Enjoy a new home surrounded by stunning scenery at Brighton, in Portrait Homes’ Silver Ridge community ›› p.3
July 29, 2010
people power
Rate hike means opportunity for buyers
Real Estate Board of Greater Vancouver president Jake Moldowan, outside a Metro Vancouver showhome, says purchasing a home is an experience where the expertise of industry professionals is definitely needed. Martin Knowles photo
TRICIA LESLIE
Homes: humans vs. online Computers help, but we still rely on in-person professionals TRICIA LESLIE Facebook. Twitter. LinkedIn. Blogger. Friendster. In today’s online, digitally focused world, it is easier to connect to people and businesses than ever before. With the advent of iPhones, SmartPhones and personal digital assistants (PDAs), most
people can Tweet or blog or post recent news and tid bits within seconds of seeing or hearing it, thanks to the myriad WiFi (wireless) Internet connections now available. And that’s not even touching on e-mails or the power of texting. While social networking sites often hog the headlines, there are signs the digital, online world is gradually taking over: paperless and textbook-free schools, for example, and paperless businesses and business solutions. But there are some things that the best lap-
top or iPad or PDA simply, cannot replace. Such as purchasing a new home. Real Estate Board of Greater Vancouver president Jake Moldowan notes that today’s online regime offers several helpful tools for Metro Vancouver homebuyers. A variety of websites offer extensive photo galleries that showcase the interiors and exteriors of homes for sale, while virtual tours allow homebuyers to visit the home in CONTINUED ON P.2
The Bank of Canada increased the target for its overnight lending rate July 20, raising it by a quarter of a percentage point. The latest increase follows on the heels of an equal interest rate increase in June, when it was raised for the first time since 2007; the Bank rate now stands at one per cent. But the most recent hike is not necessarily a bad thing, according to Vancouver-based mortgage broker Peter Kinch, with Dominion Lending Centres. “This will be a great window of opportunity for new homebuyers,” the bestselling author says. Kinch backs up a bit to explain. This past spring was one of the strongest spring housing markets for the real estate industry, especially in Metro Vancouver, he says. The reasons for that ‘perfect storm’ of a market are several, but Kinch notes that in B.C., Peter Kinch people were exiting a recession with strong economic fundamentals, consumer confidence was strong, interest rates were (and are) still at record lows, and Vancouverites, in particular, were feeling proud of their country and city following the Olympics. Spring markets, by definition, are traditionally stronger than summer or winter real estate markets, Kinch says, and to add to that, the impending HST likely spurred some homebuying movement CONTINUED ON P.2
2 • New Local Home | July 29, 2010
Increase ‘exciting news’ for homebuyers CONTINUED FROM P.1
earlier this year. Kinch notes the HST only applies to new homes – and only those that sell for a price of $525,000 or higher will see the impact – and says contractors and developers will likely start offering creative measures to help offset any HST-related costs. “There were three reasons the spring market was so strong: fear of rising rates, fear of impending HST and the fact it was a spring market,” Kinch says. “The inference is that rising rates and HST will cause the markets to slow down and come to a grinding halt.” That may not be the actual reality, but that is the inference from all the fears, Kinch says. And, with all the headlines in the media about rising interest rates, “you (can’t) blame the average consumer for thinking that interest rates are about to skyrocket,” he says. Of course interest rates will go “You can’t up, but they’re not blame the exactly going to average skyrocket, Kinch consumer for says. The reason the thinking that Bank of Canada interest rates is raising rates are about to is to keep a lid on inflation, and skyrocket while Canada has a ... Rates will strong and vibrant domestic economy, rise, but global pressures the fears of will likely stunt skyrocketing Canada’s economic rates will not growth, he notes. as we saw be realized.” in “Just 2008/2009, Canada is not immune to what goes on beyond our borders,” he says. “Rates will rise, but the fears of skyrocketing rates will not be realized.” Kinch predicts there will be a softening of home prices in Metro Vancouver, and that prices will drop by anywhere from two per cent to upwards of six per cent, meaning there will likely be better home prices for homebuyers to peruse. “If I’m looking to get into the market, what a fantastic time to do it ... it’s the first time a slight rise in interest rates is exciting news for the homebuyer,” he says. Home prices should settle over the course of the winter, only to rebound in spring 2011, once people realize the HST is here to stay and they have adjusted to the new reality. Fear and confusion will be replaced with knowledge and acceptance, and people will realize that interest rates have not skyrocketed as they feared, he says. Next spring’s market will recapture any losses from the spring and fall markets, but in the meantime, it will behoove new homebuyers to take advantage of fears and confusion about the housing market, Kinch says. If people are planning to purchase a home this fall in Metro Vancouver, they can take advantage of a lot of selection in the market and lowered prices, he notes.
“Computers
Re/Max sales and marketing representative Gerry Cahill points out interesting pieces of information for a prospective buyer at the Luxor sales centre in Sunshine Hills.
don’t have eyes” Off the front: “It’s
up to us to build that relationship and build that trust.” – Yosh Kasahara CONTINUED FROM P.1
a 360-degree experience on their laptops or cellphones. “It’s a far cry from how we did it 15 years ago,” Moldowan says. “One thing we’ve learned is that the consumer expects the technology, they expect to see photos ... we get calls if we haven’t posted enough photos for a project.” While such online tools can aid the homebuyer in the purchasing experience, Moldowan says a realtor can provide an ethical, professional homebuying experience. Realtors provide public protection and assurances through a regulatory framework, he says, and notes that proper realtors have a dispute resolution process and a professional framework, including business practice ethics. The REBGV – affiliated with the Canadian Real Estate Association – was the entity that copyrighted ‘Realtor’ as a trademark decades ago; the MLS, or Multiple Listing Service, is also trademarked. The MLS is more than just a listing service – it offers market statistics, information and data that is constantly used by banks and other industry groups for reports and appraisals, among other things, Moldowan notes. Plus, realtors will know a lot of information that is not necessarily easily accessible online, he adds. “You can go online and get all sorts of data, but computers don’t have eyes,” he says. “You need the input of a realtor. You want to know if there might be a casino proposal down at the end of the street. Realtors know all that ... they know what right-of-ways are
A Paloma II sales centre shows buyers ideas for furnishing their new Richmond home.
on the property, they know where the schools are, they know the rankings of the school and if it’s French Immersion.” REBGV members are constantly fundraising for worthy causes in the communities they serve, yet rarely pat themselves on the back, Moldowan notes, and the association is also actively involved in industry initiatives such as lobbying the provincial government to change the HST threshold to $525,000 from the $400,000 it initially proposed. Sutton Group Express Realty’s Cliff Armstrong, who is currently selling new homes at Marcon’s Cornerstone in Langley, agrees that industry professionals add a personal touch. “Virtual tours and photos can be a really good first step in the homebuying process. They help (potential homebuyers) decide which developments to pursue further,” Armstrong says. Real estate industry professionals onsite can provide guidance as well as information that might not be available online, he adds. “Professionals have the benefit of years of experience – they know the neighbourhood, where the parks and shops and schools are ... even things specific to certain units, like which ones get the morning sunshine – you
Realtor Power
Martin Knowles photo
can’t get that on a virtual tour.” At Fifth Avenue Marketing, vice-president BJ Turner concurs that virtual tours and photos serve as helpful, but still not the same as an in-person homebuying experience. “No matter what, our end goal is always, to get people to meet with a sales person to experience the end product ... to see, touch and feel it,” Turner says. “(The sales staff ’s) job is to lay out all the facts and to give (homebuyers) a better understanding of the project – past, present and future – and their options.” At ParkLane Homes, marketing manager Yosh Kasahara says homebuyers are onlinesavvy these days, and most of the time, they’ve done their homework and come armed before even visiting the showhome or presentation centre. But, when it comes to making a purchase, “personal contact is essential.” “Buying a home is not only a significant decision, it’s an emotional decision,” Kasahara says. “It’s really about trust and having a relationship with the person you’re buying a home from. At ParkLane, we understand the importance of that relationship – it’s irreplaceable.” Many ParkLane homeowners have purchased homes from the company more than once; two homeowners in ParkLane’s The Block, a Vancouver development, were former ParkLane homeowners in Port Moody, Kasahara notes. By the time potential homeowners visit the sales centre, staff know they’ve already researched ParkLane and the home developments they’re interested in – local competition included. The bottom line, Kasahara says, is building that key relationship and trust. “There always comes a point when buying a home where you want to meet the people who are standing behind that product, the people who are building it,” he says. “It’s up to us to build that relationship and build that trust to hopefully get (the homebuyers) exactly what they want.”
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.
New Local Home | July 29, 2010 • 3
Spectacular scenery at Brighton Townhomes offer more in Maple Ridge It is an expanding city that exudes urban sophistication while still retaining a sense of rural charm. Set on the shores of the ancient and mighty Fraser River, tucked against B.C.’s breathtaking coast mountains, Maple Ridge is known for its beautiful countryside and spectacular scenery. A mecca for outdoor enthusiasts, there is no end to the trees, parks, hiking and biking trails, lakes, waterways and green spaces that community residents enjoy. Recreation and arts facilities are plentiful, as well as city amenities and shopping, dining and entertainment opportunities, creating a culturally vibrant and diverse city that is constantly active. And, according to recent reports from the Real Estate Investment Network, Maple Ridge is the fifth-best place in Canada and the second-best place in B.C. to invest in the residential real estate market. No wonder Metro Vancouver homebuyers are descending on Portrait Homes’ Brighton, a collection of two- and three-bedroom townhomes located in the award-winning, masterplanned community of Silver Ridge. CONTINUED ON P.4
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Located in Portrait Homes’ award-winning, master-planned community of Silver Ridge, Brighton is attracting many buyers. Martin Knowles photo
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4 • New Local Home | July 29, 2010
Nature beckons outside your door
Window seats at Brighton offer a space to relax; gourmet kitchens come with contemporary cabinetry.
New homes, great prices at Brighton CONTINUED FROM P.3
“People who have bought homes here and people who are interested are coming from Vancouver right through Chilliwack,” says Troy Steine, Portrait Homes sales and marketing manager. “It’s great. We’ve had some wonderful comments from people. Many are calling it one of the nicest communities they’ve ever seen.” With three phases underway, the first is sold out and phases two and three are now selling; Brighton homeowners start moving in this week. Steine says interested Brighton homebuyers from Metro Vancouver areas including North Vancouver and Port Moody are attracted to the community’s natural aspects, with towering trees and outdoor scenery making them feel right at home. “It’s the same beautiful setting, but more quiet ... and the price range is totally different,” Steine says. “People are amazed to come into a natural setting like this and find new townhomes for $269,900 (two bedrooms) and $289,900 (three bedrooms).” Along with the incredible location and great pricing, Brighton offers exceptional townhome design and construction, as well as high-quality finishings, Steine notes. The homes are just minutes away from all the amenities Maple Ridge has to offer, yet are surrounded by the area’s natural beauty, which includes plentiful walking trails, he adds. Exteriors feature, rich, warm colours, custom stone detailing and naturalstained wood beams. Front and rear yards are professionally landscaped; each townhome comes with parking CONTINUED ON P.6
Portrait Homes’ latest project, Brighton, offers new two- and threebedroom townhouses in the developer’s award-winning community of Silver Ridge. Buyers interested in purchasing homes at Brighton are coming from all over Metro Vancouver, says Portrait sales and marketing manager Troy Steine. “People ... are coming from Vancouver right through Chilliwack,” Steine says. “Many are calling it one of the nicest communities they’ve ever seen.” Brighton homes feature overheight, nine-foot ceilings throughout the main level as well as spacious patios and decks. Martin Knowles photos
New Local Home | July 29, 2010 • 5
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6 • New Local Home | July 29, 2010
Live the Silver Ridge lifestyle
Spacious homes in a natural setting CONTINUED FROM P.4
for two vehicles. Depending on the floorplan, Brighton homes feature either a patio area or a spacious outdoor deck for year-round enjoyment. Inside, nine-foot ceilings throughout the main level add to the roomy feeling, and baseboard trim is already in place throughout the entire home. Gourmet kitchens feature granite countertops and hand-set ceramic tile backsplashes, while master suites come with spacious closets and ensuites that have large, separate shower stalls and lowflush water closets. Visit www.portraithomes.ca for more information.
Every Brighton townhome comes with parking for two vehicles, while front and back yards are professionally landscaped. Inside, gourmet kitchens have granite countertops and hand-set ceramic tile backsplashes; master suites also come with spacious closets. “People are amazed to come into a natural setting like this and find new townhomes for $269,900 (two bedrooms) and $289,900 (three bedrooms),” says Potrait Homes’ Troy Steine. Martin Knowles photos
New Local Home | July 29, 2010 • 7
< Skye-Soleil-Aqua Presentation Centre, Unit 3, 1233 Main St., Squamish. 604-616-1215 = Furry Creek-Ocean Crest 415- Furry Creek Dr. 604-787-1456
@ Morgan Heights 26th Ave & 164th St. 604-531-1111, 604-420-4200 A Cathedral Grove 2738-158th Street. 604-541-7383 B SouthPort 3677-143 St. 604-292-0871 C High Street 402-2950 King George Hwy. 604-536-9333 D Summerfield 109-172A St. 604-536-1155
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8 • New Local Home | July 29, 2010
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I think cottage life agrees with her.
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