Archive for June, 2017

Joyce 5050 – 5080 Joyce Street 256 homes in a 30-storey tower by Westbank

Saturday, June 10th, 2017

At Westbank?s Joyce, the look will be more than a little striking

Shawn Conner
The Vancouver Sun

Joyce, a 30-storey tower by Westbank, is set to be built next to the Joyce-Collingwood SkyTrain station.

Joyce?s 256 homes will feature huge windows, as shown in this artist?s rendering, letting in abundant natural light.

Westbank?s Michael Braun says the Joyce highrise was ?thought out to accommodate families?

Joyce

Project Address: 5050 — 5080 Joyce St., Vancouver

Developer: Westbank

Project Size: 30 storeys, 256 homes

Bedrooms: one-bed (439 and 529 square feet), junior two-bedrooms (617 square feet), two-bedrooms (771 square feet) and three-bedrooms (911 and 959 square feet)

Price: TBD

Architect: Henriquez Partners Architects

Interior design: Leckie Studio Architecture + Design

Sales centre: 5050 Joyce St.

Centre’s hours: noon —  5 p.m., Sat — Thurs

Sales phone: 604-431-0892

Website: joyce.ca

Sales begin June 24

A planned 30-storey tower next to Vancouver’s Joyce-Collingwood SkyTrain station will feature ways of accommodating families that are sure to be high profile — quite literally.

Instead of penthouse units, the top floor of Westbank’s striking Joyce highrise will be a public space for residents. The “rooftop learning and activity lounge,” as Westbank calls it, will include a library space, a music room and private study rooms that will include a tutor who will come in every afternoon during the school year.

More typical amenity features include a fitness centre and a lounge and kitchen for entertaining. Residents and their guests can also enjoy a landscaped rooftop patio with mature cherry blossom trees, gardens, an outdoor barbecue kitchen, firepit and children’s play area, all with views of Vancouver, the North Shore mountains and Burrard Inlet.

“The whole building’s been thought out to accommodate families,” said Westbank’s Michael Braun. “As more and more people can’t afford to raise their family in a single-family house, we’re trying to add some of those amenities, such as the backyard and spaces to get away from each other, but in a multi-family environment.”

The idea came from another Westbank development, Woodward’s, and the ways in which the residents — they’ve tended toward young, urban professionals, rather than young families — have used that building’s rooftop. 

“It’s like what Starbucks has become,” Braun said. “People use it as their office, their hangout space. There are people getting tutored, having a business meeting. There are people who have been sitting there for eight hours, writing. If you were 25 years old, it’s where you’d want to hang out. We thought about, how do we take this popular feature adapt it so it could be more usable?”

Braun believes the neighbourhood in which Joyce will rise is overdue for fresh development.

“This area hasn’t been looked at by the city and development community in a long time,” he said. “But it’s ripe for development because it’s right on the SkyTrain line.”
Proximity to transit will no doubt be a huge factor in homebuyers’ decision-making, with Joyce residents being able to walk out the building’s front door into the SkyTrain station.

“Nowadays, every project says they’re close to transit,” Braun said. “But here, you’re literally out and in the station. You don’t need an umbrella.”

In terms of esthetics, perhaps the most remarkable feature of Joyce is the exterior. Using coloured guard rails, alternating and undulating terraced decks, and blue panes of glass, Henriquez Partners Architects masterminded the illusion of a kind of wave or creek running up and down the building, with inspiration coming from the nearby Still Creek. “It looks like a stream meandering up the building,” Braun said.

The managing partner of Henriquez Partners Architects says Joyce will add much to its neighbourhood, figuratively and literally.

“There’s the symbolism of the building,” he says. “Because of the multicultural nature of the neighbourhood, we came up with this metaphor of the quilt. We looked at the history of the site and realized that Still River Creek used to run right through it. So the metaphor of river flow became the iconography of the building. It’s sort of this quilted river water pattern that goes up the west and projects out of the east side of the building. It becomes a three-dimensional topography from the design of the balconies and the coloured panes of glass, which are different shades of blue and green. We believed it will become a really beautiful addition to the skyline.”

The neighbourhood, Henriquez says, has “stayed static” for many years. “With our tower…is a revitalization and densification in one of the more interesting, culturally diverse parts of the city.”

Henriquez also spoke of the importance of “densification around transit nodes.”

“It allows people to work in various places around the city and to commute in a very short time to places of work or leisure,” he says. ” It creates livability, and it’s good for the planet.” 

In addition to Joyce’s innovative rooftop lounge, Westbank is targeting families in the types of homes on offer. The majority of the nine different floor plans are two- and three-bedroom homes.

For the interiors, by Leckie Studio Architecture + Design Inc., the developer wanted what it calls “quiet elegance coupled with a sense of playfulness.” 

Features include oversized solid wood suite entry doors. Flooring is oversized porcelain tile throughout all living spaces. Near floor-to-ceiling glazing brings in maximum natural light. Oversized balconies extending the living space outdoors.

Kitchens include custom-designed Italian wood cabinetry with integrated appliances. A Miele appliance package includes a 24-inch stainless steel gas four-burner cooktop, wall oven and fridge.  Other features include under-cabinet valence lighting, engineered stone quartz countertop and backsplash, and modern stainless steel under-mount single compartment sink.

In materials, colours and fixtures, the bathrooms are designed to evoke a spa-like experience.

Features include an Italian wood vanity, porcelain floor and wall tile, Kohler fixtures including toilet, rain and hand shower system, bathtub, sink and faucet.

The ground floor will feature some retail and the building’s lobby, a double-height lobby space with stone walls. One wall will be devoted to work by local artists. 

Meantime, Braun says there’s been an “incredible” amount of interest in the project, which will be close to numerous schools and an abundance of green space.

“It’s overwhelming,” he said. “I think it will be over-subscribed.”

© 2017 Postmedia Network Inc.

Bowker Collection 2285 Bowker Avenue Oak Bay 43 homes in a 4 storey midrise by Abstract Developments

Saturday, June 10th, 2017

BOWKER COLLECTION A NOD TO ITS OAK BAY NEIGHBOURHOOD

Kathleen Freimond
The Vancouver Sun

Bowker Collection

Project address: 2285 Bowker Avenue

Project city: Oak Bay

Developer: Abstract Developments

Architect: Cascadia Architects

Interior designer: Nygaard Interior Design

Project size: 43 suites; six commercial units

Bedrooms: One and two bedrooms

Unit size: 734 – 2,001 square feet

Price: From mid-$500,000s

Warranty: Travellers 2-5-10

Sales centre: 1967 Oak Bay Avenue

Sales centre hours: daily, noon — 5 p.m. or by private appointment

Phone: 778-265-2050

Website: http://www.BowkerCollection.com

It’s back to the future for the Bowker Collection, Abstract Developments’ new project in Oak Bay, one of Western Canada’s oldest municipalities.

The Bowker Collection’s rusticated brick facade is a nod to the historic neighbourhood, while the solar-ready building and an electric car for residents are forward-looking elements of the four-storey development, the first residential multi-family mixed use project approved by the District of Oak Bay in more than a decade.

Peter Johannknecht, principal at Cascadia Architects, says existing buildings in Oak Bay inspired the choice of materials.

“We felt we needed something to connect the old and the new — a modern building that respects the heritage and history of Oak Bay. We wanted materials that are durable and will stand the test of time,” he says.

In addition to its historic reference, the brick is also a contrast to the white over-sized cube windows in the penthouses, which give the building a contemporary flair.

“These [windows] really break the roof line, give a sense of pattern and bring in lots of natural light,” Johannknecht adds.

The building, to be sited on a triangular lot within walking to Willows Beach, will include 43 suites and six commercial units and wrap around the corner of Bowker Avenue and Cadboro Bay Road. The development is solar ready,  Johannknecht says.

“If the strata wants to install solar power in the future, that has been considered and doesn’t require a big intervention,” he says.

Johannknecht points out that the building will be set back at the corner to provide more space for a pedestrian-friendly environment and landscaping.

While brick defines the Bowker Collection’s facade, the team at Cascadia turned to another traditional finish for the back of the building. Rough-sawn cedar board and batten will complete the building, Johannknecht says. The boards are slightly narrower than usual and there are more battens, designed to give this traditional wood siding a vertical emphasis.

The back of the building conceals a residents-only surprise: a secret garden.

 “I think that inner courtyard – or secret garden – is as much about people viewing it from above and experiencing it, as being in it,” says landscape architect Scott Murdoch, principal at Murdoch de Greeff Inc. “People could look down, and maybe they don’t want to walk down[stairs] and into the garden, but they can look down at it and imagine themselves there.”

Making a site beautiful for residents and also finding ways to enhance its natural systems is a vital part of the landscape design process, he adds.

“We look at a site from an urban design perspective as well as if we were in a natural setting. On this site, that was key.”

The landscape plan includes bird- and bee-friendly plants like honeysuckle, red-flowering currant and mahonia, but the secret garden will be more of surprise for what it reveals in the rainy season than first glances at the carefully selected plants, the hard-packed gravel pathway, fire pit and the tranquil labyrinth.

Murdoch started by exploring ways to slow the rush of rainwater off the building’s roof into the nearby Bowker Creek.

“When water from pipes just shoots into a creek, the creek gets blown out, flooded and the habitat is ruined,” he explains.

To create a beautiful but functional environment, Murdoch designed large rectangular rain gardens to process roof water, allowing it to filter slowly through the soil before it is released into Bowker Creek.

A water feature of three cascading circular pools, with a reticulated water system, is designed to keep water flowing from one bowl to the next, adding “soft noise” to the garden and enhancing the sense of being in a serene space, Murdoch says.

The landscaping in front of the building is also thoughtfully designed. Curb-side bulges are large enough to accommodate Garry oaks and designed to encourage their deep root growth.

“These trees will have a soil resource so they can grow to be 100 years old,” says Murdoch.

Inside the one- and two-bedroom and den units, townhomes and penthouses, buyers can choose from two colour palettes, says Sandy Nygaard, principal at Nygaard Interior Design. The light palette includes white quartz countertops, wide-plank white oak engineered hardwood floors, soft, sandy tone wood-grain upper cabinets, white lower cabinets and a light grey tile backsplash. The medium palette has darker medium-walnut-tone wood-grain cabinetry and features darker grey tiles.

The tile choice for the backsplash was inspired by the linear contemporary dimensions of subway tiles. However, the ceramic tiles in the backsplash have an interesting handmade quality and are vertically mounted in a staggered pattern to create interest, she says.

Depending on the size and design of the unit, kitchens have either an island or a peninsula. All feature a pantry cupboard and an open-shelf display nook, perfect for culinary accessories or décor. But, the showpiece – or as Nygaard calls it, “the bling” – is undoubtedly the Bertazonni gas range with convection oven. The high-end 30-inch Italian-designed range is standard in all the units, except in the penthouse and terrace homes where the larger 48-inch model with double oven is the choice.

Other major appliances include a refrigerator/freezer and dishwasher by Fisher & Paykel, a stainless steel range hood, a Panasonic microwave and full-sized stacking Whirlpool washer and dryer.

In the bathrooms, the same wood-grain finish as the kitchen cabinets is applied to the floating vanity, which has a square under-mount white porcelain sink. In the ensuite bathroom, the eight-by-48-inch porcelain tiles on the floor continue up the wall behind the shower, laid vertically and staggered to echo the design of the kitchen backsplash.

The entrance to the parking garage is on Bowker Avenue. This is where the electric car, a BMW i3, will be located when not in use by residents, who will also have access to two electric bicycles. There are also electric car and mobility scooter charging stations, as well as storage lockers.

The Bowker Collection units range from 734 to 2,001 square feet. Balconies have gas connections for heaters and barbecues.

© 2017 Postmedia Network Inc.

RISE OF THE ROBOTS

Saturday, June 10th, 2017

Machines may be more efficient and replace tasks, but humans are still vital. Drew Hasselback explains why

The Vancouver Sun

About 180 robots BROMONT, QUE. are doing work that humans used to do at this GE Aviation plant in Bromont, Que., that makes parts for jet engines. But they haven’t replaced the humans. Indeed, the opposite is true. Since a new automated section of the plant ramped up at the start of the decade, the number of people working here has risen to more than 900 from 600.

“A machine is not replacing three jobs,” said Eric Bouchard, senior operations manager at the Bromont plant. “It is reopening those jobs somewhere else because of production.”

The economics are simple. Since GE Aviation’s Bromont plant started using automation in the 1990s, the number of human hours needed to produce output has dropped an average of five per cent each year. That led to the decision to invest $85 million in the plant between 2010 and 2016 to increase automation. GE Aviation says robots are responsible for a 25-per-cent increase in output over those years.

The Bromont experience is a small example of a larger trend occurring in industries ranging from manufacturing to energy to banking: Automation unleashes gains in productivity that can actually boost employment and benefit the economy as a whole, though the experience will no doubt be disruptive for many of those who initially lose their jobs.

Even the Bank of Canada, the keeper of the country’s economy, recognizes jobs will be lost as robots replace some workers. But long-run economic history suggests that the adverse effects of robotization will be short term.

At Confederation, one-third of Canadians laboured in agriculture. Today, that figure is less than two per cent. The rest of those wouldbe farmers seem to have found something else to do while there’s more food available than ever.

In an April speech in Toronto, Carolyn Wilkins, the BoC’s senior deputy governor, said that if you roll back the clock on Canadian manufacturing productivity to what it was 20 years ago, you’d need 750,000 more people to match today’s nationwide manufacturing output.

Yet overall unemployment is down. Fewer people might be working in manufacturing, but more people have jobs overall.

“Productivity growth is the only game in town when it comes to raising the economic and financial well-being of people over a long period,” Wilkins said.

Simply put, greater productivity boosts consumption. As manufacturing becomes more efficient and the time needed to make things drops, people switch their attention to other pursuits, and those usually involve them spreading their money around the economy. More spending means more jobs.

“Clearly, blaming the machines is not the way forward,” Wilkins said. “If we seek out and embrace new technologies while successfully managing their harmful sideeffects, we will create inclusive prosperity.”

To be sure, the benefits from automation that Wilkins describes may take a few years to find their way into countrywide economic statistics. The Bank of Canada expects Canadian labour productivity to improve to 1.1 per cent by 2020 from 0.6 per cent today, but it expects all of that gain to come from a cyclical pickup in investment following the oil price shock.

Yet GE Aviation’s case is an example of what could happen across the broader economy. Employment at the Bromont plant has risen because the firm is making and selling more jet engine parts. It estimates its robots replace at least 35 million tasks a year that humans used to do by hand, such as lifting or assembling parts.

The immediate payoffs at Bromont were ergonomic. Repetitive work can lead to strain, and monotonous work can cause minds to wander.

The machines replace the tasks, but they don’t necessarily replace the people. Humans are still needed to program the machines to do the work. That job is done by teams who figure out how to get the most out of the machines.

“The role has changed from dexterity to technical skills,” said Johanne Jolicoeur, senior human resources business partner at the plant.

GE Aviation, therefore, needs people who have the “soft skills” needed to problem-solve and find efficiencies within the plant. Operations manager Bouchard said the company is specifically looking for people from what he calls the “Nintendo” generation.

“We need people who are not afraid to push buttons,” he said. “People that can play video games or that have iPads, iPhones, of course, in the future, will be a requirement. But we are also looking, big time, for the cultural aspect: having employees that fit the model and the culture that we have, a culture of improvement, teamwork and innovation.”

This new type of technology loving, efficiency-driven employee is expected to be the typical plant worker of the future, and the Government of Canada recognizes it needs to prepare people for a technology-based work environment that is heavily rooted in linear thinking and algorithm-based problem-solving.

“It’s not about humans versus technologies, it’s not about humans versus robots. It’s about how we embrace technology,” said Navdeep Bains, Canada’s minister of Innovation, Science and Economic Development.

The federal government said it will spend $950 million to fund up to five “super clusters” across the country that will link companies with colleges and universities to develop several high-tech industry applications. Functions will include training in advanced manufacturing.

And there’s no question that manufacturing has changed rapidly in a short period of time, and this has had a disruptive impact on Canadian workers. For instance, manufacturing was once the backbone of the Ontario economy. But a study by the University of Toronto’s Mowat Centre found that in the 10 years leading up to 2014, the number of people working in the province’s manufacturing sector fell to just over 10 per cent, down from nearly 16 per cent.

Freer trade and better transportation has led to the creation of globalized value chains. Many firms have moved low-end productivity jobs to low-cost jurisdictions offshore. It’s unlikely those low-cost jobs will ever come back.

But subject to business cycles, the Mowat Centre study found that Ontario’s higher productivity jobs remained in place. The report concluded that Ontario should focus on remaining an attractive jurisdiction for high-tech, advanced manufacturing at the upper end of the value chain.

“This will mean higher-paying manufacturing jobs, more profitable firms, more large firms, more export-orientation, and greater diversity of export markets — all of which will generate more jobs and more GDP for the overall Ontario economy, not just in the manufacturing sector,” the Mowat Centre report said.

For its part, the Bank of Canada is counting on automation eventually contributing to economic growth for a simple reason: it has to. Canada’s economy is in a slowgrowth mode, and the percentage of older workers in the economy is creating an overhang. Something is needed to fill the gap.

“We know this is a reality going forward,” said Stephen Gardiner, managing director in Canada for consulting firm Accenture Digital. “For our clients, this is something that they need to remain competitive and to be able to essentially generate well-being for their employees, their shareholders and the society they are in.”

This automated future involves more than physical robots. Developments in software and artificial intelligence will make it easier for human beings to interact with machines and computers.

Victoria Bovaird, a management consultant at Deloitte, said her firm has just released research showing that 41 per cent of companies have either fully implemented or made significant progress in adopting cognitive and AI technology within their workforce. “Our research is showing that in many cases organizations do it right and it will create new jobs,” she said.

© 2017 Postmedia Network Inc.

BMO CEO downplays housing risk, says market ‘essentially heals itself’

Friday, June 9th, 2017

Alexandra Posadzki
REP

TORONTO, The Bank of Montreal’s CEO is downplaying the consequences that would come from a possible correction in house prices, saying the real estate market “essentially heals itself.”

“I’ve been involved in banking and house lending for almost four decades, and there have been periods where house prices have risen very rapidly and the market has corrected,” Bill Downe said following a speech to the Canadian Club of Toronto Thursday.

The speech may be one of his last public appearances prior to his retirement in October, when BMO’s chief operating officer Darryl White will take the reins.

Downe said that when house prices decline, people tend to stay in their homes longer than they had planned and pay down their debt, thus allowing the market to repair.

“It’s what happened after the crisis in the United States,” he said. “We’re in a different situation, but the consequences of a market correction will be the same.”

In recent weeks, the OECD and the IMF have both called for more government measures to rein in rapidly rising house prices in cities such as Toronto and Vancouver.

However, Downe suggested it would be prudent for policy-makers to wait and see what the effects of recent changes introduced by the Ontario government _ including a 15 per cent tax on foreign buyers _ will be before taking further actions.

“It is possible that there are things that need to be done with supply in order to alleviate the demand for housing in crowded places like Toronto where the inflow of people is very high,” Downe said.

“But the steps that have been taken so far are still working their way through the system and I have some confidence that they’ll pay off.”

While home sales in Toronto have plunged since the rules were introduced, some economists have said the reprieve may be short-lived, as buyers move to the sidelines to assess the impact of the changes.

However, much like what transpired in Vancouver, that pent-up demand will eventually re-enter the market and push prices higher, economists at Canada’s largest banks have predicted.

While there are a number of things that can be done to control demand, Downe said if there is an insufficient supply of homes available for sale, policies may be needed to address that imbalance.

“That means the construction of affordable housing,” he said.

Copyright © 2017 Key Media Pty Ltd

Household debt, housing market has become riskier

Friday, June 9th, 2017

Steve Randall
Canadian Real Estate Wealth

The Bank of Canada has reported its Financial System Review and warned that household debt and the housing market have both increased in vulnerability over the last 6 months.

Governor Stephen Poloz said that “the financial system remains resilient, and macroeconomic conditions continue to improve.”
Household debt increases have been driven by mortgage lending especially in Toronto and Vancouver. While the bank says that credit quality has improved in the insured mortgage market, it also says the uninsured mortgage market is increasing with some mortgages showing “risky characteristics.”

For the housing market, Governor Poloz said that macroprudential and housing policy measures are expected to mitigate the risk from rising house prices.

The two main risks highlighted in the review include an externally-generated recession, which would include a sharp decline in home prices along with rising unemployment impeding homeowners’ ability to service their mortgage debt.

If this were to occur, the BoC report says it would have a severe impact, but it says there is “probably a low risk” of this scenario occurring.

The other major risk is house price corrections in Toronto, Vancouver, and their surrounding areas. While this risk has a higher probability, it would have a less severe impact on the economy, the BoC says.

Copyright © 2017 Key Media Pty Ltd

Poor record keeping can present problems with alteration agreements

Thursday, June 8th, 2017

Poor record keeping can cause issues

Tony Gioventu
The Province

Dear Tony: We purchased a great two-bedroom condo in False Creek in 2016. At the time of the purchase, we requested all the documents for the past five years, engineering reports and a Form B Info Certificate. 

After we completed our review, our lawyer reviewed the document, along with the property disclosure statement of the seller, and nothing popped up as a potential risk or cost. A year later, and we are still very happy with our purchase.

We have noticed a dispute in our strata that is raising concerns for several owners who have altered balconies. The strata council is insisting the owners have to maintain and repair their balcony areas and enclosures, and if they do not, the strata will have the work done and bill them for the cost. There seems to be a fair amount of pressure on these owners to pay for something they inherited and for an argument that may be rather thin. 

Jacob M.

Dear Jacob: Alteration agreements are a very complicated procedure to properly enforce.

The Strata Property Act Standard Bylaws and the Form B Information Certificate both refer to alteration agreements as either a condition of approval for altering common property or to disclosure an alteration agreement that may have been established for a specific unit.

The challenges many strata corporations face are often associated with incomplete record keeping, inconsistent enforce and application of the bylaws, and alteration agreements that are not binding on the parties. In my experience, most alteration agreements and the procedures of the associated strata corporations do not meet a reasonable test that would make them enforceable. 

Here is a common example:

Jenny owns strata lot 25 and in 2001 requested permission to have a balcony enclosure installed. The council granted permission on the condition she would be responsible for the maintenance and repair of the alteration.  

Jenny sold her unit to Mark in 2005. At the time, he requested a Form B Info Certificate and there was nothing disclosed about the alteration. In 2015, Mark sold his unit to Hardip and once again, the strata disclosed nothing about an alteration agreement or any knowledge of the alterations.

This is a common sequence of errors in strata corporations. Records are often lost or destroyed as they transition through newly elected councils or changes with property managers. No one has a copy of the original agreement, it was never disclosed to subsequent purchasers, and if you look closely at the number of balcony enclosures on the building, there are several completed where the requirement of an agreement was never a condition. 

An additional ongoing problem about these agreements is that strata corporations attempt to download the duty of maintenance and repair of common property to owners, which is not permitted by the act. The strata is only permitted to make an owner responsible for the cost associated with the maintenance and repair of the alteration, which will require a specific detail of those future costs. 

The lack of fair application of the bylaw also questions whether the agreements are enforceable, and whether they would even apply to existing owners who have entered into current agreements.   If your strata is in the habit of applying or enforcing alteration agreements, I would strongly recommend you obtain a legal opinion on your bylaws and how the agreements have been enforced or applied.

These types of bylaws and agreements are perfect scenarios for Civil Resolution Tribunal claims as they incorporate the act, the bylaws of the strata and the procedures applied by strata corporations. 

© 2017 Postmedia Network Inc.

Miramar Village 229 homes in two towers in the final phase Johnston Road and Thrift Avenue White Rock by Bosa

Thursday, June 8th, 2017

Miramar Village eye-catching and efficient

Mary Frances Hill
The Province

Miramar Village

Where: Johnston Road and Thrift Avenue, White Rock

What: 229 homes in two towers in the final phase, including 15,000 square feet of private rooftop terrace overlooking the ocean built above a 50,000-square-foot retail village

Residence sizes and prices:  One to three bedrooms; 550 to 2,700 square feet, from $399,900
Developer and builder: Bosa Properties

Sales centre address: 1425 Johnston Road, White Rock

Sales centre hours: noon — 6 p.m.

Telephone: 604-542-8882

Real estate marketers often hone in on a target demographic or group of buyers most likely to be attracted to their developments. But with such a diverse range of homes available at Miramar Village in White Rock – condominiums, townhomes, live/work suites and penthouses, among them – developer Bosa Properties was free to appeal to more universal tastes.

Interior designer Cheryl Broadhead, a principal BYU (Bob’s Your Uncle) Design, introduced a strong esthetic to enhance a home layout equipped with all the practical features that every homeowner needs in which to move, relax and work in comfort.

“The target market definitely drives certain choices, but ultimately everyone needs a space that functions for them on a basic level,” Broadhead says.

These universal needs are on most buyers’ checklists, she adds. “Is it well laid out, is there storage, is it livable?”

Where a less innovative designer might define features in a home as either practical or beautiful, Broadhead makes no distinction between the two as she crafts artistry into useful, everyday elements, such as the kitchen layout and ample storage.

The generous kitchen storage spanning one wall is interrupted nicely by a desk, or office cubby, framed by a slim strip of lighting. This layout emphasizes the way many of us live our lives: one person prepares a meal while a family member works or surfs on the computer, for instance.

In renderings, the designer and Bosa Properties add the same lighting feature in back feature wall of the kitchen, which highlights the full backsplash and seems to blend in with the cabinetry.

“We wanted to have integrated lighting that would give more overall light, but would not clutter the space,” she says.

Ample storage throughout keeps much-used household items out of sight, says Broadhead. “We were able to create interesting areas of storage, including a bookcase that is attached to the kitchen, but opens up to the living space.”

The main open-concept room is drawn in neutral shades of white, grey and light wood; there are no proverbial “pops of colour” in the renderings, and for good reason: Broadhead suggests that homeowners can take advantage of lighting instead to transform mood and style. Dramatic fixtures can be as powerful as any artwork or high-contrast rug or artwork.

“When we look at selecting decorative lighting, we use it as an opportunity to really personalize a space,” Broadhead says. “There are so many lighting options out there, different styles, finishes and price points that can fade into the background or really become a feature. Depending on the fixture, it can change a space from humdrum to interesting and sophisticated.”

© 2017 Postmedia Network Inc.

Most consumers consider mortgage professionals important

Wednesday, June 7th, 2017

Steve Randall
Canadian Real Estate Wealth

There is a growing acceptance of using technology to arrange a mortgage but face-to-face meetings with mortgage professionals are still important to most consumers.

CMHC’s annual Mortgage Consumer Survey for 2017 shows that almost half would feel comfortable using more technology to arrange their home loan and 40 per cent would be comfortable arranging their entire mortgage online using secure tools without meeting with a mortgage professional.

However, most consumers said it was important to meet with their mortgage professional when negotiating (69 per cent) and finalizing (70 per cent) their loan.

The report shows the importance of a strong and user-friendly online presence for mortgage professionals as 76 per cent of consumers research their home loan online with half using lender websites and a quarter using brokers’ sites.

“Relationships and referrals are a very important part of the mortgage lending industry” said Nathalie Fredette, CMHC Vice-President, Client Relationship Management. “The Survey findings can be used by mortgage professionals to manage their businesses by improving the overall customer experience.”

While use of brokers has remained stable among refinancers and recent buyers since the 2016 survey, there has been a 9 percentage-point jump in renewers using mortgage brokers (35 per cent). First-time buyers are most likely to use a mortgage broker (55 per cent).

Getting the best deal and advice are the main reasons for using a broker and overall satisfaction with brokers remains high at 72 per cent.

Copyright © 2017 Key Media Pty Ltd

TREB May Resale Numbers – Is the GTA Market Slowing Down?

Tuesday, June 6th, 2017

other

The factors fueling supply and demand in the Greater Toronto Area’s housing market widened further last month, as sales continued to slow amid a flood of new listings. As a result, prices declined in May for the first time in years, reports the Toronto Real Estate Board.

The TREB May resale numbers reveal GTA sales dropped 20.3 per cent year over year to 10,196 units with detached homes leading the slide at 26.3 per cent, and the condo market down 6.4 per cent. Active listings – the number of properties available for sale – at the end of May were up by 42.9 per cent compared to the record low a year earlier.

While home prices rose 14.9 per cent year over year, they became 6.2 per cent cheaper between April and May, the first full month-long period following the implementation of the Ontario Fair Housing Plan rules. The average sale price is now $863,910 in the region, from $752,100 in May 2016.

A Reaction to the Fair Housing Plan

TREB stated that it still remains to be seen how the changes, which included Ontario’s own 15 per cent foreign buyer tax, rent controls, and a crackdown on speculators, have impacted the market. While buyers appear to be taking a more cautious approach to the market, sellers have reacted to the Plan by listing their homes in greater numbers.

However, Jason Mercer, TREB’s director of market analysis, believes the influx of new inventory is motivated by sellers looking to cash in on years’ worth of impressive returns, rather than by fear of change in the market.

“In the past, some housing policy changes have initially led to an overreaction on the part of homeowners and buyers, which later balanced out,” he says. “On the listings front, the increase in active listings suggests that homeowners, after a protracted delay, are starting to react to the strong price growth we’ve experienced over the past year by listing their home for sale to take advantage of these equity gains.” 

The Month-Over-Month Picture

TREB’s data raises a pressing question for anyone with a vested interest in real estate – did the market reach its peak in March? While year-over-year numbers show Toronto real estate is still historically strong, a look at month-to-month data does reveal the slowest spring performance since 2013. Check out Zoocasa’s infographic of April – May month-over-month trends, between 2012 – 2017, below:

While the market always experiences a flood of listings between March and April, available homes for sale rose 27 per cent during that time period this year, before increasing a further 19 per cent from April to May. Sales, meanwhile, fell 4 per cent from March to April, and 12 per cent last month, respectively.

The detached market is feeling the brunt, with listings surging 32 per cent in April, before moderating to a softer – but still high – 18 per cent in May. The last time the detached segment fluctuated this drastically was five spring markets ago, when listings grew 28 per cent and 6 per cent. Similarly to current events, the 2013 market was reeling from hefty changes to mortgage qualification, such as mandating a minimum 5 per cent down, shortening high-ratio amortizations to 25 years, and upping required income and debt servicing ratios. The changes were found to knock a significant number of potential buyers – namely first timers – out of the market, while sellers rushed to list.

The difference between then and now, though, is that sales kept pace, increasing 31 and 5 per cents, respectively. In contrast, sales fell three per cent in April and 17 per cent in May of this year, with prices down 5 per cent.

The condo segment, while not as drastically impacted, has still seen some slight softening, with 15 per cent new listings in May, 5 per cent fewer sales, and prices down 2 per cent across the GTA region.

A Better Time to Be a Buyer

The narrative has certainly changed from March, when GTA prices rose a mammoth 33 per cent, fueling concerns of unsustainable demand that was supported by speculation rather than true buyer activity.

However, while recent increases in inventory mean buyers are enjoying greater choice on their home search, the GTA market remains firmly in sellers’ territory maintains TREB President Larry Cerqua.

“Home buyers definitely benefitted from a better supplied market in May, both in comparison to the same time last year, and to the first four months of 2017,” he said. “However, even with the robust increase in active listings, inventory levels remain low. At the end of May, we had less than two months of inventory. This is why we continue to see very strong annual rates of price growth, albeit lower than the peak growth rates earlier this year.”

Zero to five months of inventory generally signal sellers’ conditions, while five to seven months are indicative of a balanced market, says Zoocasa CEO Lauren Haw, who points out that in the medium term, the market has reached the same levels seen in the second quarter of 2016 – still extraordinarily hot price and sales growth.

“Sellers who need to do so urgently are anxious – they’re concerned they missed the window. However, prices have still gone up,” she says. Buyers, on the other hand, are increasing their “move-in ready” expectations, and maybe be less pressed to purchase a home needing renovations. “Buyers are less likely to overlook things they would later fix post-sale,” she says. “The seller needs to focus on greater preparation of the home, and great marketing, to net a great sale result.”

Drawing Parallels to Vancouver

Keep in mind, two months does not a trend make; it’s impossible to say to what extent the market is being affected by the Ontario government’s new rules specifically, or whether it’s simply reacting to change for change’s sake.

It’s tempting to look to Vancouver – which has been absorbing the impact of its infamous foreign buyers’ tax since last August – for hints as to how the dust will settle. Sales dropped 26 per cent by September, trending 3.5 per cent below the city’s 10-year average. Like Toronto, the majority of the slowdown was in the low-rise segment, with the detached market careening by 44.6 per cent year over year. In comparison, Vancouver’s condo market fell 10.1 per cent.

Stated then-Real Estate Board of Greater Vancouver President Dan Morrison at the time, “In aggregate, we continue to see an imbalance between supply and demand in most communities. However, we’re also seeing fewer detached sales in the highest price points and fewer detached home sales relative to all residential sales. This is causing average sale prices to show a decline in recent months, while benchmark home prices remain virtually unchanged from July.”

Now, Vancouver’s May numbers show a market that’s back on track to smashing price records, with a strong rebound in sales. Jennifer Oudil, current president of REBGV, says the high-rise and townhome segments are leading growth, as first time buyers and people looking to downsize compete over those housing types.

“Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline,” she stated. The composite benchmark price reached $967,500, up 8.8 per cent year over year, and 2.8 per cent month over month.

However, it’s still a tale of two markets – a key difference between Toronto and west-coast conditions is that Vancouver supply shrank alongside sales, as nervous sellers yanked their product from the market, which kept prices stable and on an upward track.

© 2015-2016 Zoocasa Realty Inc.

Vancouver releases concept plans for post-viaduct False Creek

Tuesday, June 6th, 2017

City releases concept plans for post-viaduct Northeast False Creek

Scott Brown
The Province

The City of Vancouver and Vancouver Park Board have revealed conceptual plans for the future of Northeast False Creek, including a new park and the removal of viaducts.

In 2015, Vancouver City Council approved a $200-million plan to remove the Georgia and Dunsmuir viaducts, which connect False Creek with downtown Vancouver. 

The plan’s early draft includes a new 11-acre park and the replacement of the viaducts with an at-grade street network.

“The early draft plan for Northeast False Creek is based on some of the most extensive public consultation that the City has ever done,” says Gil Kelley, Vancouver’s general manager of planning. “We are excited by the opportunities for a really active waterfront area, design ideas for a dynamic urban village that we have worked on with landowners in the area, how the new park is shaping up, and the replacement plan for the viaducts.”

A key feature of the concept is an elevated Dunsmuir Park — dotted with places to enjoy mountain and ocean views — which will allow cyclists and pedestrians to travel from downtown to east Vancouver. 

The plan includes a total of 14.3 acres of new parkland and open spaces in Northeast False Creek.

The full draft plan and the concept design for the new park will be shared at a June 10 open house on Carrall Street (between Keefer Street and Expo Boulevard) where residents can review the plan in detail and provide feedback.

© 2017 Postmedia Network Inc.