ROBIN BRUNET
The Province

The Township of Langley has always provided ample opportunity for responsible growth, and the Willoughby neighbourhood, in which RDG Management’s The Wex is located, continues to be the region’ s fastest growing, with a current population of 28,000 and an expected population of 80,000 by 2041.

So it’s no surprise that since its mid-November launch, The Wex has already sold over 50 per cent of its 94 condominiums, giving it the added distinction of being the fastest-selling condo development in Langley, on top of being the only condo project in Yorkson’s booming Willoughby Town Centre. After all, it’s in the name: THE Willoughby EXperience.

A lot of factors can be attributed to The Wex’s success, from affordability to efficient living spaces, but the appeal of the condos is inextricably linked to their surroundings. The first-time buyers and downsizers who already call The W ex home have discovered all that the new Willoughby Town Centre has to offer, now and in the future.

The We xis just steps from Willoughby Town Centre, which contains boutique retail, No Frills Grocer and Shoppers Drug Mart Boutique and Spa & Nail Bar, with more to come.

The Colossus movie theatres and Willowbrook Mall are a short drive away. Also nearby is Fort Langley, a mix of heritage and urban boutiques ina walk able setting on the river. Enjoy local wineries and craft beer at the nearby Trading Post.

In short, The Wex residents have the best of both worlds, truly giving its residents The Willoughby EXperience: urban convenience amidst British Columbia’s spectacular natural attributes.

The striking five-storey complex, with its West Coast-style spanning overhangs, oversized windows, glass balconies, and stone-accented siding, contains condos that have been described as “affordable luxury” (prices range from a remarkably low $279,900 to $399,900). The one-bedrooms right up to the two-bedroom-with-flex homes have nine-foot ceilings; solid core Cambridge entry doors; floor-to-ceiling cabinets in shaker or high-gloss panel style; main baths with square-edge cabinets and quartz countertops; elegant ensuites; and an accessories and appliance package that includes a TELUS Welcome Home kit, plus free installation and one-year free Optik TV, high-speed Internet with Wi-Fi, and rental of TELUS HD Digital PVR.

“The homes are going fast,” says Jamie Squires, vice-president of Fifth Avenue Real Estate Marketing Ltd. One two-bed/two-bath plan has already sold out; only a few onebedrooms remain available, and the two-bedrooms-with-flex are being snapped up quickly as well. This is understandable, considering an 858 square foot two-bedroom, onebathroom with a top floor view is available for only $344,900, or a topfloor two-bed/two-bath and flex is going from just $364,900.

Squires says :“While we’ re incredibly excited by The Wex’s success, we urge prospective buyers to lose no time in contacting us to learn how they can still be part of this unique lifestyle development.”

Open daily noon to 5 p.m. (closed Fridays) at 20829 77A Avenue Langley across from The Willoughby Town Centre.

For more information, please visit www.thewex.ca

© Copyright 2016

Efficiency and luxury showcased at Promenade at the Quay

Mary Frances Hill
The Province

Promenade at the Quay

Where: 118 Carrie Cates Court, North Vancouver

What: 117 two- and three-bedroom homes

Residence sizes and prices: 812 — 1,268 sq. ft.; $718,000 — $2,388,000

Developer and builder: Polygon Promenade at The Quay Homes Ltd.

Sales centre: 21 Lonsdale Ave, North Vancouver

Hours: noon — 5 p.m., Sat — Thurs

Website: www.polyhomes.com/community/promenade-quay

While city views from North Vancouver’s Promenade at the Quay highrise community may well convince empty-nesters to consider the attractions of condo living, Celia Dawson and the design team from Polygon Homes have created interiors that cater to their needs for practicality and safety within a luxurious space.

In considering the needs of a demographic accustomed to a good amount of space for their belongings, Dawson and her design team offered ample storage in the kitchen and bathrooms.  

The designers also took special care to craft spa-like bathrooms, which have bench seating and built-in niches in the showers, lighting around the bathroom vanities and medicine cabinets behind the mirrors.

“Soft glow lighting is important for night bathroom use,” says Dawson, the developer’s senior vice-president of design. Dawson says she and her designers listened to past buyers, before drafting plans for the bathrooms.

“Customer feedback was, in part, why we created such a luxurious shower in our homes,” she adds.

“We have created a spa-inspired shower with the ceiling shower head, plus a hand-held shower wand. We incorporated bench seating for comfort and shower niches for storing bath products. Using the same marble for the floor and walls also adds to the luxurious spa experience.”

Much like other display suites it has designed, Dawson’s team transformed a wall into a stellar highlight of the open-concept area; it isn’t so much a canvas for decorative pieces as it is a decorative piece in itself. In the living room, tall, narrow shelves bookend a large TV screen, which takes a prominent position in the room. Dawson says the key here is to create a focal point defined by the symmetry of the side bookshelves, while the lighting adds softness.

“The LED light strips underneath each bookshelf highlights the accessories on the shelf, as well as add a soft ambient glow to the room,” Dawson says.

Polygon has built a pure white kitchen that is a clean canvas, free of adornments and artifice, inviting visitors to look closer at the details and finishes. Dawson says the integrated cabinet door panels housing the fridge, a pull-out pantry and a dishwasher add to the uniformity in this contemporary look.

The marble backsplash adds warmth and contrast to the white finishes, so that the kitchen doesn’t look like it interrupts the open-concept space. Rather, it’s part of a continuous flow in the room, taking on the look of millwork to fit seamlessly with the living room.

“The white kitchen cabinets lend themselves to clean millwork that does not compete with living areas, but works and lives with them,” Dawson says.

 “It is important to keep the kitchen clean, simple and uncluttered so that it becomes [like] furniture and millwork that works with formality of living space.”

© 2017 Postmedia Network Inc.

New energy efficiency rules for some residences

Matt Robinson
The Province

The City of Vancouver plans to boost green building requirements for new residential buildings under seven storeys, including “exceptionally large” single-family homes.

The energy efficiency measures, which would kick in March 1, 2018 if they’re approved by council next week, would cut greenhouse gas emissions from the affected buildings by 40 to 55 per cent, according to a city report. The measures include requirements for increased insulation and air tightness, and the use of improved windows, heat-recovery ventilators and more efficient equipment.

The additional green measures would increase building costs by an average of $3.50 per square foot, according to the city.

Sean Pander, a green building manager with the city, said housing affordability is “of critical importance” and suggested any additional construction costs brought on by the policy change would unlikely to be passed on to the buyers of new homes. 

“Our understanding of how the market behaves is sale price is not related to the cost of producing a good or service. Sale price relates to what the market is willing to pay for it,” Pander said. 

Meanwhile, staff project the regulations would reduce energy costs by about $9 per month for an average condo. So even if someone did have to take out a slightly higher mortgage to cover increased construction costs, “the utility savings — the cost savings — are even greater than that incremental cost. So the homeowner or the renter … would save money from the day they move in,” Pander said.

The city’s green policies already have similar regulations in place for smaller one- and two-family buildings, said Chris Higgins, a green building planner with the city. 

Under the new regulations, new homes any larger than 325 square metres would need to limit their emissions to that of a 325-square-metre home. “The larger the home above this threshold, the greater leadership in improved design, better building envelopes, and improved equipment that will be required to comply with the carbon pollution cap,” says the staff report.

Residents would still be free to choose what type of fuel they use in their homes, Higgins said.

The city consulted last year with stakeholders that include the Architectural Institute of B.C., the Greater Vancouver Homebuilders Association, Landlord B.C. and the Urban Development Institute, Higgins said.

Last summer, city councillors approved a green building plan with a goal of reaching zero greenhouse gas emissions in all newly permitted buildings by 2030.

© 2017 Postmedia Network Inc.

City invites feedback on Northeast False Creek plans in new round of open houses

Stephanie Ip
The Vancouver Sun

More public spaces, a new Georgia Street ramp, and a desire to reconnect Vancouver’s historic communities are emerging as key components in a new area plan for Northeast False Creek, according to a report forwarded to city council this week in advance of a new round of community consultations taking place this month.

In 2015, Vancouver City Council approved a $200-million plan to remove the Georgia and Dunsmuir viaducts, which connect False Creek with downtown Vancouver. Since then, a largely undeveloped 50-hectare section of the Northeast False Creek neighbourhood has been under scrutiny as the city, stakeholders, and community members develop a plan for the area.

The report, which was released earlier this week, outlines feedback received by the city through community engagement and from stakeholder consultations last fall, as well as proposed details on what Northeast False Creek might look like in the future.

“There’s tremendous potential there and this could be breathtaking,” said Coun. Geoff Meggs on Wednesday of the new report. “It’s important for people to take a look and give their two cents worth.”

It’s expected the neighbourhood could welcome between 8,000 to 10,000 new residents.

Several areas have also been identified as possible public space plazas, including a waterfront arts pavilion at the foot of Georgia Street that could serve for public events, demonstrations, and festivals. Also proposed is a closure of Carrall Street south of Keefer Street, in order to accommodate a pedestrian and cycling only promenade that connects Chinatown to Creekside Park through Andy Livingstone Park.

Much of the plan details ways to reconnect the area’s historic neighbourhoods, including Chinatown, Grandview-Woodland, Hogan’s Alley, and the waterfront.

However, Concord Pacific remains the owner of a key parcel of land along the Northeast False Creek waterfront, which means there’s still much to be sorted before the plan can move forward. Concord Pacific has indicated they plan to apply for re-zoning but have been in talks with the city to ensure any future developments would work with the city’s plans for the area.

“So that is a complication, not to mention the fact that the new development really has to knit together what’s become a key part of the city, with two stadiums there, the new casino opening, Yaletown development, and all that kind of thing so it’s a real challenge,” said Meggs.

“So the discussions are continuing between city staff and Concord on that side but I think people are moving ahead on the assumption that it would be better if we could manage to replace the viaducts and achieve our larger park space and better connections.”

© 2017 Postmedia Network Inc.

Ephraim Vecina
Mortgage Broker News

While housing remains an important component of the Canadian economic system, a veteran markets analyst argued that the real estate sector is not immune to a crash similar to—or even worse than—that experienced by the United States nearly a decade ago.
 
In a January 30 piece for The Motley Fool Canada, Chris MacDonald stated that the willful blindness to facts and unbiased analyses among several Canadian observers will eventually prove fatal to the national market as a whole.
 
“Whether it is a real estate association or a group of investors with long positions in risky real estate stocks, some people just don’t want to see what is right in front of them,” MacDonald wrote. “What’s worse, these same people are creating a bubble that will be even more catastrophic when the time comes for the market to correct.”
 
The analyst cautioned against the prevailing (and misplaced) thought of the Canadian system’s robustness compared to the U.S. situation.
 
“Many Canadians I’ve spoken to love to point the finger at their U.S. counterparts, noting that it was largely hubris that drove the financial crisis of 2007/08,” MacDonald said. “[But] if you were to pick two countries in the world that were the most similar, it would be hard to find two markets that resembled each other more on a fundamental level.”
 
“The reality is, right now, the household debt levels of Canadians are much worse than those in the U.S. before the housing crash,” he added. “High levels of foreign investment in Canada’s real estate market mean that a significant percentage of loans made with Canadian banks could be reneged on should the foreign investors stand to lose more than their down payments, making the potential for a ‘cascading waterfall’ of foreclosures similar to what happened in the U.S. much more likely.”
 
Portfolio insurance seems to be a reliable buffer should the worst case scenario come to pass, MacDonald suggested.
 
“Stay wary of those who say that an economic event that occurs every few decades is an impossibility. The market will correct itself, and when it does, make sure you’re insured.”

Copyright © 2017 Key Media Pty Ltd

Ephraim Vecina
Mortgage Broker News

The first few days of Donald Trump’s presidency have been characterized by critical developments such as his declaration of intent to renegotiate the North American Free Trade Agreement, a move that has sent uncertainty reverberating through markets north of the border.
 
In its weakest showing in 8 weeks, the Bloomberg Nanos Canada Confidence Index fell to 56.1 in the week ending January 27. This also marked Trump’s first week as the 45th president of the United States.
 
“This is a noticeable drop coincidental with the U.S. election and focus on the Trump Administration looking to renegotiate the NAFTA trade pact,” Nanos Research Group chairman Nik Nanos said in the Bloomberg report.
 
Housing pessimism also deepened, with 38.5 per cent expecting higher real estate prices (down from 39 per cent). Meanwhile, 13.8 per cent of respondents are predicting lower prices, slightly up from 13.7 per cent.
 
The survey, which is considered statistically accurate within 3.1 percentage points (19 times out of 20), found that consumers have become less optimistic about their personal finances and the near-future prospects of the economy. 28.8 per cent of the respondents stated that they were worse off compared to a year ago, up from 27.6 per cent.
 
Overall, consumer confidence declined every polled region in Canada aside from British Columbia, with the Atlantic region suffering the greatest decrease (down to 56, from 58.9).

Copyright © 2017 Key Media Pty Ltd

Ephraim Vecina
Mortgage Broker News

The recent sharp growth in the value Canadian real estate has rightfully grabbed the headlines over the past few quarters, but an industry analyst stated that the market should also take into account the impact of average household earnings—a metric in which Calgary holds a clear advantage when compared to the rest of the country.
 
In the January 26 edition of his column for The Globe and Mail, markets observer Rob Carrick said that too many consumers and market players disregard the differences between housing price growth and wage increases.
 
“Low interest rates help to justify housing prices, as does population growth and scarcity of new house construction in some cities,” Carrick wrote. “But at the same time, house prices in some places have jumped way ahead of the ability of middle-class people to afford home ownership. This disparity is part of the conversation about housing, too.”
 
With the median total family income at $107,804 (2016 est.), Calgary currently stands far above the national average of $81,341 despite being one of the markets hardest hit by the oil devaluations (as Alberta’s largest city).
 
“The slide in energy prices over the past few years has hurt both incomes and house prices in the city, with the net effect being that incomes gained ground on houses,” Carrick explained. “The estimated 2016 total median family income in Calgary was $3,179 ahead of incomes pegged to house price gains.”
 
All of these factors turned the city into what Carrick called Canada’s “affordability star”.
 
“People used to look to Calgary for its strong job market; now, the attraction is affordable housing along with median incomes that are well ahead of the other cities in this comparison.”
 
Data from Statistics Canada pointed at other possible destinations like Regina (with an average home resale price of $312,000 as of December), Edmonton ($358,000), and Ottawa ($388,500).
 
“These are places where the economics of middle-class home buying are still friendly.”

Copyright © 2017 Key Media Pty Ltd

Associations talk foreign buyers

Justin da Rosa
Mortgage Broker News

Following an amendment to Vancouver’s foreign buyer tax, Ontario-based associations discuss the possibility of a similar policy in Toronto.

Should Toronto implement a similar foreign buyer tax?

The Ontario Real Estate Association (OREA) doesn’t think so.

“A foreign buyer tax penalizes the international MBA student who will one day start her own business in our province, or the pediatric nurse aspiring to work at Sick Kids,” Tim Hudak, OREA CEO said in a release. “The lesson here is that we need sustainable, long-term solutions that get to the root of the affordability problem, and it starts with increasing housing supply.”

OREA referenced a study by the Toronto Real Estate Board, released Tuesday, that found a mere 4.9% of GTA transactions in 2016 involved foreign purchasers.

“As the foreign buyer conversation unfolded, TREB held steadfast to the view that the provincial and municipal governments should comprehensively and patiently review the issue of foreign purchasers of real estate in Ontario before making any policy decisions and should seek out actual empirical evidence on the level of foreign buying activity in the GTA,” the board said in its Market Year in Review. “In this regard, TREB decided to take the lead on data collection and commission its own study.”

TREB commissioned Ipsos, a third party research firm, to survey agents about the level of foreign purchasing activity throughout the GTA.

The survey collected over 3,500 responses.

As previously mentioned, the survey found an estimated 4.9% of foreign transactions in the GTA – with levels as high as 6% in York and Halton regions and as low as 1% in Durham.

In Toronto, the share of foreign buyers was 5%.

According to the survey responses, 40% of foreign buyers purchased a home as a principal residence; 15% purchased for a family member; 25% purchased as a rental investment; 4% purchased as a non-primary residence; and 3% purchased with the intent of keeping it vacant.

“These results were in line with recent CMHC findings related to the condominium apartment market. In the fall of 2016, CMHC estimated that 2.3 per cent of condominium apartments in the GTA were foreign-owned. In newer condominium apartment buildings, the share of foreign ownership was slightly higher at 3.9 per cent,” TREB said.

The results suggest the influence of foreign buyers on the GTA market is minimal and that a similar foreign buyer tax to Vancouver’s isn’t necessary.

Click here to read the entire study.

Copyright © 2017 Key Media Pty Ltd

Justin da Rosa
REP

Red hot housing market sees record condo sales in 2016.

A total of 27,271 new condo units were sold across the Greater Toronto Area in 2016, up 34% year-over-year and breaking the previous record set in 2011.

“The new condo market is experiencing broad-based demand that will carry forward in 2017”, Shaun Hildebrand, Urbanation’s senior vice president, said. “Buyers priced out of the low-rise segment, a surge in rental demand, and increased attention from investors are placing heavy downward pressure on condo inventories, which will support strong price growth this year.”
Q4 alone saw 7,422 sales – a spike of 18% year-over-year.

The 905 region recorded the largest sales increase, jumping 82% year-over-year with 8,703 units sold last year. 

“Sales also increased by a robust 57% in the outer-416 areas of Etobicoke, Scarborough and North York (7,397 units) on higher new launch activity last year, while a minimal 3% gain was recorded in the former City of Toronto (11,116 units) as launches dropped by 40%,” Urbanation said in a release. “The demand-supply imbalance was most acute in old Toronto, where unsold inventory plunged by 57% to 3,503 units, or 3.8 months of supply.”

Condo resales also set a record in 2016, with 25,187 sales. That represents a 22% year-over-year increase.

Copyright © 2017 Key Media Pty Ltd