Steve Randall
Canadian Real Estate Wealth

There were 1,799 home sales in the Fraser Valley in October, the second highest number for the month since the region’s real estate board was founded.

Total MLS sales processed by the Fraser Valley Real Estate Board were up 23% compared to October 2016 and up 11.1% compared to September 2017.

Attached sales took the largest share of sales (56%) with 591 apartments and 418 townhomes.

The divide between our attached and detached markets continues to widen,” Gopal Sahota, Fraser Valley Real Estate Board president said. “Apartment activity was notably strong in October with a sales-to-actives ratio of 105%, meaning that apartments are selling as fast as we can list them.”

Inventory continued to tighten with 5,483 active listings (down 6.3% from September and 9.1% from October 2016) while new listings dropped 13% month-over-month and year-over-year.

Apartments sold in an average 18 days while townhomes were spending an average 19 days on the market; compared to 31 days on average for detached homes.

Benchmark prices were up for townhomes (0.8% m-o-m and 18.6% y-o-y) to $502,800; and for apartments/condos (3.1% m-o-m and 36.4% y-o-y) to $369,400.

For detached homes, the benchmark price of $971,900 was down from 0.3% from the previous month but up 11.8% year-over-year.

Copyright © 2017 Key Media Pty Ltd

Joannah Connolly
REW

The rapidly growing city of Surrey is once again ranked as the best bet to invest your buck in real estate, according to an annual ranking by the Real Estate Investment Network (REIN).

The 2017 survey identifies the top 10 cities in the province for real estate investment, based on REIN’s research. REIN’s methodology includes “all economic and demographic fundamental key drivers combined with the current influencers impacting specific markets,” according to the report.

The top 10 cities for this year’s rankings are:

1. Surrey
2. Abbotsford
3. New Westminster
4. Victoria
5. Kamloops
6. Kelowna
7. Chilliwack
8. Tri-Cities
9. Burnaby
10. Vancouver

The report said of its top-ranked city, “The main conclusion for strategic investors from these key drivers is that Surrey is a unique combination of a youthful, growing city with a diverse economy that is relatively affordable compared to the rest of the Metro Vancouver region.” It also cited increasing home sales, decreasing inventory and low rental vacancy rates as major factors in Surrey’s housing market.

Each city is identified as sitting somewhere on REIN’s boom-bust-recovery cycle, which sets out nine stages of the market. Surrey is said to be in the “beginning of a boom” stage.

The report also advises investors on the best investment tactic, based on the particular market stage each city is in. Being in the beginning of a boom, REIN advises investors in Surrey that the fix-and-flip approach will net the best return.

 Vancouver squeaked into the top 10, despite being described by REIN as at the “end of a boom.” The report authors said that even though this is the market’s current status, having seen rapid home-price rises over recent years, “prices, especially in the condo market, are not expected to drop dramatically from this peak.”

© 2017 REW.ca

Epic Homes to release second phase of Bertrand Creek

Shawn Conner
The Vancouver Sun

After a successful roll-out of phase one of its Bertrand Creek development, Epic Homes has started construction of the Aldergrove location’s second phase.

“Because sales were so strong leading into the summer, we’ve been limited with our home availability over the summer months, and into fall,” said Epic Homes general manager Ryan Connolly.

“We had to let our construction department catch up. Now we’re ready to go and release the majority of the remaining product.”

This weekend, an additional 10 homes will go on sale. To mark the occasion, the developer is opening a second show home.

The Bertrand is the predominant layout in the second phase of the 61 single-family home development. Last year, the project’s first show home opened, highlighting the Anderson layout.

Like the other homes in the second phase, the show home is in the rear cul-desac of the property, and backs on to greenbelt. The greenbelt is home to stands of red cedar, alders, maple trees and Douglas firs.

Half of the self-contained community is, in fact, protected greenbelt. Walking and nature trails, a pedestrian pathway, a dog park, and a bike and walking path around the perimeter of the site are part of the plan. The project also features a large landscaped centre island. Bertrand Creek, a salmon-bearing stream, runs through the site.

Like the Anderson, the main floor is an open area with great room, kitchen and dining area—what Connolly calls “a bright and open floor plan.”

The main floor features German-designed wideplank laminate flooring. Stained poplar millwork, commissioned by Epic, accents the home.

The kitchen is L-shaped and opens on to a covered deck. A Frigidaire Professional Series appliance package includes a doubledoor fridge. Other features include soft-close cabinetry, tile backsplash and a pantry.

The Bertrand’s upstairs level has three bedrooms, with an option for a fourth. That room can also be used as a lounge or other space. A gas fireplace for the room is also an option.

“You could have a secondary family living space,” Connolly said.

Master bedrooms easily accommodate a king-sized bed. There is also a large walk-in closet and main bath. Extras include double doors for the bedroom and spa-style door for the ensuite, which comes with a soaker tub, shower and double sinks.

Epic is offering the option of a fully finished one- or two-bedroom legal suite in the basements.

“That’s huge for people,” Connolly said. “When you can offset your mortgage payments with a $1,000-plus rental payment out of your basement, it definitely makes life a little easier.”

Home exteriors are Craftsman-style, with gabled rooflines. Six different colour schemes are available.

All three layouts are available in the remaining homes.

“There’s been a tremendous amount of interest locally, from Aldergrove and Langley,” Connolly said.

Part of the interest, especially locally, is a result of the fact that the area hasn’t seen residential growth in years.

Over the next two decades, the area is expected to grow from 12,000 to over 20,000 people.

Aldergrove straddles the border between west Abbotsford and Langley. New amenities include a recreation centre with an outdoor pool and arena, scheduled for opening in 2018.

Bertrand Creek is five minutes from the Canada/ USA border, nine minutes to Highstreet Shopping Centre in Abbotsford, and 12 minutes to the Abbotsford Airport. Depending on traffic, Vancouver is an hour or so away.

The Langley community’s charms include Metro Vancouver’s last surviving drivein theatre, the Twilight, as well as raspberry fields and roadside stands selling farmfresh eggs.

“We’re also drawing people in from closer to Vancouver,” Connolly said, “as well as buyers from South Surrey, Burnaby and the surrounding areas.

“We’re even seeing buyers from Maple Ridge. Now with the bridge and removal of the tolls, we’re seeing a lot more movement on both sides of the river. So we’re getting more people open to buying on the north or south side of the river.”

© 2017 Postmedia Network Inc.

Design and positioning of Elenore on Fifth to maximize the spectacular outlooks

Kathleen Freimond
The Vancouver Sun

Elenore on Fifth

Project address: 2106 Main Street, Vancouver

Developer: Chard Development Ltd.

Architect: Proscenium Architecture + Interiors

Interior designer: Proscenium Architecture + Interiors

Project size: 58 homes

Bedrooms: one, two and three bedrooms

Unit size: 476 – 1,635 square feet

Price: Starting from approximately $650,000

Construction: Expected to begin early 2018

Sales centre: 2106 Main Street

Sales centre hours: noon — 5 p.m., Sat — Thurs

Phone: 604-559-6910

Website: http://www.elenoreonfifth.com

When the team from Proscenium Architecture + Interiors designed the Elenore on Fifth new-home project, they rotated the building on the city’s grid to protect a view corridor and provide residents with spectacular outlooks of the North Shore Mountains and downtown Vancouver.

Hugh Cochlin, architect with Proscenium, says the 58-unit, eight-storey building by Chard Development also takes into account its position on the incline at the corner of Main Street and Fifth Avenue in the Mount Pleasant neighbourhood.

“The podium steps down and the tower itself steps down, creating the massing that moves with the slope of the land and allows us to have lovely big terraced decks,” Cochlin says.

Above the first storey, alongside the mid-rise tower, a green roof system enhances the large patio decks for several residential units in addition to two amenity decks. One amenity deck on the southwest side of the building is oriented to children and includes a playground, while the deck on the other side of the building is more adult-oriented and includes areas for residents to indulge their green thumbs and cultivate garden plots.

The building has a concrete core, while the exterior materials include brick and a wood-like finish. Cochlin notes the brick will convey the sense of anchoring the building, while the wood-look material adds visual warmth.

The design lines between the interior and the exterior are blurred in the double-height lobby. Brick from the outside comes to the inside down one wall while a wood bench on the inside continues on the outside, Cochlin says.

The connection to the outdoors — the large patios and the views — were the inspiration for the interiors, says Austin Lidstone, interior designer at Proscenium.

 “That was a driving force in how we began our space planning – it was all about creating units that helped open up to those views and that exterior space,” she says.

“We also looked at some of the qualities of the neighbourhood and were inspired by words like simplicity, refined elegance, modernity, West Coast, modern and contemporary living,” she explains.

Buyers of the one-, two- and three-bedroom homes, which range in size from 476 to 1,635 square feet, can choose from two colour palettes: a light scheme and a darker option. The light palette features white oak laminate flooring and the cabinetry is a combination of light grey laminate and neutral oak veneer. The darker choice is grey oak laminate flooring while the cabinetry is a combination of white laminate and blackened oak veneer.

One of Lidstone’s favourite aspects of the design is the use of the blackened oak.

 “It contrasts with the light countertops and makes such an interesting, bold statement. Yet it still feels quite soft and really bright and welcoming,” she adds.

The marble-look engineered quartz countertops in the show suite at the sales centre at 2106 Main Street have an unusual knife-edge finish. “It’s a bit more costly, but that extra refinement makes it special,” Lidstone says.

She adds that there were many conscientious discussions between the architectural and design teams and the developer.

“We wanted to create comfortable, livable space,” she says.

This focus is evident in several subtle design elements. A look into the laundry closet in the show suite reveals a side-by-side LG washer and dryer, a folding counter, shelf storage and hanging space.

Another example is the square-profile soaker tub with curved chrome shower rod. In addition to the design tension created by the strong lines of the bath and the curved shower rod, it also has a practical purpose says Lidstone, pointing out that the curve extends the curtain away from the tub, providing a little extra space when it is drawn.

In the bathrooms, the proportions echo a Scandinavian influence with refined, clean lines. The shower enclosure has frameless-glass swing doors to add to the feeling of spaciousness while the adjustable-height body wand and rain shower heads enhance the functional aspects of the bathroom. Heated floors below porcelain tile are practical and warm in the cooler months.

The kitchens are L-shaped with the appliances and stainless steel sink situated on the back wall to free up space on the island.

“The island really becomes a storage/prep area, rather than having the interruption of a sink or other appliance,” Lidstone says.

The major appliance package includes a Wolf cooktop and built-in wall oven and a Fisher & Paykel dishwasher. In the two- and three-bedroom units and townhomes, a 30-inch Sub-Zero refrigerator is standard, while a 24-inch Blomberg counter-depth refrigerator is specified for the smaller homes.

The cabinet doors and drawers have brushed chrome pulls and mechanisms to enable the soft close so necessary in an open-plan living space.

There are two levels of underground parking where there will also be electric car (and bicycle) charging stations.

“These charging stations are required by the City [of Vancouver], but it makes common sense to include them,” says Cochlin. “We should be setting up these [facilities] for the future so we don’t have to retrofit later.”

All homes include individual controlled hydronic cooling and heating systems and a heat recovery ventilation system that provides continuous fresh air.

And to provide the finishing touch, Chard Development will place original artwork in the lobby and common hallways to add to the ambience of the mid-rise tower that is built to LEED gold standards.

© 2017 Postmedia Network Inc.

Ephraim Vecina
Canadian Real Estate Wealth

According to the latest property transfer data released by the British Columbia government, the proportion of sales involving foreign nationals in Metro Vancouver inched up between April and September.

The data showed that 5% of the 6,105 property transfers in September involved foreign nationals, up from 2.5% in April.

This remained far below the percentage of foreign nationals buying homes before the former Liberal government implemented a 15% foreign buyers’ tax in August 2016 in an effort to cool the hot housing market, The Canadian Press reported.

The B.C. Finance Ministry previously reported that from June 10 to August 1, 2016, 13.2% of all property transfer transactions in Metro Vancouver involved foreign buyers.

Despite attempts to improve housing affordability, the Real Estate Board of Greater Vancouver said in August this year that the typical price of a home in Metro Vancouver had surpassed $1 million.

The New Democrat government has said that it is reviewing transaction data along with the foreign buyers’ tax and an interest-free loan program for first-time homebuyers in an effort to decide whether such measures should be kept, revised, or scrapped altogether.

Among municipalities, Richmond saw the highest rate of foreign buyers between April and September this year at 8%, while foreign buyers accounted for 4.3% of sales in both the city of Victoria and the surrounding Capital Regional District.

The tax only applies residential real estate in Metro Vancouver.

There were a total 84,139 property transfers in B.C. between April 1 and September 30. Foreign nationals were involved in 2.8% of those transfers, representing more than $2 billion.

Copyright © 2017 Key Media Pty Ltd

Neil Sharma
REP

Foreign buyers are back in Vancouver’s residential real estate market, accepting the foreign buyer tax as the cost of doing business.

However, they have also been quietly buying commercial real estate throughout the Greater Vancouver Area for the last year because those purchases aren’t subject to the foreign buyer tax.

As a Pacific Rim city, Vancouver is an especially attractive locale to Asian investors. In addition to proximity, it’s also a financial safe haven.

“We know that a lot of investors from China are interested in purchasing Canadian real estate, and they do that on small and large scales, so they’ve bought significant properties on the commercial side as well,” said Colin Dryer, CEO of Verico Financial Group. “A lot of the money has moved from residential to commercial. A lot of people look at Canada as a safe haven for money, and now they’re accepting there’s a cost of doing business. Commercial properties have been very active in Vancouver because there’s no foreign buyer tax. It only applies to residential.

While it is difficult to ascertain whether or not Chinese activity in commercial sector is a direct result of the residential foreign buyer tax, they were not active buyers prior to its implementation.

“That’s been going for a year,” added Dryer. “I don’t know if you can coincide it with the foreign buyer tax, but I would suggest it had an impact in terms of people diversifying. They’ve”
Dreyer says there’s been a spike in real estate activity in in British Columbia, and it could have to do with forthcoming government policy changes the provincial NDP’s is slated to enact early next year. But the tax has influenced foreign buying habits.

“It had an impact in terms of people diversifying,” continued Dryer. “They’ve diversified the locations, they’ve diversified the type properties they’re buying based on affordability and taxation. I do think people are spurred in B.C. at the moment with more activity because of the new housing policy coming in February 2018 with the NDP government.”

Non-residents comprised  5% of Metro Vancouver home purchases in September, according to data released by B.C.’s provincial government, however, the numbers were considerably higher in Richmond and Burnaby, where foreign buyers accounted for 10.8% and 9.6% of purchases, respectively.

Suyan Ge, a mortgage planner with Citywide Mortgage Services, says that the foreign buyer tax has become an accepted reality for foreign investors, so they’re more discerning about where they’ll purchase.

“[Purchases by foreign buyers[ started picking up since April,” she said, “especially in Richmond. The reason is it has the largest Chinese community in the Lower Mainland. In Metropolitan Burnaby, it has the largest shopping mall in Lower Mainland called Metropolis at Metrotown. It’s convenient and also has Crystal Mall, a Chinese Mall, and a lot of new apartments and lots international students living in that area. The transportation is also very convenient.”

Ge added that many foreign buyers don’t leave their purchases vacant, but house their children in them – who are most often students or have work permits.

Additionally, Surrey has seen its number of foreign buyers increase threefold.

“They like living by the ocean,” said Ge. “The property prices are way lower than the west side of Vancouver. The west side has the most expensive properties in Lower Mainland. In White Rock, you can get a nice view and only pay half the price. South Surrey and White Rock also have some properties with really big lots.”

Copyright © 2017 Key Media

Neil Sharma
Canadian Real Estate Wealth

Canadian real estate attracts interest from around the world, and now American company Zillow has announced that it plans to add Canadian listings early next year. However, that could ruffle feathers with the country’s largest real estate board.

Zillow publishes properties’ sold data, which has been at the heart of litigation between the Toronto Real Estate Board and the federal competition bureau, who sued the former over anti-competitive practice.

John Pasalis, president of Realosophy, a key competition bureau witness during the years-long litigation, says Zillow might not have any problems entering the Toronto market, however, that would be contingent upon its data’s provenance.

“I’d be surprised if they can do it if TREB wins the appeal,” he said. “If TREB loses, then it might be easier for them to do it, because they’ll have a right to, but I still think there might potentially be some issues. But it does depend on where they get their data from.  If they’ve signed an agreement with Teranet or some other source, it’s going to be a lot different than if they get their data from the real estate board.”

Pasalis believes that TREB’s efforts are in vain. Although Realosophy has been prominent in the conflict with TREB, Pasalis says fighting data accessibility is pointless in this day and age.

“They’re waging a war against technology, innovation and where the rest of the world is going, and people want access to information to make smarter decisions,” said Pasalis. “I mean they have it in virtually everything else they do; our governments are opening up their databases and making them public, and I think it’s just a matter of time before TREB does as well.”

Although Zillow doesn’t have firm plans to enter the Canadian market, its announcement certainly suggests intent to do so.

“We know that many buyers in the U.S. are interested in purchasing Canadian property, so we are exploring adding Canadian listings to Zillow,” read a statement released by the company, adding “We don’t have anything to announce right now. This is just something we are exploring.”

Copyright © 2017 Key Media Pty Ltd

Steve Randall
REP

It was a varied housing market for Metro Vancouver in October with supply of detached homes offering greater choice for buyers while the townhouses and apartments markets were more competitive.

Overall sales surged 35.3% year-over-year to 3,022, up 7.1% from September and 15% above the 10-year average.

Detached home sales were up 44.2% year-over-year (940), attached were up 30.1% (1,532) and attached property sales gained 36.5% (550).

New listings were up 14%.6% year-over-year to 4,539 but that was 15.6% down from September. Inventory was down 0.1% year-over-year to 9,137, 3.5% below September’s available listings.

“The growth in our provincial economy and job market is contributing to today’s demand,” Jill Oudil, REBGV president said. “The federal government’s announcement of plans to tighten mortgage requirements for the seventh time in the last eight years also helped spur activity in the short term. Many buyers are trying to enter the market before the changes are in place.”

Benchmark prices were up 12.5% year-over-year to $1,042,300.

Copyright © 2017 Key Media Pty Ltd

Imperial a South Surrey family affair

Mary Frances Hill
The Province

Imperial

Project location: 15633 Mountain View Dr., Surrey

Project scope: 87 four- and five-bedroom three-level townhomes on six acres. Close to Morgan Crossing shopping centre, the new Grandview Heights Aquatic Centre, and several golf courses

Residence sizes and prices: Homes range from 2,000 to 2.577 sq. ft from $850,000

Developer and builder: T.M. Crest Homes

Sales centre: 15633 Mountain View Dr., Surrey

Hours: noon — 6 p.m., Sat — ​Thurs

When the new residents move into their spacious homes at Imperial, T.M. Crest’s South Surrey townhome project, they can be assured the development was built on a foundation of strong family bonds and a shared lifetime of expertise in construction and design.
As an entrepreneurial developer, Tina Banwait’s father put the family to work on construction sites when she and her siblings were growing up, experience that gave them the confidence to build and promote T.M. Crest’s multi-family communities. Banwait, one of four siblings of the Samra family, has also applied her skills to the design and decor of the display units at Imperial.

Banwait notes that keeping work life separate from their close personal connections  — the siblings have several children, ranging in age from 11 months to six years — is central to the success of T.M. Crest.
“Working with family is a privilege,” she says. “We find it easy to disagree with each other, as feedback and open communication is key when creating and executing a project.”

She gives credit the fact that each sibling recognizes and respects the specific skills that each brings to the projects. “The collaboration between [our] differing but relevant experiences and educations create the synergies which allow us to keep so much of our projects in-house.”

No doubt growing up in a large family gave Banwait an advantage as she planned the layout and decor of Imperial’s Surrey presentation units.

Banwait says the team is most proud of the flexibility of the open space the homes offer.

 “Our goal for Imperial was to create homes that do not compromise on open space,” she says. She enhanced the spacious feel by decorating in calm, light neutrals, and allowing natural light to be her guide.
“[One display unit’s] main floor room was set up as a playroom: as a mom, it is important to have a space where the kids can play and learn while still being close to your main living areas.”
Banwait says the layout, displayed in a cross-section rendering and via the two display units, always gets a good reaction from visiting families. Every visitor is eager to offer their perspectives on what they need and want in a home, she says.

“Older children love the size of the rooms as they’d have a place to store all their belongings and even fit in a desk if needed. Husbands mention the benefits of having an open-concept theatre and bar area directly connected to the yard and the extended walkway and green space.”

© 2017 Postmedia Network Inc