Number of licensees on the rise

Other

Within the Real Estate Board of Greater Vancouver, the number of licensees increased 30 per cent to 8,580 licensees at May 31, 2006 from 6,577 licensees in May 2002.

Other

Go figure ~ it’s all in the numbers!
News about home sales and prices is everywhere – from newspapers to television to radio. That means home buyers regularly come across words such as average, mean and median.
    It can be confusing and they look to REALTORS® to decipher the sometimes complex language of real estate.

Here are some explanations to help you

• Mean: is an average that is arrived at by taking a range of home prices and dividing them by the number of units sold. If 12 homes sell in a price range from $220,000 to $690,000, the mean average price is determined by adding all of the sales prices and then dividing by 12.
  
• Median: is the middle value. If 12 homes sell in a price range from $220,000 to $690,000, the median price is determined by arranging the sales prices from the lowest to highest. The media is the number in the middle.

    For many decades, the mean and median average were standard industry measures for recording sales activity.
    But these measures were not always accurate. In a neighborhood where 11 homes sell in the range of $650,000 to $850,000, and one home sells for $1.3 million, the average or mean will be significantly skewed.

The Housing Price Index (HPI)
For accuracy, the Greater Vancouver and Fraser Valley Real Estate Boards developed the HPI, a tool to measure market activity.
    The HPI is a measure of price change, for a set time period, for residential properties. It provides the most reliable information on housing price trends.
    It’s modeled on the Consumer Price Index (CPI), which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation.
    But instead of measuring goods and services, the HPI measures the change in the price of housing features such as lot size, number of rooms, age of the home and neighborhood.
    The HPI tracks movement of mid-range priced homes and excludes extremely high and low priced properties.

Find those numbers
Where can I find the stats package? Where can I find the sales to listings ratio? What is the average price of a townhouse in Coquitlam? What about an attached home in Burnaby?
    Everyday members phone the Board with questions about MLS® statistics. Quickly find the numbers you seek by visiting the new www.realtorlink.ca.

1. The REBGV Stats Package for the Media
   On www.realtorlink.ca go to the Greater Vancouver home page, under Latest Statistics and Hot Sheets. This six-page release sent to the media includes:

   • News Release: a summary of the current month’s sales, prices and bright spots, with commentary by the Board president.
   • MLSLink Housing Price Index: benchmark prices for the current month by type of unit (detached, attached, apartment), by community, e.g. Burnaby, Coquitlam and the percentage change compared to one year ago, three years ago and five years ago.
   • MLS® Sales Facts: for the current month including the number of sales by unit (detached, attached, apartment) and the median selling price by community, with comparisons to the previous month, the previous year, and year to date.
   • MLS® Listings Facts: for the current month including the number of listings by unit (detached, attached, apartment) and % sales to listings (the sales to listings ratio) by community, with comparisons to the previous month, the previous year, and year to date.
   • Listings & Sales Activity Summary: for the current month by community and then type of unit compared to the previous month and the previous year.
   • Average Price Graph: average prices by type of unit from 1977 to present.

2. Latest statistics and hot sheets: go to Statistics and HotSheets. Here you will find licensees, active and sold listings, the average price graph from 1977, MLS® listings facts, sales facts, active and sold listings, sales summary for residential and for commercial, the HPI, municipal graphs, price ranges, and the MLS® detailed sheet.

3. Historical statistics: go to Statistics and HotSheets, scroll down to the bottom of the page and select Great Vancouver. There are archived stats for licensees, RealtyLink (page views), and Sales, which includes the Housing Price Index, listed vs sold (catalog graphs), MLS® Listings Facts, MLS® Sales Facts and more.

4. HPI benchmark property description: go to Statistics and Hotsheets, then to the HPI folder. Go to MLSLink HPI benchmark property descriptions.

5. Average price in an area: go to www.bcalink.ca, log on with your RealtorLink login and password, select the Listings Tools tab and then Sales Summary. Choose your area and your property types, for example, Richmond, All Residential, and the month and year. Remember to select New and Resale. Then press Go. Stats also include the sales to listings ratio, the number of listings and the number of solds per month.

Located above the Thompson River and west of Kamloops, rolling hills under a big sky dominate Six Mile Ranch site

Mike Sasges
Sun

PROJECT PROFILE

Tobiano

Location: Six Mile Ranch, west of Kamloops on the Trans-Canada Highway

Project size: 615 residential lots, 500 apartments and townhouses, three hotel sites, up to 40,000 square feet of retail and commercial space

Telephone: 604-632-3310, Sotheby’s International Realty Canada, Vancouver

Web: tobianoliving.com

Developer: Pagebrook Inc

Design: Civitas Urban Design and Planning Inc.

What follows might be considered a six-month Vancouver Sun checkup on the Tobiano project west of Kamloops and the Grenier family of Six Mile Ranch.

The family graced our front page last Christmas Eve (below), father Mike, mother Shelley, and daughters Rebecca and Allison gathered at the Christmas tree inside their ranch home above the Thompson River.

The Greniers expect to open the 3,000-square-foot Tobiano presentation centre next weekend (above). The first homes to be sold there will be townhouses designed by the architectural firm of Ankenman Marchand and interior designer Christina Oberti for the Emerson Homes development company.

The Emerson Homes principals have at least a thousand resort homes behind them, here and in Ontario. Ankenman Marchand and Oberti are veteran suppliers of services to the new-home industry in the Lower Mainland.

“People are really struck by the contrast between the more traditional, rustic wood and stone materials, and the modern features such as the vaulted ceilings,” Michael Grenier reports of the presentation centre.

“Our intent with this project is to integrate the agricultural history of the area with a low-density, equestrian and residential lakefront development. The stone and wood of this centre, combined with the crisp, fresh architectural approach celebrates new arrivals while grounding with tradition.”

At the presentation centre Hamill Creek Timberwrights provided the architecture services and the timber frame. A team from Tobiano’s sales campaign organizer, Sotheby’s International Realty Canada and led by Stuart Waddell, is responsible for the interior design.

“It’s neutral and truthful to the surrounding environment, taking full advantage of the views and the texture of the area’s landscape, making the rolling hills and big sky seem as if they are a part of the interior,” Waddell under-reports.

The presentation centre will not go down as homes go up, Grenier says.

“It really is intended to become some form of community gathering place, such as an art gallery, a museum, a library, an artists-in-residence centre, perhaps.”

The work of two local artists will be on display in the presentation centre: oil painter Trish Sellmer and David Trembley, a member of the Spallumcheen First Nation and a youth worker.

The resort’s first public facility to open, the golf course, is scheduled to open next June, with seeding and irrigation installation scheduled for completion in September.

The water-intake system is complete, Grenier reports, and the roads into the property are under construction.

Lastly, the horses which inspired the project’s name, Tobianos Wiseguy and Magnum (below, right), have been joined by a third, 12-year-old Chief. They are “lazing the time away in surrounding fields colored by mustard plants,” Grenier reports.

© The Vancouver Sun 2006

 

Painted Boat developer among those who once holidayed on the former Lowe’s property on Pender Harbour

Sun

Getaway Homes: Project Profile

PAINTED BOAT

Location: Madeira Park, Sunshine Coast

Project size: Four buildings, 31 apartments, quarter ownership

Residence size: 942 sq. ft. – 1,786 sq. ft., average 1,400 sq. ft.

Prices: From $159,900, for 12 weeks annually, with 2-week and 3-week stays in the summer guaranteed

Telephone: Toll free, 1/888-527-7776

Web: Paintedboat.com

Painted Boat Resort, Spa and Marina will occupy a waterfront vacation-property that has been ratified by time — 55 years to be precise.

It was on that very tract of soil that back in 1951, logging contractor Ole Sladey established Lowe’s Resort.

Boasting some of the best seasonal coho and spring salmon runs on the coast, the sheltered inlet at Pender Harbor was a natural choice for Sladey’s colony of blue-and-white cottages.

Now, in the spirit of the original resort which was enjoyed by thousands, Painted Boat is an updated version of the holiday haven.

The old cottages have been relocated, and in their stead will be “vacation villas,” four buildings housing 31 large luxury suites. The suites will be available on a quarter ownership basis when they go on sale later this summer.

Buyers will have fee-simple quarter ownership with registered titles. There is also a rental option through resort management.

A 40-minute ferry ride and 50-minute drive from Vancouver, the resort is secluded yet easily accessible. A community centre, health clinic, drug store, post office, library and food store are all within walking distance in nearby Madeira Park village.

“The Sunshine Coast is relatively undiscovered and Painted Boat Resort Spa and Marina will become one of the great four-seasons destinations for owners and visitors,” reports George Hare (photo above), president of RPM Recreational and Residential Project Marketing.

“We’ve already had good strong interest from the Lower Mainland and Alberta because of the location and its deep-water sheltered marina, which is very hard to find.”

Those who have fond memories of the old resort are showing interest in Painted Boat, which takes its name from the vivid old fishing boats that used Pender Harbor as a home port.

Developer Mike Donald, who purchased the property in 2004, is one such individual. Donald hired local architect Peter Treuheit of Mobius Architecture to preserve a West Coast cottage feeling.

“Timber pile wharfs and structures in the area gave me the architectural vocabulary to evoke an informal west coast look with selective use of exposed timber construction, expansive windows, shingle siding and extensive use of natural materials to blend beautifully with the magic of this forested haven,” says Treuheit.

A hot tub and “infinity” pool blasted into the rocks on the hill overlooking Pender Harbor, a dockside restaurant offering year-round family dining and use of the marina facilities including boat moorage are part of the attraction.

In addition, the Sunshine Coast’s only indoor spa will be situated at Painted Boat — a world class 4,000-square-foot facility featuring eight rooms for luxurious treatments including steam, manicure, pedicure, massage, aromatherapy and makeup.

Both the one-level lower suites and upstairs suites featuring lofts have floor-to-ceiling windows with views of the marina and Pender Harbor’s seven bays.

All suites will be fully designer furnished and include hardwood floors, wood cabinetry, slate and granite.

The on-site presentation centre and display suite will be open next month at Painted Boat Resort Spa and Marina.

In Vancouver, a full model of the development and presentation can be viewed at the City and Country Condo Centre at 400 Robson St.

© The Vancouver Sun 2006

Know yourself, your relaxation preferences, your highway-travel tolerance, your retreat aspirations

Jennifer Podmore and Julia Smith
Sun

For three decades, the baby-boomers have been real-estate trendsetters. In the ’70s, they increased the demand for starter homes. In the ’80s, they pursued “move up” homes. In the ’90s, they renovated. Now, they want recreational property.

With the oldest boomer turning 60 this year, many members of this cohort of cohorts are planning for their retirement or are already retired.

Some are cashing in by selling their homes in major cities and making their way to quieter settings. Others are simply buying vacation homes as a legacy property for themselves, their children and their children’s children.

Whatever the individual focus, the collective consequences have hit Canada’s recreational property market with a vengeance.

The RE/MAX’s Recreational Property Report, released in April 2006, says during the first quarter of this year, baby boomers fuelled unprecedented demand for recreational properties in two-thirds of the 27 markets surveyed.

“Baby-boomers have played a key role in real estate markets across North America since the early 1970s,” a RE/MAX executive said in releasing the survey. ”It comes as no surprise that boomers have now set their sights on recreational property.”

Although the boomers are driving the demand for recreational property, Generation Xers and boomer-babies are also fuelling increased interest in getaways and retreats.

These younger consumers have made decent returns from real estate over the past decade. Their careers are growing at predictable rates and many of them are in dual-income, childless households.

While the empty nesters are demanding more in terms of amenities, location and finish, the 30-something/40-something crowd is looking for deals in recreational property.

Raised by baby-boomers, they grew up with summers on the lake or winters at the hill, and want to create their own small piece of heaven.

It follows that the increased demand for recreational property has sparked an upswing in prices, with one national survey, by Royal LePage Real Estate Services, reporting double-digit increases.

For example, in 2005, the prices of recreational chalet/condominiums, and other recreational properties all experienced an increase of about 15 per cent.

The numbers in 2006 are expected to show similar increases and the launch of Aria in Westbank, in May, is a good gauge for both consumer interest and increases in cost.

The development sold out on the first day of sale with most residences commanding about $315 per square foot. A year ago, the same property might have sold for $235 per square foot.

Additional flagship developments coming to the market, such as Veranda Beach on Lake Osoyoos, Painted Boat in Pender Harbour and Predator Ridge in Kelowna, won’t meet the demand for summer resort property and that will continue to cause prices to escalate.

Right now is a great time to enter the market. However, before you proceed, due diligence is required.

What do you need to know before you decide to buy into recreational and resort properties? The short answer is plenty.

The long answer is location, value, history, conditions, product type, area, amenities and accessibility.

For most of us, investing in a recreational property is not a monetary investment. It’s an investment in a family legacy, the long-term future and, for some, sanity. We aren’t buying a recreational property with the purposes of flipping it. Instead, we are looking to invest in a second, or getaway, home.

British Columbia has something for every recreational-property shopper, on the water and up a mountain, on the coast and or inland, back in the bush or on the ninth green, cabin, chalet, hotel suite or cottage. Accordingly, before you begin shopping, figure out what is most important to you.

Do you enjoy golf, tennis, skiing, beaches, fishing, water sports, sailing or camping? It is a good idea to find an area that accommodates your pleasures.

Besides finding an area, also consider travel time. The locations that you will get the most out of are usually only two or three hours away from your primary residence.

Torontonians like ”Cottage Country.” Winnipeggers go to the Lake of the Woods. Vancouverites head for Whistler, the Gulf Islands and the Okanagan. Albertans head for the ski/golf communities of the Rockies or the Okanagan.

Once you have your desired area pegged, you need to decide for when you are buying.

Are you a today, tomorrow or ”distant future” buyer?

n The “today” buyer pays a premium price and invests in properties or developments that can turn over the keys shortly after the paperwork is signed.

n The “tomorrow” buyer looks at places that will be ready in one to two years — cottage resorts like Veranda Beach or lot sales which require development within two to three years. Around Merritt and Kamloops, the new lakefront homes and lots for sale are numerous.

n The “distant future” buyer looks at lots and acreage that will accommodate a residence once they have the appropriate finances in place.

The next decision the recreational-property shopper usually makes is about the type of property.

Are you looking for a cottage, or a condo or a single family home? Will this be a summer or a winter home?

If you don’t have the money to purchase by yourself, have you looked into quarter-share ownership? Quarter ownership entitles owners to the use of their managed recreational property one week per month. British Columbia is already one of the top drawing provinces for quarter share ownerships. This buying trend is anticipated to become more popular in years to come.

After you have narrowed your focus and determined exactly what you are looking for, you will need to switch gears and “get to know” your potential property.

Determining the boundaries of property is fundamental in the hinterland. Get

the surveyed plan from the Land Title Office or hire a surveyor to determine property boundaries.

It is also a good idea to hire a surveyor for a home inspection. You would do this if buying a primary residence. So why wouldn’t you do it for your second home?

Zoning should also be on your recreational property radar. If you are counting on rental income, make sure you check the zoning and bylaws for renting. It is important to be clear on what you can and cannot do with your property before you move forward.

Ask the seller why they are selling: The answer may be why you shouldn’t buy. And while you are in the neighbourhood, ask the neighbours for the pros and cons of having a recreational property there.

It’s a good idea to familiarize yourself with the community because that is going to be who you are going to be indirectly spending time with.

Speaking of neighbours, find out access ways to the water and other amenities. Do you have access from your property? Will you have to cross a neighbour’s property to get access? Small community landowners have been known to post “No Trespassing” signs in public areas or build illegal fences on unknown public access roads. It’s a good idea to find out what access routes you are entitled to.

If your property doesn’t have its own water system, make sure you check the community water system. You don’t want the well to dry out during peak summer use.

You should also be up to speed on septic tanks. Make sure there is a functional septic field. No septic field or a faulty system puts a stop to most deals. On top of that, it devalues the property. It is a good idea to read up on regulations. You don’t want any nasty surprises.

And don’t forget the hidden costs. Be aware that most properties require maintenance.

Freezing water pipes, unwanted guests (usually small, furry ones) and regularly required repairs are all par for the course with recreational properties.

Researching recreational properties is a pretty big task. Luckily there are many resources available to assist you along the way: The multiple listing service (mls.ca), online research by area and community, and recreational property realty specialists.

Above all, remember that researching and buying a recreational property should be a fun process. Visit the areas you are interested in; meet your potential new neighbours.

Recreational properties are legacy properties.

We buy them not for the financial return that they can deliver us but for their intangibles; more time with family, sun-drenched summers or a couple of days in heavenly powder.

We are making a lifetime investment in the things we like to do.

So, do the research. It should be part of fun, essentially since it’s an investment in you.

WESTIN KELOWNA SALES TO START IN AUGUST

The Wickaninnish Inn in Tofino and One and Two Harbour Green on Vancouver’s Coal Harbour waterfront among their credits, BBA Design Consultants is the Westin Kelowna interior designer.

‘REVENUE OPPORTUNITIES’

The resort-project’s principals this week announced an August launch of an international sales campaign.

The 220-suite condominium-hotel “offers flexible personal-use privileges [and] hotel-revenue opportunities;” will be located on Okanagan Lake; and will include indoor and outdoor exercise facilities, a restaurant and outdoor patio.

Starwood Hotels and Resorts Worldwide Inc and Stanley Yasin of Vancouver based Saje Enterprises announced plans for the hotel in late April (“Veteran trio creates Okanagan hotel offer, Westcoast Homes, April 29). All involved expect a tentative completion of construction in the spring of 2009.

© The Vancouver Sun 2006