March « 2006 « Les Twarog Vancouver Real Estate and Condo Blog

Archive for March, 2006

low-mercury fish: Technology allows a California firm to measure the level of the metal in a shorter time than previously

Friday, March 3rd, 2006

New at the supermarket

Charles Mandel
Sun

Low-mercury fresh fish could soon land on Canadian supermarket shelves and in restaurants thanks to new technology that measures mercury content in fish in minutes rather than in days.

In California this week, wholesaler Pacific Seafood Group introduced the Safe Harbor brand of fish, which is guaranteed to have low mercury levels. The company uses a scanning system developed by San Francisco-based Micro Analytical Systems (MAS) that assesses mercury levels in different fish species in roughly 40 seconds.

Previously, retailers would have to send fish off to a laboratory for testing, a process that cost about $800 US and would take seven days for results. “It just wasn’t practical,” said Chuck Holman, a Sacramento, Calif.-based sales manager with Pacific Seafood Group.

MAS installs the machines in wholesale or production facilities and provides inspectors to run the systems. Fish inspectors use a biopsy needle to pull a 50-milligram sample from the fish’s muscle. Using a touch screen on the machine, the inspector matches the species of fish to a preloaded menu in the machine and then inserts the sample.

The machine weighs the sample and then compares the mercury concentration to U.S. Food and Drug Administration data, choosing a level below the median for comparison. In the U.S .the average allowable amount of mercury is about 1.0 parts per million.

The company charges a per-kilo fee for tested fish that pass inspection and become branded as Safe Harbor products.

In Canada, most commercial fish are allowed mercury levels of .05 parts per million. While hailing fish as a high-quality protein low in saturated fat, Health Canada advises pregnant women, women of child-bearing age and young children to not eat more than one serving per month of shark, swordfish and fresh and frozen tuna. Everyone else should limit their intake to one serving per week, according to the agency’s website.

At Calgary’s Catch Restaurant, executive chef Brad Horen said Thursday he’d “definitely” purchase low-mercury fresh fish if it was available in Canada. Catch buys about 907 kilos of seafood weekly.

“We’re very conscious about what we use,” Horen said. “Larger fish like tuna, we want to make sure it’s a high grade, but we also want to make sure that there’s no contamination.”

Ron Schindler, a New Brunswick-based senior vice-president at Cloverleaf Seafoods, said the company’s quality assurance staff are already looking into the technology, which he said is still unproven.

Based on the current guidelines, MAS expects to reject half the fish it tests, said Malcolm Wittenberg, the firm’s CEO, who noted those fish would be sold in the marketplace regardless. “The stuff we reject, which is legal for sale in the United States, will simply be vended to someone who’s not part of the Safe Harbor program.”

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Intrawest urged to sell it all

Friday, March 3rd, 2006

Hedge fund says market doesn’t appreciate structure

Province

The largest shareholder of Intrawest Corp. is urging the resort and travel firm to put the entire company up for sale, suggesting it could be worth more than $2.2 billion US.

In documents filed with U.S. securities regulators yesterday, Norwalk, Conn.-based Pirate Capital LLC suggested the fair value for the collection of Intrawest’s businesses is at least $45 US per share, a premium to its current price because of the difficulty investors have valuing the company’s real-estate business.

The U.S. hedge fund controlled by Thomas Hudson has been slowly accumulating Intrawest shares and currently holds 11.8 per cent of the company.

Stephanie Tran of Pirate Capital wrote in a letter to the Intrawest board of directors that the market doesn’t appreciate the way Intrawest structures its real-estate business, allowing it to benefit from a sale into the joint venture while distributing the development risks to the partners.

“We believe that there are numerous potential bidders who may be willing to acquire Intrawest in a valuation range reflecting a substantial premium to the current market price,” Tran wrote in a letter to the Intrawest board.

“We urge you to fulfil your fiduciary duties to all shareholders by immediately initiating a sale of the entire company.”

The Vancouver-based company said earlier this week it has hired U.S. investment bank Goldman, Sachs & Co. to help with a capital structure review, looking at strategic partnerships or business combinations. Investors welcomed the news, sending Intrawest shares up nearly 10 per cent on speculation that the review could mean the sale of the company.

Intrawest spokesman Dan Gagnier said that while the company appreciates the input from Pirate Capital and all of its shareholders, it changed nothing about the strategic review.

“Our board is fully aware of its fiduciary responsibilities and will continue to evaluate all options for creating and delivering value to all of our shareholders,” Gagnier said.

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Restaurant listings For March 2, 2006

Thursday, March 2nd, 2006

Restaurant listings: Critic’s Picks

Sun

A list of restaurants recommended and anonymously visited by Sun restaurant critic Mia Stainsby.

Prices are per couple for three courses, with a glass of wine each, before tip and taxes.

$ means $50 or less

$$ means $50 to $100

$$$ means more than $100

– – –

– WEST COAST

Aurora Bistro The first fine dining room on Main St. Inventive food, hip spot. 2420 Main St., 604-873-9944. $$

Bishop’s Consistently one of the city’s best. Almost 100 per cent organic foods. 2183 West Fourth Ave., 604-738-2025. $$$

Bin 941 Tapas bar in tiny eclectic space. 941 Davie St., 604-683-1246. $$/$$$

Bin 942 Creative, delectable tapas dishes. 1521 West Broadway, 604-734-9421. $$/$$$

Brix Large tapas selection, 60 wines by the glass. 1138 Homer St., 604-915-9463. $$/$$$

Cru Blurs the lines of fine dining, lounge and bistro. Lovely “small plates” or a four-course prix fixe. 1459 West Broadway, 604-677-4111. $$

Feenie’s Comfort food with a modern tweak and quality ingredients. 2563 West Broadway, 604-739-7115. $/$$

Fiction Young crowd, great tapas dishes. 3162 West Broadway, 604-736-7576. $$

Glowbal Grill and Satay Bar Hip, happening destination. Creative chef. 1079 Mainland St., 604-602-0835. $$

Lucy Mae Brown Intimate space, assertive dishes. 862 Richards St., 604-899-9199. $$

Nu A sophisticated version of casual dining. Beautiful flavours, great atmosphere. 1661 Granville St., 604-646-4668. $$

Parkside Handsome room in residential West End, richly flavoured food. Great spot. 1906 Haro, 604-683-6912. $$/$$$

Raincity Grill A Vancouver moment by English Bay. Regional food. 1193 Denman St., 604-685-7337. $$$

Show Case West Coast menu that doesn’t shy from adventure. Vancouver Marriott Pinnacle Hotel, 1128 West Hastings St., 604-639-4040. $$$

Watermark Stunning Kits Beach view, sexy architecture, casual food. 1305 Arbutus St., 604-738-5487. $$

West Vies for best restaurant in the city. 2881 Granville St., 604-738-8938. $$$

– ITALIAN

Adesso Neighbourhood Italian spot with light, elegant food. 2201 West First Ave., 604-738-6515. $$

Amarcord Food from the Bologna and Emilia Romagna area of Italy, elegantly presented. Clear, natural flavours. 1168 Hamilton St., 604-681-6500. $$

Cin Cin Restaurant and Bar A well-coiffed crowd. Entrees, pasta and pizzas. Nice summer patio. 1154 Robson St., 604-688-7338. $$/$$$

Cioppino’s Mediterranean Grill Fine Italian cuisine with a light touch. 1133 Hamilton St., 604-688-7466. $$$

Don Francesco Ristorante Romantic, classic Italian restaurant with heart. 860 Burrard St., 604-685-7770. $$$

Incendio West Same as above, but in modern digs. 2118 Burrard St., 604-736-2220. $/$$

La Terrazza Knock-out looks, intelligent and friendly staff, traditional Italian food. 1088 Cambie St., 604-899-4449. $$$

Lombardo’s Pizzeria and Restaurant Serving pizza lovers for years. 1641 Commercial Dr., 604-251-2240. $

Quattro on Fourth An Italian restaurant with flair. 2611 West Fourth Ave., 604-734-4444. $$/$$$

– CHINESE

Hon’s Wun-Tun House Slurp noodles and chomp on delicious potstickers. Huge menu. 1339 Robson St., 604-685-0871. $

Kirin Seafood Exquisite Cantonese food. City Square, 555 West 12th Ave., 604-879-8038. $$$

Pink Pearl It’s been around forever and is still a going concern. 1132 East Hastings St., 604-253-4316. $

Sun Sui Wah Cantonese cuisine with light, finely tuned flavours. 3888 Main St., 604-872-8822. $$

Szechuan Chongqing An institution for those who love the incendiary fare. 2808 Commercial Dr., 604-254-7434. $$

Wild Rice Modern Chinese food in a sophisticated, hip setting. 117 West Pender St., 604-642-2882. $$

– JAPANESE

Ajisai Sushi Bar Small neighbourhood spot with sushi that sings. 2081West42nd Ave., 604-266-1428. $

Bistro Sakana Exciting Japanese food with French and Italian curve balls. 1123 Mainland St., 604-633-1280. $$

Black Tuna Tapas style Japanese dishes, sushi, lovingly cooked. 202 — 1184 Denman St., 604-408-7557. $$

Chopstick Cafe/Shiru-Bay Great atmosphere, intriguing izakaya food, budget prices. 1193 Hamilton St., 604-408-9315. $$

En Japanese Restaurant Bucks the usual conformity of Japanese restaurants. Splendid food. 2686 Granville St., 604-730-0330. $$

Gyoza King Gyozas reign supreme. Open late. 1508 Robson St., 604-669-8278. $

Hapa Izakaya Young and stylish; great izakaya-style Japanese food. 1479 Robson St., 604-689-4272. $/$$

Tojo’s Restaurant The topper in this category. Japanese food at its best. 202 — 777 West Broadway, 604-872-8050. $$$

Toshi Sushi Tiny place always packed for the fresh, tasty sushi. 181 East 16th Ave., 604-847-5173. $/$$

Umami A hybrid of Japanese and Mediterranean, the food is ambitious and creative. Good value wines. 572 Davie St., 604-696-9563. $$

Zest Japanese Cuisine Grazing style modern Japanese menu in cool modern room. 2775 West 16th Ave., 604-731-9378. $$

– FRENCH/BELGIAN

Bacchus Restaurant Some classics, some nouveau. Expect the best. Wedgewood Hotel, 845 Hornby St., 604-689-7777. $$$

Cafe de Paris Traditional French bistro. Lots of character. 751 Denman St., 604-687-1418. $$

Cassis Bistro Low budget but mod interior. Delicious traditional French bistro fare. Good value. 420 West Pender St., 604-605-0420. $$

Chambar Modern Belgian food. Hot hipster scene. Chef has cooked in a three-star Michelin restaurant. 562 Beatty St., 604-879-7119. $$

Elixir French brasserie in Yaletown; bistro food, haute quality. 322 Davie St., 604-642-0557. $$/$$$

Le Crocodile Refined French with incredible wines to boot. 909 Burrard St., 604-669-4298. $$$

Le Gavroche French food in a charming old house. 1616 Alberni St., 604-685-3924. $$$

The Hermitage Beautifully controlled classic French cooking. Quiet atmosphere. 1025 Robson St., 604-689-3237. $$$

Lumiere Chef Rob Feenie redefines restaurants in Vancouver. Tasting menus. 2551 West Broadway, 604-739-8185. $$$

Mistral Authentic Provencal food cooked by former Michelin chef. 2585 West Broadway, 604-733-0046. $$

Pastis French bistro with a lightness of being. 2153 West Fourth Ave., 604-731-5020. $$/$$$

Salade de Fruits Very good value French country bistro. 1551 West Seventh, 604-714-5987. $$

The William Tell A Swiss-French restaurant. Service excels. Georgian Court Hotel, 773 Beatty St., 604-688-3504. $$$

– GREEK

Apollonia Well-prepared Greek food and very good pizzas. 1830 Fir St., 604-736-9559. $/$$

Kalamata Greek Taverna A popular souvlaki stop dressed in the familiar white and blue. 478 West Broadway, 604-872-7050. $$

The Main Friendly, funky spot. Wonderful roast lamb. 4210 Main St., 604-709-8555. $$

Maria’s Taverna Friendly service. 2324 West Fourth Ave., 604-731-4722. $$

Simpatico Thirty-plus years old; traditional Greek restaurant with the addition of good pizzas. 2222 West Fourth Ave., 604733-6824. $/$$

Stepho’s Nightly lineups because of low prices. 1124 Davie St., 604-683-2555. $

– INDIAN

Chutney Villa South Indian cuisine, with dosas, idli and vadas. 147 East Broadway, 604-872-2228. $/$$

Clove An alternative Indian restaurant, funky, cheap beyond belief. 2054 Commercial Dr., 604-255-5550. $

Clove Upscale sibling to Clove on Commercial. Modern Indian cuisine. 735 Denman St., 604-669-2421. $/$$

Indica Indian dishes with western tweaks. Charming. 1795 Pendrell St., 604-609-3530. $

Maurya Fine Indian food in glam surroundings. 1643 West Broadway, 604-742-0622. $$$

Rangoli Vij’s casual and take-out next-door sidekick. Impressive. 1488 West 11th Ave., 604-736-5711. $

Samosa Garden Smooth sauces, lovely food, good service. 3502 Kingsway, 604-437-3502. $$

Tamarind A hip spin-off from the traditional Rubina Tandoori restaurant with modern elements. 1626 West Broadway, 604-733-5335. $$

Vij’s Dishes are a symphony of wondrous flavours. 1480 West 11th Ave., 604-736-6664. $$

– SOUTHEAST ASIAN

Banana Leaf Homestyle Malaysian food. 820 West Broadway, 604-731-6333 and 1096 Denman St., 604-683-3333. $$

Chi Modern take on Malaysian and Thai cuisines. 1796 Nanaimo St., 604-215-0078. $$

Kedah House Halal Restaurant Malaysian food with a light, nimble touch. 5750 Fraser St., 604-325-9771. $

Monsoon An “East-West” brasserie with tropical Asian dishes, loads of atmosphere. 2526 Main St., 604-879-4001. $$

Montri Thai Restaurant Some of the best Thai food in the city. 3629 West Broadway, 604-738-9888. $$

Phnom Penh Largely Cambodian but includes Chinese and Vietnamese flavours. 244 East Georgia St., 682-5777. $

Pondok Authentic Indonesian dishes, freshly cooked. 2781 Commercial Dr., 604-872-8718. $$

Simply Thai On the A-list for Thai food. 1211 Hamilton St., 604-642-0123. $$

– SEAFOOD

Bluewater Cafe and Raw Bar Handsome spot. Impressive seafood, impressive wine list. 1095 Hamilton St., 604-688-8078. $$$

C Chef Robert Clark takes seafood to a new level. 1600 Howe St., 604-681-1164. $$$

Fish Cafe Unpretentious, straight-ahead seafood at bargain prices. 2053 West 41st Ave., 604-267-3474. $

Go Fish Fab fish and chips and much more, dished out of a catering truck, made with fish from the adjacent Fisherman’s Wharf. 1505 West First Ave., 604-730-5040. $

Joe Fortes Seafood and Chop House Fresh shucked oysters, cedar plank salmon, grilled chops. High energy. 777 Thurlow St., 604-669-1940. $$$

Rodney’s Oyster House Specializes in very fresh shellfish and oysters. 1228 Hamilton St., 604-609-0080. $$

– AMERICAN

Memphis Blues Barbecue House Slow-cooked, southern style BBQ. Delish. 1465 West Broadway, 604-738-6806; 1342 Commercial Dr., 604-215-2599. $

– VEGETARIAN

Bo Kong Buddhist-based menu using very fresh ingredients. Mild flavours. 3068 Main St., 604-876-3088. $

Habibi’s Lebanese food. Not the same old, same old. 1128 West Broadway, 604-732-7487. $

The Naam Wide variety of vegetarian fare. Quiet patio in summer. 2724 West Fourth Ave., 604-738-7151. $

Om Vegetarian Flavourful, fresh Buddhist-based vegetarian food. 3466 Cambie St., 604-873-6878. $

– LATIN AMERICA

Banano’s No-frills Venezuelan/Colombian cafe. Delicious arepas. 1223 Pacific Boulevard, 604-408-4228. $

Baru Casually chic South American food for discerning diners. 2535 Alma St., 604-222-9171. $$

Havana Cuban food, tweaked for Commercial Drive. 1212 Commercial Dr., 604-253-9119. $

Lolita’s South of the Border Cantina Casual Mexican food with sparkle. Lots of buzz in the room. 1326 Davie St., 604-696-9996. $$

Rinconcito Salvadoran Restaurant Fresh cuisine. Lovely pupusas. 2062 Commercial Dr., 604-879-2600. $

Tio Pepe’s Yucatan food, nicely prepared. 1134 Commercial Dr., 604-254-8999. $

– MEDITERRANEAN

Circolo Italian, French, and a little bit of New York. Awesome wine list. 1116 Mainland, 604-687-1116. $$$

Provence Mediterranean Grill The menu is a marriage of French and Italian. Lovely flavours. 4473 West 10th Ave., 604-222-1980 and 1177 Marinaside Cres., 604-681-4144. $$

– EASTERN EUROPEAN, CENTRAL ASIAN

Accent Eastern European, French, Russian accents on a continental theme. 1967 West Broadway, 604-734-6660. $$

The Budapest Big doses of Hungarian comfort. Smouldering goulash soup. 3250 Main St. 604-877-1949. $

Rasputin Large selection of vodkas, wonderful live music and dishes such as grilled Georgian cornish game hen. 457 West Broadway, 604-879-6675.$$

– NORTH SHORE

Beach House at Dundarave Pier Spectacular setting for brunch by Dundarave Beach. West Coast cuisine. 150 25th St., West Van, 604-922-1414. $$$

Brown’s Restaurant and Bar Casually chic and bustling bistro with burgers, rice bowls, entrees. 1764 Lonsdale Ave., North Van, 604-929-5401. $/$$

Dundarave Fish Market Charming spot; fabulous seafood from the adjoining fish market. 2419 Marine Dr., West Vancouver, 604-922-1155. $

Gusto Di Quattro Cosy, warm. Italian food. 1 Lonsdale Ave., North Van, 604-924-4444 . $$/$$$

La Regalade A truly, deeply French bistro. Wonderful atmosphere. 2232 Marine Dr., West Van, 604-921-2228. $$/$$$

Nobu Tiny, with just enough room to make the lovely sushi. 3197 Edgemont Blvd.,North Van., 604-988-4553. $

Saltaire Gorgeous roof patio. Good value West Coast food. 2nd floor – 235 15th St., West Van, 604-913-8439. $$

– BURNABY/NEW WEST

Anton’s Gargantuan portions of pasta. No reservations. 4260 Hastings St., Burnaby, 604-299-6636. $$

Bombay Bhel Lovely Indian food. Menu features Mumbai-style snacks. 4266 Hastings St., 604-299-2500. $/$$

The Hart House In Tudor mansion. Exacting West Coast fare. 6664 Deer Lake Ave., Burnaby, 604-298-4278. $$$

Pear Tree Small menu, sublime continental food. 4120 Hastings St., Burnaby, 604-299-2772. $$$

Taverna Greka Greek cuisine. View of Fraser River. 326 Columbia, New Westminster, 604-526-6651. $$

Vassili Souvlaki Greek Taverna Traditional Greek foods with no reticence when it comes to portions. 6558 Kingsway, Burnaby, 604-434-0626. $$

– COQUITLAM, POCO, PORT MOODY

Joey Tomato’s Mediterranean Grill Casual family retaurant. 550 Lougheed Hwy., Coquitlam, 604-939-3077

Kirin Seafood Restaurant Chinese food for the discriminating palate. 2nd floor, Henderson Place, 1163 Pinetree Way, Coquitlam, 604-944-8833. $$/$$$

Pasta Polo Organic wheat pastas, pizzas. Family restaurant. 2754 Barnet Highway, Coquitlam, 604-464-7656. $/$$

– RICHMOND

Bo Kong Restaurant Buddhist vegetarian cuisine. No alcohol. 8100 Ackroyd Rd., Richmond, 604-278-1992. $

The Flying Beaver Bar Funky bar overlooking the Fraser River. 4760 Inglis Dr., Richmond, 604-273-0278. $/$$

Hon’s Wun-Tun House Noodles and delicious pot stickers, panfried or steamed. 4600 No. 3 Road, Richmond, 604-273-0871. $

Quilon Restaurant Southern Indian cuisine with notably delicious dosas. 6030 No. 3 Road, Richmond, 604-303-0011. $$

Shanghai River Shanghai style cuisine. Dumplings and noodles made in open kitchen. 7831 Westminster Highway, 604-233-8885. $$

Sun Sui Wah Impressive way with seafood. 4940 No. 3 Rd., Richmond, 604-273-8208. $$

Zen Fine Chinese Cuisine Multi-coursed tasting menus and personalized dinners. Excellent. 2015 — 8580 Alexandra Rd., Richmond, 604-233-0077. $$$

– SURREY, WHITE ROCK, DELTA, TSAWWASSEN

Big Ridge Brewing Co. A Mark James restaurant and brew-pub. Families welcome. 15133 Hwy. 10, Surrey, 604-574-2739. $$

Crescent Beach Bistro Rustic country spot. Straight ahead food. 12251 Beecher St., 604-531-1882. $$

Giraffe Charming place, eclectic West Coast menu. 15053 Marine Dr., White Rock, 604-538-6878. $$/$$$

La Belle Auberge In a heritage house in Ladner. Sublime French food. 4856 48th Ave., Ladner, 604-946-7717. $$$

Pearl on the Rock Modern Pacific Northwest cuisine with emphasis on seafood. Delicious fare. 14955 Marine Dr., White rock. 604-542-1064. $$$

Southside Grill West Coast cuisine, tasteful ambience. 1201 — 56th St., Tsawwassen, 604-948-2662. $$/$$$

– FRASER VALLEY

Bacchus Bistro At Domain de Chaberton Estate Winery. Limited hours. Mediterranean food. 1064 — 216th St., Langley. 604-530-9694. $$

Bravo Bistro Swish little bistro, run by former Delilah’s restaurant veterans. 46224 Yale Rd., Chilliwack. 1-604-792-7721. $$

Paliotti’s Ristorante Italiano Cosy, old-fashioned Italian restaurant. Kids’ menu too. 12018 Edge St. (at Dewdney Trunk Rd.), Maple Ridge, 604-463-8926. $$

– SQUAMISH AND WHISTLER

Araxi Restaurant & Bar Handsome Tuscan looks, regional cuisine. Outstanding wine list. 4222 Village Square, Whistler, 604-932-4540. $$/$$$

Brew House Rustic with cedar and timbers. Casual food for the family and house brews. 4355 Blackcomb Way, Whistler, 604-905-2739. $$

Ciao Thyme Small and crowded but a budget-minded jewel. Great breakfasts. 4573 Chateau Boulevard, Whistler, 604-932-7051. $

Caramba! Mostly Italian but Spanish, Asian and regional flavours sneak in. 4314 Main St., Whistler, 604-938-1879. $/$$

Fifty Two 80 Bistro Every dish a ‘wow’. Gorgeous room. Four Seasons Hotel, 4591 Blackcomb Way, Whistler, 604-935-3400. $$$

Howe Sound Inn and Brewing Co. The brew pub serves casual fare. The Red Heather dining room offers a finer menu. 37801 Cleveland Ave., Squamish, 604-892-2603. $/$$$

Il Caminetto di Umberto Umberto Menghi’s high-end Whistler restaurant. Features include game. 4242 Village Stroll, Whistler, 604-932-4442. $$/$$$

The Roadhouse Diner at Klahanie Pasta, light meals, entrees with West Coast flavours. Shannon Falls, Highway 99, 604-892-5312. $$

La Rua Refined tastes of the Mediterranean with B.C. backups. Romantic. Le Chamois Hotel, 4557 Blackcomb Way, Whistler, 604-932-5011. $$/$$$

Quattro at Whistler Contemporary Italian cuisine. 4319 Main St., Whistler, 604-905-4844. $$/$$$

Rim Rock Cafe Chalet style restaurant consistently offers exquisite food. 2117 Whistler Rd., Whistler, 604-932-5565. $$$

Trattoria di Umberto Tucked away from the throngs but always packed.Lovely affordable Italian food. 4417 Sundial Place, 604-932-5858. $$/$$$

Val d’Isere Fine French, but casual atmosphere. Bear Lodge, 4314 Main St., Town Plaza, 604-932-4666. $$$

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British Columbians spent $6 billion for new homes, $3.9 billion on fix-ups

Thursday, March 2nd, 2006

Rising construction costs, real estate values behind 10.8-per-cent surge in spending

Derrick Penner
Sun

British Columbians, in 2005, poured a record $11.1 billion into building new homes and spiffing up the homes they already own, Statistics Canada reported Wednesday, driven in a large part by increasing construction costs and rising real estate values.

Spending shot up 10.8 per cent in 2005, although the number of new homes built in 2005 was only up half-of-one per cent and well below record numbers of the early 1990s.

Broken down into the three components of investment, British Columbians spent just over $6 billion to build new homes, an increase of 11.1 per cent; $3.95 billion on renovating existing homes, a jump of 8.8 per cent, and acquisition costs — taxes, development charges and mortgage insurance — hit $1.09 billion, a 16.7-per-cent increase.

The results were no surprise to Peter Simpson, CEO of the Greater Vancouver Home Builders’ Association, who has watched construction costs rise. “Land costs have spiked up significantly, costs for labour and materials have both gone up significantly, so the outcome is higher prices for everything,” Simpson said.

“And we don’t see any relief in sight as far as material and labour costs [go].”

Simpson noted that market analysts are forecasting that fewer houses will be built in B.C. in 2006, “because there’s a ceiling out there for some people out there.”

“For every $1,000 rise in housing costs, that eliminates a certain part of the potential market,” he added.

B.C.’s overall spending in housing construction was elevated by a $3-billion surge in the fourth quarter, which was 18-per-cent more than in the same quarter of 2004.

Nationwide, Canadians spent $19 billion on housing and renovations in the fourth quarter of 2005, pushing overall spending to $74 billion, a 5.7-per-cent increase from 2004, Statistics Canada reported.

The federal agency attributed the increase to low mortgage rates, rising full-time employment, a thriving economy in Western Canada and high immigration.

Apartment and condominium construction contributed the biggest gain to new housing construction, Statistics Canada reported.

The agency added that an increase in the average cost of new single-family homes offset a decline in the number of new homes being built.

New-home construction in 2005 was the biggest component at $34.7 billion. An increase in apartment and condominium construction contributed.

Statistics Canada said all provinces except Quebec saw higher levels of investment in residential construction.

While construction of single-family homes drove Alberta’s gains in investment, Statistics Canada analyst Etienne Saint-Pierre said condominium construction was the biggest component of B.C’s new-home construction results.

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Traffic update on cell, PDA among tech show highlights

Wednesday, March 1st, 2006

TECHVIBES SHOW I Future is about speed, capacity, broadband mobility, audience told

GILLIAN SHAW
Sun

GLENN BAGLO/VANCOUVER SUN David Neale, vice-president of service development for Rogers Communications Inc., tells audience at TechVibes Technology Show at Science World Tuesday that the Internet future is all about speed and capacity.

Avoiding traffic jams took a high-tech twist Tuesday with the launch of a new service that will deliver a bird’seye view of Vancouver intersections straight to your cellphone or mobile device.
   The free service delivers video images updated every three minutes from 30 traffic cameras around Vancouver. It’s the brainchild of a group of former Motorola cellphone experts who have turned their talents into a new company, Inception Software Technology Inc. to make remote video surveillance mobile.
   Fittingly, the company debuted its offering at Techvibes Massive Technology show and conference in Vancouver, where 175 exhibitors were giving credence to keynote speaker David Neale of Rogers Communications, whose message was that IP — Internet protocol — is everywhere.
   “It’s all about speed, it’s about capacity, it’s about faster services,” Neale, Rogers’s vicepresident of service development, told delegates. “It is about having broadband mobility wherever you go.”
   From the wireless service provider FatPort’s BizSpot service launched at the show Tuesday to transform offices into wireless hubs, to outdoor enthusiast Scott Burchett’s solar powered backpacks that can recharge iPods and cellphones on the remotest mountain peaks, Techvibes was all about a wired and wireless world of Internet access.
   Inception Software’s newly launched CelVu.com is focused on the corporate security surveillance market with starter kits that include wireless cameras, a network video recorder and a year of service retailing for close to $3,000.
   While security surveillance is the company’s commercial focus, president Chris Scholefield said the mobile traffic monitoring service was launched to raise awareness of the technology.
   “Our intention is that before people set out, they can use their cellphone to check traffic congestion,” he said, pulling up a screen on his BlackBerry that offered three views of West Georgia west of Broughton in downtown Vancouver.
   On the security side, the cameras can be mounted in homes, offices, or any facility, allowing owners a virtual view through their cellphone or mobile screens. While Scholefield said the BlackBerry is drawing the most interest as the device of choice for monitoring the cameras, the service works with Treos, pocket PCs, cellphones and other mobile devices that allow for the delivery of video.
   The cameras, which can track everything from what your kids are doing while you’re not home to whether thieves are clearing out all the computers from your office, record the video with files that are archived up to seven days.
   Scholefield said for security companies with guards investigating alarms, the technology is a safeguard. “This way they can see what’s going on before they go in.”
   For Scott Burchett, realization that IP anywhere would simply not work if batteries die, and his frustration at failing to find a solution to keep devices powered while they’re unplugged, led him and Paul Andrews to form Burchett Andrews Distribution — www.badinc.ca — which focuses on portable solar power charging options for the marketplace, such as a solar powered backpack.

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Real estate continues to cool

Wednesday, March 1st, 2006

Noelle Knox
USA Today

After five adrenaline-pumping years of real estate sales, 2006 is already fulfilling predictions of a weaker market.

Sales of existing homes fell in January for the fifth month in a row, the National Association of Realtors (NAR) said Tuesday. The same month, new-home sales slid 5%, the government said Monday. Builders are seeing more orders canceled. Meanwhile, the number of homeowners who are late paying their mortgages has been creeping up.

Even so, prices are expected to rise about 5% this year despite the cooler market.

“January’s weak existing- and new-home sales numbers are the strongest evidence yet that after five remarkable, record-setting years, the housing market is in decline,” says Patrick Newport, the U.S. economist for Global Insight.

The drop in home sales defied unseasonably warm weather and cash and give-away incentives from builders that had raised hopes for a brighter showing.

“Imagine if the weather had been terrible,” said Phillip Neuhart, economic analyst for Wachovia.

No one needs to tell that to Fran Floyd. She took her Houston townhome off the market Saturday after nearly six months — even though she was willing to sell it for $3,400 less than she paid in 2002.

“It’s just sad,” said Floyd, 81. “I’ve got to sell. I don’t know what I’m going to do. What I’m thinking about and praying about is renting it for a year, hoping the real estate market gets better.”

Unfortunately for her, the NAR projects a 5% decline in existing-home sales this year, to what would still be historically high levels. Home sales have been a huge engine for the economy as buyers spend to refurbish existing homes and sellers spend their proceeds on new homes or consumer goods.

In January, existing-home sales dipped 2.8%, to a seasonally adjusted pace of 6.56 million, down 5.2% from January last year. At the same time, the number of single-family homes for sale rose to the highest since 1986 — and 34% higher than a year ago, according to Insight Economics. That’s a sign would-be buyers aren’t so quick now to take the plunge.

“We’ve just got tons of inventory,” and prices are coming down in Grand Rapids, Mich., said Pat Vredevoogd of AJS Realty.

One in five builders said they are seeing more cancellations of new-home orders than they did six months ago, according to the National Association of Home Builders, with 4% saying the problem is significant. To entice home shoppers, many builders are offering free TVs, swimming pools, landscaping and other incentives.

That’s good news for buyers. But it’s bad news for sellers such as Kent Anderson. Kimball Hill, the developer of his Las Vegas community, is now offering home buyers so many incentives — including free granite countertops and stainless steel kitchen appliances — that Anderson had to cut his asking price on the home he bought from Kimball Hill less than a year ago.

“As builders close out a community, those last homes are pure profit” for them, says Bruce Hiatt, Anderson’s Realtor. “It really changes the comparable sales in the area.”

Regionally, the only bright spot in January was in the South. Sales there rose 2.6% from December’s pace. Home sales suffered most in the Northeast, falling 10%. That was followed by a 7.7% drop in the Midwest and a 3.5% dip in the West. January’s declines are even sharper when compared with January of last year.

One key reason fewer people are buying: They can’t afford to. The median price — half cost more, half less — was unchanged from December at $211,000 but was 11.6% higher than in January 2005.

It’s clear that some homeowners are having trouble paying their mortgages. The number of homeowners who are 90 days or more behind on their primary mortgages rose to 3.6% in December, up from 3% last March, according to Loan Performance.

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Apple reinvents home stereo for the ‘iPod age’

Wednesday, March 1st, 2006

New Mac Mini, iPod Hi-Fi system cuts need for CD storage

Sun

Apple Computer Inc.’s new Hi-Fi speaker system for its iPod player was shown at an unveiling at the company’s headquarters in Cupertino, Calif. Photograph by : Associated Press

CUPERTINO, Calif. — Apple Computer Inc. on Tuesday introduced a speaker system for its iPod music players and a revamped Mac Mini computer that will let users access music, video and photos across their home networks.

The new Mac Mini includes Apple’s Front Row software, already found on the newest iMacs, so users can connect the computer to their televisions and control music, videos, or photos with a remote.

An added feature of the Front Row software will let users locate and share media content from other computers within a local wireless network. This means a user can play songs or stored TV shows that are pulled off a computer in another room in the house.

The new Mac Mini looks much like its previous incarnations but is the first to include Intel Corp. chips. Apple said the $599 US model that has a single-core chip operates up to three times faster than its predecessor. A higher-end, $799 model that has two computing engines in one processor runs about five times faster, Apple said.

With the $349 iPod Hi-Fi system, users can dock their portable players into the speakers and use a remote control to operate it from afar. That means there’s no longer a need for a cabinet full of CDs, Apple chief executive Steve Jobs said in a presentation at company offices.

“It’s home stereo reinvented for the iPod age,” he said.

The iconic iPod player has fuelled Apple’s growth in recent years and led to a booming industry of accessories ranging from speakers to clothing, as well as an increasing number of cars that come equipped with iPod-ready stereo systems.

Apple’s new boom-box-like speaker system will compete with its accessory partners, but senior vice-president Phil Schiller said Apple will continue to support members of the “iPod economy.” He said there’s enough room in the market for a range of products.

“It’s all about the iPod lifestyle,” Schiller said in an interview.

Apple has become the pacesetter for digital media products, and its shares have more than doubled in the last year. Apple has sold more than 42 million iPods since its 2001 debut.

Shares of Apple fell $2.50, or 3.52 per cent, to close at $68.49 on the Nasdaq Stock Market. The stock’s 52-week range is $33.11 to $86.40.

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Condo ‘soft landing’ predicted

Wednesday, March 1st, 2006

Derrick Penner
Sun

Greater Vancouver’s white-hot condominium markets appear headed toward equilibrium, consulting firm PricewaterhouseCoopers reported Tuesday, though builders in some areas run the risk of putting too many new units into the marketplace.

Craig Hennigar, vice-president of PWC’s real estate advisory practice, said the firm tracked fewer project marketing campaigns and noted a “moderate slowdown” of sales during the reporting period for the latest edition of its semi-annual report.

“In economic terms, that would be a soft landing,” Hennigar said. “You’ve got to get back down to the average, and I would rather get there by moderating rather than going way too far and overshooting [the marketplace].”

Hennigar added that developers could “overshoot” the combined market of Burnaby and New Westminster if they build all the units they contemplate building over the next 24 months.

Based on historical trends, Hennigar said that PWC forecasts that all the people who are going to move to Burnaby into new high-rise condominium apartments over the next two years have already purchased units.

However, he added that there are 2,500 units of high-rise condominiums in the planning stage within the Burnaby/New Westminster market.

Hennigar said Richmond/Delta, North Surrey and South Surrey/White Rock are in similar positions.

In Vancouver, on the other hand, Hennigar said projections show more people will want to move into high-rise apartments downtown than are being built.

Hennigar said the market is “at a point now where it might just become too expensive to buy, and too expensive to build.”

“The general message is that there are some risk factors out there, but we think developers are wise enough to take heed of what’s going on,” Hennigar said, and they’ll slow the pace of development, and make sure what they are building suits the market.

“A good project marketer can draw demand in,” he said.

David Podmore, president of the Urban Development Institute’s Pacific chapter, and CEO of the developer Concert Properties, agreed with PWC’s assessment that there are risk areas, such as Burnaby and Richmond, that could become over supplied, but doubts that situation will come to pass.

“I think we’ll see decisions be made to bring projects to market a little bit more slowly,” Podmore said.

Marketers, however, disagree that there is a potential for oversupply in some areas.

Bob Rennie, of Rennie Marketing Systems, said his company virtually sold out a three-tower project in New Westminster, and doesn’t see “a lot of supply coming up that’s going to hurt us.”

“There is no oversupply overhanging the market,” Rennie added.

Jason Craik, of MAC Marketing Solutions, added that population growth and immigration will continue to support demand.

Posted in Real Estate Related | Comments Off on Condo ‘soft landing’ predicted

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