Archive for July, 2007

New $10-million condo boasts the highest pool in Vancouver

Tuesday, July 17th, 2007

Doing laps with the angels

Ashley Ford
Province

Agent Grace Kwok shows off the fabulous views from the Melville, the unfinished, $10-million condo that has bragging right to the city’s highest swimming pool. Photograph by : Les Bazso, The Province

If you have a spare $10 million to invest in Vancouver’s simmering residential real-estate market, realtor Grace Kwok has an intriguing deal for you.

The vice-president of Anson Realty Ltd. is selling a 5,800-square-foot penthouse on the 43rd floor of the Melville, the highest residential complex in the downtown core, at 1189 Melville.

The space commands stunning 360-degree views of the city and, for a limited time, the buyer gets to design it exactly as he or she desires. Kwok even has renowned California designer Michael Booth standing by if the buyer wants and can design themes varying from Pacific Northwest, modern classic or European opulence. It’s all included in the price tag.

Kwok says it is not unknown for high-end buyers of luxury real estate to want to put their own stamp on their home.

“In this instance, we want to give a potential buyer the opportunity to design and install what they would like in the penthouse.

“Buyers and investors at this level usually come in two categories. Those who are keen on doing it themselves from the bare bones, which the home is now, to those who want simply to walk in and start living,” she said.

She anticipates a great deal of local interest in both the penthouse and eight other completed sub-penthouses that are being marketed at the same time.

The rest of the approximately 242 suites in the building developed by privately-owned Vancouver-based Amacon have already been sold and are now occupied.

While Kwok anticipates the penthouse will be bought by a local buyer, she acknowledges the project has already attracted many potential foreign buyers from the U.S., South Korea, Japan and Britain. Despite the seemingly high price tag, Kwok says a buyer gets an enormous amount of space, far bigger than your average single-family home.

“While the city is certainly on the world’s radar screen as one of the best places in which to live, it also still offers some of the world’s most affordable luxury properties,” she says.

So what could a buyer put in the penthouse?

There is adequate space for four or five bedrooms, five or six bathrooms, a huge kitchen and living room and five patios.

And just upstairs on the roof is the city’s highest swimming pool and gymnasium plus a large “sky” garden. If it doesn’t sell quickly, it will be fully finished by the developers and take about four months to complete, Kwok says.

© The Vancouver Province 2007

 

Give us the real figures on convention centre

Monday, July 16th, 2007

Province

Vancouver’s new convention centre takes shape, $400 million over initial estimates. Photograph by : Jon Murray, The Province

Cost overruns on projects happen, but I wonder if the new convention centre in Vancouver will ever show a profit.

Tourism Minister Stan Hagen, in his haste to make this project look good to us taxpayers, is throwing figures around that, at best, are a wish and a prayer.

He claims 54 conventions are confirmed through to 2011, worth $1 billion in economic benefits.

What does that mean?

How did he come up with that spin? There may be 54 conventions confirmed, but how many are booked and have left a deposit?

Conventions are notorious for being cancelled or changed to different locations. Come on, Stan, show me on paper how you came up with that figure.

I’m sure a business plan was approved long before this project was started. Does that plan still work, with $400 million in cost overruns? How will that money be recovered? What’s the new business plan? Is there a new business plan?

Will bookings be subsidized by the government? Will the City of Vancouver be on the hook, and for how much?

Oh, and as an owner, I’d really be worried about the rising Canadian dollar — because I don’t think we will be filling our convention centre with Americans who find their dollar no longer gives them a 30-per-cent discount on conventions held in Canada.

I would like to let Hagen off the hook. But I remember similar questions when his party was in opposition during the fast-ferry overruns.

The minister needs to answer these questions.

Al Williams, Port Coquitlam

© The Vancouver Province 2007

 

Leeding the way

Sunday, July 15th, 2007

How two Architectural Science graduates are introducing sustainablility to the built environment

Lindsay Borthwick
Other

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Five quick fixes for a beautiful summer

Sunday, July 15th, 2007

Sheri Levine
Province

Ah, summer. A time of hot weather, late sunsets and chilling out at the beach or by the pool.

It’s also a time for frizzy hair, sunburnt, peeling skin and blisters from breaking in those new sandals. If you suffer from any of these summer afflictions, there is help.

Flare magazine has a list of quick fixes for some common summer beauty woes:

1. Dry, faded hair: For bottle blonds and reds, the hardest hair colours to keep from fading, the sun is not your friend. As for chlorine, forget about it. Sun and chlorine do a brilliant job fading your hair colour and drying hair out, too. If you’re swimming in a chlorine-filled pool, a bathing cap is your best option to protect your hair.

But there is another option. Before taking a dip, wet your hair and add a deep conditioning treatment. As for the sun protection, nothing works better than a hat or umbrella.

2. Blisters: They’re annoying and can sometimes be pretty painful. Regardless of how good you feel in those sexy, strappy sandals, it’s not worth the blisters they’re giving you. Heat, and especially humidity, cause your feet to swell, so it’s imperative your shoes fit properly. Tana New Gel Strappy Strips stick to the straps of sandals and slingbacks for invisible protection from blister-causing rubbing and ensure a secure fit. The best time to shop for shoes is at the end of the day when your feet are more swollen. If you do have a blister or two causing you grief, Epsom salts are your friend. Add some to warm water and soak your feet. This will not only help to dry out blisters; it will also soothe tired, sore feet.

3. Frizzy hair: In Flare magazine, Daniel of Toronto’s Salon Daniel suggests making the best of your curls. As a member of the frizzy hair-club myself, I must agree. Making peace with what you’ve been given naturally is the best way to deal with this because when the humidity hits, there’s not a product in the world that’s going to tame your frizzy mane. Daniel also suggests shampooing only twice a week and conditioning daily. Careful not to massage your hair too much as you’ll encourage more frizz. If you blow-dry your hair, use a curl enhancer and a comb — not a brush — comb through before blow-drying. If you prefer to go with straight locks, comb a smoothing cream through your damp hair. The best advice, however, is to simply let your waves or curls air-dry.

4. Ingrown hairs: The best way to deal with this is to simply leave it alone. Trying to remove ingrown hairs will only aggravate the problem, possibly leading to an infection. Make Vitamin E or tea-tree oil staples in your bathroom and apply them to the bikini area after waxing or shaving. To prevent ingrown hairs, exfoliate the skin with a mitt (available at The Body Shop and most drug stores) or a body scrub.

5. Sunburned skin: Try not to get burned by the sun to begin with by using a good sunblock with a minimum SPF 30 and be sure to reapply throughout the day, especially after swimming or perspiring. If you do end up with a sunburn, anti-inflammatory drugs — such as ibuprofen — will help. Applying ice-packs to the areas that burn the most works well, too. Skin lotions will help soothe the burn. Just make sure they’re fragrance-free. Aloe-vera as a lotion or directly from the plant itself is great for easing sunburnt skin, as well as being good for your skin in general.

© The Vancouver Province 2007

 

Storyeum was Danny Guillaume’s bold vision for Vancouver

Sunday, July 15th, 2007

The dream that crashed

David Spaner
Province

Graeme Drew (left) and Danny Guillaume in better times. Guillaume later fired Drew, Storyeum’s marketing boss, when the crowds didn’t materialize. Photograph by : Arlen Redekop, The Province

Vancouver’s Storyeum has stood empty since October 2006. Photograph by : Arlen Redekop, The Province

Storyeum actors Sarah Donn Pledge (left) and Nigel Harvey demonstrated in front of Vancouver City Hall when the museum’s future was threatened. Photograph by : Arlen Redekop, The Province

It was supposed to be a museum for the ages.

Besides chronicling B.C. history, Storyeum would become a Vancouver landmark — a major tourist destination and the key to Gastown’s revitalization.

Instead, Storyeum was fated for the dustbin of history, its door closed after a scant two years, owing more than $5 million to the taxpayers of Vancouver.

How did Storyeum honcho Danny Guillaume’s big dream turn so sour so quickly?

The plan was to mix the corporate world with the art world to create the first link in an international chain of museums focused on local histories. The Gastown museum was the template, bringing B.C.’s history to life with live performances, multimedia, high-end effects — all in close proximity to the city’s major hotels.

These days, Storyeum’s Barkerville Street looks like a ghost town inside a ghost, the museum itself as ghostly as the one in the Ben Stiller movie Night at the Museum.

But the activity was frenetic at this massive former parkade at 160 Water St. in the months leading up to Storyeum’s opening in June 2004.

Filmmaker Tony Pantages recalls finishing his 10-minute Storyeum film while theatre actors rehearsed their show and construction continued relentlessly. There was so much excitement about the project that employees such as Guillaume’s executive assistant, Riki Lewald, were eager to invest.

For Lewald, and many others, it was difficult not to believe in Guillaume. He was a man on a mission and the cast of contributors he assembled was impressive. Beside Pantages, Storyeum’s designer was esteemed architect Al Waisman. Its First Nations consultant was native leader Leonard George. Its theatrical production was created by the acclaimed Electric Company.

Spread over 104,000 square feet, it included elaborate underground sets where actors depicted B.C. history, from Barkerville to rain forests to a Native Indian longhouse.

But as opening day approached, it was becoming clear to many that something was amiss. Too much seemed to be too last-minute. Pantages was hired in March to have an ambitious film project ready for the June opening. The Electric Company was hired in late fall 2003 to research, write and produce a sprawling, complicated theatre production for the following spring.

“That’s not enough time to create that show,” says the Electric Company’s producing manager, Cindy Reid. “I don’t know that they understood that.”

For others, including Waisman and his assistant Leonie Harvey, the lack of promotional money and differences within management had them doubting it would work — “long before it opened,” says Harvey.

Says Guillaume: “We were eating more money than budgeted because of a tight timeline — construction costs were going crazy.”

Guillaume had been vocal about his goal of 5,000 visitors a day.

“When we learned this was the vision, it seemed impossible,” says Reid. “To promise that from the get-go, it just seems like too much.”

As Storyeum’s marketing head, Graeme Drew was worried that construction delays had caused Storyeum to miss its planned March opening, which would have left time to attract schools. “We missed the window, plus we had a half-assed experience. It didn’t have the wow factor,” he says.

When the crowds didn’t show, says Guillaume: “We knew we had to improve the product. In hindsight, you could say maybe we should have left the product and spent the money on marketing.”

Many Gastown shopkeepers had figured this would be the project to trigger the bonanza that had been hoped for since developers turned to the historic district in the 1960s.

“When the hype started, I bought into it and thought it would help business,” says Sheena McLaren, proprietor of House of McLaren, a kilt specialty shop across from the street from Storyeum. “They just didn’t get the crowds they thought they’d get. That was the word around the neighbourhood.”

Tim Strang, marketing manager at Hill’s Native Art store, says: “The first show I saw really needed tweaking, but when I saw it later, I liked it. It’s an attraction we don’t have the like of in Gastown.” He blames the city, saying that it was the only creditor not prepared to give Storyeum more time.

Finally, last year, with Storyeum owing the city more than $5 million for building improvements and back rent, the city took action. Some were angered by the decision, including Ed Henderson, who composed the music at Storyeum. “It could have been an important icon to recognize Vancouver, not unlike the Tussaud in London,” he says. “You need support from the city. What does the VSO pay to use the Orpheum?”

Elizabeth Ball, city councillor responsible for cultural affairs, says: “The VSO is a nonprofit organization. No one is personally profiting. I don’t think it’s the city’s responsibility to keep a private operator alive that long. You don’t expect the taxpayers to underwrite that.”

Ball says the city was “extraordinarily supportive of Storyeum.” It provided Guillaume with a rental rate of some $3 a square foot per year, while the going rate in the area was $15-$20.

“Unfortunately, the owners, who were commercial, not nonprofit, were unable to meet their rent obligations — over and over and over,” says Ball. “The marketing simply wasn’t there to meet the guarantees that were made. Lots of promises were made but unfortunately were not met. I think the city gave them as long as they responsibly could. It’s sad the plan wasn’t thought through totally.”

While Guillaume disagreed with the city’s decision, he adds: “I don’t think they were unfair.”

Waisman, who was also an investor, is hard-pressed to blame the city. “I’d like to say that, but I’m not sure that it’s accurate,” he says. “There was a lack of money as well.”

Adds his assistant, Harvey: “There was nothing to attract a family to spend time there.” Waisman says original plans included a restaurant but the two people “fighting for the restaurant” dropped away after a glimpse at the small crowds.

The story of Storyeum raises the questions of what kind of city Vancouver is and who the tourists are who visit. Unlike New York or Paris, it may be that Vancouver doesn’t attract the sort of tourists who put museums high on their list of activities. After a morning of outdoorsy activities such as Stanley Park or a suspension bridge, do many visitors want to spend a summer afternoon inside and underground?

Danny Guillaume grew up the youngest of eight children on a Saskatchewan farm. On a visit to Vancouver, he fell for the city, and stayed to open West Coast Video on Main Street, which he sold to Blockbuster, utilizing the profits to open a pet store. For Guillaume, a small pet shop wasn’t enough. He wanted the big box of pet shops, and the result was Petcetera.

Similarly, Storyeum would be the big-box museum, the first in a chain — think Moscow Storyeum, Seattle Storyeum — a kind of museum equivalent of Starbucks.

Storyeum had its roots just 20 miles from where Guillaume grew up. Started up in 2000, The Tunnels of Moose Jaw was an instant success. (He’s still a partner in the Tunnels. Says co-owner Jeff Gajczyk. “We’re doing great here.”)

In Vancouver, Guillaume put together a management team, worked out a sweetheart rental from the city, and promised to build a landmark. Some say Guillaume was a smooth talker who could sell anything, and in Vancouver he raised $23 million in private funding, quickly enlisting individual investors, the contributions ranging from small-time savings to more than $3 million.

“That was Danny. He’s a sales guy,” says Lewald. “You had to listen to him talk — you’d believe. He just had that charisma. He was really good at selling you on an idea.”

Not everyone bought in. Guillaume met with Premier Gordon Campbell who, politely, turned him down. He was rebuffed by the feds, too.

Drew, who came up with the name Storyeum as a play on Orpheum, had been close to Guillaume, the MC at his wedding.

“We got quite excited about being the Disney of history,” Drew says. But he had considerable concerns about how Storyeum was presented, noting scheduling problems and high ticket prices. “Frankly, Danny was the one who made the [pricing] decision and I think it was the wrong one. Danny made all the final decisions. In some areas, he was brilliant. Unfortunately, one of them was not consensus.”

Drew, who was fired in the fall of 2004, says Guillaume was deeply affected by the failure. “I think he was completely crushed. There was a complete collapse in self-confidence. He was numb.”

Leward says Guillaume would disappear for days on end. “He was not a big administrator. He was more of a visionary. And that may have been part of the problem. Was he the right guy to launch this thing? Probably not. Danny didn’t listen — didn’t listen to the finance guy, didn’t listen to the operations guy, didn’t listen to Waisman, who had created several flourishing businesses. Graham and Danny were really good friends. Their friendship fell apart. It was nasty.”

Adds Waisman: “In the end, Danny was the only one left. The board of directors had left.”

Guillaume acknowledges that he made the final decisions but disagrees there was debate over pricing. “I don’t recall a lot of bickering over anything operational,” he says.

Pantages says the Storyeum experience was often intense and frustrating, but he admires Guillaume. “Danny is a great believer. He has the child inside him, and I appreciate that in people.”

But in retrospect, says Reid: “They didn’t get it right. They tried to be connected to the community, but I don’t think they were successful. Maybe because it was business-centric and the business community is much different than the First Nation community or the artistic community.”

These days, a Request For Proposals regarding the property is open at city hall until Aug. 3. Once the proposals are in, staff will issue a report on its future. “There’s arts-related, tourism-related, social-related, all kinds of ideas,” says Ball.

Guillaume says Storyeum needed more time and money. “We had to keep investing in it.” As for his future, he’ll only say: “I’m looking at other opportunities.”

Meanwhile, Leonard George and others can only reflect on what might have been.

“Vancouverites are very funny,” he says.

“When something new comes along, everyone takes it for granted — ‘We’ll have to come down there and see it.’ But it went away and they never did come down and see it.”

© The Vancouver Province 2007

iphone woes

Saturday, July 14th, 2007

Cellphone service prices could make Apple’s new toy unaffordable in Canada, experts say

Fiona Anderson
Sun

Ridiculous rates for data transmission, charged by Bell, Rogers and Telus means Apple won’t release the iPhone for sale in Canada for at least two years, says SFU professor Richard Smith. Photograph by : Glenn Baglo / Vancouver Sun

While the hype for iPhones has Canadians anxious to give them a go, they may have a long wait, as the price of cellphone service in Canada makes iPhones unaffordable, according to academics.

Apple sells experiences, not products, says Richard Smith, a professor with the school of communication at Simon Fraser University. And the experience of an iPhone is to get access to unlimited data without worrying how much each download costs, he said.

In the United States, AT&T has won the exclusive right to service iPhones with phone service that includes unlimited data starting at $59.99 US a month. The plans get more expensive as voice minutes increase, but the data (e-mail and web access) in all plans remains unlimited. Smith tags the data portion at $20 US a month because that’s what current AT&T customers have to pay to upgrade their service to an iPhone.

Canadian cellphone companies don’t have any plans that come even close to that, Smith said. For $20 Cdn a cellphone user in Canada may get about five megabytes of downloading capability.

“That’s not even a song,” he said.

And one video download from YouTube would max out many plans, he said.

BCE Inc. spokesman Jeff Meerman called the AT&T rate “extremely aggressive.” But AT&T can do that in part because it doesn’t have to subsidize the phone purchase, Meerman said. When it does, like with its BlackBerry plan, then the costs between the two companies are more aligned, with AT&T charging $70 US for its plan, similar to Bell’s $70 Cdn plan.

That plan only includes four MB of data, which Meerman said would be enough for the average user.

Telus spokesman Jim Johannsson pointed to Telus’s Spark 25 package as its best offering for unlimited Web access. For $25 a month users can browse to over 200 selected sites.

But the key to the AT&T plan is the unlimited data, Smith says, and four MB or access to 200 websites doesn’t do that. And while Canadians may not use much data, that’s because data is so expensive they are constantly worried about going over their limit.

Apple is trying to change that by making consumers no longer worry about limits, and yet not pay a fortune, Smith said. And that type of plan just isn’t available to Canadian cellphone users. Plans with anything close to unlimited data access would cost about $100 a month, Smith said.

So until Canadian companies can offer cheaper plans so that everyone will want one, iPhone won’t be coming to Canada, Smith said.

“Apple would never agree to deliver a phone that people couldn’t use,” Smith said.

Meanwhile, companies in Europe will have no problem offering a plan along the lines of AT&T’s, so iPhone will likely launch there first, he said.

Michael Geist, Canada research chair of Internet and e-commerce law at the University of Ottawa, has calculated that a Rogers plan equivalent to the cheapest AT&T plan would cost about $300 a month. He picked Rogers because right now only Rogers, which uses a GSM (global system for mobile communication) network, could service the iPhone. Both Bell and Telus operate on CDMA (code division multiplex access).

For $295, Rogers provides 500 MB of data download, not quite unlimited, but more than enough for most people. Cheaper plans with less downloading are available, but they may also have fewer voice minutes.

Both Smith and Geist call the high cost of Canadian data plans Canada’s “dirty little secret.” And both blamed a lack of competition in the industry for the high prices.

Most data users in Canada — those who surf the Web or download e-mails — are high-end users who have their costs paid by their employer or company, like BlackBerry owners, Smith said. And they don’t care about the costs.

And while Apple is trying to make that kind of use accessible to everyone, Canadian companies will be reluctant to offer the kind of pricing AT&T is offering, he said.

“Why would you lower prices for something that hardly anybody buys and the only people that do buy it are your best customers that will pay anything for it?” Smith asked.

Geist called it a chicken-and-egg problem — prices are so high that most people don’t use their cellphones for data, and so companies say there isn’t the demand.

But demand is changing.

“And, unfortunately, the Canadian market at the moment is ill-suited to adapt,” Geist said.

Last week, Research in Motion — the creator of the BlackBerry — said companies could sell eight to nine times as many BlackBerrys each week if the price for data service in Canada matched what consumers paid in Europe.

But Telus’s Johannsson said it is premature to speculate on what Canadian companies would charge to provide service for an iPhone or to say it would be prohibitively expensive.

“[Smith] is right. Right now there is no plan in Canada that compares to AT&T’s plan for the iPhone,” Johannsson said. “But that’s because the iPhone isn’t a reality in Canada yet. And when those discussions [happen], then we can start talking about what the pricing may look like.”

And while Telus isn’t currently capable of providing iPhone service, the company could adopt GSM technology that would enable it to do so. Or iPhone could come out with a CDMA-capable phone.

Johannsson refused to say whether Telus was considering adding GSM to its network. But if it were capable of servicing iPhone, it would look at creating a rate that was market sensitive, like it has with other products, Johannsson said. For example, Telus introduced live-streaming television on its cellphones at a fixed cost for unlimited use because if the company charged by the megabyte it “would kill the market,” Johannsson said.

So if Telus can get into the iPhone market it will look “at creating a rate that would be attractive to the market and that would meet the needs of consumers,” he added.

“Because the last thing you want to do is introduce something to the market that is unaffordable,” he said.

© The Vancouver Sun 2007

 

New home prices skyrocket across the country

Friday, July 13th, 2007

Prairies show biggest jump, StatsCan says

Sun

After months of modest gains, new home prices in Greater Vancouver jumped in May, gaining 8.8 per cent over the same month last year, Statistics Canada reported Thursday.

In April, that gain was just 6.8 per cent over the same month in 2006, and in March the year-over-year increase was the same. In fact, you have to go back to December 2006 to find another year-over-year increase greater than eight per cent.

But while Vancouver’s prices were 0.2 per cent higher than the national average, the pace of change here was glacial compared to massive increases in the Prairies, driven largely by higher labour and materials costs.

Contractors raised prices by 38.6 per cent in Saskatoon and 37 per cent in Edmonton, accounting for most of Canada’s 8.6-per-cent year-over-year increase in May, StatsCan said.

Annual gains of only 2.4 per cent in Toronto and 3.9 per cent in Montreal had a moderating influence on the national average, Statistics Canada reported.

On Wednesday, the Canadian Real Estate Association reported that both monthly and quarterly records fell in Canada’s resale housing market as anticipation of rising interest rates caused many prospective buyers to cut a deal last month.

June’s seasonally adjusted total of 31,300 resale homes trading hands — up 0.3 per cent from May — was the highest monthly sales level on record and the third consecutive month in which activity reached new heights, CREA said. Sales broke monthly records in Regina, Toronto, Hamilton, Kitchener, Ont., Montreal and Saint John, N.B.

Home sales also broke quarterly records in the second quarter of 2007, up 3.2 per cent over the previous record in the first quarter, CREA said. Activity was strongest in Vancouver, Toronto, Hamilton and Montreal.

Average resale prices also set a new monthly record in June, up 10.4 per cent year-over-year to $335,180, reaching the highest monthly level on record in Victoria, Regina, Saskatoon, Winnipeg, Kitchener, Ottawa, Montreal and Halifax, the report showed.

For the first half of the year, there were 203,560 transactions, up nine per cent from the same period last year, the first time that sales activity surpassed 200,000 units in the first six months of any year, CREA said.

“Canada’s resale market broke all previous records in the first half of 2007, and Multiple Listing Service home sales activity remains on pace to set a new annual record this year,” said CREA president Ann Bosley. “Canada’s resale housing industry is a driving force behind the national economy, with the average MLS home sale generating $32,200 in additional consumer spending above and beyond the purchase price.”

At the same time, new listings also reached the highest level of any quarter on record in the second quarter of the year, CREA added.

“The quarterly increase in new listings caused the MLS housing market to become slightly more balanced, but negotiations still strongly favour the seller in Regina, Saskatoon and Winnipeg,” the report said.

PRAIRIE STORM IN NEW HOMES MARKET

Sold out before they’re finished, these new homes being built on the southern edge of Saskatoon, Sask., could fetch 38 per cent more than if they’d come on the market at this time last year.

© The Vancouver Sun 2007

 

Rise in price of new homes continued to slow in May

Friday, July 13th, 2007

Province

OTTAWA — Canadian new housing prices increased at their slowest pace in more than a year in May, led by Saskatchewan and Alberta, yet were still above most analyst expectations.

Statistics Canada reported yesterday that selling prices in May were up 8.6 per cent from May 2006, slightly slower than the 8.9 per cent year-over-year gain in April and continuing a deceleration trend that began last September.

“It was the slowest increase since April 2006,” said the agency. “However, May still marked the 14th consecutive month of year-over-year increases above eight per cent.”

On a monthly basis, new housing prices were up 1.1 per cent from April. Analysts had looked for a 0.6-per-cent month-over-month hike.

Increases in housing prices in Saskatchewan (30.7 per cent) and Alberta (27.9 per cent) accounted for most of the year-over-year increase in May, the agency said.

Between May 2006 and May 2007, prices rose 8.8 per cent in Vancouver and 0.3 per cent in Victoria, the only B.C. communities listed in the report.

© The Vancouver Province 2007

Condo buyers get help by researching the help of professionals who specialize in condominiums

Thursday, July 12th, 2007

Sun

There are a number of professionals who can help you find the right condominium. Real estate agents, lawyers, developers and financial advisors all play an important role.

Because buying a condo is different from buying a house, it’s a good idea to enlist the help of professionals who specialize in condos.

A good real estate agent specializing in existing condominiums can help you save time and energy.

You can choose to deal with the vendor’s real estate representative (for existing condos), but you should really enlist one who will act only on your behalf. If you deal with the vendor’s agent, there should be no charge to you, as the agent will be paid a commission by the vendor.

An agent acting exclusively for you should not charge a fee for his/her services, as he/she normally shares in the vendor’s agent’s commission. Make sure you are clear on who is paying the real estate agent’s commission, and what your obligations are once you’ve signed an agreement.

When you meet with your agent, be specific about what features you’re looking for, location, and your budget. This will allow your agent to pre-screen condos on the market that are within your price range, in the neighbourhoods you want to live in, with the features and amenities you want.

A real estate agent can also help you make an offer to purchase once you’ve found the unit that’s right for you.

Remember for a re-sale unit purchase, make the offer conditional upon getting all corporation documents available to the purchaser under provincial legislation, including an estoppel or status certificate where available, or the financial statements and governing documents for the condo.. Making any sale conditional upon a satisfactory review of the condo’s financial condition and inspection by a qualified professional is also highly advisable.

Hiring a real estate lawyer who is knowledgeable about condos is the best way to ensure that your legal interests are protected. Your lawyer will help you by explaining all the documentation for the condo including the declaration, by-laws, rules and disclosure statements and will review your offer to purchase and the purchase and sale agreement. Your lawyer should be able to determine whether or not there are any pending legal actions against the condo that may have financial implications to the unit owners.

If your offer to purchase is accepted, your lawyer will be responsible for many of the closing arrangements.

Having your potential new home inspected by a professional is a wise idea. All too often, people make purchase decisions too quickly due to the desirability of the condo or in anticipation of competing offers.

This can leave buyers in a situation where they could face substantial costs after they take ownership of the unit due to construction-related defects that may have been detected by a pre-purchase inspection.

For an objective review of the condition of your unit and building, it is recommended that you find a qualified inspector in the yellow pages or on Web sites such as that supported by the Canadian Association of Home Inspectors at www.cahi.ca.

Ensure you can afford your mortgage and the monthly expenses you will face as a result of your purchase. Your bank manager or financial advisor can help you customize your mortgage to suit your financial goals and needs.

CMHC’s on-line Homebuying Step by Step Guide can also help you to determine what you can afford. You can find the guide on CMHC’s Web site at www.cmhc.ca

© The Vancouver Sun 2007

 

Absolute shares skyrocket

Thursday, July 12th, 2007

Microsoft praises software that ‘calls home’ if it is stolen or lost

Gillian Shaw
Sun

John Livingston, CEO of Absolute Software, says the company is ‘the belle of the ball’ and wants to maintain that position. Photograph by : Ian Smith, Vancouver Sun

Shares of Vancouver’s Absolute Software hit a new 52-week high Wednesday after the company announced an expanded contract with Hewlett-Packard for its anti-theft software.

Shares climbed as much as 14 per cent, the biggest gain since February, reaching $31.04 on the Toronto Stock Exchange before dropping back to close at $29.80, up almost 10 per cent from Tuesday’s close.

The rise comes as the software security and services company is riding a wave of popularity — this week alone marked by a feature appearance in a keynote speech by Microsoft chief executive officer Steve Ballmer; by news of the expanded HP contract that could add another five to six million installations of Absolute software; and by TD Newcrest raising its target price for Absolute stock to $35 from $26.

“We are the belle of the ball today, our job is to maintain that,” said John Livingston, chairman and CEO of Absolute, which is about to move its downtown office to larger quarters in the Bentall Four building to keep pace with growth that has seen staff double to 180, up from 90 two years ago.

The stock had risen eightfold in the past year before Wednesday as a rise in data theft and increasingly stringent security and privacy regulations in the U.S. have prompted personal computer makers such as Dell and HP to install Absolute’s Computrace computer tracking software on new computers.

It’s a success that has been 13 years in the making for the homegrown Vancouver technology company, which has seen demand for its security software take off in the past couple of years.

The company was founded by Christian Cotichini and Fraser Cain, who convinced Livingston in 1995 to give up his day job as an instructor in BCIT’s business department to join the company full-time.

“We’re in a very strong position today,” said Livingston.

“We’ve got a very compelling technology for protecting notebook computers and desktop computers and protecting the data on the computer.”

So compelling that Microsoft chose Absolute from among its many software partners to showcase it as an example of a successful software and service company at a conference this week in Denver, leading to speculation that the software giant is interested in acquiring the Vancouver company.

“We really appreciated that and Mr. Ballmer kindly debuted us, showing our testimonial on screen in his keynote presentation yesterday,” Livingston said in an interview Wednesday.

“It was fantastic — there is Balmer giving his keynote speech and I got to see myself up on the big screen in Denver where there were 10,000 people at the event.”

What makes Absolute’s story so compelling (and is pushing it up in analysts’ estimation) is its software-plus-services model, in which its software is embedded in new computers and the company gets additional revenue from a monthly subscription service.

When computers that belong to subscribers to the service are lost or stolen, the minute the computer is hooked up to an online connection, it “calls home,” alerting Absolute to its location.

The company can then work with law-enforcement officials to see it recovered.

Corporate customers can also take advantage of data protection, in which Absolute can remotely wipe sensitive information from the computer.

Livingston said the latest contract announcement pushes to more than 50 million worldwide the number of computers that will have Absolute Software built in with about 40 per cent of that market in North America.

Currently just over four per cent of computer owners with the Absolute software embedded in their machines subscribe to the monthly security service, which averages about $3 a month, but that percentage has more than doubled from two per cent last year.

“As of March 30, we had 1.2 million subscribers under management and that is growing rapidly,” said Livingston.

“The business is in great health and it’s growing.

“We are able to talk to some very exciting world-class companies about how to incorporate theft protection; these are companies that are worth tens of billions of dollars, in some cases hundreds of billions of dollars.”

Asked if Absolute also has suitors lining up to buy not just the software but the entire company, Livingston would only say: “There are many interested, strategically interested parties watching Absolute. There is a lot of interest out there for what we’ve got and what we’re doing.”

ABSOLUTE’S RISE

A year ago, Absolute Software’s share price was $3.37. It traded for more than $30 Wednesday on the TSX, but closed slightly lower.

July 11, ’07: $29.80

July 11, ’06: $3.37

© The Vancouver Sun 2007