaborating with city and municipal public servants, educating and supporting like-minded stakeholders.

These are exciting times for our industry and challenges do exist.

We house more than 30 per cent of B.C. households and contribute over $10.6 billion to the B.C. economy. The health and vitality of our industry is essential both economically and socially. At the same time, we need to ensure that our industry is sensitive to the difficulties many British Columbian’s are experiencing in today’s rental housing market, and ensure that we manage our businesses professionally, responsibility and through the lens of fairness.

“These are people’s homes and tenant comfort is a top priority for our company.”

Bill Henderson, partner, Carlisle Management Inc.

Small changes can add up to big savings Rental property manager Bill Henderson knows the importance of maintaining his buildings, while still keeping costs in check. That’s why he signed up for the FortisBC Rental Apartment Efficiency Program.

As Henderson says, “Why wouldn’t a landlord want to participate? You get an energy evaluation from a professional engineer and water-efficient fixtures installed, all for free. Plus you reduce energy costs, improve tenant comfort and increase the value of your investment.”

That’s energy at work.

Sign your building up today. Visit fortisbc.com/rentalsavings or call 1-877-327-6137.

FortisBC uses the FortisBC name and logo under license from Fortis Inc. (16-207.10 09/2016)

THE KEY

BENEFITS OF INDEPENDENT UTILITY SUBMETERING

By Peter Mills, Co-CEO of Wyse Meter Solutions Inc. When you pair the rising cost of electricity in British Columbia with a historical disconnect between the tenant’s use of the electricity and the costs they incur, submetering is quickly becoming a real estate owner or manager’s new best friend. While utility submetering is becoming increasingly common for buildings in Toronto and other metropolitan areas, other market cities like Vancouver, Victoria and Kelowna with independent, family owned buildings have been a little hesitant to join the trend. There are benefits on both the tenant and landlord side, given that independent submetering allows each resident to pay only for their own consumption, and not compensate for the fluctuations in their fellow residents’ usage.

Naturally, this is more beneficial for some than others. However, our chronic overconsumption as a population at large is having a severe environmental impact, and it should be a focus of every citizen to reduce excessive energy consumption.

Submetering is one important step toward resolving this issue.

Buildings can be submetered for a variety of utilities such as electricity, gas, water and thermal. As such, landlords should embrace utility

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submetering providers and the expertise they can offer to reduce related costs and administration related to this transition.

“We recently completed the transition of over 4,000 residential units to sub-meters.

The organizational savings to our firm in terms of execution, administration and tenant servicing through the outsourcing of this project to a professional submetering company was the most efficient and effective method of accomplishing our objective.”

Matt Organ, president of Skyline Residential.

As a building owner or manager, you can count on your utility submetering provider to liaise with your residents regarding monthly billing issues and / or concerns, and provide efficient and effective customer service to inquiring residents that might otherwise become a burden to your hard working staff. By bringing on a utility submetering provider, you will allow your staff to focus on their jobs without time consuming billing issues and customer service distractions. There is an underrated customer service aspect to the utility submetering business, which can provide relief and comfort to the owner. Make sure when selecting your submetering service that you choose a client-focused provider who is adequately equipped to satisfy both your needs and the needs of your bill-paying residents.

Below are five key benefits that a submetering provider with effective customer service can provide.

TR ANSPARENT AND ACCUR ATE BILLING A private utility submetering service will take the hassle out of submetering for a landlord. This includes initial calculation of utility credits, to tenants being transitioned, right through to billing and collections. In short- submetering provides transparency. By independently measuring each unit’s usage, there is little room for argument on the tenant side after delivering accurate, carefully calculated bills on a strict month-to-month basis.

ACCESSIBLE & EFFICIENT CUSTOMER SERVICE By bringing on a professional service to handle your electricity submetering, you are also adopting a professional grade of customer service, with access to call centers that offer responsive customer service in multiple languages to reflect our province’s multi-cultural population. Call centres also mean more representatives which means faster service and lower call wait times. Be sure to do your research in this department when selecting your utility submetering service. Make sure they offer an in-house call centre as opposed to outsourcing, check out their call-centre wait times, as well as the

quality of training given to their customer service representatives.

This will ensure that your residents really do benefit from their services, and that they don’t come seeking out your staff if their needs aren’t immediately met.

ensure that your account manager is knowledgeable of rate structures and consumption patterns for your type of property(s). Finally, be sure that they have an effectual web portal that provides timely data and reporting on consumption across your portfolio.

SELF-MONITORING RESOURCES AND TOOLS FOR RESIDENTS

STAFF TR AINING

Submetering offers the opportunity for residents to take their consumption into their own hands. By giving them access to user friendly, self-monitoring resources, they can effectively manage their usage as well as their monthly costs. These tools will increase transparency and allow them to answer any of their own questions about their consumption and billing history that might arise. For residents that wish to reduce their consumption, there are many reference materials available online.

RESOURCES AND SUPPORT FOR OWNERS AND MANAGERS Landlords and building managers can look forward to developing invested, long-term relationships with a quality utility submetering provider who can provide expertise, guidance and timely market knowledge on a regular basis. To ensure you are going to be as well-supported as possible, make sure your provider’s executive team is directly accessible. Also

A legitimate provider will educate your staff on utility submetering, billing, and the use of their web portal so that they can effectively interact with your residents, and answer initial questions regarding enrolment and the use of self-monitoring resources. However, it is important that your staff is trained not to play the middle man between your tenant and your utility provider. All billing queries should be directed straight to the submetering company. The benefit?

This protects your staff’s time.

Submetering has become an accepted strategy across the province for most landlords. When you decide it’s time to make the transition, remember the benefits of a professional submetering company outweigh the costs for both the landlord, and their tenants. Be sure to do your research when selecting a utility submetering provider, taking into account factors like billing transparency, the quality of their tools and resources, training, and their customer service reliability. For further information on utility submetering services and the customer service benefits, contact your local submetering provider.

WINTER 2016 | 9

THE KEY

HOMELESS TENANTS

By Dane Gorton, BFL CANADA | Leo Insurance A flawed business model You may be in this business for profit, wealth preservation, real estate investment, or it may be to provide some relief for the lack of affordable accommodation in our cities. Whichever it is, landlords change the fabric of our communities and must accept a degree of responsibility for the safety and well-being of their residents. Attracting respectful tenants, maintaining the building, and mitigating disturbances are part of operating an apartment building. Without proactive attention to the building and its residents, tenants may leave or be displaced resulting in a flawed business model.

Unfortunately, some landlords are exposed to this by permitting nearly 70 per cent of tenants that continue living uninsured. A lot of tenants think that their landlord carries insurance coverage for their contents, and that they can look to you in times of distress, such as a building fire.

If your building catches fire, floods, or is seriously vandalized, will you pay for hotels, taxis, and additional expenses for all of your residents?

Will you pay to replace all of their valued possessions?

Probably not, which is why we have a situation of misunderstanding.

With lower savings by tenants and increased living costs, it is crucial that we increase awareness of insurance protection and its benefits for tenants and landlords.

LANDLORD BENEFITS Tenant insurance is not a financial expense to you; invest your time to inform your tenants and provide direction on why and where to get an insurance policy. The benefits far outweigh the time; you’ll believe me if you’ve been through a major fire.

Personal liability coverage is included in almost every insurance policy on the market today. Personal liability coverage will respond to vandalism, negligent property damage and injury to others. This is an important source of compensation for third parties which may not otherwise be available. Insurance also pays for the increased cost of temporary accommodation, resulting in higher re-occupancy when the building is fit for re-entry.

PROTECTION FOR TENANTS It may seem obvious, but it’s important to understand that the likelihood of an incident due to human error increases proportionately to the amount of people living in a building. So a building with 50 residents is five times more likely to encounter an incident than a building with 10 residents.

Each year at least a couple of apartment buildings burn down in every large city across Canada. Dramatic news reports that blame landlords or insurance companies with horrific stories of newly homeless residents are common. There have been three major fires in the Vancouver region in 2016.

10 | WINTER 2016

70% OF TENANTS ARE UNINSURED Tenant insurance is still widely misunderstood and undervalued among renters.

The common sentiment among tenants is ‘don’t need it, won’t buy it’.

This nearsighted vision demonstrates a lack of understanding of insurance coverage (most insurance policies are prohibitively complex to understand), and an inability to comprehend the financial harm a fire, flood, or earthquake could pose.

Unfortunately, a policy cannot be purchased when it’s needed most —an insurance policy must be purchased before an unpredictable incident happens.

Tenants also tend to underestimate the cost to replace belongings.

Most insurance policies will pay for new, store bought goods, which includes packing up and removing damaged property, and delivering the replacements. A good tenant insurance package will include at least $30,000 for personal property protection.

Many renters are also unaware of the out-of-pocket expenses required if they are forced to find temporary accommodation. Just two or three nights can cost more than $1,000 for a hotel, taxi, restaurants, and additional expenses. A fire or substantial flood can take months to repair.

R AISING AWARENESS Most renters are not aware that a tenant insurance policy protects more than just contents. The next time you sign a new lease agreement ask for evidence of an insurance policy.

BFL CANADA has recently launched Leo Insurance (www. leoinsurance.ca) to raise awareness, provide resources for clarity, and offer an affordable tenant insurance package.

A free landlord account by Leo Insurance helps you collect and organize tenant insurance records (regardless of where a policy was purchased) and automatically follow-up when they expire. Landlords can login to check which tenants have registered an insurance policy, right when a new lease is being signed. Leo Insurance will also provide discounts to tenants, pre-arranged by landlords.

Dane Gorton is the manager of Leo Insurance and can be reached at dgorton@bflcanada.ca. BFL CANADA is LandlordBC’s insurance brokerage of choice and is the largest supplier of residential condominium insurance in Greater Vancouver. Leo Insurance is provided by BFL CANADA.

THE KEY

THE END OF MULTIPLYING THE SMALL BUSINESS DEDUCTION

By Maggie Puhacz, Smythe LLP Rental properties are commonly held in corporations for a variety of tax and non-tax reasons. One common tax reason, the focus of this article, is the ability to claim the small business deduction (SBD), resulting in a reduced combined federal and B.C. tax rate of 13 per cent.

that is intended to prevent multiplication. The remainder of this article focuses on the impact the new draft rules may have on corporate structures that claim multiple SBDs. The new rules are effective for corporate taxation years beginning on or after March 22, 2016.

THE SMALL BUSINESS DEDUCTION OVERVIEW

The details of the draft changes are beyond the scope of this article. If you have a structure that is similar to any of the structures below, especially if there are family member shareholders, you should speak to your tax advisor. The following examples assume the CCPCs earn ABI.

If your corporation is earning rental income, it could be taxed as investment income (the 2016 combined Federal and BC tax rate is 49.67 per cent, or 19 per cent if adequate taxable dividends are paid) or business income (the 2016 combined Federal and BC tax rate is 26% or, in some cases, 13% on the first $500,000). The favourable tax rate of 13% is available to certain Canadian-controlled private corporations (CCPCs) on Active Business Income (ABI) earned in Canada, subject to a taxable capital limit.

Active Business does not generally include a business the principal purpose of which is to derive income from property such as rent, referred to as a Specified Investment Business. However, if the corporation employs more than five full-time employees throughout the year, the business is not considered to be a Specified Investment Business and therefore may claim the SBD. The term “more than five full-time employees” may appear straight forward; however, there are many aspects of this phrase that have been interpreted by the Canada Revenue Agency and the courts that have complicated its application. If your corporation(s) currently does not claim the SBD but has full-time employees, you should speak to your tax advisor to confirm whether the corporation could be considered to be carrying on an Active Business.

MULTIPLE CCPCS THAT ARE NOT ASSOCIATED Properly structured, multiple CCPCs may be entitled to their own $500,000 SBD limit. Assume a husband owns/operates Rent CCPC, which earns $500,000, and his wife (or another family member) owns/operates Service CCPC, which earns $200,000 by charging administrative and management service fees to Rent CCPC. In this scenario, the CCPCs would pay a total of $91,000 in income tax, with the full income in both Rent CCPC and Service CCPC being taxed at 13 per cent. This represents a tax deferral of $26,000 compared to the Single CCPC scenario above. The following diagram provides an example of this structure:

SINGLE CCPC CLAIMING ONE SMALL BUSINESS DEDUCTION In a simple structure, a CCPC holds multiple rental apartment buildings. Assume the CCPC has more than five full-time employees and would be eligible for the $500,000 SBD. The business activities involve collecting rent, and managing and servicing the buildings.

For illustrative purposes, suppose the CCPC generates $700,000 in taxable income. If the CCPC is not associated with any other CCPCs and is taxed in BC, it would pay up to $117,000 in income tax (13% on the first $500,000 and 26% on the remaining $200,000).

The SBD must be shared among associated corporations1, but corporate taxpayers have implemented business structures to multiply their SBD. Commonly, payments are made from one CCPC to another for services and converted from property income to active income.

While there are existing rules that may already prevent the multiplication of the SBD in some cases, there is new draft legislation 1. Generally determined by reviewing family ownership.

12 | WINTER 2016

The proposed legislation introduces a concept called specified corporate income, which will effectively result in the income earned

by Service CCPC from Rent CCPC to be ineligible for the SBD2. An exception applies if Service CCPC derives at least 90% of its income from providing services to arm’s length third parties, which would indicate Service CCPC carries on a bone fide active business.

MULTIPLE CCPCS THAT ARE ASSOCIATED AND USE A PARTNERSHIP In addition to the Multiple CCPCs structure, there may be a partnership at the core of a corporate group. Corporate partners are 2. There is a mechanism for Rent CCPC to assign a portion of its SBD limit to Service CCPC, but the total SBD between both CCPCs would be limited to $500,000 in total.

required to share the $500,000 SBD based on the pro-rata allocation of the partnership’s income. However, certain structures may enable a Rent CCPC/Service CCPC group to benefit from the full $500,000 business limit.

Assume Rent CCPC is allocated $500,000 of ABI from Rent Partnership’s $625,000 total income, and is allocated $400,000 of SBD. Absent Service CCPC, $400,000 would be taxed at 13%, while the remaining $100,000 would be taxed at 26%. Under existing rules, if Rent CCPC pays $100,000 in service fees to Service CCPC, Service CCPC may be eligible for the reduced 13% tax rate on those fees.

Under the new proposed rules, Service CCPC would be considered a designated member of the partnership and would effectively share the portion of the SBD allocated to Rent CCPC by the partnership.

Therefore, Rent CCPC would pay 13% on $400,000 and Service CCPC would pay 26% on $100,000.

SUMMARY It appears the government intends for the new rules to have the broadest application possible to limit each economic group to a single $500,000 business limit. Arguably, the reach of the new rules could extend beyond this purview. There may be circumstances where

entities that are in fact dealing at arm’s length may be forced to share a single business limit.

The SBD provides a tax deferral and generally not an absolute tax savings. Although the ultimate impact may not be substantial, the SBD remains important as it allows more profits to be reinvested in the corporation or to repay corporate debt, and provides potential absolute tax savings when splitting income with family members in lower tax brackets.

Stay tuned, as the proposed draft legislation may be revised before it becomes law.

Maggie Puhacz is a senior tax manager in the Real Estate and Construction Group at Smythe LLP, a proud member of LandlordBC. Our experience with real estate owners, investors and construction companies allows us to tailor our services to our client’s specific needs.

For further information, contact us at 604.687.1231 or visit our website at www.smythecpa.com.

The information provided is a general overview and should not be construed as tax advice. We recommend seeking professional advice from your tax advisor in respect of your specific situation.

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THE KEY

PURPOSE-BUILT RENTAL MARKET IS BRIGHT

By Derek Townsend, vice-president, CitiFund Capital There has never been a better time to renovate an existing rental or build purpose-built rental The Lower Mainland is seeing robust construction activity sparked by the region’s red hot rental apartment market and historically-low options for mortgage debt. There are a record number of purposebuilt rental buildings underway as well as a high volume of renovations of existing rental product. The area’s population continues to grow despite housing affordability being a major issue. Vacancy rates are the lowest in the Lower Mainland’s history and rents keep sharply rising.

As these two trends continue, the crowded apartment market spills into all areas of the Greater Vancouver Area. The City of Vancouver has a vacancy rate of 0.6 per cent while the suburbs are not much better with vacancy rates ranging from 0.9 to 1.9 per cent (CMHC Statistics October, 2015).

Given the circumstances, the City of Vancouver is encouraging purpose built rental construction with the Rental 100* program, an incentive-based program to promote the private-sector development of housing where 100 per cent of the units built are rentals. Development cost levies are waived, parking and unit size requirements are reduced and an increase in density is considered in return for a ceiling on the rental rates for the first 12 months of rental.

The idea is to make these projects more affordable for renters and more appealing to developers.

up to 40 year amortizations. An increased payment period increases your available loan amount and improves your asset’s cash flow.

The debt market is healthy and there are a wide variety of bridge and repositioning product available. Interest-only loans with compressed debt cover ratios are available for projects looking to maximize cash flow and reposition older buildings. Private or conventional lenders are offering loans of up to 85 per cent for the development or renovation of rental apartment buildings.

The Lower Mainland is in need of new rental units due to low vacancy rates and aging stock. With the city’s help, favourable interest rates and flexible mortgage products, the future of the purpose-built rental market is bright. The advantageous debt options for a renovation project allow for a cost effective way to improve an assets yield and cash flow before locking into a long term, low interest rate term loan.

Example: The Impact of Interest Rates on Apartment Mortgage Gross Effective Income: $400,000 Operating Expenses: $120,000 Net Operating Income: $280,000 Amortization: 25 years Debt service coverage ratio: 1.20

Unlike market condo developments, a purpose built rental project cannot rely on the individual sales of the units to take out the construction financing but rather relies on the anticipated net operating income and ‘take-out’ term loan to pay off the construction financing. The end term loan ‘takes out’ the floating rate construction loan. With today’s interest rates, low vacancy and high rental rates, the term take-out financing options are unusually strong.

Canada’s interest rates are at historic lows, which mean borrowers are reducing their cash equity by using higher than ever loan amounts determined on an income basis. CMHC insures the term take-out financing, creating very attractive and affordable funding for the development, renovation and acquisition of rental buildings.

Citifund is placing insured mortgages for five and 10 year rates at 1.68 per cent and 2.35 per cent, respectively (using October 31st bonds).

Meanwhile, the conventional pricing is still very competitive with rates in and around 2.55 per cent and 3.25 per cent for five and 10 year terms (using October 31st bonds).

New or renovated buildings allow for increased amortization periods above the standard 25-year term. Conventionally, 30-year amortizations are available for the right product and CMHC will allow

14 | WINTER 2016

*All loans and interest rates are subject to the borrower’s financial strength, the subject property and lender requirements.

Citifund Capital Corporation is an independent commercial mortgage brokerage company based in Vancouver, BC. For more information and to take advantage of our specialized services please contact Derek Townsend at dtownsend@ditifund.com or call 604-683-2518. www.citifund.com

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THE KEY

ARE WE ON THE CUSP OF A RENTAL HOUSING RENAISSANCE?

By David R. Podmore, Concert Properties Of late, housing industry association literature and newsletters are replete with stories of new rental housing developments, the rental housing development incentives of various municipalities, and the crushing need for more affordable alternatives in the face of dramatically escalating housing demand that cannot be fulfilled for many individuals and families at low and middle incomes.

There is an interesting paradox in the timing of these stories — at a time when we are experiencing unprecedented escalation in land, development, and housing costs, we are also witnessing a resurgence of private market delivery of new rental housing, particularly in Canada’s two most expensive housing markets — Toronto and Vancouver. These seemingly contradictory circumstances invite one to ask whether we are experiencing a rental housing renaissance.

In both the Greater Vancouver and Toronto markets (as well as several other major Canadian cities) there has been a notable resurgence of interest in rental housing development. It is reasonable to conclude that much of this interest has been driven by the current ultra-low interest rate environment and the attractiveness of quality multi-family rental properties to long-term, patient, and very wellfunded investors (who are struggling to find limited-risk investment opportunities with even marginally acceptable returns). It is no surprise then that these investments are particularly attractive in the current low interest rate environment to major Canadian pension plan and institutional investors. Such investors provide a ready market for acquisition of multi-family rental housing product developed by commercial builders, often at cap rates in the 3 to 3.75 per cent range, providing a “lift” to the builder on sale despite high land and construction costs.

These developments frequently proceed based on incentives provided by the municipality and are often characterized by high market rental rates that can only be achieved in prime market locations — and therefore contribute little towards addressing the needs of low- and middle-income families. In some cases these attributes are partially mitigated by municipal restrictions in exchange for development incentives. While it is good that such developments increase the available supply of rental housing, it is unlikely to effectively address the more urgent and long-term housing needs of a broad cross-section of our communities.

CONSTR AINTS Fortunately, many municipalities and government agencies have increased or are moving to increase incentives that should help to address affordability. In many communities these incentives can make a meaningful difference in terms of housing affordability, but in the very expensive urban areas, especially in the Greater Vancouver and Toronto regions, incentives such as density bonusing, parking

16 | WINTER 2016

relaxations, waivers of development and related permit fees, relief from development cost levies and community amenity contributions, and even taxation relief are likely not enough in the face of high and escalating land and construction costs.

In the Vancouver region, more so than in Toronto, the biggest constraints today to developing reasonably priced rental housing are rapidly escalating construction costs and land prices. Assuming the developers and builders leading the design and construction are knowledgeable and competent, the procurement process should ensure that construction costs are competitive and optimized.

Land cost is a different matter, and especially in heated markets is largely beyond industry or government control. Some of the incentives and relief provided by municipalities can help alleviate the impact of escalating land costs, but with land costs in many prime areas in Vancouver (high-value locations that are also good rental locations given proximity to transit, schools, and amenities) exceeding $400 per buildable square foot, the ability to build and provide rental rates that meet the needs of low and middle-income families is severely strained.

Without further initiatives to address the implications of high land costs, delivery of affordable rental housing will continue to be limited.

Developers working with the community are producing market rental housing often with monthly rents in the $3.00 and even $4.00 per square foot range, but this is hardly affordable for many. Everyone in the community who contributes to our economic and social well-being should have access to good-quality affordable rental accommodation. The long-term consequences of not providing this have implications for the economy and our lifestyles that are not attractive.

WHAT CAN BE DONE? So, what further can be done to address delivery of affordable rental housing in our communities? First, it is great that we can build on the many program initiatives that have been championed by many progressive municipal governments and select provincial and federal agencies. Second, we can re-examine earlier programs that were effective but were abandoned, often due to financial or, frequently, political constraints. Third, we can revisit arrangements that have in the past helped to address the impact of high land costs on development economics (rental rates). And finally, with a more open and engaged dialogue between those that are most interested in developing and maintaining affordable market rental properties for the long term and the municipalities and agencies committed to making this work, we can find solutions that will make a difference.

There are many good incentive models now being offered by progressive municipalities, and adoption of similar incentives by

more municipalities would broaden the opportunities to develop rental accommodation, often in locales with lower land costs suited to lower-cost types of construction, preferably in conjunction with transit improvement and expansion programs. An example of a defunct incentive program that should be re-examined, refined if necessary, and reintroduced is the Residential Rehabilitation Assistance Program, which was effective in supporting landlords in upgrading existing low-rent accommodation and could be expanded under certain circumstances to allow upgrade allowances (forgivable loans) to support same-site replacement housing. Another useful possibility would be to eliminate the GST on new capital investments in affordable housing.

Federal, provincial, and municipal governments and related agencies have extensive land holdings, in some cases that are poorly utilized but would provide good opportunities for rental housing development.

There are examples of successful programs where land has been provided at nominal cost on long-term lease arrangements by governments or agencies to support development of rental housing.

In these cases government retains long-term ownership but secures extensive commitments limiting the determination of initial rents and future rent rate increases and requiring that all construction, operating, financial, maintenance, and other risks be accepted by the private industry partner with no recourse by lenders or others to the underlying land. Such arrangements protect the government’s interests, ensure return of the lands with the improvements in acceptable condition on lease expiry, and most importantly, when properly structured can have a significant impact on establishing and maintaining affordable rent rates.

Through a more engaged dialogue between government related entities and committed industry and institutional partners, other solutions can be developed, but industry will need to be confident that the government agencies are truly committed to act on good suggestions. Spanning several decades there has been an incredible and steady discussion of approaches that could contribute to creation of more rental housing in Canada, but the incidence of implementation and acceptance of these ideas has been far too slow. Consequently, many good opportunities have been lost or are mired in politics or suppressed by inaction by those that could make a difference.

As suggested above, the opportunity to develop rental housing is constrained by a number of factors, one of the most significant being the constrained availability and high cost of suitable development lands. In Vancouver and Toronto, like most Canadian cities, whole neighbourhoods are characterized by rows of aging two, three, and four-storey “walk-up” wood frame rental apartments that have been held for decades by families reluctant to sell due to the substantial capital gains taxes that would be triggered on redevelopment or sale. Alleviation of this tax in exchange for a binding commitment to rebuild (likely at higher density) and maintain as an assured rental property (guaranteed to remain rental in perpetuity or a defined period—let’s say 80 years) would release substantial sites well suited to affordable rental housing development. For many of the current owners of these sites this redevelopment, possibly through a land lease to a development partner, would be very attractive for estate planning purposes.

Today there is strong interest from Canadian institutional investors and pension plans to invest in multi-residential developments. These are very suitable partners to work with private property owners and developers that share an interest in long-term investments and have a common desire to contribute to the supply of good-quality assured and affordable rental residential properties. Working with some of the tools available or that could be provided, combined with the current low interest rate environment, enhances the opportunity to conceive multi-residential developments that will generate modest and stable returns—which would be attractive to these institutional investors and are a good match to offset pension liabilities.

Today there is strong interest from Canadian institutional investors and pension plans to invest in multi-residential developments.

There are several good examples of success in creating affordable rental residential properties. For example, our company, Concert Properties, working in partnership with OMERS (through Oxford Properties) and Sun Life, has completed 2,281 suites of assured rental housing in a $600 million program in the Greater Toronto Area. In Vancouver, Concert created and continues to operate 1,149 suites of guaranteed rental housing through an innovative land lease program arrangement with the City of Vancouver that provides an excellent example of what can be achieved through cooperative public-private arrangements. Most recently, through a cooperative land lease arrangement at UBC with St. Andrew’s College, Concert has developed Axis — a 174-suite rental tower offering good-quality assured rental accommodation.

So what should the community expect where incentives and support are provided to private partners by government or public agencies?

In my opinion, where the types of incentives suggested above are offered, the rental housing provided must be guaranteed to remain rental in perpetuity or for a significantly long term. (Concert’s housing developed on municipal land is guaranteed to be available for the entire term of the 80-year ground leases). In addition, private developers and investors (preferably pension plans or similar institutional investors) must agree to terms to establish affordable rents, limitations on rental increases, and various terms that limit (but preferably eliminate) public sector construction, finance, operating, maintenance, and other risks. In turn, the private sector partners should expect that substantial progress will be made in reducing development approval times and added costs that limit the ability to create affordable housing in an expedient manner.

In conclusion, we are indeed experiencing a rental housing renaissance. Now the challenge is to build upon heightened multi-residential rental property development interest to drive enhanced affordability.

Reprinted with permission from REIBC

WINTER 2016 | 17

THE KEY

RENTAL HOUSING CODE RED

By David Hutniak, CEO LandlordBC Generation Squeeze is a campaign driven by the evidence. It has its origins in the research of Dr. Paul Kershaw, a University of BC professor, who is a leading thinker about generational inequality in Canada One cannot pick up a newspaper or peruse online these days without finding an article or commentary from a diverse group of stakeholders and interested parties discussing the current rental housing supply challenges in Vancouver, Victoria and other cities and municipalities throughout British Columbia.

We are seeing unprecedented coverage of this issue from national and regional publications, weekly blog opportunities asking “Renters of Vancouver” to take an intimate look at how they are dealing with the housing crisis, organized public protests, both YIMBYs and NIMBYs speaking out at public hearings for and against new purpose-built rental projects and, Generation Squeeze proclaiming a “Code Red” housing crisis. The impending provincial election in B.C. and the extensive National Housing Strategy Consultation process initiated by the federal government, have only heightened the attention and divergence of opinions on this crucial topic.

LandlordBC is the industry association representing owners and managers of the rental housing industry in B.C. Our organization has been leading the call for more purpose-built rental housing construction, both new and enhancement of the existing stock, so that we can return to a healthier rental market which we would define as between a 2 to 5 per cent vacancy rate. We cannot sustain the current vacancy rate in markets like Victoria, Kelowna and Vancouver (significantly less than 1 per cent), particularly in light of the continued growth of our population especially as it pertains to our urban centres. Metro Vancouver alone estimates the need for in the order of 6,000 units of rental housing in each of the next 10 years to catch up for unmet demand and to accommodate demand from growth.

To those of us in the rental housing industry, it is no surprise that we have this severe shortage of rental housing. This is a problem that

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has been slowly creeping towards us for decades due to such a short supply of rental having been built since the 1960s and 1970s. Much of our existing supply, particularly in a market like Vancouver where more than 50 per cent of residents are renters, is reaching the end of its life and, even though recently there’s been a more viable business case for the private sector to add rental stock, building rental continues to be extremely difficult to build despite what one would think are very favourable conditions due to the low vacancy rates.

Purpose-built rental housing is designed and built as long-term rental accommodation. It is not the same as renting a condo, basement suite or laneway house which does not provide the same security of tenure for the resident and may be removed from the rental universe at any time by the unit›s owner. This secondary market, as it is termed, in the absence of meaningful purposebuilt rental development over the past three to four decades, has become the predominant form of new rental housing. An overhearted real estate climate such as we have been experiencing for the last few years provides owners of secondary market units with many temptations and incentives to sell or demolish these units, or more recently, convert them to short-term rentals. The only thing that will cure this is more purpose-built rental housing. The more of these purpose-built rental units that are built, the better off renters and our communities will be.

Our industry has been advocating for many years with the federal government (and where applicable provincial governments) to revisit successful incentive programs that encouraged the building of new purpose-built rental housing. More recently, we are encouraging the federal government (and the province of B.C.) to facilitate raising repayable construction capital via a 35-year development bond for the construction of affordable rental housing that the private

sector will build, lease and manage. We’ve also told cities that they need to fast-track the building of purpose-built rental and seriously consider incentives in exchange of housing and non-stratification agreements for 60 years or life of the building. The incentives could take the form of development cost levy waivers, community amenity contribution waivers, parking reductions, relaxation of unit size and, density increases. It is encouraging to see a progressive albeit small cohort of cities demonstrating leadership in this regard.

Clearly not all purpose-built rental projects are well conceived or appropriate for the neighbourhoods they are proposed. We get that. In addition, it is critical to understand and appreciate that social housing is an essential component of the overall solution if we are going to meet the needs of our citizens across the socio-economic spectrum. This is why in addition to LandlordBC actively supporting the need for social housing, we have long advocated for increased renters supports, most notably Portable Housing Allowances.

Portable Housing Allowances provide direct financial support for households without being tied to a specific unit of building. Portable Housing Allowances provide many advantages including: • Allowing recipients choice, • Allowing flexibility to address local needs, and

• Better labour-market attachment than with rental subsidies attached to units of buildings Portable Housing Allowances enable lower income people to move to take jobs which are good for them, for businesses and for taxpayers, because it will drive economic growth. While previously not seen in Canada, it is exciting to see that Ontario just announced $20 million of provincial and federal funding over two years and 22 communities for a Portable Housing Allowance pilot project. The program will focus on survivors of domestic violence but, nevertheless, is huge validation of the value of Portable Housing Allowances in Canada.

The bottom line is this: what will help improve the current situation is the continual approval and development of multiple rental projects, including market rental and subsidized options, year-after-year, thus adding to, and in some cases replenishing todays aging rental housing stock. This is the only way a meaningful supply of rental housing can be added to the province, impacting affordability by alleviating the price pressure on a limited existing supply, and increasing the range of housing options suitable for families, baby-boomers and everyone in between.

Continued collaboration between the private and public sectors and the public at large, in planning, approving, permitting and building additional purpose-built rental housing is the only way to create a long-term fix.

WINTER 2016 | 19

THE KEY

INSPECT YOUR PROPERTY REGULARLY

By Anna Garnett, Business Development Manager, GV Inspections Ltd. Understand the risks of failing to inspect properties.

When was the last time you inspected one of your rental units? If you can’t put your finger on the date, then you might be in for a surprise, as well as some unexpected expenses, potentially dangerous situations, litigation and more. While you might consider insurance as your protection of last resort, it does not cover every contingency.

Some insurance companies consider regular inspections as evidence of the landlord doing their due diligence to ensure that the property is being properly maintained. The insurer could use failure to inspect to disallow a claim, which could leave you responsible for any damages.

“We recommend owners have their rental dwellings inspected 3 to 4 times per year to ensure the property is used for its intended purpose”, said Brian Paetkau, property manager, Hugh and McKinnon Realty Ltd. “There are lots of examples where initially there were no issues with the tenancy. Over time, the dynamics changed and problems were identified through due diligence in conducting inspections. Examples include drugs and cultivation of marijuana, too many people living in the unit, unlicensed vehicles on the property, pets, smoking. As property managers, we are able to monitor and effectively manage a property by having regular inspections conducted. In our case, we outsource the inspections to professionals”.

Regular inspections can protect you, your building, your investment and your tenants from a host of problems. Consider the following scenarios that can occur when you do not follow a regular inspection schedule of your rental property’s units.

20 | WINTER 2016

ILLEGAL USE Residents in a new condominium high-rise wondered why so many subjects of questionable character were coming and going from their building, and why there was an increase in property crime. Inspection of a rental unit determined that an 81-year-old building resident was sleeping on a cot in his living room because he rented out his bedroom to a prostitute who was bringing clients into the building.

An inspection of a property in Delta, occupied by a couple with four young children, uncovered a marijuana grow operation in the garage. The tenant rationalized that growing marijuana would probably be legal soon so, “What the heck?” Little thought had been given to the fact that the house did not belong to the tenants and that liability coverage from the owners’ insurance company might now be in question.

A landlord in Abbotsford was recently held liable for damages in the amount of $135,000 when her tenants were approached by individuals with a licence to grow marijuana and the tenants allowed the grow operation to happen in the landlord’s rental residence.

Because the landlord was not conducting regular inspections, she was found not to have performed the necessary “due diligence” to validate her insurance coverage.

UNAUTHORIZED PETS A Burnaby condominium was rented to a male with no pets. An inspection identified the fact that the tenant had a dog. The landlord has stipulated “no pets” as a condition of the tenancy and therefore no pet deposit was retained.

DAMAGE TO UNIT OR BUILDING

STATEMENT FROM LANDLORD

Tenants paid little attention to water stains that were forming on the ceiling of their rental unit. An inspection identified the stains as a water leak and alerted the owner who initiated an investigation with the building strata. The taps in a vacant unit on an upper floor of the building were identified as the culprit and repairs were conducted before further damage was realized.

“Many landlords have experienced difficult, maybe even abusive, tenants. They will understand me when I say I was reluctant to personally serve them documents to terminate their tenancy”, said Sarla Ram, landlord. “I wanted to avoid confrontation or a volatile situation. Therefore, I made the decision to hire a professional firm who would serve the documents and interact with the tenant.”

A Surrey landlord was handed an invoice in excess of $11,000 by by-law officers for the removal of refuse gathered by the tenant on the property over a two-year period.

As a result of dealing with an independent third party rather than the landlord, the tenant’s behaviour was more co-operative.

“Landlords who are not visible to their tenants are often the target of misuse of their rental dwellings,” said Christian Gourlay of Westland Insurance. “If the landlord doesn’t pay attention to what’s happening at their property, activities may be occurring at the residence that breach the policy terms and void the policy.”

SUBLETTING THE SPACE A condominium in a Vancouver high-rise building was being used as an AirBNB. The building had a concierge service, but the concierge was afraid of the operators of the AirBNB so he ignored the activity and did not report it to his superiors. Residents of the building observed people coming and going with luggage on a regular basis and reported the activity to the strata as AirBNB was not allowed under the strata’s by-laws. As the condo was not being used for its intended purpose, the owner’s insurance liability was brought into question.

CONCLUSION As you can see, the dangers of failing to conduct regular inspections of your rental units are all too real. These real-life scenarios will not happen with every rental unit, but do you really want to take that risk? All it takes is time and effort to prepare and follow an inspection schedule. Learn from the mistakes of others so that you can avoid the consequences of failing to conduct regular unit inspections. If you are unable or unwilling to conduct the inspections, then you should hire an accredited company who specializes in this service.

Anna Garnett is business development manager at GV Inspections Ltd and a corporate supplier of LandlordBC. She can be contacted at 778-840-7611 or anna.garnett@gvinspections.com

WINTER 2016 | 21

THE KEY

2016 AGM + TRADE EXPO This years’ AGM + Trade Expo was held at the Sheraton Wall Centre in downtown Vancouver, which proved to be a wonderful change of location and a great space for our biggest event of the year. Over 200 attendees registered to attend, visited the trade expo and listened to the various seminars scheduled throughout the day.

THANK YOU TO OUR SPONSORS

The event featured the seminars: Buying and Selling Tenanted Properties, Employee Retention Strategies, and a panel discussion on Quality Assurance. There was also a special announcement of our new partnership with Pendo! Read more about Pendo on page 25.

After the seminars wrapped up the attendees were treated to a cocktail hour which included a complimentary drink, live jazz music, and a final chance to check out our trade expo and mingle with fellow attendees and suppliers.

The evening concluded with a delicious buffet dinner and guest speaker Dr. Paul Kershaw from Generation Squeeze. LandlordBC has been involved with Generation Squeeze and supports their Homes First policy principle. Dr. Kershaw presented some interesting (and scary) stats on housing in metro Vancouver.

The final speaker of the day was our keynote, Bob Rennie. It has been a few years since Mr. Rennie has spoken to our membership so it was interesting to hear his views on everything from the Vancouver housing market to the US election and how it could affect Canada.

By all accounts this was a huge success and we have heard nothing but positive comments. We would like to thank everyone who attended!

The 2017 AGM + Trade Expo will be held in Victoria on Oct 2nd, at the Victoria Conference Centre. Hope to see you there!

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2017 LANDLORDBC CALENDAR OF EVENTS We have several events on the go for 2017, including a few new ones we’re really excited about, so mark your calendars now!

Our new Member Appreciation Days will include appies, networking, a trade expo, PRIZES and more, free to attend for all landlord members. We will also be introducing a few ‘after hours’ education events to Vancouver.

These will be shorter events, education based, and held after work hours!

Education Day & Trade Expo

March 8th, 2017

Comfort Inn and Conference Centre, Victoria

Member Appreciation Day & Trade Expo *NEW*

April 26, 2017

Italian Cultural Centre, Vancouver

Education After Hours *NEW*

June 5th, 2017

Italian Cultural Centre, Vancouver

Member Appreciation Day & Trade Expo *NEW*

June 14th, 2017

Comfort Inn & Conference Centre, Victoria

Golf Tournament & Charity Fundraiser

August 23rd, 2017

University Gold Club, Vancouver

AGM & Trade Expo

October 2nd, 2017

Victoria Conference Centre

Education After Hours *NEW*

November 15, 2017

Italian Cultural Centre, Vancouver

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WINTER 2016 | 23

THE KEY

LANDLORDBC ANNUAL GOLF TOURNAMENT & CHARITY FUNDRAISER This year marked LandlordBC’s 11th annual golf tournament and charity fundraiser. It was, by all accounts, a great day and huge success. We had wonderful weather and enthusiastic sponsors and players.

To date LandlordBC, through our golf tournament, has donated over $76,000 to Covenant House Vancouver. We think this is a wonderful way to give back and we thank everyone who came out to play, sponsored the event, donated some money (through mulligans, 50/50 sales, silent auction etc) or supported the tournament in any way. We couldn’t do it without you!

THANK YOU TO OUR SPONSORS Platinum Sponsor

We would also like to acknowledge and thank our platinum sponsor BFL Insurance CANADA Inc. Year after year they continue to be a huge part of this tournament and we appreciate it so much.

Gold Sponsorship

Thank you again to everyone who came out, we hope to see you again next year!

Silver Sponsorship

PLUMBING & MECHANICAL

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Hole Sponsorship Allied Plumbing, Heating & Air Conditioning CuraFlo of British Columbia Ltd. Haddock & Company Megson Fitzpatrick Insurance Services Phoenix Restorations Ltd. Sparkle Solutions Corp.

Vancouver Fire & Radius Security Wyse Meter Solutions Inc. Putting Contest Sponsorship A-1 Window MFG Ltd. Tote Bag Sponsorship Hollyburn Properties Limited Gold Cart Sponsor MetCap Living

24 | WINTER 2016

ADVERTORIAL

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Pendo is a super intuitive app that streamlines the admin you perform as a landlord. Whether you have one or hundreds of properties, Pendo consolidates onboarding, management and administration into a single, user-friendly platform. Simple tools let you create compelling property listings with a few clicks, instantly convert rental applications into digital lease agreements, and collect rent online.

LandlordBC and Pendo have partnered to create custom features for LandlordBC members, giving you perks and functionality tailored specifically to your needs—like LandlordBC proprietary forms, so you know they meet the highest standard of compliance. Not only do Members get 20% off Pendo’s monthly plan they also get exclusive access to the brand new mobile app (available on iOS and coming soon to Android) which features customizable, annotated mobile condition inspection reports. Members who sign up before December 31st get their first 60 days free.

CHECK OUT HOW PENDO MAKES LIFE EASIER FOR LANDLORDS: • Paperless everything: Your property is a business—and it’s hard to run a great business with a stack of file folders and a shoebox of receipts. Pendo’s digital tenant applications can go directly into your listing for applicants to complete. From there, get digital signatures and automatically convert applications into agreements. There’s no duplicate entry. Keeping it all online means you never need to track down lost paperwork, and because Pendo’s forms were created in

partnership with LandlordBC, they are all compliant with BC’s residential tenancy branch.

• Score major accountant points: Pendo tracks all your income and expenses, and consolidates them into on-demand reports. It’s not just a huge time saver, it also cuts all the stress come tax time. Filter reports by individual unit or look at your entire portfolio. Export into Excel or Numbers with a click or two. Your accountant will love you.

• No-sweat rent collection: Unlike other businesses, there’s only one source of cashflow when you own property—so simplify rent collection. Paper cheques are nearly obsolete and monthly bank visits are a needless hassle. Pendo Pay makes online payments simple, and eliminates one of the biggest stress points for landlords. Easy autoprocessing means you never have to go knocking.

• Indisputable inspections: Was that dent in the wall really there before the tenant moved in? Pendo’s Mobile Condition Inspection reports take the mystery out of move-in-move-out inspections. It’s this simple: do a move-in walkthrough with your tenant. Add rooms as needed and indicate their condition. Snap photos and add any notes. You each have a signed (digital!) copy for your records. When it’s time for a move-out inspection, there’s no need for speculation.

• Root out weirdos: If you’re not already googling potential tenants, you should be. Uncover that crew of cats or a propensity to party before a tenant is approved. Pendo rental applications include social media profiles to help you with due diligence. Privately score the applicants in your tenant queue so you can make educated decisions about the best candidate.

Pendo is the closest thing to fully automating your role as a landlord, so you can invest your time in things that really matter and focus on the perks of landlording—a steady stream of income and the privilege of matching good people with their new home. Not only will it make your life better, it’s the first step to building your portfolio and becoming a truly great landlord.

As a LandlordBC member, take advantage of a free 60-day trial if you sign up by December 31st. But even after December 31st, all members get the ongoing perk of a 20 per cent discount on new Pendo subscriptions. To learn more, visit landlordbc.pen.do.

THE KEY

HUNTER’S HINTS

by Hunter Boucher, Member Services Manager, LandlordBC Seven things every Landlord in B.C. needs to know I wrote and published this list of seven things every landlord needs to know online in early November and have expanded on it for our magazine.

In any market it can be difficult to successfully navigate a tenancy but with an awareness of some basic principles landlords can ensure they know how to resolve almost any issue that can arise. Knowing what kinds of issue that can potentially arise can help landlords equip themselves with the resources necessary in resolving disputes.

1. YOU HAVE THE RIGHT TO SCREEN TENANTS When a potential tenant views your rental unit and submits an application you have the right to ensure that they will be the best fit. This can mean a variety of checks including references and credit checks. Ensuring your tenant can pay the rent is only part of the

tenant selection process, making sure they look after the unit and are not disruptive to neighbors or other tenants is just as important.

Credit checks and other online searches such as Google and Facebook are great resources in gaining a clearer understanding about your applicants. Our partner, RentCheck offers our members a discount on credit check services and waives the $80 in admin fees normally charge to use their services.

It is important to be aware that while a thorough tenant selection process is encouraged to mitigate issues that may arise in the future you also need to consider your rights and responsibilities under the Human Rights Code and Personal Information and Protection Act. The Office of the Information and Privacy Commissioner publishes a guide for landlord in BC that helps us better understand our rights and responsibilities. Some key point mentioned in this guide are: • Landlords can request a SIN but cannot require it, in other words it must be clear that providing a SIN is optional. It is also important to note that a SIN is not required when running a credit report.

• Landlord cannot take a copy of an applicant’s drivers license • Landlord cannot request a criminal record check For more information on the OIPC guides for landlords check out our guides in the members only section of the LandlordBC website.

2. GET IT IN WRITING Gone are the days where business is done on a handshake which means you need to ensure that expectations are backed up with a comprehensive written tenancy agreement. Regardless of the rental agreement form you choose to use it is crucial that any rules you want in place for the tenancy are included. Quite often we see landlord wanting to enforce a no smoking rule only to find that it was not included in the agreement.

Using the LndlordBC form covers most rules a landlord may want in their agreement but sometimes you have to add additional terms that are specific to your tenancy. Some commonly added terms to our agreement are: • A clause regarding lawn maintenance that clearly states the obligation the tenant is agreeing to.

• A clause outlining common area and parts of the property that are not common area. This sort of clause is important to use when there is a yard that may be split up for tenant use.

3. DOING A CONDITION INSPECTION IS IN YOUR BEST INTEREST Properly completing a condition inspection at the beginning and end of a tenancy is both a prudent business decision and a requirement under the Residential Tenancy Act. Failure to complete an inspection at the beginning and end of the tenancy essentially means you as a

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landlord have waived your right to make a claim for any damage or cleaning done the tenant.

Conducting a condition inspection in writing is a requirement under the act and using the LandlordBC condition inspection meets this requirement. The Condition Inspection must be scheduled according to the rules in the act. At the beginning of the tenancy it is fairly simple to schedule the inspection for the morning of the day the tenant is moving it before they have the keys.

Properly completing a condition inspection at the beginning and end of a tenancy is both a prudent business decision and a requirement under the Residential Tenancy Act. Failure to complete an inspection at the beginning and end of the tenancy essentially means you as a landlord have waived your right to make a claim for any damage or cleaning done the tenant.

6. WHEN CAN YOU INCREASE RENT Increasing rent is always a hot topic. This if one of those times where knowing what forms to use and when becomes very important. Rent can be increased 12 month or more after the last time the rent was increased or established. The tenant must have three full months’ notice and the increase can be no higher than the allowed percentage for that year. The rent increase for 2017 is 3.7 per cent.

7. KNOW HOW TO SERVE DOCUMENTS Using the right form for your situation means very little if you do not serve the document properly. The Act sets out the valid methods of service landlord and tenants must use when service documents.

Serving notice in person is the most common method service as is posting notice on the tenants door. Other approved methods of service include: regular mail, registered mail, putting it in the tenant mail box, or serving to an adult who resides at the rental unit while they are at the rental unit.

These methods of service may also have delays as to when the notice is considered served. Giving notice to the tenant directly or to another adult who resides at the rental unit are considered served immediately while posting notice on the tenants door or sliding in their mail box has a delay of three days. Regular and registered mail both have a delay of five days. This is important to keep in mind when serving time sensitive documents as it may affect the effective date of the notice.

Scheduling the move out inspection at the end of the tenancy can, at times, be a little more difficult. You must provide the tenant with two options. If you are not able to successfully schedule a condition inspection you may have to serve the RTB “Notice of Final Opportunity to Schedule a Condition Inspection”. If the tenant does not show up at the scheduled time you would have to complete the inspection in their absence.

4. ENTERING YOUR RENTAL UNIT PROPERLY You have the right to enter your rental unit for reasonable purposes such as to carry out a repair or once a month to inspect the rental unit. To enter your tenants unit you must either have their permission or you must serve a notice of entry 24 hours in advance.

5. KNOW WHAT FORM TO USE AND WHEN Sometimes doing something right involves serving the right paperwork at the right time. As a landlord there are many forms provided by the RTB that must be used in specific circumstances.

Always check to make sure your situation fits the form you plan on using.

An example of one of these forms is the 10 Day Notice to End Tenancy for Unpaid Rent or Utilities. This form is used when the tenant has not paid rent in full on the day the rent is due. It ends the tenancy if they do not pay or dispute the notice within 5 days of the notice being served.

WINTER 2016 | 27

THE KEY

I RENT IT RIGHT!

Coming Soon!! LandlordBC – Landlord Registry LandlordBC will be launching a voluntary Landlord Registry in British Columbia January, 2017. This will be the first registry of its kind in Canada and North America!

committed to delivering safe, secure, sustainable rental housing to all British Columbians.

• Support for the Government of B.C.’s efforts to protect the rights of consumers.

THE LANDLORD REGISTRY WILL:

The objective of the LandlordBC Landlord Registry is to create a comprehensive database and education platform for the rental housing industry in British Columbia, to be operated and managed by LandlordBC. This registry will further LandlordBC’s goal to enhance the professionalism and accountability of landlords across British Columbia.

• Collect and maintain up-to-date and accurate information on all registered landlords and their properties across the province.

The Landlord Registry will be open to all landlords. Landlords enrolled in LandlordBC’s Certified Rental Building Program and licensed rental housing property managers are invited to participate in this program as well;

BENEFITS OF THE LANDLORD REGISTRY INCLUDE:

• Equip landlords with the basic knowledge they need to succeed in the rental housing industry through a comprehensive, legislative education module via a robust proprietary LandlordBC online e-learning platform. Landlords will be tested for their knowledge comprehension and, upon successful completion, will receive the “I Rent It Right™!” certificate and the right to be listed on the Landlord Registry. Education is the key to increasing the professionalism of our industry and to significantly reduce the number of landlord/tenant disputes and to reducing the cost associated with disputes for all stakeholders - landlords, tenants and, the provincial government. Tenants will be able to rent with increased confidence because they will be able to access the Landlord Registry (landlordregistry.ca) website, enter the name of their landlord and, in seconds, confirm that the landlord is registered and that they have secured the “I Right It Right™!” certificate.

• The first comprehensive landlord/rental housing database in B.C. • An education platform to landlords so that they understand their rights and responsibilities in accordance with the Residential Tenancy Act, with the goal of enhancing the standard of rental housing in B.C. and mitigating the number of landlord/tenant disputes (currently a significant cost-driver for all stakeholders, particularly government and landlords).

• An efficient means of distribution to disseminate information and continuing education to landlords regarding updates on the duties and responsibilities of landlords and tenants in British Columbia.

• Provide tenants with easy access to confirm that the rental housing provider/landlord they are considering for their next home understands and is committed to abiding by the Residential Tenancy Act and is committed to the principles of “I Rent It Right™!” Registered landlords will have an amazing new marketing tool to differentiate themselves in the market place and demonstrate to prospective renters that they are

28 | WINTER 2016

• Provide all participating landlords with a standardized set of industry forms including application for tenancy, residential tenancy agreement, and condition inspection report, developed

by LandlordBC to meet all RTB requirements.

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THE KEY

HOW CAN CRB HELP YOU?

By Shona Redman, Member Service Representative & CRB Specialist, LandlordBC CRB UPDATE The Certified Rental Building Program launched in B.C. in November 2015 with Concert Realty Services and Hollyburn Properties certifying a total of 50 buildings. Since then we have had a great deal of interest in the program and have certified 12 more buildings (eight additional Hollyburn buildings and five Redbrick Properties buildings). This brings the total number of certified buildings in B.C. to 62. Redbrick Properties was the third company to complete certification.

Congratulations to Redbrick on their recent certification!

Terra Crest Property Management, Orr Development Corp., and Kelson Group Property Management will all be receiving certification very soon.

and confidence knowing that the place that they have chosen to live provides excellent quality of service and quality of product.

In order to become certified you must be a member, in good standing, with LandlordBC and must complete an application and screening process. Once registered in the program you have access to the 50 standards of practice (SOPs) involved in the program. You then begin to build a ‘compliance binder’ (digital or print) to show how your company meets the standards of the program. In order to gain accreditation you must be compliant with all 50 standards. There are five key areas in which you must be able to show compliance.

1. Human Resource Management 2. Resident Management

READ ON TO SEE IF CRB IS RIGHT FOR YOU

3. Operations Management

CRB is a quality assurance program that allows you to certify your multi-residential buildings by meeting a set of 50 standards, based on legislative requirements and industry best practices. The certification helps tenants to know that you have well-run, and well-managed buildings. Tenants can rent in your building with “peace of mind”

4. Financial & Risk Management 5. Environmental Management In the last two issues of The Key we reviewed Human Resource Management, and Resident Management. In this issue we will look at Operations Management.

OPER ATIONS MANAGEMENT:

Each property is unique. Your risk solution should be too.

CMW’s insurance solutions are built for you from the ground up by our experienced Risk Advisors.

Get the solution that’s right for you.

Talk to a CMW Risk Advisor today.

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If you own and/or manage a rental building than you understand the importance of ensuring that the building is safe and well maintained. This includes ensuring elevators are properly serviced and maintained; that the building has maintained fire safety equipment and up to date fire safety plans; that the buildings common areas are kept clean. Some of these requirements are legislative and building owners must comply with these rules and regulations, other requirements are industry best practices.

CRB helps you to ensure that you are in compliance with these industry standards.

Operations management deals with the importance of having procedures and plans to ensure efficiency, transparency and accountability related to building operations. Operations standards include the facilitation of proper maintenance and safety of rental units, keeping proper records, having a documented preventative maintenance program and a building emergency plan in place, screening contractors and establishing guidelines related to waste management.

Ask us how CRB can help you to ensure safety and quality at your rental buildings.

For more information regarding the CRB program contact: Shona Redman, Member Service Representative and CRB Specialist.

Phone: 1.888.330.6707 ext. 206 | Fax: 250.382.6006 Email: shonar@landlordbc.ca Websites: www.landlordbc.ca, www.crbprogram.org

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ASSOCIATE MEMBERS/CORPOR ATE SUPPLIERS - MAINLAND ACCOUNTING D&H Group LLP Michael Louie T: 604.731.5881 www.dhgroup.ca

Coinamatic Canada Inc. Maxi Castillo T: 604.270.8441 www.coinamatic.com

COMMUNICATIONS/ ENTERTAINMENT Shaw Cable Frank Franco T: 604.629.3231 www.shaw.ca

ELECTRICAL SERVICE NS Electric Co. Ltd. Norman Haas T: 604.418.3365

SmytheCPA Bob Sanghera T: 604.694.7547 www.smytheratcliffe.com

APPRAISAL - INSURANCE Normac Appraisals Ltd. Cameron Carter T: 604.221.8258 www.normac.ca

ADVERTISING & PROMOTION Places4Students.com Laurie Snure T: 1.866.766.0767 www.places4students.com

APPRAISAL REAL ESTATE Colliers International Christina Dhesi T: 250.414.8371 www.collierscanada.com

AIR CONDITIONING Canada Furnace Heating & Air Conditioning Ryan Cocking T: 604-460-9969 bc.canadafurnace.ca

ARCHITECTURE, DESIGN, BUILDING CODE DGBK Architechs Ralf Janus T: 604-682-1664 www.dgbk.com

APPLIANCE - RENTALS Coinamatic Canada Inc Maxi Castillo T: 604.270.8441 www.coinamatic.com

BIOHAZARD REMEDIATION 1st Trauma Scene Clean Up Ltd. Brian Woronuik T: 604.598.8887 www.traumascenecleanup.ca

DECKS & BALCONIES Duradek Canada Ltd Winston Conyers T: 604.591.5594 www.duradek.com

Handy Appliances Rocky Magnet T: 604.879.1555 www.handyappliances.ca

BUILDING CONSTRUCTION GENERAL CONTRACTOR Quest Projects Inc. Jacqui McGregor T: 604.299.4522 www.questprojects.ca

DEPRECIATION REPORTS Normac Appraisals Ltd. Cameron Carter T: 604.221.8258 www.normac.ca

ENERGY EFFICIENCY & CONSERVATION BC Hydro Power Smart Business Helpdesk T: 1.866.522.4713 www.bchydro.com

RDH Building Science Inc Kelly Haines/Dave Ricketts T: 604.873.1181 www.rdh.com

FortisBC Ltd. Siraz Dalmir T: 604.576.7268 www.fortisbc.com

Remont Construction Ltd. Robert Szpakowski T: (604) 837-8813 www.remontconstruction.ca

DOORS - ENTRANCE & HARDWARE REPAIRS Action Glass Inc. Brad Johnston T: 604.525.5365 www.actionglassbc.com

FRESCo Building Efficiency Jordan Fischer T: 778.783.0315 www.frescoltd.com

BUILDING REPAIR & RENOVATION Nuwest Contracting Ltd. Debbie Gettling T: 604.525.6145 www.nuwestcontracting.com

DRAINAGE & SEWER Cambie Roofing & Drainage Contractors Ltd. Paul Skujins T: 604.261.1111 www.cambieroofing.com

CLEANING - BIOHAZARDOUS PuroClean Restoration Grant Blanden T: 778.985.7876 www.puroclean.ca

DUCT CLEANING Air-Vac Services Canada Ltd. Brent Selby T: 604.882.9290 www.airvacservices.com

APPLIANCE - RENTALS, APPLIANCE - SALES & SERVICE Sparkle Solutions Corp.

Connie Goldman T: (604) 396-3184 http://www.sparklesolutions.ca/ APPLIANCE - SALES Coast Wholesale Appliances Inc. Robb Byrd T: 604.301.3459 www.coastappliances.com Handy Appliances Rocky Magnet T: 604.879.1555 www.handyappliances.ca Midland Appliance Gary Braun T: 604.278.6131 www.midlandappliance.com Trail Appliances Ltd. Sunny Mann T: 604.992.7124 www.trailappliances.com APPLIANCE - SALES & SERVICE Penguin Appliances Sales & Services Sam Sangha T: (604) 451-4411 http://www.penguinappliance.com

BUILDING ENVELOPE RDH Building Science Inc Kelly Haines/Dave Ricketts T: 604.873.1181 www.rdh.com

CLEANING - CARPET & UPHOLSTERY First Class Carpet Cleaning Harry Deligiannidis T: 604-839-9008 www.1stclasscarpetcleaning.com

Telus Communications Joel Watts T: 778.877.0646 www.telus.com CONCRETE WORK Nuwest Contracting Ltd. Debbie Gettling T: 604.525.6145 www.nuwestcontracting.com CREDIT CHECKS RentCheck Brenda Maxwell T: (800) 661-7312 http://www.rentcheckcorp.com/

ELECTRICAL CONTRACTORS Evanson Electric David Evanson T: 604.657.7957 www.evansonelectricdelta.ca

ELECTRICIANS Delbrook Electric Will Kitt T: 778.772.1834 ELECTRICIANS Handy Appliances Rocky Magnet T: 604.879.1555 www.handyappliances.ca ELEVATOR City Elevator Ltd. Heiner Marnet T: 604.299.4455 www.cityelevator.ca ELEVATOR SERVICE & REPAIRS Metro Elevator Preet Binning T: 778.885.8630 www.metroelevator.ca

RDH Building Science Inc Kelly Haines/Dave Ricketts 604.873.1181 www.rdh.com Yardi Systems Inc. Peter Altobelli T: 888.955.7900 www.yardi.com ENGINEERS FRESCo Building Efficiency Jordan Fischer T: 778.783.0315 www.frescoltd.com JRS Engineering Ltd. T: (604) 320-1999 http://www.jrsengineering.com

Read Jones Christoffersen Ltd. Jason Guldin T: 250.386.7794 www.rjc.ca WSP Canada Inc Kathryn Webb T: 604.924.5575 www.wspgroup.com ESTATE & SUCCESSION PLANNING Monarch Insurance & Financial Services Corp.

Richard Laurencelle T: 604.681.2699 www.monarchfinancial.ca EXTERIOR/ SIDING REPLACEMENT Legacy Windows & Doors Jayden Kuik T: 778.792.6464 www.legacywindows.ca FINANCIAL PLANNING CIBC Wood Gundy Gilbert Lam T: 604.806.5508 www.cibcwg.com/ raymond-shum D&H Group LLP Michael Louie T: 604.731.5881 www.dhgroup.ca FIRE & WATER DAMAGE RESTORATION PuroClean Restoration Grant Blanden T: 778.985.7876 www.puroclean.ca FIRE PROTECTION & MONITORING Vancouver Fire & Radius Security Joslyn Alderson T: 604.232.3488 www.vanfire.com StoveTop FireStop Carter Shackelford T: 817.872.1500 www.stfs.com FLOORING & CARPETING GQ Contracting Ltd. Enrique Quiroza T: 604.540.9575 www,gqcontracting.ca

RDH Building Science Inc Kelly Haines/Dave Ricketts T: 604.873.1181 www.rdh.com

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.

WINTER 2016 | 31

THE KEY ASSOCIATE MEMBERS/CORPOR ATE SUPPLIERS - MAINLAND Mira Floors and Interiors Deverow Walters T: 604.856.4799 www.mirafloors.com FLOORING SALE & INSTALLATION Exclusive Floors Ltd Ron Shukyn T: 604.575.9550 www.exclusivefloors.com FURNACE & CHIMNEY CLEANING Canada Furnace Heating & Air Conditioning Ryan Cocking T: 604-460-9969 bc.canadafurnace.ca GARBAGE CHUTE CLEANING Air-Vac Services Canada Ltd. Brent Selby T: 604.882.9290 www.airvacservices.com GAS SERVICES Handy Appliances Rocky Magnet T: 604.879.1555 www.handyappliances.ca GLASS Action Glass Inc. Brad Johnston T: 604.525.5365 www.actionglassbc.com HANDICAP SHOWER, TUB SALES & INSTALLATION ORCA Health Care Suppliers Inc. Reynald Stringer T: (604) 733-2656 http://www.orcahealthcare. com/

BFL CANADA Insurance Services Inc. Paul Murcutt T: 604.678.5454 www.bflrealestate.ca

Lesperance Mendes Lawyers Sat Harwood T: 604.685.3567 www.lmlaw.ca

Remdal Painting & Restoration Inc. Dan Schmidt T: 604.882.5155 www.remdal.com

Viessmann Manufacturing Co. Inc. Randy Stuart T: 604.533.9445 ext. 222 www.viessmann.ca

CIBC Wood Gundy Gilbert Lam T: 604.806.5508 www.cibcwg.com/ raymond-shum

MORTGAGE FINANCING CIBC Wood Gundy Gilbert Lam T: 604.806.5508 www.cibcwg.com/ raymond-shum

Wolfgang Commercial Painters Heinrich Schoeman T: 604.420.5552 www.wolfgangpainters. com

Xpert Mechanical & JK Lillie LTD Kerry West T: 604.294.4540 www.xpertmech.com

Citifund Capital Corp.

Derek Townsend T: 604.683.2518 www.citifund.com

PEST CONTROL Assured Environmental Solutions Inc. Brett Johnston T: 604.463.0007 www.assuredenvironmental.ca

CMW Insurance Services Ltd. Gordon Li T: 604.484.0117 www.cmwstrata.com Hamilton Insurance Services BC Ltd Judy Laban T: 604.874.4476 www.cooperators.ca Marsh Canada Debbie Tonner T: 780.917.4873 http://canada.marsh.com/

First National Financial Corp Russ Syme T: 778.327.5712 www.firstnational.ca

Megson FitzPatrick Insurance Services Mike Nichol T: 250.595.5212 www.megsonfitzpatrick.com

Peoples Trust Company Dennis Dineen & Jonathan Wong T: 604.331.2247 www.peoplestrust.com

INTERCOM REPAIRS & INSTALLATION Vandelta Communication Systems Ltd. Hugh Rae T: 604.732.8686 www.vandelta.com

MORTGAGE INSURANCE Canada Mortgage & Housing Corporation John Lynch T: 604.737.4161 www.cmhc.ca

Vandelta Communication Systems Ltd. Hugh Rae T: 604.732.8686 www.vandelta.com

HOARDING - CLEAN UP 1st Trauma Scene Clean Up Ltd. Brian Woronuik T: 604.598.8887 www.traumascenecleanup.ca

INTERNET LISTING SERVICE Yardi Systems Inc. Peter Altobelli T: 888.955.7900 www.yardi.com

HOARDING - CLEAN UP CONT’D 604-TRASH-IT Dave Abercrombie T: (604) 872-7448 www.604-trash-it.com

INVESTMENT & RETIREMENT PLANNING Monarch Insurance & Financial Services Corp.

Richard Laurencelle T: 604.681.2699 www.monarchfinancial.ca

INSPECTIONS - GENERAL CONDITION/LEASE COMPLIANCE GV Inspections Jim Garnett T: 778.840.7611 www.gvinspections.com INSURANCE AC&D Insurance Services Ltd. Scott Jamieson T: 604.982.1039 http://acd.insurebc.ca

32 | WINTER 2016

Colliers International Dave Ganong T: 250.414.8388 www.collierscanada.com

LANDSCAPING: LAWN & GARDEN MAINTENANCE BUR-HAN Services Inc. Robert Hannah T: 604.780.0179 www.bur-han.ca LEGAL SERVICES Haddock & Company Grant Haddock T: 604.983.6670 www.haddock-co.ca

NARCOTICS DETECTION & SECURITY GV Inspections Jim Garnett T: 778.840.7611 www.gvinspections.com ONLINE PAYMENT SERVICE Yardi Systems Inc. Peter Altobelli T: 888.955.7900 www.yardi.com PAINT SALES Cloverdale Paint Dave Picariello T: 604.551.8083 www.cloverdalepaint.com PAINT SPECIFICATIONS SERVICES Cloverdale Paint Dave Picariello T: 604.551.8083 www.cloverdalepaint.com PAINTING SERVICE Mountain Crest Pro Painting Ed Hart T: (604) 597-2070 Prostar Painting & Restoration Ltd. Jonathan Moorhouse T: 604.876.3305 www.prostarpainting.com

Solutions Pest Control Jason Page T: 1.855.858.9776 www.pestsolutions.ca PIPE LINING/RE-PIPING CuraFlo of British Columbia Ltd. Randy Christie T: 604.298.7278 www.curaflo.com PLUMBING/HEATING/ BOILERS Allied Plumbing and Heating Lance Clarke T: 604.731.1000 www.allied-plumbing.ca Ashton Service Group Brian Williams T: 604.275.0455 www.ashtonservicegroup.com BMS Plumbing & Mechanical Systems Ltd. Tamara Merchan T: 604.253.9330 www.bmsmechanical.com Cambridge Plumbing Systems Ltd. John Jurinak T: 604.872.2561 www.cambridgeplumbing.com Canada Furnace Heating & Air Conditioning Ryan Cocking T: 604-460-9969 bc.canadafurnace.ca CuraFlo of British Columbia Ltd. Randy Christie T: 604.298.7278 www.curaflo.com Handy Appliances Rocky Magnet T: 604.879.1555 www.handyappliances.ca Montalbano Plumbing Services LTD. Giovanni Montalbano T: 604.444.0222 www.montalbano.ca

PRINTING Citywide Printing Ltd. Gordon Li T: 604.254.7187 www.citywideprint.com PROPERTY MANAGEMENT Ascent Real Estate Management Corp.

Darren Schulz T: 604.431.1800 www.ascentpm.com Associa British Columbia, Inc. Katie Khoo T: 604.501.4417 www.associabc.ca Austeville Properties Ltd. Andrew Abramowich T: 604.216.5510 www.aplbc.com Bayside Property Services Ltd. T: 604.432.7774 www.baysideproperty.com Bolld Real Estate Management Leo Chrenko T: 604.671.0293 www.bolldpm.ca Century Group Lands Corporation Lisa Biggin T: 604.948.3832 www.centurygroup.ca CML Properties Michelle Neufeld T: 250.372.1232 Custom Realty Ltd. Jolene Foreman T: 604.916.6345 www.cpsrealty.ca Delaney Properties Ltd. Diana Delaney T: 250.550.2120 www.RentalsVernon.com Dennison Property Management Ltd. Jane Dennison T: 604.982.7059 www.dpmonline.ca Dorset Realty Group Canada Ltd. T: 604.270.1711 http://dorsetrealty.com

ASSOCIATE MEMBERS/CORPOR ATE SUPPLIERS - MAINLAND FirstService Residential Judith Harris T: 604.683.8900 www.fsresidential.com

PROPERTY MANAGER Beacon Hill Suites Ltd. Meredith Warden T: (250) 590-1775

Gateway Property Management Corporation Scott Ullrich T: 604.635.5000 www.gatewaypm.com

Katronis Property Management Brad Katronis T: (604) 614-6402

Homelife Peninsula Property Management Doug Holmes T: 604.536.0220 www.penpm.com Hume Investments Ltd. Sally MacIntosh T: 604.980.9304 www.humeinvestments.com Li-Car Management Group Lita Powell T: 250.785.2662 Macdonald Commercial Real Estate Services LTD. Tony Letvinchuk T: 604.736.5611 www.macdonaldcommercial.com Metro Vancouver Housing Corporation Priscilla Matei T: 604.456-880 Porte Realty Ltd. Daniel Bar-Dayan T: 604.732.7651 www.porte.ca Prospero International Realty Inc. Jeff Nightingale T: 604.669.7733 Raamco International Properties Canadian Ltd. Kimm Zbierski T: 250.686.3131 www.raamco.com Roboson Holdings Ltd. Sarah Hill T: 1.800.682.2088 S.A.H. Properties Ltd. Leslie Pomeroy T: 604.926.6947 Sunstar Realty Ltd. David Mak T: 604.436.1335 Turner Meakin Management Company Ltd. Kelly Kellogg T: 604.736.7020

Kyle Properties Ltd. T: (604) 732-5263 http://www.kylepropertiesltd. ca Royal LePage Prince Rupert Keith Lambourne T: (250) 627-7551 http://www.royallepage.ca/ princerupert Sutton Max Realty Property Management Wallis Lee T: (604) 227-3399 http://suttonmaxrealty. com Wesgroup Properties LP Sara Young T: (604) 648-1866 http://www.wesgroup.ca REAL ESTATE SALES Colliers International Kevin Cloak T: 250.414.8372 www.collierscanada.com JLL Bill Goold T: 604.263.2823 www.jll.ca Macdonald Commercial Real Estate Services LTD. Dan Shulz T: 778.999.5758 www.bcapartmentinsider.com MultiFamily Real Estate Services Corporation Seth Baker T: 778.235.9293 www.multifamily.ca NAI Commercial Terry Harding T: 604.691.6615 www.apartmentblocks.ca The Goodman Report, David & Mark Goodman, HQ Commercial Mark Goodman T: 604.714.4790 www.goodmanreport.com

Unique Real Estate Accomodations Nina Ferentinos T: 604.984.7368

RENOVATION & REPAIRS Custom Realty Ltd. Jolene Foreman T: 604.916.6345 www.cpsrealty.ca

Valley Realty Sita Mulder T: 604.852.2234 www.valleyrealtyabbotsford.com

Remont Construction Ltd. Robert Szpakowski T: 604).837.8813 www.remontconstruction.ca

RENT NEGOTIATION & ARBITRATION D.J. MAC Consulting Don MacPherson T: 778.837.1952 www.ownertenantmediation. com Re-Piping BMS Plumbing & Mechanical Systems Ltd. Tamara Merchan T: 604.253.9330 www.bmsmechanical.com Brighter Mechanical Ltd. Mike Pearson T: 604.279.0901 www.brightermechanical.com Cambridge Plumbing Systems Ltd. John Jurinak T: 604.872.2561 www.cambridgeplumbing.com Manna Plumbing Ltd. Chris Kobilke T: 604.710.3908 www.mannaplumbing.com RESTORATION 1st Trauma Scene Clean Up Ltd. Brian Woronuik T: 604.598.8887 www.traumascenecleanup.ca FirstOnSite Restoration Kris Kuran T: 604.436.1440 www.firstonsite.ca

ROOFING MEMBRANES RDH Building Science Inc Kelly Haines/Dave Ricketts T: 604.873.1181 www.rdh.com SECUITY & INTERCOM SYSTEMS ADT Canada Inc. T: (604) 349-6974 http://www.adt.ca

WINDOW - REPLACEMENT/ INSTALLATION/RENOVATION A-1 Window MFG Ltd. Rob Elliot T: 604.724.5827 www.a1windows.ca

SUPPLIER & MANUFACTURER PLUMBING SUPPLIES Moen Inc Shelby Wallace T: 604.390.8737 www.moen.ca

Legacy Windows & Doors Jayden Kuik T: 778.792.6464 www.legacywindows.ca

SUPPLIES - HARDWARE, BUILDING, MAINTENANCE HD Supply Facilities Maintenance Stanley Neumann T: 604.562.6764 www.hdsupplysolutions.ca Rona Inc. Scott Souder T: 604.787.0049 www.rona.ca

Phoenix Restorations Ltd. John Wallis T: 604.945.5371 Prostar Painting & Restoration Ltd. Jonathan Moorhouse T: 604.876.3305 www.prostarpainting.com

UTILITY SUB-METERING QMC Meters James Easton T: (604) 526-5155 http://qmeters.com

ServiceMaster Restore of Vancouver Natasha Purnell T: 604.435.1220 http://www.svmvancouver.ca ROOFING Cambie Roofing & Drainage Contractors Ltd. Paul Skujins T: 604.261.1111 www.cambieroofing.com Penfolds Roofing Brent May T: 604.254.4663 www.penfoldsroofing.com

RDH Building Science Inc Kelly Haines/Dave Ricketts T: 604.873.1181 www.rdh.com

SOFTWARE - PROPERTY MANAGEMENT Yardi Systems Inc. Peter Altobelli T: 888.955.7900 www.yardi.com

UTILITIES/ NATURAL GAS Absolute Energy Inc. / Bluestream Energy Kirby Morrow T: 778.340.1580 www.absolute-energy.ca

Superior Flood & Fire Restoration Mayank Anand T: 604.601.8206 www.superiorrestoration.ca

WATER PROOFING Arbutus Roofing & Drains Ltd. Kelly Quinn T: 604.272.7277 www.arbutusroofing.com

Wyse Meter Solutions Inc. Robert Mullin T: (647) 792-0160 http://www.wysemeter.com WASTE/RECYCLING 604-TRASH-IT Dave Abercrombie T: 604. 872.7448 www.604-trash-it.com Progressive Waste Solutions Rob Barr T: 604.834.7578 www.bficanada.com WASTE MANAGEMENT INC. Tej Kullar T: 604.520.7858 www.wm.com XeroWaste Solutions Michael Solkshinitz T: 604.674.8414 www.xerowaste.ca

Retro Teck Window Mfg. Ltd. Wilfred Prevot T: 604.291.6751 www.retrowindow.com WINDOW & DOOR MANUFACTURING Canadian Vinyltek Window Corporation Patrick Malone T: 604.540.0029 www.vinyltek.com WINDOW MANUFACTURING, COVERS Centra Windows Matthew Burgon T: 604.882.5010 www.centra.ca

WINTER 2016 | 33

THE KEY ASSOCIATE MEMBERS/CORPOR ATE SUPPLIERS - VANCOUVER ISLAND ADVERTISING & PROMOTION Places4Students.com Laurie Snure T: 1.866.766.0767 www.places4students.com

DRAINAGE & SEWER CONT’D Victoria Drain Services David Lloyd T: 250.818.1609 www.victoriadrains.com

Megson FitzPatrick Insurance Services Mike Nichol T: 250.595.5212 www.megsonfitzpatrick.com

APPLIANCE - RENTALS Coinamatic Canada Inc. Maxi Castillo & Sam Chan T: 604.270.8441 www.coinamatic.com

ELECTRICAL SERVICE Rushworth Electrical Services Inc. Dustin Rushworth T: 1.888.361.1231 www.rushworthelectric.ca

INTERNET LISTING SERVICE Yardi Systems Inc. Peter Altobelli T: 888.955.7900 www.yardi.com

APPLIANCE - SALES Trail Appliances Ltd. Sunny Mann T: 604.992.7124 www.trailappliances.com APPRAISAL REAL ESTATE Colliers International Christina Dhesi T: 250.414.8371 www.collierscanada.com ASBESTOS REMOVAL R.S. Restoration Services Ltd DKI Gladys Abrams T: 250.383.0030 www.rsrestorationdki.com BIOHAZARD REMEDIATION 1st Trauma Scene Clean Up Ltd. Brian Woronuik T: 604.598.8887 www.traumascenecleanup.ca CLEANING - CARPET & UPHOLSTERY Island Carpet & Upholstery Cleaning Inc Ron Gould T: 250.590.5060 www.islandcarpetcleaning.ca CLEANING - JANITORIAL SERVICES Select Janitorial Beverly Wise T: 250.360.0666 www.sjivic.com

ELEVATOR SERVICE & REPAIRS Thyssenkrupp Elevator (Canada) Inc. Bob Marr T: 250.474.1150 www.thyssenkruppelevator.com ENERGY EFFICIENCY & CONSERVATION BC Hydro Power Smart Business Helpdesk T: 1.866.522.4713 www.bchydro.com FortisBC Ltd. Siraz Dalmir T: 604.576.7268 www.fortisbc.com FRESCo Building Efficiency Jordan Fischer T: 778.783.0315 www.frescoltd.com Yardi Systems Inc. Peter Altobelli T: 888.955.7900 www.yardi.com ENGINEERS FRESCo Building Efficiency Jordan Fischer T: 778.783.0315 www.frescoltd.com Read Jones Christoffersen Ltd. Jason Guldin T: 250.386.7794 www.rjc.ca

COMMUNICATIONS/ ENTERTAINMENT Shaw Cable Sebrina Benson T: 250.475.7251 www.shaw.ca

FIRE PROTECTION & MONITORING Capital City Fire Equipment Mark Wyatt T: 250.727.8159 www.capitalcityfire.ca

Telus Communications Joel Watts T: 778.877.0646 www.telus.com

HEATING FUEL Columbia Fuels Dave Young T: 250.391.3633 www.columbiafuels.com

CREDIT CHECKS RentCheck Brenda Maxwell T: (800) 661-7312 http://www.rentcheckcorp.com/ DRAINAGE & SEWER GoodSense Plumbing Inc Glen Boyd T: 250.213.8700 www.goodsenseplumbing.ca

34 | WINTER 2016

HOARDING - CLEAN UP 1st Trauma Scene Clean Up Ltd. Brian Woronuik T: 604.598.8887 www.traumascenecleanup.ca INSURANCE BFL Canada Insurance Services Inc. Paul Murcutt T: 604.678.5454 www.bflrealestate.ca

LAWYERS Jawl Bunden LLP R.C. (Tino) Di Bella T: 250.385.5787 www.jawlbundon.com MOLD INSPECTION & REMOVAL R.S. Restoration Services Ltd DKI Gladys Abrams T: 250.383.0030 www.rsrestorationdki.com MORTGAGE FINANCING Colliers International Dave Ganong T: 250.414.8388 www.collierscanada.com First National Financial Corp Russ Syme T: 778.327.5712 www.firstnational.ca Peoples Trust Company Dennis Dineen & Jonathan Wong T: 604.331.2247 www.peoplestrust.com MORTGAGE INSURANCE Canada Mortgage & Housing Corporation John Lynch T: 604.737.4161 www.cmhc.ca ONLINE PAYMENT SERVICE Yardi Systems Inc. Peter Altobelli T: 888.955.7900 www.yardi.com PAINT, PAINTING, RESTORATION SERVICES Empress Painting Ltd Chris Jefferies T: 250.383.5224 www.empresspainting.com PLUMBING/HEATING/ BOILERS GoodSense Plumbing Inc Glen Boyd T: 250.213.8700 www.goodsenseplumbing.ca Mac’s Heating Ltd. Dean Houstin T: 250.384.9263 www.macsheating.ca Victoria Drain Services David Lloyd T: 250.818.1609 www.victoriadrains.com

POWER WASHING Island Carpet & Upholstery Cleaning Inc Ron Gould T: 250.590.5060 www.islandcarpetcleaning.ca PROPERTY MANAGEMENT Advanced Property Management Lorri Fugle T: 250.338.2472 www.advancedpm.ca Complete Residential Property Management Dennie Linkert T: 250.370.7093

TPM Management Ltd. Debbie Hunt T: 250.383.7663 REAL ESTATE SALES Colliers International Kevin Cloak T: 250.414.8372 www.collierscanada.com REAL ESTATE SALES Devon Properties T: 250.595.7000 www.devonprop.com Macdonald Realty Tracy Keenan-Whyte T: 250.388.5822

Concise Strata Management Services Inc. Beth Kauwell T: 250.754.4001 www.concisemgmt.com

RESTORATION 1st Trauma Scene Clean Up Ltd. Brian Woronuik T: 604.598.8887 www.traumascenecleanup.ca

Cornerstone Properties Ltd. Jason Middleton T: 250.475.2005

R.S. Restoration Services Ltd DKI Gladys Abrams T: 250.383.0030 www.rsrestorationdki.com

Devon Properties T: 250.595.7000 www.devonprop.com Duttons & Co. Real Estate T: 250.389.1011 Equitex Property Management T: 250.386.6071 Meicor Realty Management Services Inc Laurie Sims T: 250.338.9979 Pemberton Holmes Property Management Claire Flewelling-Wyatt T: 250.478.9141 Proline Management Ltd Kelly Whitney T: 250.475.6440 www.prolinemanagment.com Raamco International Properties Canadian Ltd. Kimm Zbierski T: 250.686.3131 www.raamco.com Roboson Holdings Ltd. Sarah Hill T: 1.800.682.2088 Rowan Property Management Ltd. Amahra LeBlanc T: 250.746.9090 www.rowanproperty.ca Royal LePage Prince Rupert Keith Lambourne T: 250.627.7551 www.royallepage.ca/ princerupert South Island Property Management Ltd. Robert Pearson T: 250.595.6680

SOFTWARE - PROPERTY MANAGEMENT Yardi Systems Inc. Peter Altobelli T: 888.955.7900 www.yardi.com SUPPLIES: HARDWARE, BUILDING, MAINTENANCE Rona Inc. Scott Souder T: 604.787.0049 www.rona.ca UTILITIES/ NATURAL GAS Absolute Energy Inc. / Bluestream Energy Kirby Morrow T: 778.340.1580 www.absolute-energy.ca WASTE/RECYCLING BFI Canada Inc. Rob Barr T: 604.834.7578 www.bficanada.com WASTE MANAGEMENT Alex Dumitrescu T: 250.544.8009 ext 223

2

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nesis

e DI G YAR

Get the Report: Subscribe to receive new listings www.goodmanreport.com

New Listing

New Listing

New Listing

Brookside Gardens

2274 Oxford Street

Ralf’s Garden

20834 Dewdney Trunk Rd, Maple Ridge

Vancouver

7040 Arcola St, Burnaby

44 three-bedroom townhouse units.

8-suite rental apartment building.

48-suite three-storey apartment building.

Improved with 8 buildings on 3.86 acres of land.

Grandview-Woodland neighbourhood.

Highgate neighbourhood.

$12,825,000

$2,690,000

$13,250,000

New Listing

New Listing

New Listing

Joyce-Collingwood

Meridian

Lessee’s interest in ground lease

4975, 4983, 4993, 4997 Joyce St, Vancouver

5363 201 St, Langley

910 W 6th Ave & 917 W 7th Ave, Vancouver

Mixed-use redevelopment site.

New purpose-built luxury rental apartment project

2 neighbouring income producing properties.

Site size: 13,860 SF (132’ x 105’).

featuring 90 suites in the heart of Langley.

50-suite apartment building & commercial property.

$22,888,000

$33,900,000

$19,800,000

Sold

Sold

Sold

Sage Manor

Esquire Apartments

Grandview-Woodland

6665 Royal Oak Ave, Burnaby

2424 W Broadway, Vancouver

11th Ave & Victoria Dr, Vancouver

19-suite wood-frame apartment building in excellent

10-suite three-storey walk-up rental apartment

Multi-family redevelopment site. Approved for a 3.6

condition located in Burnaby’s Metrotown.

building. Mix of 8 one-bedrooms & 2 bachelor units.

FSR under the new Grandview-Woodland plan.

SOLD $5,475,000

SOLD $4,300,000

SOLD $14,000,000

David Goodman Direct 604 714 4778 david@goodmanreport.com

Mark Goodman* Direct 604 714 4790 mark@goodmanreport.com *Personal Real Estate Corporation

Cynthia Jagger Direct 604 912 9018 cynthia@goodmanreport.com