Archive for October, 2018

BCREA Welcomes Exemptions to Bill 45

Tuesday, October 16th, 2018

Province targets speculators and vacant homes, supports housing affordability

BCREA

The British Columbia Real Estate Association welcomes the Government of British

Columbia’s inclusion of exemptions from the speculation and vacancy tax proposed as Bill 45 today, Tuesday, October 16, 2018. Some of the exemptions directly address concerns BCREA brought to the Province’s attention through its advocacy work.

The Bill allows for exemptions for British Columbians going through traumatic life events such as illness and divorces or separations. It also allows for exemptions for owners of properties that are being developed or undergoing renovations.

It also exempts strata units from a vacancy tax for 2018 and 2019, where strata restrictions prohibit rentals. Further clarity is needed on this exemption and other implications.

BCREA, its 11 regional real estate boards and the 23,000 REALTORS® they represent look forward to providing the Province with REALTOR® insight on the implementation of Bill 45 to ensure that the best interests of BC homeowners are served.

Read the Province’s news release here. Learn more about the speculation and vacancy tax here

Most landlords plan to ban cannabis use in rental units: Survey

Tuesday, October 16th, 2018

Ahead of legalization, most property owners believe cannabis use will decrease the value of their residential assets

Tanya Commisso
Western Investor

The majority of landlords polled in a new survey have responded negatively to cannabis use in rental units, going so far as to offer lower rent to tenants who agree to not smoking in units. 

The survey conducted by real estate website Zoocasa was conducting in anticipation of cannabis legalization, coming into effect across Canada tomorrow (October 17). 

A whopping 88 per cent of landlords say they plan to prohibit smoking in their buildings, with 65 per cent willing to consider lowering rent for tenants who don’t smoke cannabis inside their suites. Sixty-four per cent of Canadians agree that building management or strata councils should have the right to ban cannabis use. 

Tenants seem to be on the same page – with only 35 per cent of respondents who identify as renters affirming their right to smoke cannabis inside their homes. 

Stigma towards cannabis use remains high among homeowners and buyers, despite impending legalization; sixty-four per cent of property owners still believe smoking inside of homes with decrease the property’s value. Fifty-seven percent believe growing cannabis inside a home for personal use would decrease its resale value. Prospective buyers agree, with 52 per cent saying they’d be less likely to purchase a home if they knew marijuana had been cultivated there. 

Cannabis retailers are also seen as less-than-desirable neighbors, with only 31 per cent of Canadians comfortable living near one. Fifty per cent of Generation Xers (those born between 1961 and 1981) believe a dispensary in the neighbourhood would devalue their home. 

Copyright © 2018 Western Investor

How blockchain and artificial intelligence will reshape real estate

Monday, October 15th, 2018

Advances will help industry achieve greater efficiencies, mitigate risks

Murtaza Haider and Stephen Moranis
The Vancouver Sun

Innovations in computing and information technologies are transforming businesses at an unprecedented pace. The real estate sector will not be spared, and that’s good news.

Advances in artificial intelligence, analytics and blockchain will improve the real estate industry by achieving greater efficiencies and identifying and mitigating risks.

While real estate will remain true to its traditional brick-and-mortar roots, the technological innovations will transform the way the sector operates.

Consider blockchain, which offers great promise for transparency, data accuracy, and data aggregation. Essentially, a blockchain is a “distributed database that maintains a growing list of data items and that is hardened against manipulation and counterfeiting,” explained Jan Veuger in the journal Facilities in 2017.

Once a block is added, it acts as a “building passport.” It allows one to aggregate all relevant information about a building in one place from ownership records to structural details down to the latest renovations. Such information can be made readily available to those interested.

Another example of technological innovation is valuation models. For centuries, the value of a real estate asset was determined by expert opinion that involved examining earlier comparable sales, applying some judgements and coming up with an estimate. The process was error- and bias-prone.

Technical advances

The practice was transformed in the past few decades when statistical models effectively replaced the expert estimates. The use of computer algorithms in valuation became the norm. Advances in data storage and computing powers meant that statistical models improved in predictive accuracy.

Recent advances in analytics imply that even more sophisticated computing algorithms will soon be the norm in the valuation space. Whereas statistical models of the regression type are common today, the future will see a wider application of machine learning algorithms including Artificial Neural Networks (ANN) and Support Vector Machines (SVM).

Computational advances are likely to transform the mass appraisal market that involves determining the values of groups of properties at a given time. Big users of mass valuation models are public sector entities responsible for property taxation. The property tax is calculated for all properties at a given date, which requires estimating the value of each property in the tax roll. Not getting the valuation right could lead to expensive litigation costing millions.

The other big users of mass valuation are mortgage lenders who would like to ascertain the value of a property before extending the loan. Again, getting the value wrong could expose the lender to greater risk.

Recent research shows that machine learning algorithms offer improved performance for predictive analytics. The gains over the traditional regression type models are even higher when data depict non-linearities.

Already, numerous startups have emerged in the U.S. and Canada trying to get a piece of the automated valuation business in real estate.

The startups have met with varying degrees of success in securing venture capital. The real success though is their ability to deliver an accurate valuation of real properties. For this, they must rely on not just the best algorithms but also the best data.

Predictive modelling

Garbage in, garbage out applies to the AI world as well. An AI or machine learning model learns from the data we feed to train the algorithm. Poor quality data means poor training and inferior forecasts. Thus, the future success of predictive modelling is incumbent on improving techniques to weed out outliers and erroneous data.

AI, therefore, needs blockchain to access high-quality property data.

The advances in AI models are focused on replicating the workings of a human brain. It is rather odd that computer-based models were introduced earlier to replace human decision-making with algorithm-based tools.

The future is far from certain. If computers can think like humans, will they make the same cognitive mistakes that humans make? Or being artificially intelligent, will computers be able to mimic human decision-making without being swayed by emotions?

Real estate transactions, especially housing, may never be devoid of emotions. If AI implies intelligence without emotions, the valuation models may depict a greater variance between estimates generated by humans and computers.

It’s free will and the readiness to be swayed by emotions that separates humans from robots. AI-driven automated valuation models are fast improving in statistical intelligence. Emotional intelligence, though, is hard to machine learn.

© 2018 Financial Post

Tech giants driving hearty Vancouver activity

Monday, October 15th, 2018

The steady expansion of major tech companies main driver for commercial real estate

Ephraim Vecina
REP

The steady expansion of major tech companies like Amazon and WeWork into Vancouver is a main driver of demand for the city’s commercial real estate, according to RE/MAX Western Canada regional executive vice president Elton Ash.

These companies’ needs are predicted to push down office vacancy rates across Western Canada for the rest of the year and throughout 2019.

“Investment by major companies like Amazon in Calgary and Greater Vancouver is evidence that commercial real estate – office space specifically – in Western Canada remains a hot commodity,” Ash explained.

“As Canada continues to push further ahead in areas like technology, investors both domestic and abroad see the potential for growth here and are willing to call Canada home.”

This robustness is expected to offset the region’s commercial sales year-over-year decline in the first quarter of 2018, from 886 transactions in Q1 2017 to 523 earlier this year.

The country’s other top market is also showing sustained strength in this front.

Copyright © 2018 Key Media Pty Ltd

Beaufort Landing 5551 Admiral Way Ladner 124 three and four bedroom townhomes by Polygon Beaufort Landing Ltd

Saturday, October 13th, 2018

Beaufort Landing the latest addition to Polygon?s ?seaside-inspired? Hampton Cove in Ladner

Barbara Gunn
The Vancouver Sun

Beaufort Landing

Project address: 5551 Admiral Way, Ladner

Developer: Polygon Beaufort Landing Ltd.

Architect: Ekistics Architecture

Interior designer: Polygon Interior Design Ltd.

Project size: 124 three- and four-bedroom executive townhomes; 36 four-bedroom homes have been released in the first phase, measuring 1,850 — 1,980 square feet and priced from $848,800 (Three-bedrooms available in the next phase)

Sales centre: 5551 Admiral Way, Ladner

Hours: noon — 6 p.m., Sat — Thurs

Telephone: 604-946-0477

Website: polyhomes.com/community/beaufortlanding

Some six months ago, Matt and Olga Klymchuk welcomed daughter Juliana, and began to realize that they needed more living space. The couple decided a move was in order, but opted for one that will also see them staying put.

Since 2016, the Klymchuks have been residing in a three-bedroom townhome in the Fairwinds component of Polygon’s master-planned Hampton Cove riverfront community in Ladner. Come Christmas — or sooner — the family hopes to relocate to their new four-bedroom townhome in the community’s new 124-unit Beaufort Landing phase.

It’s a move that will mean they have a home with some 450 additional square feet, and room for Matt’s parents and sister to stay when they visit.

Hampton Cove, which will eventually comprise some 670 residences — primarily townhomes — is nestled between a golf course and a marina. Residents are just a short hop from the shops, services and restaurants in Ladner and the myriad retail and dining offerings at Tsawwassen Mills and Tsawwassen Commons. They will also be but steps from Delta’s 16-kilometre Millennium Trail.

Some three dozen homes in Beaufort Landing’s first phase have been on offer, and Goldie Alam, Polygon’s senior vice-president of marketing, says they have been attracting buyers similar to those in earlier phases at Hampton Cove.

“We’ve got local people coming but we’ve got a lot of people coming from Richmond, Burnaby, even Vancouver, who are moving for space and more affordable prices,” she says, noting that Beaufort Landing represents the third of five phases in the community.

“It’s a place where the first-time buyers can come and young families — it’s something they can afford. It’s the right space for them. And we have some who find it the right place to downsize, when they don’t want to downsize to an apartment yet. They want to get out of their house, but they still want space for their kids and for guests.”

The exteriors are intended to complement the project’s riverfront location with what the developer is calling “classic seaside-inspired architecture.” Of note are the pitched roofs, stone chimneys, shingle siding, window boxes and stone and wood detailing.

Inside, residents will appreciate elegant and efficient touches and sweeping riverfront outlooks, as showcased in the beautifully outfitted three-level display homes on site.

Main floors will have nine-foot-high ceilings, laminate wood flooring and powder rooms. Three colours schemes are on offer: Daybreak, Eclipse and Radiance.

Kitchens will feature engineered stone countertops with a marble chevron backsplash, pull-out pantries, double undermount stainless steel sinks and built-in recycling stations. Appliances will include five-burner gas cooktops and integrated french door refrigerators with bottom-mounted freezers.

Master ensuites will have either a soaker tub and shower or an oversized shower with a bench, as well as engineered stone countertops, dual undermount sinks and porcelain tile flooring. Main bathrooms, meantime, will have tubs with a porcelain tile surround.

Residents will not need stray off site to enjoy the multiple offerings in the community’s Hampton Club, a 12,000-square-foot facility that has — among other things — an outdoor swimming pool, fitness centre, music rooms, children’s play area, gymnasium and guest suites. Here, residents can soak in the hot tub, enjoy a game of pool with their neighbours or book the enormous great room for a private event.

For Matt Klymchuk, the decision to buy a home at Hampton Cove wasn’t at all difficult.

“I fairly quickly settled on Fairwinds as where I wanted to buy without looking at other options,” says Matt, noting that for Olga, Beaufort Landing will represent a third residence at Hampton Cove. (“Interestingly, my wife lived with her parents in Charterhouse in the first phase of Hampton Cove before we were married last year.”)

The attractions, he adds, are numerous.

“We like the community feel of Hampton Cove and Ladner, in general, and also the rural feel and being by the river.

“We love Westham Island and visit the bird sanctuary and farms regularly. We also love Deas Island, with its park space and trails, and just generally being by the river and having farm and mountain views.”

Matt, who works in IT, part time at home and part time in down Vancouver, also says the location works in his favour.

“Proximity to the (Highway) 99 means we can be downtown outside of peak traffic hours in 30 minutes, evenings and weekends. For trips to the U.S., we are very close as well — 20 minutes to Peace Arch crossing.”

Alam, who notes that some of the Beaufort Landing homes will be move-in ready this fall, echoes those sentiments, both as they relate to the allure of Hampton Cove and of Ladner, which she describes as a picturesque community with “a small-town vibe.”

“This is a very involved community,” she says. “There have been block parties, a golf tournament. And there are lots of kids of all ages. You see lots of people with strollers, lots of people with dogs. It’s a nice community.”

© 2018 Postmedia Network Inc

Strong cannabis hubs to arise in Western Canada

Friday, October 12th, 2018

Kelowna first in BC to open legal store

Ephraim Vecina
Canadian Real Estate Wealth

In a new report, RE/MAX Commercial deemed Edmonton in Alberta and Kelowna in B.C. as the up-and-coming hot spots for the cannabis market, with both cities predicted to benefit from positive commercial growth in the months after legalization comes into effect next week.

“Cannabis is adding an additional demand segment to the overall market, for industrial or retail,” said Elton Ash, regional executive vice-president at RE/MAX of Western Canada on Wednesday (October 10).

Edmonton’s vacancy rates are expected to fall while lease rates will enjoy a moderate rise for the rest of 2018, in large part due to the arrival of Aurora Cannabis.

New construction is booming especially in the Leduc and Nisku areas. The latest additions include a 74,322 square metre (800,000 square foot) medical marijuana production facility.

Meanwhile, Kelowna’s commercial real estate prices and industrial space leases are projected to go up, with an “extremely competitive” environment for cannabis retail licences anticipated to arise. The city government has already confirmed more than 900 potential locations for dispensaries.

This is welcome news expected to offset the 8% year-over-year loss in the total sales value of Kelowna’s commercial property.

Copyright © 2018 Key Media Pty Ltd

Vancouver residential inventory swells to 4-year high

Friday, October 12th, 2018

Metro Vancouver for sale properties growing

Ephraim Vecina
Mortgage Broker News

Metro Vancouver’s supply of residential properties for sale continued to inflate amid sustained noticeable weakness in demand, according to a new analysis by real estate portal VANCITYliving.

Using September 2018 data from the Real Estate Board of Greater Vancouver, VANCITYliving noted that Metro Vancouver’s inventory of detached, attached, and apartment residences increased by 36% on a month-over-month basis. This figure represented a markedly sharp pace of growth, from 3,881 listings in August to 5,279 in September.

“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” REBGV president-elect Ashley Smith stated. “There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”

The total number of properties listed for sale on the MLS® system in Metro Vancouver was at 13,084 in September, rising by 10.7% from the month prior. The growth rate was even faster when compared to the same time last year, clocking in at a 38.2% annual pace.

As for sales volume, activity in Metro Vancouver fell to 1,595 transactions last month, which was 36.1% lower than the 10-year average for September. This was also a 17.3% decrease from August and a 43.5% shrinkage from September 2017.

Last month’s sales-to-active listings ratio across all residential property types was 12.2%. This metric was 17.6% for condo units, 14% for townhomes, and 7.8% for detached homes.

The benchmark price for all kinds of homes in Metro Vancouver stood at $1,070,600 in September, which was 2.2% higher compared to the same month last year.

Copyright © 2018 Key Media

BC Home Sales Continue at Slower Pace in September

Thursday, October 11th, 2018

BC Home Sales Continue at Slower Pace in September

BCREA

The British Columbia Real Estate Association (BCREA) reports that a total of 5,573 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in September, a 33.2 per cent decrease from the same month last year. The average MLS® residential price in BC was $685,749, down 1.1 per cent from September 2017. Total sales dollar volume was $3.8 billion, a 34 per cent decline from September 2017. 

“BC home sales continue at a slower pace compared to last year,” said Cameron Muir, BCREA Chief Economist. “The impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest rates are negating the effect of the extraordinarily strong performance of BC’s economy over the last five years.” 

Year-to-date, BC residential sales dollar volume was down

21.3 per cent to $45 billion, compared with the same period in 2017. Residential unit sales decreased 22.5 per cent to 63,251 units, while the average MLS® residential price was up 1.5 per cent to $716,096.

For more information, please contact:

Cameron Muir Chief Economist

Direct: 604.742.2780

Mobile: 778.229.1884

Email: [email protected]

September 2018 Residential Average Price, Active Listings and

Sales-to-Active-Listings Data by Board

 

 

 

Board

Average Price

Active Listings

Sales-to-Active-Listings

September 2018

Residential Average Price

($)

September 2017

Residential Average Price

($)

 

%

change

September 2018

Residential Active Listings

(Units)

September 2017

Residential Active Listings

(Units)

 

 

% change

September 2018

Residential Sales to Active

Listings (%)

September 2017

Residential Sales to Active

Listings (%)

BC Northern

286,886

262,345

9.4

2,283

2,541

-10.2

16.3

16.1

Chilliwack

519,013

475,293

9.2

1,464

959

52.7

11.1

32.2

Fraser Valley

723,740

704,276

2.8

6,447

4,635

39.1

15.2

33.7

Greater Vancouver

1,029,401

1,013,421

1.6

13,757

10,131

35.8

11.9

28.4

Kamloops

399,445

381,896

4.6

1,156

1,169

-1.1

20.2

25.8

Kootenay

326,586

312,389

4.5

1,891

2,137

-11.5

13.9

13.9

Okanagan Mainline

534,943

496,433

7.8

4,172

3,238

28.8

14

22.9

Powell River

384,650

323,330

19

118

101

16.8

29.7

36.6

South Okanagan

361,066

422,295

-14.5

1,282

1,039

23.4

9

21.6

Northern Lights

259,547

229,145

13.3

484

452

7.1

6.2

8.4

Vancouver Island

492,890

442,292

11.4

2,529

2,450

3.2

26.2

38.2

Victoria

713,850

673,645

6

2,024

1,459

38.7

25

41.5

Provincial Totals*

685,749

693,655

-1.1

37,607

30,311

24.1

14.8

27.5

*Numbers may not add due to rounding

September 2018 BC Residential Multiple Listing Service® Data by Board

 

 

Board

Dollar Volume (000s)

Units

September 2018 Residential Sales ($)

September 2017 Residential Sales ($)

 

% change

September 2018

Residential Sales (Units)

September 2017

Residential Sales (Units)

 

% change

BC Northern

106,435

107,561

-1

371

410

-9.5

Chilliwack

84,080

146,866

-42.8

162

309

-47.6

Fraser Valley

707,094

1,098,671

-35.6

977

1,560

-37.4

Greater Vancouver

1,682,040

2,919,665

-42.4

1,634

2,881

-43.3

Kamloops

93,470

115,333

-19

234

302

-22.5

Kootenay

85,565

93,092

-8.1

262

298

-12.1

Okanagan Mainline

312,941

367,360

-14.8

585

740

-20.9

Powell River

13,463

11,963

12.5

35

37

-5.4

South Okanagan

41,523

94,594

-56.1

115

224

-48.7

Northern Lights

7,786

8,708

-10.6

30

38

-21.1

Vancouver Island

326,786

414,428

-21.1

663

937

-29.2

Victoria

360,494

408,229

-11.7

505

606

-16.7

Provincial Totals*

3,821,678

5,786,469

-34

5,573

8,342

-33.2

*Numbers may not add due to rounding

**NOTE: The Northern Lights Real Estate Board (NLREB) became part of the South Okanagan Real Estate Board (SOREB) on May 1, 2011.

 

BC Home Sales Continue at Slower Pace in September

September 2018 Year-to-Date BC Residential Multiple Listing Service® Data by Board

 

Board

Dollar Volume (000s)

Unit Sales

Average Price

 

2018

($)

2017

($)

% change

2018

2017

%

change

2018

($)

2017

($)

% change

BC Northern

993,533

932,788

6.5

3,382

3,346

1.1

293,771

278,777

5.4

 

Chilliwack

 

1,205,213

 

1,450,613

 

-16.9

 

2,317

 

3,142

 

-26.3

 

520,161

 

461,685

 

12.7

Fraser Valley

9,039,172

11,722,461

-22.9

12,018

16,790

-28.4

752,136

698,181

7.7

 

Greater Vancouver

 

21,364,665

 

29,378,456

 

-27.3

 

20,329

 

28,631

 

-29

 

1,050,945

 

1,026,107

 

2.4

 

Kamloops

 

937,046

 

964,618

 

-2.9

 

2,417

 

2,642

 

-8.5

 

387,690

 

365,109

 

6.2

Kootenay

787,921

794,745

-0.9

2,459

2,570

-4.3

320,424

309,239

3.6

 

Okanagan Mainline

 

3,168,132

 

3,575,873

 

-11.4

 

5,978

 

7,253

 

-17.6

 

529,965

 

493,020

 

7.5

Powell River

100,374

96,103

4.4

271

309

-12.3

370,383

311,013

19.1

 

South Okanagan

 

657,144

 

782,248

 

-16

 

1,572

 

1,970

 

-20.2

 

418,030

 

397,080

 

5.3

Northern Lights

75,360

76,843

-1.9

296

307

-3.6

254,596

250,303

1.7

 

Vancouver Island

 

3,170,162

 

3,396,348

 

-6.7

 

6,799

 

7,871

 

-13.6

 

466,269

 

431,501

 

8.1

Victoria

3,795,067

4,401,797

-13.8

5,413

6,772

-20.1

701,102

650,000

7.9

 

Provincial Totals*

 

45,293,783

 

57,572,888

 

-21.3

 

63,251

 

81,603

 

-22.5

 

716,096

 

705,524

 

1.5

* Numbers may not add due to rounding 

BCREA is the professional association for about 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients. 

To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods. 

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.

 

Undisclosed fees and commissions a growing problem

Thursday, October 11th, 2018

Undisclosed fees a growing problem

Tony Gioventu
The Province

Dear Tony:

I am a commercial broker concerned about a problem occurring for strata owners considering a windup and liquidation of their corporation.

Our office was recently approached by a strata manager who indicated a strata client was looking for an opportunity to wind up their corporation. We were requested to submit a proposal to the manager, with a specific deadline and copy of the terms of our representation agreement.

A week before the deadline, we were contacted by the strata manager, who indicated we could be on the short list if we were prepared to confidentially split our commission 50/50 with the management company in the event the windup was successful. Up to this point, we were never informed of the identity of the strata corporation, other than the number of units.

Our concern relates to two problems. The first is every location is different and requires a unique level of assessment in detail and marketing. As a result, rates may vary, depending on the projected work or site studies that may be required.

The second is a greater concern. If the strata management company is demanding a split commission in exchange for a short-list result, it is obvious this is not condoned by the strata corporation; otherwise, we would have been told the name and location of the strata and the contact information for the council members.

Clearly, the company is withholding critical information to leverage an undisclosed commission or fee on behalf of its client, which is both unethical and in violation of the Real Estate Services Act. At this time, we informed them we would not pay any commissions or submit a proposal without the explicit consent and details and their client.

CB

Dear CB:

Thank you for coming forward. A serious flaw in our real estate legislation is that there is no whistle-blower protection, so many violations in the industry go unreported for fear of recrimination. I urge you to file a complaint with the Real Estate Council of B.C. on behalf of consumer interest and the reputation of the industry.

Strata managers are not contracted as brokers or as the liquidator for the purpose of winding up a strata corporation. They are contracted to provide services for operations, maintenance, financial management and general administration. They are contracted under an “agency” agreement, which conveys the authority of the strata corporation to enable your manager to act on your behalf for the purposes of operations.

Unless otherwise agreed in your agency agreement, they act solely for your strata corporation, and any fees, commissions or benefits they receive that are not directly from the strata corporation must be disclosed to the corporation. Undisclosed fees and commissions are a growing problem within the strata-management industry and strata councils have a right to demand their strata-management companies inform them of any fees or commissions they have received.

A simple disclosure in the service agreement that a company “may” receive fees from time to time does not meet the requirements of disclosure. The company must disclose the amount of the fees, percentage of a gross fee or other interests where it receives a benefit. While it is acting as your agent, it is not acting as an agent for other parties unless you agree.    

When an agent of one party pressures a third-party service provider to provide a fee in exchange for the undisclosed privilege of an awarded contract, it is a form of racketeering. Unlawful on many levels and certainly not in anyone’s interest but the agent.

In all of the windup proceedings I have been involved with, the strata managers play the least role. The lawyer acting solely for the strata corporation will provide the greatest level of service and continuity as they will review the commercial-agency contract, notices and resolutions for meetings that will authorize the strata council to engage a broker and proceed with a marketing or negotiation process, attend information meetings and meetings with council to negotiate the terms of any of the offers, and finally the preparation of the notice package, including the resolutions for the 80-percent vote, the court application to approve the windup and the appointment of the liquidator. 

Your commercial broker plays a significant role and negotiates the sale of your property. It is their contracted responsibility to assess, evaluate and market your property to the broadest audience in the effort of obtaining you the best price for your property.

Your strata manager will have additional work ahead of them as the strata corporation moves through the windup process and should be compensated as set out in the schedule of fees for the cost of additional meetings and an hourly service.

A strata-management agreement signed by a strata council that pays a commission to a strata-management company in the event of a windup still requires the approval of the owners at a general meeting. If you want to pay an additional fee or commission to your strata manager, it must be disclosed and approved by the owners, as you will be paying out part of their proceeds of sale.

Finally, if anyone advises a strata council against a lawyer experienced with strata windups, they are likely protecting their own interests. Consumers deserve the best price and terms of sale for their property. Keep your strata corporation in control of the windup process where your strata council works directly with your lawyer and the commercial broker, and all stages of progress are reported to the owners. 

© 2018 Postmedia Network Inc.

Cedar Creek 7133 14th Avenue Burnaby three 6 storey buildings phase 1 has 128 homes by Ledingham McAllister

Thursday, October 11th, 2018

Cedar Creek to take its place in an established, longtime Burnaby neighbourhood

Kathleen Freimond
The Province

Cedar Creek

What: 3, 6-storey buildings (first phase: 128 units)

Where: 7133 14th Avenue, Burnaby

Residence size and prices: one-bedroom and den; two-bedroom; two-bedroom and flex space; three-bedroom; 639 to 995 square feet; from low $500,000s (Phase one 60-per-cent sold; phase two coming soon)

Developer: Ledingham McAllister

Sales centre: 7166 14th Avenue, Burnaby

Hours: noon — 5 p.m., Sat – Thurs

Phone: 604-529-8868

Cedar Creek, Ledingham McAllister’s new residential development in South Burnaby, is part of the revitalization of the city’s Edmonds neighbourhood and will be adjacent to the planned nearly 60-acre Southgate City community.

Construction of the first building in the three-phase Cedar Creek development at 7133 14th Avenue is scheduled to start in early 2019. The 128-unit, six-storey wood-frame building comprises a range of homes from one-bedroom –and-den suites to three-bedroom units.

“This neighbourhood has a loyal and established long-term community and is attractive to first-time buyers, people who are moving up to larger homes or those who are looking to stay in the community and downsize – it appeals to a very wide range of people,” says Manuela Mirecki, Ledingham McAllister’s senior vice-president of marketing and design.

Mirecki says there is a lot of interest in the development from people who have lived in the community for a long time and those who prefer the scale of the six-storey buildings.

“The architecture is very West Coast with big overhangs and wood-grain soffits. There is lots of articulation in the building, so it looks more like a collection of smaller buildings; it modulates in depth and height, creating a more vibrant and organic flow,” she says.

At the sales centre, potential buyers can choose from two colour palettes, Stone and Sand. The Stone scheme can be seen in the one-bedroom-and-den example, while the choices in the Sand palette are on view in the two-bedroom unit.

“Whenever we can have two display suites we always aim to show two vastly different interpretations in the décor,” says Mirecki, noting that the two-bedroom suite has a sophisticated and urbane sensibility with pops of colour and a glamorous ambience, while the one-bedroom unit is aimed at a younger buyer.

In the kitchens, different colours of the same cabinet style are used in both schemes. Cabinets include soft-close mechanisms, while matte black pulls on lower cabinets add a contrasting detail to the doors and drawers. The light countertops are complemented by the full-height backsplash of stacked white 12-by-four-inch tiles

The major kitchen appliances, all by KitchenAid, include a five-element ceramic-glass cooktop and oven; refrigerator with freezer and dishwasher. The modern hood fan is by Venmar and the microwave is by Panasonic. The in-suite laundry includes a front-loading washer and dryer by Whirlpool.

The developer has used Kohler products for all its faucets, sinks and plumbing fixtures in Cedar Creek. In the ensuite bathrooms, marble-like 12-by-24-inch porcelain wall tiles and limestone-look floor tiles give the spaces a relaxing ambience.

In the main bathrooms, with their Kohler Hytec soaker tubs, the large-format white wall tiles enhance the fresh and clean design esthetic.

Laminate flooring connects the entry, kitchen, dining and living rooms, while bedrooms are carpeted.

In the one-bedroom show suite, the den is shown as an office, but Mirecki says in other developments she has seen this space repurposed for a variety of uses from a sewing or craft room to accommodate a day bed for a comfortable reading nook.

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