Time to get away: summer is here and it’s time to think about the Resort & Recreation opportunities in B.C. ›› p.4
July 8, 2010
Stable summer housing market locally Activity in the Metro Vancouver housing market has started out steady for the summer, reports the Real Estate Board of Greater Vancouver. Residential property sales in the region totalled 2,972 in June 2010, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, which was the second-highest selling June on record. But REBGV president Jake Moldowan says the steady activity seen in June makes “a healthy balance between the near-recordsetting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession as we all know.” Compared to June 2008, last month’s sales represent a 22.6 per cent increase over the 2,425 sales recorded that month, but represent a 5.8 per cent decline compared to the previous month’s sales totals. “We didn’t experience any record-breaking activity in June, but we did see a stable summer market,” Moldowan says. “The number of new Jake Moldowan listings coming on the market is not as dramatic as we saw over the previous three months and demand remains at a healthy level for this traditionally quieter time of year.” New listings for detached, attached and apartment properties totalled 5,544 in June 2010, a 3.2 per cent increase compared to June 2009 when 5,372 new units were listed, and a 21 per cent decline compared to May 2010 when 7,014 properties were added to the MLS. At 17,564, the total number of property listings on the industry’s listing service increased 1.2 per cent in June compared to last month, and is up 32 per cent compared to this time last year. “There has been less upward pressure CONTINUED ON P.2
Century Gate Construction & Management Inc. president Nick Vidovic in a South Granville dining room featuring white oak paneling and cabinetry. Clients with budgets for luxury homes keep him busy in Metro Vancouver. Rob Newell photo
High-end homes are hot Homebuyers with unlimited budgets aren’t holding back MAGGIE CALLOWAY After working hard for many years, homeowners often come to the point where they want to enjoy the fruits of their labour – so they invest in a special home for the entire family and perhaps, for generations of family
to come. Deciding to build rather than buy a custom, high-end home requires a major commitment of time, not just for the actual building, but for the pre-planning as well. The right site must be found. The right architect must be sourced – someone who understands the homeowner’s dreams as well as their needs. The actual builder is critical, of course for the quality of work, but also for sourcing materials from around the world and for the
careful selection of the many specialists and craftsmen needed throughout the building process. Glen Jaheny, president of Jaheny Custom Builders Ltd., builds new residences predominantly in White Rock and South Surrey and says working with clients with a large budget can make it easier to build highquality homes. CONTINUED ON P.2
2 • New Local Home | July 8, 2010
From marble entryways to coffered ceilings to indoor pools, Nick Vidovic says clients who have the budget for luxurious, high-end homes don’t hold back on the costs. Nick Vidovic photos
LUXURY LIVING
Less upward pressure on home prices CONTINUED FROM P.1
on prices in our market the last few months, which has allowed prices to ease back from the record-high numbers seen in April,” Moldowan says. Over the past 12 months, the overall MLSLink Housing Price Index benchmark price for all residential properties in Greater Vancouver increased 11.8 per cent to $580,237 from $518,855 in June 2009. Sales of detached properties in June 2010 reached 1,139, a decrease of 31.7 per cent from the 1,667 detached sales recorded in June 2009 and a 24.1 per cent increase from the 918 units sold in June 2008. The benchmark price for detached prop“There has erties increased been less 13.4 per cent upward from June 2009 to $795,025. pressure Sales of aparton prices in ment properties reached 1,258 our market in June 2010, a the last few decline of 29.7 per months, cent compared to the 1,790 sales in which has June 2009 and an allowed increase of 19 per prices to cent compared to the 1,057 sales ease back in June 2008.The from the benchmark price of record-high an apartment property increased 9.7 numbers cent from June seen in April.” per 2009 to $391,528. Attached property sales in June 2010 totalled 575, a decline of 28.3 per cent compared to the 802 sales in June 2009 and a 27.8 per cent increase from the 450 attached properties sold in June 2008. The benchmark price of an attached unit increased 11.6 per cent between June 2009 and 2010 to $492,861. – Real Estate Board of Greater Vancouver
“My clients are
looking for quality” Off the front: “They
want top quality in every aspect of the build, both inside and out.” – Nick Vidovic CONTINUED FROM P.1
“My clients are looking for quality,” Jaheny says. “The budgets are much higher, so everything from cabinets to finishes are highquality.” The home electronics in such high-end homes are superb, he says, and include everything from lighting to security to sound systems, all controlled from one source. “Technology is big these days. Theatre rooms, wine rooms and exercise rooms are now standard and built to an exceptionally high level,” says Jaheny. “These houses are both fabulous homes and also a place the family recreates.” Larger budgets allow builders to include more ‘wow’ factor into the luxury home, Jaheny notes, and recalls one home where the budget was well over $100,000 for one fireplace that had been hand-carved from a block of Italian marble. “Bigger budgets give you more opportunity to go out and find unique products.” In White Rock, clients for luxurious estate homes are looking for both view and privacy, so the larger lots on the bluff with unobstructed views are desirable. Now priced in the $3 to $4 million range for the lot with an old tear-down house, there are very few of them left. New custom homes in the area, when completed, are valued in the multi-millions. Nick Vidovic, owner of Century Gate Construction and Management, is an exceptional builder of this calibre of estate home. In the building industry since 1968 in Europe, Vi-
dovic has superb technical trades experience and total attention to detail, which manifests itself in luxurious homes of distinction. As the photos attest, Vidovic’s aspiration to build magnificent homes in British Columbia has been realized. Building mostly on the West Side of Vancouver and West Vancouver, Century Gate also builds on local lots with tear-down houses that have been purchased by clients. “People are looking for high quality. These homes are very expensive,” says Vidovic, speaking of the clientele who can afford such homes. Such clients work with architects, builders, interior designers and landscape designers to help make their luxurious vision come to life, he notes. “They want top quality in every aspect of the build, both inside and outside. Nothing is bought off the shelf, every home is personalized. Whether the client is an art collector or collects wine or is into sports, every home reflects the personality of the homeowner,” says Vidovic. Even at this level, once the outside doors are closed, the homeowners have created their own world. “Most of these homes have everything included: wine cellars, swimming pools, gyms,
media rooms, fabulous outdoor entertainment areas ... sometimes tennis courts,” Vidovic says. Vidovic says everyone involved in building this calibre of home, from start to finish, has to build with pride in every detail of their contribution. Re-selling a spectacular, high-end home may cause some homeowners concern. But according to a recent Re/Max report, luxury home sales soared in the first quarter of 2010 as affluent purchasers moved to take advantage of favourable market conditions across Canada. The Re/Max Upper End 2010 report found that improved economic performance, increased personal wealth, immigration and foreign investment all contributed to a “serious upswing in sales.” Immigration and foreign investment have had an impact on the luxury segment, and in some markets, seriously bolstered sales. Canada’s sound banking system, political stability, and strong dollar are attracting foreign investment and that is spilling over into high-end residential real estate, says the report. The report also notes that luxury home sales – with the exception of 2009 – have been steadily increasing in recent years.
Publisher: Fiona Harris • 604-575-5822 • publisher@newlocalhome.com Editor: Tricia Leslie • 604-575-5346 • editor@newlocalhome.com Reporter: Maggie Calloway • maggiec@blackpress.ca Advertising Sales: Black Press National Sales • Adrian Saunders • 604-575-5812 • adrians@blackpress.ca Online Advertising: 604-575-5822 Designer: Brad Smith • bsmith@blackpress.ca New Local Home is published once a week by Black Press Group Ltd. (Suite 309 - 5460 152 Street, Surrey, B.C. V3S 5J9) 350,000 copies are distributed free across Metro Vancouver. Reproduction in whole or part is prohibited.
Enjoy the outdoors in Chilliwack
The Summit offers value in valley location Nestled in a fertile river valley surrounded by endless mountains, the vibrant city of Chilliwack – located 100 kilometres east of Vancouver – is a community of approximately 70,000 people. Fishing, corn mazes, camping, hiking, kayaking, biking and more, outdoor recreation is taken very seriously in Chilliwack, which is surrounded by countless crystal-clear lakes and rippling creeks. With access to popular sites including Cultus Lake, Chilliwack Lake, Harrison Lake and Harrison Hot Springs, Chilliwack residents have the outdoors at their door. There are numerous provincial parks and nine golf courses nearby as well. The cultural life of the growing city is well served with the Chilliwack Metropolitan Orchestra, the Chilliwack Symphony Orchestra and the Chilliwack Academy of Music. For those who love to continually learn, the Chilliwack Visual Artists Association conducts classes and seminars in many forms of media. It is in this exceptional community that Ambros Development V Ltd. has built its latest project, The Summit. Featuring 61 apartment homes CONTINUED ON P.7
Amros Development’s The Summit in Chilliwack offers a variety of new apartment homes to potential homebuyers.
New Local Home | July 8, 2010 • 3
R&R
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4 • New Local Home | July 8, 2010
Lakeside views. Campfire stories. Fishing and swimming all day. Summer has arrived, bringing a focus on recreational property in B.C. “I would say now is the best time to buy,” says one marketer.
RESORTand RECREATION
Recreational property still sizzles in province TRICIA LESLIE Summertime, and the living ... can be so much more relaxing at a recreational property, surrounded by nature. Getting away to the cabin or cottage by the lake is still something many Canadians and Metro Vancouverites are doing – and if they haven’t already purchased a recreational property, many are thinking about it. According to a recent Angus Reid poll, 47 per cent of people polled said they plan to purchase a vacation property for lifestyle reasons; 43 per cent of respondents said they would buy a recreational property because it’s a good investment. “Canadians are generally confident about buying recreational properties because they see a payoff in terms of improved
quality of life,” says Royal LePage Real Estate Services president and chief executive Phil Soper. Soper notes that, despite concerns over rising taxes, expected increases in mortgage interest rates and a tightening of lending requirements for second homes, “there continues to be a strong demand for second homes, and Canadians appear prepared to make significant investments in order to enjoy their leisure time.” While the numbers of vacation homebuyers are not what they were before the recession, the strengthening economy will likely send more potential purchasers looking for second homes, says the B.C. Real Estate Association’s chief economist Cameron Muir. Of the people who are purchasing recreational property in B.C., “a lot of (baby) boomers are buying,” Muir says. Some areas attract a lot of Albertan buyers, such as the Kootenays and the Shuswap, he notes. The types of vacation homes people are looking for has changed. “It used to be the cabin with the outhouse,” Muir says. Now, luxurious, waterfront properties are being sought,
many of them waterfront condos or townhomes that can be used throughout the year, he says. In Kamloops, at the master-planned resort community of Tobiano, developer Emerson Homes is offering brand-new, 2010 summer pricing on recreational homes at Summers Landing and Lake Star. The new prices means savings of up to $190,000 at Lake Star – where only three homes remain – and savings up to $160,000 at Summers Landing, a community of 95 golf course carriage and duplex-style homes nestled among seven of the picturesque Tobiano Golf Course fairways. “I would say now is the best time to buy ... it’s definitely a buyer’s market,” says Fifth Avenue marketing manager Jamie Squires. “Every (Summers Landing) home has a view,” she says, and adds that Kamloops Lake is one of the cleanest in the province, as it completely recycles itself once every 60 days. Squires notes that at all the resorts represented by Fifth
* R&R EXTRA!
0 0 ,9
9 1 $3
ot, L , e tag d even t o C an rom ool aker f P , Slip Caret t a Bo the
HUMMINGBIRD B E A C H
R E S O RT
Own a piece of the Shuswap - Mara Lake... The way you remember it. Call or Register Today: 1.877.707.0097 and www.hummingbirdresort.ca Only select homes remain Act Now. E.&O.E. This is not an offering for sale. Such an offering can only be made with a disclosure statement.
CONTINUED ON P.5
New Local Home | July 8, 2010 • 5
*R&R EXTRA!
“The whole resort has come alive ... It’s amazing to watch the friendships grow.”
Get away to a second home CONTINUED FROM P.4
Avenue, which include communities on Vancouver Island and in the Interior, sales were “better than expected” in May. At the Cottages at Cultus in Chilliwack, second home purchasers haven’t stopped looking or buying, either. After the financial crisis, it was a tough year for many, says George Hare, president of Higher Ground Project Marketing Inc. But, “We did really well at The Cottages at Cultus,” he says. “It definitely took buyers out of the market for us, but those people are coming back to the table now. It comes down to lifestyle vs. just looking at it economically speaking.” Hare thinks several factors have kept Cottages homes selling, including the resort community’s proximity to Metro Vancouver, the fact that many are built and move-in ready, and the fact that a massive amenities building was among the first built, and in use, every day. “The whole resort has come alive,” Hare says. Ditto at Hummingbird Beach Resort, situated on the shores of Mara Lake in B.C.’s Shuswap region. Brought to life by Mara Lake Estates Ltd., the nine-acre waterfront property will eventually feature 81 vacation homes, ranging from beachfront townhomes to detached cabins to creekside cottages. Families have been enjoying the past two summers at the resort community, says Mara Lake Estates president Steele Jordan, who notes the density of the development is rare. “At most new recreational developments, you’ll see 160 homes on three-anda-half acres,” Jordan says. While many homes of varying shapes and sizes still remain for sale, the area is growing into a close-knit community, Jordan says. “We’re starting to see families come in together and buy beside each other ... it’s amazing to watch the friendships grow.” Many Hummingbird Beach Resort buyers do come from Alberta, but local families are interested too. “It was slow last year, but we still sold more properties on the lake than anyone else,” Jordan says. “We’re off to a good start this year.” For more information, visit www.summerslanding.ca; www.cultuslakecottages. com; and www.hummingbirdresort.ca for more information.
Incredible Value
Beautiful Setting
Top left/page 4 banner: Homes at Summers Landing, which overlooks Kamloops Lake in the master-planned resort community of Tobiano, also features views of Tobiano Golf Course. At the Cottages at Cultus in Chilliwack (top right and below), homeowners are buying. And at Hummingbird Beach Resort at Mara Lake in the Shuswap (above), new recreational homes are selling.
Just across the Canadian/US border in Okanogan Country lies an undiscovered lakeside oasis and exceptional investment opportunity. Sonora Point is a full-ownership RV vacation resort spread over eight acres on the shores of Spectacle Lake. Long summers and very little rainfall make it a natural outdoor playground and perfect for family vacations. Imagine spending sundrenched days by the lake with all your favorite water sports. Taking daily strolls along the beachfront walkway or simply kicking back poolside and socializing with friends at the Sonora Point Clubhouse. It is a place where lifelong friendships are forged and cherished memories are made. A vacation tradition your whole family will love and eagerly anticipate every year.
A rare lakeside ownership opportunity $58,410
Sonorapointresort.com or Call 604-821-0242 For Camping Call 1-509-223-3700 Where family vacations become tradition.
6 • New Local Home | July 8, 2010
New Local Home | July 8, 2010 • 7
Summit living
3 2 1
REASONS TO VISIT MOTIF
3 NEW SHOW SUITES OPEN FOR VIEWING
REASONS TO BUY AT MOTIF
STUNNING VIEWS & LARGER THAN AVERAGE SUITES
REASON TO BUY NOW
LIFESTYLE! START LIVING IT TODAY!
THE COUNTDOWN IS ON. Hurry! There are only 19 spacious suites left at Motif. All are built and ready for immediate occupancy. Imagine how great it will be to live in the heart of Burnaby’s vibrant Brentwood community, an elevator ride away from shops, restaurants and a private fitness spa. Just 15 minutes from downtown by Skytrain.
‘We offer the best value in the market’
PRICES STARTING AT $432,700.
CONTINUED FROM P.3
– one-bedroom, one-plus-den, and two-bedrooms-plus-den, from 487 square feet to 1,151 sq. ft. – The Summit offers unparalleled craftsmanship usually reserved for exclusive residences in the homeowner’s choice of contemporary and traditional floor plans. Centrally located at First Avenue and Young Road, The Summit is close to shopping, dining, entertainment, community amenities, recreation and the Chilliwack campus of the University of the Fraser Valley. Designed by award-winning Focus Architecture, the overheight nine-foot ceilings and large windows combine to create a light-filled interior. The decks and patios allow each resident to enjoy the outdoors in privacy, throughout the entire year. Ambros Development’s Laurie Melo says the homes offer fantastic value to homebuyers. “We offer the best value in the market based on affordable prices,” she says. “We have custom homes with quality finishes, which is unique in the marketplace. We don’t have ‘cookie cutter’ homes ... each home is personal.” The kitchens feature custom-designed maple cabinetry, a deep double-bowled stainless steel sink with a dramatic backsplash, and a three-piece stainless steel appliance package by Whirlpool. The stylish maple cabinetry continues into the bathroom, complemented by ultra-sturdy laminate counter tops, sleek Delta chrome faucets and a one-piece tub and shower stall for easy maintenance. The Summit has been built with quality construction, using cutting-edge rainscreen, double-glazed thermal windows and durable vinyl window frames for improved energy efficiency. Homes start from $119,900. Visit www.thesummitliving.com for more information.
SALES CENTRE 4400 Buchanan Street Burnaby BC V5C 6R4 Open Daily Noon to 5PM (Except Friday) www.motifatciti.com 604.298.8800
Ambros Development’s The Summit is located in Chilliwack and offers brand-new apartment homes of varying sizes to homebuyers. Inside, ceilings are overheight at nine feet and kitchens feature stainless steel appliance packages. Sustainable building practices help make Summit homes more energy efficient as well.
8 • New Local Home | July 8, 2010
A mere 90-minute drive from downtown
Vancouver brings you to The Cottages. It feels like a world apart. Steps from peaceful and pristine Cultus Lake, surrounded by breathtaking mountains and lush green forests, with the great outdoors right at your doorstep. But this isn’t your grandfather’s rustic idea of a cottage – these luxurious family cottages are styled your way, with all the features and finishes you could hope for and large private porches and decks providing plenty of space for family and friends to gather and enjoy BC living at its best. And as if that wasn’t enough, the 10,000 sq. ft. clubhouse with pools offering all the amenities of a first-class resort. Single Family Cottages from
$399,900 Phase 1 and 2 SOLD OUT! PRIORITY REGISTER NOW FOR PHASE 3.
1.877.888.4950
CultusLakeCottages.com
By the time they ask “Are we there yet?” … you will be.
Discovery Centre & Display Cottages
Open daily from 12 noon to 5pm except Wednesday 1777 Columbia Valley Rd. Lindell Beach, BC
to Hwy 1
Copyright 2010 © | Higherground Project Marketing Inc. Brokerage and Sales by Multiple Reality Ltd. Prices are subject to change without prior notice.
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