Staycation state of mind at the Douglas

Andrew McCredie
The Province

West Coast vibes are in the nature of this downtown hotel with hip lounge, classic steakhouse
September is one of the best months here on the southwest coast of B.C., with warm days, cool nights and fewer tourists in the downtown core. In other words, the perfect excuse to maintain that staycation state of mind.
The next month also features a packed schedule of sports and concerts at the city’s two arena venues — B.C. Place and Rogers Arena — which makes the Douglas Hotel an ideal choice to take in a game or a show and to explore Yaletown and Olympic Village. All are in easy walking distance from the 188-room boutique-style hotel, with a name, décor, and striking lobby desk that pay homage to the Douglas fir, that iconic tree that played an integral role in Vancouver’s economic growth and continues to be a natural touchstone for the city and its citizens.
The Douglas is part of the expansive Parq complex, which includes sister hotel JW Marriott, a full-service spa, the Parq casino and no less than 10 dining and drinking establishments, ranging from a high-end steak house to a vibrant sports bar to an eatery inspired by a Singapore night market. The centrepiece of the Parq is, well a park, though one located six floors above ground level and featuring 30,000 square feet of secluded and peaceful sanctuary above and hidden from the madding crowd. While the Marriott remained open throughout the pandemic — serving as a hub for visiting health-care workers — the Douglas closed for the better part of a year, so the hotel and staff are making up for lost time.
To check into the Douglas, you take an elevator to that sixth floor, where you’re greeted by a unique piece of functional art. The lobby check-in and concierge desk is a nearly eight-metre-long replica Douglas fir encased in glass, and when I checked in, there wasn’t a guest at the desk who didn’t bend down to have a closer look — myself included. Beside the lobby is the Douglas’ lounge, called the D/6 and exemplifying the hotel’s ode to the West Coast Mother Nature. The décor is natural wood hues with large comfortable seats, a full-sized pool table, a curated hardcover book selection and a steam fireplace that casts a cabin-like glow in the lounge. Outdoor seating also has open flame features that warm the cool night and provide that distinctive West Coast vibe. And like that lobby desk, D/6 has something that every guest just has to have a closer look at. Push one side of the floor-to-ceiling bookcase and it swings open to reveal a private room for more intimate gatherings. The rooftop lounge is also a great place to enjoy a pre-dinner cocktail before strolling outside through the park over to the Victor, the Parq’s first-class steak house. Just as D/6 nails the look, feel and vibe of an old-school West Coast lounge with a dash of hipness, the Victor checks all the classic steak house boxes. There are high-backed chairs, oak dining tables and leather banquets. The staff is knowledgeable, attentive and professional. The menu is loaded with carnivore delights, including a selection of Wagyu cuts, cowboy rib-eyes, porterhouse and the prerequisite Tomahawk to share. There’s also a wide seafood selection — from Nova Scotia lobster to sushi to whole branzino. And the Victor boasts one of the country’s largest in-house Enomatic wine systems, with the tasteful and elegant dispensers located throughout the dining room.
I was told that about 60 per cent of the Victor’s clientele is local, so despite its well-hidden location, high above the city streets and accessible only through the park, it’s certainly not the city’s best-kept steak house secret.
After a fantastic dinner, I headed down to the casino to check out the action then back to D/6 for a nightcap before retiring to my room, which glowed with the ever-changing light show of B.C. Place’s roof, which was so close out my window, I felt I could touch it.
There are a number of package deals available.
The romantic package, called Love is Love, includes in-room dining for two and a $100 credit at the Victor, while the Park and Dine package includes parking and a $50 credit at D/6, the Victor or Honey Salt. For a complete list of Parq offers, visit parqvancouver.com/offers

© 2022 The Province

Canadian banks raise prime rates after Bank of Canada hike

Denise Paglinawan
other

Canada’s six big banks have all raised their prime rates after the Bank of Canada hiked its key rate to 3.25 per cent Wednesday. Photo by REUTERS/Mark Blinch/File Photo

Major Canadian banks have increased their prime lending rates by 75 basis points to 5.45 per cent in response to the Bank of Canada’s move Wednesday to raise its key policy rate to 3.25 per cent.

Toronto-Dominion Bank, Royal Bank of Canada, Canadian Imperial Bank of Commerce, Scotiabank, Bank of Montreal and National Bank of Canada all had their prime lending rate at 4.70 per cent prior to the announcement.

The new prime rates come into effect Thursday. The hike in prime lending rate at Canadian banks indicate a higher starting point for lenders’ loan calculations.

Stephen Brown, senior Canada economist at Capital Economics, said major lenders matching the Bank’s policy rate by increases in their prime rates will mean an immediate jump in borrowing costs for many Canadians.

He said the hike in interest payments is worth about 0.5 per cent of household income at a national level, but the costs are heavily skewed toward those with variable rate mortgages, as the increase will take a much larger share of their income.

“This is likely to feed through to a reduction in household spending on goods and services and raises the downside risks to the economic outlook,” Brown said.

The banks’ announcements come after the central bank hiked interest rates 75 basis points on Wednesday, the fifth consecutive increase since it started tightening in March.

The central bank said more hikes are on the way to tame inflation that continues to be too widespread in the economy.

 

© 2022 Financial Post

Canadian banks raise prime rates after Bank of Canada hike

Denise Paglinawan
other

Winnipeg 1,600-square-foot office building sells for $500,000

Western Investor Staff
Western Investor

The free-standing property sold to the occupier for medical use

Shindico Realty Ltd., Winnipeg, for Western Investor

Property type: Office building

Location: 340 Stafford Street, Winnipeg, Manitoba

Size of property: 1,600 square feet

Number of units: 1

Sale price: $500,000

Sold to: Occupier

Brokerage: Shindico Realty Ltd, Winnipeg

Broker: Jared Kushner

 

© 2022 Western Investor

Winnipeg 1,600-square-foot office building sells for $500,000

Western Investor Staff
Western Investor

The free-standing property sold to the occupier for medical use

Shindico Realty Ltd., Winnipeg, for Western Investor

 

Property type: Office building

Location: 340 Stafford Street, Winnipeg, Manitoba

Size of property: 1,600 square feet

Number of units: 1

Sale price: $500,000

Sold to: Occupier

Brokerage: Shindico Realty Ltd, Winnipeg

Broker: Jared Kushner

 

 

© 2022 Western Investor

Canada’s recession risk running too high, says Desjardins economist

Ephraim Vecina
other

Rate jumps point to the bank’s awareness of the need to pull inflation back to sub-3% levels

With its latest outsized rate hike, the Bank of Canada must “stop sugar-coating things” and respond accordingly to Canada’s higher risk of recession compared to other developed economies, said Jimmy Jean, chief economist and strategist at Desjardins.

“I’m going to be looking to how honest the central bank is with Canadians as to what they can expect,” Jean said in an interview with BNN Bloomberg. “We have the second highest private sector debt to GDP in the world so certainly our economy is more sensitive than many others to those interest rate increases.

“I think it’s time for the Bank of Canada to stop sugar coating things and admit that we’re at elevated risk for a recession – and we do expect a recession, although a mild one, early in 2023.”

Read more: How high could the Bank of Canada’s interest rates get?

Jean added that the rate hikes are further evidence that the bank is already highly aware of the need to pull inflation back to sub-3% levels. The economist is anticipating the high-rate environment to persist through 2023 at least.

The BoC’s rate hikes this year “by any historical standard is a very aggressive tightening cycle, but what the bank is saying today is that this is not over,” Jean told CBC News.

“We’re already having the highest interest rates we’ve had since 2007 and it’s going to be very difficult to think that this won’t have a high impact on consumer budgets and even possibly on things like insolvencies.”

 

Copyright © 1996-2022 Key Media, Inc.

Tips for Getting Your House Pre-Sale Ready

Carrie Lysenko
other

 With national inflation, rising interest rates, and wide fluctuations in property prices, many buyers and sellers are sitting on the fence about when to list or make an offer.  If you are a potential seller and are sitting tight for the moment, there are things you can do now to get your house ready to sell whether you list in a month or in a year! See below for tips to get your home pre-sale ready.  

• Read: A Guide to the Real Estate Cycle for Buyers & Sellers 

6 Tips for Getting Your House Ready to Sell  

There is something about a new season, whether it is fall, spring, or even January 1. New seasons seem to bring about change in the air. For some, change means a new haircut, a new job, or even a potential move to a new neighbourhood or city. Especially throughout the pandemic, many of us found ourselves looking to change our surroundings and renovate or make room for all the new purposes our homes had to serve. According to the HomeStars 2022 Reno Report, it is estimated that Canadian homeowners on average will double their total home reno spending this upcoming year. While a full reno might not make sense if the plan is to relocate in the next three to 12 months, there are a few things that one can do around the home and property to get ready to sell.   

 

1. Clean up the exterior of your home

Depending on where you live, winter could bring snow that hides a mess or summer could bring heat that makes planting or painting difficult. If it is spring or moving into fall, these are usually the best times to tidy up the exterior of your home. 

• Rake and pick up leaves, pine needles, pine cones, and any debris that may have fallen.  A good clean sweep is free and makes a world of difference in the appearance of balconies, patios, sidewalks, and lawns.
• Repair or replace broken down patio furniture. Outdoor furniture often gets worn down quickly as it must stand up to the scorching heat, pounding rain, and freezing temperatures. If you have furniture covers or can store furniture in inclement weather, it’s best to put patio sets away so they can look their best when prospective buyers do come knocking.  
• Make any minor repairs that may be necessary to railings, fences, lights, and windows.  Completing these small repairs will help your property show better come listing time but will also make it warmer and safer for you and your family while you are still living in the home.  

2. Tidy up from previous projects and/or renovations

• Ensure that any excess wood and/or construction materials have been donated or removed from the property. Garages, laneways, and driveways are often home to excess materials that are kept just in case after a reno. If construction materials are still in good condition they can often be donated to Habitat for Humanity Restore or similar organizations that collect items to benefit the building of homes for low-income families.   
• Responsibly dispose of or store leftover paint. Paint cans can take up a lot of space over the years. And while properly stored paint can be used for at least five years or more, determine whether you are really likely to ever need that shade of purple again or whether it is time to let it go. When tossing out paint remember, it can present an environmental hazard if not disposed of properly. Completely empty cans can generally be recycled but any cans with remaining paint will need to be disposed of in accordance with your city waste removal by-laws. 

3. Re-evaluate the use of seasonal items

Holidays are a great time of the year but often we have to then store boxes of items in the off-season. These can create cluttered areas in closets, basements, and garages. If a move might be in your future and you will have to pack up all of these items anyway, why not make your life easier now?  

• Toss any broken, chipped, or cracked holiday decorations and items. If the item(s) have batteries make sure they are disposed of properly at a battery recycling center or safe disposal site in your area.  
• Be realistic about the seasonal gifts you may have received in the past. Aunt Janet may have given you a fun musical Christmas tree but it isn’t really your style. Donate or sell these types of items on a marketplace and perhaps you can spread the cheer to someone else! 
• Haven’t cross-country skied in over 10 years? Might be time to donate these types of outdoor equipment to someone else who is interested in taking up the sport.

4. Consider age-appropriate toys and activities for the kids in your home

If you have kids or have them come visit often, you have likely collected various toys, crafts, and activities over the years. These items can pile up all over the home and can collect dust if a child has outgrown them. Toys in safe and good working condition as well as complete sets of games are items that can be donated or sold in a garage sale or marketplace. You may be able to make some money to pay for your future moving expenses!

• Read: How to find a reliable home staging company

5. Box up and/or reduce picture frames and personal items

One of the first recommendations by any agent or home stager when getting a home ready for sale is to remove personal photos and sentimental items to depersonalize the space. If a potential buyer comes for a viewing, they can more easily imagine themselves in the home if your family portrait isn’t on the fireplace mantle. Properly storing these items in albums or individually in boxes allows you to reduce the space that frames might take up as well as prepares you in advance of a move. Also storing sentimental items properly protects them against any damage that may occur as you prep your home for listing.  

6. Evaluate your clothing, declutter closets and shoe storage

Many cities in North America have four different seasons which often result in bulging closets and footwear ranging from winter boots to summer sandals. Re-evaluating your clothing options and sizes each year is good general practice but especially helpful in getting ready to sell your home. Most properties are emptied almost entirely except for key pieces of furniture and decor when being put on the market to sell. Therefore, it doesn’t make sense to pack up and move outdated or ill-fitting clothing to your new dream home. Edit your fashion choices now to clear the clutter and potentially find new homes for seldom worn items.  

 

 

© 2015 – 2022 Zoocasa Realty Inc.

Gastown Heritage street-front loft commercial sells for $3.34 million

Western Investor Staff
Western Investor

Two showpiece retail/office strata sites at Koret Lofts, East Cordova Street, Vancouver total 2,807 square feet.

Corbel Commercial Inc., Vancouver, for Western Investor

 

Property type: Strata commercial

Location: 57 and 63 East Cordova Street, Vancouver

Property size: 2,807 square feet (total approx.)

Number of units: 2

Zoning: HA-2 (Gastown Historic Area)

Sale price: $3.34 million

Brokerage: Corbel Commercial Inc., Vancouver

Brokers: Marc Saul and Robert Tham

 

© 2022 Western Investor

Penticton 5.2-acre commercial-industrial assembly sells for $12.6M

Western Investor Staff
Western Investor

Three-lot assembly includes a 244-unit mini-storage facility, three additional commercial retail units totalling 12,500 square feet, plus additional secure vehicle storage.

Re/Max Penticton Realty, Penticton, B.C., for Western Investor

 

Property type: Commercial-industrial

Location: 270-290-360 Waterloo Ave Penticton, B.C.

Number of properties: 3

Property size: 5.2 acres (total)

Sale price: $12.6 million

Brokerage: Re/Max Penticton Realty, Penticton, B.C.

Brokers: John Green and Keith Jakes

 

© 2022 Western Investor

Penticton 5.2-acre commercial-industrial assembly sells for $12.6M

Western Investor Staff
Western Investor