LandlordBC Spring 2016 by LandlordBC

Friendly Landlord Network Helps Youth in Transition

SPRING 2016

CERTIFIED RENTAL BUILDING PROGRAM NOW IN BC!

Protect Your Investment in the ‘Sharing Economy’

Estate Freezer Primer

is now Jones Lang LaSalle

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@2016 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. E. & O. E. Jones Lang LaSalle Real Estate Services, Inc. Real Estate Brokerage

THE KEY

Office Hours: 8:30 am to 4:30 pm weekdays

2 Chair’s Message

Vancouver Office:

Victoria Office:

3 CEO’s Message

#203 - 1847 West Broadway

830B Pembroke Street

Vancouver, BC V6J 1Y6

Victoria, BC V8T 1H9

4 Hunter’s Hints

Tel: 604.733.9440

Tel: 250.382.6324

Toll Free BC: 1.888.330.6707

Fax: 604.733.9420

Fax: 250.382.6006

Fax Toll Free: 1.877.382.6006

6 Time to Replace Your Boiler? 8 Greater Victoria Multifamily Market Overview

12 Involving Private Landlords to Address Youth Homelessness

David Hutniak

15 CFAA Rental Housing Conference

Chief Executive Officer

Erin Breier Events & Communications Coordinator

Hunter Boucher

16 Vancouver is Shrinking 18 Have Someone Else Put $900 a Month into Your Pocket

Member Services Manager

Kimberly Lachuk Membership Development Manager

Shona Athey

20 CRB is Now in BC! 23 Airbn-be gone! 24 Three Essential Ways to Find Your Best Deal Ever

Member Services Representative & CRB Specialist

26 Smart Recycling in Condos and Lisa Henderson

Allison Saturley

2016 – Bigger and Better

Member Services Representative

Office Manager – Victoria & Member Services Representative

Apartment Buildings Can Save Money!

28 New Rentals 29 Estate Freeze and Use of a Trust 31 The ABCs of Drywall 32 Project Management:

Board of Directors

President Andrew Békés Vice-President Jason Middleton Treasurer Irene Tiampo Directors Douglas Clarke, David Craig, Jason Fawcett, Claire Flewelling-Wyatt, Bill Goold, Richard Laurencelle, Richard McCarvill, Paul Sander, Kim Schuss, Michael Drouillard

Successfully & Simply The KEY is published by LandlordBC Publication Mailing# 40719511

33 Gentrification & Student Housing

Magazine Coordinator Erin Breier

35 Easily Mitigate 30% of Fire and Flood

Content Editor Hunter Boucher Copy Editor Donna Sassaman Production Profile Design Group Inc. Cover Photo Hollyburn Properties, The Skyline - 1305 West 12th Avenue, Vancouver, BC

Disclaimer: This publication is designed to provide informative material of interest to readers; the opinions of the authors of the articles do not, however, necessarily represent the opinions of the board of directors. The magazine is distributed on the understanding that it does not constitute legal, accounting or other professional advice. Although the published information is intended to be helpful, neither we nor any other party will assume liability for loss or damage as a result of reliance on this material. Appropriate legal, accounting or other expert assistance should be sought from a competent professional.

Risk in Multifamily Residential Buildings

37 Associate Members/ Corporate Suppliers - Mainland

40 Associate Members/ Corporate Suppliers - Vancouver Island

SPRING

LANDLORDBC.CA

THE KEY

CHAIR’S MESSAGE Andrew Békés Chair, LandlordBC One of the greatest rewards of being a Director on the LandlordBC Board is supporting the growth and success of the organization, and witnessing the leadership LandlordBC continues to demonstrate on behalf of our members and the broader rental housing industry. The most recent example of LandlordBC’s leadership is the very successful launch of the Certified Rental Building Program (CRB) in British Columbia. CRB is the only quality assurance program in North America for the rental housing industry, and BC is only the second jurisdiction to implement the program. This is important and it is our view that CRB is the most significant initiative our industry has ever implemented in BC.

CRB is the only quality assurance program in North America for the rental housing industry, and BC is only the second jurisdiction to implement the program.

We appreciate the hard work and diligence of our staff to make the program happen, and we would especially like to express our appreciation to the two leaders in our industry, Hollyburn Properties and Concert Realty Services Ltd., for being the first two organizations to enroll in the program. Thanks to their leadership, when we launched on November 26th, 2015, we had 49 buildings and just under 5,000 units enrolled. We are also appreciative of the strong endorsement of CRB received from the tenant advocacy group, Tenant Resource & Advisory Centre (TRAC), and both the provincial government and local governments. Later in this issue you will be able to learn more details about the CRB program. I encourage you to understand the scope of the CRB program and consider this great opportunity for your organization to implement industry best practices and differentiate yourself within the marketplace. The benefits are significant not just for your business as a landlord but, with your active engagement in the CRB program, you will be helping the broader industry to improve the professionalism of our sector, and to further demonstrate to all stakeholders (governments, renters, tenant advocacy groups, the media, the general public) that our industry is truly committed to providing safe, secure, sustainable rental housing. We need your support for this excellent program. While admittedly CRB is directed at larger multi-unit buildings, LandlordBC is actively working on an initiative that will have similar market differentiating advantages for smaller landlords while providing tenants with increased confidence in terms of from whom they are renting. We ask that you stay tuned for further information as this initiative moves forward. I hope you enjoy this issue of The Key magazine.

SPRING 2016

CEO’S MESSAGE David Huntiak CEO, LandlordBC There is a huge need for additional supply of rental housing in BC. The relative cost of purchasing a home compared to renting is now at an all-time high, further exacerbating the rental housing supply crunch. A recent study that measured the priceto-rent ratio, which takes the price of a property and divides it by its annual rent, produced some startling results. Ratios in the 10-13 range indicate it’s better to buy then rent. A ratio in the 18-20 range is a sign in favour of renting over buying. Based upon the recent figures for apartments, Vancouver’s price-torent ratio is 55 in the east side of the City and an incredible 72 on the west side. While this is a simplistic calculation, it nevertheless provides both an interesting and stark perspective. Now more than ever, rental housing is the most affordable form of housing for British Columbians. Even though rental housing is the most affordable form of housing in BC, that does not preclude the fact that with the chronic shortage of supply, it is becoming increasing difficult for individuals and families to secure affordable housing. This is why LandlordBC continues to advocate independently and with like-minded stakeholders to all levels of government for the need to collaborate with the industry to develop and implement progressive solutions to build more affordable purpose-built rental housing. Our industry is integral to addressing this issue and we continue to challenge cities and municipalities to implement measures that will remove restrictive zoning for density, parking, suite size, application approval time-frames and the like, to facilitate new construction. We are asking cities and municipalities to recognize that purpose-built rental is not the same as condos. We are owner/ operators with a long term commitment to the new projects we develop and the existing assets we enhance through infill projects and major renovations. While initiatives like Vancouver’s Rental 100 program are important and helpful, much more can and needs to be done across the province, and LandlordBC will continue to seek progressive change on behalf of the industry.

Even though rental housing is the most affordable form of housing in BC, that does not preclude the fact that with the chronic shortage of supply, it is becoming increasing difficult for individuals and families to secure affordable housing.

Impact of Water and Sewer Rate Increases on Affordable Rental Housing in CRD LandlordBC recently submitted a briefing document to the Capital Regional District (please see our March 1st e-newsletter for full text) in regard to the significant water and sewer rate increases being proposed by the Capital Regional District in the South Island (Victoria et al), and the cost impact the proposed rate increases will have on the rental housing industry in the region. The supply of affordable rental housing in the CRD region is increasingly under pressure as a consequence of mounting cost increases experienced by landlords, and the inability of landlords to recover those cost through allowable rent increases as a direct result of rent control regulations in British Columbia. The briefing document cited the proposed sewer and water increases for the City of Victoria as an example. LandlordBC is seeking an opportunity to meet with senior representative of CRD to discuss opportunities to create an environment that promotes the growth, development, and sustainability of the affordable rental housing market across the region in the interests of both landlords and tenants. We look forward to continuing to lead and advocate on behalf of the rental housing industry and appreciate your continued engagement and support. David Huntiak CEO, LandlordBC BC’s top resource for owners and managers of rental housing Phone: 604.733.9440 or 1.888.330.6706, Ext. 202 Email: davidh@landlordbc.ca SPRING 2016

THE KEY

HUNTER’S HINTS By Hunter Boucher, Member Services Manager, LandlordBC

RENTING TO FAMILY What could be easier than renting to a family member? They get a deal on rent and you get a reliable tenant you won’t have to chase round for rent. Sadly, this is often not the case. Renting to a family member is not something we specifically advise against but it is something we suggest you not rush into. Proper attention to details is just as important, if not more, in these situations. Often in family rental situations, steps get missed and due process gets thrown out the window in an effort to save time and make the process seem less formal. This informal approach often means condition inspections do not take place, agreements do not get signed, and clear rules do not get properly discussed. This approach, however seemingly desirable, can lead to disagreements down the road that often result in financial loss and unneeded family drama. Although it may seem strange to treat a family member in such a business-like manner, both parties will appreciate knowing that clear expectations have been set. See our website for our residential tenancy checklist guide. www.landlordbc.ca

FIRE SAFETY ACT UPDATE You may have seen information about the new Fire Safety Act and wondered what implications this may have for you. The Act is still on the first reading at the legislature, which means we have another two readings to go before a vote. Generally, this means a wait of six months to a year before we see this legislation in place. While we are not aware exactly what the new Act will look like, as it may be changed during the process, we do know that one focus on the new Act will be the way in which it is enforced. There is a push to move away from court orders and implement a fine system. The aim here is to reduce what is viewed as an unnecessary process in enforcing regulations. We may also see the appointment of Commissioners fall under the authority of local municipal governments. These changes are meant to be gradual and have an easy to follow transition. LandlordBC will update our membership as more information becomes available.

TOP 10 HELPLINE QUESTIONS… We take calls every day from landlords and property managers across the province. Each call we take is unique and has its own surrounding circumstances. However, some questions come 4

SPRING 2016

up often and are common challenges faced by many of our members. In order to serve you better, we have compiled a list of the top ten questions that we are asked most frequently on the helpline. Below are answers to your questions as well as information about guides and forms that are applicable to the different situations you may be facing. While we are happy to help through the helpline, you may save your time by finding the answers to common questions here and on our website. 1. What is this year’s rent increase? The rent increase for 2016 is 2.9%. You can find a guide on rent increases on our website. 2. Do I have to pay Interest on Security and Pet Damage Deposits? The interest rate payable on deposits for 2016 is 0.0% and has been 0.0% since and including 2009. The RTB has an interactive deposit calculator on their site.

http://www.housing.gov.bc.ca/rtb/WebTools/ InterestOnDepositCalculator.html

3. Am I allowed to enter a tenant’s unit? A landlord is allowed to enter a unit once a month for a routine inspection. A proper notice of entry, which can be found in the LandlordBC forms section of our website, must be served and the tenant needs a minimum of 24 hours notice. Alternatively a landlord and tenant can agree to allow the landlord to enter the unit. 4. How and when to schedule a condition inspection? A condition inspection must be completed at the beginning of the tenancy prior to the tenant moving their belongings into the unit. A condition inspection must also be completed at the end of the tenancy after the tenant has moved out their belongings. A landlord must offer two opportunities to schedule a condition inspection and in the event a tenant is not cooperative, a landlord may have to service a Notice of Final Opportunity to Schedule a Condition Inspection, a form available on the RTB website: http://www2.gov.bc.ca/ gov/content/housing-tenancy/residential-tenancies/ forms. 5. How do I end a tenancy? There are many ways a landlord can end a tenancy. Depending on the situation, a landlord may serve a notice to end tenancy, sign a mutual agreement to end tenancy, or apply for an early end of tenancy. We have several guides on our website on the various ways a landlord can end a tenancy.

For unpaid rent or utilities, see our guide on the 10 Day Notice to End Tenancy. The guide on the One Month Notice to End Tenancy provides information on how to end a tenancy for cause. We also have a guide on serving a Two Month Notice to End Tenancy for landlords’ use. 6. How do I deal with additional occupants? Additional occupants are permitted only with prior written consent and acceptance by the landlord. If a landlord chooses to permit additional occupants, the rent may increase as per clause 6 of the LandlordBC tenancy agreement. It is advisable to list additional occupants as tenants once accepted by amending the tenancy agreement. LandlordBC provides a guide on filling out a tenancy agreement on our site.

For more detailed information, please see the LandlordBC guide on Removing a Service or Facility. 10. How do I extend an agreement? A common misconception is that when your fixed term tenancy is coming to an end and you plan to continue the tenancy, you should fill out a new tenancy agreement. This is not the case. Unless you are fully ending the tenancy and beginning a new one, you stay with the original tenancy agreement and simply amend it. So, if you wish to extend the agreement by entering into another fixed term, you simply cross out the original end date and put in a new end date, with all parties initialing beside the change.

7. How do I get a credit check on a potential applicant? Credit checks are done online with our associate member, Tenant Verification Services, or TVS for short. Landlords must set up an account with them initially, which requires proof of ownership and identification. For complete stepby-step instructions, please see the credit checks guide in the external guides section of our website. 8. Can I add additional terms to my tenancy agreement? Yes, a landlord can add additional terms, called addenda, to a tenancy agreement. You must ensure that any additional terms you add into your agreement are not ‘unconscionable’ (grossly unfair), and all parties agree to, and initial, the added terms. Any changes must be in accordance with the Residential Tenancy Act and section 14 (1) of the Act states: “A tenancy agreement may not be amended to change or remove a standard term” (a term required by the regulations).

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9. How can I remove a service or facility that’s included in the agreement? You may remove or restrict a service or facility that’s included in the tenancy agreement as long as it is not considered to be essential to the tenancy (ex. a roof is essential), or a material term (a term that is described in the agreement and is essential to the tenancy). In order to remove or restrict a service or facility, a landlord must give 30 days’ written notice to the tenant and must use the approved form, Notice Terminating or Restricting a Service or Facility. When removing or restricting a service or facility, the landlord must reduce the rent by an amount equal to the reduction in value to the tenancy agreement (i.e., the cost to the tenant to replace the service or facility).

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THE KEY

TIME TO REPLACE YOUR BOILER? Free professional support is available to help LandlordBC members avoid pitfalls and achieve a good return on investment. By Jordan Fisher, FRESCo With summer fast approaching, many landlords are in the midst of planning replacements of their aging boilers. Whether driven by a desire to reduce gas bills, avoid further repair costs on older equipment, take advantage of rebates, or avoid a failure next winter, now is the time to plan boiler upgrades for this summer. This raises important questions for landlords: • What type of system should I buy? • Which contractor should I use? • How will this affect my operating costs and/or building value? • How do I ensure my replacement is a success? (Spoiler alert! There are programs available that provide free professional support to help you get a successful project. Contact jfisher@frescoltd.com for details).

WHAT TYPE OF SYSTEM SHOULD I BUY? There are many different types of boiler systems. Each building is unique and in order to get a cost-effective and well functioning system, proper design and installation are critical. Independent professional advice can help ensure that happens.

IS IT WORTH BUYING A HIGH-EFFICIENCY BOILER? The main benefit of using a high efficiency boiler is, of course, reducing gas bills. They can have additional benefits such as reduced space requirements, quieter operation, and avoiding overheating of apartments. They are also eligible for rebates from FortisBC. Many landlords do, however, wonder if these systems really will achieve gas savings, function well, and end up being worth the extra investment. Efficiency: There is a common misconception that highefficiency boilers won’t actually achieve significant gas savings because system temperatures are too high. While it is true that these boilers attain their highest levels of efficiency at lower operating temperatures, properly designed and installed systems will operate at high levels of efficiency most of the time. These systems have a proven track record. An examination of almost 100 installations that received FortisBC incentives found an average of 23% gas savings after upgrades.

SPRING 2016

High-efficiency boilers have only been popular in Canada for about ten years but have been common in Europe for over 30 years; the technology is reliable and well proven. Reliability: High-efficiency boilers have been popular in Canada for only about 10 years but have been common in Europe for over 30 years; the technology is reliable and well proven. Some building owners have had issues with their systems, which is generally due to problems with system design or installation. With good design and installation, high-efficiency boilers function extremely well; independent professionals can help ensure that happens. Return on Investment (ROI): There is a huge range in the prices quoted for high-efficiency systems. Usually there are highefficiency options for a building that provide an attractive ROI compared with cheaper standard efficiency systems, particularly after accounting for FortisBC rebates. Having said that, some quotes are so expensive, or systems so oversized, that the ROI is poor. Obtaining multiple quotes for specifications that are appropriate for your building helps to control costs and achieve good ROIs.

WHICH CONTRACTOR SHOULD I USE? There is a wide range in the quality of contractors selling boiler systems. Some push clients towards overly expensive systems when they aren’t warranted. Conversely, some push clients towards lower cost, low-efficiency systems (often referred to as ‘mid-efficiency’), even when higher efficiency systems are the best solution. This can be due to the fact that some contractors aren’t knowledgeable enough to install higher efficiency systems and stick to the products with which they are most familiar. Some push certain brands, either because they have the most experience with them or have favourable deals with their suppliers. Independent professional oversight of design, contractor selection, and installation reduces landlords’ risks and helps ensure success. An independent professional will develop appropriate specifications and source competitive quotes from qualified contractors. These can be contractors with whom landlords already have relationships, or other pre-vetted companies with good reputations and experience.

HOW WILL THIS AFFECT MY OPERATING COSTS AND/OR BUILDING VALUE? Properly designed and installed systems typically reduce gas costs by about one-quarter. (Even higher savings can be realized when systems address both heat and hot water and are combined with improvements to controls, pipe insulation, etc.). When boilers need to be replaced, the extra investment in a higher efficiency system with better controls is very often worth the ongoing savings. Independent professionals, who don’t sell any equipment, can help landlords evaluate their options. Even if you don’t plan on holding your building for the long term, reducing operating costs can significantly increase building value in this era of low cap rates. With limited ability to increase revenue, reducing operating costs is a landlord’s best way to improve profitability and building value. With financing rates at all time lows, even if the entire cost of a boiler upgrade were financed, the savings would generally be greater than the cost of financing.

HOW DO I ENSURE MY REPLACEMENT IS A SUCCESS? Building owners and managers have traditionally relied on one of two approaches to planning and implementing boiler upgrades: 1. They ask contractors to make recommendations and provide quotes for proposed upgrades. OR

building. They also benefit from having someone else obtain quotes, interview contractors, summarize the costs and benefits of each option, review installations, and get issues remedied before final payments are made. Experienced professionals can help keep costs down and ensure landlords get a good quality project for their investment, while freeing up landlords’ time for the many other tasks on their plates. The downside of this approach is that it typically costs several thousand dollars, and landlords aren’t sure who to hire or whether it will be worth the extra cost. FREE Professional Support: For the last few years, LandlordBC and FRESCo have been working to bring resources to the industry to support landlords in implementing upgrades that reduce operating costs. Thanks to programs such as the FortisBC Rental Apartment Efficiency Program, and support from cities such as Vancouver and New Westminster, landlords can now access free, independent, professional support for a variety of energy efficiency upgrades, including boiler replacements. Support is available across the Province, along with rebates/incentives for upgrades that help reduce water and energy costs. Space is limited. Contact Jordan Fisher today at jfisher@ frescoltd.com for more information on free professional support and incentives available for boiler upgrades and other ways to improve efficiency and reduce operating costs. Jordan Fisher is president of FRESCo, a company that helps building owners, utilities, and governments capitalize on the financial benefits of energy efficiency strategies. He can be reached at jfisher@frescoltd.com, www.frescoltd.com.

2. They hire an independent professional to help them develop specifications, obtain quotes from qualified contractors, and oversee installation. Many landlords use the first approach as hiring an independent professional is an added cost (usually several thousand dollars). The downside of this approach is that it leaves owners/ managers without an objective perspective and only the advice of the companies selling them a system. They must also trust that the work is done properly without any oversight (other than from permitting authorities, whose job is to ensure installations meet code, not to ensure the systems meet proper specifications). Any problems that occur during the process can lead to added costs from maintenance/ repairs and may not result in promised energy savings. In addition, the owner/manager has to do all the legwork, which can take considerable time and effort, particularly if they have limited knowledge regarding mechanical systems and energy efficiency issues. Landlords who opt to hire an independent professional benefit from objective advice on which system is most appropriate for their

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SPRING 2016

THE KEY

GREATER VICTORIA MULTIFAMILY MARKET OVERVIEW By Shauna Sundher, Market Intelligence Coordinator, Colliers International

INVESTMENT OVERVIEW Once again, investor confidence and demand in Victoriaâ&#x20AC;&#x2122;s apartment market is on the rise. The total sales volume in this segment for 2015, for properties priced over $1 Million, was $191 Million, a further increase over the robust totals of $127 Million achieved in 2014. After what must now be considered to be rather lacklustre historical sales totals of $89 Million in 2012 and $23 Million in 2013, demand for multifamily rental product in Victoria continues to surge to reach new

heights. This is also clearly demonstrated when we compare last yearâ&#x20AC;&#x2122;s sales volumes to the last 10-year average figure of $77.9 Million. These pricing thresholds continue to apply downward pressure on overall returns, or capitalization rates, which averaged 4.83 percent for 2015. Total sales for 2015 included two significant portfolio sales accounting for over $96 Million. The two largest transactions were completed by Toronto based Starlight Investments (392 units) and CAPREIT (169 units).

Market Transactions Year to Date 2015 PROPERTY

STREET

CITY

CLOSED

SALE PRICE

# OF SUITES

CAP RATE

SALE PRICE/SUITE

Mount Baker Court

1147

Newport Avenue

Victoria

January-15

$1,375,000

Ashton Oaks

1145

Bay Street

Victoria

January-15

$3,282,785

$137,500

4.82%

$117,242

Donegal Manor

2533

Dowler Place

Victoria

January-15

$5,675,000

4.50%

$131,977

Constance Court

1325

Esquimalt Road

Victoria

January-15

$6,800,967

$130,788

2312

Wark Street

Victoria

March-15

$1,050,000

4.40%

$131,250

Grayson House

2540

Quadra Street

Victoria

April-15

$2,780,000

4.75%

$126,364

335

Moss Street

Victoria

May-15

$1,088,900

$272,225

Jubilee Apartments

1960

Lee Avenue

Victoria

May-15

$2,293,100

4.15%

$99,700

Rennie and Taylor

2006

Fernwood Road

Victoria

May-15

$1,360,000

5.18%

$226,667

Cranleigh House Apartments

2184

Cadboro Bay Road

Victoria

June-15

$3,300,000

4.40%

$157,143

1250

Pembroke Street

Victoria

June-15

$1,010,000

5.50%

$144,286

1235

Balmoral Road

Victoria

June-15

$1,925,000

5.10%

$83,696

Station Street Apartments

2885

Jacklin Road

Langford

July-15

Camelot Apartments

3820

Shelbourne Street

Victoria

August-15

$5,280,000

5.73%

$165,000

750

Pembroke Street

Victoria

September-15

$2,300,000

3.50%

$255,556

1171

Rockland Avenue

Victoria

October-15

$1,145,000

4.80%

$143,125

Tanhill Flats

906

Brock Avenue

Langford

December-15

$12,398,165

4.71%

$213,761

The Waverly

2785

Grainger Road

Langford

December-15

$10,901,000

5.34%

$213,745

Goodacre Towers

350

Douglas Street

Victoria

December-15

$38,150,000

197

$193,655

Charter House

435

Michigan Street

Victoria

December-15

$13,850,000

$189,726

Regent Towers

415

Michigan Street

Victoria

December-15

$21,750,000

122

$178,279

Luxor Manor

1050

Richardson

Victoria

4.83%

$167,180.02

22 Transactions

| SPRING 2016

December-16

$5,037,500

Total/Average

$191,302,417

1092

$157,422

We anticipate that 2016 will be the start of an increasingly competitive rental market as we begin to see the delivery of more new purposebuilt product onto the market.

The reasons for the sustained and mounting interest in the multifamily rental segment are reflected in the following market factors: • A continuation of an unprecedented low interest rate environment with significant levels of capital in the hands of lenders eager to put these funds to work. • A tsunami of investment capital targeting secure investment opportunities. • A stable and secure rental market environment experiencing declining vacancy and rising rental rates. • Demographic and employment criteria combined with rising housing cost dynamics favouring rental as a viable alternative. • Rising in-migration to the Capital Region.

Market Indicators

Q4 2014

Q4 2015

Vacancy

1.5%**

0.6%**

Price Per Suite

$162,903

$167,180

Sales Volume

$127.8M

$191M

Average Cap Rate

4.88%

4.83%

2016* Trend

DEVELOPMENT UPDATE: PURPOSE-BUILT RENTAL As reported in previous Colliers market updates, the impending delivery of new, purpose-built rental product continues to overhang the market. A combination of an ongoing low interest rate environment combined with a rising rental rate environment has made development of new rental economically viable, and developers not only in the Capital Region, but on a national basis, are seizing the opportunity to enter this market. For the first time since 1988, the inventory of rental apartments under construction exceeds condominium construction. With an estimated 85 percent of existing purpose-built rental in the region constructed in the 60’s and ‘70’s, there is reason to conclude that many renters will take the opportunity to upgrade their accommodation. Of interest, private investors, as well as apartment REITs, are electing to secure some of this new product by way of a forward purchase. As an example, the 170 units comprising Hudson Walk, as well as the 209 units under construction at 819 Yates Street, both in Victoria’s downtown area, are contracted to purchasers upon project completion and rent up.

VACANCY OVERVIEW In their recently released Fall 2015 Rental Market Report for the Victoria Census Market Area (CMA), CMHC confirms the improving market conditions in the rental sector. Vacancy rates continue to decline to levels not seen in our market since 2008 from 1.5 percent one year ago to a current 0.6 percent overall. This is even more significant when we consider that year end vacancy at the end of 2013 was 2.8 percent. Provincially, CMHC

SPRING 2016

THE KEY Greater Victoria Multifamily Market Overview (cont’d)

reports the vacancy rate declined year over year from 1.5 percent to 1.2 percent. Factors contributing to this continued decline in the Greater Victoria Region include: • A lack of supply of rental product in the face of rising and sustained demand. • A slowdown in the delivery of condominium units, many of which are purchased by investors and were directed into the rental pool. • An increase in the older and younger demographics who tend to comprise a higher percentage of renters. • Improving employment prospects, especially for the younger demographic in the 20 – 34-year-old segment of the population. • Continued rise in the cost of housing as a barrier to entry for first time buyers. • Increased in-migration to the Capital Region. Vacancy rates, by unit type, as reported by CMHC, were down year over year across the board with bachelor units down from 1.4 percent to 0.7 percent and 1- and 2-bedroom units each down from 1.5 percent to 0.7 and 0.5 percent respectively. From a geographic perspective, vacancy rates fell year over

year in each municipality, except Oak Bay, where the vacancy remained unchanged at 0.7 percent. The municipality of Sidney recorded the lowest rate at 0.0 percent, while the Westshore and Saanich were close behind at just 0.3 percent. Esquimalt recorded the highest vacancy at 1.3 percent, while Victoria was slightly lower than the average rate, at 0.4 percent.

MARKET RENTAL RATES The Fall 2015 CMHC Rental Market Report confirms average rentals increased by 2 percent in the 12-month period beginning in October of 2014 in our market compared to 1.9 percent for the previous period. Average monthly rental rates were up across all unit types from $918.00 to $942.00 with 1-bedrooms at $867 and 2-bedrooms at $1,128. The provincially mandated rental increase for 2016 has been set at 2.9 percent, a slight increase over the 2.5 percent rate for 2015.

MULTIFAMILY MARKET FORECAST We anticipate that 2016 will be the start of an increasingly competitive rental market as we begin to see the delivery of more new purpose-built product onto the market. There are an estimated 1,573 purpose-built rental apartment units either in the planning or approval process or under construction in the downtown core. As a result, as this new product is introduced, we will start to see upward pressure on vacancy rates with some downward pressure on rentals mainly applicable to older, poorly maintained purpose-built product in less desirable locations. However, we expect that these market dynamics will be somewhat moderated by an increase in demand from a growing population of renters entering our market for reasons stated earlier. We expect to see investor demand sustained by a moderately increasing supply of available product. This is a result of demographic issues impacting aging private owners, combined with those owners of buildings in need of significant capital investment electing to dispose of buildings that will need to be significantly upgraded to compete with new product. As a result, we anticipate that overall returns or capitalization rates will remain stable for existing product in 2016.

MULTIFAMILY INVESTMENT We invite apartment owners and investors to contact our Vancouver Island Multifamily Advisory Group. Ken Cloak in Victoria and Brad Archibald in Nanaimo will be pleased to apply our specialized expertise to owners looking to maximize the value of their apartment assets. First mortgage interest rates are provided by Alan Kennedy and Dave Ganong of our Capital Markets Division. They are ready to speak to your Capital requirements, be it a refinancing proposal or funding a new acquisition.

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THE KEY

INVOLVING PRIVATE LANDLORDS TO ADDRESS YOUTH HOMELESSNESS By Christina Grammenos, Community Engagement Coordinator, Friendly Landlord Network

Youth from Care at high risk of experiencing homelessness It is hard to imagine a 19th birthday party being celebrated by parents leading their son or daughter to the door and saying, “We’ve done our part, good luck out there.” However, this is roughly what happens to about 700 foster youth in BC every year. At 19, children are considered to be adults and ‘age out’ of government care. This is in stark contrast to how BC parents are supporting their own children. These days, many young adults are living at home well into their 20s. In 2011, 42.3% of Canadians aged 20-29 lived with their parents, compared with 26.9% in 1981. And, according to the results of a Vancouver Foundation study of BC parents, 7 out of 10 parents with 19- to 28-year-olds living at home provide free rent or groceries. Without the same support, what happens to youth at 19 as they age out of the government system? According to a longitudinal study conducted by the University of Victoria, within three years of leaving government care, 45% of youth experience homelessness. Private market rentals part of the solution to homelessness Among the approaches being called for to address these issues is the involvement of private market landlords to rent to those in need of housing. The concept of Housing First, which involves scattered site market rentals, is most often attributed to the Pathways Housing First program in New York in the 1990s and has since been spreading across the US and Europe and into Canada, originally as the At Home/Chez Soi project. It showed that there is potential for market solutions to homelessness and that landlords are willing to be part of the solution. The Friendly Landlord Network Taking its lead from the At Home/Chez Soi project, the Friendly Landlord Network website went live in January 2016. Its purpose? Address these high levels of homelessness experienced by youth as they age out of foster care by connecting landlords across Metro Vancouver with youthserving organizations who can offer supported tenancies. Seeing first-hand the impact having a stable and affordable place to call home can have on health and quality of life, 11 youth-serving organizations across Metro Vancouver have partnered to create the Friendly Landlord Network, supported by a Vancouver Foundation Fostering Change grant.

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The Friendly Landlord Network is a unique opportunity for landlords, with the support of experienced housing workers, to fill a rental unit while helping youth as they transition into adulthood.

The aim of the Friendly Landlord Network is to provide landlords with tenancy support and regular check-ins and make it possible for youth to transition from care to secure housing. Every youth has an existing relationship with a housing support worker who checks in at the suite at a minimum once per month, and has access to various kinds of programmatic and one-to-one support from Ready-to-Rent workshops to financial planning to cooking clubs, and other life skills training and support. Some of the youth are eligible for guaranteed rent, meaning cheques will come to the landlord from the youthserving organization. At Home/Chez Soi project In 2008, a nation-wide Housing First demonstration project called At Home/Chez Soi housed people with serious mental illness experiencing homelessness in market rental housing in five cities across Canada, including Vancouver. Two of the key elements of the program were the wrap-around supports provided to the tenants, and tenancy support provided to landlords. The study showed improvement in quality of life for individuals who were previously homeless and highlighted how stability, in the form of a home, can have a huge impact on people’s lives. In the words of Professor Gaetz, Director of the Canadian Observatory on Homelessness, “The underlying principle of Housing First is that people are more successful in moving forward with their lives if they are first housed.” Additionally, the At Home/Chez Soi project uncovered savings. As individuals were housed, they ended up relying less on

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THE KEY Involving Private Landlords...(cont’d)

emergency services, which are expensive for society. For example, a shelter bed costs $1,932 per month; provincial jail costs $4,333 per month; and a hospital bed, $10,900 per month. In contrast, rental supplements ($701/month) and social housing ($199.92) are much more economical. What were the results in Vancouver? Through the At Home/Chez Soi project, 180 private market apartments were rented and 127 property management companies or building managers got involved in the project over the five years. At the end of the project 80 people were still housed in private market rentals, many in their original suite. The other 100 moved into affordable social housing due to funding sustainability limitations. In total there were only two insurance claims over the course of the five years. Tenancy support to landlords The At Home / Chez Soi project, a nation-wide testing of the Housing First model in Canada, seemed to be addressing the concerns of landlords who were calling for more supports, uncovered by Teya Greenberg in 2007 when interviewing landlords housing outreach clients in small communities in BC. “The most common suggestion was for an accessible person who would talk to tenants, mediate conflicts between tenants and landlords, and provide life skills training and other supports

to tenants—in other words, a housing support or housing outreach worker.” What did landlords have to say? From interviewing landlords who participated in the Housing First At Home/Chez Soi project, it was found that landlords rented to tenants in the program because of guaranteed rent and for pro-social reasons – wanting to give back to their communities and give a second chance to people who had gone through significant struggles in their lives. Landlords overall felt that the program was responsive, in terms of offering help when problems came up and felt that the support of a housing coordinator was critical. Almost all landlords shared their satisfaction with quick and effective response by the program. Why is it hard for youth trying to access the rental market? Generally first-time renters, youth often lack a credit history, have no rental reference, and most significantly, no adult advocate, as might be available to parented youth, to give the landlord some security. This is exacerbated by the low vacancy rates in Metro Vancouver, which are currently at 0.8%, according to the Fall 2015 CMHC Rental Market Report, leaving youth unable to compete. What are the long-term implications of homelessness for youth?

* Struggling to keep up with RTA & RTB requirements? * Midnight moves, insurance claims, emergencies? * Own a luxury home and nervous about leasing? * Tired of setup fees & charges for after hours showings?

Sound familiar?

According to A Way Home, a national coalition dedicated to preventing, reducing and ending youth homelessness in Canada, youth who are homeless are at increased risk of exploitation, abuse, and violence, and often become disengaged from school and have trouble getting and keeping a job. Giving former foster youth the keys to success Having a home is critical to well-being and provides the stability and security that is important to plan for the future and work toward life goals. The Friendly Landlord Network is a unique opportunity for landlords, with the support of experienced housing workers, to fill a rental unit while helping youth as they transition into adulthood: Providing foster youth a set of keys to unlock their potential.

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To find out more about The Friendly Landlord Network, or how to become a Friendly Landlord, visit www.friendlylandlordnetwork.com. Christina Grammenos is the Community Engagement Coordinator of the Friendly Landlord Network. She can be reached at christina@friendlylandlordnetwork.com.

CFAA RENTAL HOUSING CONFERENCE 2016 – BIGGER AND BETTER By John Dickie, President, CFAA CFAA Rental Housing Conference 2016 will be bigger and better than ever, with multiple streams of topics through June 8 and 9, including numerous investment issues, new ideas and options in building repairs and retrofits, apartment marketing and leasing solutions, revenue management, and employee management solutions. Many hands-on landlords attend and find great value in the education. The conference fees are deductible from your rental income for tax purposes. At a 40% marginal tax rate, the after-tax cost of admission is only $220 for one day, and $337 for both education days, provided you register before April 15. Your travel costs are also deductible. Enjoy a trip to Toronto, which you can deduct from your rental income before you pay tax on the remainder. Or send a property manager to learn new methods to raise your net income. CFAA Rental Housing Conference 2016 will offer over 30 sessions, with more than 60 expert and engaging speakers, as well as lots of opportunities to ask questions and to network between education sessions. Special events include the Building Innovation Bus Tour, the networking reception, CFAA Dinner, and Wyse After-Party, all on Wednesday, June 8. Greg Millen, former NHL goaltender and hockey commentator, will take attendees through the latest research on leadership, communicating it through his experiences in the NHL and network broadcasting. Alicia Whalen will educate attendees on how the rental market is changing, how prospects search for rentals today, how to improve marketing conversions, and how to make renting units quicker and easier. Benjamin Tal will address the economy and rental demand in Canada in the new environment of low oil prices and government stimulus. Visit the conference website, www.CFAA-RHC.ca. Register on line now for the early registration discount!

HOW WILL THE FEDERAL BUDGET IMPACT LANDLORDS? The federal budget is due to be released on March 22. CFAA hopes and expects that the immediate spending on housing infrastructure will be for housing repairs, rather than for new social housing construction. In our pre-budget submission, CFAA pointed out that funding repairs to social housing would create jobs much faster than providing money to build new social housing. We also pointed out that many privately-owned buildings need major repairs,

CFAA and LandlordBC also endorse improving income support for low-income families and seniors, either through enhanced income supports, or through direct financial assistance to pay for housing. and that funding for those repairs would create jobs even faster, while preserving much of the most affordable existing rental housing. CFAA also promoted the application of the proposed GST relief to most or all private rental housing developments (not just ‘affordable housing’), and the provision of low-cost financing (or development bonds) to enable new construction of private market rental units when interest rates rise. In the longer term, there will undoubtedly be funding for new social housing construction. Both CFAA and LandlordBC advocate for that funding to be focused on subsidizing supportive housing (rather than new housing to serve low-income renters whose only need is financial.) Supportive housing usually serves people with physical or mental disabilities or addictions. Many such people currently live in the private rental market, and some consume large amounts of public emergency services, such as ambulance and police response. People who are often in crisis can also cause significant disruption to private landlords and to other tenants. Supportive housing can avoid those disruptions and costs. CFAA and LandlordBC also endorse improving income support for low-income families and seniors, either through enhanced income supports, or through direct financial assistance to pay for housing. Such issues may seem removed from day-to-day rental operations, but many renters earn or receive only low-incomes. Improving their ability to pay rent is important to maintain rental demand, which in turn enables landlords to rent more and better housing in an expanding market rather than a shrinking market. Everyone in the rental housing industry is better off working in an expanding market rather than a shrinking market. To read CFAA’s pre-budget submission, visit www.cfaa-fcapi.org. LandlordBC is a member of the Canadian Federation of Apartment Associations, the sole national organization representing the interests of Canada’s $480 billion dollar private rental housing industry, which provides homes for more than eight million Canadians. SPRING 2016

THE KEY

VANCOUVER IS SHRINKING The supply/demand of the development market By Brandon Harding, Representative, NAI Commercial

Understanding the price of your investment can be summed up in one simple economic concept: Supply and Demand. The balance between both sides of the equation represents a constantly evolving equilibrium that influences the overall value of every single development site. There are so many components at work that trying to grasp every point would be futile. However, understanding a few of the important aspects that are behind the scenes manipulating the different factors, like a marionette puppeteer, should help to give you a better grasp of the circumstances that generate the final value of your dirt. First letâ&#x20AC;&#x2122;s look at the supply side of the equation. There are two drivers behind the supply of available land for sale. The first driver is the Cityâ&#x20AC;&#x2122;s influence on what densities they give to specific areas; municipalities have the most direct control over how many sites are available. How many areas they designate for specific densities will contribute to how many available sites potentially can be sold on the market. The amount of density allocated to each property is important because the profit from the overall project must be viable enough to pay out the land owner more for their land than the value of the current improvement. The second driver, which is the most influential, is the aggregate available land. Vancouver is a landlocked city with a limited supply compared to other areas. For this reason, every time the City designates a new development opportunity, it is diminishing its future inventory. Consequently, it is important to note that city planners consider generations into the future when contemplating policies on development. Thus many municipalities in Greater Vancouver have taken a conservative stance by slowly allocating new areas as development opportunities relative to other cities. Keeping the supply low invariably drives up the price of the land, which works as a double-edged sword. For the lucky investor who gets rezoned as a redevelopment site, the increased value in many cases is like receiving a winning

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The only way to house the growing population is to look skyward with new development opportunities. Since we cannot add land, inventory of single family homes and low-rise multifamily buildings will continue to dwindle. lottery ticket. On the flip side, the investors whose property is not zoned as redevelopment are left out of the pool for the moment. Keep in mind that a moment for the City could realistically be the lifetime of the property owner, as new policies are typically adopted every twenty to thirty years. The other side of the equation is the demand component. There are many different factors causing the current high demand for land, such as low interest rates, increasing population, a depressed dollar, and market speculation, to highlight some of the important ones. One of the driving factors is increasing population. Last year Greater Vancouverâ&#x20AC;&#x2122;s population swelled by approximately 31,519 people (BC Stats website: http://www.bcstats.gov. bc.ca/StatisticsBySubject/Demography/PopulationEstimates. aspx) and everyone needs a place to live. This will invariably drive up the price as more people are trying to co-exist on the same amount of land. The only way to house the growing population is to look skyward with new development opportunities. Since we cannot add land, inventory of single family homes and low-rise multifamily buildings will continue to dwindle. Additionally, the depressed dollar is contributing towards the increasing amount of purchasing power that investors are able to utilize. Any investment currently bought by foreign money can realize up to an immediate 20% premium, compared with the historic currency conversions. A sophisticated foreign buyer may speculate that the dollar will regain strength in the near future and calculate that additional profit into his overall margins, which may justify paying more for the greater gain, of which domestic investors would not be able to take advantage.

Low interest rates continue to allow additional borrowing, providing buyers deeper pockets with which to purchase property. While rates continue to stay at current levels, this creates another opportunity for increased margins in the long run as investors may speculate that, in the next couple years, rates will begin to rise if the economy regains momentum and strength. The impact of low interest rates is substantial because it affects both domestic and foreign investors. Letâ&#x20AC;&#x2122;s dispel the belief some landowners have of the mythical foreign investor who is willing to overpay because they have more money than they know what to do with. To an extent, we have seen increasing activity from foreign investors; however, they still make up a small portion of the overall pool of buyers limiting the impact on demand. Additionally, they are usually sophisticated and knowledgeable about local conditions before they make a purchase and generally will not overpay for product. The occasional anomaly occurs from ambitious investors who will leverage the current premium on the dollar, gambling on the Canadian currency to increase, to support paying more than market for the land.

Overall, understanding the many factors influencing supply and demand should help you to determine whether local market conditions are conducive for either selling your property or looking for new acquisitions. Developers have limited flexibility on the amount they can afford to spend on new projects to make them viable. Being able to squeeze those margins by taking advantage of the depressed dollar, low interest rates, and limited available development sites is supportive of current conditions driving a super-heated market.

THE HARDING COMMITMENT Our teamâ&#x20AC;&#x2122;s number one priority for over 35 years has been to fulfill your commercial real estate needs. We have implemented a new cutting edge website to incorporate the insider information that keeps you ahead of the market. Check us out at www.apartmentblocks.ca for our latest listings, real estate library, news, and reports! Do not hesitate to start the conversation with a no commitment, free of charge evaluation on your investment property. Contact us at 604.691.6630 or Brandon@naicommercial.ca.

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THE KEY

Have Someone Else Put $900 a Month into Your Pocket By Melanie Reuter, Director of Research, Real Estate Investment Network (REIN)

We become landlords in different ways. For some it is an intentional action because the power of possessing real estate is well known; for others it’s because a property wouldn’t sell and renting out the asset was the logical choice; and for others still, becoming a landlord arose after becoming ‘accidental’ owners through inheritance.

that you were in the black, but you’ve had some repairs and maintenance and some periods of vacancy. Over those 20 years you come out at just the break-even point. Some would call this a boring piece of real estate, even a ‘non-performing’ piece of real estate. However, savvy investors call that a $900 a month savings plan for which someone else — called tenants —paid.

The fact remains that regardless of the way you became a landlord, owning real estate is a That’s right. proven positive long-term investment That’s right. After 20 years of After 20 years of holding (whether it be an investment of time holding this ‘non-performing’ or money or in most cases both). It is piece of real estate, you are left this ‘non-performing’ piece of real not without headaches of course, but with the equivalent of someone estate, you are left with the equivalent I ask you to consider the return on giving you $900 every single investment. of someone giving you $900 every month for 20 years. That is one heck of a savings plan. In most cases, when managing single month for 20 years. That is your asset using methods taught by one LandlordBC, the worst case scenario is this: In twenty years, you will have a free and clear asset that your tenants paid for. I have not heard of a retirement vehicle quite so attractive.

Imagine this scenario: Using equity you have made on your existing property (that you own and manage), you purchase one property today for $300,000 (perhaps a suited house). Based only on conservative numbers, this property does nothing more than break-even every month (for illustrative purposes only). It’s worth noting that you must buy in a stable, well-performing market based on strong economic fundamentals. To make the investment even grimmer, assume that the market will stay flat forever. Longitudinal research indicates that the market has always gone up over a twenty-year period (with ups and downs), but assume that over the next 20 years those market ups and downs equate to a flat market. In 2036 your asset is still worth $300,000. Now over those 20 years, the property just breaks even, nothing more, nothing less. Yes, there have been some months

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Ask yourself, do you put $900 away every month right now? Perhaps, but that’s still your money — money for which you had to work hard! I’m talking about $900/ month that someone gave you for the last 20 years, and it’s yours...all from an unexciting and ‘non-performing’ piece of residential real estate.

heck of a savings plan.

Here’s the math: You purchased for $300,000 with 20% down plus closing costs, so roughly $65,000. In 2036 — 20 years from now — you sell it for the same price, $300,000. You get your $65,000 investment back. You pay the realtor’s commission and other closing costs and you are left with roughly $215,000. That’s with no cash flow. That’s with no appreciation. That is simply your tenants paying your mortgage principle and interest for the last 20 years, leaving you with a free and clear property. $215,000 divided by 20 years = $10,750 per year. Divide that by 12 months = $896/month...that someone else gave you. That’s like someone else contributing to your RRSP fund every month.

Consider some ‘problems’ with this strategy: No one gets a 20 year mortgage! With some strategic planning, you could have this property paid off in 20 years... especially if you bank on no cash flow. Amortize it longer if you wish. You still come out with someone else paying into your savings account. What about the roof, the furnace, or other high ticket repairs? Over the next 20 years do you think the rent is going to go up or down? Do you think your property will be worth more or less in 20 years if you buy in a fundamentally strong area? Even when interest rates go up, guess what? So will your rent. Your down payment money (and your asset) will erode with inflation over 20 years. Once again, in BC, rental increases are also tied to inflation. Smart landlords make that — sometimes meagre — rental increase every year due to the compounding nature of the increases year over year, effectively making the inflation argument moot. Real estate investing is simple…it’s just not easy! It’s also not a get-quick-rich strategy in most markets. Real estate is, however, something over which you have 100% control!

Invest your equity from the property you currently own (which is not even coming out of your bank account) to make a couple hundred thousand dollars. And that’s one property! Now imagine if you bought 10 properties just like that over the next few years. It’s the power of leverage, the power of having control of your investments, and the power of being in the business of putting a roof over someone’s head — a business that isn’t going anywhere any time soon! LandlordBC and the Real Estate Investment Network teach you how to make sure that you have an asset that performs through unbiased education and support. Contact www. reincanada.com for more information on how you, as a real estate owner and professional, can maximize your return and your experience. Melanie Reuter is a real estate investor who owns single family and multi-family properties in Chilliwack and Edmonton. She and her husband manage their local properties. Melanie has been providing real estate investing research to REIN members for over 10 years. She holds a Master of Arts from California State University, San Bernardino and a BA from SFU, where she focused on research and criminology.

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THE KEY

CRB IS NOW IN BC! By Shona Athey, Member Services Representative & CRB Specialist, LandlordBC

LandlordBC is pleased to announce the arrival of the Certified Rental Building (CRB) Program in British Columbia, a quality-assurance program designed to assist renters to easily identify well-run, well-managed rental buildings. The core focus of the CRB Program is to build consumer confidence and elevate rental-building standards to make rental housing in the Province better for everyone. The establishment of the CRB Program in British Columbia confirms LandlordBC’s commitment to providing top quality rental housing in the Province and increasing professionalism within the rental industry. The CRB Program was first developed in Ontario by the Federation of Rental Housing Providers of Ontario (FRPO) and launched in 2008 with the goal of providing rental-housing consumers with a clear ‘quality-assurance’ alternative they could count on when selecting their rental-apartment home. Giving prospective renters ‘peace of mind’ and the ability to ‘rent with confidence’! Now eight years later, it is the only resident-focused, multiresidential apartment building ‘certification’ program of its type 20

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The CRB Program ensures that each ‘certified’ apartment building has successfully demonstrated compliance with the program’s 50 Standards of Practice covering building management practices, quality customer service standards, environmental operations, human resource management practices, and risk management practices.

in Canada and North America, and we are pleased to be the second province offering this program. This trademark symbol of quality assures residents that they are choosing a well-run, well-managed building where the property manager and their staff consistently practice high quality service standards.

For rental housing providers the benefits of the CRB program are also significant. Not only will they have better run buildings and happier renters, but the program will also help landlords grow their business and have a better, more professional relationship with renters and their own employees alike. The CRB Program ensures that each ‘certified’ apartment building has successfully demonstrated compliance with the program’s 50 Standards of Practice covering building management practices, quality customer service standards, environmental operations, human resource management practices, and risk management practices. All certified buildings undergo a third party audit, conducted by J.D. Power and Associates. Audit reports go to the CRB Governance Committee, which then issues certification. Concert Realty Services and Hollyburn Properties are the first LandlordBC members to sign onto the Certified Rental Building Program. As two of the largest rental properties owners in the province, the involvement of these two companies provides an excellent start to the program in BC. Concert and Hollyburn completed their audits this past fall and received certification in November. On November 26, 2015, we had a very successful launch date celebrating the start of the CRB program in BC. The program was launched with Concert Realty Services and Hollyburn Properties leading the way. Both companies played a huge role in bringing CRB to this province and, with their involvement, we were able to unveil the program with 49 buildings and just under, 5000 suites already enrolled.

CRB Program for our Ontario properties. When we first heard about a program designed to identify property managers/owners who operate at a high standard, we jumped at the opportunity to participate. Certifying our buildings in BC was a natural extension for Concert.” Why did you decide to help launch CRB in British Columbia, and what effect do you see this having on the rental housing industry here in BC? Paul: “The CRB program establishes a bar and sets the standard for the industry to aim for. Having a certification process helps all landlords as it creates standards and guidelines for the industry and takes the guesswork out of the profession. Smaller landlords who choose to sign up may wish to take the process slower and work on improving one step at a time. Having these guidelines helps you to do that. Across the industry I see this program as creating higher standards when it comes to professionalism.” Bev: “This program works to help landlords improve on their day-to-day practices. Since we are always striving for new levels of excellence in an effort to make a difference in the lives of our residents, we saw it as a good fit for Concert. Furthermore, in terms of an effect on the rental housing industry in BC, we believe the program will be successful in helping prospective residents in identifying well-run buildings.”

At the launch, MLA Jane Thornthwaite, North Vancouver – Seymour, representing the provincial government, shared with those in attendance that the Province of British Columbia recognizes the importance of having a good supply of safe, reliable rental housing. She also discussed the need for certainty for both renters and landlords alike, and that the CRB program is a great initiative that will help achieve these goals for all British Columbians. To help you to get a better sense of the program from the owner/property manager’s perspective, we sat down for interviews with Paul Sander, Director at Hollyburn Properties, and Bev Greene, VP of Property Management at Concert Realty Services and asked them the following questions. What made you choose to take part in the CRB program? And how did you initially hear about it? Paul: “Hollyburn is a member of FRPO and the Greater Toronto Apartment Association (GTAA) and we heard about CRB through these associations when CRB was first being developed. When I found out about the CRB Program, I was immediately interested in it and knew it would be a good fit for us. Our mantra has always been to be leaders in our industry and to go above and beyond; the CRB program fits very well with that ideal. As soon as we started the program in Ontario, I knew it had to expand through our entire company, which meant bringing it out west. It’s been a long journey but it’s now here.” Bev: “For a number of years Concert has been involved in the SPRING 2016

THE KEY CRB is now in BC (cont’d)

What was the process like of gaining certification for your company? Paul: “Some landlords fear this program because of cost, but it is not cost prohibitive. It is administratively intensive and the process takes time but it is well worth it. Going through the certification process gave us a chance to review our own practices, see what we are doing well, and identify ways in which we can do better.” Bev: “While we already had many, if not all of these policies and standards of practice in place, the certification process gave us a chance to review our practices. It was a commitment on our part that took time and effort but ultimately we saw it as a worthwhile exercise because as a company we are always striving for new ways to make improvements in how we operate.” What would you say to other owners or managers who are considering signing up for the CRB program? Paul: “Any company that sets their mind to it can become certified. Like I said, it takes some time, it takes some effort, but it’s hugely positive. It’s like self-help or getting a personal trainer for a landlord. It’s a focusing thing and really helps with team building.” Bev: “This is a great opportunity to show the industry and the public how well you manage your buildings. The program helps site staff to understand the importance of their role, and demonstrates the value we place in our employees and residents.” What successes have you experienced so far from participating in this program? Paul: “Our staff have been extremely proud and excited about the certification. We had a hugely successful launch event that was publicized in the media, and we are receiving recognition from other professionals with whom we deal. This puts us in good standing with our tenants as it ensures that we practice what we preach.” Bev: “It’s still early on in the process and our vacancy rate in BC is low, but our experience in Ontario is that this certification has become the standard, and something in which our tenants see value. We had a lot of success with the staff training involved in the program as it requires that you bring everyone together and get back to the basics: Looking at why we do what we do and the importance of that.” What are your goals for the future of this program within your company, and for the industry as a whole? Paul: “Our goal is to finalize company-wide implementation as we still have a few more buildings we want to certify here in BC. We also plan to have several smaller launch events involving tenants at each of our buildings. We look forward to this as these events will help to build CRB into the culture of each of our buildings. We are excited 22

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to see other landlords sign up for the program and we look forward to CRB becoming broadly accepted as the standard.” Bev: “Our goal is to continue with this proactive approach to quality assurance and to continue going above and beyond. This program has helped us to highlight things like our recycling and waste management programs that already exceed the industry standards. We are looking forward to rolling out the environmental standards and participating in the associated training. We are always looking for ways to make a difference and the ‘Living Green Together™’ aspect of the CRB program does exactly that.” So what’s next for CRB? We have twenty more buildings enrolled and many more companies interested. The certification process and training for these new CRB members will take place over the next few months and we hope to see them certified by summer. The CRB Program is committed to continuous improvement and that is why ten of the 50 Standards of Practice that make up the CRB program are newly added environmental-operating standards. These new ‘Living Green Together™’ standards focus on working with residents to adopt practical energysaving initiatives, and waste management practices to create a healthier environment in apartment communities across Canada. TRAC (Tenant Resource & Advisory Centre) fully supports the program. Jenn Aubrey, legal advocate for TRAC, had this to say, “LandlordBC’s Certified Rental Building Program initiative aims to professionalize landlords and building management. TRAC wholly supports this professionalization, as we believe it will contribute to our goal of reducing conflicts between tenants and landlords.” Since first being launched in Ontario in 2008, 40% of the Province’s multi-unit residential buildings have become certified. The goal for British Columbia is to achieve even greater outcomes within the next decade. CRB is only available to members of LandlordBC, and we expect to see a great deal of interest. Please feel free to contact us, as we would be happy to speak with you further about how CRB might be right for you. For more information regarding the CRB program contact: Shona Athey Membership Services Representative and CRB Specialist LandlordBC - BC’s top resource for owners and managers of rental housing Phone: 250.382.6324 ext. 206 | Fax: 250.382.6006 Email: shonaa@landlordbc.ca Websites: www.landlordbc.ca, www.crbprogram.org

AIRBN-BE GONE! Dealing with Short-term Accommodations in the ‘Sharing Economy’ By Oscar Miklos, Lawyer, Haddock & Company

So, you’ve just received a letter from your strata corporation informing you that your tenant has been fined for violating the strata’s short-term rental bylaw. Before receiving this letter, you had no idea that your tenant was using Airbnb.ca to sublet your condo for a couple of days at a time while out of town on business trips. Worst of all, your strata corporation is now seeking to collect those fines directly from you instead of pursuing your tenant. Whether you own a single strata unit or an entire rental building, there are legitimate reasons why you should be concerned about your tenant’s use of short-term accommodation websites such as Airbnb.ca. You may have spent a great deal of time and effort in screening and choosing your tenant only to have different unknown occupants staying at your rental unit every other week. Not to mention, you may have already heard horror stories of extensive property damage caused by Airbnb-stays gone horribly wrong. Short-term accommodations — as with most technology-driven services in the new ‘sharing economy’ — can be an excellent source of income if they are regulated, well-managed, and not in violation of any city or strata bylaws. However, if you’ve already made a choice to offer only traditional rentals, or if your strata corporation has already made the choice for you by passing bylaws that prohibit short-term accommodations, you should take steps to ensure that your tenant is informed and does not cause any unnecessary headaches for you. The Residential Tenancy Act (the ‘Act’) provides that a tenant must, at all times, obtain the written consent of the landlord prior to subletting or assigning a lease. If a tenant fails to do so, the landlord may evict the tenant on these grounds. Where a tenant has sought the consent of the landlord to sublease through Airbnb.ca or other similar websites, the landlord may reasonably refuse to grant consent, among other acceptable reasons, if the strata corporation’s bylaws prohibit short-term accommodations.

Such provision may offer a certain level of protection to landlords if short-term accommodations are deemed to be rentals. However, it is still up for debate whether Airbnb-stays are actually rentals from a legal perspective. At least one previous court decision suggests that, in the strata context, they are not rentals but rather licenses to occupy. It is also worth noting that the Act does not apply to living accommodations occupied for the purposes of vacation or travel. The best practice is to ensure that your tenancy agreement contains a use-of-property clause that prohibits the use of the rental unit by your tenant for purposes that include short-term accommodations. By defining the permitted use of the rental unit, you may avoid getting caught up in the debate about the legal characterization of such accommodations. If your tenant has already been fined for breaching the strata corporation’s bylaws by using your rental unit to host short-term paying guests, the Strata Property Act allows you to collect from your tenant the fines that the strata corporation seeks to collect from you. If your tenant is willing to mutually terminate the tenancy, you may attempt to negotiate a waiver of outstanding fines by the strata council in exchange for a termination of the tenancy agreement. Your strata may have the incentive to agree to such an arrangement if it believes that this would be the easiest way to prevent ongoing problems. On the other hand, if your tenant refuses to take any remedial actions, the only solution may be to serve your tenant with a Notice to End Tenancy for cause. In this case, you should seek legal counsel in order to determine the most suitable grounds upon which to terminate the tenancy. Visit HousingGuide.ca for a suggested use-of-property clause that prohibits short-term accommodations in residential tenancy agreements. Oscar Miklos is a lawyer at Haddock & Company in North Vancouver. He advises residential and commercial landlords and tenants, strata owners, strata corporations, property managers, and insurance providers in all aspects of housing disputes. He is also the creator of HousingGuide.ca, a free online reference for housing matters. SPRING 2016

THE KEY

THREE ESSENTIAL WAYS TO FIND YOUR BEST DEAL EVER By Seth Baker, Managing Broker, Multifamily Real Estate Services Corporation Your next investment could be your best ever, if you find the right one. In a red hot real estate market, finding good deals can be challenging. Listing inventories are low and what’s available sells quickly. But, even in a competitive market, opportunities abound for those who know how to find them. Read on to find three essentials ways to find investment properties in any market, anywhere, anytime.

1. MULTIPLE LISTING SERVICE ® “Wait a minute,” you may think. “MLS®??! Tell me something I don’t know.” The fact remains: The multiple listing service is the single largest collection of investment real estate listings, no contest. More than 20,000 real estate agents and 11 real estate boards in British Columbia all push their listings to the MLS® system. The best ways to search public listings are through www.realtor.ca or private websites with an MLS® portal. Custom-built portals on private websites allow searches with detailed criteria and user-friendly map searches. MLS® listings span multiple markets and allow better comparison than any other source. Buyers can save searches, get automatic updates of new listings, and view only the most relevant properties. One disadvantage to MLS® is information inaccuracy. A listing is only as good as the agent behind it and not all real estate agents understand investment buildings. When dealing with MLS®, be sure to exercise due diligence before writing an offer. Another disadvantage is competition. MLS® listings get a lot of exposure. Everyone gets equal access to MLS®, from literally anywhere in the world. The newest listings and the oldest listings are often the best opportunities. Approach new listings if you can get in fast. Old listings may have a tired seller who wants to finally sell. Bottom Line: Fantastic deals happen every day on MLS®….don’t let anyone tell you otherwise. Public listings are best for efficient research and comparison. MLS® should be a cornerstone of almost every property search strategy.

2. EXCLUSIVE LISTINGS Exclusive listings are listing agreements made with brokerages and individual real estate agents that do not involve MLS®. A 24

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One version of a seller direct strategy involves having your agent target unlisted buildings in a particular market.

licensed real estate brokerage can market any property without putting it on the Multiple Listing System®. Exclusive listings can be publicly marketed or privately shared with select investors. Prospective buyers can search exclusive listings by browsing company websites, signing up for e-mail newsletters, or talking with real estate agents. For best results, find agents who focus on your property type and geographical area. One advantage to exclusive listings is less competition for deals. Available deals are shown to a smaller audience which may result in only the most motivated or qualified people being aware. If you’re on the right list, you may see something before your competitors do. The biggest disadvantage to exclusive listings is accessing information. Many agents and brokerages restrict who receives access to a deal. Financial information, even list prices, can be hard to find. Other agents only take listings to their favourite buyers and may not share them with the larger investment community. In extreme cases, it can be difficult to discern whether a property is listed for sale or not. Exclusive listings on Loopnet. com, for example, can show as ‘Active’ months after they have been sold or expired. Other company sites force you to complete an online form or call the agent to see any details. Sold prices are virtually never displayed on agent websites. Properties marked ‘sold’ usually display the listing price. Bottom Line: Exclusive listings are best for qualified buyers who understand the market and are ready to make a purchase. It can be difficult to confirm information using the internet alone. Speaking to an agent will usually clear up any missing details. Exclusive listings can be used to monitor the market, but MLS® is better for researching/comparing.

3. SELLER DIRECT Buying an investment property directly from the seller involves unlisted or ‘off-market’ properties. An off-market deal is usually arranged in one of two ways: Either the buyer and seller know each other or the buyer is represented by a specialist real estate agent.

One version of a seller direct strategy involves having your agent target unlisted buildings in a particular market. If you know how many suites you want (and how much you can afford) a real estate broker with access to inventory can approach owners on your behalf.

Bottom Line: Seller direct is best for focused buyers who know what they want. You must have excellent market knowledge and be able to substantiate any offer you bring. You must be flexible. Seller direct works best for investors who know the market and who can trust their brokers and advisors.

The biggest advantage to buying seller direct is no competition. If done right, you should have exclusive access to a particular opportunity at a particular time.

WHAT TO REMEMBER

On the downside, buying seller direct takes patience… sometimes, a lot of patience! You must be willing to wait for the right opportunity. Anyone is a seller if they can get 25% over market value, but to source the best deals takes time. Pricing an off-market building can be challenging. There is no absolute value to any investment property. A building is worth whatever someone is willing to pay for it. You need to know what it is worth to you. Another challenge is seller motivation. If you approach someone directly, they may not be motivated to sell at a reasonable price. You have to be ready to walk away or be more flexible with price and terms. Seller direct offers some unique hurdles that can be well worth the effort. The deal you can end up with is often better than what the market is offering.

MLS® is still the biggest and best source of listing inventory and market research. Be aware of information quality issues and fast moving competition. Exclusive listings can take some work to find and access. But, if you’re serious about acquiring something, talk to agents, get on mailing lists, and regularly check company websites. Consider seller direct if you have the focus and patience required. You can access buildings that no one else can…and you may just leave your friends wondering how you got such a sweet deal in such a hot market. Seth Baker is Managing Broker of Multifamily Real Estate Services Corporation. His vision is to realize $1 billion in wealth for real estate investors in British Columbia. Visit his company website at www.multifamily.ca, email seth@multifamily.ca or call (778) 235-9293.

THE KEY

SMART RECYCLING IN CONDOS AND APARTMENT BUILDINGS CAN SAVE MONEY! By Michael Solkshinitz, President, XeroWaste Solutions

Currently, Metro Vancouver expects the Metro Vancouver area recycling rate to improve to 80% by 2020. All building owners and stratas will be able to help Metro Vancouver and other municipalities in BC get to their recycling goal while keeping recyclable items out of the landfill through two primary efforts: Educating tenants about recycling, and ensuring that both an adequate collection volume is available and that there are enough varieties of recycling material to collect.

In the Netherlands, garbage bins are positioned the furthest away of all bins in order to emphasize recycling first – and it works! to get to Metro Vancouver’s goal of an 80% recycling rate. In the Netherlands, garbage bins are positioned the furthest away of all bins in order to emphasize recycling first – and it works! Repositioning of the recycling bins forces the residents to rethink how they approach waste and recycling.

Now is the time to develop a recycling plan with goals, or to have your waste and recycling consultant develop one for you! No two buildings are the same when it comes to diverting items from the waste stream. Owner-occupied buildings and co-ops will generally have higher recycling and food scraps collection rates than either rental buildings or condos with higher-thanaverage rental rate percentages. Demographics play a part in determining both the type and quantity of the waste and recyclables generated. Baby boomers and retirees have different waste and recycling stream amounts and types than do young single people. Buildings in urban and rural areas also differ in waste and recyclables volume and composition. Smart recycling starts by determining the average diversion rate. Either the hauler or a waste and recycling consultant can determine the initial diversion percentage and, for a fee, regularly report it. Alternatively, you can calculate it yourself. To do so, you need to determine the average dry material yards for both waste and recycling, and then compute the percentage recycled. Regular reporting of the diversion rate to your tenants will help you to reach your recycling goals. Recyclables also need to be regularly serviced. If the recycling carts or foods scrap bins are overflowing, residents will toss the recyclables in the garbage – at a much higher cost to you. You can request additional or larger recycling carts from your city, usually at no added cost. The commercial hauler can, at a cost, increase the size of recycling carts or bins or increase your service to allow the collection of more recyclables. Having adequate available volume to collect recyclables will maximize the potential for recycling and save money by preventing recyclables from going into the costly garbage stream. Positioning of the recycling bins forefront will emphasize recycling. If a waste bin is forefront, then some residents may be tempted to think garbage is an acceptable way to dispose of items. We need to change everyone’s thinking if we are going 26

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Analyzing the waste stream is also necessary for understanding what items people are tossing out that could be recycled. Haulers can provide additional bins, cages, or totes for new recycling streams, including electronics, batteries, plastic bags, textiles, Styrofoam, and more. Check out the downloadable recycling app called ‘Recyclepedia’ from the Recycling Council of BC for a listing of recycling types. Additional streams of recycling help us get closer to our goal. Continually educating residents about recycling is the easiest and most effective method for reducing contamination and increasing recycling. The most cost-effective and successful way to reduce contamination at a compost facility or a materials recovery facility is to ensure the residents are properly

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THE KEY Smart Recycling... (cont’d) separating the recyclables. The hauler faces fines and loads are downgraded in value when loads taken to recycling facilities and compost facilities are contaminated. The hauler will also be fined if residents toss banned items into the garbage. Those fines are passed on to the customer. Contamination can also damage processing equipment and lower the value of the end product. Continual education and informative signage is a win-win for everyone. With a simple and logical approach to recycling, we can increase our recycling rate and keep many more items out of the landfill. Many items are even banned from the garbage, such

as stewardship materials, hazardous materials, oversized and overweight items, and food scraps, and can lead to fines for the haulers. By smartly recycling and doing the right thing, we can help achieve the goal of getting to zero waste while potentially saving money and protecting the environment. Michael Solkshinitz is president of XeroWaste Solutions (Vancouver, BC), a LandlordBC corporate supplier. Michael and his partner have a combined 25 years of waste management and recycling industry experience. XeroWaste Solutions is dedicated to helping strata corporations and apartment building owners reduce their waste expenses and increase their recycling. Michael can be reached at 604.674.8414, by email at michael@ xerowaste.ca or visit www.xerowaste.ca.

NEW RENTALS From the Goodman Report For a number of years, the Goodman Report has expressed to our readership that constructing a new purpose-built rental in Greater Vancouver is a formidable task. With high land and construction costs, municipal add-on charges, well-documented red tape and related processing delays, zoning and social engineering issues, and the absence of any federal or provincial tax breaks, a project can also take three to four years from inception to completion. You’ve heard it all before. While new rental supply of any stripe is welcome, the emphasis, particularly in Vancouver, has been on promoting and creating affordable and social housing rather than sexier high-profile and more upscale projects. A welcome – and spectacular – departure is the Lauren at 1051 Broughton in the West End, completed recently by Westbank

Property Management Facility Management Construction & Renovation

www.cpsrealty.ca 604.916.6345

Residential & Commercial On-line resources for Current & Prospective Tenants

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Lesson learned: build a well-designed, efficient building with sufficient density in the right location and presto – the numbers make sense! Projects Corp., one of the region’s first new purpose-built highrise luxury market rental buildings in many years. It consists of 180 suites made up of junior one-bedroom, regular one-bedroom, and two-bedroom units. Not only have tenants embraced this welcome new addition to Vancouver’s sophisticated market, but so should the development community. The numbers are compelling indeed. The juniors, averaging 420 SF, are getting $4.61 per square foot or approximately $1,925 per month; the regular one-bedrooms, averaging 501 SF, are receiving $4.08 per square foot at approximately $2,045 per month; and the two-bedrooms, averaging 762 SF, are renting at approximately $3.25-plus per square foot or over $2,300 per month, depending on the floor level. Lesson learned: build a well-designed, efficient building with sufficient density in the right location and presto – the numbers make sense! Owners of well-located older buildings might also laud the Lauren’s success as it shows that a large body of tenants is prepared to pay well above the stated norms found in the annual CMHC rental survey when buildings offer modern accoutrements: Updated kitchens with dishwashers; bathrooms; balconies, and in-suite laundry. Construction of upscale projects offers the additional benefit of freeing up some of the more affordable rentals for price-sensitive tenants. The Goodman Report has repeatedly conveyed this message to our readership for over 30 years.

ESTATE FREEZE AND USE OF A TRUST By Eman Johal, Smythe LLP ESTATE FREEZE This article discusses options for when shareholders of a private company want to stop accumulating growth in value of their company shares. For corporate owners of real estate, the transfer of shares other than to a spouse will generally result in a capital gain equal to the difference between the fair market value and the adjusted cost base of the shares. Therefore, if you have common shares valued at $500,000 with an adjusted cost base of $100, the transfer of these shares would result in a capital gain of $499,900. This can be avoided by using a share capital reorganization known as an ‘estate freeze’ to avoid the taxation on the exchange of shares. It is not possible to ‘freeze’ personally owned real estate assets. However, there are methods to transfer personally owned real estate into a corporation on a tax-deferred basis in order to effect a freeze. The concept of an estate freeze is that you are able to freeze the value of your interest in the corporation by exchanging the common shares you hold for fixed value preferred shares. Therefore, if your common shares are valued at $500,000, you could exchange them for fixed value preferred shares equal to the current fair market value of the existing common shares. The corporation could then issue new common growth shares of the corporation holding the real estate assets for a nominal amount to others, such as a spouse, child, or family trust.

Income earned by the trust retains its character when it is allocated to beneficiaries. Therefore, if dividend income or capital gains are earned, these will be taxed as such in the hands of the beneficiaries. FAMILY TRUST This article ignores the process of legally creating the trust, specifics such as the settlor, the initial funding of the trust, as well as the various types of trusts. This article focuses on family trusts and assumes the real estate assets are corporately owned. Please note that a 21-year rule exists where any family trust must treat itself as having disposed of all of its property every 21 years. As there are many potential issues and rules, this article provides a simplified scenario.

Control of the corporation can be maintained by the current shareholder by subscribing for voting non-participating common shares, or assigning voting rights to the fixed value preferred shares. This way you can control the corporation without participating in the future growth. The new growth shares would be participating common, but could be voting or non-voting. Assuming after the freeze the value of the real estate held within the corporation increased from $500,000 to $750,000, the $250,000 of growth in value would be attributed to the new participating common shares. The fixed value preferred shares of $500,000 can be redeemed over time. The fixed value preferred share redemption is generally taxed as a dividend. As the preferred shares have a fixed value, you are able to plan effectively when to redeem these shares and the amount of dividend, in a way to plan your annual tax burden. The preferred shares can be redeemed in increments to ensure that you do not reach the highest marginal tax rate. Redeeming all the preferred shares in one year would likely put you in a higher tax bracket than if you were to redeem them over time. The estate freeze and possible redemption over time may result in lower capital gains triggered on death. This achieves one of the benefits of an estate freeze: freezing the current value of the existing owner’s past growth; another is income splitting.

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THE KEY Estate Freeze... (cont’d) A trust can be used by a trustee to hold property on behalf of and for the benefit of one or more beneficiaries. There are many benefits of a trust, including: • Can accrue future growth to beneficiaries (estate planning). • Can facilitate income splitting. • Can avoid probate. As a trustee of a family trust, you can control the assets of a trust for the benefit of the beneficiaries. Beneficiaries can receive income or capital (or both) from the trust at the discretion of the trustee, or according to the terms of the trust deed. Beneficiaries have no entitlement to the property owned by the trust or income produced from the trust. The trustee can determine which beneficiaries will benefit from the annual income and realized future growth allocated to the trust from the corporation. This income is received through the ownership of the new participating common growth shares from an estate freeze. The corporate owner may choose to potentially participate in the growth of the corporation by being one of the beneficiaries of the trust.

TAXATION OF FAMILY TRUSTS Any income that is earned and retained in the trust is taxed in the trust at the highest marginal income tax rates for

individuals. This income then becomes capital of the trust and can be distributed to the beneficiaries without further income tax implications to the beneficiaries. Generally income that is earned by the trust and distributed to the beneficiaries can be taxed in the hands of the beneficiaries at their respective marginal income tax rates thus achieving the income splitting concept. As an individual’s income increases, the rate at which that income is taxed increases depending on what income tax bracket they fall under. The lowest combined BC and federal 2016 bracket is 20.06%, which starts increasing at approximately $38,000. The highest bracket starts at $200,000 with a rate of 47.7%. Income earned by the trust retains its character when it is allocated to beneficiaries. Therefore, if dividend income or capital gains are earned, these will be taxed as such in the hands of the beneficiaries. Income earned within the corporation and distributed to the trust can be allocated between the various beneficiaries. The trustee has the ability to determine how to allocate the income of the trust, providing flexibility. Therefore, when you have designated beneficiaries, such as a spouse or adult children who are in a low tax bracket, income from the trust distributed to them may be taxed at lower rates. This way trusts can help facilitate income splitting. In summary, the benefits of creating an estate freeze and family trusts include: • Tax-deferred transfer of real estate to a corporation. • Exchange of participating common shares for fixed value preferred shares to implement a freeze. • Corporations issuing new growth common shares as part of a freeze and income splitting. • Issuance by corporations of new growth common shares for added flexibility. The above issues, although complicated, can be valuable in planning your taxation, as well as other non-financial benefits. Smythe LLP is a proud member of LandlordBC, and is one of the leaders in accounting and tax advisory services in the real estate and construction industries in BC. Our experience with real estate owners, investors and construction companies allows us to tailor our services to our client’s specific needs. For further information, contact Eman Johal or Gary Luedke, at 604.687.1231 or visit our website at www.smythecpa.com.

The information provided is a general overview and should not be construed as tax advice. We recommend seeking professional advice from your tax advisor in respect of your specific situation. 30

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THE ABCS OF DRYWALL By Will Southcombe/Rena Graham, PuroClean

Drywall is one of those things in life we take for granted. It surrounds us whenever we’re inside and until there’s a problem, we don’t give it another thought. The main substance of this common building material is a natural rock mineral called gypsum. It is ground to powder, heated, and mixed with water and other ingredients to form a liquid. That liquid gets sandwiched between two sheets of special paper and completely dried into wall board. Problems appear when drywall (also called ‘sheetrock’) is exposed to water. Absorption takes place quickly, as it tries to revert back to its liquid state. For this reason, it’s called ‘hydrophilic’ or ‘water loving.’ Understanding this basic structure explains why drywall is so susceptible to water damage. Traditional methods of restoration used to mean it was always replaced but today, that thinking has changed. Professional restoration contractors have an arsenal of instruments and equipment that enable them to test the water damage and determine whether it is possible to dry and completely restore drywall. The first consideration is to determine the source of the water damage. Was the water that affected the drywall clean, gray, or black water? Clean water is from a source that does not pose harm to humans, such as water from a damaged fresh water line. Gray water contains some degree of ‘normal’ household contamination such as a dishwasher or washing machine overflow. Black water always contains pathogenic agents hazardous to the building inhabitants. Examples of black water include raw sewage or flooding from streams, rivers or the ocean. Drywall damaged by black water must be replaced but damage from clean or gray water can often be professionally dried. The second consideration is the extent of damage. Vertical drywall is either painted or has a wall covering on the surface.

Professional restoration contractors have an arsenal of instruments and equipment that enable them to test the water damage and determine whether it is possible to dry and completely restore drywall. Water can run down the face or the back without saturating the sheetrock or affecting the structural integrity. In many situations where clean or gray water is involved, drying can be accomplished by installing a balanced drying system that manages air movement, dehumidification and temperature. Sometimes air movement will be installed behind the drywall by removing the baseboard (which is necessary on almost every job) and making small holes behind where the baseboard was installed. Specialized equipment forces air through the holes into the cavity behind the drywall. With air moving on both sides, the drywall dries quickly. To complete the job, all that needs to be done is replacement of the baseboards. Drywall that has become saturated and remained wet too long will typically lose its structural integrity. When this occurs, the drywall remains damaged even after it has been fully dried. In some cases, the surface may appear to be undamaged, but the structural integrity is compromised. Specialized moisture meters help determine whether such drywall needs replacing. Another way moisture meters are used is in identifying hidden moisture in ceilings, which are mostly constructed with a series of closed cavities. When water falls on the horizontal surface of the ceiling system, it has nowhere to go. Standing water soaks into the unpainted paper backing and saturates the drywall. An inspection of the affected sheetrock using moisture meters will identify hidden moisture. If the saturated drywall shows any indication of ‘bowing’ or coming detached, then replacement is indicated for safety reasons. Another reason for removal of a drywall ceiling would be to facilitate drying hardwood on floors above. When water accumulates on the floor or in the floor covering, it saturates the base of the wall. This can damage the sheetrock if the water is not removed quickly. If the baseboard covers the sheetrock to a height greater than the water, the sheetrock repair may be limited to just sealing and painting the affected areas. If the water level exceeds the height of the baseboard, significant damage can occur. There’s always the upward wicking action to consider. Another big consideration is whether the base plate inside the wall is wood or metal. A metal base plate has a ‘C’ channel that can act as a reservoir for holding water. That water must be removed to allow thorough drying SPRING 2016

THE KEY The ABCs of Drywall (cont’d) of the interior of the wall cavity. Again, that moisture meter can determine necessary drywall replacement. When it comes to water damage and drywall, time is of the essence. Rapid response is the best way to save drywall. In many cases, delayed drying results in having to remove and replace drywall that could have been saved. Another major reason for quick action has to do with mould. If delay results in mould growth, then the affected drywall must be removed to eliminate the contamination. When drywall can’t be saved, it is often less costly to remove and replace to a greater height than the actual water damage. For example, replacement to the tape joint is much easier and faster, which results in lower labor costs.

Restoration of existing drywall means big savings in time and materials but more important, is lack of disruption. In a residential situation, families can get their lives back to normal much quicker than if drywall is replaced. Think of the time saved in mudding and taping new walls and then finishing them when that work is done. PuroClean, the ‘Paramedics of Property Damage’ provide professional, compassionate, well-trained technicians who provide the latest state-of-the-art services to property damaged from water, fire/smoke, mould, biohazard (including hoarding), and other disasters. They mitigate the loss to prevent further damage and provide restoration services to return the property quickly to a pre-loss condition.

PROJECT MANAGEMENT: SUCCESSFULLY & SIMPLY By Deana Srdic, Marketing Manager, Wolfgang Commercial Painters Building management, maintenance, and ownership requires fundamental priority and time management skills. Be it a new roof, fresh flooring, or a repaint, light construction projects seem unending within the industry. To ensure that you and your selected contractor will meet your expectations and run a smooth project with ideal communicative situations, follow these tips to seamless, successful project management while avoiding common pitfalls.

• Logistics: • Permits; • Storage and washrooms; • Security and parking; • Power and water source. • Service expectations: • Uniform; • Billing; • Cleanliness; • Challenging tenants; • Deficiencies;

PRE-PRODUCTION The pre-production stage represents one-third of a project manager’s workload. One key best practice is to host a preproduction meeting with the selected contractor, customer, and property manager present. This provides a venue for setting specific expectations and discussing any special considerations. An effective meeting will establish: • A clear communication system for change orders and progress reports. • Key expectations of all stakeholders and therefore a reduced need for redundant phone calls and emails. • Detail conformation for areas such as: • Scope areas of inclusion and exclusion;

• Smoking and music. • A decision regarding who the project manager is.

PRODUCTION After an effective pre-production meeting has been completed by the contractor, customer, and property manager, the job is ready to be produced. A best practice of production includes scheduling a specified weekly time to connect with the chosen contractor to discuss project progress, be it on- or off-site. Items to discuss at your weekly meeting: • Schedule updates and completion forecasting; • Unforeseen circumstances and potential change orders;

• Material and finish specification;

• Tenant or service issues;

• Commencement and completion dates;

• Major deficiencies;

• Schedule of work, dates, and times.

• All pending questions should be answered.

| SPRING 2016

THE FINAL 5%

DUMP AND RUN

The final 5% represents the final third of a project manager’s workload. A key best practice once the job is near completion is to use only the deficiency list from the weekly meetings throughout production.

In a Dump and Run scenario, an assumption is made that the selected contractor will manage all project details. This inevitably leads to loose ends, job delays, and cost overruns.

Wrapping up the final 5% should include the following:

NO APPOINTED PROJECT MANAGER

• A preliminary walkthrough with the contractor, customer and Property Manager on site, noting deficiencies.

No one person is selected as the project manager or the key decisionmaker.

• A deadline established for when the deficiencies are to be completed.

NO COMMUNICATION PLAN

• A final walkthrough conducted to sign off on the job once deficiencies are completed.

No tangible plan exists to communicate changes and issues with the project.

A job is completed when: • Deficiencies have been completed; • Equipment has been removed; • Garbage has been removed; • The final bill has been received.

CLASSIC PROPERTY MANAGEMENT MISTAKES Avoid this three common property management light construction mistakes when hiring your next contractor:

SUMMARY The successful and simple project management tips above are purposed to aid property managers with effective and efficient project management, ultimately saving resources such as time and money. For a complimentary pre-production checklist, please email service@wolfgangpainters.com. Deana Srdic is the Marketing Manager at Wolfgang Commercial Painters, a member of Landlord BC since 2010. To contact Deana, or for an estimate/quote, please email deana@wolfgangpainters.com or visit www.wolfgangpainters.com.

GENTRIFICATION & STUDENT HOUSING By Places4Students.com

A curious urban shift has been taking place in college and university towns across North America, as student renters are overtaking residential neighbourhoods near campus. This odd phenomenon is becoming known as ‘student housing gentrification’ – the process by which luxury student housing is causing an increase in property values and rents, while simultaneously transforming neighbourhoods and urban community lifestyles. This social change is somewhat of a double-edged sword. On one hand, these new high-end and high-occupancy student housing communities are delivering much-needed better quality accommodations to a growing body of students. On the other hand, these student housing communities are creating what some refer to as a ‘student ghetto’ and making it much less desirable for families to live in these areas.

...students don’t intentionally cause gentrification and they also face problems associated with it, such as increased rents and cost of living. Students want to live in close proximity to their campuses, as location is undoubtedly the most important feature to any student housing community.

This draws us to the question, what exactly is the problem with student gentrification? At the core of the student housing gentrification problem, the opposition often rests on three main arguments. In many cases, one, two or all three of these arguments are invoked whenever SPRING 2016

THE KEY Gentrification... (cont’d)

student housing developments start popping up. Community groups meet student housing developers with resistance, often citing the following concerns.

1. I T TURNS FAMILY NEIGHBOURHOODS INTO STUDENT GHETTOS As is the case with the ‘McGill University Ghetto’, many critics of student housing gentrification fear that the proliferation of student housing will create student ghettos. They are typically characterized by neighbourhoods that were once occupied primarily by families, and are primarily now composed of rental homes for students. They are most commonly found in areas directly surrounding the campus. Very few families will remain living there, due to a negative stigma attached to student renters; they are typically seen as disruptive to family neighbourhoods. This creates neighbourhoods that appeal almost exclusively to students, as other types of tenants do not wish to live in these areas.

2. PROPERTY VALUES SHARPLY INCREASE, ALONG WITH RENTAL RATES While property values will inevitably rise, it would seem that student housing gentrification could create much sharper increases in areas surrounding the campus. This was particularly true in the case of McGill, where property prices have doubled from 2004 to 2011. This makes it more difficult for other lowerincome demographics to afford housing. In some cases, public housing was replaced by student housing, displacing lowerincome renters.

3. I T PUSHES LONG-TIME RESIDENTS OUT OF THEIR HOMES Tying back to the first point, as family neighbourhoods become increasingly inhabited by students, current residents are either pushed out of their homes or leave on their own accord. This was the case near McMaster University for two neighbourhoods in particular, Westdale and Ainslie Wood. Ainslie Wood alone saw the student population (18-24 year old residents) in this area grow from 15% in 2001 to 45% in 2012, and that number continues to grow. For a variety of reasons, this causes many long-time residents to leave; some due to rising rents and others because of an unwillingness to live near so many students. While these are all relatively valid arguments, they often incorrectly shift the blame to students. Student housing gentrification in itself is a bit of a paradox, as one author put it, “Ironically, student renters are the victims of this gentrification, as much as they are perpetrators of it.” The message delivered here is that students don’t intentionally cause gentrification and they also face problems associated with it, such as

| SPRING 2016

increased rents and cost of living. Students want to live in close proximity to their campuses, as location is undoubtedly the most important feature to any student housing community. Furthermore, there are often overlooked benefits that go handin-hand with student housing gentrification. An example of this happened in East Athens. This community dramatically transformed itself for the better, largely due to an influx of student housing. An area once plagued by violence and crime, which many city residents would avoid at all costs, has turned around after it went through student housing gentrification. Student-oriented housing started popping up and along with it came a demographic change. The area progressively became safer and an all-around better community. A similar scenario took place in the United Kingdom, where in Bristol an area notorious for trouble was revitalized because of student housing gentrification. The Gloucester Road area is now home to thousands of students and it has become a much more favourable and desirable place to live. These are just two cases of many which have demonstrated that student housing gentrification isn’t always a bad thing. Furthermore, some communities have embraced student housing and greatly benefitted from it. Waterloo, Ontario is an example of this. At one time, student housing in Waterloo primarily consisted of single-family homes converted into student rentals. They were often poorly maintained and created tensions between students and local residents. To deal with this gentrification, the city put a student housing plan in place that led to the development of much more purposebuilt student housing. Many students started opting to live in high-rise apartments, instead of single-family homes. Derek Lobo noted studies showing that in Waterloo, families have started moving back into residential neighbourhoods that were formerly dominated by student housing. It seems that Waterloo found a balance and was able to adapt to student housing gentrification. To close, the process of student housing gentrification is coming under the microscope only now and we are witnessing both its positive and negative impacts on communities. Chris Iverson conducted one of the few detailed research projects on student housing gentrification in Minnesota, which had some fascinating findings. Iverson refers to this type of gentrification as ‘studentification’, and goes on to say, “Unlike traditional gentrification situations where increased housing units and density attracts more population, studentification only attracts a specific, already present population and skews the surrounding market.” Iverson believes that the influx of new luxury student housing would cause rents to drop in older housing units and vacancy rates would rise. Only time will reveal the benefits of student housing gentrification, but regardless of where you stand on this issue, it’s important to realize that gentrification isn’t necessarily a bad thing in many cases.

EASILY MITIGATE 30% OF FIRE AND FLOOD RISK IN MULTIFAMILY RESIDENTIAL BUILDINGS By Scott Kavanagh, Founder, Unique Fire & Safety Ltd.

Fire and water damage are two of the leading risks building owners face, and they are closely related. The largest single cause of residential fires and resulting water damage is cooking fires. In fact, 30 - 36% of all fires in Canada start while cooking. Consequentially 30 - 36% of water damage caused by sprinkler activation originates with cooking fires. Combined, cooking fires and floods cost the industry billions. Let’s discuss what we know, and what we can do to mitigate the risks and costs.

In virtually all cases, cooking fires are caused by inattention. Stovetop fires seldom happen when someone is actively attending to the stove. But only a few minutes of unattended cooking and your building could be a complete loss, with people injured or killed, and months of cleanup, paperwork, and insurance issues with which to deal.

WHAT CAUSES COOKING FIRES In virtually all cases, cooking fires are caused by inattention. Stovetop fires seldom happen when someone is actively attending to the stove. But only a few minutes of unattended cooking and your building could be a complete loss, with people injured or killed, and months of cleanup, paperwork, and insurance issues with which to deal. We all get distracted. The phone rings, someone comes to the door, or something interesting grabs your eye on the TV. It can happen to the best and sharpest. But there are two groups who greatly increase the risk of cooking fires: Both the young and seniors.

COMMON MISTAKES • Mistake One: Not watching the pan. • Mistake Two: When a stovetop fire ignites, panicking and reacting poorly. • Mistake Three: Trying to pick up the pan to carry it somewhere, burning your hands, and then spilling the flaming grease, spreading the fire. • Mistake Four: Throwing water on a cooking fire seems to be instinctive, but it is the worst thing you can do and may cost you your life. When water hits high temperature fats or oils in the pan, it instantly turns to steam, expanding to over 1,000 times its size in an instant. It drives the fire like an explosion and can engulf a kitchen in a split second.

ADDITIONAL FIRE RISK IN AN AGING POPULATION The demographic profile of building residents is rapidly changing. Within the next decade, the senior population is predicted to rise from 13% of the current population to 20%. The senior population is the fastest growing segment in Canada, and therefore deserves close attention. As seniors live longer and more independent lives, thanks to improved health care and medical advances, there will be a corresponding increase in fires caused by seniors.

OLDER ADULTS ACCOUNT FOR 35% OF FIRE DEATHS Seniors are more at risk due to many factors, including medications, mobility, mental and physical illness, and declining mental acuity. Seniors are not only at increased risk of starting a fire but also of dying in residential fires.

WHY KIDS AND YOUNG FAMILIES ARE A GREATER RISK Is there anyone less attentive than a teenager with something else on his or her mind? When a teenager is cooking without supervision, it only takes a phone call or text from a friend to send them running to the web to see the most recent viral content. It might be only the scream of a smoke alarm that

SPRING 2016

THE KEY Easily Mitigate 30% of Fire and Flood Risk... (cont’d) brings them back to what they were doing, which may by then be too late to take effective action. Young parents are frequently sleep-deprived, and preoccupied with their children. A baby’s cry or yell for Mom can distract from the focus on the stove.

suppression systems because they’re proven to work. There are other fire suppression systems designed for residential cook tops, but they cost thousands and require plumbing and installation by professionals. These choices are obviously not a retrofit solution for multifamily residential kitchens.

SPEED IS OF THE ESSENCE

PUT IT OUT BEFORE IT GETS OUT OF THE PAN

Depending on what was cooking and the type of smoke detectors used, some cooking fires can ignite and burn for over a minute before the smoke alarm activates. Fires often double in size every minute. This exponential growth means a small pan fire can cause an un-survivable flashover situation in as little as four minutes.

IT’S GETTING WORSE, NOT BETTER While virtually all types of residential fires have been in decline throughout Canada over the last decades, the same can’t be said about cooking fires, which have actually increased by 18% from 2003 to 2013. Injuries caused by cooking fires have increased at an even higher rate. You would think that, over time, our furniture and possessions would be less prone to fire, but you’d be wrong. Today the materials that make up our homes and furniture are actually not only more flammable but create more toxic gases than in the past. The plastics and manmade materials burn hotter and faster, resulting in faster flashover conditions and lower survival rates for those trapped in this smoky hell.

BUT WE HAVE FIRE PROTECTION Excellent, glad to hear it! Smoke alarms and sprinklers save lives and buildings, but sprinklers can do massive damage to not only the suite of origin, but to all suites below as well. In some cases, sprinklers cause hundreds of thousands of dollars in water damage initiated by a small stovetop fire.

WHAT’S THE COST

I would love to be able to tell you of a range of solutions, but the fact is there is only one affordable, automated, easyto-install, and extremely effective residential cook top fire suppression solution on the market. It is called StoveTop FireStop. Scott Kavanagh is the founder of Unique Fire & Safety Ltd., Canadian distributors of StoveTop FireStop, an affordable, easy to install, and extremely effective fire suppression solution for residential stoves. Contact Scott toll-free at 1.855.836.5465; by email at scott@uniquefiresafety.com. Visit their website at http://www.UniqueFireSafety.com/. Statistics and data sources FEMA https://www.usfa.fema.gov/downloads/xls/statistics/ residential_nonresidential_fire_loss_estimates.xlsx NFA http://nfa.usfa.dhs.gov/downloads/pdf/statistics/v14i9. pdf NFPA http://www.nfpa.org/~/media/files/research/ fact-sheets/cookingfactsheet.pdf?la=en “Based on 2009-2013 annual averages: Unattended cooking was the leading factor in home cooking fires. Two-thirds (66%) of home cooking fires started with the ignition of food or other cooking materials. Ranges or cooktops accounted for the majority (61%) of home cooking fire incidents. Ovens accounted for 13%.

Depending on with whom you speak, an average kitchen fire in a multi-residential building can range from $25,000 to well over $100,000, when you count water damage and lost revenue. The cost of kitchen fires has been increasing as well. The average dollar cost of a kitchen fire has increased 73% between 2003 and 2013.

More than half (54%) of reported non-fatal home cooking fire injuries occurred when the victims tried to fight the fire themselves.

WHAT’S THE SOLUTION?

The results closely mirror our own finding that cooking equipment was involved in two-thirds of reported apartment fires.”

The fact is sprinklers are the best solution in putting out multifamily residential building fires. Another fact is sprinklers cause a lot of damage. It would be better if a less damaging system could intercede before the sprinklers. Commercial kitchens are required to have fire

SPRING 2016

Frying poses the greatest risk of fire.” “The overwhelming majority of cooking equipment fires (50 to one) did not have the fire department in attendance.

ASSOCIATE MEMBERS/CORPORATE SUPPLIERS | MAINLAND ACCOUNTING

APPRAISAL - INSURANCE

CLEANING – BIOHAZARDOUS

DEPRECIATION REPORTS

ELEVATOR SERVICE & REPAIRS

D&H Group LLP, Chartered Accountants Michael Louie T: 604.731.5881 www.dhgroup.ca

Normac Appraisals Ltd. Cameron Carter T: 604.221.8258 www.normac.ca

PuroClean Restoration Grant Blanden T: 778.985.7876 www.puroclean.ca

Normac Appraisals Ltd. Cameron Carter T: 604.221.8258 www.normac.ca

Hayes Elevator Inc. Devyn Giordano T: 604.243.8611 www.hayeselevator.com

Smythe CPA Bob Sanghera T: 604.694.7547 www.smythecpa.com

APPRAISAL - REAL ESTATE

CLEANING – CARPET & UPHOLSTERY

RDH Building Science Inc. Kelly Haines/Dave Rickettst 604.873.1181 www.rdh.com

Metro Elevator Preet Binning T: 778.885.8630 www.metroelevator.ca

Colliers International Christina Dhesi T: 250.414.8371 www.collierscanada.com

ADVERTISING & PROMOTION Places4Students.com Laurie Snure T: 866.766.0767 www.places4students.com

AIR CONDITIONING Canada Furnace Heating & Air Conditioning Ryan Cocking T: 604.460.9969 bc.canadafurnace.ca

ARCHITECTURE, DESIGN, BUILDING CODE DGBK Architects Ralf Janus www.dgbk.com

T:604.682.1664

Handy Appliances Rocky Mangat T: 604.879.1555 www.handyappliances.ca

APPLIANCE - SALES Coast Wholesale Appliances Inc. Robb Byrd T: 604.301.3459 www.coastappliances.com Handy Appliances Rocky Mangat T: 604.879.1555 www.handyappliances.ca Midland Appliance Gary Braun T: 604.278.6131 www.midlandappliance.com Trail Appliances Ltd. Sunny Mann T: 604.992.7124 www.trailappliances.com

APPLIANCE – SALES & SERVICE Coinamatic Canada Inc. Maxi Castillo T: 604.270.8441 www.coinamatic.com

CLEANING - JANITORIAL SERVICES Cleantech Janitorial Management Arne Pederson T: 604.244.1660 www.cleantechjanitorial.com

BIOHAZARD REMEDIATION 1st Trauma Scene Clean Up Ltd. Brian Woronuik T: 604.598.8887 www.traumascenecleanup.ca

APPLIANCE - RENTALS Coinamatic Canada Inc. Maxi Castillo T: 604.270.8441 www.coinamatic.com

First Class Carpet Cleaning Harry Deligiannidis T: 604.839.9008 www.1stclasscleaning.com

BUILDING CONSTRUCTION - GENERAL CONTRACTOR Quest Projects Inc. Jacqui McGregor T: 604.299.4522 www.questprojects.ca

Nuwest Contracting Ltd. Debbie Gettling T: 604.525.6145 www.nuwestcontracting.com RDH Building Science Inc. Kelly Haines/Dave Rickettst 604.873.1181 www.rdh.com Remont Construction Ltd. Robert Szpakowski T: 604.837.8813 www.remontconstruction.com

Action Glass Inc. Brad Johnston T: 604.525.5365 www.actionglassbc.com

DRAINAGE & SEWERS

COMMUNICATIONS/ ENTERTAINMENT

Cambie Roofing & Drainage Contractors Ltd. Paul Skujins T: 604.261.1111

Shaw Cable Frank Franco www.shaw.ca

DUCT CLEANING

T: 604.629.3231

Telus Communications Joel Watts T: 778.877.0646 www.telus.com

CONCRETE WORK BUILDING ENVELOPE

DOORS - ENTRANCE & HARDWARE REPAIRS

Nuwest Contracting Ltd. Debbie Gettling T: 604.525.6145 www.nuwestcontracting.com

CREDIT REPORTING AGENCY TVS Tenant Verification Service Inc. Marv Steier T: 604.576.3004 www.tenantverification.com

Air-Vac Services Canada Ltd. Brent Selby T: 604.882.9290 www.airvacservices.com

ELECTRICAL CONTRACTORS Evanson Electric David Evanson T: 604.657.7957 www.evansonelectricdelta.ca

ELECTRICAL SERVICE NS Electric Co. Ltd. Norman Haas T: 604.418.3365

BUILDING REPAIR & RENOVATION

Duradek Canada Ltd. Winston Conyers T: 604.591.5594 www.duradek.com

Nuwest Contracting Ltd. Debbie Gettling T: 604.525.6145 www.nuwestcontracting.com

Delbrook Electric Will Kitt

BC Hydro Power Smart Business Helpdesk T: 866.522.4713 www.bchydro.com FortisBC Ltd. Wes Nienaber T: 855.380.5788 www.fortisbc.com FRESCo Building Efficiency Jordan Fisher T: 778.783.0315 www.frescoltd.com RDH Building Science Inc. Kelly Haines/Dave Rickettst 604.873.1181 www.rdh.com Yardi Systems Inc. Peter Altobelli T: 888.955.7900 www.yardi.com

ENGINEERS FRESCo Building Efficiency Jordan Fisher T: 778.783.0315 www.frescoltd.com RDH Building Science Inc. Kelly Haines/Dave Rickettst 604.873.1181 www.rdh.com

ELECTRICIANS DECKS, BALCONIES & RAILS

ENERGY EFFICIENCY & CONSERVATION

T: 778.772.1834

Handy Appliances Rocky Mangat T: 604.879.1555 www.handyappliances.ca

ELEVATOR

Read Jones Christoffersen Ltd. Jason Guldin T: 250.386.7794 www.rjc.ca WSP Canada Inc. Kathryn Webb T: 604.924.5575 www.wspgroup.com

City Elevator Ltd. Heiner Marnet T: 604.299.4455 www.cityelevator.ca

This list is intended for use only by the members of LandlordBC. It is distributed with the understanding that it does not constitute a recommendation or guarantee from LandlordBC. Rather it is a consolidation of recommendations received by LandlordBC from its individual members. Although the information is intended to be beneficial, neither we nor any other party will assume liability for loss or damage as a result of reliance on this material.

SPRING 2016

THE KEY ASSOCIATE MEMBERS/CORPORATE SUPPLIERS | MAINLAND ESTATE & SUCCESSION PLANNING

GARBAGE CHUTE CLEANING

Monarch Insurance & Financial Services Corp. Richard Laurencelle T: 604.681.2699 www.monarchfinancial.ca

Air-Vac Services Canada Ltd. Brent Selby T: 604.882.9290 www.airvacservices.com

EXTERIOR/SIDING REPLACEMENT Legacy Windows & Doors Jayden Kuik T: 778.792.6464 www.legacywindows.ca

FINANCIAL PLANNING CIBC Wood Gundy Gilbert Lam T: 604.806.5508 www.cibcwg.com/raymond-shum D&H Group LLP Michael Louie www.dhgroup.ca

T: 604.731.5881

FIRE PROTECTION & MONITORING StoveTop FireStop Carter Shakelford T: 817.872.1500 www.stfs.com Vancouver Fire & Radius Security Joslyn Alderson T: 604.232.3488 www.vanfire.com

GAS SERVICES Handy Appliances Rocky Mangat T: 604.879.1555 www.handyappliances.ca

GLASS Action Glass Inc. Brad Johnston T: 604.525.5365 www.actionglassbc.com

HOARDING - CLEAN UP 1st Trauma Scene Clean Up Ltd. Brian Woronuik T: 604.598.8887 www.traumascenecleanup.ca 604-TRASH-IT Dave Abercrombie T: 604.872.7448 www.604-trash-it.com

INSPECTIONS – GENERAL CONDITION/LEASE COMPLIANCE

INTERCOM REPAIRS & INSTALLATION Vandelta Communication Systems Ltd. Hugh Rae T: 604.732.8686 www.vandelta.com

Yardi Systems Inc. Peter Altobelli T: 888.955.7900 www.yardi.com

Monarch Insurance & Financial Services Corp. Richard Laurencelle T: 604.681.2699 www.monarchfinancial.ca

LANDSCAPING: LAWN & GARDEN MAINTENANCE BUR-HAN Services Inc. Robert Hannah T: 604.780.0179 www.bur-han.ca

FIRE & WATER DAMAGE RESTORATION

INSURANCE

PuroClean Restoration Grant Blanden T: 778.985.7876 www.puroclean.ca

AC &D Insurance Services Ltd. Scott Jamieson T: 604.982.1039 http://acd.insurebc.ca

Lesperance Mendes Lawyers Sat Harwood T: 604.685.3567 www.lmlaw.ca

GQ Flooring Enrique Quiroga T: 604.540.9575 www.gqcontracting.ca Mira Floors and Interiors Deverow Walters T: 604.856.4799 www.mirafloors.com

FLOORING SALES & INSTALLATION Exclusive Floors Ltd. Ron Shukyn T: 604.575.9550 www.exclusivefloors.com

FURNACE & CHIMNEY CLEANING Canada Furnace Heating & Air Conditioning Ryan Cocking T: 604.460.9969 bc.canadafurnace.ca

SPRING 2016

CIBC Wood Gundy Gilbert Lam T: 604.806.5508 www.cibcwg.com/raymond-shum CMW Insurance Services Ltd. Gordon Li T: 604.294.3301 www.cmwinsurance.com Hamilton Insurance Services BC Ltd. Judy Laban T: 604.874.4476 www.cooperators.ca Marsh Canada Debbie Tonner T: 780.917.4873 http://canada.marsh.com Megson FitzPatrick Insurance Services Mike Nichol T: 250.595.5212 www.megsonfitzpatrick.com

Allied Plumbing and Heating Lance Clarke T: 604.731.1000 www.allied-plumbing.ca

GV Inspections Jim Garnett T: 778.840.7611 www.gvinspections.com

ONLINE PAYMENT SERVICE INVESTMENT & RETIREMENT PLANNING

LEGAL SERVICES

BFL CANADA Insurance Services Inc. Paul Murcutt T: 604.678.5454 www.bflrealestate.ca

PLUMBING/HEATING/BOILERS

Canada Mortgage & Housing Corporation John Lynch T: 604.737.4161 www.cmhc.ca

NARCOTICS INSPECTION INTERNET LISTING SERVICE

GV Inspections Jim Garnett T: 778.840.7611 www.gvinspections.com

FLOORING & CARPETING

MORTGAGE INSURANCE

Haddock & Company Grant Haddock T: 604.983.6670 www.haddock-co.ca

MORTGAGE FINANCING CIBC Wood Gundy Gilbert Lam T: 604.806.5508 www.cibcwg.com/raymond-shum Citifund Capital Corporation Derek Townsend T: 604.683.2518 www.citifund.com

Yardi Systems Inc. Peter Altobelli T: 888.955.7900 www.yardi.com

PAINT SALES Cloverdale Paint Dave Picariello T: 604.551.8083 www.cloverdalepaint.com

BMS Plumbing & Mechanical Systems Ltd. Tamara Merchan T: 604.253.9330 www.bmsmechanical.com Cambridge Plumbing Systems Ltd. John Jurinak T: 604.872.2561 www.cambridgeplumbing.com Canada Furnace Heating & Air Conditioning Ryan Cocking T: 604.460.9969 bc.canadafurnace.ca

PAINT SPECIFICATIONS SERVICES

CuraFlo of British Columbia Ltd. Randy Christie T: 604.298.7278 www.curaflo.com

Cloverdale Paint Dave Picariello T: 604.551.8083 www.cloverdalepaint.com

Handy Appliances Rocky Mangat T: 604.879.1555 www.handyappliances.ca

PAINTING SERVICE

Montalbano Plumbing Services Ltd. Giovanni Montalbano T: 604.444.0222 www.montalbano.ca

Prostar Painting & Restoration Ltd. Jonathan Moorhouse T: 604.876.3305 www.prostarpainting.com Remdal Painting & Restoration Inc. Dan Schmidt T: 604.882.5155 www.remdal.com Wolfgang Commercial Painters Heinrich Schoeman T: 604.420.5552 www.wolfgangpainters.com

PEST CONTROL

Colliers International Dave Ganong T: 250.414.8388 www.colliersmn.com/victoria

Assured Environmental Solutions Inc. Brett Johnston T: 604.463.0007 www.assuredenvironmental.ca

First National Financial LP Russ Syme T: 778.327.5712 www.firstnational.ca

Solutions Pest Control Jason Page T: 855.858.9776 www.pestsolutions.ca

Peoples Trust Company Dennis Dineen and Jonathan Wong T: 604.331.2247 www.peoplestrust.com

Ashton Service Group Brian Williams T: 604.275.0455 www.ashtonservicegroup.com

PIPE LINING/RE-PIPING CuraFlo of British Columbia Ltd. Randy Christie T: 604.298.7278 www.curaflo.com

Viessmann Manufacturing Co. Inc. Randy Stuart T: 604.533.9445, Ext. 222 www.viessmann.ca Xpert Mechanical & JK Lillie Ltd. Kerry West T: 604.294.4540 www.xpertmech.com

PLUMBING – SUPPLIER & MANUFACTURER Moen Inc. Shelby Wallace www.moen.ca

T: 604.390.8737

PRINTING Citywide Printing Ltd. Gordon Li T: 604.254.7187 www.citywideprint.com

PROPERTY MANAGEMENT Ascent Real Estate Management Corporation Darren Schulz T: 604.431.1800 www.ascentpm.com Associa British Columbia Inc. Katie Khoo T: 604.501.4417 www.associa.ca Austeville Properties Ltd. Andrew Abramowich T: 604.216.5510 www.aplbc.com Bayside Management Corporation T: 604.432.7774 www.baysideproperty.com Bolld Real Estate Management Leo Chrenko T: 604.671.0293 www.bolldpm.ca CML Properties Michelle Neufeld

T: 250.372.1232

Custom Realty Ltd. Jolene Foreman T: 604.916.6375 www.cpsrealty.ca Delaney Properties Ltd. Diana Delaney T: 250.550.2120 www.RentalsVernon.com

Macdonald Commercial Real Estate Services Ltd. Tony Letvinchuk T: 604.736.5611 www.macdonaldcommercial.com Metro Vancouver Housing Corporation Priscilla Matei T: 604.456.8802 Porte Realty Ltd. Daniel Bar-Dayan T: 604.732.7651 www.porte.ca Prospero International Realty Inc. Jeff Nightingale T: 604.669.7733 Raamco International Properties Canadian Ltd. Kimm Zbierski T: 250.686.3131 www.raaco.com Roboson Holdings Ltd. Sarah Hill T: 800.682.2088 S.A.H. Properties Ltd. Leslie Pomeroy T: 604.926.6947 Sunstar Realty Ltd. David Mak T: 604.436.1335 Turner Meakin Management Company Ltd. Kelly Kellogg T: 604.736.7020

Dennison Property Management Ltd. Jane Dennison T: 604.982.7059 www.dpmonline.ca

Unique Real Estate Accommodations Nina Ferentinos T: 604.984.7368

Dorset Realty Group Canada Ltd. T: 604.270-1711 http://dorsetrealty.com

Valley Realty Sita Mulder T: 604.852.2234 www.valleyrealtyabbotsford.com

FirstService Residential Judith Harris T: 604.683.8900 www.fsresidential.com

REAL ESTATE SALES

Gateway Property Management Corporation Scott Ullrich T: 604.635.5000 www.gatewaypm.com Homelife Peninsula Property Management Doug Holmes T: 604.536.0220 www.penpm.com Hume Investments Ltd. Sally MacIntosh T: 604.980.9304 www.humeinvestments.com Li-Car Management Group Lita Powell T: 250.785.2662

Colliers International Ken Cloak T: 250.388.6454 www.collierscanada.com JLL Bill Goold www.jll.com

T: 604.263.2823

MacDonald Commercial Real Estate Services Ltd. Dan Schulz T: 778.999.5758 www.bcapartmentinsider.com MultiFamily Real Estate Services Corporation Seth Baker T: 778.235.9293 www.multifamily.ca

Prostar Painting & Restoration Ltd. Jonathan Moorhouse T: 604.876.3305 www.prostarpainting.com

WASTE/RECYCLING

Superior Flood & Fire Restoration Mayank Anand T: 604.601.8206 www.superiorrestoration.ca

Progressive Waste Solutions Rob Barr T: 604.834.7578 www.progressivewaste.com

RENOVATIONS & REPAIRS

ROOFING

Custom Realty Ltd. Jolene Foreman T: 604.916.6375 www.cpsrealty.ca

Cambie Roofing & Drainage Contractors Ltd. Paul Skujins T: 604.261.1111 www.cambieroofing.com

Waste Management Inc. Tej Kullar T: 604.520.7858 www.wm.com

NAI Commercial Terry Harding T: 604.691.6615 www.apartmentblocks.ca The Goodman Report, David & Mark Goodman, HQ Commercial Mark Goodman T: 604.714.4790 www.goodmanreport.com

Remont Construction Ltd. Robert Szpakowski T: 604.837.8813 www.remontconstruction.com

RENT NEGOTIATION & ARBITRATION D.J. MAC Consulting Don MacPherson T: 778.837.1952 www.ownertenantmediation.com

REPIPING BMS Plumbing & Mechanical Systems Ltd. Tamara Merchan T: 604.515.9330 www.bmsmechanical.com Brighter Mechanical Ltd. Mike Pearson T: 604.279.0901 www.brightermechanical.com

Penfolds Roofing Brent May T: 604.254.4663 www.penfoldsroofing.com

ROOFING MEMBRANES RDH Building Science Inc. Kelly Haines/Dave Rickettst 604.873.1181 www.rdh.com

SOFTWARE – PROPERTY MANAGEMENT Yardi Systems Inc. Peter Altobelli T: 888.955.7900 www.yardi.com

SUPPLIES - HARDWARE, BUILDING, MAINTENANCE

604-TRASH-IT Dave Abercrombie T: 604.872.7448 www.604-trash-it.com

XeroWaste Solutions Michael Solkshinitz T: 604.674.8414 www.xerowaste.ca

WATERPROOFING Arbutus Roofing & Drains Ltd. Kelly Quinn T: 604.272.7277 www.arbutusroofing.com RDH Building Science Inc. Kelly Haines/Dave Rickettst T: 604.873.1181 www.rdh.com

WINDOW - REPLACEMENT/ INSTALLATION/RENOVATION A-1 Window Manufacturing Ltd. Rob Elliot T: 604.724.5827 www.a1windows.ca Legacy Windows Inc. Jayden Kuik T: 778.792.6464 www.legacywindows.ca

Cambridge Plumbing Systems Ltd. John Jurinak T: 604.872.2561 www.cambridgeplumbing.com

HD Supply Facilities Maintenance Stanley Neumann T: 604.562.6764 www.hdsupplysolutions.ca

Manna Plumbing Ltd. Chris Kobilke T: 604.710.3908 www.mannaplumbing.com

RONA Inc. Scott Souder www.rona.ca

RESTORATION

UTILITIES/ NATURAL GAS

WINDOW & DOOR MANUFACTURING

1st Trauma Scene Clean Up Ltd. Brian Woronuik T: 604.598.8887 www.traumascenecleanup.ca

Absolute Energy Inc. / Bluestream Energy Kirby Morrow T: 778.340.1580 www.absolute-energy.ca

Canadian Vinyltek Window Corporation Patrick Malone T: 604.540.0029 www.vinyltek.com

FortisBC Ltd. Wes Nienaber T: 855.380.5788 www.fortisbc.com

WINDOW MANUFACTURING – COVERS

FirstOnSite Restoration Kris Kuran T: 604.436.1440 www.firstonsite.ca Nuwest Contracting Ltd. Debbie Gettling T: 604.525.6145 www.nuwestcontracting.com

T: 604.787.0049

Retro Teck Window Mfg. Ltd. Wilfred Prevot T: 604.291.6751 www.retrowindow.com

Centra Windows Matthew Burgon T: 604.882.5010 www.centra.ca

Phoenix Restorations Ltd. John Wallis T: 604.945.5371 www.phoenixrestorations.com

SPRING 2016

THE KEY ASSOCIATE MEMBERS/CORPORATE SUPPLIERS - VANCOUVER ISLAND ADVERTISING & PROMOTION

DRAINAGE & SEWER

INSURANCE

Places4Students.com Laurie Snure T: 866.766.0767 www.places4students.com

GoodSense Plumbing Inc. Glen Boyd T: 250.213.8700 www.goodsenseplumbing.ca

BFL Canada Insurance Services Inc. Paul Murcutt T: 604.678.5454 www.bflcanada.ca

APPLIANCE – RENTALS

Victoria Drain Services David Lloyd T: 250.818.1609 www.victoriadrains.com

Megson FitzPatrick Insurance Services Mike Nichol T: 250.595.5212 www.megsonfitzpatrick.com

Coinamatic Canada Inc. Maxi Castillo T: 604.270.8441 www.coinamatic.com

APPLIANCE - SALES Trail Appliances Ltd. Sunny Mann T: 604.992.7124 www.trailappliances.com

APPRAISAL - REAL ESTATE Colliers International Christina Dhesi T: 250.414.8371 www.collierscanada.com

ASBESTOS REMOVAL R.S. Restoration Services Ltd. DKI Gladys Abrams T: 250.383.0030 www.rsrestorationdki.com

BIOHAZARD REMEDIATION 1st Trauma Scene Clean Up Ltd. Brian Woronuik T: 604.598.8887 www.traumascenecleanup.ca

CLEANING – CARPET & UPHOLSTERY Island Carpet & Upholstering Cleaning Inc. Ron Gould T: 250.590.5060 www.islandcarpetcleaning.ca

CLEANING – JANITORIAL SUPPLIES Select Janitorial Beverly Wise www.sijvic.com

T: 250.360.0666

COMMUNICATIONS/ ENTERTAINMENT Shaw Cable Sebrina Benson www.shaw.ca

T: 250.475.7251

Telus Communications Joel Watts T: 778.877.0646 www.telus.com

CREDIT REPORTING AGENCY TVS Tenant Verification Service Inc. Marv Steier T: 604.576.3004 www.tenantverification.com

ELECTRICAL SERVICE Rushworth Electrical Services Inc. Dustin Rushworth T: 888.361.1231 www.rushworthelectric.ca

ELEVATOR SERVICE & REPAIRS Thyssenkrupp Elevator (Canada) Inc. Bob Marr T: 250.474.1150 www.thyssenkruppelevator.com

ENERGY EFFICIENCY & CONSERVATION BC Hydro Power Smart Business Helpdesk T: 866.522.4713 www.bchydro.com FortisBC Ltd. Wes Nienaber T: 855.380.5788 www.fortisbc.com FRESCo Building Efficiency Jordan Fisher T: 778.783.0315 www.frescoltd.com Yardi Systems Inc. Peter Altobelli T: 888.955.7900 www.yardi.com

ENGINEERS FRESCo Building Efficiency Jordan Fisher T: 778.783.0315 www.frescoltd.com Read Jones Christoffersen Ltd. Jason Guldin T: 250.386.7794 www.rjc.ca

FIRE PROTECTION, MONITORING, & EQUIPMENT Capital City Fire Equipment Mark Wyatt T: 250.727.8159 www.capitalcityfire.ca

HEATING FUELS Columbia Fuels Dave Young T: 250.391.3633 www.columbiafuels.com

HOARDING - CLEAN UP 1st Trauma Scene Clean Up Ltd. Brian Woronuik T: 604.598.8887 www.traumascenecleanup.ca

SPRING 2016

INTERNET LISTING SERVICE Yardi Systems Inc. Peter Altobelli T: 888.955.7900 www.yardi.com

LEGAL SERVICES Jawl & Bundon R.C. (Tino) Di Bella T: 250.385.5787 www.jawlbundon.com

MORTGAGE FINANCING Colliers International Dave Ganong T: 250.388.6454 www.collierscanada.com First National Financial LP Russ Syme T: 778.327.5712 www.firstnational.ca Peoples Trust Company Dennis Dineen and Jonathan Wong T: 604.331.2247 www.peoplestrust.com

MORTGAGE INSURANCE Canada Mortgage & Housing Corporation John Lynch T: 604.737.4161 www.cmhc.ca

MOULD INSPECTION & REMOVAL R.S. Restoration Services Ltd. DKI Gladys Abrams T: 250.383.0030 www.rsrestorationservices.com

ONLINE PAYMENT SERVICE Yardi Systems Inc. Peter Altobelli T: 888.955.7900 www.yardi.com

PAINT, PAINTING, RESTORATION SERVICES Empress Painting Ltd. Chris Jefferies T: 250.383.5224 www.empresspainting.com

PLUMBING/HEATING/BOILERS GoodSense Plumbing Inc. Glen Boyd T: 250.213.8700 www.goodsenseplumbing.ca

Mac’s Heating Ltd. Dean Houstin T: 250.384.9263 www.macsheating.ca Victoria Drain Services David Lloyd T: 250.818.1609 www.victoriadrains.com

Royal LePage Prince Rupert Keith Lambourne T: 250.627.7551 South Island Property Management Ltd. Robert Pearson T: 250.595.6680

POWER WASHING

TPM Management Ltd. Debbie Hunt T: 250.383.7663

Island Carpet & Upholstering Cleaning Inc. Ron Gould T: 250.590.5060 www.islandcarpetcleaning.ca

REAL ESTATE SALES

PROPERTY MANAGEMENT

WWW.COLLIERSCANADA.COM

Advanced Property Management Lorri Fugle T: 250.338.2472 www.advancedpm.ca

Devon Properties T: 250.595.7000 www.devonprop.com

Complete Residential Property Management Dennie Linkert T: 250.370.7093

Macdonald Commercial Tracy Keenan-Whyte T: 778.676.4018 www.tracykeenanwhyte.com

Concise Strata Management Services Inc. Beth Kauwell T: 250.754.4001 www.concisegmt.com Cornerstone Properties Ltd. Jason Middleton T: 250.475.2005 Devon Properties T: 250.595.7000 www.devonprop.com Duttons & Co. Real Estate T: 250.389.1011 Equitex Property Management T: 250.386.6071 Meicor Realty Management Services Inc. Laurie Sims T: 250.338.9979 Pemberton Holmes Property Management Claire Flewelling-Wyatt T: 250.478.9141 Proline Management Ltd. Kelly Whitney T: 250.475.6440 www.prolinemanagement.com Raamco International Properties Canadian Ltd. Kimm Zbierski T: 250.686.3131 www.raaco.com

Colliers International Ken Cloak T: 250.388.6454

RESTORATION 1st Trauma Scene Clean Up Ltd. Brian Woronuik T: 604.598.8887 www.traumascenecleanup.ca R.S. Restoration Services Ltd. DKI Gladys Abrams T: 250.383.0030 www.rsrestorationdki.com

SOFTWARE – PROPERTY MANAGEMENT Yardi Systems Inc. Peter Altobelli T: 888.955.7900 www.yardi.com

SUPPLIES - HARDWARE, BUILDING, MAINTENANCE RONA Inc. Scott Souder www.rona.ca

T: 604.787.0049

UTILITIES/ NATURAL GAS Absolute Energy Inc. / Bluestream Energy Kirby Morrow T: 778.340.1580 www.absolute-energy.ca FortisBC Ltd. Wes Nienaber T: 855.380.5788 www.fortisbc.com

WASTE/RECYCLING

Roboson Holdings Ltd. Sarah Hill T: 800.682.2088

Progressive Waste Solutions Rob Barr T: 604.834.7578 www.progressivewaste.com

Rowan Property Management Ltd. Amahra LeBlanc T: 250.746.9090 www.rowanproperty.ca

Waste Management Inc. Alex Dumitrescu T: 250.544.8009, ext. 223 www.wm.com

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Get the Report: Subscribe to receive new listings www.goodmanreport.com

New Listing

Southview Gardens

Permit-Ready Dev. Site

Skyline Manor

6.58-acre redevelopment site in Champlain Heights.

Kerrisdale concrete condo project.

26-suite rental apartment building.

16-building townhouse complex (140 units).

Build 17 luxury suites + 3,852 SF of commercial.

Upper Lonsdale with city & water views.

Call for price

$14,800,000

$8,000,000

3240 East 58th Avenue, Vancouver

2089 West 43rd Avenue, Vancouver

Sold

Kerrisdale Apartments 2105 West 47th Avenue, Vancouver

111 West Windsor Road, North Vancouver

Sold New Listing

Burnaby Portfolio

Sold

Investment Property

7060 & 7230 Elwell Street, 6947 Walker Avenue, Burnaby

850 SW Marine Drive, Vancouver

Well maintained 22-suite co-op apartment building.

Three-building 127-suite rental apartment portfolio.

High-exposure investment property.

C-2 zoned redevelopment site. 11,460 SF.

Burnaby’s Highgate neighbourhood.

2.12 acres. 460’ frontage on SW Marine Dr.

Sold $14,150,000

Sold $25,600,000

Sold $25,250,000

Sold

The Josephine & The Westwood

St. Andrews

Beverly Manor

Two side-by-side buildings totalling 42 suites.

19-suite totally renovated apartment building.

Well-maintained 35-suite apartment building.

Large 27,421 SF site. Kerrisdale neighbourhood.

Lower Lonsdale with city and water views.

Site size: 150’ x 125’. South Granville neighbourhood.

Sold $17,500,000

Sold $7,420,000

Sold $12,000,000

2116 & 2150 West 39th Avenue, Vancouver

David Goodman Direct 604 714 4778 david@goodmanreport.com

240 St. Andrews Avenue, North Vancouver

Mark Goodman* Direct 604 714 4790 mark@goodmanreport.com *Personal Real Estate Corporation

1190 West 10th Avenue, Vancouver

Greater Vancouver’s #1 Multi-Family Investment Resource View details of all listings and sales at www.goodmanreport.com