Varing Magazine 2021 - New Heights

2021 HOMELIFE ADVANTAGE REALTY (CENTRAL VALLEY) LTD.

TRANSITION TO TRANSIT

Landcor Data Corp. analyzes the evolution of transit in our cities

PG

14

ENVISIONING SURREY

Community Planning Manager Patrick Klassen informs us of the city’s focuses for the year

PG

28

TRANSFORMING THE HEART OF FLEETWOOD

Bucci Development expands on plans to help Fleetwood, Surrey flourish

PG

34

NEW HEIGHTS GROWTH IN THE FACE OF ADVERSITY

THINKING AHEAD

City of Langley's Mayor van den Broek plans for the SkyTrain extension

PG

26

INVESTING IN COMMERCIAL REAL ESTATE

Get the best returns with these key points from Manning Elliott LLP

PG

32

FINANCING FORECAST

Insights from Canadian Western Bank on 2021 financial shifts

PG

40

CORE VALUE

NO. 1

RELATIONSHIP DRIVEN

Contents 48

NEW HOME SALES & MARKETING Fifth Avenue Real Estate Marketing provides their expertise and assistance in home sales and marketing opportunities.

46

VARING COMMUNIT Y

VARING MAGAZINE 2021 ISSUE Publisher Gabriella Denizot gabriella@varinggroup.com Editor Joel Love Art Director Gabriella Denizot Contributors Joe Varing Jeff Tisdale Patrick Klassen Mayor Val van den Broek Troy Abromaitis Rick Gendemann Puneet Agrawal Printed by Glenmore Printers, Richmond BC Contents ©2021, Varing Marketing Group Varing Marketing Group HomeLife Advantage Realty (Central Valley) Ltd. 360-3033 Immel St. Abbotsford, BC V2S 6S2 604.565.3478 WWW.WESELLDIRT.CA

At Varing we value the people we are surrounded by.

Glance a snapshot of the vibrant communities we support and participate in.

43

SHIFTING OUR PERSPECTIVE Helpful ways to practice mindfulness and focus on positives in the face of adversity.

40

FINANCING FORECAST A forecast looking at pandemic market impact on financing from Puneet Agrawal, Senior AVP of Real Estate Lending, of Canadian Western Bank.

10

7

MARKET REVIEW

LET TER FROM JOE

A letter from our visionary Joe Varing and his reflections and thoughts on an unexpected year.

Find out how the Fraser Valley real estate market shifted in response to the state of global affairs.

14

TRANSITION TO TRANSIT

CEO of Landcor Data Corp., Jeff Tisdale, reflects over the everevolving scene of transit in BC.

18

ENVISIONING SURREY’S FUTURE

Surrey city planner Patrick Klassen paints a picture of the City's expansion in our exclusive interview.

24

WHY BUY L AND

‘The Big Question’ – our advice and insight on land vs rental property investments.

26

THINKING AHEAD

34

TRANSFORMING THE HEART OF FLEET WOOD

Looking deeper into the internal plans of Bucci Development for the area of Fleetwood, Surrey, as outlined by Director of Development Troy Abromaitis.

32

INVESTING IN COMMERCIAL REAL ESTATE

Rick Gendemann of Manning Elliott accountants gives key planning points to consider in commercial real estate investment.

Mayor Val van den Broek of Langley City shares her excitement and challenges in anticipation of the SkyTrain extension.

"I CAN'T CHANGE THE DIRECTION OF THE WIND, BUT I CAN ADJUST MY SAILS TO ALWAYS REACH MY DESTINATION." JIMMY DEAN

7

A LETTER LETTER FROM FROMJOE JOE 2020 was an unexpectedly tumultuous year as we all lived through the recent global pandemic. Many of us were forced to take a step back and accept all that was out of our control. Instead, here in the Fraser Valley, we counted our blessings for the many things in our lives we often overlook and took the opportunity to feel grateful for living in one of the most desirable places on Earth!

There was a radical shift in Q4 of 2020, and already in 2021, we can feel a sense of hyper optimism in the marketplace.

An unconditional rush to hard assets as investors triple down on real estate bets, in all asset classes. Further, we are seeing a significant priority shift in how small to large businesses intend to run their business operations moving forward, both from a macro and micro perspective.

We also see how others are looking to maximize their capital by investing in real estate that will bring them the most short and long-term value. Investors are becoming creative and artistic in their approach. It’s quite refreshing!

Have "Trust in Land".

Varing’s objective in 2021 is to step up, step forward, and help every single one of our clients reach new heights. We

are feeling recharged, re-energized and very well-equipped to help our sphere and our communities make the most of this evolving landscape. At Varing, we embrace the “life-long student” mentality; we are obsessive about educating ourselves with the marketplace and we have battle-proofed our focus to remain well-informed in what we know best: Dirt.

We stand ready to help shape the ever-evolving real estate industry. With our clients and other industry allies, Varing looks for the next mountain to climb!

Live well, Joe Varing

hayerbuildersgroup.com

2021

STARTING AT

$45,495*

2021

STARTING AT

$48,995*

OpenRoad Infiniti Langley 5995 Collection Drive, Langley 5 minutes from Willowbrook Shopping Centre

(604) 532-8888 OpenRoadInfiniti.ca

Earn up to $1,500 off your next service appointment when you redeem Club OpenRoad points!

Visit clubopenroad.ca for more details.

* MSRP of a new base model 2021 QX50/2021 QX60 is $45,495/$48,995. Freight and PDE, all applicable levies and charges, license, registration, insurance, duties, applicable taxes and Document Fee are extra. Retailer order/trade may be necessary. Vehicle and wheels may not be exactly as shown. See OpenRoad Infiniti Langley for details. Dealer # 31235. * Certain terms and conditions apply. Savings off service appointment dependent on customer Club OpenRoad point balance. Maximum possible savings up to $1,500. Contact a Club OpenRoad specialist for more information. Member Support: 1-800-859-9820 | Email: club@openroadautogroup.com

MARKET MARKET REVIEW Who would have thought that 2020 would turn out as it did? The word 'unpredictable'

describes this year well. The onset of COVID-19 at the end of the first quarter of 2020 had everyone in every industry wondering what the economic and social impacts of such an event would be. In Q2 the market saw the slowest Spring/ Summer anyone had seen in decades, and it was unclear when the downturn would recover. However, the lower mainland market is relentless and the resilience we witnessed was unprecedented.

The government stimulus program kept most people afloat and the eager home buyers who were planning on purchasing homes in the Spring market were given access to all-time-low interest rates due to the economic effect of the pandemic. This triggered a huge volume of buyers into the market and led to the resurgence in Q3 that continued into Q4. To the surprise of many, the real estate market during these months was stronger than 2019, and for some, the strongest they had been in a decade. Seeing the strength of the last two quarters of 2020, most landowners and investors are optimistic about the market continuing to rise this year as vaccines roll out in 2021.

11

AREAS OF INTEREST

Areas that we expect to see the most growth this year are

Fleetwood, Redwood Heights, Semiahmoo, and Latimer.

FLEETWOOD, SURREY Fleetwood is currently a well-developed area with many residents that have been there for decades.

The SkyTrain extension is a substantial change for many in the area but most are optimistic about the changes that will be coming. The City is planning on finalizing a new NCP by fall 2022 which has developers and investors excited about the future Transit-Oriented community.

Although many of these sites will take several years to develop, it is one of the optimal areas to own land. There is a need for more housing in Fleetwood. The new NCP will preserve the great community and the heritage of Fleetwood.

LATIMER, LANGLEY

REDWOOD HEIGHTS, SURREY The most recent NCP in South Surrey is the Redwood Heights NCP. The area, currently a mass of acreages, is going to become a great community in the future. It is bound for success as 130 Acres are controlled by 3 large developers who have built a reputation for developing great communities. However, despite many large developers holding land in the area, it will be some time before services are brought to Redwood Heights and development can begin.

This area will be the home of a biodiversity hub, a mixture of housing types, cycling facilities, multi-use pathways, shopping within walking distance, and great outdoor recreation.

Latimer is littered with development applications and many projects are coming to fruition now.

Services are going in and ponds are being built.

The area has become award-winning with many prominent developments. Latimer is one of the most celebrated new development areas in the Fraser Valley. Well located, Vesta Properties Latimer Heights 70 Acres Masterplan highlights everything that is great about Latimer. Never have there been this many distinct options for housing in Langley. The Latimer Heights project will also add over 17 acres of park greenspace, parks, walkways, and a centralized pond.

SEMIAHMOO, WHITE ROCK After the growth of mid-rise multifamily towers in White Rock; Semiahmoo is well overdue for higher density and growth along the 152 St corridor bordering White Rock. Semiahmoo will soon have an NCP finalized by City council and the area will be exciting as the success of current developments under way become evident to other developers in the Fraser Valley. Semiahmoo is ready for towers along 152 St.

We Value Real Estate

From Central City to Waterfront & All The Stops In Between-and Beyond!

Since 2000, we’ve helped hundreds of clients achieve their real estate driven goals. Mind your step, climb on board and we’ll be happy to take you to your final destination.

landcor.com | 604.606.7914 Suite 200—313 Sixth Street, New Westminster BC V3L 3A7

TRANSITION TO TRANSIT

by Jeff Tisdale // CEO of Landcor Data Corp.

15

I am not a train or railway aficionado, but my younger brother Dave is and has been for as long as I can remember. What I find interesting though is the cause-and-effect relationship that rail has on its surroundings. So, when thinking of my brother David’s passions about all things railroad, I am fascinated by the impact that its development and utilization has had throughout world history.

In our own Canadian context, when Sir George Stephen, the first Chair of the CPR, and Prime Minister MacDonald met to plan for a rail link from Coast to Coast, it started a period of increased population growth and economic expansion in 1880’s Canada. It gave rise to many hundreds, perhaps thousands, of new communities as whistle stops along the way from Toronto to Vancouver.

Cities and towns like Moose Jaw, Banff, and Kamloops sprung up and grew. Vancouver itself prospered, kicking off a 130+ year fascination of real estate development once named as the Terminus for the CPR line. Imagine at the time when Vancouver was named the final stop on the new transcontinental line. It created an incomprehensible spike in prices (for the time period) from $2,000 per acre to $20,000 per acre (yes, per ACRE) in Vancouver.

Cause-and-effect in action.

Fast forward to December 11, 1985. The Expo line connecting Surrey to Vancouver was finished in advance of the coming 1986 World’s Exposition. For the first time, it enabled people to journey into Vancouver (or any of the stops along the way) free from traffic lights, expensive parking, and occasional gridlock. It was hailed as a great step forward and would bring more people into Vancouver to enjoy shopping, tourism, or just strolling around the incredible waterfront.

Yes, 1986 is 1886 again. However, what may have been underestimated was the opportunity that each individual station would offer, as they complimented existing local attributes. Much like the CPR rolling through the prairies, into the Okanagan, and into the Lower Mainland, the SkyTrain also created a

buzz around localized land speculation and eventually, land use change/densification.

Thanks to the opportunities created by the expansion of rail services, the utility of property evolved from “wild territory” to homestead, then eventually into towns and neighbourhoods.

Although the Expo line certainly has not created new towns or cities, I think that in a small but unique way, its development has created a microcosm of the “National Dream”.

While there certainly have been land use changes adjacent or near every SkyTrain station, there have been some which have grown at a much faster and more complex pace than others. Take for example the surging multi-family developments at Metrotown amplifying a growing area regardless of prevailing economic conditions.

The proximity to the station serving a regional professional and retail hub has seen significant growth in multi-family real estate, and at the same time – dwindled the stock of detached homes.

The incredible run up in median assessed values over this time certainly spoke to the scarcity of land. #of Properties

Median Assessed Value

2000 2020 % of Change

3 88 +2833.33%

$338,000 $795,500 +135.36%

2000

1833

$149,100

2020

4241

$597,000

% of Change

+131.37%

+300.40%

2000

27

$238,500

2020

15

$2,315,700

% of Change

-44.44%

+870.94%

2000

362

$219,150

2020

409

$803,000

% of Change

+12.98%

+135.36%

METROTOWN ATTACHED

CONDO/APT

SINGLE-FAMILY

COMMERCIAL

DATA SOURCE: Landcor Data Corporation

Note: Data represents 500m radius around station

AV

E C OL

H

T GH

EI

E

Scott Road

HT

112 AVE

H FT

ST

EL

H

TW

E AV

PL MA

EIG ST

Gateway

CITY CENTRE

104 AVE

GUILDFORD

Surrey Central Station

NO

160 ST

154 ST

156 ST

148 ST

140 ST

132 ST

128 ST

96 AVE

100 AVE 150 ST

140 Street

King George Station

88 AVE

AY W EL D R O N

84 AVE

GOLDEN EARS

1H

WAY

WY

92 AVE

152 Street

160 Street

FLEETWOOD

166 Street 80 AVE

SURREY

76 AVE

72 AVE HWY 91

NEWTON

TOWNSH OF LANGL

200 ST

120 ST

CLAYTON

184 Street 190 Street KITTSON PKY

64 AVE

64 AVE

60 AVE CLOVERDALE

144 ST

CITY OF LANGLEY

L EGEND

Illustrative map of the preliminary route and station locations concept based on TransLink Memo to the Mayors’ Council on Regional Transportation, dated July 18, 2019 for July 25, 2019 meeting. Subject to change.

Expo Line Expo Line Fraser Highway Extension

203 Street

196 Street

O

N 99

152 ST

40 AVE

Thirty-Five years after the initial SkyTrain line was opened, an expansion east was announced to push further into Surrey and establish an eastern terminus in Langley at 56 Ave & 203 St. The latest transit inspired land rush is underway! As there are too many new stations to present data on, given that this magazine is not 500 pages, we’ll focus on the 192 St stop in Surrey as well as the Eastern Terminus at 203 St in Langley.

To help orientate around these new stations, and more specifically, the two we’ll look at a bit closer, the City of Surrey has provided the above map.

Travelling from the 203rd Eastern Terminus, the first stop in Surrey along the expanded Expo line brings us to the 192nd street station. From the data table on the right, we can clearly see that densification is well underway with tremendous growth since 2000 in both Attached (Row Housing/ Duplex etc) and Condo properties. From a data perspective, this would seem to indicate the rise of a compacted/walkable community with numerous residential and commercial developments springing up.

#of Properties

Median Assessed Value

2000 2020 % of Change

10 643 +6330%

$149,550 $524,000 + 250.38%

2006

106

$136,600

2020

797

$402,000

% of Change

+651.89%

+194.29%

2000

229

$253,000

2020

328

$922,500

% of Change

+43.23%

+264.62%

2000

2

$213,050

2020

5

$13,265,000

% of Change

+150%

+6126.24%

2000

1

$442,200

2007

1

$554,100

% of Change

+0%

+25.31%

192 St + 64 Ave ATTACHED

CONDO/APT

SINGLE-FAMILY

COMMERCIAL

INDUSTRIAL

NUMBERS IN GREY INDICATE WHEN THE HOUSING TYPE FIRST APPEARED IN THE TAX ROLL

Note: Data represents 500m radius around station

Y

HW

SOURCE: https://www.surrey.ca

DATA SOURCE: Landcor Data Corporation

H

10

17

H

EY

BY PA S

S

K

Relatively speaking, there has been a small increase in detached property growth. Its long-term viability will certainly be worth reviewing. Note that all activity is measured within 500m of the station.

Shifting our focus to the new Eastern Terminus at 203rd Street in Langley City, the growth in Multi Family developments, much like around the 192nd Street station, is the most prominent property type. Notably, both locations show Attached (Row Housing) as the great driver of growth within this housing group. While modest gains were noticed at 192nd Street, this housing type is quickly exiting the study area (500m surrounding the station). both locations share no growth in Industrial lands, with the 203rd station shedding 80% of its stock near the station. This may be a transition worth keeping an eye on as affordability issues drive housing development types and in doing so, add upward pressure to land prices. The result could lead to further industrial land transition as organizations move into more suburban/rural areas to chase lower fixed operating costs.

203 St + 56 Ave

#of Properties

Median Assessed Value

2000 2020 % of Change

8 113 +1312.5%

$155,600 $375,000 + 141%

2000

1028

$106,300

2020

1478

$351,600

% of Change

+43.77%

+230.76%

2000

23

$151,900

2020

16

$989,000

% of Change

-30.43%

+551.09%

2000

131

$394,800

2020

139

$1,777,000

% of Change

+6.11%

+350%

2000

5

$170,000

2013

1

$314,000

% of Change

-80%

+84.71%

Eastern Terminus

ATTACHED

CONDO/APT

SINGLE-FAMILY

COMMERCIAL

INDUSTRIAL

Note: Data represents 500m radius around station

HWY 10 Interestingly,

DATA SOURCE: Landcor Data Corporation

HIP LEY

AN

NUMBERS IN GREY INDICATE WHEN THE HOUSING TYPE FIRST APPEARED IN THE TAX ROLL

In the end, this analysis is clearly not a comprehensive review of old or new expo line stations, nor development opportunities. Rather it reaffirms that the cause-and-effect of rail services remains constant whether it’s 1840’s England, 1886 Vancouver, or 2021 Surrey/Langley.

Stops along a rail line suggest opportunities for land appreciation and economic growth. The question is: who do you have in your corner to help you make sure that your land investment represents Vancouver-type growth and not a ghost town? I can think of someone…

Jeff Tisdale / CEO of Landcor Data Corporation Established in 1988, Landcor Data Corporation is a leading provider of Financial Services and Real Estate solutions that enable fast, accurate and unbiased valuation and analysis of properties throughout the province of British Columbia. Landcor maintains the best source of real estate data and analytic tools available.

Visit Landcor.com or email jeff@landcor.com for more market trends and property analytics.

Envisioning SURREY's future

All Images Sourced from: City of Surrey

g

19

Patrick Klassen is Community Planning Manager at the City of Surrey with a focus in long-range planning, policy, and parks & recreation planning.

With plans for up to six new SkyTrain stations throughout the city, Surrey will experience significant growth and development. Though this growth is important, there are several challenges, priorities, and crucial considerations that come with it. To learn more about these challenges and considerations, we spoke with Patrick Klassen. With more than a decade of planning experience for the City of Surrey, Klassen has a deep understanding of the many elements within community plans. Through our conversation, we also learn about the plans for Fleetwood and other important changes the SkyTrain will bring.

Thank you, Patrick. We appreciate you taking the time to speak with us. To start, could you explain what the “City Planner” job entails?

We continue to see a huge shift of people relocating from Vancouver into areas of Surrey. What’s the thought process moving forward for these next few years?

Absolutely. I’m happy to help. In general, the planning profession is about long-term city building. There are many facets involved in this process, though. In part, it is about the coordination of growth and development. But it is also proactive, through land use and policy planning, which involves a long-term lens. When it comes to land use planning, planners must balance many different needs and opinions with the aim of encouraging sustainable and complete community development.

It is an important regional shift. Metro Vancouver’s centre of gravity is slowly shifting Eastward. We’ve been experiencing that, and expecting it, for some time now. Both regionally and within Surrey. The Regional Growth Strategy for Metro Vancouver has long envisioned Surrey City Centre as the second regional downtown, similar to downtown Vancouver.

A second regional core, if you will. Surrey’s official community plan has also envisioned that, and we have been planning for it for some time.

Our team in community planning is the long-range branch of the Planning Department. Our primary focus is on longrange land use planning, social planning, and various policy areas like agriculture, housing, and heritage.

Of course, now, with the expo line extension through Fleetwood to Langley, there’s added focus. That extension will add 6 new stations to Surrey: 1 in the City Centre, 3 in Fleetwood, and 2 in Clayton.

What would you say is the largest challenge when trying to decide what a city needs?

Surrey grows by around 800 new residents each month, and we’re busy planning for their arrival. We’re working on new plans for Semiahmoo Town Centre and Guildford Town Centre. As well as new neighbourhood plans in Grandview Heights (South Surrey). Of course, concurrently, we’re working on a new plan for Fleetwood, home to the 3 new SkyTrain stations I mentioned. We are also planning to review and update the existing plans in East Clayton, West Clayton, and North Cloverdale to account for the SkyTrain.

That’s the next big project on our agenda, and we plan to start that in the new year. We’re busy, and all the work we’re doing is in planning for that regional shift.

There are many challenges in the planning profession.

Planners are faced with lots of competing interests. These can be from development companies, community groups, and even political groups. I would say the biggest challenge would be in finding a good balance. In Surrey, that means finding the balance that allows us to plan for growth while addressing impacts that new development may have on existing communities.

CONTINUE READING

»

Fleetwood is a huge interest to people. What are some of your team's main priorities when carrying out the Fleetwood Plan update?

We used to have the Fleetwood Town Centre Plan, which was endorsed by Council in a draft state. What we’re creating now is a whole new plan. It’s a huge plan. It’s the size of Surrey City Centre, stretching from Green Timbers Urban Forest to the Agricultural Land Reserve. As you can imagine, it takes a lot of time to develop a plan of that size.

We have laid out a 5-stage process to do so. We’re currently in the 2nd stage, where we are exploring growth options.

We are moving ahead quickly. The proposed vision and objectives for the plan were endorsed by Council this past September. They form the foundation and set the direction.

Public input played a key role in establishing these priorities, which are essentially a reflection of community values.

We expect a draft land use plan to be ready for council consideration in mid-2021. This is in keeping with our previous schedules, despite a global pandemic. We’re quite proud that we’ve been able to keep moving the dial and progressing on this project. We’ve launched a comprehensive community consultation process this Fall.

We expect another phase of community consultation in the Spring of 2021, which is when the public will get a first look at a preliminary draft of the plan.

What can you tell us so far about the Fleetwood Plan?

Our vision is to encourage complete, sustainable, and meaningful growth for Fleetwood. The plan acknowledges that growth is coming, and we need to be ready for it. When SkyTrain is advanced, we need to generate ridership. We also need to take advantage of SkyTrain, and the opportunity it presents to create communities that are accessible and complete. That is, communities that are places where people can live, work, play, shop, all the things they want to do, all in one place.

That means focusing growth and the greatest densities and mix of uses around SkyTrain stations. Of course, we also have other key objectives for the Fleetwood Plan, most notably about addressing climate change and moving towards a more environmentally sustainable, low-pollution community.

We strive to find that balance that I spoke of before. As we plan, members of the community provide us with their input and feedback. Equally, developers pitch their ideas and suggest what they think the market wants to deliver and what the market will bear. When creating land use plans like this, we need to balance all those opinions. Our aim is to better understand the needs of the community while also ensuring our plans are responsive to the market.

If we deliver a land use plan that is unrealistic, it is not worth the paper that it’s printed on. It must be something that meets the expectations of the community and Council while being achievable by the development industry.

21

With the SkyTrain being such a large-scale addition, are there any concerns moving through this process?

For Fleetwood, it’s about the community’s perception of impacts. When you walk through Fleetwood today you can see that it has established character, with many quiet and pleasant neighbourhoods. A lot of people in Fleetwood like their community as it is now. It is a family-friendly community. Most homes are in the form of singlefamily houses, townhouses, with some low-rise apartments. SkyTrain is going to bring change, and that concerns people.

Moving forward, one of our main challenges is going to be about managing the perception of what SkyTrain will bring. If you look around the region, the SkyTrain has fundamentally changed a lot of neighbourhoods. Some people who live in Fleetwood that find it quiet and peaceful might look at somewhere like Brentwood and be terrified. Others might look at a place like Suter Brook Village in Port Moody and find it appealing.

For us, it’s going to be about finding the right fit for the residents of Fleetwood. The right amount of density, what it looks like, and what it feels like from an urban design perspective.

When do you think the next phase of the SkyTrain will come to fruition?

That’s the million-dollar question. It’s a priority for all levels of government. We’ve seen recent and long-standing commitments for rapid transit. It is important. Infrastructure projects like this help us build more compact, sustainable, and accessible communities. They also take a lot of cars off the road and reduce greenhouse gas emissions.

The Province, the Federal Government, Langley, and Surrey all get that, and they all want this to happen. I think it just comes down to finding the funding to advance it, and that’s a question for politicians at this point.

Is there something you’re most excited about regarding the SkyTrain project?

When I was a kid, I spent a lot more time than I should playing Sim City. I think a lot of planners did. But you know, it’s fun to have that kind of macro view of the world.

What excites me about the SkyTrain planning and citybuilding is being able to facilitate that long-term vision of a community. It might sound silly to some people, but it’s just so interesting and compelling to me. We’ll be able to provide new homes, amenities, and infrastructure for everyone.

We can leverage infrastructure projects like the SkyTrain to improve Surrey and the lives of Surrey residents. It’s hard not to be excited about that. 

Visit surrey.ca/planning to learn more about the City of Surrey's planning department and for the latest updates.

All Images Sourced from: City of Surrey

Accounting Assurance Business Advisory Estate Planning Transition Planning Tax “From the time the shovel hits the dirt, to the eventual sale, we’re with you every step of the way”

Vancouver

Burnaby

Surrey

Abbotsford

1700-1030 W. Georgia Street Vancouver, BC, Canada V6E 2Y3

225-9600 Cameron Street Burnaby, BC, Canada V3J 7N3

302-2626 Croyden Drive Surrey, BC, Canada V3Z 0S8

201-2001 McCallum Road Abbotsford, BC, Canada V2S 3N5

T 604-714-3600

T 604-421-2591

T 604-538-1611

T

604-557-5750

F 604-714-3669

F

F 604-538-1633

F

604-850-7399

604-421-1171

manningelliott.com

inclusive | innovative | independent

MAKING SURREY AN OPPORTUNITY CITY

Anita Huberman

Chief Executive Officer

Indra Bhan

Chief Operating Officer

The Surrey Board of Trade attracts business to Surrey and supports business in Surrey.

We provide businesses and organizations with economic opportunity, workplace development and education, international trade, government advocacy, business connections and marketing.

Become a member. businessinsurrey.com

Written by Varing Marketing Group

Real estate: smart investment strategy or outdated portfolio piece?

This question has been on my mind because even though buying a house and renting it out can create cash flow, there is a bigger picture to consider. When I say “bigger picture”, I’m talking about land. Investing in real estate has been a lucrative endeavour for many investors, but as cash flow decreases in most prime markets, investing in land has become an increasingly popular strategy. For more than 10 years, I’ve been hyper-focused on land. It’s not for everyone, as it carries higher risks but has also proven to offer the highest returns.

25

THE CAVEAT The most common concern among would-be land buyers is a lack of income to pay carrying costs. This is a very real, valid concern and one of the main reasons why investing in land is not for the faint of heart. There is no instant gratification of collecting rent, and there’s a definite need for steady finances to service mortgage obligations and other expenses. Investing in land is about strategy, the long game, and requires more patience and money than most first-time investors possess. It requires skill, extensive research, and a desire to consume up-to-date information to maximize your potential profit.

You’ve probably seen the ads for “fix and flip conferences” or books detailing how to buy real estate without your own money. When it comes to investing in land, there is no crash course you can take for three easy payments or a webinar that will teach you everything you need to know in three hours. Though the learning curve can be steep, the strategies can take various shapes. A straightforward land investment play would look much like this: An investor buys a one-acre property that is zoned for future development at a density of eight units per acre. By subdividing the property into an eight-lot subdivision, the investor can then sell four lots, which would provide many financial benefits.

Investing in land can be an extremely valuable alternative or diversification strategy for savvy real estate investors.

THE STRATEGY IN ACTION Another benefit of land is that those investment obligations can return any invested capital. The remaining four lots can then be sold over an extended period of time, which not only maximizes profit but also allows the investor to plan a tax strategy based on other income to minimize capital gains.

Another benefit is that cities often up-zone properties, which provides a massive leap in total yield and, ultimately, profits.

Often, when you purchase land in the path of development, you will find yourself with a finite asset that many others want to get their hands on. If you purchase land with the intent of holding the right property for the long term, it has the potential to far surpass other investment vehicles in both profitability and time invested. Land is a tangible asset that doesn’t wear out, won’t depreciate, and won’t be vandalized, disrespected, or destroyed – giving you peace of mind as your property’s value continues to rise.

I believe that buying land is the best, most strategic investment you can make when done correctly. You need to do your research by seeking out information and experts who will teach you, but you must also learn to trust your gut.

If you’re thinking of investing in land, you’ll need to combine knowledge with instinct.

Sometimes a hunch is all it takes to see unrealized value in a development property. This allows you to capitalize on something others might have overlooked.

But to ensure success in land investing, proper due diligence is the most important factor. To guarantee your land is in the path of development and is likely to be supported at City Hall, you’ll need to speak with city planners, study land use plans, and assess the potential constraints of the property.

It may sound daunting, but if you don’t need a steady stream of rental income to carry an investment, purchasing the right parcel of land is worth the extra legwork

Land Versus Rental Properties: The Advantages • No ongoing maintenance.

• Land continues to appreciate while buildings depreciate without further investment.

• Higher-density municipal planning adds additional value to land.

• No tenants to manage.

• No infestations, unpaid rent, damaged suites, or leaky plumbing.

• No costs for renovation or ongoing improvements.

• No management fees, lower property taxes, and numerous exit strategies.

• Value is only limited by permitted land uses, not by income or cap rates.

• No government intervention – i.e. rental increase limits.

• Completely hands-off.

• Smaller pool of buyers, which leads to more opportunities.

THINKIN AHEAD In a growing City with more rapid change on the horizon, Mayor Val van den Broek is working to keep the City of Langley moving forward with progressive and proactive planning.

What will the City of Langley look like 30 years from now? This is the question that Mayor Val van den Broek strives to answer. With the expansion of the SkyTrain and a new Official Community Plan (OCP), proactive and innovative planning has never been more important. A long-time resident of Langley City, Mayor van den Broek has witnessed many transformations and growing pains within the city. These past experiences combined with a future-focused mindset formed Langley City Council's progressive new Nexus of Community Plan.

Now in its third phase, the new OCP seeks to shape Langley City into a more walkable, sustainable, and future-focused community that aligns with the City's and Metro Vancouver’s Regional Growth Strategy. When creating the OCP, van den Broek encouraged open feedback from the public, current residents, and developers.

“I think the more information we have and the more outlets we’re talking to, the better. We engage with the non-profits, residents, businesses, developers, you name it, to get an idea of our future. What’s working?

What’s not working?”, says van den Broek, “It’s a little bit of everything.

It’s making sure that we cover all our bases and don’t leave anybody out.

We want to hear from everyone”.

NG

27

In addition to gathering feedback and insight from all sources, van den Broek is progressive and proactive in her planning. Faced with a limited amount of land supply and sometimes challenging soil conditions, growth for the City of Langley requires focused planning and attention to detail. “For us, one of our biggest challenges is that everything is already built,” says van den Broek, “We have to take down to build. We don’t have land, so we have to be creative to make sure everyone gets what they want”.

To facilitate meaningful growth for Langley, van den Broek knew she would need to change the way the City planned and operated.

“THE old-school way is not going to cut it for us. WE NEED TO BE VISIONARY, PROGRESSIVE AND HAVE AN ADAPTABLE PLAN THAT STRIVES TO BE OUTSIDE OF THE BOX.” Progressive planning, innovative ideas, and a focus on longterm planning for the future are the core concepts behind van den Broek’s methodology. She also looks to cities near and far for inspiration and ideas. Whether it’s the transit systems of London or the construction and development procedures of Richmond, she knows there is a lot to be learned. This is especially true for matters relating to public transit.

Through speaking with the Mayors of Calgary and Toronto, van den Broek learned about the difficulties imposed by a light rail system (LRT). These conversations would serve as further motivation to switch from plans for an LRT to plans for a SkyTrain. Mayor van den Broek stated, “we spent as much money as everyone else for improved Transit, so why should we get an inferior system?”

Planning for sites around potential SkyTrain stations and revitalizing core communities are key areas of focus for the new OCP. Mayor van den Broek also stresses the importance of considering where the SkyTrain goes after Langley City, how to include the Fraser Valley, and how to integrate the West Coast Express and other major transit projects into their new system.

"These aspects are important since we are strategically located in the economic centre (Nexus) of the Fraser Valley.

The City of Langley enjoys a trade area population in excess of 300,000 – a number that will double by 2026”, says van den Broek, “We’re going to be the beginning of the line for the entire Fraser Valley, so we need to do our best”.

Though the SkyTrain is a key area of focus, van den Broek knows that her plan must have a broad scope. “While the main thing is the SkyTrain coming in, you can’t just focus specifically on the downtown area”, says van den Broek, “The focus has to be the entire city. That’s why we’re also updating all our bylaws and our zoning to increase the range of housing options in the City. We also want to create great public places, parks, and enhance our green jewel, the Nicomekl River. This helps us get a complete view of our entire community”.

29

To meet the growing demands of these plans, van den Broek has been working with both existing developers and those new to the City to start moving forward. “Developmentwise, we continue to create a strong business-friendly culture. We engage with the development industry to revise or eliminate barriers so the City can be responsive to the development community's needs. According to the Fraser Institute’s Housing Report, the City of Langley was rated one of the fastest to approve development permits in all Metro Vancouver. We recognize that your time is money".

For van den Broek, this collaboration is crucial for the continued growth of Langley City. Many changes will be made to all areas of the City to accommodate future density and sustainability. By communicating with developers and the public, van den Broek is working to ensure that all sides are satisfied with the results of these changes. With the SkyTrain estimated to arrive in Langley City in the next 7 years, current projects and developments have been expedited. As a result, Langley City is quickly becoming a popular destination for innovation and development.

“For Langley City, the Skytrain is a shovel-ready project for a developmentready city. The plans are there and it’s ready to go.

We’re excited to get started.”

As Langley City continues to plan, develop, and move forward into the future, van den Broek knows there will be questions and concerns. That’s why she is committed to practicing a transparent open-door policy for all residents and members of the community. “We’re always open to discussion and there’s no such thing as a stupid question. If you want the right information, we’re here to help”.

In addition to her commitment to transparency and collaboration, van den Broek is determined to live up to her campaign message: helping Langley City move forward.

“I think if you want to be progressive you have to be openminded and you need to have an open door. There’s nothing wrong with asking questions or looking at something another way. I think sometimes people are scared to do that, but we want to hear from people. Where is the happy medium and where is the compromise? My quote has always been “you miss 100 percent of the shots you don’t take”. So, ask questions! We need to work together so we can continue to move forward”. 

Every great community starts with planners.

Learn more: www.mcelhanney.com/services/planning/ Engineering | Geomatics | Geospatial | Planning | Environmental | Landscape Architecture

INVESTING IN COMMERCIAL REAL ESTATE KEY PLANNING POINTS TO CONSIDER

Written by Rick Gendemann, CPA, CA, Partner of Manning Elliott LLP Accountants and Business Advisors

Real estate investment continues to play an important role for many business owners as they look forward.

Whether you are looking to purchase property to carry on your business, structure a real estate development project, or invest in commercial real estate to create future income streams, it is important to be aware of some key considerations as part of your planning. Let’s take a closer look at some of the points you should consider.

PURCHASING PROPERTY TO OPERATE YOUR BUSINESS FROM As businesses mature, owners often look to acquire premises from which they can operate and eliminate future lease costs going forward. If this is something you are considering, you need to give thought to structuring ownership of the property. Consideration should be given to owning the property in a separate holding company that is not owned by the operating company. This will not only protect the real estate in the event of potential future business liability risk but will also allow you to dispose of either the business or the real estate separately if desired going forward. You can structure the purchase using the equity and cash flow of the operating company as support for financing the purchase. Future rental income charges payable into your holding company will provide the cash flow to fund any financing on the purchase.

STRUCTURING YOUR REAL ESTATE DEVELOPMENT PROJECT If you are considering purchasing and developing real estate, careful consideration should be given to the ownership structuring of this project. You will likely wish to isolate the ownership of this project under a separate structure not only for future liability protection but also to access preferred taxation treatment on the development profits. Using a separate company is often the first inclination but depending on the size of the development and whether or not you will have business partners participating, you should consider if a joint venture, partnership, or trust ownership structure has merit over a traditional corporate ownership structure. These structures allow for income to be reported at the venturer/partner/ trust level which may offer certain tax advantages to those entities going forward.

PURCHASING BARE LAND FOR DEVELOPMENT When you are looking to acquire land that is owned by a company with a historically low cost base for tax purposes, buyers typically prefer to acquire the real estate directly as opposed to acquiring the shares of the company. The reason being you want to have full cost base recognition for the property to minimize future taxes on the sale.

Something that should be addressed is whether a share acquisition can be structured to achieve the same desired effect. A share acquisition could avoid the incidence of land transfer tax costs and, depending on the tax attributes, the purchasing company may be able to recognize the full cost basis on the property if the purchase is structured properly for tax purposes.

33

CONSIDER USING A BARE TRUSTEE COMPANY TO OWN THE PROPERTY As part of your ownership structuring, you may wish to consider utilizing a bare trustee corporation to hold the registered title to the property on behalf of the owners. This will streamline future disposition reporting with land titles to a single entity in case of the sale of multiple lots or residences from a development project. This ownership structure may also offer an advantage to minimize the effects of land transfer taxes payable on the future sale of the real estate based on current legislation in place.

GST PLANNING The purchase of real estate will often result in GST being payable. If the property is being used in a commercial activity a purchaser will likely be entitled to claim a GST credit for any GST payable on the purchase. However, the delay in claiming and receiving the GST credit may create cash flow funding issues. If the purchaser is registered for GST purposes before the purchase, the purchaser can avoid paying the GST on the closing date. Current GST rules allow the purchaser to self-assess the GST otherwise payable and claim the offsetting GST credit on its GST return. The purchaser simply needs to provide the seller with their GST number to fall into the selfassessment reporting regime.

FINANCING CONSIDERATIONS Where contemplating financing, using a separate entity as the owner may present some challenges as the lender wishes to have comfort over future cash flows available to service the debt funding. These challenges can often be overcome by structuring an inter-corporate guarantee by the operating business to provide an overall debt service umbrella to the lender. As time evolves and the debt load is reduced, one could look to modify or remove the guarantee when warranted.

CLOSING THOUGHTS The purchase of real estate is a major financial commitment and can have several financial and tax considerations to be addressed. Proper thought to ownership structuring can provide significant benefits not only at the time of purchase but also in the years ahead.

Rick Gendemann, CPA, CA Partner with Manning Elliott LLP Rick has developed an extensive background providing accounting, tax, business advisory, estate and succession planning services for privately-held businesses. His practice focuses on businesses operating in real estate development, manufacturing and food processing, agribusiness, wholesale distribution and R & D industry sectors. Rick’s practise also includes a focus on delivering income tax consulting and tax planning services to owner-managed businesses and their shareholders.

Rick can be reached at (604) 557-5760 or rickg@manningelliott.com The above content is believed to be accurate as of the date of posting. Canadian tax laws are complex and are subject to frequent changes. Professional tax advice should be sought before implementing any tax planning. Manning Elliott LLP cannot accept any liability for the tax consequences that may result from acting based on the information contained herein.

TRANSFORM THE HEART FLEETWOOD Transformative. That’s the term used by Troy MacBeth Abromaitis, Director of Development for Bucci when describing their master plan for Fleetwood. When the plan for up to five new SkyTrain stations between Surrey and Langley was announced, Bucci knew they would have an opportunity to help Fleetwood flourish.

As the owners of a 5-acre lot at 16065 and 16099 Fraser Highway, Bucci possesses one of the largest contiguous parcels of land on the proposed SkyTrain line. Abromaitis states that “Bucci has owned these properties since 1969. Over the course of those 50+ years, the other areas of Surrey have grown and become transit-oriented development communities”. It is this evolution and growth within Surrey that serves as a source of inspiration for their Fleetwood development plan.

MING OF D

35

Known as the Orion Project, this ambitious plan seeks to construct three high-rise condo buildings on a lot adjacent to the proposed SkyTrain station at 160 Street. In addition to housing, Orion seeks to incorporate businesses such as restaurants, shops, and other everyday conveniences. Upon completion, Orion would include approximately 1,200 condos and more than 25,000 square feet of retail space.

While the Orion Project is transformative and ambitious, Bucci remains realistic and accommodating of community needs with their vision. Public feedback and conversations with current Fleetwood residents each hold significant weight for the direction of the project and their primary areas of focus.

L IN E

0 16

ST

PROPOSED STATION INTERSECTION

FR ER AS HW Y

© 2020 Google

© 2020 Google

IN

Abromaitis states that “Looking at the success Surrey has achieved in the downtown core demonstrates the potential

RA

While analyzing existing master-planned transit-oriented development communities, Surrey has done an exceptional job with the build-out of the City Centre over the last fifteen years. The neighbourhood has grown significantly since transit was expanded, the City Hall moved to Whalley, and major high-rise projects now fill in the balance of the downtown core.

Despite the lack of a formal SkyTrain announcement, Bucci continues to work towards creating a development plan focused on building a thriving community. To Abromaitis, it’s important to consider all the elements that make a neighbourhood desirable to live in.

YT

“There’s been a lot of positive dialogue and discussion with the City of Surrey as well,” says Abromaitis, “The Province and City have done an excellent job with the SkyTrain planning thus far and we are looking forward to the Federal Funding announcement".

Abromaitis also looks to the Marine Gateway development in Vancouver as an example of successful transit-oriented development. “If you look at this master-planned project it has become the archetype for iconic gateway communities and raised the benchmark for what transit-oriented development should be”, says Abromaitis, “Our goal is to create a similar iconic and pivotal gateway project for the Fleetwood town center. We hope to set the tone for development projects in this neighbourhood over the next decade”.

SK

Though COVID-19 has made public meetings and consultations difficult, Bucci is actively listening to residents and community members any way they can.

Abromaitis states, “another area of consideration is how the SkyTrain, once committed, will impact the residents and the businesses in the area. The design, development and implementation of our project will need to overlap with the SkyTrain construction in order to minimize disruption to the neighbourhood”. In addition to public consultation and dialogue, Bucci is engaged with the City of Surrey to create a balanced development plan.

for Fleetwood. The community and high-density towers surrounding the stations provide the context and framework for what Fleetwood could become in the years to come.”

That is why they have been in contact with the local school district about the potential of a new primary school in their development. This would address the dire shortage of school capacity while giving Fleetwood parents a local

37

choice for schooling. In addition to the Surrey School District, Bucci has been in contact with the Surrey Police Department, local business owners, and religious organizations. Bucci is looking at ways to blend uses to enhance the livability of the project.

“

As community builders we are passionate about creating a transformative, iconic project that is not just another condo tower”, says Abromaitis, “If we could include a primary school, or a police detachment, or a space for religious gatherings, that would be amazing.

We are keenly motivated to work together with the Fleetwood community and the City to provide a development that will become the new heart of Fleetwood”.

In addition to housing, Bucci plans to incorporate retail and restaurants around an open central plaza. This unique mixeduse approach will differentiate Fleetwood from Surrey City Centre and other large communities within the city, helping it achieve its own identity. Though the goal is to ultimately transform Fleetwood into a transitoriented community, Abromaitis emphasizes the importance of finding the right balance for everyone.

Bucci’s vision of a mixed-use community aligns with the City of Surrey’s commitment to densify the areas around future SkyTrain stations for residential and commercial uses.

By housing more residents near the station, ridership and community buy-in for the SkyTrain will increase. This increased ridership is crucial for the success of each station and the developments surrounding them.

As stated by Abromaitis, “Once you introduce SkyTrain stations to a community, you need to make sure that there is a critical mass in that neighbourhood that supports that ridership and the SkyTrain. Otherwise, such an investment is not viable”.

Though they have a defined vision for Fleetwood, Bucci remains flexible and receptive to change based on City Planning and community feedback.

“At the end of the day, we don’t have a design set in stone for this. The development itself, the form, character, and height, they’re still very fluid”, says Abromaitis, “we’re really excited about the opportunity to create a project that would be transformational in nature for the Fleetwood neighbourhood.

We’re eager to see how this process will progress with the city and everyone else". 

TROY ABROMAITIS Director of Development Troy is a real estate development professional with nearly twenty years of experience, currently working as Director of Development with the Bucci Group of Companies. Troy also served as the President of the Real Estate Institute of British Columbia in 2017–2018 and on the Board of Governors from 2012–2019. His portfolio of work includes successfully managing 32 development projects throughout Western Canada. He is a dedicated community builder who has balanced sustainable corporate growth with over a decade of community service via his commitment to charitable causes, volunteerism and preserving local heritage. Within the industry, Troy currently sits on the Boards of Built Green Canada and the Canadian Home Builders Association of BC – Fraser Valley. Outside the industry, Troy is also the President Elect of the Rotary Club of West Vancouver and on the Boards of the West Point Grey Community Association and Stó:lo Business Association. bucci.com

A TRUSTED NAME IN LAND. 604.565.3478

UNLEASH YOUR

POTENTIAL.

WESELLDIRT.CA

DEVELOPMENT + INVESTMENT LAND REAL ESTATE SPECIALISTS

604.565.3478

WESELLDIRT.CA

info@varinggroup.com

EXCEED EXPECTATIONS. DEVELOPMENT + INVESTMENT LAND REAL ESTATE SPECIALISTS

604.565.3478

WESELLDIRT.ca

info@varinggroup.com

PLAY THE LONG GAME. CORE VALUE:

NO. 4

WE’RE ON YOUR TEAM.

Development land is our focus.

Getting you the most is our goal.

Trust a specialist with your greatest asset.

EXCEED EXPECTATIONS. 604.565.3478

GIFTED IN LAND.

WESELLDIRT.CA

WE’RE ON YOUR TEAM.

604.565.3478

WESELLDIRT.CA

CORE VALUE:

NO. 4

CORE VALUE:

NO. 2

PURSUE GREATNESS

Development land is our focus.

Getting you the most is our goal.

Trust a specialist with your greatest asset.

CALL TODAY FOR A FREE CONSULTATION WITH OUR LAND SPECIALIST

604.565.3478

WHAT’S YOUR

VISION?

WESELLDIRT.CA

IT’S OUR JOB TO SEE POTENTIAL. Call to find out how to get the most when selling your land.

604.565.3478

WESELLDIRT.CA

LAND IS THE BEGINNING OF SOMETHING GREAT.

COMING SOON | WESELLDIRT.CA/COLLECTION

FINANCING FORECAST Written by Puneet Agrawal Canadian Western Bank

41

Has any of the criteria for financing changed since COVID-19 and recent events?

All organizations have to adapt to news and events that can have a major market impact. This has been an unprecedented event unlike any seen since the last pandemic in 1918.

The bank is putting a lot more focus on client experience and access to capital. These two elements play a very important role in credit decisions.

Is there still an appetite to finance holding land?

We do have an appetite for financing land for development but not for speculative landholding. We have and continue to provide land financing to new and existing clients as long as we are convinced that the intent is to eventually develop the land and not to flip for profit.

What should developers know about construction financing?

Developers need to make sure that when they are applying for construction financing, they provide the bank comfort on the following: •

Construction experience

•

Access to Capital/Liquidity

•

Pre-sales

What should land buyers looking to invest in land look for?

The land buyers need to understand the following: •

Zoning (OCP/NCP) – Does it have proper zoning in place for their objectives or does it need an application to change the current zoning or to amend the OCP/NCP?

•

Timeline – How long will they have to hold the land to meet their objectives?

•

Price – Is the price of land in line with what is available and sold in the same neighbourhood/ market?

What is CWB’s forecast for 2021?

Most people were expecting house price correction in Canada due to the global pandemic in 2020. However, record jobless numbers and business closures were offset by extraordinary fiscal measures. The Canadian government provided direct transfers to households and financing mortgage deferrals, preventing insolvencies and any increases in housing supply. On top of this, the expansionary monetary policy by the Bank of Canada stimulated housing market demand by cutting the interest rate and other tools. Together, these policy actions helped to drive up national house prices in 2020.

Looking forward, there continue to be different market forces affecting the housing market. Supply risks are growing as mortgage deferrals ended at the end of September, leaving households to resume making mortgage payments. At the same time, many regions in Canada are faring far worse in terms of COVID infections and have implemented another round of lockdowns, again causing upward pressure on jobless numbers. Immigration, a major contributor to housing demand, is expected to remain suppressed in the short term while COVID infections remain high. The interest rate is at historical lows, leaving no room to stimulate demand in the short run with further rate cuts. Overall, these new forces will put more price pressure in favour of buyers in the first half of 2021.

To offset the lower demand in the Canadian economy, the government of Canada has committed to bringing in elevated numbers of immigrants over the next three years. The government is also contemplating additional stimulus for major Canadian markets (Toronto and Vancouver) by increasing the refund limit on the property transfer tax for first-time homebuyers.

The vaccine will also decrease COVID infections significantly which will increase economic activity. It is anticipated that these factors will start to build more demand in the second half of 2021 and onwards.

Puneet Agrawal, Senior AVP of Real Estate Lending at CWB and the Greater Vancouver Real Estate Group, ensures that there’s always a balance in the books. This branch specifically focuses on construction financing on a larger scale offering clients the support and guidance that they need to succeed in real estate.

Visit cwbank.com for more information.

COQUITLAM

RECENTL Y SOLD O UT

MAPLE RIDGE

A Remarkable Past. An Exciting Future

To view more projects:

nordelgroup.com

Nordel Developments Ltd.’s journey began over 3 decades ago; a group of friends came together with a vision of building homes distinguished by superb quality and long-lasting value. They began constructing luxurious single-family homes and quickly garnered a reputation for uncompromised quality and meticulous attention to detail. Expanding to include multi-family townhomes, Nordel Developments Ltd. has since become one of the elite construction companies in the Lower Mainland, Alberta and Vancouver Island.

43

Shifting our PERSPECTIVE 2020 has been one of the most unimaginable years we’ve seen in a long time. Over the past year, we have been bombarded with constant updates and reminders of the COVID-19 pandemic, economic distress, and worldwide politics, causing tremendous uncertainty and stress for many. The unpredictability of the year can feel inescapable, and as a result, we can easily neglect the natural beauty within our lives. Have you taken a moment over the past several months to pause, reflect, and appreciate how far we’ve come as a collective and how we’ve all adapted in real-time? We are witnessing people around the world come together to express kindness, compassion, and to

create unique and safe ways to live through restrictions and lockdowns. We have also experienced some downtime like no other where we have had the opportunity to dedicate ourselves to explore our passions and hobbies and reconnect with loved ones.

Despite all that is going on around us, there is always an opportunity to focus our energies on positive, hopeful, and pleasant thoughts and actions. However, it is our mind’s natural tendency to attract and attach ourselves to things that are negative, worrisome, and out of our control.

CONTINUE READING

»

So, it comes down to this question:

2. BE PRESENT. BE MINDFUL.

How can we strengthen the focus on our blessings and share them with others for the betterment of mankind?

Learning to live in the present and appreciating all the good you have in your life is very important during times of uncertainty. Mindfulness is the practice of purposefully focusing your attention on the present moment and accepting it without judgment. Take moments throughout the day, particularly when you are busy, to stop and appreciate something in your life.

Now more than ever we must come together and lift the spirits of those around us by exploring the light within.

A consistent morning routine will establish the tone for the entire day and this one practice can set you up for success. The key is to have a morning practice that suits your schedule and can be implemented like clockwork.

Remember, there is always time in the morning when you have not been bombarded with life responsibilities: kids, buzzing emails, phone calls, etc. The certainty of our routine can help us to manage the uncertainty that our daily lives can throw at us.

Below are a few techniques that you may use to keep yourself balanced and grounded while navigating these extraordinary times.

1. IS IT IN MY CONTROL? We are the creators of our own experiences. We often create anxiety and worry by focusing our energies on things we cannot control. By focusing on things that are within our control, we can feel empowered and make a true impact in areas of our lives where we are the captain. Things that are out of our control will then seem to work themselves out when we are excelling in other aspects of our life. It’s amazing how life works.

Exercise: Make a list of things that you “can” and “cannot” control right now. Have a healing attitude that is accepting and acknowledging, then let go of the situations you cannot control with peace. Take charge, focus, and build upon the things that are in your control, things that bring you happiness; even the smallest things like taking a walk in nature, laughing with your child or loved ones, or gazing up at the night sky.

Exercise: Perform every activity in your day with the utmost awareness. When you are walking, feel your feet connecting to the ground. When you are eating, turn off all distractions and explore the textures, flavours, and temperatures of your food. Stop and smell the flowers, look up at the birds in the sky, notice the trees beginning to bud. Fill your spiritual cup by doing things that truly gratify you and give you an optimistic sense about the day. Most importantly, forgive yourself for every negative thought you have.

3. MORNING ROUTINE

Techniques: Start every day inspired. Drink a glass of warm water upon waking and then spend some quiet time to read, meditate, journal, and set your intentions as you prepare for the day ahead.

4. BREATHE We breathe all the time, but how often do we breathe consciously? Conscious breathing strategies bring us to a state of balance and calm and help us make choices from a non-reactive state. Just like rapid breathing may trigger anger, fear, or anxiety, slower and deeper breathing can help bring the mind to equilibrium.

Exercise: Breathing deeply from your diaphragm, place your right thumb on your right nostril to close it. Shut your eyes and begin breathing slowly and deeply through your left.

Now use your ring finger so that both nostrils are closed and hold your breath. Keeping ring finger on your left nostril, exhale through the right. Repeat moving back and forth. This breathing technique is called Nadi Shodhana or Alternate Nostril Breath. This practice may help to quiet and still your mind while promoting overall well-being.

45

5. A LITTLE MEDITATION CAN GO A LONG WAY

• Ashtanga. A series of poses combined with a special breathing technique.

It is completely normal to experience many different emotions throughout the day. Knowing this, it’s important to know how you consciously acknowledge and respond to these emotions by accepting them with a positive outlook.

Meditation is a great tool that you can use to cultivate a balanced and energetic state to act from a place of understanding, compassion, and complete awareness.

• Iyengar. A type of yoga that uses props like blocks, straps, and chairs to help you move your body into the proper alignment.

Techniques: There are many types of meditation and relaxation techniques that can help you achieve inner peace and tranquillity. These include Guided Meditation, Mantra Meditation, Transcendental Meditation, Mindfulness Meditation. Explore these various forms of meditation and incorporate whichever works best for you into your daily routine. Consistency is the key. Start with a 5-minute practice each day and slowly build it up to 20 minutes, twice a day.

6. YOGA Yoga is a comprehensive system of healing that dates back 5,000 years, aiming towards harmonizing and healing all layers of our existence. Yoga means the union of mind, body, and soul. It is a place of discovery and connection with your own body that encompasses balance, appropriate stretching techniques, breathing, meditation, relaxation, and centring the mind and soul. Health and positivity are related, so the more you take care of your body, the better you feel mentally.

There are many different forms of yoga, some fast-paced and intense, others gentle and relaxing. Examples of different forms of yoga include: • Hatha. The form most often associated with yoga; it combines a series of basic movements with breathing.

• Kundalini: “Kundalini” in Sanskrit translates to “life force energy” which is thought to be tightly coiled at the base of the spine. These yoga sequences are carefully designed to stimulate or unlock this energy and to reduce stress and negative thinking.

• Vinyasa. A series of poses that flow smoothly into one another.

7. FIND WAYS TO HELP OTHER Research suggests that people who volunteer their time tend to be happier than those who don’t. When we approach life with an attitude of service, we develop empathy. While helping someone else, we can step away from our problems for a short while and gain fulfillment. The smallest acts of kindness when done from a place of compassion can truly make a world of difference in someone else’s life and help make our communities a better place to live.

Exercise: Challenge yourself to do something to help your community or another person.

Volunteer at a local food bank, write a thank you letter to someone you are thankful for, offer help to a friend in need, make a donation, or simply pass a smile to a stranger. Notice how you feel after.

8. GET REACQUAINTED WITH YOUR HOBBIES: Remember all the things you wanted to do but you kept putting off because you were too busy? Take some time to explore some new hobbies or re-acquaint yourself with hobbies that you used to love doing. Now is a great time for you to re-connect with your family, attempt to learn a new skill, read books, work out, build something, explore the outdoors, or do whatever else that makes your heart happy.

Personal growth and development are an excellent way to feel self-assured and experience internal fulfillment.

Let’s take this opportunity to shift our focus from outside perception to inward direction. Use each new day to fill our cups with happiness, peace, joy, harmony, and balance, so that we can share and radiate our light and energy with everyone around us.

Jasneet has committed herself to the practice, study, and teachings of Ayurveda and Yoga since 2016. Originally trained in Kundalini Yoga, Jasneet has expanded her teaching into Yoga for Youth affected by trauma and is also a Certified Ayurvedic Counsellor on her way to becoming a Practitioner. Her purpose is to bring joy, love, and hope to as many people as possible through health and well-being. When she is not working, she likes to cook, read, meditate, walk, and spend time with her family.

VARING COMMUNITY COMMUNITY MEMBERS OF

PROUD SPONSORS OF

47

No singular person achieves success alone. Similarly to this, our success as a company over the past fifteen years is nothing without the wonderful communities, clients and industry we belong to. As a part of the Fraser Valley, it brings us great pleasure to give back to the communities who support us, as we support them. We are fortunate to live in one of the most diverse regions in the world, and it is deeply important to us to be consciously investing not only our money, but our time into continuously building and strengthening this community. Every day is the opportunity to make a profound impact in our society, let’s start today!

FEATURED IN THE MEDIA

RECOGNITION 2020 1 AGENT BC Sales Volume, Homelife Realty

#

#

1 AGENT CANADA

Sales Volume, Homelife Realty

2019 # 1 AGENT BC Sales Volume, Homelife Realty

2018 1 AGENT BC Sales Volume, Homelife Realty

# 1 AGENT CANADA Sales Volume, Homelife Realty

# 1 AGENT CANADA Sales Volume, Homelife Realty

#

Consumer Services Excellence 1-5 Employees, Abbotsford

NEW HOME SALES & MARKETING FROM THE GROUND UP CONCEIVE

ACQUIRE

While our clients typically have a vision of what’s possible, they trust us to work alongside an assembled team of experts to clarify and articulate this vision for the development. We are trusted at this stage to bring the market and consumer perspective to ensure what is being designed including landscaping, exteriors, and interiors is uniquely positioned in the market with the appropriate appeal to the respective target markets.

One of the most important decisions a developer makes is whether or not to invest in a particular opportunity. Our work includes supporting existing and new clients in acquiring development sites. Whether it’s raw land or an opportunity advanced in the approval process, we inform our client’s decision making by providing a detailed analysis of the opportunity including vital proforma inputs.

PERMIT

In our four decades of experience, we’ve learned that success demands a plan. Planning and preparation includes making the "right decisions" in the "right order" and "getting things done". This includes studying market opportunities, assessing demand, clarifying objectives, developing a customized marketing and sales program, and completing the tasks required to commence marketing and sales. This includes detailed pricing and strategies. At this stage, we are also directing supporting agencies to ensure the timely turnaround of marketing and sales deliverables.

The approval process is a complex, challenging, and somewhat timeconsuming yet necessary stage of any development. As a result, our team continues to develop its deep knowledge of the approval process in the primary municipalities we excel in including understanding who the key stakeholders are. As part of our service, we collaborate with the development team to gain the necessary public and government support.

PLAN & PREPARE

DEVELOP PERMIT At this stage, our role is to keep the consumer well informed of construction progress through the creation and dissemination of project-specific communications. It is also working alongside the development and construction team to ensure what was sold is being built, including customizations.

CONSTRUCT RESULTS COMPLETE As a full-service brokerage, our team is equipped to manage the conveyance of Real Estate transactions through establishing and overseeing contract administration and supporting the overall closing process to ensure a smooth transaction that reflects positively on the developer's brand. As part of this, we track the completion schedule and ensure proper notice is given in the case of a delay, facilitate the development team with the home orientation and turnover process, and ensure homeowners are satisfied with their purchase.

PERFORM This is synonymous with action and execution. Making it happen by doing the "right things" at the "right time" so results are generated that meet or exceed your expectations.

This work includes forming and leading a dedicated sales team that provides the best representation in the market.

49

FIF TH AVENUE REAL ESTATE MARKETING

CELEBRATING 40+ YEARS OF BRINGING PEOPLE HOME Written by W. Scott Brown, President & CEO Fifth Avenue is a licensed Real Estate Brokerage with a team of project marketers and new home sales professionals. We collaborate with various developers to bring communities to life for today’s modern families and to envision homes for the future.

Bringing People Home is our mission. We are here to help you find your first home, your next home, your condominium, or your townhome. We have something that is right for you. With a portfolio of over 10 Billion+ in sales and 200+ awards over the past 4 decades, Fifth Avenue Real Estate Marketing’s leadership throughout the suburban markets of Metro Vancouver, The Fraser Valley, Vancouver Island, and BC’s Okanagan, has established an intelligence and understanding of the local buyers, their preferences and needs in a home.

Our team is highly involved in the design and functionality of each home that we sell. Fifth Avenue is a “sales-marketing organization.” The central focus of all our activities is not complicated: sell homes. The marketing side of our work is undergoing dramatic shifts including the growing use of digital and social media, the ever more important rise of the third-party REALTOR®, and the emergence of the foreign buyer community in our key markets. Continued success requires strategic adaptation and a continual pursuit of sales, marketing, and operational excellence. Excellence drives client loyalty and new business development success.

To sell more, we collaborate with Developer partner/clients to develop communities and new homes that become the consumer’s preferred choice and enable us to outperform the competition. We serve as the marketing and sales department that our clients require without the investment and overhead of that in-house solution. Thus, our work is providing “Strategic Sale & Marketing Campaigns” while assisting our developer client’s corporate businesses, brand, and image. The “Sell More” vision captures the inherent competitive spirit that flows through our organization.

To that end, we focus on being a formidable competitor in each market area we operate in.

Creating an environment that makes home buying easier and simpler is what we aim to do. Our experience is highlighted in the legacy left behind by each community we help bring to life. Our market successes can be seen in past award-winning products including mixed-use developments, well-designed and thoughtful townhomes, low rise condominiums, luxury high rises, and resort-style communities.

This year, our team has been virtually celebrating 40+ years of our core mission “Bringing People Home”. Our Brand refresh has been a learning exercise of looking internally at who we are currently, our path, and how we reach that point where our team is going in the future. We are proud national partners with the Peerage family, providing our team with an entirely new network of Realtors, innovative sales technology, and the support to grow our brand within the local new home real estate markets.

The Fifth Dimension is Metro-Vancouver’s Leading New Home Real Estate Market Report Did you know that information on brand new homes is not readily available to the public? With our new Multifamily Home Real Estate Market Report, we can help with that!

Learn more about new home sales statistics that you won't find on MLS. Fifth Avenue has been partnering with Urban Analytics, the leading provider of new home real estate information, for over a decade to present a comprehensive analysis of the multifamily real estate markets in Metro Vancouver. Visit FifthAve.ca to learn more.

a trusted partner zenterra.ca - Visit real estate developer award-winning builder land acquisitions environmental initiatives community involvement

778-945-2050 216-2630 Croydon Drive, Surrey BC Canada

Grand Georgie and Havan Awards 2020 Multi-Family Home Builder of the Year

DEVELOPMENT + INVESTMENT LAND REAL ESTATE SPECIALISTS

604.565.3478

WESELLDIRT.ca

info@varinggroup.com