BC New Condo Guide - Aug 7, 2015 by NextHome

Aug 7 - 21, 2015 Volume 05 Issue 16

HOW DO YOU LIKE YOUR SUN?

INSIDE THIS ISSUE

SLEEK PENTHOUSE DESIGN AT THE MADDOX

THE BENEFITS OF “RIGHTSIZING” YOUR LIFE

SPOTLIGHT: SUNNY SEASIDE SOUTH SURREY

1 – 3 BEDROOM + DEN HOMES. $299,900 – $692,900

778.398.1344 OR ARAGON.CA/PORTAGE 260 SALTER ST, NEW WESTMINSTER

#ARAGONFORWARD

Aragon Properties Ltd. specifications, features and prices without notice. Please refer to disclosure statement for specific offering details. E.&O.E.

*In our continuing effort to improve and maintain the highest standard, the developer reserves the right to modify or change plans,

THINK WE’RE SELLING THE DREAM? NO, THESE WATERFRONT HOMES ARE FOR REAL. NOW SELLING

WHEN YOU’RE HOT, YOU’RE HOT. GREAT DESIGN IS NATURALLY BEAUTIFUL.

PORTAGE Situated along the Fraser River in Queensborough, these 2 buildings draw from their natural landscape and use design to be both beautiful and liveable. The first 48 homes, consisting of 1–3 bedroom + den condo and loft homes, will defy your expectations of what comes standard’ in an Aragon home. Come visit our 2 designer display homes! MOVE-IN READY.

778.398.1344 OR ARAGON.CA/PORTAGE 260 SALTER ST, NEW WEST

#ARAGONFORWARD

*In our continuing effort to improve and maintain the highest standard, the developer reserves the right to modify or change plans, specifications, features and prices without notice. Please refer to disclosure statement for specific offering details. E.&O.E.

NOW SELLING!

COLLECTION OF ARAGON HOMES

VISIT ARAGON.CA

2 HOMES AVAILABLE

2–4 bedroom waterfront penthouse lofts available. Viewing available by appointment: 604.520.9890 Heavier

NET GST*

THE BEST 6 WAYS TO LIVE WEST COAST

creekside enclave with classic extended Trans Canada Trail 1 Exclusive 4 Newly West Coast architecture, sustainable – the best outdoor public amenity in 1 BEDROOM design, and personalized interiors through Canada and gateway to active i.D. By Me.

North Shore outdoors.

West Coast Piazza – a vibrant West Coast Club – fully 2 Signature 5 Dedicated euro-styled town square with celebrated equipped fitness centre, yoga room public art and water features.

and social lounge.

views of the North Shore mountains distance to the SeaBus 3 Epic 6 Walking and the Vancouver skyline from your and a full spectrum of shopping, private rooftop terrace designed for your own hot tub spa*.

from a master-planned community built by Adera.

HOMES

STARTING FROM $224,900*

adera.com 604.980.0016 theshore@adera.com

* SELECT HOMES ONLY. LIMITATIONS APPLY. SALES BY DISCLOSURE STATEMENT ONLY. E&OE. SHORE PROJECTS LTD. ADERA REALTY CORP. 2200 – 1055 DUNSMUIR ST., VANCOUVER V7X 1K8 | 604.684.8277

4 NEW CONDO GUIDE AUGUST 7 - 21, 2015

AUGUST 7 - 21, 2015 NEW CONDO GUIDE 5

D 5 EP % O SI T

A FRESH START AT EVERGREEN

BOSA IS PEACE OF MIND, EVERYTIME. CONCRETE CONSTRUCTION, IN A GREAT NEIGHBOURHOOD, BY RAPID TRANSIT. MOVE IN THIS SUMMER 2015. Just outside your front door is the brand new Evergreen line, groceries, green spaces, cafĂŠs, and Coquitlam Centre Mall. Now is the perfect time to start fresh in a new Bosa Properties home. SUITE

TYPE

SQ FT

PRICE

1207 1308 1908 2905

F Plan (2 Bed) B1 Plan (1 Bed + Den) B2 Plan (1 Bed) K1 Plan (2 Bed Sub-Penthouse)

853 591 591 957

$423,900 $295,900 $307,900 $598,900

VISIT US AT OUR NEW GREETING CENTRE AT: 3007 Glen Drive (at Pinetree Way) Coquitlam Open Daily 12-6pm

604.942.2672

bosaproperties.com * Evergreen is developed by Bosa Properties (Evergreen) Inc. Renderings, sketches, layouts and finishes are representational only. Prices subject to change without notice. E.&O.E.

AUGUST 7 - 21, 2015 NEW CONDO GUIDE 7

CONTENTS

AUG 7 - 21, 2015

VOLUME 5

COVER STORY

ISSUE 16

IN EVERY ISSUE 12 Editor’s Note

FEATURE

20 Spotlight on South Surrey The perfect mix of city and country with lots of sea and sunshine by Janine Mackie

28 Inspiration Onsite The sleek design of the Maddox Penthouse highlights the natural beauty of the Vancouver view by Stephanie MacDonald

COLUMNS 34 Condo Sense The benefits of “right-sizing” your lifestyle by Cameron McNeill

36 Hot Off the Web Keeping up with what’s going down on ypnexthome.ca

Royce

Vacation-style living in the heart of White Rock by Michelle Hopkins

8 NEW CONDO GUIDE AUGUST 7 - 21, 2015

by Diane Duflot

46 Fundamentally Speaking Four essential things every first-time buyer should know by Wayne Karl

STERLING by Cressey

37 ELEGANT

KERRISDALE RESIDENCES

The homes youâ€™ve been waiting for from a respected builder Sterling by Cressey offers what so many people have been asking for: spacious, meticulously designed homes within picturesque Kerrisdale. This limited collection of two and three-bedroom residences and penthouses live exactly as a single family home should, offering the grandeur of an elegant, brand new space plus the freedom to leave at a momentâ€™s notice to travel as you please.

RE G I STE R NOW

604.428.8858

S t e r l i n g B y C r e s s ey. c o m

This is not an offering for sale. Such an offering can only be made after filing a disclosure statement. E&O.E.

PRESIDENT, YP NEXTHOME

Jacqueline Hill EDITOR-IN-CHIEF / DIRECTOR OF CONTENT

Susan Legge DIRECTOR OF SALES, NATIONAL

Moe Lalani SENIOR SALES MANAGER, WESTERN CANADA

Edwin Rizarri ART DIRECTOR

Tammy Leung EDITOR

Stephanie MacDonald CONTRIBUTING EDITORS

Lydia McNutt Sara Duck Wayne Karl DESIGN EDITOR

Yanic Simard

MEDIA CONSULTANTS

Dave Bird 604.319.7102 Brenda Everitt 604.319.7103 SALES COORDINATOR

Justin Salvador

PRODUCTION MANAGER

Bala Gnanapandithan

COLUMNS (continued)

48 Quick Tips Four organizing myths by Hellen Buttigeig

50 Condo Pro Condos are a first-time buyer’s paradise

HOMEBUYERS’ HELP 26 Condo Market Watch Keeping up with what’s new and hot in Metro Vancouver’s residential marketplace and beyond by Susan M Boyce

65 Listings Directory

by Susan M Boyce

59 Mortgage Advice How will the new lower Bank of Canada interest rates affect you? by Alyssa Richard

64 Stat Chat Why the smart money is investing in Canadian real estate by Ben Myers

10 NEW CONDO GUIDE AUGUST 7 - 21, 2015

Miguel Cea PRODUCTION CO-ORDINATOR

Bei Zhang CONTRIBUTING EDITORIAL WRITER

Susan M Boyce Published by

MAPS

by Barbara Lawlor

58 Buyer Profile Elaine blossoms in her new condo at The Gardens

GRAPHIC DESIGNERS

14 South Surrey/White Rock 22 Vancouver 32 Surrey/Langley 44 Burnaby/New Westminster 52 Maple Ridge/Pitt Meadows 56 Richmond 60 North Shore/Squamish/Whistler 62 Tri-Cities

4180 Lougheed Highway Suite 102 Burnaby BC V5C 6A7 T 604.519.6080 F 604.519.6088 newhomeandcondoguide.ca ADVERTISING Call 604.519.6080 for advertising rates and information.

Copyright covers the contents of this publication and prevents reproduction in whole or in part: offenders will be prosecuted. We reserve the right to refuse any advertising, to make changes or edit advertising as necessary. Care will be taken to ensure copy accuracy but no warranty is implied or given by the publisher. The views and data expressed by columnists do not necessarily represent those of the publication.

WEST COQUITLAM’S

SMARTEST DECISION BETTER QUALITY BETTER LOCATION BETTER VALUE

604.939.8868 CrownByBeedie.ca PRESENTATION CENTRE OPEN 12 – 5, SAT – THURS Burquitlam Plaza, #104 – 552 Clarke Rd (near Shoppers Drug Mart)

1, 2 & 3 BEDROOM HOMES FROM THE $280,000s Pricing is subject to change. This is not an offering for sale. Sale can only be made by disclosure statement. E.&O.E. Renderings are an artist’s conception and are intended as general reference only.

EDITOR’S NOTE

GET IT IN WRITING

SUSAN LEGGE Editor-in-chief Yellow Pages NextHome Susan.Legge@ypnexthome.ca Follow me on Twitter at Twitter.com/SusanLegge Like us on facebook search: Condo Guide

Buying a brand-new condo offers an opportunity to get the home you really want. It can be a dream come true and an investment for the future, but don’t forget, it’s also a legal transaction. The term “get it in writing” has never been more important, since it outlines everything your new home will have in it, on it and around it. Otherwise known as the Agreement of Purchase and Sale, the contract spells out the terms between you and your developer and/or builder. Without it, if there is a misunderstanding or disagreement, it’s impossible to prove what was originally promised. Since buying a new condo is much more complicated than a resale transaction where the property likely already exists, there is no set

Agreement of Purchase and Sale or standard contract. In some provinces, builders may have standard contracts prepared by the local home builders’ association or their new-home warranty program. Builders often prepare their own agreements, so these can vary from one company to another and from province to province. Before you sign a contract, review it carefully with the builder representative, and ask questions to make sure you fully understand what’s in it. Your next step is to then take it to a real estate lawyer and have it reviewed. Once it is signed, it becomes a legal document, so seeking the services of an experienced lawyer is an important step toward ensuring that your dream home becomes a reality.

THE WEST END - PAST AND FUTURE

STEPHANIE MACDONALD Editor Yellow Pages NextHome Stephanie.MacDonald@ypnexthome.ca

12 NEW CONDO GUIDE AUGUST 7 - 21, 2015

I had the pleasure of an afternoon walk through Vancouver’s lovely and verdant West End last week, made even more enjoyable by the interesting history I learned from our tour guide, civic historian John Atkin. Purchased in 1862 for $550, it turns out that the West End has been shaped by city planners from the very beginning. From the original elegant mansions and Victorian family homes, to the sturdy three-storey, wood framed apartment buildings to the residential condos and towers of the 1960s and 1970s, there are examples of every era of Vancouver’s history preserved here, along with lush gardens, parks and pretty tree-lined streets. The West End has been in a static period of development for a couple of decades now, but the current city

planning team has realized that as Vancouver grows and evolves, so must the West End. How this is to be accomplished is the source of much debate. Intracorp has taken on one of the first new projects in this new era, The Jarvis in Davie Village; a condo/ rental/commercial building that will test the waters and hopefully provide something of a blueprint for the sensitive revitalization of this treasured Vancouver neighbourhood. Is an inclusive, sustainable, responsible and practical plan for the West End possible? Certainly not everyone is going to agree on the way forward, but we can only hope that there’s a way to provide more homes for residents while preserving the historic, cultural and openhearted community values that make this such a special place.

2 bedroom + den homes in a quiet, terraced spot in White Rock Quality concrete construction for a quiet living experience The CresseyKitchenTM – the most celebrated kitchen on the market today, with great flow and so much storage Air conditioning & spacious balconies for the perfect outdoor living room Enjoy the The Beverley Club with a year-round pool, lounge and fitness facility An on-site concierge and no-maintenance home – so you can come and go with ease Barbecue on Beverley’s rooftop patio, where the fresh-air lounges and dining areas make everything taste better

1,047 - 1,289 Sq. Ft. homes from $589,900 to $721,900

Visit us Today. 1479 Vidal St., White Rock 12-5pm Daily (Except Fridays)

This is not an offering for sale. Any such offering can only be made with a Disclosure Statement. E.&.OE.

176TH ST

184TH ST

176TH ST

184TH ST

168TH ST

152ND ST

eorge Hwy

SOUTH SURREY | WHITE ROCK

40TH AVE SERPENTINE FEN NATURE RESERVE

E CR

CRESCENT BEACH / BLACKIE SPIT

99a

32ND AVE

SUNNYSIDE ACRES URBAN FOREST PARK

CRESCENT PARK

24TH AVE

164TH ST

26TH AVE

168TH ST

152ND ST

16TH AVE

160TH ST

148TH ST

140TH ST

16TH AVE

128TH ST

16TH AVE

g or

20TH AVE

SOUTH SURREY ATHLETIC PARK

MA R

INE

15 10TH AVE 8TH AVE

8TH AVE

SOUTH SURREY / WHITE ROCK 1. BEVERLEY

1458 Vidol St beverleybycressey.com 604.560.0075

2. ELGIN HOUSE 3323 - 151st St 604.541.8092

3. GEMINI

5. HEIGHTS CONDOS

4. ADAGIO

6. ROYCE

15336 - 17A Ave 604.536.1663

20th Ave. & 154th St. 604.531.6659

CONDO HOMES at

BY LAKEWOOD

14 NEW CONDO GUIDE AUGUST 7 - 21, 2015

2855 156th Street, Surrey 778.545.8737

7. EDGEWATER

36 Ave & 152nd St. 604.818.5603

14855 Thrift Ave 604.538.8028

Early Bird Special! Up to $15,000 off Condo Homes. 2855 156 Street, Surrey | Open Saturday & Sunday 12-5 pm (or any time by appointment) | www.theheightsliving.ca | 778-545-8737

SUNRISE What will you choose?

SUNSET Homes starting from: $399,900

ROYCELIVING.COM Call 604.538.8028

FORGEPROPERTIES. CA

Prices quoted are subject to change without notice and exclude applicable sales tax. E&OE.

COVER STORY

VACATION-STYLE LIVING IN THE HEART OF WHITE ROCK Oceanfront luxury living at its best: that’s what you get when you buy in Royce By Michelle Hopkins

EVER IMAGINE waking up to fabulous sunrises and commanding ocean views from one of White Rock’s most prestigious oceanfront communities? Now’s your chance to live that dream in the city’s newest and most exciting condominium community – Royce by Forge Properties. You aren’t just buying a home; you’re buying into a lifestyle. Everything is within a short walk or drive. Head out to this dynamic city’s spectacular sandy beaches, awardwinning fine dining, prized golf courses and its famous promenade seaside boardwalk. Just a short drive to the 16 NEW CONDO GUIDE AUGUST 7 - 21, 2015

Peace Arch Border, only 30 minutes to YVR airport, and minutes from the shoreline trails of renowned West Beach in White Rock, Royce offers the best of both worlds with both urban and natural conveniences nearby. In addition, your new home is close to the Shops at Morgan Crossing. This upscale village offers a collection of chic urban boutiques as well as restaurants — ideal for people watching and for meeting good friends over a cup of artisan java. Designed by Ankenman Associates Architects Inc., the five-storey eyecatching building stands out as a beacon in White Rock with its custom

Squamish cedar columns, metal accents and nautical porthole windows. Taking cues from Vancouver’s Fairmont Pacific Rim Hotel and The London in New York, Sam Muller, principal and interior designer of Kleen Design, gave the Royce the look and feel of a Five-Star hotel. “I wanted to create something special for the empty nesters and downsizers who want an upscale condo, something I like to call affordable opulence,” adds Muller. This elegantly appointed collection of 80 unique West Coast-inspired residences, one-, two- and threebedroom plus den, as well as four sub-penthouses and two penthouses on

æ AT A GLANCE

Project location 14855 Thrift Avenue, White Rock Developer Forge Properties Development Royce Home Type 80 high-end condominiums Sales Centre Three in-building designer show homes Hours: Everyday 12-5pm (except Friday) Contact 604-538-8028 info@royceliving.com www.royceliving.com

the upper floors, epitomizes elegance from the minute you walk into the grand marble lobby. “Buyers are taken by the unique architecture, and with all homes southfacing, the view exposures are perfectly optimized” says Eaman Rezvani, senior project manager at Royce. “They get to truly choose their view, from sunrise to sunset, expansive ocean to our finely designed courtyard.” The contemporary open concept floor plans, ranging from 850 to 1,500 square feet, feature magnificent finishes such as wide plank rich wood laminate or hardwood flooring, oversized windows throughout (some featuring transom windows), two-inch wood blinds and sleek linear fireplaces. Aspiring chefs and chefs alike will love the kitchens with floor-to-ceiling cabinets, generous islands with shimmering pendant lighting and quartz countertops with integral Carrera marble backsplash. Besides its picturesque location and panoramic views of the ocean, Royce features a resort-style amenity-filled clubhouse that showcases a state-ofthe-art fully-equipped fitness centre with yoga studio, as well as a car and pet wash area. It will captivate you from the moment you enter – it boasts a fireside lounge with gourmet kitchen, bar and library that will make you think you are in an exclusive resort. Whether you are in the mood to simply relax with a good read or want to socialize with your neighbours and friends, the clubhouse is the place to be. Then head outside to take in the strikingly beautiful landscaped grounds and central courtyard, which provide a relaxing space to meet neighbours in a garden setting. Royce is truly West Coast living at its best. With prices starting at $399,900 it isn’t surprising that more than 80 per cent of the finely crafted residences are sold, so ACT fast. This is your opportunity to live in a new home that offers exceptional quality both inside and out by a local family-owned builder you can trust. Your new coastal home is move-in ready. AUGUST 7 - 21, 2015 NEW CONDO GUIDE 17

SOUTH SURREY/WHITE ROCK

18 NEW CONDO GUIDE AUGUST 7 - 21, 2015

SOUTH SURREY/WHITE ROCK

AUGUST 7 - 21, 2015 NEW CONDO GUIDE 19

NEIGHBOURHOOD SPOTLIGHT

SOUTH SURREY SECRETS Take the road less travelled for savoury restaurants, fashion troves and parks for idling away weekends By Janine Mackie

SOUTH SURREY IS THAT PLACE where fearless kids jump into the ocean off a wooden pier in July, and come January lace up their skates and play hockey atop the frozen Serpentine River. Active retirees love its mild winters, foodies adore its diverse palate of restaurants and families flock here as a destination to achieve the suburban dream of owning a single-family home and a patch of grass. With its beach-town vibe, top-rated schools, proximity to the US border, plus a plethora of parks, sports fields, golf courses, outdoor shopping malls and trendy new restaurants — South Surrey tops the radar for families of all ages looking for a safe, clean, vibrant place to set down their roots. Charm is found 20 NEW CONDO GUIDE AUGUST 7 - 21, 2015

in the juxtaposition of streetscapes – new family townhomes next door to hobby farms selling farm fresh eggs and bundles of garden dahlias for five dollars. “You really couldn’t ask for a better community to raise kids,” says Moe Johal, owner of CJ Auto Repair, who has lived and worked in South Surrey for 30 years. “I’ve seen a lot of changes over the years, from a community of grey hair to one that’s a healthy mix of young and old. It just keeps growing and growing!” Sure you’ll find big box stores like Winners and Walmart here, plus fashion boutiques and outlets galore at The Shops at Morgan Crossing, but when it comes to style; it’s the fabulous independently owned boutiques that

have South Surrey women looking runway ready. On Saturday around 7pm, the lineup at South Surrey’s newest hot spot, Famosa Neapolitan Pizzeria (24th and Croydon) is stretched around the corner and down the block. For those with the patience to wait almost an hour for a table, the dining room is abuzz with conversation and rich pizza aromas. Manager Ken Mitchell suggests trying the Cavoletti, a pizza topped with oven roasted Brussels sprouts, gorgonzola cheese, dates, walnuts and a drizzle of honey. The kids at the adjacent table would rather spoon rich vanilla gelato in their mouths. The Seahorse Grill on Sullivan St. in Crescent Beach has that “feels like home

HOMES FOR ALL SEASONS » Ocean view, fairway living, condo or single-family – there’s a home for every season and budget in South Surrey. High end is $4.5 million for an estate in the Elgin Chantrell neighbourhood, and best apartment price to be found is $140,000 around Sunnyside Park. » Lots of new modern home projects underway -- Adagio, Royce and Duplex homes in the $659,000 ballpark are proving popular at Elevate at The Hamptons, a masterplanned community in Grandview Heights and beautiful single-family homes like Southbrooke on 10th Ave & 165th meet every luxurious whim for just over $1-million.

atmosphere,” and is a destination on Sunday nights for its prime rib special. The Sunflower Cafe on Beecher St. draws a loyal following for its real roast beef, turkey sandwiches with cranberry sauce, and homemade soups, while Tap Restaurant in the Rosemary Heights neighbourhood is a high-end fusion of French cooking and West Coast ingredients. When the mood strikes for a basket of fish and chips, locals flock to Hooked Fish Bar at Crescent Beach or the Fish Boat along Marine Dr. in White Rock. Need an amazing homemade dessert in a pinch? Be forewarned: it’s near impossible to stop at just one slice of the chocolate ganache cake made at Michaels’s Artisan Bakery & Cafe.

All this food talk may have you counting calories. With at least one or two gyms, personal trainers or rec centres found in each of South Surrey’s intermingling neighbourhoods, a balanced lifestyle is achievable. A trail run through the Sunnyside Urban Forest followed by a yoga class at the newly expanded South Surrey Recreation and Arts Centre is the perfect way to unwind. For those times when you just want to get away from it all and enjoy the solitude of nature, Kwomais Point Park is a local secret – a romantic place to watch the sunset – tucked away behind 128th St. in Ocean Park overlooking the bay to Tsawwassen and beyond to Vancouver Island and the San Juan

Islands. Barred owls have even known to be spotted in the forested trails that chicane through the park. Not far from here is 1001 Steps (end of 15A Ave off 126 A), a great alternative to the Stairmaster as you zigzag downwards, over and under the train tracks onto a rocky beach where crabs and starfish are plentiful and harbour seals are known to sunbathe. Of course there’s a few secrets too sacred to be shared — like the amazing hairdresser who works from her South Surrey basement, or the fishing spot where seasonally you’re sure to reel in a wild coho salmon. But once you move here, you’re sure to discover a few gems of your own. AUGUST 7 - 21, 2015 NEW CONDO GUIDE 21

VA N C O U V E R | D O W N T O W N VA N C O U V E R SEABUS

L AL

W KING EDWARD AVE

DUNBAR ST

PACIFIC SPIRIT PARK

RIN

COMMERCIAL DR

10 E BROADWAY

W 12TH AVE KI

E 12TH AVE

SW AY

E KING EDWARD AVE

14 QUEEN ELIZABETH PARK

W 41ST AVE

E 1ST AVE

E 33RD AVE

E 41ST AVE

OAK ST

MAIN ST

W 49TH AVE 9

W 57TH AVE

5 RI

W 70TH AVE

E 29TH AVE

D NE

E 49TH AVE

VICTORIA DR

W 16TH AVE

AVE

E BROADWAY

MAIN ST

W BROADWAY

CAMBIE ST

OO W

AVE

INAL

W 6TH AVE

OAK ST

ALMA ST

W 10TH AVE

CORNWALL AVE

TE R M

KNIGHT ST

REY RD

BURRARD ST

JERICHO BEACH PARK

8 7

GRANVILLE ST

POINT G

W 4TH AVE

H 16T

VENABLES ST

LVD

BR ST WE

UBC

E DR

LLOR B

ARBUTUS ST

NCE

MCDONALD ST

AR IN

CHA

E HASTINGS ST

SE MARIN E

1. RHYTHM

4. MODERN

8. THE CREEK

12. RIVER DISTRICT

2. APERTURE

5. PARK & METRO

9. STERLING

13. FRAMEWORK

6. TATE DOWNTOWN

10. RENFREW & 2ND

14. EAST PARK

7. PROXIMITY

11. ADDITION

15. W1

3202 Riverwalk Ave 604.437.5315 Presentation Centre in Oakridge Mall (south entrance, near Kin's Market) 778.616.7008

3. MERCER BY CRESSEY 3456 Commercial Dr 604.879.6400

22 NEW CONDO GUIDE AUGUST 7 - 21, 2015

1001 Harwood St 604.879.2010

688 SW Marine Drive 604.325.8111 1265 Howe St 604.568.8283

2nd Ave & Ont 604.731.3500

95 East 1ar Ave thecreekbyconcert.com

49th & West Boulevard 604.428.8858

1831 Renfrew St 604-830-3938 1149 Hornby St 604.620.6692

BOUNDARY RD

NW M

RENFREW ST

BURRARD INLET

3302 North Arm Ave 604.879.8830

Pender & Main Street 604.620.6223

4236 Main Street 604.879.3257 88 Pacific Boulevard (Vancouver, On the False Creek Seawall) 604.899.8800

SE N LLOW IN G EXPERIENCE QUINTESSENTIAL VANCOUVER Vancouver is famously active, a city of paddlers, hikers, runners, climbers and cyclists. It’s time to get in gear and be among the first to experience Voda, a 16-storey collection of condominium homes with stunning water, mountain and city views. Voda is where The Creek makes its debut. Discover the home of quintessential Vancouver—waterfront and park side in Southeast False Creek.

Discover Life at 1st & Quebec REGISTER TODAY thecreekbyconcert.com August 2015. E.&.O.E. Concert Realty Services Ltd.

T CO H IS M I F NG A L L

THE MOST LUXURIOUS PROJECT IN THE NEIGHBOURHOOD PRESTIGIOUS NEIGHBOURHOOD | UNPARALLELED ACCESS W1 is the largest residential project at the red hot “Cambie & Marine Hub”, Conveniently located across from a new commercial complex, complete with supermarket, café, shops, movie theatre, fitness club and Class A offices. Poised to become a trendy focal point in prestigious Vancouver west, W1 provides effortless access to Downtown, the Airport and Richmond in minutes via the Marine Drive Skytrain Station. Elegant and stylish inside and out, W1 is a reflection of the sought–after west side. With its hotel-inspired grand lobby, regal porte–cochère, beautifully landscaped garden terraces with lush green and water features and an array of luxurious amenities, W1 truly is the best of the best.

PRESENTATION CENTRE 88 Pacific Boulevard, Vancouver (On the False Creek Seawall) Open 10am-5pm daily 8511 Capstan Way, Richmond (On No. 3 Rd) Open 12pm-6pm daily

W 1 VA N C O U V E R . C O M | R E G I S T E R N O W | 6 0 4 . 8 9 9 . 8 8 0 0 All illustrations reflect the artist’s interpretation of the project and do not take into account neighbouring buildings, physical structures, streets, and landscape. These matters will be governed by the terms of the applicable Disclosure Statement in each case. Prices and availability are subject to change without notice. Prices quoted are exclusive of any tax and may reflect various inclusions or exclusions in the offer including but not limited to finishing details and parking provisions. Please check with the Developers’ representatives for further details. This is not offerings for sale. Any such offer may only be made with the applicable Disclosure Statement and Agreement of Purchase and Sale. Concord W1 Limited Partnership. E. & O.E.

Building Canada’s Largest Communities

CONDO WATCH

CONDO MARKET WATCH Condominium homes to keep your eye on By Susan M Boyce

River’s Edge

The Gardens

Chilliwack

Richmond

ON THE WEB: chilliwackriversedge.ca INFO: 604.824.5063 HIGHLIGHTS: From the developers of the highly popular Garrison Crossing, River’s Edge will be located on the Vedder River and will offer a diverse mix of condominium homes plus single-family and townhomes. Green streets create a pedestrianoriented, car-less environment with fantastic access to the Vedder River and the Rotary Trail. Phase One homes now selling. Presentation centre anticipated to open this September, so be sure to priority register for more information as soon as it’s released.

ON THE STREET: Steveston Highway and No. 5 Road ON THE WEB: liveatthegardens.ca INFO: 604.271.3331 HIGHLIGHTS: Keep an eye out for the opening of new phases at this inviting master planned community. When complete, residents will be able to savour the delights of a lush, 12-acre park with five distinct gardens including a including a farm garden as well as a secret garden where residents can savour the simple beauty of doing nothing at all. Details about these two buildings will be released soon, so be sure you priority register early.

SOPA Square

Vancouver

Kelowna

ON THE STREET: Marine Drive just east of Cambie PRESENTATION CENTRE: 88 Pacific Boulevard ON THE WEB: w1vancouver.com INFO: 604.899.8800 HIGHLIGHTS: A new addition to the much soughtafter Cambie corridor neighbourhood is now accepting priority registration. Brought to you by Concord Pacific, this prestigious address will feature homes boasting luxurious finishings and a park-like setting with meandering trails, water features, and a grand motor court. Walking distance to shopping, restaurants, and the Canada Line to downtown Vancouver and the airport.

ON THE STREET: 3030 Pandosy Street ON THE WEB: liveatsopasquare.com INFO: 778.484.4633 HIGHLIGHTS: For something completely different, check out this 13-floor residential tower in the vibrant South Pandosy district. The first major residential development in many years, SOPA Square blends the convenience of urban living with the indulgences of an Okanagan, lakeside lifestyle. One- to three-bedroom condos (all with den) priced from $275,900 plus a limited collection of townhomes.

Elements Langley ON THE STREET: 20211 – 66th Avenue ON THE WEB: elementsinlangley.com INFO: 604.533.7718 HIGHLIGHTS: Priority registration now for the newest phase of this popular community. Think bright whites and chic greys, quartz counter tops, and lots natural light. Floor plans range from junior one-bedrooms up to spacious three-bedrooms. Only 68 residences will be available in this exclusive release that offers a choice of natural greenbelt or courtyard outlooks. Prices anticipated to range from the $130,000s to the $380,000s. VIP previews begin soon and will offer special pricing for buyers who purchase before the public release this fall.

26 NEW CONDO GUIDE AUGUST 7 - 21, 2015

Tell Us Your News

Got a new development, opening, or other news you’d like us to feature in Condo Market Watch? Drop us a note at condomarketwatch@@ypnexthome.ca, and we’ll do our best to get it in the next edition.

VANCOUVER

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AUGUST 7 - 21, 2015 NEW CONDO GUIDE 27

INSPIRATION ONSITE

INSPIRED MINIMALISM Scott Trepp’s Maddox Penthouse design reflects the beauty of Vancouver By Stephanie MacDonald

In a suite like this, you are essentially designing for a doughnut-shaped space around an elevator shaft. How do you make it seem like a cohesive home and not like you are running in circles all the time? The nature of this Penthouse and one of the things that makes it most special is its 360-degree nature. The views (city and natural) are the true highlight and the floor plan consciously keeps the homeowner front and centre toward the view. This also creates a real sense of flow from one space to another and eliminates the feel of moving from one small room to another. Essentially the plan results in a series of large rooms and outdoor living area that transition seamlessly from one to another.

he Maddox Penthouse is located right at the intersection of Yaletown and the chic new Beach District, which is poised to become downtown’s most enviable neighbourhood. Soaring above the skyline, with 365° views of city, mountains and ocean, and boasting almost 3,500 square feet inside and

28 NEW CONDO GUIDE AUGUST 7 - 21, 2015

2,400 square feet of outdoor living area (including a private pool and hot tub on the top floor), this home takes advantage of everything this city has to offer. Scott Trepp and his inspired team at Scott Trepp Designs took this interesting layout and elevated it into a dream home with an understated, luxurious, yet practical interior.

This home has a very dramatic and interesting kitchen, though it can easily be hidden away behind doors. What are the benefits of this as opposed to having a kitchen that’s the centre of things as is very common in many homes these days? The kitchen here is really the best of both worlds: it’s an entertaining kitchen and bar when the working kitchen is closed behind the glass sliders and a serious working kitchen with very generous work surfaces when both island and working kitchen are open to one another. In addition any mess created by cooking can be contained in the working kitchen and the island kept visually uncluttered.

In a bedroom with essentially one wall that is entirely windows, how do you orient the bed and the furniture? As a general rule we like the headboard to be the first thing you see upon entry to a bedroom. As always in design there are exceptions to every rule. In the case of the Penthouse at Maddox the location of the bed and furnishings was dictated by a few other aspects as well: the circulation path between the master ensuite and the closet as well as the location of space for media or a TV. What was the most challenging aspect of this project? One of the most challenging elements of the design for the penthouse was striking a balance between the interior elements and the view. We made a conscious decision from the beginning to take an approach that, while luxurious, didnâ€™t compete against the Vancouver skyline and backdrop. For example, the marble floors were deliberately chosen to have a honed (low sheen) finish. In doing this we were able to create a richness and softness that facilitates appreciation of the vistas rather than competing with them. Similarly the richness of the walnut millwork and panelling was strategically introduced in areas such as the Dining Room & Living Room ceiling that direct the eye out to the spectacular view.

TREPP DESIGN INC. (TDI) uses interior design to create exciting spaces that intimately unite people and their environments. The Vancouver-based companyâ€™s collaborative approach draws on the decade-long experience of its designers and technologists to produce innovative solutions that merge functionality and aesthetic expression.

Where did you source most of your furnishings for this suite? We worked directly with the staff at LivingSpace for all of the interior furnishings. The Maddox Penthouse located at 1351 Continental Street and is offered at $7,800,000. For more information contact Malcolm Hasman at Malcolm@ malcolmhasman.com AUGUST 7 - 21, 2015 NEW CONDO GUIDE 29

VANCOUVER

30 NEW CONDO GUIDE AUGUST 7 - 21, 2015

SE MAR IN

E DRIV E

IVE

BOUNDARY ROAD

E DR

KINROSS ST

ARIN

KERR STREET

VANCOUVER

SE M

BURNABY

MARINE WAY

RIVER DISTRICT SALES CENTRE

AS E

RW AY

SURREY | LANGLEY 116TH AVE

112ND AVE

108TH AVE

W ay

VE OS

104TH AVE

Fr a

se r

104TH AVE A8

A2 88TH AVE

88TH AVE BEAR CREEK PARK

216TH ST

208TH ST

200TH ST

192ND ST

184TH ST

168TH ST

176TH ST

LO VE

160TH ST

152ND ST

72ND AVE

A7 64TH AVE

WATERSHED PARK

AV E

80TH AVE

99a 64TH AVE

1a 144TH ST

128TH ST

120TH ST

112TH ST

72ND AVE

King George Blvd

80TH AVE

Fr as

GOLDEN EARS BRIDGE

96TH AVE

GL OV ER

TYNEHEAD REGIONAL PARK

232RD ST

GREEN TIMBERS URBAN FOREST PARK

96TH AVE

216TH ST

60TH AVE

61A

58TH AVE

56TH AVE

LANGLEY BYPASS

56TH AVE

B5 Fra s

er H

SURREY A1. YALE BLOC

19557 64 Avenue www.yalebloc.com

A2. MANAROLA

8695 160th Street 604.800.9255

A3. MAXX AT VERVE 13913 Fraser Hwy. 604.588.3783

LANGLEY

SERPENTINE FEN NATURE RESERVE

A4. LINGO

5665 177B Street 604.727.5478 99

A5. UNIVERSITY DISTRICT

104th & University Dr 604.588.5795

A6. G3 RESIDENCES

32 NEW CONDO GUIDE AUGUST 7 - 21, 2015

104th Ave. & 154th St. 604.453.6688

B4 D

48TH AVE

A7. THE RIDGE AT BOSE FARM

B1. KENSINGTON

B3. ATHENRY GATE 40TH AVE

A8. EVOLVE

B2. ELEMENTS

B4. MURRAYVILLE HOUSE

16390 64th Ave. 604.888.5514

13328 104th Ave. 604.497.0102

A9. CHROMA

15628 - 104th Ave 604-581-5399

20678 Willoughby Town Centre Drive 604.427.3311 20211 66th Ave. 604.533.7718

8312 Street 604.882.8857

5020-221A Street 778-808-6563

B5. CORNERSTONE 5655 210 Street 604-536-6000

SURREY/LANGLEY

Rent is a four letter word.

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199

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6O4.727.5478

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Ling Li ing n o

HWY 1O

56 AVE

TO U.S. BORDER

18O ST

6O AVE

5 665 56 6 177 65 7 B St S re r et et Surr Su rrrey ey, BC ey, B Openn Wed, Op Open ed, Th ed Thur huurrs annd W Weeekkennds ds 1-5 -5pm pm m

AUGUST 7 - 21, 2015 NEW CONDO GUIDE 33

CONDO SENSE

Right sizing THE BEST FIT FOR YOUR LIFESTYLE! By Cameron McNeill

re you one of the millions who have right-sized in recent years? Regardless of what is motivating you to consider buying a new home — financial motives, the decision to start a family, or just the fact that you no longer require a home full of rooms that collect dust and never get used — right-sizing is about identifying how much space you actually use and using that criteria to guide your home buying decision. Whether you are a first-time homebuyer or a downsizing retiree — there is a definite trend toward a more simplified and minimal lifestyle. As people place greater value on efficient space and quality time, we are seeing many buying and building homes that better fit their actual lifestyle requirements. Gone are the mega mansions and over the top luxury, replaced now with efficient homes often paired with unique amenities, car share programs and proximity to transit. Consider the 1950s when the average American house was just 938 square feet with one bathroom and a bedroom that the children shared as they grew up. Since that time, the appetite for more space has tripled house sizes to a whopping 2,349 square feet with many containing multiple bedrooms, bathrooms and ancillary rooms. But what did these ballooning houses mean? Did it mean that we lived significantly different than in the 1950s? Interestingly, the answer is no. A study published in a book titled “Life at Home in the 21st Century” showed that only a small portion (40%) of a home’s square footage is used with any regularity by the humans who live there.

34 NEW CONDO GUIDE AUGUST 7 - 21, 2015

Simply put, across all generations, we are re-evaluating how we live and what the definition and purpose of a home is. Identify what is truly important to you whether it be outdoor space for gardening, a large kitchen for family meals, lock & leave convenience or extra storage for golf clubs, snowboards and bikes. Whether you are looking to get into the market, move up in the market or downsize, there is a home that is the “right size” for you. It’s about carefully identifying your priorities, requirements and stage in life and matching it to the home or community that is a good fit for you.

Looking back, that 40% almost equates back to the original 900 square foot 1950s house. However, one key area that has changed since the 1950s is how we design space. Previously, priority was placed on many rooms, which chopped up the space and actually made the home feel, and function, smaller. Today’s new homes and condos feature open concept kitchen and living spaces that can be used for many purposes or flex rooms that can function as bedrooms or dens. In essence, the 900 square feet of today feels larger and is far more functional for today’s ever changing lifestyle needs. And, the same is true for smaller condos that truly “live large” with multi-purpose furniture, built-ins and clever storage solutions along with in-building amenities like gyms and party rooms.

Cameron McNeill is the owner of MAC Marketing Solutions, one of B.C.’s and Alberta’s leading real estate sales and marketing firms. Cameron also co-founded TAC Real Estate, a resale firm, and MPC Intelligence, a real estate market-research firm. Together with his experienced and dedicated team of sales, marketing and administration professionals, he has transacted more than 14,000 new homes and $5 billion in sales. Email him at cm@macmarketingsolutions.com or follow him on Twitter @mac_marketing

SURREY/LANGLEY

AUGUST 7 - 21, 2015 NEW CONDO GUIDE 35

HOT NEWS

Hot oﬀ the web THE SKINNY ON WHAT’S HAPPENING IN REAL ESTATE IN THE LOWER MAINLAND By Diane Duﬂot

Oz economist predicts real-estate bubble will burst Australian economist Philip Soos predicts that the housing bubble in Australia’s capital cities is doomed to burst, and that market shares many similarities with Vancouver’s: the housing prices there have also risen drastically, and many hold Chinese offshore buyers responsible for this. Soos does not agree with this assessment. Rather, he holds 20 years of extensive domestic speculation responsible for the rise in housing prices and the impending burst. Soos believes that an influx of money from Chinese offshore investors might stave off the bubble’s burst for a while, but he sees the “bloodbath” as inevitable and thinks it might happen as soon as 2017. Vancouver real-estate data gap The president of Canada Mortgage and Housing Corporation (CMHC) admits that there might be a “data gap” in regards to the degree of foreign ownership in the housing market in Vancouver. To maintain the stability of the country’s real estate market this gap needs to be filled. Otherwise, there is a risk that foreign investors could pull out of the market if housing prices ever take a downturn. The CMHC is working to fill this gap, having polled condominium property managers on the percentage of homes owned by overseas investors while preparing its yearly fall rental vacancies report. Certainly, the subject 36 NEW CONDO GUIDE AUGUST 7 - 21, 2015

of foreign ownership will remain a hotbutton issue until sufficient data reveals that it is not the to blame for high cost of real estate in Vancouver. Canada’s First Community Solar Garden Canada’s first community solar garden is coming…to the Kootenays. It will be located in the Nelson, a community that has always been somewhat forward thinking. The next steps for the project are for Nelson Hydro to finalize the costs and then to take the plan to city council for approval. As soon as this fall, Nelson Hydro may be opening up pre-sales of panels to the community, and constriction may begin in late fall or early spring. If all goes as planned, Nelson will be the first Canadian town to have a community solar garden. Rules on redeveloping buildings hurt rental supply It is, by now, an all-too familiar story: there is a fixed supply of single-family homes in Greater Vancouver and the everincreasing population is exacerbating the issue of low supply. Due to mounting housing coasts, more and more residents are choosing to rent rather than buy, so vacancies have reached an alltime low of 0.5 per cent. Clearly, there is a dire need of new rental stock. A less familiar story is how Vancouver’s government is standing in the way of developing new rental housing. It started in 2007 with the establishment of a

two-and-a-half-year moratorium on the demolition of existing rental buildings that contain six or more units in several Vancouver neighbourhoods. Because the policy forbids owners of rental apartment buildings from redeveloping their properties, these continue to deteriorate. It might be time to let go of the draconian moratorium that prevents the market from regulating supply and demand. It might also be time to make it easier for developers to build the rental stock that tenants need by cutting the red tape and speeding up the approval process. For more details on these stories, and for more real-estate news, visit nexthome.yp.ca/news

Former Vancouver Editor of New Home Guide, New Condo Guide and Home Decor and Renovations, Diane Duﬂot is currently enjoying the life of a freelance writer and editor. She can be reached at diane.duﬂot@ypnexthome.ca

SURREY/LANGLEY

50% SOLD PRE-SALES STILL HAPPENING

SELLING FAST SALES CENTRE OPEN DAILY 12pm-5pm (except Friday)

52 Ave

Murrayville House is an exclusive boutique collection of ninety-two, 1 & 2 bedroom homes, many with dens situated in the best location of Langley; Upper Murrayville.

• 5% down payment • Interest rates at historical lows • Minutes from Langley Centre FOR MORE INFORMATION CALL

50 Ave

SALES CENTRE

220 -230 22196 50TH AVE, LANGLEY

Sales Centre 604.534.8152 DEVELOPED BY

• Close to local amenities • Steps to public transit

MurrayvilleHouse.com SALES BY

MARKETED BY

MurrayvilleHouse

NEW HOME WARRANTY

Renderings, illustrations, floor plans and square footages are approximate and may differ from final product. The Developer reserves the right in its discretion to make changes to the floor plans, project design, appliances, specification and features. This is not an offering for sale, such offering can only be made with a Developer Disclosure Statement. E.&O.E.

48 Ave

AUGUST 7 - 21, 2015 NEW CONDO GUIDE 37

S W D– E VI TE DAY E R PR TA TO S! R S P VI VE TER OU A S Y H GI R RE FO

Langley’s • Most Convenient Location • Best Master Plan Community • Largest Private Amenity - Over 9,000 sq. ft. is about to be home to something new...

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SURREY/LANGLEY

LAST CHANCE! Only 4 left!

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INCLUDED A community of European-inspired condos that are as sophisticated as they are affordable.

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2 Bedroom + Den

$275,000

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athenrygate.com Sales and Marketing by Solon Bucholtz 778.995.7467 AUGUST 7 - 21, 2015 NEW CONDO GUIDE 39

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SURREY/LANGLEY

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AUGUST 7 - 21, 2015 NEW CONDO GUIDE 41

SURREY/LANGLEY

16 13 AVAILABLE TO MOVE-IN THIS WINTER!

CONDOS STARTING FROM JUST $247,900 UP TO $539,900

42 NEW CONDO GUIDE AUGUST 7 - 21, 2015

SURREY/LANGLEY

GROUP

AUGUST 7 - 21, 2015 NEW CONDO GUIDE 43

BU R NABY | N E W WE S TM I N S TE R

NEW WESTMINSTER

BARNET MARINE PARK

INL ET

G GA

ROYAL OAK AVE

BOUNDARY RD

WILLINGDON AVE

NELSON AVE

ROYAL OAK AVE

4567 Lougheed Hwy. 604.563.8386

A5. BRENTWOOD

604.456.0688

E AV ALB4 Y B1 RO

B2 DUNCAN ST

E WAY

A6. NOVELLA

YD BO

ST VE

BOUNDARY RD

A 170 - 3355 North Rd EN EW 604.563.5777

A7. STATION SQUARE

AY TW

5021 Kingsway

AR EW

A4. MODELLO

4189 Halifax Street 604.291.9130

Y WA

Griffiths Dr & 14th Ave 604.527.7955

MAR IN

BURNABY

MARIN E WA Y

QUEEN’S PARK

SOUTHRIDGE DR

E AV

H 0T

BRAID ST

E AV

MAR IN E

E AV

GILLEY AVE

H 8T

A1 A2

IMPERIAL ST

PATTERSON AVE

E AV

AY W

IMPERIAL ST

WA Y

H 6T

A AD

N CA

KI N

D ST

4670 Assemble Way stationsquare.ca

A8. ALTITUDE

89955 University High Street 604.456.8883

A10. CROWN

Presentation Centre #104 - 552 Clarke Rd 604.939.8868

B3. TRAPP & HOLBROOK 702 Columbia St 604.525.0223

B4. RIVERSKY2

659 Columbia St 604.522.2583

B5. THE SAPPERTON AT BREWERY DISTRICT 285 Nelson's Court 604.525.3941

BURNABY LAKE REGIONAL PARK

OAKL AN

A3. AVIARA

LOUGHEED MALL

DEER LAKE

DEER LAKE PARK

METROTOWN

A2. REDBRICK

AD AW AY

SE MARINE DR

AUSTIN AVE

CA N

CENTRAL PARK

R LA

AY IW

Lougheed Hwy

SPROTT ST

260 Salter St 778-398-1344

AR U DI WA Y

BROADWAY

49TH AVE

E N IV

GA GL

SQUINT LAKE PARK

A11

A10

B2. PORTAGE PORT ROYAL

EYS TON

D ITY

NORTH RD CL

BURNABY MOUNTAIN GOLF COURSE

BCIT

125 Columbia St 604.523.0081

SFU

CLIFF AVE

A5 BRENTWOOD MALL

B1. NORTHBANK

Barnet Hwy UN IVE RSITY DR

SPERLING AVE

HOLDOM AVE

WILLINGDON AVE

HASTINGS ST

BURNABY MOUNTAIN PARK

CONFEDERATION PARK

A10. ALDYNNE ON THE PARK

5808 Patterson Ave 604.451.9517

A11. MADISON & DAWSON 604.428.0210

Y NL

T H E L O W E R M A I N L A N D ’ S B E S T V A L U E on T R A N S I T E V A E T T E N U

NEW WESTMINSTER

AT S A P P E R TO N S KY T R A I N S TAT I O N

2 BEDS FROM $360,900

SALES CENTRE 285 NELSON’S COURT

E COLU MB IA ST

1 BEDS FROM $269,900

N O O N – 6 P M (C LO S E D F R I DAYS ) I N F O @ T H E B R E W E R Y D I S T R I C T.C A T H E B R E W E R Y D I S T R I C T.C A 604.525.3941

This is not an offering for sale. One can only be made by way of a disclosure statement. Prices are subject to changed without notice. E.&O.E.

FUNDAMENTALLY SPEAKING

Buying your ﬁrst home? FOUR TIPS TO HELP GUIDE YOUR DECISION By Wayne Karl

hen you’re buying your first home, you are sure to be filled with many important questions. How much can you afford? How much will it all cost? Where do you really want to live, and can you afford the area? And, finally, what type of home do you want? The answers are very individual: it really depends on your situation – from the amount of your down payment to where you work to whether you have kids to other personal circumstances. For your enjoyment while you live in your home, as well as for future resale potential, proximity to transportation, shopping, schools and other amenities is among the key determinants that affect your property’s appeal, and ultimately its value. After all, those are the qualities potential buyers look for when searching for a home; the more of them your house has when you go to sell, the more it will be attractive to a greater number of people. While experts suggest you take a long-term view when buying a home, it’s also important to not look too far down the road. Let’s be honest, your first home may not be your dream home, and your needs and desires are sure to change throughout the various stages of homeownership. So, while the answers to the above questions are specific to circumstances, there are also some common guidelines you can follow.

46 NEW CONDO GUIDE AUGUST 7 - 21, 2015

1. How much can you aﬀord? Experts agree it is never a good idea to make yourself house-poor, and it is a very common mistake, particularly of first-time buyers, to buy more home than you can really afford. Meeting with a mortgage broker or your banker will help determine your full financial picture, assessing everything from your credit rating to how much you have saved for a down payment. Experts also suggest you “stress-test” your plan to see how well you could cope with higher mortgage payments brought on by rising interest rates. 2. How much will it really cost? Another common homebuyer mistake is not being prepared for all the closing costs involved: lawyer fees, land transfer taxes, utilities, insurance, and home inspection and appraisal fees and insurance. All of these costs add up, and ultimately should factor into your overall home-shopping budget. 3. Where do you want to live? This question is becoming more important for a number of reasons, though influenced primarily by where you work, how much of a commute you want and whether your transportation options include mass transit or only driving. Indeed, proximity to mass transit is something more and more people are looking for in their new home location. It may not be as simple as choosing to live in the city, suburbs or a small town.

4. What type of home do you want? Once you have determined your options for cost and location, you can then assess what types of homes are available in your price range and desired neighbourhood: Single-family detached, semi-detached, townhome, duplex or condo? Some many questions, so many choices. The good news is, home builders today are in sync with customer preferences for location and amenities, and with market realities with regard to pricing and needs for energy efficiency, so your options for new-home product have never been better.

Wayne Karl is an award-winning writer and editor with experience in real estate and business. In Fundamentally Speaking, Wayne explores the basics – such as economic fundamentals – you need to examine when buying property. He can be reached at wayne.karl@ypnexthome.ca or follow him on Twitter at Twitter.com/WayneKarl

BURNABY/NEW WESTMINSTER

AUGUST 7 - 21, 2015 NEW CONDO GUIDE 47

QUICK TIPS

Four organizing myths By Hellen Buttigieg

because I am too sentimental. I don’t want to get rid of everything.” Although you shouldn’t keep things you don’t like or will never use, there’s always a way to either display or store the things that matter. For example, shadow boxes or display cases allow you to protect as well as showcase the possessions that truly mean something to you.

t’s time to dispel some organizing myths that may be keeping you stuck in your mess:

1. Multi-tasking is always productive. False. Although useful in some situations, multi-tasking can cause you to lose your focus and make costly and time-consuming mistakes. When working on important tasks, multitasking is probably not a good idea. Some things require your undivided attention. Multi-tasking distracts us from being in the present moment, which can drain our energy and leave us feeling exhausted and unfulfilled. Next time you are participating in an activity, be with that activity rather than thinking about all the things you should be doing instead, or have to do later. Resist the habit of trying to do two things at once. 48 NEW CONDO GUIDE AUGUST 7 - 21, 2015

2. Being messy automatically means you are disorganized. False. Organizing is not about how it looks, it’s about how it works. Visual, creative types need to have things out where they can see them, because out-of-sight is out-of-mind for them. This may cause their spaces to appear disorganized to others, but they probably know exactly where everything is. The flip side of this though is that visual types lose focus when there is too much to look at, so they need to find products that will allow them to contain their stuff to keep down the visual clutter. For example, a literature sorter allows them to contain their papers while still keeping them within view. 3. You have to toss everything to get organized. False. I often hear people say to me, “There’s no way I could get organized

4. If you write it on a to-do list, it will get done. False. I had a client who was so proud of her to-do list. It was prioritized, colourcoded and categorized, yet she was frustrated and overwhelmed at how many things on the list were not getting done. To get anything done, you have to actually schedule time to do the things on your list. Simply putting a task on a list is not a commitment. Blocking time on your calendar to do it is.

Hellen Buttigieg is a certified professional organizer, life coach, TV host and owner of We Organize U. Visit her website, WeOrganizeU.com, or email Hellen at info@WeOrganizeU.com

KIN

GSW AY

PRESENTATION CENTRE

DS T

ROYAL OAK AVE

ESF

NELSON AVE

BER

MARLBOROUGH AVE

WIL

LIN

GD ON

AVE

BURNABY/NEW WESTMINSTER

AUGUST 7 - 21, 2015 NEW CONDO GUIDE 49

CONDO PRO

Condos: A first-time buyer’s paradise By Barbara Lawlor

’ve been involved in the new-condo industry for years, and I have never seen conditions as favorable for firsttime buyers as they are right now. Anyone thinking about taking this major step should seriously consider buying soon for a multitude of reasons. For one thing, it’s absolutely incredible that interest rates have stayed so low for so long. Whatever age people are when they enter the market today, they’re getting rates far lower than what their parents had. And when you consider the length of time it takes to pay off a mortgage and the amount of interest you pay during that time, every percentage point – or even fraction of a point – lower represents many thousands of dollars saved in the long run.

50 NEW CONDO GUIDE AUGUST 7 - 21, 2015

And of course, the federal government is helping first-time buyers get into the market by offering the firsttime Home Buyers’ Plan (HBP), which allows you to withdraw $25,000 – tax free! – from your RRSPs to put toward a downpayment and other purchaserelated costs. If you’re a couple, you can each use that amount, for a total of $50,000. Don’t forget about the firsttime Home Buyers’ Tax Credit (HBTC) of up to $750 in tax relief. Remember, the economy and real estate roll in cycles. Mortgage rates will rise again, and so will the prices of condominium suites as labour, materials and other building costs increase. If you can buy your first home now, you have a lot going for you that may not be available in six months or a year. Think ahead and act now! Also on the financial angle, prices are extremely competitive – mainly because there is a phenomenal amount of choice out there aimed at the first-time buyer market. As the price of lowrise homes skyrockets, condominiums are a refreshingly attainable choice as a first home. As a first-time buyer, you may have to choose one of the more compact designs, but remember, you have wonderful amenities that are an extension of your living space. For example, with a fitness room in the condo building, you don’t need space in your suite for exercise equipment. If you want to entertain a crowd, you can book the party room or have friends over to watch the big game in the theatre room.

Barbara Lawlor is president and CEO of Baker Real Estate Inc., and an in-demand columnist and speaker. A member of the Baker team since 1993, Barbara oversees the marketing and sale of condominium developments in Canada and overseas.

A FA M I LY S T O R Y BY PORTE Thoughtfully crafted collection of 1, 2 and 3 bedroom homes.

1 BEDROOMS FROM $298,900 2 BEDROOMS FROM $389,900 3 BEDROOMS FROM $599,900 CO M I N G T H I S FA L L T O B R E N T W O O D R E G I S T E R N OW F O R E XC L U S I V E AC C E S S PORT E . C A / B R E N T WO O D

Pricing subject to change without notice This is not an offering for sale; sales can be made with a disclosure statement only, E&O.E.

CEDAR DR

PITT MEADOWS | MAPLE RIDGE DOMINION AVE

224TH ST

DEWDNEY TRUNK RD

210TH ST

DEWDNEY TRUNK RD

216TH ST

y M EADOW GARDENS

124TH AVE

232RD ST

DEWDNEY TRUNK RD

228TH ST

224TH ST

227TH ST

123RD AVE 203RD ST

DEWDNEY TRUNK RD

HAMMOND RD

207TH ST

S BONSON RD

HARRIS RD

AIRPORT

R IVE

R RD

240TH ST

PITT M EADOWS

4 116TH

248TH ST

FORD RD

HARRIS RD

GOLF COURSE

AVE

D E R BY R EACH R E G I O N A L PA R K

A KA KAN

WAY

110TH AVE 108TH AVE GOLDEN EARS BRIDGE

104TH AVE

102TH AVE

MAPLE RIDGE 1. SIGNATURE AT FALCON CENTRE 11862 226th Street 604.477.1500

2. REFLECTIONS ON THE RIVER 22327 River Road 604.477.1500

52 NEW CONDO GUIDE AUGUST 7 - 21, 2015

3. STATION ONE 12070 227th St. 778.878.1347

A4. RIVER'S EDGE 11580 223rd St 604-453-4965

A5. MEADOWS POINTE

20331 Dewdney Trunk Rd. 604.807.2423

JAC KS O

ghe

Lou

240TH ST

DR MACLU RE

PITT MEADOWS/MAPLE RIDGE

SUITES ARE MOVE IN READY

AUGUST 7 - 21, 2015 NEW CONDO GUIDE 53

M O N VE O I W N

PITT MEADOWS/MAPLE RIDGE

Amazing Amazing Westside Location!

1, 2 & 3 Bedroom Suites 584 - 1347 sq. ft.

OWN FOR AS LITTLE AS

At the pivot point of Dewdney Trunk Road and 203 Street, this livable low-rise sets the perfect example of life in the right direction.

• Stunning Mountain Views • Designer Kitchens • Heated Bathroom Floors • Minutes to West Coast Express • Walking distance to shopping and amenities

54 NEW CONDO GUIDE AUGUST 7 - 21, 2015

800/mo.

FURNISHED SHOW SUITE Open Sat & Sun from 12-4pm or by appointment.

20331 Dewdney Trunk Rd, Maple Ridge

604.807.2423 www.meadowspointe.ca

Developed by

PITT MEADOWS/MAPLE RIDGE

W O N

G N I L

Water Views • Folding Accordion Doors Lead to Large Outdoor Living Spaces Over-sized Windows • Spacious Kitchens with Gas Ranges • Exquisite Bathrooms Over-sized Tile Surround Shower • Walking Distance to West Coast Express

MOVEMENT IS LIFE

AUGUST 7 - 21, 2015 NEW CONDO GUIDE 55

R IVE

KNIGHT ST

99 VANCOUVER INTERNATIONAL AIRPORT (YVR)

R DR

R RD | TSAW WA SSE N RR R I C H M O N D | D E LTA | L A D NIVEE

DR BRIDGEPORT RD

NO 3 RD

NO 6 RD

91 CAMBIE RD

Westminster Hwy

ALDERBRIDGE WAY

RICHMOND NATURE PARK

GRANVILLE AVE

RICHMOND CENTRE

GRANVILLE AVE

R DR

Richmond Hwy

LANSDOWNE PARK MALL

NO 4 RD

WESTMINSTER HWY

RICHMOND NATURE PARK

NO 5 RD

R KE RU SS

CAMBIE RD

R IVE

Richmond Hwy

SHELL RD

GARDEN CITY RD

GRANT MCCONACHIE WAY ALDERBRIDGE WAY

LANSDOWNE PARK MALL

RICHMOND CENTRE

RICHMOND

CAMBIE RD KNIGHT ST

GRANVILLE AVE

NO 6 RD R IV

NO 4 RD

NO 3 RD

WESTMINSTER HWY

W AY

KE BA SS RU A1

NO 5 RD

GARDEN CITY RD

W AY R

CAMBIE RD

VANCOUVER INTERNATIONAL AIRPORT (YVR)

SHELL RD

BRIDGEPORT RD GRANT MCCONACHIE WAY

Westminster Hwy

GRANVILLE AVE

BLUNDELL RD

RD R

RO 47TH AD

A AVE

48TH AVE

53RD ST

OV E

41ST B ST

53RD ST

41ST B ST

56TH ST

ARTH

#3Rd & Landsdown Rd orchidbybeedie.ca

28TH AVE

ENGLISH BLUFF RD

A4. ORCHID

6511 Buswell St ellerichmond.com

U R DR

A2. TEMPO

12TH AVE

6TH ST

6TH AVE

56 NEW CONDO GUIDE AUGUST 7 - 21, 2015

se rR 62ND B ST

B ST

28TH AVE

A3. ELLE

7720 Alderbridge Ave 604.276.8885

U R DR

R IV

A1. RIVER GREEN

5171 Brighouse Way 604.233.2633

ARTH

AC H

72 AVE

RICHMOND

VE BOU N DARY BAY R EG IONAL PAR K

CE M ETE RY

R IV

Y WA

113 ST

115 ST

SOUTH DE LTA PAR K

74 AVE

N KSO

8A AVE

JAC

12 AVE

48TH AVE

47TH A AVE

56 ST

75 AVE

75A AVE

12 AVE

53A ST

CHALM E R S PAR K

W AY EL RD O

53A ST

DEAS ISLAND REGIONAL PARK

G RAU E R PAR K

C OAST TSAW WAS S E N I N N

119A ST

O YM RR

DE LTA NATU R E R E S E RVE

MONROE DR

78B AVE

IC A

LADNER

55 ST

80 AVE

116 ST

TSAW WA S S E N

B EACH G ROVE GOLF C OU R S E

118 ST

MACK I E PAR K

ENGLISH BLUFF RD

BL VD

112 ST

AVE FINN 18 RD

52 ST

NT A

82 AVE

80 AVE

SCOTT RD

I LT SH

NORDEL WAY

is Hw

c Anna

84 AVE

R62ND RD

S P LAS H D OW N PAR K

DEAS ISLAND REGIONAL PARK

FINN RD

112 ST

NO 3 RD

TSAW WAS S E N GOLF CLU B

NO 3 RD

56 ST

90 AVE

NORTH DE LTA PAR K

Fr a

R IV

52 ST

116 ST

MONCTON ST

R IV

MONCTON ST

GARRY POINT PARK

96 AVE

GARRY POINT N O R T HPARK D E LTA

ive r

NO 6 RD

ive r se rR Steveston Hwy

Steveston Hwy Steveston Hwy

Fr a

Steveston Hwy

NO 5 RD

SOUTH ARM PARK

NO 4 RD

WILLIAMS RD

NO 5 RD

NO 3 RD

GILBERT RD

FRANCIS RD

NO 2 RD

RAILWAY AVE

SOUTH ARM PARK

NO 4 RD

NO 1 RD

WILLIAMS RD

NO 3 RD

GILBERT RD

RD FRANCIS FRANCIS RD

NO 2 RD

NO 1 RD

RAILWAY AVE

FRANCIS RD

NO 6 RD

BLUNDELL RD

4TH AVE

CANADA’S MOST SIGNIFICANT WATERFRONT COMMUNITY

CALL NOW FOR YOUR EXCLUSIVE PREVIEW APPOINTMENT Aspac Developments Ltd. is proud to present the second phase of their latest exclusive waterfront residences. Awarded the 2014 Urban Development Institute Award of Excellence for the Best Master Planned Community, River Green is Richmond’s most valued and sought after luxury residences. For more information please visit www.rivergreen.com or call us at 604.233.2633

Illustration reflects the artist’s interpretation of the project and may be noticeably different than what is depicted. This advertisement is not an offering for sale. Such an offering can only be made with a disclosure statement. E. & O. E.

BUYER PROFILE

Elaine at The Gardens CLOSE TO WHAT COUNTS By Susan M Boyce

he’s still unpacking the last of her moving boxes, but less than two months after taking procession of her condominium at The Gardens in Richmond, Elaine is already feeling comfortably settled into her brand new home. “This is the first home I’ve owned in Canada, and it’s wonderful,” she says. “A great value too. All my friends are so impressed when they come over for a visit.” A community evolution Elaine had been watching construction at The Gardens for some time before she decided to make the jump from being a tenant to being a homeowner. “I attend a temple that’s nearby, so I’d stopped in to see the showhome three

58 NEW CONDO GUIDE AUGUST 7 - 21, 2015

or four times. I really liked the floor plans – especially the kitchens. Then one day I realized that if I lived here, I wouldn’t need to drive to the temple any more,” she explains. “So I made a down payment and bought.” Her new home is a top-floor, twobedroom with vaulted ceiling and a spacious balcony. “I can see trees and the North Shore Mountains from my living room and bedroom. And it’s going to be fantastic once all the landscaping is done and the gardens are in.” She smiles “I love gardens so much — soon I’ll be surrounded by them. And I can’t wait to start exploring the local trails nearby.” Elaine adds that she’s also thrilled with the proximity to shopping at Ironwood Plaza, transit, as well as

I love gardens so much — soon I’ll be surrounded by them. And I can’t wait to start exploring the local trails nearby. — Elaine waterfront restaurants and boutiques found at Steveston. Value for the future “Buying at The Gardens was a great opportunity and a great value,” Elaine says. “Renting was okay, but it was really important to me to own my place. This is the first step in my five year plan, and if I decide to stay here longer … well I can easily do that too.” The Gardens is located at Steveston and No. 5 Road in Richmond. New phases coming soon. More info at liveatthegardens.ca.

MORTGAGE ADVICE

What will Bank of Canada’s interest rate cut mean for the economy, housing and you? By Alyssa Richard

n July 15, the Bank of Canada (BoC) announced it would cut the target for the overnight lending rate from 0.75 per cent to 0.50 per cent. This was just the second such rate cut since 2010, with the BoC most recently cutting rates from one per cent to 0.75 per cent margin in January. January’s rate cut came as a surprise, but this latest move had been anticipated in the weeks leading up to the announcement. Lower oil prices have led the Canadian economy into a slump, prompting debates over whether we are in a recession. That argument has mostly come down to the definition of the word – a recession is technically defined as two consecutive quarters of negative GDP growth. The BoC was careful not to use the “R” word in its announcement, but acknowledged the economy is under-performing and an interest rate cut was necessary to “help return the economy to full capacity and inflation sustainably to target.” The rate cut has mixed effects, however. BoC Governor Stephen Poloz recently compared January’s rate cut to “life-saving surgery,” noting that the positive benefits outweighed any side effects such as increased levels of consumer debt. Since mortgage rates are closely tied to the BoC’s overnight rate, the housing market will also be affected. In Toronto and Vancouver where prices have been skyrocketing,

a rate cut may only make the situation worse, putting ownership further out of reach for first-time homebuyers. Prior to the announcement, it was unclear what a rate cut would mean for an already overstimulated housing market. But in the hours following the announcement, it became clear that homebuyers were eager to take advantage of lower mortgage rates. Traffic to ratehub.ca surged 300 per cent as Canadians searched for better mortgage deals in the hours following the announcement. Mortgage brokerage Butler Mortgage lowered its five-year variable mortgage rate by 0.10 per cent almost immediately, to 1.88 from 1.99 per cent. The drop translates to $1,320 savings in mortgage payments over a five-year term. TD was the first of the major banks to lower their prime rate, cutting it by 0.10 per cent. Within a day, many banks had lowered their prime rate by to 2.70 per cent. Some remain unconvinced the cut will do enough for the average Canadian to save any money, or to stimulate the economy. Others worry the impact on the Toronto and Vancouver housing markets would increase disparity between those hot markets and the rest of the country, where real estate has been relatively stable. So what does BoC’s latest announcement mean for you? If you

have a variable rate mortgage, you can expect to save a few dollars a month when your interest rate drops. Interest rates on other variable-rate loans (such as lines of credit) are also likely to drop, freeing up some cash. If you’re shopping for a house, your overall affordability will likely increase due to lower mortgage rates, but you may find that higher house prices quickly negate any advantage you might have had. We’ll have the summer to find out what effect the cut has on the housing market and the economy as a whole. The next rate announcement is Sept. 9.

Alyssa Richard is the founder and CEO of ratehub.ca, a mortgage rate comparison site that aims to empower Canadians to make smart financial decisions.

AUGUST 7 - 21, 2015 NEW CONDO GUIDE 59

RO SS RD

Sky H

R VE GO TR

Sea To

EN D

NORTH SHORE | SQUAMISH | WHISTLER DEPOT RD

DR ORO

UG H

LONSDALE AVE

DR NS

CHEAKAMUS WAY

1a MARINE DR

MARINE DR

BOULEVARD

I LD

BA S

Y WA W AY

A6 R

SEABUS

VE R GO

E NT

LOGGERS LN

QU E E NS WAY

RAVEN DR

A6. THE AVE BOUTIQUE RESIDENCES

A4. HEYWOOD ON THE PARK 1621 Hamilton Ave 604.985.0003 CH E

B UC

SQUAMISH

KLEY AVE

UD TEA PLA

DA VE DA VE

VAL LEY

60 NEW CONDO GUIDE AUGUST 7 - 21, 2015

IN S T

A2. DESTINY 2

Presentation Centre 238 Fell Ave 604.980.0016

ROBIN DR

E M A

A5. MILL HOUSE

A3. THE SHORE

VE YA WA AV ST UT E N T AV ES CK CH LO M R HE DD OR ILF GU

KEITH RD EA1

A1. SEYLYNN VILLAGE

590 Raven Woods Dr 604.929.1915

FINCH DR

LYNN CANYON PARK

MT SEYMOUR PKY

LEV LOW

600 Mountain Hwy 604.980.5000

BRENNAN PA R K

E RK

NORTH SHORE

CENTENNIAL WAY

MAGEE ST

EL RD

STANLEY PARK y

N LY

R RY

KEITH RD W

MAMQUAM RD

Mountain Hwy

TH B

MATHERS AVE

EY LL A V

SD AL EA VE

LIGHTHOUSE PARK

DEMPSAY RD

LO N

INE

DALE R D

PERTH DR

MAR

CH IPPE N

CAPILANO RIVER REGIONAL PARK

STE VE

ESS

SOU

R CYP

L BOW

TANTALUS RD

CYPRESS FALLS PARK

15TH ST

NELSON CANYON PARK

LYNN HEADWATERS REGIONAL PARK

21ST ST

25TH ST

RUN

CYPRESS BOWL RD

EAG LE

NORTH SHORE CYPRESS

1268D Lynn Valley Rd 604.986.0007

Pemberton Ave and 16th St 778.985.4767

A7. WEST QUAY 21 Lonsdale Ave 604.988.8856

rton

Dolla

Hwy

NORTH SHORE/SQUAMISH/WHISTLER

OV ER

85%

The Biggest Decision of Your Day.

SOL

Club Destiny, the 5,025 sq.ft. residents-only clubhouse

Destiny2 at Raven Woods is the most sought-after community on the North Shore and offers access to the outdoors like no other neighbourhood in Vancouver. These 1-, 2-, and 3-bedroom homes provide the life you want, for a price you can afford. Come discover your Destiny.

NORTH VANCOUVER

EP DEE P COVE

Mt Seymour Pkwy

D oll ar t

on H w y

Raven Woods Dr

B UR RAR D INLET

Ironworkers Memorial Bridge to Vancouver

Presentation Centre and Display Suite

Homes starting from just $329,900. Visit us at DestinyLiving.ca

Open Daily Noon-5pm, Closed Fridays 590 Raven Woods Dr., North Vancouver 604-929-1915 | info@destinyliving.ca

The Developer reserves the right to make changes and modifications to the information contained herein without prior notice. Renderings, maps and photographs are representational only and may not be accurate. E.& .O.E.

AUGUST 7 - 21, 2015 NEW CONDO GUIDE 61

LV D KW AY B

UB TEA PLA

COAST MERIDIAN RD

RIDGE PARK

ET R

WA Y

PA R

LVD

COQUITLAM | PORT COQUITLAM | PORT MOODY | PITT MEADOWS

VICTORIA DR

Barnet Hwy

COQUITLAM CENTRE

LINCOLN AVE

DEWDNEY TRUN K RD PRAIRIE AVE LD

BRU

SY AVE

TE N ET

DAW ES

Lou

ghe

ed H

H IL LR

B3 B4

heed

AUSTIN AVE

MUNDY ST

MARI NE R WAY

MUNDY PARK

AUSTIN AVE

Hwy

AU G

SW AY AV E

DOMINION AVE

Loug

COMO LAKE PARK

LINTON ST

SMITH AVE

GATENSBURY ST

OTTAWA ST

COMO LAKE AVE

BLUE MOUNTAIN ST

DEWDNEY TRUNK RD

COLONY FARM REGIONAL PARK

ary

l Hil

s as

MEADOW GARDENS GOLF COURSE

p By

FORD RD FRASER RIVER PITT MEADOWS AIRPORT

COQUITLAM A1. CROWN

520 Como Lake Ave Presentation Centre #104 - 522 Clarke Rd 604.939.8868

A2. CHARLAND

2102 - 963 Charland Ave 604.492.3388

A3. UPTOWN2

bosaproperties.com 604.939.2677

A4. BRADLEY HOUSE 3107 Windsor Gate 604.942.8416

62 NEW CONDO GUIDE AUGUST 7 - 21, 2015

123RD AVE

DEWDNEY TR

HAMMOND RD

PORT COQUITLAM A5. HAZEL

827 Roderick Ave 604.937.2599

A6. EVERGREEN

251 Clarke Rd (In Uptown2 Sales Centere) 604.942.2672

A7. NOVELLA

711 Breslay St Presentation Centre #170 - 3355 North Rd (at Cameron St) 604.563.5777

HARRIS RD

NORTH RD

210TH ST

ST JOHNS ST

B1. ORCHID

2455 Wilson Ave. 604.866.4206

B2. FREMONT GREEN Fremont Connector 604.468.0084

B3. PRIMA

#110 - 2255 Wilson Ave 604.945.3999

B4. SPRING ON KELLY 2214 Kelly Ave. 778.809.3488

GOLDEN EARS BRIDGE

207TH ST

PIONEER MEMORIAL PARK

INLET PARK

LA NS BL VD DOW

203RD ST

TA IN

R TO IC

S BONSON RD

ROCKY POINT PARK

AVE

HARRIS RD

w H

SHORELINE PARK

DAV ID

TOWN CENTRE PARK

CEDAR DR

COAST MERIDIAN RD

R IT AG E

JOHNSON ST

et rn Ba

PI N

DAVID AVE IOC

Get your daily dose of home decor inspiration at homeanddecor.ca

Filled with pin-worthy decor, expert design advice, and reno revamps, weâ€™ve got you covered for whatever projectâ€™s next at home.

Get inspired at

homeanddecor.ca

STAT CHAT

Why is smart money getting into apartment ownership? AND SHOULD YOU JOIN THEM? By Ben Myers

headed down to Boston recently to take my second real estate course at MIT. One of the key themes centred on how large pension funds and institutional capital is allocated by their money managers and key executives. Iâ€™d be lying if I told you I understood everything about the betas, alphas, correlation coefficients, and derivatives swaps discussed in class, but it did provide me with a better understanding of how these large organizations evaluate risk when determining how to allocate their investment dollars. Why this subject is topical is because of the renewed interest among institutional capital, opportunity funds and REITs in investing in the development of large rental apartment buildings in Canada. With the exception of a few projects, the number of large-scale rental apartment towers developed in this country over the past decade is nearly non-existent. Most of the new rental supply has come in the form of private landlords who rent out their condos. The returns these individual investors have seen in the past 15 years has caught the eye of insurance companies, hedge funds, mutual funds and high net-worth individuals, who are buying up huge sites in Toronto to build their own buildings. The MIT professors are the smartest real estate academics in North America. The guy wrote the textbook! He consults

64 NEW CONDO GUIDE AUGUST 7 - 21, 2015

these huge, professionally managed rental buildings with their one condo unit. I donâ€™t blame them. The strategy is to go boutique, smaller projects in neighbourhoods, instead of mega towers on the subway. Give your prospective tenant a different experience than what a large tower on a main thoroughfare might offer. You can keep listening to that anonymous blogger, or some analyst from Europe about the future conditions of the Canadian housing market, or you can follow in the footsteps of the billion dollar investment capital!

the largest public investment trusts in the U.S. and it puts me at ease knowing that folks like him are green-lighting more apartments in select U.S. cities and in downtown Toronto. The same folks have been trying to sell you on condominium apartment oversupply for a decade, too many units, too many investors, not enough renters, and in 2015 they have been wrong again, despite the record high unit completions. In fact, June data from the Vancouver Real Estate Board shows that the average price of a condo apartment is up six per cent annually! Some individual investors might be nervous about competing against

Fortress Real Developments partners with builders across Canada, and Ben assists in evaluating the market and projects that Fortress engages in. Follow his blog posts and commentary on the Canadian Housing Market at fortressrealdevelopments.com/ news or follow him on twitter at @BenMyers29

BRITISH COLUMBIA’S

NEW CONDO DEVELOPMENTS PROJECT

TYPE

C O N TAC T

PRICE

PROJECT

ABBOTSFORD

Abacus Uptown Hudson’s Loft 2 Lift Mahogany at Mill Lake Waterleaf

604.309.7155 604.864.8948 604.557.1047 778.255.9990 604.850.3694

Call Call Call Call From $179,900

HR HR HR HR HR HR LR LR HR HR LR LR HR HR MR LR TH LR HR HR LR LR HR

604.541.9517 604.456.8883 604.291.9130 604.563.8386 libertyhomes.ca goldhouseliving.com liveatburnabyheights.com www.porte.ca/brentwood 604.899.8800 604.899.8800 604.435.9477 604.435.9477 604.871.4189 604.456.0688 604.563.5777 604.431.6033 604.438.9922 604.527.7955 604.298.8800 604.438.1113 604.807.4353 604.218.3338 604.874.9232

Call From $239,900 Call From $299,90 From $239,900 Coming Soon Coming Soon Coming Soon From $349,800 Coming Soon Call From $439,900 Coming Soon Call Call Call From $334,900 From Mid $200’s From Low $300’s Call From $279,900 From $249,900 From $299,000

604.472.1123 604.931.0302 604.939.8808 604.492.3388 604.939.8868 604.942.2672 604.936.1888 604.937.2599 604.939.8874 604.464.2701 604.941.8305 604.939.2677

Call From Low $200’s From $249,900 Call From $280,000 From $284,900 From $235,400 From $220,900 From $234,900 Call From $360,900 From $278,900

COQUITLAM

1123 Westwood Austin Bloom Charland Crown Evergreen Grand Central 3 Hazel Mackin Park Oasis The Windsor Uptown2

C O N TAC T

PRICE

NORTH DELTA

LR LR LR HR LR

BURNABY

Aldynne on the Park Altitude Aviara Brentwood CentreBlock at Univercity Gold House Madison Madison & Dawson Met 1, The Met 2, The Metro One Metro Two Midori Modello Novella OakTerra Paddington Mews Redbrick Solo District Station Square Subora Trio Wall Centre Central Park

TYPE

HR HR LR/TH LR HR HR HR LR LR HR HR HR

Penthouse (PH)

Live Work (LW)

City Home (CH)

High Rise (HR)

Delta Rise

604.594.7473

From $189,000

LR LR LR LR LR LR LR LR

604.882.8857 604.534.6000 604.533.7718 604.377.7000 604.427.3311 778.808.6563 604.539.2200 yorksoncreek.com

From $137,500 From $269,900 From $159,900 Coming Soon From $199,900 Call From $139,900 From $179,900

LR LR LR LR LR LR LR LR

604.463.0588 604.807.2423 604.477.1500 604.467.8884 604.467.0692 604.453.9278 778.878.1347 604.380.0300

From $174,900 From $189,900 Call Call Call From $157,900 From $164,900 From $189,900

HR LR HR LR LR LR HR HR MR HR HR

604.525.3941 604.520.9890 604.524.8080 604.520.9890 604.523.0733 605.523.0733 604.523.0081 604.523.0733 778.398.1344 604.522.2583 604.525.0223

From $229,900 From $218,900 Call Call Call From $239,900 From $270,900 From $239,900 Call From $239,900 From $299,900

HR LR LR HR MR/TH LR MR LR/TH HR MR

604.980.9949

From $539,900 Coming Soon Coming Soon From the Mid $300’s Call Call Call Coming Soon Coming Soon From $259,900

LANGLEY

Athenry Gate Cornerstone Elements Focal Point Kensington Murrayville House Varsity Yorkson Creek MAPLE RIDGE

223 North Meadows Pointe Signature at Falcon Centre Parc Vue Reflections Rivers Edge Station One Wellington Station NEW WESTMINSTER

The Sapperton at Brewery District Duo at Port Royal Elliot St Glass House Lofts Grove, The Lookout at Victoria Hill, The Northbank Parkside at Victoria Hill Portage RiverSky Trapp & Holbrook NORTH VANCOUVER

15 West 221 East 3rd x61 Anchor, The Atrium at the Pier Ave Boutique Res., The Capstone Cates Landing CentreView Destiny 2 Mid Rise (MR)

Low Rise (LR)

Loft (LO)

x61living.com 604.988.8800 604.983.9065 778.985.4676 604.929.8870 604.871.4126 604.988.8540 604.929.1915

Townhouse (TH)

BRINGING PEOPLE HOME CONNECTING BUYERS TO THE BEST NEW HOME OPPORTUNITIES IN METROPOLITAN VANCOUVER

FIFTHAVE.CA

N E W H O M E S A L E S AND MARKETING EXPERTISE

AUGUST 7 - 21, 2015 NEW CONDO GUIDE 65

The listings included on the following pages are meant to offer a comprehensive overview of those new home developments currently being marketed throughout Greater Vancouver and the Fraser Valley. Pricing is subject to change; you should contact the specific development for current details or special promotions. To report any changes or corrections to this information, please contact our office at 604.519.6080, fax 604.519.6088, or email homes@ypnexthome.ca PROJECT

Drive, The Cates Landing Heywood on the Park Local on Lonsdale Loden Green Maplewood North Mill House Northlands Pinnacle Residences at the Pier Remix Tatlow Trophy at the Pier Seylynn Vilage Shore, The West Quay

TYPE

LR LR/TH LR HR/LR/TH TH LR LR LR MR LR LR MR/TH HR MR MR

C O N TAC T

PRICE

PROJECT

Call Call From $339,900 Call From low $600s From $378,900 Call From $244,900 Call Call Coming Soon From $509,900 From Low $300’s From Low $200’s From $459,900

LR LR

778.846.3200 604.460.6601

Call From $134,900

Aqua Elaho University Heights

LR LR LR LR LR LR LR HR LR LR LR

604.552.5887 604.657.9288 604.435.9477 604.349.9245 604.475.5100 604.866.4206 604.945.3999 604.468.8252 604.468.8252 778.809.3488 604.464.4764

From $158,900 Call From $209,900 Call From $169,900 From $159,900 Call Call Call From $215,900 From $246,900

SURREY

HR HR

604.552.0552 604.492.3338

Call Call

LR HR LR/HR LR/HR HR HR HR LR LR/TH

604.278.5809 604.276.2532 604.276.9186 604.276.0677 604.276.868 604.233.7748 604.273.1313 604.271.3331 604.278.0808

Call Call Call Call Call From $300,000’s From Low $300’s From $384,900 Call

PORT MOODY

Residences, The Station, The RICHMOND

Alexandra Court Alfa Avanti Camber Cadence Concord Gardens Elle Gardens, The Mandarin Walk

HR HR HR HR TH MR HR LR HR/MR/TH MR MR MR/TH LR HR

C O N TAC T

PRICE

604.233.7748 604.303.7575 604.278.8838 info@orchidbeedie.ca oxfordlane.ca 604.231.5900 604.303.8878 604.274.7326 604.303.0148 604.278.8825 604.233.2633 604.233.2633 604.270.2482 604.276.8885

From $300,000’s From $464,900 Call Coming Soon Coming Soon From Low $200’s From Low $370’s Call From $299,900 Call Call Call Call From $283,900

TH/LR TH LR

1.877.344.5566 604.898.2232 1.888.852.7575

From $239,000 Coming Soon Call

HR LR LR LR LR LR HR HR LR LR HR LR HR LR LR HR LR HR HR

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Penthouse (PH)

66 NEW CONDO GUIDE AUGUST 7 - 21, 2015

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C O N TAC T

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High Rise (HR)

TYPE

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