The 51 single-family home development in Squamish is situated on 22 acres, with typical lot sizes ranging from 4,000 to 4,500 square feet.

Kathleen Freimond
The Province

The second phase of University Heights, Holborn Group’s master-planned community in Squamish, juxtaposes modern architecture and the natural landscape of the Garibaldi Highlands to create a unique neighbourhood in the growing town midway between Vancouver and Whistler.

“The landscape is so beautiful – so vast, serene and close to nature – it’s like a different world,” says Holborn CEO Joo Kim Tiah. “We realize that when you have such great natural landscape you cannot compete with it, you have to be the opposite of it, so the modern lines of the architecture juxtaposed against the softness of the landscape, enhances the overall [setting].”

The 51 single-family home development is situated on 22 acres, with typical lot sizes ranging from 4,000 to 4,500 square feet. The show home at 2949 Snowberry Place, Squamish, is one of six designs developed for the sub-division, says architect Frits de Vries, principal at Frits de Vries Architects + Associates.

The plans were developed around a strong connection to the outdoors, balancing privacy with mountain views, and supporting the active and diverse family lifestyles of the potential buyers, he says.

“In terms of massing, the overall design concept was a dark or stone plinth with an iconic volume rising above. The graphic roof shapes are identifiable to each home type and provide an architectural theme reminiscent of the mountain surroundings when viewed together across the neighbourhood. These volumes, combined with a considered palette, afford the development a cohesive modern character and emphasize a sense of place,” says de Vries.

Tiah describes Squamish – 45 minutes by car from both Vancouver and Whistler – as a “hidden gem” in the housing market adding that the new development offers designer custom homes at multi-family development prices. He believes buyers will include young families looking for single-family homes, some Squamish residents who want to move up and retires who want to downsize.

An added attraction is the development’s proximity to Quest University, ranked by Times Higher Education as one of Top 10 Most Beautiful Campuses in Canada.

The homes will feature strong connections between the exterior and interiors, with the open concept floorplan seamlessly linking the outdoor deck with the living, dining and kitchen spaces through to the rear patio and garden, says de Vries. Tempered glass and black aluminum railings ensure uninterrupted views of the natural beauty of the Garibaldi Highlands.

Potential buyers can choose from two interior design schemes. Sunrise is a light, soft palette while Silhouette, seen in the show home, is darker and more dramatic.

In addition to the architectural design, Frits de Vries Architects is also responsible for the interior selections that feature engineered hardwood flooring throughout (porcelain tiles in the bathrooms, mudroom and laundry) and nine-foot ceilings.

The theme of connectedness continues indoors, says de Vries, noting the millwork in the kitchen extends to other areas of the open plan space – such as the fireplace – to ensure the living areas are perceived as one large area.

The cabinetry in the show home kitchen comprises a mix of oak veneer and dark matte flat panels.

“Although dark materials provide contrast, the overall feeling is spacious and full of light,” says de Vries.

The appliances, including a Fisher & Paykel French-door refrigerator with the bottom drawer freezer, are integrated for a seamless look. The five-burner gas cooktop – including a wok burner and two semi-rapid burners – is also by Fisher & Paykel.

The grey colour countertops, including the four-by-eight-foot island in with its waterfall edges, are Raw Concrete by Caesarstone. The backsplash is back-painted glass while the low-profile cabinet pulls and the touch-latch mechanisms to open the upper cabinets, support the modern design choices seen throughout the interiors.

Above the island the contemporary Mumu pendant light fixture will be included in all homes (matte white with beech wood in the Sunrise palette, or matte black with walnut, as seen the show home’s Silhouette scheme).

In another example of the connectedness theme, the master bedroom and ensuite is one large space (the toilet is in a separate enclosure) designed to replicate a modern luxury hotel esthetic, says de Vries. The free-standing vanity wall with double undermount sinks allows the bedroom to flow into the ensuite.

The ensuite bathroom includes a freestanding soaker tub by Acritec and separate glass-enclosed shower with a Riobel rain shower head.

Laundry rooms, either on the main floor or upper floor, feature side-by-side Whirlpool washer and dryers.

Tiah says buyers first choose the lot, a selection that impacts the type and size of house that is suitable for the land.

 “The show home is a representation of the specifications, but we also know that some buyers want to move more quickly. In anticipation of those people who don’t want to wait for a home to be built we are completing a few,” he says.

All homes have two-car garages with space to store all the outdoor gear that supports an active, outdoors lifestyle in Squamish, and energy-efficient heating is provided by a geothermal heat recovery pump in each home.

“I’m really proud of the design of the homes,” says Tiah. “I think it sets a new standard – these homes hold their own against any single-family home in Vancouver and B.C.”

Project: University Heights

Project address: The Crescent

Project City: Squamish

Developer: Holborn Group

Architect: Frits de Vries Architects

Interior designer: Frits de Vries Architects

Project size: 51 homes

Bedrooms: 3, 4 bedrooms + flex

Unit size: 2,206 to 3,500 square feet

Price: From $1,198,900

Sales centre: 2949 Snowberry Place, Squamish

Sales centre hours: By appointment

Phone: 604-568-7888

Website:holbornuh.ca

© 2020 Postmedia Network Inc.

Know your buyer profile for successful sales

Nectaria Kladitis
REM

Having been in the real estate industry since 2005, I can tell you how marketing for the right buyer has changed drastically.

When I was first hired as a salesperson for a huge developer, I was promoting many of our listings through magazines – flight books and magazines and holiday magazines. We were producing promotional material and leaving it in key locations.

Every weekend my partner and I would be in airports traveling to prime destinations to attend sold-out trade shows. We would meet a selection of the wealthiest people looking to invest in real estate in different countries. They often bought from us, sight unseen, based on our marketing pitch about the area and the floor plan.

Things have drastically changed over the last couple of years.

In today’s market, if you don’t narrow down who your buyer profile is, it will be extremely difficult to market a property to him.

On several of my listings, couples have walked in and knew the property inside out, without ever stepping foot in it before. They had fallen in love with the property from their phone screen. That’s because we effectively dissected who the property profile buyer would be and then set out to write content and market to that specific buyer.

I wasn’t interested in a different buyer type. I knew that this was a family home in a great community with a neighbourhood best suited for families with young children and the best schools.

The buyers who came through the front door had already envisioned their children going to the school down the street, playing in the backyard of the house and eating at the dinner table. They had already chosen everyone’s bedroom.

Along with the offer they mentioned how they had already envisioned themselves living in the house from the photos, video and story creation I had made promoting the property.

Today I do not rely on marketing a specific property to everyone. I focus on the property and to the person who would be the best-suited candidate to live in that house, on that specific street on that area. The times I have been told that the buyers felt I was talking straight to them are countless.

Effective marketing for the buyer and the seller means talking to them through our new marketing means. Video, stories and great photos have made me stand out in my community and be an award-winning broker from day one.

As real estate agents we are hired to be able to effectively market our listings.

The first step starts with imagining the buyer best suited for the specific property and the rest will fall into place.

© 1989-2020 REM Real Estate Magazine

BC’s wealthiest to get a tax hike

Steve Randall
Canadian Real Estate Wealth

The wealthiest people living in British Columbia will pay additional income tax as part of the province’s new budget.

The government wants to address the high cost of living – especially in Vancouver – and has announced that the top 1% of earners, earning more than $220,000, will pay a 20.5% provincial income tax rate instead of the current 16.8%.

“It’s my job to make sure that the benefits of B.C.’s strong economy are felt by everyone, not just the few at the top,” British Columbia Finance Minister Carole James said in Victoria. “Today we’re asking the people at the top, the highest 1% of individual income earners, to pay a little more.”

One of the key issues that the province is trying to address is the high cost of housing and measures in recent years have included taxes on foreign buyers and the Empty Homes Tax.

As well as the focus on the cost of living, the government is also keen to ensure that BC’s infrastructure is fit for the challenges of the future.

“British Columbians are working hard to build a better future for their family, and so are we. By building the infrastructure our growing province needs, we’re making life easier for people and creating good jobs and opportunities in local communities,” James said.

Education and children

The budget also includes a new grant to help British Columbians of all backgrounds to get a college education or training to meet employment needs of the next decade.

There is also the new BC Child Opportunity Benefit, launching in October 2020, which will provide 290,000 families with more money to support their kids and could save a two-child family as much as $28,000 each year.

Copyright © 2020 Key Media Pty Ltd

Ontario and Atlantic provinces get help in the housing market

Gerv Tacadena
REP

CIBC and RE/MAX INTEGRA have forged an exclusive partnership in a bid to help Canadians in Ontario and the Atlantic provinces break into the housing market.

Under the partnership, RE/MAX clients who are looking to buy a home or an investment property will be able to take advantage of CIBC’s mobile mortgage advisors for their home-loan needs.

“Owning their own home is a key personal and financial goal for many Canadians. Through this partnership, people living in Ontario and Atlantic Canada can benefit from the combined strength of CIBC and RE/MAX INTEGRA to help them meet their ambition of owning a home,” said Tracy Best, senior vice president for mobile advice at CIBC.

At the same time, RE/MAX brokers and agents will have access to mortgage qualifications, allowing them to help their clients know what they can afford even before starting the home-hunting process.

“This partnership helps ensure all RE/MAX clients have access to trusted advisors to help make their home-buying decisions fit with their goals before they start their search,” said Christopher Alexander, regional director at RE/MAX INTEGRA Ontario-Atlantic.

Also part of the partnership is letting RE/MAX clients get access to advice and expertise for broader banking, investing, and financial planning.

Copyright © 2020 Key Media Pty Ltd

More than half of U.S. firms in survey said they are considering setting up shop in Canada

Tyler Orton
Western Investor

Vancouver kicked off 2020 with news Silicon Valley fintech Tipalti Inc. was launching its first office in the city and hiring 50 workers.

And results from a report released February 19 indicate interest from American companies in setting up shop in Canada is set to intensify further this year.

More than half (51 per cent) of U.S. employers surveyed by Envoy Global Inc. said they were considering Canada for expansion plans — up from 38 per cent a year earlier.

“As U.S. immigration policies tighten, savvy companies are setting their sights on Canada as an alternative destination for talent,” the report stated.

Envoy Global pointed to initiatives such Ottawa’s Global Talent Stream — a program that launched in June 2017 in a bid to ease domestic talent shortages — as an example of Canada’s more progressive immigration strategy.

Instead of making companies in need of specific talent complete a labour market impact assessment — often described as onerous by employers — the program promises to process 80 per cent of work permit applications within 10 business days.

Since then, a steady stream of international workers has been coming into cities like Vancouver as American firms find themselves recruiting international talent and basing those workers in Canada.

The Envoy Global survey found 20 per cent of respondents were considering Canada primarily because they wanted to offer sponsored employees with placements with a more immigrant-friendly public sentiment, while 11 per cent of respondents were looking to Canada for help retaining employees facing challenges with U.S. work authorization.

Overall, 74 per cent of respondents found Canada’s immigration policy more favourable to that of the U.S., jumping 11 per cent from a year ago when 65 per cent felt that way.

The survey was directed at 433 human resources professionals, while questions related to immigration were directed to the 255 respondents that indicated direct experience handling those issues.

Copyright © Western Investor

Developer buys land in Burnaby to be part of area’s transformation, VP says

Joanne Lee-Young
The Province

Grosvenor Group’s Michael Ward, senior vice president of development, and Marc Josephson, vice president of development, at the parcel of land that Grosvenor Group has purchased near Brentwood Mall. Francis Georgian / PNG

Grosvenor Group recently finished buying an eight-acre piece of land across from Brentwood Town Centre and the SkyTrain station in Burnaby. The south side of it faces the end of a short strip that runs parallel to Lougheed Highway.

It’s an intriguing plot to amass for the London-based company, which dates back to 1677 and owns some of the most expensive real estate in that city’s Mayfair and Belgravia areas, and now manages investments for the 7th Duke of Westminster, Hugh Grosvenor, an aristocrat known as the world’s wealthiest person under 30 based on land, property and other assets.

“Five or 10 years ago, we would not have been buying,” here, said Michael Ward, Vancouver-based senior vice-president for Grosvenor Americas.

The company made its first Vancouver area acquisition in 1953, but for decades, it didn’t do much in the residential realm here until the latest condo boom when it launched expensive, near-waterfront, luxury condo projects in West Vancouver’s Ambleside area and on downtown Vancouver’s Hornby Street.

But this site near Brentwood, which is in the very early days of seeking approvals and about a decade from completion, is a different ambition covering two city blocks.

The parcels have a combined assessed value of $273 million and are currently occupied by an old, eight-storey office building and some surface parking space. There used to be a car dealership.

They are also surrounded by an array of highrise towers popping up along the SkyTrain route.

“The area has hit a level of maturity in terms of a critical mass of people, retail amenities and transit,” said Ward, citing increasing foot traffic and transit ridership numbers, as well as other developers having already broken ground.

“So we can come in and be part of the last 10 years of building a complete community.”

It’s part way through a longer plan in Burnaby of transforming transit areas into a so-called forests of towers at a time when there are some conflicting views about higher towers, rental housing and transit-oriented development.

Grosvenor plans to seek approval for five towers up to 51 storeys, plus four other buildings of up to six storeys and 280,000 square feet of office, retail and restaurant space.

There are already some very tall buildings in the works here and elsewhere in Burnaby. Nearby, Onni Groups’ Two Gilmore Place will be 64-storeys and some 214 metres tall, putting it over Vancouver’s tallest existing buildings, the Living Shangri-La and the Trump International Hotel and Tower. Over at Lougheed Town Centre, also in Burnaby, developer Pinnacle International is proposing an 82-storey condo tower.

“They’re a bit impersonal without a proper ground plan,” said Ward. “Towers are a way to achieve density that works well with transit services. It’s good, but it’s far more important to be interesting on the ground level.

He said there will be a focus on spaces where residents will want to gather and interact such as galleries with art and theatre programs and retail options that include local, small businesses rather than larger chains.

While some other towers also include both condos for sale as well as purpose-built rental units, Ward said Grosvenor is aiming for a higher mix of purpose-built rental with both market and non-market units.

A higher number of purpose-built rental units will allow the company to weather changing market conditions and also rising acceptance of renting over owning homes and using transit rather than driving, he added.

© 2020 Postmedia Network Inc.

The condominium market in British Columbia is facing an insurance crisis

Canadian Real Estate Wealth

The condominium market in British Columbia appears to be facing an insurance crisis, with some strata corporations witnessing a huge jump in premiums while others are unable to secure a renewal.

According to the Insurance Brokers Association of BC (IBABC), strata corporations are facing drastic changes in insurance deductibles and premiums.

For instance, IBABC said there are renewal premium increases from between 50% and 400% and deductible increases from $25,000 per claim to $250,000 and up to $750,000.

Some strata corporations that are renewing their policies are required to have it for a full replacement cost, while others are struggling to find a comprehensive coverage.

Troy Wotherspoon, president at IBABC, said these changes are putting strata corporations and unit owners in a vulnerable position.

“Higher premiums and higher deductibles increase the burden on the unit owners. They are likely looking at increased strata fees to cover the big jump in strata building insurance premiums,” he said.

Given these challenges, IBABC is recommending two key reforms to the Strata Property Act, including a $50,000 cap on loss assessments and the addition of a standard definition of a strata unit.

While these two recommendations are not expected to address the rising strata-building premiums and deductibles directly, IBABC said these would be able to protect strata unit owners from further risks of losing their homes and would likely help mitigate future insurance market cycles.

“Having a legislated standard unit definition would greatly clarify the responsibilities of strata building insurers via their offered insurance policies versus the responsibilities of strata unit owners and their insurance responsibilities,” IBABC said in a statement.

Copyright © 2020 Key Media Pty Ltd

Vancouver regained the highest cost of living

Zee Jeremic
Canadian Real Estate Wealth

The title of “Canada’s most expensive city” has cycled between Toronto and Vancouver for decades. Though Toronto was reported to have the highest cost of living among all other cities in the country, in 2018, Mercer Canada’s annual cost-of-living survey now suggests that Vancouver has once again claimed the country’s number one spot, effectively bumping Toronto back to number two. But just how much does the cost of living affect the nature of the condo real estate market in both of these cities? Does Toronto’s lower cost of living make for better condo deals?

What About Traditional Housing? In both Toronto and Vancouver, condominiums have taken sizeable shares of the real estate market. This is largely because traditional single-family housing options have become an unreachable goal for most homebuyers. The housing market is no longer a place for most new investors to plant their feet.

The sky-high rates at which Toronto/Vancouver homes are being sold make housing real estate a game that only current home-owners, or the rich, can play. In Vancouver alone, the average price for a home is currently at $1.3 million, with some three-bedroom homes reaching up to $2.2 Million.

Take a quick look at the average price – this includes all residential property types – in Vancouver.

And here’s the average sale price of detached homes in Vancouver:

Toronto’s housing market isn’t much better. The selling price of the average Toronto home is $948,000,  with three- to four-bedroom homes reaching prices of nearly $2 million. Slowed housing development in both of these urban areas means that these prices aren’t likely to fall anytime soon. In fact, Vancouver prices will continue to rise.

The Rise of the Condo Developers have for years been building condominiums all over Toronto and Vancouver. The multitude of available new units and the seemingly competitive pricing are enticing draws for new investors looking to buy. (Not that condo developers have to try too hard to make their product viable. The housing market has done that work already.) But with all these options, in what city would a hopeful investor be able to get the best deal? If you’re looking for a property to live in, Vancouver’s condominium prices will certainly pique your interest.

At first. But let’s take a second glance…

Plenty of news outlets over the past year have reported Vancouver’s condo prices are illustrating sizeable decreases. It’s true: Vancouver’s average per-square-foot price has fallen far further than any other major real estate market in Canada this year. Condos at the heart of the city have dropped by roughly 6.3% and are selling for approximately $1,044 per square foot. Unfortunately, this is not as exciting as the media makes it sound.

Though there has been a notable dip in Vancouver condo pricing, the city’s units are still the most expensive in the country.

But what about Toronto? Well, Toronto condominiums have been in extremely high demand thanks to the city’s large population of millennial buyers, who can’t afford much else. If the country’s largest generation wasn’t enough to get developers building at hyper-speed, Toronto’s similarly large cohort of baby boomers are also interested in buying a condo in order to downsize.

All this demand has spiked the average listing price for condo units in Toronto. The average price per square foot in the GTA rose by roughly 9.1% percent as of August last year, meaning the average square foot for Toronto condos is now at about $743. Despite their opposite pricing trends, Toronto condominiums remain the more affordable buying option.

Comparing the Vancouver and Toronto rental markets You may assume that if you’re buying a condo purely as a rental property, Vancouver would be the right choice. And why not? After all, Vancouver has the highest unit prices in the country. Shouldn’t owning a rental property give you a quicker return on investment?

Not necessarily.

A recent report by Padmapper shows that Toronto has the most expensive rental market in the country. In fact, Toronto’s average rent for a 1-bedroom apartment trumps Vancouver’s average one-bedroom price by $130.

In Toronto, you can buy a condo for less money and collect over $1,500 more annually in rent. There are many reasons for this. The first is cost of living. Vancouver’s high cost of living means that its products and services cost more than they do in other Canadian cities. Vancouver renters are more careful to consider the amount they’ll spend on monthly rent when they have other high monthly costs to think of.

Toronto condos also allow their residents more access to fine goods and services. The city has an abundance of restaurants, entertainment attractions, and shopping centers that provide a convenient living for Torontonians. The closer to the city you are, the more amenities you have easy access to. Landlords include the price of convenience in their rent prices. Is your property near the city’s subway system? All the more reason to increase your monthly rent.

The verdict: Should I buy in Vancouver or Toronto? If you’re looking to turn a profit, or at the very least, find the best deal on a condominium, you should turn to Toronto’s available unit options. The numbers don’t lie: despite the price increases, Toronto’s condo units are more affordable than condos on the west coast. If you’re looking to become a landlord, Toronto’s average monthly rents will allow you to turn more of an annual profit.

Copyright © 2020 Key Media Pty Ltd

The Real Estate Investment Network downgrades effect of coronavirus on real estate

REM

Disruptions in GDP growth rates can affect real estate markets within an 18-month period, according to REIN?s Long-Term Real Estate Success Formula.

The impacts of the new coronavirus on Canadian real estate is expected to be “modest and temporary at most,” says a report by the Real Estate Investment Network (REIN).

“It’s still premature to predict how the coronavirus outbreak will be resolved, but data suggests that panic will only worsen the country’s economic situation. There is reason to be alert, but there’s absolutely no reason to further raise alarm and cause more public fear,” says Jennifer Hunt, vice president, research for REIN. “In fact, as a Canadian real estate investor, this may represent a buying opportunity for investors with a likely future positive lift in rental and housing markets.”

Fear and concern surrounding the coronavirus is impacting trade, travel, tourism and the Canadian economy, says the report. But given historical and projected data, it could have less effect than anticipated, it says.

“This analysis is by no means 100 per cent accurate, but much like what happened to SARS in 2003, fear and panic are the biggest risks to the country’s economic and real estate outlook,” says Don R. Campbell, senior real estate analyst for REIN. “These findings are based on REIN’s Long-Term Real Estate Success Formula that outlines the economic drivers and market influencers shaping the Canadian real estate market today.”

GDP growth is a strong indicator of an economy’s continued growth. Disruptions in GDP growth rates can affect real estate markets within an 18-month period, says REIN, adding that recovery from the outbreak will likely result in a positive lift in rental and housing markets 18 to 24 months after GDP fully recovers.

“We hope the outbreak is contained, limiting both health and economic impacts. When the situation normalizes, one can expect an influx of Chinese immigrants and capital to Canada resulting in increased demand for real estate,” says Hunt.

The report says Canadian real estate will see an immediate cool down with long-term lift due to a temporary, small decrease in GDP growth, followed by increased immigration, increased foreign capital and increased demand, leading to increased property values. “These factors represent a buying opportunity now,” says the report.

© 1989-2020 REM Real Estate Magazine