Impressive outlooks on offer at Gibsons’ Eagleview Heights

Kathleen Freimond
The Vancouver Sun

Project: Eagleview Heights

Project address: 464 Eaglecrest Drive, Gibsons

Developer: TCD Development Group

Architect: Ankenman Marchand Architects

Project size: 87 (condos and townhomes)

Unit size: two and three bedrooms; 800 – 2,400 square feet

Price: $439,900 — $1,299,000,

Sales centre: #103 – 875 Gibsons Way, Gibsons

Sales centre hours: 10 a.m. to 5 p.m., every day but Tuesday

Sales centre phone: 604-886-9195

Website: eagleviewheights.com

Gibsons has all the attributes of a charming coastal village – it has a marina, a public market and spectacular scenery – as well as the must-have shops, nearby medical services and sports facilities that ensure residents have everything they need to enjoy the community’s easy-going lifestyle.

Now Eagleview Heights, an 87-home project by TCD Development Group on a five-acre site on Gibsons’ Eaglecrest Drive, is adding luxury living to one of the Sunshine Coast’s most popular seaside communities. The development is a five-minute drive to the Langdale ferry terminal and the vessels that take some 40 minutes to place travellers at Horseshoe Bay.

Designed by Ankenman Marchand Architects, the development comprises four rows of buildings. The first row has four buildings with two double-storey townhouses and two garden suites (all garden suites are sold). The other three rows each have four six-plexes, buildings with six single-level units.

Units range from 800-square-foot garden suites to 2,400-square-foot townhouses, while two and three bedroom single-level condos are from 1,250 to 1,650 square feet. The buildings are tiered, so each row is above the homes in front ensuring unobstructed views.

Two acres of the site will be dedicated to a reimagined parkland with footpaths connecting it to the adjacent forest and the Inglis Trail.

Construction is scheduled to begin in the fall on the sloping site, ensuring  about 90 per cent of the homes have views over Howe Sound or the Coastal Mountains, says project manager Stanley Yasin.

With their abundance of light, high ceilings that emphasize space, and the convenience of an elevator in each of the 16 buildings, the development can justifiably be described as luxury living, Yasin adds.

While condos typically rely on light entering the building from one side, there are only two units per floor in the six-plexes, so each home is a corner suite with windows on two or three sides.

Yasin says the homes will benefit from natural separation and privacy.

“There is only one common wall between units and that is limited to about 10 feet due to the placement of the exit stairs,” he explains.

The development is attracting a range of buyers.

“Many retirees love Gibsons and what it has to offer; then there are the downsizers who grew up on the Sunshine Coast and want to retire in the area; and the people who spend the cooler months in places like Palm Springs and Arizona and the other months here,” Yasin adds.

Sechelt residents Marion and Barrie Reeves, owners of Gibsons Building Supplies, have bought a home at Eagleview Heights.

“The layout of the property and homes, the single-level design, the flat ground for walking and being able to walk to the movie theatre and the grocery store, that was important to us. The space is great – our home will have a large outdoor deck with an overhang so we can have a propane firepit because we love having an outdoor living room, especially with that view,” says Marion Reeves.

Yasin describes the architectural style of the flat-roof buildings as “West Coast seaside”, incorporating natural materials like stone, while Hardie panels (cement board), board-and-batten siding and shingles complete the coastal look. Windows and doors are Energy Star certified.

Inside, buyers can choose from a range of finishes. Kitchen cabinet options include Shaker-style or flat-slab doors in a choice of two wood laminate colours. The countertops will be quartz with a tile backsplash. Depending on the floor plan, kitchen islands are from eight to 10 feet and dining rooms in many of the plans can accommodate tables to seat 10.

The major appliances are by Bosch and include a refrigerator with freezer, gas cooktop and hood fan, wall and speed combination oven and an integrated 24-inch dishwasher. The washer and dryer are by Blomberg and are stacked or side-by-side depending on the floorplan. Buyers can choose from two laminate flooring options, while bedrooms and stairs will be carpeted and bathrooms (with underfloor heating) will be tiled.

Sited to maximize the views, the 29-foot wide units will have balconies running the full-width of the homes. Depending on the plan, the balconies will extend between eight and 14 feet resulting in outdoor areas of between 300 and 500 square feet, Yasin says. The balconies and patios also have a gas hookup for barbecues to make alfresco dining a popular summertime choice.

The two-storey amenities building – dubbed the Eagle Club – includes a gym and a large space suitable for entertaining that opens to the outdoor area with ocean-facing pool and hot tub.

There is a universal electric car-charging station near the amenity building and one of the two parking spots for each home is roughed-in for one charging station.

Fans of The Beachcombers will know that the iconic TV series was set in and around Gibsons, and although the series ended production in 1990, the village still attracts plenty of attention based on the life and times of its lead character Nick Adonidas, played by Bruno Gerussi. Molly’s Reach, often a backdrop for the comedy-drama series later syndicated around the world, was originally a grocery store before it was leased for the TV series and converted into the fictional restaurant. It later opened as a restaurant in 1995 and diners can order meals reminiscent of the series, such as Beachcomber Burgers and Molly’s Colossal Burgers.

© 2019 Postmedia Network Inc.

Orchard Park takes a location that’s quiet, but connected

Simon Briault
The Vancouver Sun

Orchard Park

Project location: 16650 25A Avenue, Surrey

Project size: 80 townhomes with two or three bedrooms ranging in size from 1,333 to 1,558 square feet and priced from the low $600,000s

Developer: StreetSide Developments

Architect: Taylor Kurtz – Architecture + Design Inc

Interior designer: Interior Design Lab

Sales centre: 16650 25A Avenue, Surrey

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

Sales phone: 604-535-2221

Website: liveatorchardpark.com

 “We’ve had employees purchase homes at all our developments,” Wilson said. “That’s something that really tells you a lot about us as a company. I own and live in one of our homes. Our vice-president has also bought one in the past, our director of development and our construction managers, as well. It shows the value of the company and the fact that we really believe in the homes that we build.”

Qualico, of which StreetSide Developments is a division, has been in business for more than 65 years, and is among the largest privately integrated real estate development company in Western Canada, according to Wilson. StreetSide Developments’ latest project is Orchard Park, an 80-unit townhome community in South Surrey. Once again, StreetSide employees are among the purchasers.

“The leaders of the company are very involved with our projects,” Wilson added. “Even though we are across Canada, they still come our and visit our developments, take tours of the sites and get to know all the staff members as well.”

Orchard Park townhomes have two or three bedrooms, range in size from 1,333 to 1,558 square feet and are priced from the low $600,000s. The homes are tucked in behind 26 Avenue, across the street from a row of single-family homes and right next to a park.

“It’s such an incredible location because even though you feel tucked away in a nice little enclave, you are so close to all those amenities at Morgan Crossing and Grandview Corners, as well as the Grandview Heights Aquatic Centre,” Wilson said.

Morgan Crossing is an outdoor shopping mall offering a collection of independent retailers, fashion outlets, restaurants, and cafés. On the other side of 160 Street, Grandview Corners has a range of other retail outlets, eateries and services. Also nearby, the Grandview Heights Aquatic Centre has an Olympic-sized swimming pool, a leisure pool, a water slide and weight room facilities.

The location has been attracting a diverse range of buyers, according to Wilson.

“Typically, our buyers have been up-sizers or what we like to call equity builders,” she said. “Many of them are engaged, recently married or have young children and they want to move from their condo or small townhouse into something bigger and newer that they can build their equity on. We’re also seeing empty nesters and downsizers.”

Holly Harrison, marketing and sales coordinator at StreetSide Developments, said that the company’s commitment to building vibrant communities is another thing that sets it apart and has helped to attract buyers to Orchard Park in particular.

“For example, we include amenity buildings and community spaces in our projects and we build them close to local shopping areas, parks, restaurants, gyms and schools,” she said. “Orchard Park is a prime example.”

“The amenity building at Orchard Park will be three storeys with lounge spaces, a kitchenette, a games room and a rooftop patio with a barbecue and communal space,” Harrison added. “It really is a stunning building with oversized windows and a large outdoor green space for people to gather and build that sense of community.”

All homes at Orchard Park have nine-foot ceilings on main and upper floors, powder rooms on the main floors and front-load washers and dryers. Kitchens include brushed nickel hardware and soft-close doors and drawers, polished quartz countertops and marble-style porcelain tile backsplashes. The stainless-steel appliance packages by Blomberg, Faber and Panasonic include 30-inch slide-in, four-burner gas ranges with baking drawers, slide-out hood fans with three-speed touch controls, counter-depth refrigerators with bottom drawer freezers, fingerprint-free stainless steel dishwashers and microwaves with trim kits.

 “We have high-end appliances and luxury finishes throughout the homes,” Wilson said. “When you walk in, it’s that wow factor when you see how these homes are designed and the specifications we’ve used.”

Bathrooms have solid-slab thick polished quartz countertops, widespread double handle faucets and undermount sinks. There are oversized porcelain floor and wall tiles, two-piece elongated, dual flush toilets and soaker tubs in the main bathrooms. Ensuites feature frameless glass showers and porcelain tile surrounds, multifunction hand showers and his-and-hers raised counter sinks with wall-mounted faucets.

“What’s amazing is that already two of our homeowners at Orchard Park are repeat StreetSide buyers,” Wilson added. “It’s a smaller community than what we typically build with only 80 townhomes, but the way that it’s laid out offers a variety of different product types.”

The Orchard Park sales centre at 16650 25A Avenue is open from noon to 5 p.m. every day but Friday. The first homes will be ready for occupancy from the beginning of May 2020.

© 2019 Postmedia Network Inc.

Mortgage Rate Outlook

BCREA

Mortgage Rate Outlook

The big news in the Canadian mortgage market is the return of sub 3 per cent five-year mortgage rates. The last year of mortgage rate increases has essentially been erased by an acute repricing of bond market expectations. A slowing Canadian economy and rising global trade tensions triggered a sudden change in bond market sentiment late last year, pushing further Bank of Canada rate increases off the table.

Even though five-year bond yields and five-year contract rates have fallen substantially, the structure of the mortgage stress test allows for limited pass-through to qualifying rates. As currently constituted, the mortgage stress test is the higher of the contract rate plus 2 per cent or the posted five-year mortgage rate. The latter has not changed in close to a year despite the drop in five-year bond yields. In fact, the posted rate appears to be divorced from its prior statistical relationship with the five-year bond yield. Our models imply that the five-year posted rate should be 4.84 per cent, rather than the current 5.34 per cent.

Not only would a lower posted rate help insured buyers to qualify, but it would provide a significant boost to the uninsured market through a lower stress test rate.

We anticipate that current low mortgage rates will be around for most of the summer before rising modestly into next year. As for the posted rate for insured borrowers, it would be surprising at this point if the posted rate moved at all.

Economic Outlook

Canadian economic growth stagnated through the end of 2018 and the first quarter of 2019, averaging just 0.4 per cent growth in real GDP. There were, however, some bright spots in an otherwise feeble first quarter. Canadian consumer spending bounced back, posting the strongest growth in close to two years. Moreover, GDP growth in March came in at a very strong 6 per cent annual rate, momentum that should carry over into the second quarter. We are forecasting that the Canadian economy will expand between 1 and 1.5 per cent this year, a deceleration from 1.8 per cent growth in 2018. That slowdown, along with an uptick in inflation, will likely keep the Bank of Canada sidelined, particularly given the uncertain state of the global economy and the ongoing impact of the B20 stress test on the housing sector.

That said, risks to the economy are very clearly tilted to the downside. The US continues to flirt with disaster by engaging in trade wars with China and Mexico. Those actions have the potential to seriously disrupt the global economy and at worst, tip the US into recession. Clearly financial markets are very concerned about that scenario with both the US and Canadian yield curves inverting. Markets are now expecting both the US and Canadian central banks will begin reversing course on monetary policy and lower rates within a year

Interest Rate Outlook

With market expectations at odds with communication from the Bank of Canada, its worth asking, “Is it time for the Bank of Canada to cut interest rates?”

The argument in favour of lower rates is a growing risk of recession, caused by an exogenous shock like the escalation of global trade disputes, when the Bank has limited ammunition to boost the economy. During the last Canadian recession, sparked by the 2008 global financial crisis, the Bank of Canada responded by lowering its overnight rate 425 basis. The Bank responded to the 2001 tech bubble and 9/11 attacks by lowering rates by 375 basis points. At an overnight rate of just 1.75 per cent, the Bank has a fraction of the usual response at its disposal without venturing into the untested (Canadian) waters of unconventional policy like negative interest rates or quantitative easing. Given that monetary policy acts with long lags, cutting rates today would act as an insurance policy against rising risk of recession in the next year, similar to how the Bank responded to the oil price shock of 2015.

 Conversely, the Bank and the Federal government are both set on finally bending the household debt-to-income curve and are hesitant to ignite a borrowing binge by Canadian households. Moreover, inflation is slightly above its 2 per cent target and the Canadian unemployment rate is sitting at a record low. Hardly the usual conditions for a looser monetary policy.

“Copyright British Columbia Real Estate Association

other

Below are videos on a 5 part series focusing on the real estate market in Vancouver.

Taking the temperature of Metro Vancouver Real Estate June 24, 2019  https://screencast-o-matic.com/watch/cq1T0cT8GB

Factors cooling Metro Vancouver’s real estate market June 25, 2019 https://screencast-o-matic.com/watch/cq1uD5TWVg

Uptick in first-time homebuyers  June 26, 2019 https://screencast-o-matic.com/watch/cq1uDtTWcl

Home equity loans were meant as a lifeline June 27, 2019 https://screencast-o-matic.com/watch/cq1uD4TWcE

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BC introduced the CleanBC Government Building Program

Steve Randall
Canadian Real Estate Wealth

As the climate change issue intensifies, the provincial government of British Columbia has pledged to make all its buildings more efficient.

It has introduced a new CleanBC Government Buildings Program which will make buildings smart and combine energy efficiency, innovative design, and renewable building energy systems.

The program will include courthouses, correctional centres, warehouses and ministry offices which will transition into facilities that are 80% more energy efficient by 2050.

“The B.C. government is leading by example and walking the talk when it comes to building a better future for British Columbians,” said Jinny Sims, Minister of Citizens’ Services. “The new CleanBC Government Buildings Program will help government facilities consume less energy, reduce emissions, create local jobs and save British Columbians money.”

The Province is investing $58 million over the next five years to improve provincial government buildings, including:

• switching from fossil fuel to clean and renewable energy sources, such as wind, solar, geothermal, biomass and hydropower;
• using smart technologies to conserve energy, such as Wi-Fi building sensors to regulate lighting and real-time data displays;
• installing electric vehicle charging stations;
• undertaking energy retrofits in existing buildings, such as replacing heating systems and upgrading lighting;
• building new energy-efficient facilities, using green design and innovative technologies;
• making buildings more resilient to climate change by relocating and reinforcing equipment to protect against possible floods and wind, installing more HVAC systems and exterior drainage; and
• creating flexible and modern work environments to support a growing mobile workforce.

Example for the rest of Canada

The BC government pledge has been welcomed by the Canada Green Building Council which says urgent action is needed to meet climate targets.

“To reduce greenhouse gases on the scale needed to meet international targets, Canada urgently needs to retrofit existing buildings. With this plan, the B.C. government is demonstrating leadership by placing an emphasis on retrofitting its own building portfolio, showcasing deep energy retrofits, establishing and disclosing its progress towards energy, water and waste reduction,” said Thomas Mueller, president and CEO of Canada Green Building Council. “B.C. is setting an example for the rest of country and will reap the environmental benefits, along with operating savings and job creation that come from retrofit.”

Copyright © 2019 Key Media Pty Ltd

Early design concept of lululemon’s new global headquarters in Vancouver

Kenneth Chan
other

lululemon is seeking to further solidify and expand its hometown roots in a very big way.

The company says it has outgrown its existing facilities in Vancouver including the global headquarters in the Kitsilano neighbourhood, and is now proposing to build a new and expanded purpose-built office building — called the Store Support Centre — on a site in the False Creek Flats.

The proposed site is located on a vacant 2.7-acre lot at 1980 Foley Street — the northeast corner of the intersection of Foley Street and Great Northern Way, approximately two city blocks from either SkyTrain’s VCC-Clark Station or the future Millennium Line extension station at the intersection of Great Northern Way and Thornton Street.

There could be a new 11 to 13-storey office building, including a podium of approximately six storeys, on the site, creating roughly 580,000 sq. ft. of floor space.

“As our business continues to expand, we have outgrown our current Store Support Centre and occupy multiple locations across the city. To achieve our many ambitions going forward, we need to have the best talent together under one roof and significantly increase the size of our employee-base at our Vancouver Store Support Centre,” Erin Hankinson, the director of global corporate communications for lululemon, told Daily Hive in a statement.

“We’re committed to developing great leaders, retaining exceptional talent, and being the place where people come to realize their full potential.”

The company has enlisted Morphosis Architects — an internationally-renowned firm with offices in New York City and Los Angeles — to design the tower, with further contributions by Francl Architecture, Brook Pooni & Associates, and Colliers Project Leaders.

Highly preliminary design concepts of the new headquarters, provided to Daily Hive, show an irregularly-shaped building form, with carved out sections that expose more of the interior to the exterior, making space for void spaces with trees. The largest of these voids is along Great Northern Way, which opens up to a large public plaza.

As well, the exterior on the lower floor has been carved out from the building’s upper envelope to create a curtain-lifting reveal appearance.

This proposal is still highly preliminary; no formal rezoning application has been submitted at this time, as the project is still in its pre-application phase.

However, in late April, lululemon received a preliminary-stage green light from Vancouver city council, which granted the company a rare exception from the temporary rezoning restriction enacted last year for the Broadway Corridor planning process.

This effectively allows lululemon to submit a rezoning application for city council’s further consideration, as the proposal would align with the municipal government’s 2017-approved False Creek Flats Plan of increasing employment in the area from 8,000 to 30,000 jobs and supporting innovation, creative and digital businesses, healthcare and life sciences, and food and service industries.

No additional density is being sought, but the proposal is seeking greater height allowances — from the existing limitations of 120 ft to up to 250 ft — to enable the creation of setbacks from Foley Street and Great Northern Way for walking, cycling, and landscaping, including a new China Creek public space.

Additional height would also allow for urban design creativity to maximize views to the North Shore Mountains and to minimize shadowing on the public spaces.

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June 2019 preliminary design concept of the new lululemon headquarters office at 1980 Foley Street, Vancouver. (Morphosis Architects / Francl Architecture / Brook Pooni & Associates / lululemon)

The close proximity of lululemon’s planned new home to two SkyTrain stations could prove to be a major attribute for attracting and retaining labour talent, compared to the relatively isolated existing headquarters location in Kitsilano.

“By investing in our new proposed office at 1980 Foley Street, we’ll be able to seize the many opportunities ahead for our growing business, while creating new jobs in our home market and giving our current and future employees a place they can truly sweat, grow and connect,” continued Hankinson.

The proposed size of this new office location is more than four times the size of the athletic clothing retailer’s existing 130,000-sq-ft headquarters at 1818 Cornwall Street. In 2011, the company acquired the 1941-built Kitsilano office building, which recently saw an assessed value of $72.5 million.

The False Creek Flats property, in contrast, is assessed at $79.4 million — up from $49.4 million during the previous year.

In recent years, a cluster of office buildings catering to these businesses and industries have emerged in this area of Great Northern Way.

To the east is the MEC head office and the site of the future 10-storey headquarters of Nature’s Path, which is currently based in Bridgeport in North Richmond. Shaw Communications also recently sold its city block-sized warehouse and service hub at 1155 East 6th Avenue for the site’s office development potential.

To the west, PCI Development just completed the 160,000-sq-ft South Flatz office building, home to companies like Samsung, Finning International, Blackbird Interactive, and a Spaces co-working location.

South Flatz is the first of six office buildings planned by PCI Development for the area along Great Northern Way. When all of the buildings are completed in the mid-to-late 2020s, there will be about two million sq. ft. of office space by just this one developer alone.

With the anticipated 2025 completion of the Broadway Extension, and with the guidance of the False Creek Flats Plan, the area is increasingly becoming an attractive location for offices and creative industries.

Daily Hive is a Canadian-born online news source, established in 2008

The construction industry lost 11,223 jobs in May

Ephraim Vecina
Canadian Real Estate Wealth

Construction employment losses accompanied a noticeably lower volume of housing starts in May.

The most recent edition of the ADP Canada National Employment Report, which measures changes in total Canadian non-farm payroll employment, stated that the construction industry lost 11,223 jobs during that month.

This was the first decline for that month over the past 3 years, and represented a vast majority of the 16,020 employment losses nationwide in May.

“It’s also the largest decline over the past seven years. The shift is something worth watching,” Better Dwelling wrote in its analysis of the report. “Declines aren’t unusual, but typically employment rises in May.”

Data from the Canada Mortgage and Housing Corporation indicated that nationwide starts for that month went down to 201,983 units, from the 205,717 in April.

The Crown corporation attributed the number to weaker construction activity in the single-family segment.

“The national trend in housing starts decreased in May as a result of continuing decline in the trend for single starts as well as a decline in the trend of multi-unit starts that follows gains in this segment in recent months, in urban areas,” CMHC chief economist Bob Dugan explained.

“The decrease in the trend of multi-unit starts reflects a decline in the SAAR level of multi-unit activity in May from the unusually elevated level registered in April, which leaves multi-unit SAAR starts closer to its 10-year average.”

Copyright © 2019 Key Media Pty Ltd

Aragon?s Amber to be move-in ready in a matter of weeks

Barbara Gunn
The Province

Amber

What: 31 suites with one, two and three bedrooms

Where: 633 West King Edward Avenue, Vancouver

Residence size and prices: 695 to 1,794 square feet; Prices start in the mid $700,000 range for one-bedroom homes and the high $900,000 range for two-bedroom homes.

Developer: Aragon Properties

Sales centre: 102 — 633 West King Edward Ave. Public opening July 5 noon — 5 p.m., then Thurs — Fri 3 p.m. — 6 p.m., Sat — Sun noon — 5 p.m.

Sales phone: 604-871-8600

As the Lower Mainland’s multi-family-home development market has been evolving of late, so too have buyers’ expectations, says Howard Steiss, director of sales and marketing at Aragon Properties.

“It’s a show-me market now: show me that the building is actually built, show me what the quality is, show me that your offering is real-time and authentic,” Steiss said. “It’s quite a change.”

Steiss described the last number of years as being all about pre-sales, and people buying condos that, in many cases, wouldn’t be built for a few years.

By contrast, Amber – Aragon Properties’ soon-to-be launched multi-family development at Ash Street and King Edward in Vancouver – is scheduled to be completed almost immediately.

“The suites will be ready for occupancy early this fall,” Steiss said. “We’ll put in on the market to the public in early July at the latest and homebuyers will be able to see it, touch it and feel it. There’s a tremendous leap of faith required when you’re having to make possibly the biggest financial decision of your life based on something that doesn’t exist yet…But in this case, people can really experience it before they decide on a particular floor plan or location within the building.”

Amber is a development of just 31 suites, but there are no fewer than 18 different floor plans to choose from. Homes include two-level townhomes that Steiss said would be particularly attractive to growing families or downsizers.

Amber is within a block of the Canada Line station at Cambie and King Edward, so residents will be able to get downtown, to the airport or out to Richmond in quick time.

“Amber’s proximity to Douglas Park, a neighbourhood park about a block away, offers people a great green space to take the kids or the dog,” Steiss said. “Heather Park and Queen Elizabeth Park are both also within walking distance. There are all kinds of shops and restaurants and coffee places in the Cambie Village.”

As for the homes at Amber, there’s little doubt that this is a luxury building aimed at discerning buyers.

Kitchens feature Caesarstone quartz countertops and backsplashes, Kohler stainless steel undermount single-basin sinks and pull-out stainless steel kitchen faucets, soft-close cabinets and integrated waste and recycling drawers. The Gaggenau appliance packages include stainless steel fridges and bottom freezers, five-burner gas and wall ovens with touch display, automatic door opening and 17 heating methods. There are fully integrated dishwashers, Panasonic built-in microwaves with European-style trim and AEG hood fans.

Bathrooms have quartz countertops, oversized porcelain polished floor and wall tiles, undermount sinks and dual-flush toilets.

“It’s a very solid four-storey building with a wood frame, steel and concrete combination for the structure itself and brick cladding on the outside,” Steiss added. “That’s not too typical in Vancouver. With Amber, we’re really targeting the end user, the owner occupier that wants to live in that location and put roots down.”

© 2019 Postmedia Network Inc.