Urbana the final phase of Kelowna project

Michael Bernard
The Vancouver Sun

Pitt Meadows realtor Sonny Mann was so impressed with Mission Group’s Urbana in Kelowna that he jumped in and bought a home for his family, sight unseen. Then he bought for his wife’s relatives, followed by his clients.

Part of the attraction, he said, were the prices in the third and last phase of the master-planned community of 225 homes at the developer’s Central Green project on Richter Street.

“The price point is so great,” said Mann, 35, who bought his first real estate at age 23. “It’s theory of relativity, isn’t it? When people are looking at $400,000 or $450,000 for a one-bedroom suite in the Lower Mainland, it’s like ‘sign me up!’”

Mission Group’s reputation as a good builder also was a factor, as was the “little Silicon Valley” phenomenon in Kelowna, which is attracting high-tech companies to the newly built Innovation Centre, a technology hub. Mann was also impressed with the investment opportunities, given Kelowna’s low rental rate, at below one per cent, and the growth of such institutions as UBC Okanagan.

Luke Turri, Mission Group’s vice-president of development, said his company looked at the pattern of sales in Central Green’s first two phases, into which homeowners began moving this March, and decided that the community needed to provide more product for downsizers in the 50-plus category. He anticipates that about 50 per cent of the homes will be bought by that group, followed by young professionals, at 40 per cent, with first-time buyers accounting for about 10 per cent of the units.

“I would say Urbana is crown jewel of the Central Green masterplan. It’s the only phase that is fronted on two faces by the soon-to-be-constructed park. Half of the homes have the forever park view real estate, which is fabulous.”

The design of the homes takes its cue from the early 20^th Century classic architecture in the surrounding neighbourhood — it includes the old Kelowna Secondary School, Central School and United Church —with red brick and black railings, flat roofs with large overhangs and oversized windows. The modern difference is that all homes are being built to LEED certification for energy efficiency and green features.

“One of the things we pride ourselves on is the attention to detail on the exteriors,” Turri said. “We always try to bring something to the marketplace in the Okanagan that hasn’t been done here before or a different twist on a classical architectural style.”

Turri noted that the shift to an urban lifestyle —  this inspired the name Urbana — is not limited to the first-time homebuyer and a younger working professional.

“In Kelowna, it is quite obvious that the amenities are at play for everyone. So there is broad appeal in the downtown area, the parks, the cultural, going to see the hockey game, or all the restaurants and shops down there now. Those are very much appealing to downsizers.”

The five-acre common green space includes space for the future Rowcliffe city park, and room for informal games of soccer and other sports and picnics. Also included will be community gardens, a children’s playground, water features, a small stage for performances, a walking and cycling circuit, and an off-leash dog park. The buildings also include office and retail/commercial space. There is secure underground parking for all homes.

Inside, all the homes have open concept layouts with nine-foot ceilings, with a balcony or ground-floor patio with a fenced in yard. Windows are oversized, allowing in an abundance of natural light. Flooring is durable vinyl planking in living, kitchen and bathroom areas, while all bedrooms are carpeted.

Kitchen appliances are stainless steel and have an Energy Star rating. They include a designer hood fan, counter-depth refrigerator and a electric free-standing range. Countertops are laminate with an option to upgrade to quartz. A built-in microwave/kitchen niche provides convenience and flexible space. Cabinetry is dual toned with white gloss upper cabinets and a choice of three different laminate lower cabinets.

In the bathrooms are “floating” vanities with a modern-framed mirror and polished chrome faucets, tubs with rain-shower heads and walk-in showers in some homes. All plumbing fixtures, including low-flush toilets, comply with LEED requirements, making them water efficient and environmentally friendly.

All homes come with high-efficiency electric Packaged Terminal Air Conditioner (PTAC) for heating and cooling. A central hot water system feeds all units with monthly costs included in the strata fee. The building is built with brick and sustainable fire-resistant cement siding made form natural and recycled materials.

The laundry centre features side-by-side washer and dryer (optional) and a laminate countertop, hanging rod and shelving for storage.

All homes are covered by a 2-5-10 year home warranty against defects.

Urbana, Kelowna

Project location: 1770 Richter St., Kelowna

Project scope: Urbana, a collection of 55 studio, and one- to three bedroom homes (up to 1,163 sq. ft.) being built to LEED certification. This is the last phase of Mission Group’s Central Green master-planned community close to Kelowna’s downtown and within a few blocks of Okanagan Lake beaches with rapid bus services to downtown and UBC Okanagan. The community includes a future five-acre city park.

Price: From $189,900 to $550,000s

Developer: Mission Group

Architect: Meiklejohn Architects

Sales centre: Suite 111, 1770 Richter St., Kelowna

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

Sales phone: 778-581-5800

Website: http://centralgreen.ca/

Occupancy: Late fall 2019

© 2018 Postmedia Network Inc.

Boffo Properties’ Haven townhome project to take its place in Port Coquitlam

Simon Briault
The Vancouver Sun

Boffo Properties? Haven townhomes in Port Coquitlam will include large decks, two-car garages, and either three or four bedrooms with spacious open concept interiors.

Buyers who are moving up from a condominium will enjoy the space offered at Haven, a townhome project from Boffo Properties in Port Coquitlam. PNB MERLIN ARCHIVE

Haven homes have wide-plank laminate hardwood flooring and nine-foot ceilings throughout main floors

Kitchens feature quartz stone countertops, full-height pantries and KitchenAid appliance packages

Kitchens will be fitted with chevron tile backsplashes and either flat-panel upper cabinets with Shaker-style lower cabinets or all Shaker style.

Interiors at Gaaven are the work of Gannon Ross Designs and are as generously spacious as the rest of the homer

Bathrooms feature quartz counters, oversized tile flooring and Roobel chrome faucets. Full bathrooms on the upper level have matching faucets

Haven

Project location: 2560 Pitt River Road, Port Coquitlam

Project size: 45 townhomes with three and four bedrooms, 1,312 to 1,843 square feet; prices starting in the mid $700,000s

Developer: Boffo Properties

Architect: Ciccozzi Architecture

Interior designer: Gannon Ross Designs

Sales centre: 16 — 2560 Pitt River Road, Port Coquitlam

Hours: noon — 5 p.m., Sat — Thurs

Telephone: 604-690-6672

Website:www.residehaven.ca

Occupancy: late 2018/early 2019

Jasmine Lad and her husband recently bought a townhome at Haven, a project by Boffo Properties in Port Coquitlam — and the space was a big draw.

“We’re upgrading,” Lad said. “We live in a condo in Port Moody and we wanted to begin expanding our family so we needed that extra space. We really like the Tri-Cities and it’s great that we were able to find something we loved in the area. We enjoy hosting as well, so having an open concept was very important for us.”

Haven comprises 45 homes with three or four bedrooms ranging from 1,312 to 1,843 square feet. All have two-car garages and either front or back yards, and all have generously sized decks.

“In terms of what I’m looking forward to most about our new place, it’s got to be the extra space and being able to host more people at home – it’s so big!” Lad added. “We have definitely outgrown our condo and my husband likes working on cars, so he’s very excited about having the two-car garage.”

The couple will be moving into a four-bedroom Heron plan, a home that will include a double, side-by-side garage, a large, open-concept living area and three and a half bathrooms.

 “I’m quite picky about the orientation of the home I live in, so I really like the fact that in our new place the sun will rise in the bedroom and set on the back deck,” Lad said. “It will just make hosting really nice. We have a corner unit with a front yard, although I heard the yard will go round the side as well with our particular unit.”

With an address of 2560 Pitt River Road, the developer is touting the proximity of major highway routes as a key selling point for Haven.

“This is definitely a very family-friendly neighbourhood and one of the great things about the location is that it offers such easy access back to the highways,” said Tara Lok, sales manager at Boffo Properties. “We’re quite close to Lougheed Highway and that connects you very quickly to Highway 1, from where you can go either east or west. It’s a very quick commute.”

“At lot of people that we meet at the sales centre have been living in Port Coquitlam for many years and everybody talks about wanting to stay here,” Lok added. “It speaks very highly of the community, I think, when the people already living there definitely want to stay and are trying to find ways to do that.”

Haven is within a few minutes walk of Gates Park, the largest in Port Coquitlam. According to the city’s website, its amenities include multiple sports fields (including an artificial turf field) tennis courts, a playground, picnic tables and the Traboulay PoCo Trail. Gates Park also features change rooms, meeting facilities and a concession operated by Pajo’s.

“The fact that we’re so close to the park is another huge selling point for us,” Lok said. “There are so many beautiful walking trails through the park and we’re just a short walk away. We’re also within walking distance of both an elementary school and a high school.”

The quality of the product that Boffo offers is hard to beat, according to Lok.

“We have some beautiful finishes, cedar shingles on the exterior of our homes and Caesarstone countertops, which is an amazing feature for homes at this price point,” she said. “And then we have very spacious living areas in comparison to most townhomes that you find nowadays.”

Homes at Haven feature nine-foot-high ceilings in most living areas, hexagon tiles in the front entrances and wide-plank laminate hardwood flooring throughout the main floors. Kitchens come with quartz stone countertops, chevron tile backsplashes and a choice of either flat-panel upper cabinets with Shaker-style lower cabinets or all Shaker-style cabinetry. There are full-height pantries, KitchenAid appliance packages and integrated Panasonic stainless steel microwaves with child safety locks.

Haven homes have powder rooms on the main floors and bathrooms feature quartz countertops, Kohler single-flush toilets, oversized tile flooring, chrome faucets by Riobel and matching shower heads and bath faucets in the full bathrooms on the upper levels.

“My husband was the one who found Haven and when he suggested it to me, I fell in love with it right away,” Lad said. “I like the fact that townhouse developments have more of a community feel to them; you can get to know your neighbours a bit more than you would in a large condo building. The staging of the model homes here looks fabulous so I’ve been taking a few pictures in the hope that we can create something similar in our own place when the time comes.”

© 2018 Postmedia Network Inc.

Homeowners in Vancouver and Toronto believe foreign investors driving up home prices

Steve Randall
Mortgage Broker News

Homeowners in Vancouver and Toronto believe that foreign investors are driving up home prices but that isn’t backed up by official figures.

A new Housing Market Insight from the CMHC shows that 68% of survey respondents in Vancouver and 48% in Toronto think foreign investors have a lot of influence on home prices in their cities.

However, official Statistics Canada data shows that total non-resident ownership is just 4.8% of homes in Vancouver and 3.4% in Toronto.

Vancouverites are more likely to believe that investors have more influence on home prices than supply restraints and demand-side factors.

Buyers are also spending more than planned in Canada’s two hottest housing markets; 48% of respondents in both cities said they had exceeded their budgets, twice as many as those who did so in Montreal.

“The survey allows us to better understand how home buying is influenced by attitudes and perceptions, giving rise to sustaining local narratives. As we can see, psychological drivers can be at odds with economic fundamental drivers,” said Guillaume Neault, Senior Manager, Analytics, Canada Mortgage and Housing Corporation.

Copyright © 2018 Key Media

Over half of buyers encountered bidding wars

Ephraim Vecina
Mortgage Broker News

The newest Housing Market Insight (HMI) released by Canada Mortgage and Housing Corporation (CMHC) reported that over half of buyers encountered bidding wars in the country’s housing markets.

According to the study, fully 55% of buyers experienced a bidding war in Toronto and Vancouver, far higher than the 17% ratio seen Montreal.

These heated contests are also making themselves felt in the final sale prices of homes in these markets: Buyers who fought for single-detached houses via bidding wars paid an additional $125,000 in Toronto and $55,000 in Montreal on top of the asking prices of their properties.

However, the situation was remarkably different in Vancouver, as buyers who experienced bidding wars actually spent $200,000 less for single-detached home purchases.

Apartment condos were the most highly contested property type in Canada’s hottest markets.

Bidding wars also play a role in buyers’ eventual market expectations, the CMHC report stated.

“Homebuyers who experienced a bidding war in Montreal and Vancouver are more likely to report that future price growth is very important,” CMHC wrote in the study. “Having more optimistic short-term price expectations goes in hand with valuing price growth… This would suggest buyers rationalize their purchase because of expected future growth.”

Copyright © 2018 Key Media

The world will see fewer new foreign buyer restrictions

Neil Sharma
Mortgage Broker News

According to a report compiled by Juwai.com—arguably the most vast real estate data base catering in the world catering specifically to Chinese buyers—“the world will see fewer new foreign buyer restrictions imposed on top Chinese property destinations in the year ahead than any of the prior three years.”

In Canada, there is a 15% foreign buyer tax in the Toronto area, and a 20% tax in Vancouver to go along with a 2% speculation tax, which many believe was design to to target foreign speculators.

According to Carrie Law, Juwai’s CEO and director, says that Canada has already imposed substantial parameters around foreign ownership and it is, therefore, unlikely any further levies will follow over the next year and a half.

“Canada has seen high bars placed in front of new foreign property buyers over the past two years,” the report quoted her as saying. “But we think that in 2018-19, it is unlikely that new restrictions or taxes will be imposed.”

Apart from the foreign buyer-targeted taxes in the country’s two most expensive real estate markets, B-20 has also served as another impediment to homeownership.

“New mortgage regulations have weakened the market by dampening the primary drivers of higher prices, which is local buyers taking advantage of low interest rates to trade up or buy investment homes.”

Law added that the most popular Canadian markets for Chinese buyers Toronto, Montreal, Vancouver, Calgary and Ottawa.

Montreal, in particular, has born witness to a noticeable spike in real estate activity. While the foreign buyer taxes in Toronto and Vancouver play a role, affordability in the two cities have turned Montreal into a desired market.

Additionally, Montreal is experiencing a renaissance largely impelled by fortuitous economic conditions, including the lowest unemployment rate in 30 years.

But while Montreal is resurgent, and experiencing previously-unexpressed interest from Chinese buyers, Toronto—Canada’s economic heartbeat—remains the most desirable destination.

“Montreal is a wonderful destination that deserves a good deal more international investment than it receives now,” Law previously told MortgageBrokerNews.ca. “Toronto has demand drivers that won’t disappear, including the English language, educational system, and job market.”

Copyright © 2018 Key Media

The US-based real estate listing website Zillow will display Canadian listings

REBGV
other

The US-based real estate listing website Zillow will display Canadian listings by the end of the year after signing a partnership deal with Century 21.

This is the first such deal Zillow has made in Canada. We haven’t, as yet, received brokerage requests to send MLS® listings to Zillow.

This announcement comes on the heels of www.rew.ca signing an agreement to post sold data registered with the Land Title Survey Authority (LTSA).

How do listing sites get their data?

The data in MLS® is owned by you, the members of the Real Estate Board of Greater Vancouver. As your professional organization, we act as the custodian of this data. Sometimes offices request that we share their listings with third-party websites they use to promote their listings.

These third parties must sign a contract that explains what they can do with the data. Once they agree to these terms, we provide them with the information that you, or your office, has requested that we send.

Can sites post listings that aren’t from MLS®?

Our rules apply to MLS® information. They don’t apply to external data sources such as LTSA or BC Assessment data.

Sites may also get their information from back-office systems. These are listing databases unconnected to the MLS®, maintained by individual offices. Even if these offices are Board members, they decide where the data they maintain appears online.

Copyright © 2018

Stellar outlooks will be on offer at British Pacific Properties? Courtenay

Mary Frances Hill
The Province

Courtenay

What: 39 residences in the Mulgrave Park neighbourhood of West Vancouver

Where: 3101 Burfield Place, West Vancouver

Developer and builder: British Pacific Properties

Residence sizes and prices: one-bedroom; two-bedroom; two-bedroom and flex; three-bedroom; three-bedroom and flex, from 700 to 3,700 sq. ft; two bedrooms from $1,380,000

Sales centre: 2989 Cypress Bowl Lane, West Vancouver

Sales centre hours: Monday —Thursday 10 a.m. — 2 p.m.; Saturday and Sunday noon — 5 p.m.; closed Friday

Phone: 604-925-8002

Katrina Podmore brought the flavour of West Coast modern exteriors to the indoor space at the Courtenay new-home project in West Vancouver by sticking to a basic principle: keep it simple, spare and uncomplicated. Ramsay Warden Architects’ plans for the condominiums rely on that esthetic, thanks to the dominant natural timber, stone and generous glazing.

The look inspired Podmore, an associate at Insight Design Group, in her work in the interior design. “We wanted to make sure the relationship between modern clean lines and natural materials was seamless and intentional,” Podmore says.

Podmore uses the simplicity of the display area space as a canvas, giving the spotlight to stellar features — the view being just one.

The massive windows in many suites will offer a coveted West Vancouver outlook of mountains and water.

“The use of finishes found in nature brought the outdoors in. Combining this with the open-plan concept, the main living space opening to the view makes for an extraordinary experience.”

The interiors show a balance between sculptural lines with soft circular shapes. In particular, there’s a contrast between the simple lines in the wall artwork arrangement against a large round dining table. The bold chandelier also stands out according to plan: Insight Design Group enjoyed using the simplicity of the finishes as a backdrop, allowing these bold pieces command attention against the restrained style.

“Because the cabinetry is so simple and quiet, we brought sculptural pieces to the forefront to add dimension and volume to the space,” Podmore says.

The same goes for the kitchen. Sleek, and free of hardware, the cabinetry acts as a quiet canvas for the backsplash. While it isn’t ornate by any means, the appeal of the backsplash is magnified against the solid, clean finishes.

“We introduced a free-form natural pattern in here with the marble-look backsplash.  But the veining we chose is still subtle and it complemented the solid light tone island,” she explains.

While the details were critical to the overall look, Insight Design Group ensured the materials were tough enough to withstand ordinary daily use.

“Porcelain and engineered quartz materials are less porous and are stain-resistant compared to its natural counterparts,” she says.

“The kitchen island features a soft finish laminate surface, the hardwood floor is engineered and the finish surface is durable.”

The long, unadorned lines that define the interiors of the bathroom were fashioned to lure visitors further inside. Much credit for this inviting look goes to Podmore’s placement of two framed mirrors, side by side, above the vanity.

“We wanted to create a visual focal point in this room as soon as you enter.  The cantilevered wood grained vanity against the dark stone-look backdrop of the wall and matching floor made the cabinets and mirror pop. You are drawn to it immediately.”

© 2018 Postmedia Network Inc.

Neighbourhood demographics portrays condo life

Neil Sharma
REP

It isn’t often that a downtown Toronto condo sits on the market for three months, but that’s exactly what happened with an Entertainment District unit. Unable to sell, the owners brought in the Starke Realty Team.

Known for marketing that appeals to hip urbanites, Starke Realty Team’s motto is “Not your mom and dad’s realtors.” To sell the unit at 10 Morrison St., the team shot a video capturing the glamour that typifies the neighbourhood. Sipping champagne with friends in her new condo, a young woman then goes for a stroll to enjoy the bustling street’s amenities.

The team also used Geowarehouse to confirm both the neighbourhood’s demographics and its congregants’ mores. According to Brett Starke, Geowarehouse confirmed exactly what the team sees daily outside of their King St. brokerage office.

“We wanted to advertise to the people who are potentially going to purchase this unit,” he said. “When you look at the Geowarehouse demographic, it shows that the number one consumer right here is called ‘younger city singles.’ One of their main core values is that they have sexual permissiveness. It says that on Geowarehouse. It gives you a sample value. We go on to look more on the Geowarehouse stats and it says online dating is very popular. Looking good on the social scene is very important. These are the kinds of people who are moving into the neighbourhood and who already live here, so we’re trying to make a lifestyle film that markets to them. We looked at the most liked Instagram pictures in the area and it’s all very similar stuff.”

Starke extols Geowarehouse because of how accurate the demographical statistics are. The last video the Starke Realty Team shot was family-oriented because it was a reflection the neighbourhood in which the unit they were selling was located.

What’s clear, though, is that the team isn’t afraid to shake up how things are done in the real estate industry—which is, unsurprisingly, conservative—perhaps indicating that a sea change is on the horizon.

“It’s not like we just decided to use these women for no reason,” said Starke. “It was all very calculated. We thought we were going to get more flak and more pushback, but we haven’t gotten any because people know this is what King St. is.”

 Copyright © 2018 Key Media Pty Ltd

Governments to build new affordable housing

REP

The British Columbia government has signed a deal with Ottawa that will see nearly a billion dollars injected into affordable housing across the province over the next decade.

The provincial and federal governments say more than $990 million will be spent on building, repairing and expanding social housing and supporting housing affordability.

A joint news release says both levels of governments will share the costs, and the agreement will be supported by funding that starts on April 1, 2019.

The deal is part of a $40-billion national housing strategy unveiled by the federal government last year, which includes funding from the provinces and territories.

Federal Social Development Minister Jean-Yves Duclos has previously said the strategy will reduce homelessness and take 500,000 Canadians out of housing that is either unaffordable or inadequate.

B.C. introduced a 30-point plan earlier this year that will spend more than $6 billion on affordable housing over the next decade.

“This agreement will help more British Columbians find homes they can afford,” B.C. Housing Minister Selina Robinson said in a news release.

Duclos said the agreement is part of the federal government’s national goal.

“The government of Canada is committed to ensuring that every Canadian has a safe and affordable place to call home,” he said in the release.

“Long-term, predictable funding for housing has been needed for more than a decade.” 

The Canadian Press

Copyright © 2018 Key Media Pty Ltd