Is Vancouver’s real estate market warming up? Here’s what went down in the city’s condo market, where prices might be on the move again.
Vancouver real estate is struggling to pick a direction, and the newest condo stats definitely reflect that. Numbers from the Real Estate Board of Greater Vancouver (REBGV) show that February was fairly busy, despite it being cooler than last year. Generally speaking, condos saw higher prices, less sales, but also less listings.
Vancouver Condo Prices Increased
Condos across the Greater Vancouver Region (GVR) got just a little more expensive. The benchmark price is now $526,300, a 2.7% increase from the month before. While that is a massive monthly increase, the six month trend is only up 2.4%. The price increase is a positive sign, but the large one-month jump is playing catch up.
Some regions in the GVR had a better month than others. Vancouver West saw the greatest increase with the benchmark now at $688,400, a 3.9% rise from January. Squamish and Tsawwassen had the largest decrease. The benchmark price in those regions droped 0.4% to $369,800, and 0.4% to $403,900 respectively.
Vancouver Condo Benchmark Price
Vancouver Condo Sales Decreased
Sales are on the slide in the GVR, where they dropped by almost a third. The REBGV saw 1,275 sales, a decline of 28.8% from last year. All regions however saw an increase from the month prior. The monthly rise is expected in February.
Vancouver Condo Sales
Vancouver Condo Listings Decreased
Listings declined, which likely provided a better balance for sales. February saw 1,615 listings, a drop of 27.86% from the same time last year. Maple Ridge/Pitt Meadow regions saw the greatest percentage increase of listings, rising by 55.3%. Conversely, Delta region saw the largest decline, with listings in the area dropping 46.2% from last year. A drop in listings puts more pressure on buyers, so generally speaking prices increase.
Rising prices are kind of surprising for the level, but from a technical standpoint they make sense. The drop in sales, was a similar drop in listings. So in actuality, the sales to listings ratio is only 1% different from the same time last year. This means the level of demand for condos, relative to inventory is actually quite similar to February 2016. Not quite the same case for detached inventory.
Start by cutting up an egg carton so you have 6 cups connected (this is the dragonfly’s body). Have the kids paint it whatever colors they want. We used a light blue, darker blue, and purple.
Cut out some dragonfly wings with white card stock paper Cut up squares out of tissue paper and have them glue them all over the wings. Poke a knife or pen into the front and add small pipe cleaner antennas. Once the paint is all dry, glue the wings on top of the second “cup” of the egg carton. Note that the wings might curl up during drying so you might want to put some heavy objects on it.
Rising home prices, decline in sales and increase in inventory were all evident in the Greater Vancouver Region in February. This mixture of data makes it uncertain as to what direction home prices will take and it would be unfair to admit that the mix of data was an odd one.
Home sales from the prior month rose both year-over-year and month-over-month with the average sale price surging 13.9% to $906,700 making it a 1.2% increase from January. And even though last year’s figure during the same period must have been higher, the figures however this year would not be considered as a collapse.
Home prices in the city are recovering from the drop experienced during the Q3 in 2016 but it is still less than the record high figures recorded last year.
Similarly to other months, the region saw increases in various areas with the largest increases seen in Squamish and Whistler regions with the average home prices increasing 29.5% and 30.3% respectively.
Looking at the lower end, Maple Ridge and Tsawwassen regions recorded the lowest figures where prices rose 8.6% and 8.95 respectively. Although there was a considerable amount of drop in the region, there was however strong gains overall.
The region also saw a decline in home sales with 2,425 recorded for February which is a 41.9% decline from the same period last year. According to Dan Morrison, president of the Real Estate Board of Greater Vancouver, the reason why home sales were hampered was because of the bad weather condition.
Furthermore, there was a significant decline in new home listings in the region with only 3,666 new listing recorded in February a 36.9% decline.
However, reports on the media did not do justice to the figures as they neglected to state that there was a total of 7,299 properties listed, which is a 4.95 increase from the previous year.
But the decline in the various regions does not indicate a market crash but a slow market growth. However only time will tell when the market goes through a crash but as of now, inventory and sales are still building.
Unless you have a workshop or a man cave in your basement, it usually only gets cleaned once or twice a year. While it may seem that odors congregate in the basement just to keep you from going down there, it's only because heavy air contaminated with odors and gases succumb to gravity and settle in the basement. In most cases, there is no way for those odors and gases to escape. Here are some steps to get the smell out and make that space available again.
Step 1 - Evaluate
To eliminate odors and that musty smell, you first have to find the cause. Do you have boxes of old clothing or miscellaneous items you just can’t seem to part with? Well, you must! (Pun intended.) Get rid of what you haven’t used in the last year, since old items can hold onto odors and therefore contaminate the room.
Do your walls feel damp? Is there any white residue on the brick or concrete? Dampness leaks through the walls from the outside, so if there is white residue, you had (or have) moisture coming through at one point. The white stuff is called efflorescence and is a sure sign of a problem.
Step 2 - Eliminate the Humidity
Concrete (which most basements are made of) absorbs moisture from the outside and will allow it to leech into your basement. This is especially true when the frost is coming out of the ground in the spring. The ice turns into water, and water finds the path of least resistance and is absorbed by the concrete, which comes into your basement.
The moisture level in any part of the house should be somewhere between 30 and 50 percent. Anything higher will permit mold to grow. Using your hygrometer, check corners, floors, and areas around water sources like the washing machine and stationary tub. The moisture-attracting culprits are usually near walls and dark corners.
Purchase a hygrometer to measure the relative humidity in the basement. Relative humidity, in short, is the amount of moisture the air can hold at a certain temperature. Be sure the hygrometer measures relative humidity—your basement is cooler than any other part of the house, and that is why you need to measure the humidity relative to the overall temperature.
While you are out buying a hygrometer, invest in a dehumidifier. A dehumidifier will capture any excess moisture in the air and turn it back into liquid water. The best place for a dehumidifier is in the center of the room. If you have an area that is extremely high in humidity, put it there until the levels go down a bit and then move it to the center of the room where it can keep the whole basement dryer.
Step 3 - Air It Out
There is nothing better than the first spring day when it’s warm enough to open windows and get rid of all that stuffy air. That’s exactly what you need to do in the basement. Be sure to pick a day when there is low outside humidity. You can get that information from any weather report.
Step 4 - Yikes! There Are Still Smells
If the fresh air and dehumidifier didn’t work to remove the odors, there are some other handy tricks you can use on surfaces.
If you have wall-to-wall carpeting on the floors in the basement, you may have to get rid of it. Carpet, like any other cloth, absorbs moisture and the smells that come with it. Consider getting an area rug to replace the carpeting, so you at least have something you can occasionally remove and dry out.
Step 5 - Stop it From Happening Again
Your dehumidifier will help a lot. But how about investing in some fans to help those damp spots? One or two fans will keep the air circulating and stop the heavy, smelly air from settling in corners. Better yet, put one fan up in the window facing out so that it will pull the musty air out and put another fan in an opposite window to draw the clean air in.
Another, slightly more complicated way to reduce the heavy air is to add some vents in your existing system. You will need one in your supply and one in your return ducting. You could also install a basement exhaust fan.
After all these steps are considered, think about painting the basement with a mildewcide paint. If the walls have never been painted before, you must prime the walls with a mildewcide primer, such as Kilz.
That’s it! Clean it up, air it out, and reclaim the basement as your own.
A Whistler Village-inspired design proposal for the Coquitlam Central transit station featuring a 55-storey residential “statement tower” and a public plaza earned a group of UBC students top prize at a real-estate competition.
The Pacific Northwest Real Estate Challenge, hosted by TransLink and Commercial Real Estate of Metro Vancouver (NAIOP) challenged teams from real estate programs at UBC, the University of Washington and Portland State University to come up with a mixed-use, master-planned community around Coquitlam Central Station.
The competition launched in mid-January and the student competitors presented their design ideas to a panel of judges this week. UBC last won the competition in 2015.
The UBC team’s development, called Chrono, includes seven condo towers — one of which would be the statement tower — three rental towers, 47,000 square feet of office space, 136,000 square feet of retail and a public plaza on the north side.
Health and fitness, food and entertainment are the focus for the retail space. Parking would be hidden underground and the area would be pedestrian focused.
In keeping with the guidelines for the competition, the plan retains a bus loop (which would be covered in this design) and the stations for the Evergreen SkyTrain extension and West Coast Express.
It’s a five phase development that would be completed by 2038. The total cost of the project is almost $2.7 billion.
Coquitlam Mayor Richard Stewart praised all of the designs — particularly their walkability — but said the UBC team’s submission was his first choice.
“I really think that they’ve embraced some of the planning principles that we’re trying to achieve in Coquitlam,” he said.
And that 55-storey statement tower?
“Oh, my goodness. We do have to build some iconic elements and that’s a key corner in Coquitlam where we’re going to need something striking. That tower, that was neat,” he said.
Guy Akester, director of real estate programs and partnerships at TransLink, called Coquitlam Central “a critical transportation hub” and said he wanted to help bring the competition to Canada for the first time because it was a great opportunity.
“From a really selfish perspective, I get all these smart kids coming up with really great ideas that we can then leverage in our own design process,” he said.
Any development on the site is years away.
This summer, Coquitlam will begin the process of updating its city centre neighbourhood plan, which includes updating the land use for the area around the transit hub. It will take about two years.
At the same time, TransLink will continue to monitor transit usage so it has a better idea of how to redesign the site.
“It’s really a bit of a wait and see for the next couple of years,” said Akester.
For the entirety of Apple’s existence, the company’s bread and butter has been selling premium products at premium prices. So if you’re looking to get a great deal on a new computer or smartphone, you’ll probably want to steer clear of Apple retail stores. Whereas some companies are more than happy to sacrifice profits at the altar marketshare, Apple, in stark contrast, has forever been beholden to maintaining healthy margins across the entirety of its product line.
That said, there are a few ways for users to get some of Apple’s latest products at a discount. As a quick example, one helpful but perhaps lesser-known program is a 10% price matching initiative whereby Apple will honor discounted prices from authorized Apple retailers. Simply put, if a place like Best Buy is running a great promotion on new iPhones, Apple will gladly match it up to 10% off the product’s original list price.
Taking things a step further, an Apple store employee took to Reddit this morning and said that the artificial 10% ceiling on price matching is no longer in effect.
Apple is removing their limitations on price matching. Previously, Apple capped their price matching at 10% off, but that’s going away. You can now price match further, and they will even match promotions that include iTunes or Apple Store gift cards. Still has to be from brick and mortar store official websites, like Costco or Best Buy, but will not apply to places like Amazon.
All in all, this sounds like a great deal for consumers. Of course, with Apple being Apple, don’t expect any in-store employees to openly advertise the price-matching program. Instead, you’ll have to bring up price-matching on your own if you want to take advantage of the offer.
To this point, one Redditor who claims to have worked in Apple retail for eight years adds:
The policy is they don’t offer discounts unless the customer says something specifically about purchasing from a reseller. They used to be really up tight about it- requiring the employee to get manager approval but in recent years have loosened it up to allow any employee to give up to a 10% discount on their own. So all you might have to say is- I saw this cheaper at XYZ store and they might just discount for you. That’s what I did if people were nice.
Apple’s policy was that they might not win on price but they certainly wouldn’t lose. Sounds like they might be getting more aggressive.
With new Mac refreshes and revamped iPads slated for release over the next few months, you’ll definitely want to keep Apple’s updated discount policy in mind.
The top reason why foreign buyers from China want to get into the Canadian housing market is education, not investment, according to data from a popular global real estate listings website.
Figures released Tuesday by the Chinese website Juwai.com in partnership with Sotheby’s International Realty Canada found that schooling was the primary motivation for potential Chinese homebuyers who viewed property listings in major Canadian cities in 2016.
It found that housing needed for educational purposes was the most cited reason why 46 per cent of Chinese users were looking at properties in Montreal, followed by 44 per cent in Vancouver, 41 per cent in Toronto and nine per cent in Calgary.
The second most common motivator for the interested homebuyers was “own use,” which could mean the home would be used as a second or third property. Sixty-two per cent of those looking for homes in Calgary cited this was their main reason, followed by 37 per cent for Toronto, 25 per cent for Vancouver and 34 per cent for Montreal.
Investment was the top reason listed by a quarter of home seekers, with 27 per cent saying it was the main reason for their property searches in Vancouver and Toronto, 23 per cent in Montreal and 21 per cent in Calgary.
Brad Henderson, president at Sotheby’s International Realty Canada, says the figures show that there have been misconceptions about why Chinese homebuyers look to Canadian real estate.
“I really think a lot of perception that people have around foreign buyers and specifically buyers from mainland China⦠are informed by more anecdotal information and not statistics,” he said.
The data also indicated that the majority of Chinese property searches were for Canadian homes priced below $655,050.
“While home buyers from mainland China have been identified as a notable segment of foreign purchases within the luxury property markets of Vancouver and Toronto, Juwai.com data dispels the assumption that Chinese interest is limited to the high-end segment,” said the report.
“Instead, it implies that conventional real estate dominates demand.”
The figures also found that the implementation of a 15 per cent foreign-buyers tax last August in Vancouver had a swift impact on the interest of those searching for Canadian properties.
Juwai.com says that immediately following the announcement of the tax in July, its listing inquiries for Vancouver plummeted 81 per cent year-over-year and 78 per cent in August year-over-year when the tax came into effect.
It also saw that listing searches increased in other Canadian cities, with property inquiries soaring 1050 per cent and 420 per cent year-over-year in Calgary during August and September, and rising 62 per cent and 72 per cent year-over-year in August and September in Toronto.
Montreal saw a small decline of four per cent year-over-year in August before gaining 152 per cent year-over-year in September.
Even so, Henderson says he anticipates the number of Vancouver searches to pick up again, citing a modest increase in the number of inquiries in the last quarter of 2016 which he attributed to prospective buyers having digested the impact of the foreign-buyers tax.
“So we believe that in 2017, we’ll probably see an increased interest in properties in Vancouver.”
The data also found that Canada ranked third by users as the most popular destination for international homebuying, after the United States and Australia.
Juwai.com says the data was compiled over the course of 2016 from its more than two million monthly Chinese visitors.
Take any nail polish, apply two coats, and you're done. That's how easy this DIY project is. Remove with nail polish remover, and you can start all over with new colors. It's definitely cheaper than buying key covers for all of the members of your household and much easier to personalize.
Reluctance amongst Metro Vancouver home sellers is impacting sale and price activity throughout the region’s housing market.
Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 per cent decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 per cent compared to January 2017 when 1,523 homes sold.
Last month’s sales were 7.7 per cent below the 10-year February sales average.
“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This represents a 36.9 per cent decrease compared to the 5,812 units listed in February 2016 and an 11.4 per cent decrease compared to January 2017 when 4,140 properties were listed.
This is the lowest number of new listings registered in February since 2003.
The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,594, a four per cent increase compared to February 2016 (7,299) and a 4.9 per cent increase compared to January 2017 (7,238).
The region’s sales-to-active listings ratio for February 2017 is 31.9 per cent, a 10-point increase from January. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $906,700. This represents a 2.8 per cent decrease over the past six months and a 1.2 per cent increase compared to January 2017.
Sales of detached properties in February 2017 reached 745, a decrease of 58.1 per cent from the 1,778 detached sales recorded in February 2016. The benchmark price for detached properties is $1,474,200. This represents a 6.5 per cent decrease over the past six months and is unchanged compared to January 2017.
Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8 per cent compared to the 1,790 sales in February 2016.The benchmark price of an apartment property is $526,300. This represents a 2.3 per cent increase over the past six months and a 2.7 per cent increase compared to January 2017.
Attached property sales in February 2017 totalled 404, a decrease of 33.1 per cent compared to the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This represents a 0.3 per cent decrease over the past six months and a 1.3 per cent increase compared to January 2017.
Surging sales of condos and townhomes are pushing up the price for a typical Metro Vancouver home once again, according to the latest figures from the Greater Vancouver Real Estate Board (GVREB).
According to figures released today, benchmark prices are rising fastest for apartment units, which are up 2.7 per cent to $526,300 since January.
Prices for attached properties such as townhomes also rose 0.3 per cent to $675,500, while detached homes remained about the same as January at $1,474,200.
The rising prices were driven by an increasing number of residential sales, which were up 59 per cent compared with January.
But that's still 42 per cent less than the record set in February of last year during the height of the region's real estate boom,
Dan Morrison, the president of the GVREB, says another factor pushing up prices is a lack of new listings last month. In fact, the number of new listing totaled only 3,666 in February, the lowest level since 2003.
"While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today's demand. This is why we've seen little downward pressure on home prices, particularly in the condominium and townhome markets," Morrison said.
Similar trends in the Fraser Valley
In the Fraser Valley, prices are also rising according the February figures from the Fraser Valley Real Estate Board (FVREB).
The benchmark price for a single family home in the valley is $859,300, up 0.4 per cent compared to January and 20.4 per cent compared to February of last year.
Townhomes hit $422,400, up 0.5 per cent since January and 25 per cent since Feb 2016.
Apartment rose the most, hitting $267,000, up 1.8 since January, and up 26 per cent since February 2016.
Overall, the trend is a return to normal historical sales numbers, said FVREB president Gopal Sahota.
"This is the kind of February we like to see. Last year at this time, the incredible demand created a market that was difficult for consumers."
"Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it."
Benchmark prices are calculated to reflect the price of a typical home, rather than the average price, which can be skewed by the sale of a small number of luxury homes.
Call me to get all the details and find out whats left in this great building.
FABULOUS OUTDOOR LIVING
At Verdi, we have the perfect place for you to gather with friends, watch a sunset or look at the beautiful view of the mountains. Head to the rooftop terrace where you will find plenty of open space to entertain or just relax on the seating area. The terrace also features your very own vegetable garden plot and a gas BBQ area under a large wooden trellis. It’s the perfect place to grill some steaks paired with your home grown veggies and unwind with neighbours and friends.
FEATURES
DESIGN AND FUNCTION
Project design by award winning Chris Dikeakos Architects
Interior design by renowned Cristina Oberti Interior Design with choice of two contemporary designer colour palettes: Giorno (Light) and Notte (Dark)
Wide-plank laminate wood flooring throughout living/dining areas and kitchens
Bedrooms offer the comfort of lush carpeting
Each bedroom closet includes built-in rod and shelving to maximize storage
Laundry closet with front-loading washer & dryer
Generous sized terraces and balconies for outdoor living in most homes
Large expansive windows allow lots of natural light
Stylish roller shades throughout
Energy efficient electric baseboard heating throughout
Residential rooftop patio with community gardens, seating area and gas barbeque
GOURMET KITCHENS
Easy-to-clean high pressure laminate cabinetry with soft-close drawer-slide mechanisms
Breakfast bars in most kitchens
Undermount stainless steel Kohler sink with in-sink food disposal
Kohler pullout faucet allows user to switch between pause, spray and stream options
2 cm Euro-inspired quartz countertops with eased edge and full height matching quartz backsplash
Fisher & Paykel stainless steel refrigerator with pullout bottom freezer
Bosch stainless steel dishwasher with integrated door panel
Broan stainless steel slide-out hoodfan
Whirlpool Duet large capacity front-loading washer and dryer
ELEGANT BATHROOMS
Handset 12" x 24" porcelain tile flooring
2 cm Caesarstone quartz countertops with eased edge and matching backsplash
Hytec acrylic tubs with easy-to-clean high gloss surface and surrounding ceramic wall tile (complete with frameless glass pivoting half-door)
Kohler faucets and undermount sinks
Most bathrooms with his and hers vanities
Each tub and shower complete with a contemporary designed Kohler handshower kit
Large vanity mirrors with stylish lighting
Polished chrome towel bars and paper holders
Kohler dual-flush toilet with elongated bowl
Ground fault circuit interrupter plugs at all vanities
ADDED CONVENIENCE
Central data media box with wiring for high-speed internet access and digital cable installed in each home to handle all communication and entertainment needs
Multi-media outlets plus high-capacity CAT-5e wiring installed in each home
1 year complementary preferred communications package from Shaw
PEACE OF MIND
Each home backed by the Travelers Insurance Company of Canada 2-5-10 year home warranty package
2 yrs on materials and labour
5 yrs on building envelope
10 yrs on structural components
Rain screen building envelope technology
Double party walls, lightweight concrete topping at party floors, and engineered floor joists with insulation and res channel limit sound transfer between homes
Heavy-duty solid suite entry doors with deadbolt lock and viewer
Energy efficient, double glazed windows and glass doors
FOB entry device for access to building lobby and residential elevator
Secure, gated underground parking for both homeowners and visitors (Remote entry device allows access for homeowners)
Video controlled enterphone system outside main lobby allows homeowners to screen visitors via CCTV (Available for Shaw customers only)
1 Secured underground parking stall included with each home
1 Private storage locker in secured parkade included with each home
Rough-in for security system in each home
Hard-wired smoke detectors installed in each home plus a centrally monitored sprinkler system in the building
UPGRADE OPTIONS
Engineered hardwood flooring
Danby 50 bottle capacity wine cooler with digital thermostat
Ask anyone who’s been busy looking for a new home — especially in a market that’s been as hot as Metro Vancouver’s — and they’ll likely tell you the process can be daunting.
For first-time buyers especially, the process can seem overwhelming at times. There’s no easy road map, and there is so much to consider beyond a property’s age, location and square footage. From choosing between a condo and a townhome, from wood-frame to concrete construction, to an older or newer home — not to mention the neighbourhood — buyers have much to consider.
On March 1, the Greater Vancouver Home Builders’ Association’s 23rd annual Homebuyer Forum will bring prospective buyers together with industry experts who will address such issues. The free event, presented by BC Housing, takes place from 3 p.m. to 9 p.m. at SFU Harbour Centre. (To register to attend or to watch via live stream, visit http://www.gvhba.org/homebuyer_forum).
The forum will feature a series of moderated, interactive panel discussions on topics such as Getting Ready to Buy, Market Intelligence and What Product is Right for Me? A marketplace, which offers attendees a chance to interact with real estate and industry specialists and view a variety of housing product, will run concurrently.
Among the speakers are Tony Gioventu of the Condominium Home Owners’ Association and Dan Morrison of the Real Estate Board of Greater Vancouver, both of whom will take part in Market Intelligence.
Derek Fenton, development and marketing manager for builder Zenterra Developments, is among the speakers who will discuss choosing the right product.
“A lot to do with this is asking, ‘What are your fundamental goals when you’re looking at your first-time home purchase?’” Fenton said.
“If you’re a single guy or a single lady, and maybe you just want to get into the market, maybe buying a 500-square-foot studio apartment — perfect. But if you’re a newlywed couple, you’ve been putting a down payment together and want to start a family, maybe you want a two- or three-bedroom townhome.”
Of course, buyers also need to look closely at the bottom line.
“Gone are the days — and we’re going to be talking to people in their twenties and thirties — where our parents bought a single detached home for $200,000 and you grew up in this ABC neighbourhood in this big home.”
Talking to a mortgage broker is a good starting point.
“If you go out and start looking at pre-sale homes or condos or townhomes, and you’re looking in the six-or- $700,000 range, and you go to a mortgage broker and they say ‘Well, actually, you’re qualifying in the high threes or fours,’ you need to dial in your expectations.”
First-time buyers also need to factor in costs for such things as strata fees and property taxes.
“Typically, your price per square foot on a concrete apartment is going to be higher than a wood-frame townhome,” he said. “For a wood-frame townhome out in Langley or Surrey, you may be looking at nine or 10 cents per square foot in strata fees. If you’re looking at a high-end tower in downtown Vancouver, in Coal Harbour, for example, you might be looking at 40 or 50 cents per square foot.”
Additional considerations come with purchasing new versus resale. Buyers of resale homes often want an inspection, and older condos, especially in older buildings, may require the payment of special levies.
Homes that are less than 10 years old come with warranties, a cost that Wendy Acheson will address, also in What Product is Right for You?
“It’s about raising awareness for prospective purchasers, so they know what they can expect from their home-warranty insurance policy,” said Acheson, vice-president and registrar of the Licensing and Consumer Services Branch of BC Housing.
She will also discuss the difference between homeowner and strata council responsibilities in case of defects.
“Because it is an insurance policy, sometimes it’s difficult to read and understand. That’s why I really want to bring in information to the homebuyer in a way they can understand, and know what to do if they do have any problems with their home.”
Finding a realtor
Dan Morrison, president of the Real Estate Board of Greater Vancouver, will be on hand at the upcoming Homebuyer Forum to address the topic of finding the right real estate agent.
Here are some of his tips on finding a fit among the 13,000 licensed realtors in Greater Vancouver.
Don’t pick the first person you meet. “Find someone who you feel you can trust and has your needs at heart, who knows the area you want to buy in and types of product you want to buy. It breaks my heart when I see situations when somebody is working from out of the area, who doesn’t know the area or that type of product properly.”
Make sure that the realtor is available when you are. “If your realtor can’t be there to show you the inventory, how can they properly advise you on the transaction?”
Find someone with experience. “Problems do happen, and you want someone who can mitigate the problems and solve them in your best interest.”
Ask friends and family for referrals, “especially if they live in the neighbourhood you want to be in, or have bought the kind of product you want. See who’s active in the area.”
Ask for a special presentation. “Even if they don’t ask for it, a good realtor will give a presentation to the buyer to let them know how they work, and what their commitment is to you.”
Check their website. “When was it last updated, is the information current, are the links working? Are they actually in business, in other words? Is there a Twitter feed or a blog? Are they posting things regularly?”
Is it okay if they dress in an Adidas track suit? “Every buyer is different. Some will have higher standards. I typically wear a suit and tie, but lots of my colleagues don’t. It’s whatever your comfort level is.”
The Way Home is a series looking at the challenges faced by different generations of people who are in the market for a home – from first-time buyers and growing families to baby boomers who are downsizing.
With a little boy who’s just learning how to walk, Fred and Erin Desjardins would like to have a second child. However, their current home could prove challenging for their growing family.
The 1,000-square-foot, two-storey townhouse has several stairs, which make things tricky when they’re transporting kids, a stroller and groceries. They’ve been preapproved for a bigger mortgage, but they’re aware of the potential downside to upgrading.
“We’re not willing to put our family in a financial situation where we’re bankrupted,” says Mr. Desjardins, who works as an online broker. “We’re young parents, and we’re not going to jump into something unless the opportunity happens and we’re all comfortable with it and the math works.
Adds Erin, who is a dental hygienist: “We want to be smart. We’re not crazy risk-takers, like other people who take on a kajillion-dollar mortgage. These interest rates are not going to stick around.”
The Desjardins, who met while Erin was studying dental hygiene in Fred’s home city of Montreal, are looking at other townhouses on Vancouver’s North shore, ideally one with some outdoor space for their child and pet whoodle to run around. They handle their finances with care: They meet regularly with a financial planner, contribute to registered retirement savings plans, are diligently paying down debt, and seek guidance from their parents and friends’ parents on money matters. They’ve set a ceiling price and plan to hold each other to it.
Not everyone moves up in the housing market with such caution. And not being realistic about what you can afford can lead to trying circumstances down the road.
Edmonton-based Barbara Knoblach, an associate with Money Coaches Canada, has seen several cases of people taking on too much mortgage.
“This is a difficult situation as the clients have already bought too much house and locked themselves into payments that they really cannot afford,” Ms. Knoblach explains. “Sometimes it is possible to change the way the mortgage is set up. For example, some people opt for an accelerated-payment plan not realizing they can’t make the payments. In this case, the monthly payments can sometimes be lowered.
“In one extreme case, I had to convince the client to get out of the house as soon as possible as he really could not afford the payments,” she says. “This was of course an unfortunate situation, and the client ended up paying a ton of money for all the legal transactions, realtor fees, moving expenses and so on.”
When it comes to being approved for a mortgage, banks take into account income and debt. However, as Ms. Knoblach emphasizes, being approved for a certain amount does not mean you need to sign on for that much.
“What the banks do not look at is a person’s lifestyle,” she says. “Some people spend most of their time at home, but others have an active social life that involves a lot of going out and entertainment. Yet again other people spend a lot on their vehicles or on travel. So just because you get approved by a bank does not mean that you can afford this mortgage. Look at all of your expenses and ask yourself what you are willing to give up to buy that house.
“Also remember that you are in a house for the long term,” she adds. “Skipping your summer vacation once might be acceptable, but giving it up permanently in order to make mortgage payments? These are the questions you need to ask yourself when shopping for a new house.”
As a rule of thumb, you’re in a comfortable spot when your fixed expenses are no more than 50 per cent of your after-tax income, Ms. Knoblach says. So for a family making $10,000 a month, having monthly fixed payments of $5,000 would be acceptable. But for a family making $7,500 a month, $5,000 in fixed payments would be too high, as there wouldn’t be much left over for basic costs such as groceries and transportation, and even less for discretionary spending such as a dinner out or weekends away.
Then there are interest rates to consider. For any transaction a client is considering, Ms. Knoblach pretends the interest rate is 5 per cent. If someone can comfortably make the payments at this rate, it’s a go.
North Vancouver, B.C., senior mortgage broker Karen Gibbard, founder of Gibbard Group Financial, says she can’t stress enough the importance of realistically examining all the numbers. When people are looking at options involved in selling their existing home and upgrading to a new one, her team goes through a three-step calculation that lays out all the various costs associated with selling and buying properties so that there are no surprises.
The process starts with establishing a realistic sale price of a person’s existing home.
“Ideally, clients should have a professional give them an estimated sale price so we have a solid starting point to run a thorough calculation of the costs of selling their home,” Ms. Gibbard says. “The estimated costs considered in this first set of calculations are the early payout penalty on their existing mortgage, realtor fees with GST, and legal fees.”
The second step looks at the costs associated with the purchase of a new home. Ms. Gibbard says people should generally budget approximately 2 per cent of the purchase price to cover closing costs, including property transfer taxes, legal fees, appraisal costs, title insurance and moving expenses.
“Step one establishes the net proceeds out of the sale of the home,” she says. “Step two establishes the costs associated with buying, and this amount needs to be subtracted from step one to give the client a solid number that they can use toward the down payment on a new home.
“Now that a realistic amount for a down payment is established, we can work through options for the purchase of a new home, looking at purchase price, mortgage amount, and monthly payments.”
One financial consideration that seems to catch people off-guard is the need to have a deposit for the new home at the ready, she says.
“Usually clients have all of their equity in their home and coming up with a 5-per-cent deposit on a new home can be difficult and stressful at the last minute,” Ms. Gibbard says. “With guidance, clients can have this deposit arranged beforehand, and it removes that step out of the flurry of activity required right at the time of selling and buying.”
There are other factors to consider when upgrading – including the eventual need to scale down.
“Most upgrades are followed by some downsizing later on,” Ms. Knoblach notes. “So at first the family needs more space for the noisy teenagers. But once the teenagers have moved out, they may have too much space. It’s good to plan an upgrade with this in mind. Could I convert the basement into a separate suite that I can rent out once the kids have left the home? A bit of preplanning can be very helpful to always have a home that fits our stage in life.”
While it’s understandable to want a comfortable place, Ms. Knoblach says that being stressed about mortgage payments isn’t necessarily worth the extra space.
“If your house ends up owning you, you have overdone it,” she says. “A house is just one component of our lives and we should not sacrifice everything else just to own a trophy.
“I deal with a fair number of clients who do not stay put in one particular property but are consistently house hunting and wanting to upgrade,” she adds. “I try to convince these people that they end up making everybody else in the real-estate industry rich, but not themselves.”
As the provincial government is trying to cool down the real estate market in Metro Vancouver, realtors are finding creative ways to stoke up interest among overseas buyers.
That includes the use of virtual reality to take local developments to places like Hong Kong and Shanghai.
Concord Pacific’s Brentwood project in Burnaby was marketed in those cities last year in pre-sales events that involved potential buyers strapping on virtual reality headsets and doing condo walk-throughs.
The immersive realty technology was developed by LNG Studios in Vancouver.
“Our company specializes in visualizations for the real estate market, primarily focused on 3D renderings and animation for pre-sale projects,” says founder and CEO Leon Ng.
“So someone from Hong Kong of Shanghai can load up an app on their phone, put it into a VR headset and then visualize the properties.”
Ng envisions the technology becoming a big part of pre-sales and real estate development.
“Having a VR installation in future presentations centres will be huge,” he tells NEWS 1130.
The company also works with realtors in the resale market, where Ng predicts you’ll soon be able to tour more properties from the comfort of your couch, but he says China has been one of the biggest first adopters of the technology.
“We are really excited. Hopefully in a year or two, as the headset prices come down, more people will be able to afford these experiences and the content will improve as well.”
There are a variety common household ingredients you can use to keep your house clean and fresh without stressing your budget. Because they are homemade products, and made from natural ingredients, they will not contain strong-smelling perfumes and chemicals.
(For a complete guide to eco-friendly spring cleaning, take a look at this.)
When you create your own cleaning mixtures, you control the chemicals you use (it is possible to use completely non-toxic cleaning supplies). However, don’t believe that just because it is homemade it is necessarily harmless. Ammonia can be purchased cheaply and is often featured in homemade cleaning recipes, but it is not a product you can use carelessly. Bleach and isopropyl alcohol are also common household goods that are toxic.
While many of these homemade cleaning products are safer than those commercially available, they may not work as well as the commercial products. Before you invest a lot of time and money in homemade cleaners, experiment a little. Keep track of the time required to clean, and balance that against your desires for a non-toxic home. It may also require more of a product to get the same kind of clean, which could impact the cost savings. In general, making your own products will be less expensive, but sometimes if you begin adding essential oils and other side ingredients, you may find yourself spending the same amount as on commercial products.
Non-toxic ingredients:
Baking soda is a very simple and effective surface cleaning. It is similar to commercial powdered abrasive cleaners and has the added benefit of being an odor absorber. Baking soda can be used alone with water and sponge to scrub out tough stains like a scouring powder, or it can be added to a solution to add extra deodorizing power. You can leave baking soda on particularly tough stains (even pots and pans) for 15 – 20 minutes before wiping away. Baking soda also works as a drain cleaner by adding up to a cup to the drain and adding a tiny bit of hot water. Let it stand for as long as overnight before flushing the drain with hot water. It will not work on completely blocked drains, but serves as a prevention method Combine ¾ cup baking soda with 2 tbsp cornstarch.(and a dry scent you favor) to make an inexpensive carpet freshener.
Borax (sodium borate) is a great all-purpose cleaner and can be mixed with water, baking soda or white vinegar. Borax works as laundry soap, and can clean wallpaper, painted walls and painted surfaces.
Cornstarch works well as a window cleaner, furniture polish and as a carpet cleaner and deodorizer. This mixes with many things without toxic results.
White vinegar is another all-purpose cleaner that most people already have in their homes. When using vinegar for normal cleaning, you will want to dilute vinegar in an equal part water but it can be used straight from the bottle on tough stains and mineral deposits. Vinegar is a deodorizer, like baking soda, and is also a disinfectant. Because it is colorless and contains no colorants, it will not stain. Vinegar does not work well on marble or on grout, and may damage it because of vinegar’s acidity. The vinegar smell will linger while wet, but will quickly dissipate while drying. Vinegar is also an effective stain remover on sinks, floors, stovetops, chrome and countertops and can be used to remove rings from your toilet bowl! If you have family members with sensitive skin, adding half a cup of vinegar to your rinse cycle will quickly break down laundry detergent and act as a natural fabric softener.
Lemon juice, another highly acidic liquid, works extremely well on hard water stains and on built-up soap scum. You can mix lemon juice with vinegar and/or baking soda to make a paste similar to Soft Scrub brand cleaning scrub or mix it with olive oil for a wood furniture polish. Lemon juice left to sit on a rust spot can completely erase the rust and hard water. This may need to be repeated several times before the spot is completely gone.
Salt can be used as an alternative scouring powder and also works as a rust remover when paired with lime juice.
Club soda is a great stain lifter for fabrics and can double as a glass cleaner. When using club soda as a stain lifter, allow it to soak into the stain before blotting. Do not rub the stain or you risk smearing it around.
Toxic ingredients:
Isopropyl (rubbing) alcohol makes a brilliant window and glass cleaning cleaner. This is, of course, not as safe as the previous cleaners. It is also a powerful disinfectant for chrome and some kinds of ceramic tiles (test it in an inconspicuous area first). Alcohol also works well for cleaning dirty or dusty candles!
Ammonia is a very inexpensive cleaning agent, but can be toxic, so use with care. Ammonia is a strong alkaline and works in situations in which vinegar is not working. Do not ever mix ammonia with bleach as it creates an extremely toxic gas. Ammonia left to stand in the oven over night will loosen grime from the surfaces without the same chemical assault (and cost) commercial oven cleaners. It may be necessary to follow up with some kind of abrasive, such as baking soda or steel wool. Rinse with warm soapy water, as you definitely do not want ammonia residue lingering in your oven.
Chlorine bleach, another potentially dangerous chemical, is an inexpensive disinfectant/mildew remover. Dilute ¾ cups of bleach in 1 gallon of water to thoroughly clean and disinfect your shower or other areas that attract mold and mildew.
In the end, the decision to use homemade products is an issue of personal preference. If you stick to the non-toxic ingredients, you will be contributing to the health of the environment through not adding those chemicals to the ground water and air. You will probably save money, but the trade off may be a little more elbow grease to get your house clean.
Owners of a 114-unit condominium project in North Vancouver have become among the first in B.C. to secure court approval to sell their entire complex to a developer.
The BC Supreme Court approved Anthem Properties’ $51 million bid for the 6.5-acre Seymour Estates project on Lytton Street in North Vancouver district in December. The transaction closed in late January.
Justice Lisa Warren noted the sale price is 50% higher than the property’s assessed value of $32 million, according to court documents. This pencils out to an average of $447,368 for each of the 44-year-old units.
Seymour Estates is not a strata complex. It was created as a “common-law condominium corporation” – an ownership model popular in the 1970s that the province has since banned.
Unlike a strata complex, in which each owner individually owns his or her unit in a common-law strata, each Seymour Estates owner has a “fractional interest” in the whole complex.
“The process was the same as selling a strata complex under Bill 40,” said Lance Coulson, senior vice-president of CBRE in Vancouver.
Coulson brokered the sale with Jim Szabo, CBRE vice-chairman of capital markets.
However, there are some key distinctions for what is an unusual ownership arrangement. The judge’s decision in the Seymour Estates case was based on the Partition of Property Act, an arcane piece of B.C. legislation that decides on the sale of all or part of real estate jointly owned by several parties.
However, the sale of the Seymour Estates complex mirrors the potential effect of Bill 40 for many strata corporations facing similar challenges.
Bill 40, which became law in July 2016, relates only to strata corporations. It lowers the required threshold to 80% from 100% for strata corporation members to vote to dissolve their entity and sell their buildings.
The Seymour Estates vote was close to 90%, but still required a court judgment to proceed.
According to Coulson, the Seymour Estates land would be allowed a density range increase from the current 0.75 FSR (floor space ratio) to 1.2 to 1.7 under the District of North Vancouver official community plan for the area.
CBRE is recognized as a leading agency in Bill 40 transactions and is often approached by strata corporations.
However, Szabo said, condominium owners must be realistic in the increased value they expect to achieve.
“If the land lift is less than 25%, it may not be worth it,” Szabo said.
He advised condo owners to consult the official community plan for their neighbourhood to see what level of density is allowed and to consider access to transit, the amount of land and other factors in deciding whether a project would be attractive to a developer.
Seymour Estates owners received more than a premium price for their units, and a chance to escape ongoing repair bills on the aging complex. Under the terms of Anthem’s offer, owners have the right to buy back into the building at a discount and can rent their units back from the developer at discounted rates for 18 months after the deal closed.
According to CBRE, the deal achieved one of the highest prices ever paid for residential land in the district of North Vancouver.
Vancouverites are, on average, paying $1,900 for a one-bedroom unit, according to PadMapper. The increase comes in spite of a drop in average home prices across the city; the British Columbia Real Estate Association February 15 announced home prices fell 19% year-over-year in January.
Toronto came in second with an average price of $1,620 for this home type, which was a 4.5% month-over-month jump.
Prices for two-bedroom apartments in Vancouver fell 0.6% in the month to $3,130. The city’s rent in this category remains in a class of its own in terms of high cost; the next most expensive city for this home type is once again Toronto at $2,060, making Vancouver 52% more expensive than in Canada’s biggest city. This gap has narrowed from January, when two-bedroom rents were 60% higher in Vancouver, as Toronto saw a price jump of 4.6% in February.
One-bedroom apartments cost 1.6% more in Victoria in February, with an average of $1,290. Two bedroom rents fell 1.3% to $1,470.
The city with the lowest rent in Canada in February was Saguenay, Quebec, where one-bedroom apartments went for $490, and two-bedroom units cost $600 per month.
When it comes to our garage, not many of us really think about making it energy efficient. But an attached garage is one big way that hot and cold air can be entering into our homes. This causes energy bills to rise and your HVAC system to work harder. That's why it's a good idea to make your garage energy efficient—and we've got you covered. Below we have some relatively simple and inexpensive ways to help make your garage more energy efficient.
Windows and Doors
One of the first ways to make your garage energy efficient and save on your energy bill is to start with insulating the door connecting between your home and your garage. Check around the door frame for any gaps and leaks and seal them as needed. Next, put weather stripping around the door frame and install a draft stopper along the bottom of the door along the threshold if it's not sealing properly when shut.
As for windows in your garage, also check for any gaps or leaks around the window frame and caulk them as needed. Repair or replace any broken windows, and if the windows are old and not Energy Star certified, consider swapping them out for newer windows with the certification.
Lighting, Outlets, and Light Switches
Check which type of bulb you're using in your garage's overhead light. A 60 watt bulb is usually sufficient for providing enough light. To make it efficient, use an LED or CFL light bulb. To get the equivalent of 60 watts in LED, you'll need a 12-watt bulb and for CFL you'll want a 15-watt bulb. As for your outlets and light switches, installing foam gaskets in them will help to prevent the cold air from entering into the garage. These are easy and inexpensive to install.
Floor, Walls, and Ceiling
Cracks in the garage floor are one way that you could be losing a lot of heat since they allow cold air to enter your garage and also let the heat escape. To make it more energy efficient, use a concrete sealant on the floors to help seal the cracks. Also, where your garage walls and floor meet you can be losing heat as well. To fix this, use a foam sealant or a latex or silicone based caulk and run a bead of the sealant where the cement and the wall framing meet.
As for your walls and ceiling, adding fiberglass insulation between the joists will go a long way in keeping the heat in and the cold out. For interior walls, the kraft paper side should face the interior wall and for exterior walls, the kraft paper side should be facing the inside of the garage. If your garage has drywall, consider using a blown-in insulation. If there is drywall, be sure to check for any holes that need to be filled in before you blow the insulation in.
Garage Door
One of the biggest areas of energy loss may come as no surprise to you: it's your garage door. Some doors come already insulated, but if yours wasn't one of them, you don't have to buy a new door. You can simply buy a garage door insulation kit or use foam board. It won't be as energy efficient as a door that has the insulation built in, but it won't be as expensive as purchasing a new insulated door and will still save you from a lot of energy loss. Along the bottom of the door, install a rubber gasket if there's any gap.
Whenever you are checking your home for energy efficiency, don't forget the garage. An energy efficient garage has many benefits, including not only lower energy bills, but also protecting yourself and your family from any potentially toxic fumes you may have from chemicals being stored out there.
The latest record-setting Vancouver property assessments tell the story of the hottest real estate micro markets around the city. And nowhere is it hotter than the formerly low-income neighbourhood of Strathcona, which butts up against the Downtown Eastside and Chinatown.
The neighbourhood, which is a combination of light industrial, commercial and a village-like residential area, saw the biggest assessment increases in the city. The city averaged about a 30-per-cent overall increase, according to a comprehensive set of BC Assessment data obtained by planner Andy Yan, who is also director of Simon Fraser University’s City Program. Meanwhile, Strathcona averaged a 48-per-cent overall increase, due to high-priced sales that occurred close to July 1, 2016, when properties were assessed. Dunbar-Southlands came second, at 38 per cent. And downtown averaged the lowest increase, at 22 per cent. The relatively small increase in the downtown core is likely because it’s already developed. Areas such as Strathcona that have been undervalued and have development potential have the greatest to gain.
“We have to wonder what is the role of speculative investment in this,” Mr. Yan says. “The increase is obviously above the rate of local incomes increasing, and if this is not supported by local incomes, what is it supported by? Is it ultralow interest rates, global capital or by the outliers flipping?”
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Strathcona has, until recently, been a mostly unrealized gem. The neighbourhood is big on community and heritage protection, and is central to the downtown core. It’s a highly walkable, livable area, surrounded by a light industrial zone that has become trendy with tech industries, coffee shops and restaurants. It draws creative types who crave an urban area rife with old buildings. People with money started taking note back in 2007, when a 114-year-old house set a record when it sold for more than $1-million. Prices have since nearly doubled.
The sale of a house at 740 E. Pender St. set a new record as the highest sale on a standard 25-foot-wide lot this past fall. It was listed at $1.879-million and sold for $1.95-million after nine days on the market. It’s a two-storey, 3,171-square-foot character house with a one-bedroom basement suite. As a rental, the house brought in $6,000 a month. It sold far above its assessment of $1.629-million.
Although the house sold to another Strathcona resident, a big part of the drive behind the big prices is the migration of west side residents into the area, says realtor Dwayne Launt. A west side couple paid $1.85-million last year for a 2,000-square-foot house on a 25-foot lot on Union Street.
“A lot of the big purchase prices are coming from people moving out of Point Grey and Dunbar,” Mr. Launt says. “We have a lot of people who’ve cashed out and their kids moved out – sometimes older people who don’t need a 50-by-something-foot lot on a big, sprawling yard. They want something more urban, and they want to go back to a sense of community. That’s the biggest thing for them, just like you see with all these east side neighbourhoods.”
Also, he says, boomer-age parents on the west side are spending so much time visiting their grown kids on the east side, they figure they may as well move there, too.
“They’re the grey wave who can now give the kids money for property, and they have more money to play with. They think, ‘We’re driving into the east side two or three times a week anyway, why don’t we just move over there?’ That’s some of our clientele, definitely. They’re driving values. There are no foreign buyers buying in Strathcona, although that may happen soon.
“There are some speculators, but most people are wanting to live there, absolutely. And there is the odd person buying multiple houses because they can rent them for a lot. You can rent out a basement suite in Strathcona for $1,800.”
Ilka Riemann is a Strathcona homeowner who owns a second house in the neighbourhood that she rents out to young professionals. She’d like to keep the rent affordable. Her houses increased in value by 42 per cent and 43 per cent, which will likely result in a future tax increase.
“Not only that, but I won’t get the homeowners grant any more,” she says. (The value increases could put her houses above the program’s threshold.) “At this rate, what is next year going to bring? I’ll see whether or not I can keep it up. I don’t think I can.”
BC Assessments regional assessor Jason Grant says it was a notable year overall for property value increases.
“What I can say is that there would only be a couple of times since the early 1980s when the single-family residential market in the Lower Mainland moved as much as it did from July 1, 2015 to July 1, 2016,” he said.
Massive commercial property hikes also drove the Strathcona figures, including some properties along Railway Street that saw 300-per-cent increases in values. Several business owners are planning to appeal the valuations. Long-time Inform Interiors owner Niels Bendtsen says he is considering moving his business out of Vancouver because of the increased taxes he’ll be facing.
Joji Kumagai, executive director of the Strathcona Business Improvement Association, says he suspects the increases are the result of speculative investments in the area. He says the latest assessments saw some properties around Railway average a 232-per-cent increase and other industrial properties in Strathcona average 100-per-cent to 145-per-cent increases.
“It’s a straight line upward, basically,” he says. “We haven’t seen that before.”
As a result, he’s hearing from business tenants that are caught off guard by tax increases. As well, the rise puts pressure on all business owners that depend on a work force that can afford to stay in the area.
“We’ve heard quite a few businesses say they are having a hard time finding the right workers, and the distance people have to travel to get to work, so if they could only offer a certain wage and that person is coming from Langley or something, they know they won’t stick around. You start hiving off the potential work force. There’s a real consequence to this.”
While residential properties are the hot topic in the Lower Mainland, commercial and industrial zones are interconnected because they make the city function. Take away industry and jobs, and you’ve got a resort town.
“This is one of the last areas where actual industrial uses can still function,” Mr. Kumagai says. “A lot of people don’t think about what they actually contribute, but they are important in terms of resilience to the economy. It’s a wealth-generating process.”
Mr. Yan used to release a map that showed the city divided between the single-family houses that sold for above $1-million and those that sold below that amount. Each year, his $1-million line crept further east. Some time between January, 2016, and July, 2016, it disappeared. He says soaring assessments may feel like a win to the homeowner, but he questions their intrinsic value.
“I think that on paper it looks like you’re winning, but isn’t this really about how we all lose as a vibrant and sustainable city? It’s a genuine question for renters, startup entrepreneurs, young families, seniors – who really wins when property prices go up this fast in such a short time? And what are the consequences?”
Cultural centres around the Lower Mainland are sitting on valuable, large plots of real estate, and Vancouver’s Italian Cultural Centre is exploring a dramatic redevelopment proposal that will likely serve as a model for others.
The centre, also known as Il Centro, has been open since 1977, the result of 13 Italian associations banding together to build one centre.
After forty years of serving the community with everything from Italian classes to an on-site Montessori school, the centre requires millions of dollars of renovations and upgrades.
Il Centro approached several developers about exploring options for the site that would allow the centre to continue to serve the community from updated, state-of-the-art facilities, and make the centre financially sustainable over the long term.
They decided to work with local developer Bosa Properties and Henriquez Partners Architects.
Luca Citton, president of Il Centro, says Bosa was not only interested in working with the centre to redevelop the property, but also shared their vision for what it could become.
“It’s not a secret to say, (the building) is 40 years old, and there’s a lot of work to be done if we don’t do this.”
Nicole Riglietti, admistrator at Il Centro, says the proposal is a great way to keep the centre relevant to the younger generation.
“With this opportunity it will give us a chance to evolve and turn into something unique and amazing.”
Initial plans include a theatre, recreational amenities, child care facilities, restaurants, shopping, open air piazzas, gardens, classrooms, a museum, kitchens, a library, a sub-dividable hall for receptions and events, and purpose-built rental housing.
The architecture will incorporate Italian influences in its design and materials.
Over the following decades, the centre’s location at Slocan Street and Grandview Highway has become increasingly attractive. The Millennium Line SkyTrain runs past the site, and the Renfrew SkyTrain Station is located across the street.
Nearby is the Broadway Tech Centre, with thousands of employees working at BCLC, clearly.ca, the Vancouver Film School and others. Postmedia News, publishers of the Vancouver Sun, The Province and 24 Hours newspapers, will move into a new building this fall.
If all goes as planned, construction on the new Il Centro is expected to begin in Spring 2019, with completion in 2021. Members will vote this March on whether or not to proceed with the proposal.
No rezoning application has been filed with city yet. An open house for members is scheduled for February 18, from10am-2pm in the “Trattoria” at the Italian Cultural Centre.
