The Key - Summer 2016 by LandlordBC

Vacancy Rates: How Low Can They Go?

The 2016 Federal Budget and You

SUMMER 2016

PAYING IT FORWARD: HOUSING REFUGEES

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4 Hunter’s Hints 5 LandlordBC Services Update 6 Landlord Impacts in Budget 2016 8 Housing Refugee Families

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10 CMHC Fall 2015 Rental Market Report 14 RENTT: The Vancouver Housing Market

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18 Embracing Tomorrow’s Technology Today: Strategic Planning for the New Generation of Renters

20 Refinancing Mid-Term: Apartment Owner in a Fixed-Term Mortgage Needs Funds Mid-Term

22 Ensuring a Successful Contracting Experience

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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.

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SUMMER

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THE KEY

CHAIR’S MESSAGE Andrew Békés Chair, LandlordBC

Sometimes You Need to Reflect The importance of the BC rental housing industry goes beyond the critically important service of providing housing to over 30% of BC’s households in approximately 550,000 rental units. The BC rental housing industry is also an important component of the provincial economy, creating significant numbers of jobs and incomes, GDP, and revenue to government. In 2014, KPMG estimated that BC’s rental housing industry generated $10.60 billion – a significant contribution to the province’s GDP (greater than forestry and mining combined);

We are seeing new purpose-built rental finally gaining some traction to help narrow the supply gap, although the demand will continue to grow as the cost of purchasing a home becomes increasingly challenging for younger folks. 82,851 full-time equivalent (FTE) jobs; and in the order of $2.56 billion in government revenues*. In addition, at the time of the study, our industry generated $4.65 billion of capitalized renovations of existing rental housing and construction of new purpose-built rental housing. It is safe to say that the capitalized expenditures have increased substantially when you consider all the new purpose-built construction projects under way, particularly in urban centres such as Victoria and Vancouver. We are seeing new purpose-built rental finally gaining some traction to help narrow the supply gap, although the demand will continue to grow as the cost of purchasing a home becomes increasingly challenging for younger folks. I share the above statistics with you because it is important to acknowledge our industry’s importance and contribution to British Columbia and British Columbians. At the same time, it is important to remind ourselves that while challenges can and do exist in our industry, as owners and operators of rental housing, we are, in fact, very fortunate to be part of a very robust and dynamic industry. We have many opportunities to build and grow successful businesses for our families, while delivering a critically important service in the communities in which we live. Sometime you need to reflect. Happy landlording!

*Economic Impact Assessment Study – British Columbia Housing Sector. KPMG Canada November 2014 2

SUMMER 2016

CEO’S MESSAGE David Huntiak CEO, LandlordBC

Tenants are our customers and while we are all concerned about the small percentage of tenants who may take advantage of the system, it is ultimately incumbent upon our industry to respect tenant privacy and to operate our businesses in a fair and professional manner.

Spring is in the air and summer is just around the corner. How quickly time flies... Housing Pressures Housing continues to be a major issue in our province, be it home ownership or rental housing. Buyers continue to witness both staggering prices and sales volumes for all forms of housing, and whereas this has been a story primarily centred in Vancouver, the phenomenon has spread east from Vancouver into the Fraser Valley, the Okanagan, and, of course, Victoria and beyond. Victoria, in particular, is seeing record sales volumes and bidding wars for single family homes. Where this is all headed is anybody’s guess, but these certainly are exciting – and perhaps a little scary – times. New purpose-built rental is gaining more traction and Victoria has been a bit of a standout of late, especially in the downtown core. In Victoria alone there are currently 749 units of purposebuilt under construction and 282 units in planning. Throughout Metro Victoria, 1230 units are under construction. This is great news! LandlordBC was pleased to join Mayor Helps and the Townline Homes Inc. team at their recent media pre-launch of Hudson Walk One. This 16-storey, 178-unit purpose-built rental (occupancy August, 2016) is another example of Townline’s commitment to the Hudson District. They opened their leasing office to eliminate long line-ups. We applaud Townline for their vision and commitment, and will continue to encourage the City of Victoria and the entire Metro Victoria area to collaborate with our industry to expedite the building of new purpose-built rental and enhancement of existing supply. Certified Rental Building Program Update In the previous issue of The Key, we featured the launch of the CRB program and highlighted the two initial participants, Hollyburn Properties and Concert Realty Services. We wish to once again acknowledge both companies for their vision and support of this important industry initiative. Since then, we have continued to engage new participants, companies that are committed to providing leadership in our industry. What they have all said to us is that they recognize and appreciate the value of the CRB program and brand for their businesses, staff, and, most importantly, tenants (both current and prospective). At this juncture, we are especially pleased to recognize two companies that have begun the certification process with

planned completion next month: New Westminster-based Redbrick Properties Inc. and Kamloops-based Kelson Group. Congratulations to both Redbrick and Kelson! We look forward to your completing the certification process and formally welcoming you to the Certified Rental Building Program. Respecting Tenant Privacy You may have heard about so-called ’bad’ tenant databases offered in the market. They require you, the landlord, to report information with regard to your current or departing tenants. LandlordBC reminds you that if you choose to divulge any information without obtaining the prior written consent of your tenant (note: prior written consent is not simply ‘acknowledgement’), you will be in breach of privacy laws and potentially subject to legal action. LandlordBC does not endorse or support the notion of ‘bad’ tenant databases nor any of the negative language that our industry has at times employed publicly when referring to difficult tenants. Tenants are our customers and while we are all concerned about the small percentage of tenants who may take advantage of the system, it is ultimately incumbent upon our industry to respect tenant privacy and to operate our businesses in a fair and professional manner. We feel that the screening tools available to you, combined with the education and support our organization provides, will equip you with the knowledge you need to make informed decisions when selecting tenants and managing those relationships on an ongoing basis. Our industry is a dynamic and changing one and we look forward to helping our members to adapt and lead the way in providing safe, secure, and sustainable housing while ensuring a healthy bottom line. 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

SUMMER 2016

THE KEY

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

CHANGES TO THE ONE MONTH NOTICE TO END TENANCY FORM There have been some changes to the One Month Notice to End Tenancy form this year, which came into effect in April. Some fields have been highlighted in yellow and the reasons to end tenancy on the second page have been reformatted to make it clearer. The important change to note is the addition of a details box on the second page. This field is intended to allow landlords to describe very briefly the situation resulting in the one month notice. There is no obligation to go into any great detail but simply in a few words let the tenant know the specific reason why their tenancy is ending. This is specifically useful when there are multiple reasons the tenancy could end. We have communicated with the Residential Tenancy Branch (RTB) on this additional field regarding how it would factor into dispute resolution hearings. The response we have received is that the there is no intention to make this field one of specific or onerous scrutiny by arbitrators. The focus is still on proper documentation and correct service. For more information on the One Month Notice to End Tenancy, see the guide in the resources section of our website, https://landlordbc.ca/.

RETURN OF SECURITY DEPOSITS The RTB has announced that deposits can now be released via e-transfer. This gives landlords the ability to return all or part of a security deposit without having to write a cheque. This does not remove the duty on the tenant’s part to provide a forwarding address before the landlord returns the security deposit. This is a sign that the RTB is working to catch up with widely used technologies and streamline processes for landlord and tenants. Watch for more technological changes coming to the RTB.

BUYING A HOME THAT COMES WITH TENANTS? GET THE PAPERS! When buying a new revenue property, there is a fairly intensive process and quite a bit of paperwork that changes hands and most of this has to do with the actual ownership and financing of the property. With all the rush and shuffling of papers, it can be easy to forget about the tenants who already live in the property. This oversight can cause significant problems down the road and it’s usually to the detriment of the new owner. The purchase of a tenanted property is also the purchase of tenancies and, at the core of any successful tenancy, is

SUMMER 2016

The purchase of a tenanted property is also the purchase of tenancies and, at the core of any successful tenancy, is paperwork. Without tenancy agreements, condition inspections, or supporting documents, landlords can quickly find themselves in a difficult and costly situation.

paperwork. Without tenancy agreements, condition inspections, or supporting documents, landlords can quickly find themselves in a difficult and costly situation. Without a written tenancy agreement in place, it is assumed that the tenancy is only covered by the standard RTB agreement, meaning a tenancy that allows smoking, pets, and is monthto-month. It also means that the direct request process is not available to the landlord. We often hear from new purchasers that they will just get the tenant to sign a new agreement. Although this can be done, it is not something that can be forced. A tenant is under no obligation to sign a new tenancy agreement mid-tenancy. The condition inspection is a form that also often gets overlooked in the sale of the property. Without a move-in inspection, a landlord may be left with a large cleaning and repair bill at the end of the tenancy with little or no recourse against the tenant. Start communicating with your realtor early about the importance of these documents and make sure you get complete tenant files when you take possession. This work done in advance can save you money, time, and arguments down the road.

POSTING A NOTICE ON A TENANT’S DOOR A common question and point of confusion we often see on the help line is about how to properly serve tenants by posting notices on the door. Some believe that notices must be posted on the door face out with both pages visible, while others feel notices should be placed in envelopes, and then there is the third group that avoids this argument altogether and places notices under the door.

First, let’s talk about serving notices by sliding them under a tenant’s door. This method is not an approved method of service under the Residential Tenancy Act. The RTA lists various methods of service and using any method outside of those listed in the legislation could render any notice served in this manner invalid. See our guide on service methods on our website. To envelope or not to envelope, that is the question... The privacy guideline for landlords and tenants provided by the Office for the Privacy Commissioner states that any notice attached to a tenant’s door containing personal information must be placed in an envelope. Therefore, all notices should be in envelopes.

Of course, this begs another question: What is personal information? The definition of personal information provided by the Personal Information Protection Act states, “... information about an identifiable individual and includes employee personal information ….” This can mean any number of things, such as a name, date of birth, phone number, address, height, weight, eye colour, social insurance number (‘SIN’), driver’s license number, banking information, income, photograph, etc. There are few notices that do not include some form of personal information identifying the tenant so we recommend a practice of placing all notices in envelopes if they are to be posted to the tenant’s door. Remember that if you are concerned about proving service, you can always bring a witness, and, in fact, in some cases a witness is necessary.

LANDLORDBC SERVICES UPDATE By LandlordBC Staff DO YOU HAVE AN INDUSTRY JOB POSTING? WE CAN HELP! Having a hard time finding the perfect new employee for your company? With our broad reach of landlords and businesses across BC, we can help you find new employees. If you have a job posting that you’d like us to help you promote, we are happy to post it on our Facebook, Twitter, and LinkedIn accounts. Just send a link to your posting to erinb@landlordbc.ca and we will share it with our followers.

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THE KEY

LANDLORD IMPACTS IN BUDGET 2016 By John Dickie, President, Canadian Federation of Apartment Associations

On both housing spending and income support measures, the federal budget included several measures that are positive for landlords, although the lack of positive tax measures was a disappointment. TAX MEASURES The budget went back on the Liberal campaign promise of a lower rate of tax for small businesses. That has little impact on landlords since rental income does not qualify for the small business tax rate in any event, and there is to be no change in that rule. The budget also did not implement the promised 100% rebate on the GST on new investment in affordable rental housing (including private rental housing.) However, that may still be brought into force in a future year.

Improving [tenantsâ&#x20AC;&#x2122;] ability to pay rent is important to maintain rental demand, which in turn enables landlords to rent more and better housing in an expanding, rather than shrinking, market.

HOUSING MEASURES For 2016-17 and 2017-18, the focus of the new housing money is on social housing repairs rather than on new social housing construction. There is also a modest expansion of the Affordable Housing Initiative (AHI). Under that program, the provinces choose the allocation of funding among direct financial support for tenants, repairs in private rental housing, repairs in social housing, supportive housing, or new social housing construction. LandlordBC can seek a positive allocation of the AHI money going to BC. Substantial new money has been allocated to indigenous housing, expanded shelters for abused women, homelessness prevention, and seniors housing. Going into the longer term, there are new measures to promote new private rental supply, either on its own or combined with some social housing. Those measures include low-interest financing (which is being set up in prospect of interest rates rising, as they eventually must), and a new Affordable Rental Housing Innovation Fund.

INCOME SUPPORT MEASURES The budget did bring in several measures that will boost the incomes of low-income Canadians. For seniors, the age of eligibility for the government pension is being returned to 65, and the top-up benefit for the poorest seniors is being increased by $79 per month. The various Child Tax Benefits have been amalgamated into one program and rearranged to focus funding on families with low incomes. 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, rather than shrinking, market. Everyone in the rental housing industry is better off working in an expanding market.

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2016

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THE KEY Landlord Impacts in Budget 2016 (cont’d)

NEW NATIONAL HOUSING COLLABORATIVE In lobbying on housing, tax, or other issues, it is often helpful to go forward in concert with other like-minded groups. Governments are more likely to respond positively if a number of somewhat diverse stakeholders are all advocating for the same changes. CFAA has worked with the Canadian Home Builders Association (CHBA) and the Federation of Canadian Municipalities (FCM) for several years. Now, the United Way has now brought together CFAA, CHBA, FCM, and other housing groups to form the National Housing Collaborative (NHC). The NHC will develop and propose a limited number of policy solutions that will seek to improve outcomes in the following areas: • Supply of housing across the spectrum of affordability needs, • Repair and preservation of private and social rental housing, and

• Access to housing and diversity of form and tenure that reduce homelessness, increase choice, and meet the changing demographics of Canadians. Among the measures at which the NHC is looking are: • Tax strategies to increase the attractiveness of rental housing investment, and • Direct financial assistance to renters. These goals mirror very closely what CFAA and our member associations and member landlords want in order to enable the rental industry to grow and prosper. CFAA looks forward to working with the other members of the NHC to achieve these goals.

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.

HOUSING REFUGEE FAMILIES By Derek Pinto, LandlordBC Member

Note: The names of the family have been changed to safeguard their privacy.

“In our culture, our neighbours are treated as we would treat our own family,” stated Kamar in our first meeting as tenant and landlord. Kamar and Nizar are refugees from Syria. They bring with them six children, ages 10 and under. I will never forget our walk with this beautiful Syrian family through the neighbourhood of Vic West in Victoria. As the children ran about discovering, exploring, and pointing at every plant and asking me if it was edible; Kamar told us about the challenges of living in Lebanon and their tremendous sense of gratitude for arriving in Canada. “Canadians have class,” she noted as she walked down the Galloping Goose bicycle path. I think some of the passersby suspected that the Abadis were a refugee family, as Kamar and Nizar excitedly gathered the children for photographs on the picturesque Galloping Goose on Victoria’s Gorge waterway. When one acquaintance of mine, walking along the street, found out they were newly arrived refugees, he was so excited that, beaming, he gave Nizar a big hug and exclaimed, “You are most welcome here!” Of course, hosting a refugee family is likely not the most straightforward of options available to a landlord. But my 8

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Whether you call it karma, corporal works of mercy, or simply paying it forward, we all have our duty to make this world a kinder place. ‘landlordship’ has been kept on course, in large part thanks to the steady advice of LandlordBC. The advice can be summarised as: • Treat refugees as any other tenant. • Fill out the paperwork, do a condition inspection, collect a damage deposit… • It is always safest, for both tenant and landlord, to do things the conventional way. • Use the methods laid out in the Residential Tenancy Act. On the ground, further efforts will be rewarded with a more peaceful tenancy: Work on a relationship of trust and mutual respect with your new tenants, right from the start. Granted, we

THE KEY Housing Refugee Families (cont’d)

should be doing this with all our tenants. But challenges with trust could have more potential to fester with refugees, given their past experiences, i.e., the reason they are fleeing their home country in the first place, not to mention language and culture. There are a tremendous number of agencies and resources waiting to assist you in managing your relationship with your new tenants. From immigrant and refugee non-profit societies to our own LandlordBC to Vancity’s interest free loans (https:// www.vancity.com/Loans) for rental units renovated in preparation for refugees. Refugees come with an assurance of steady rental payments for their first twelve months in Canada. When considering renting to a refugee family, it is prudent to consult with other tenants. In our situation, when asked, one of our tenants said, “Is it going to be an adjustment for me and my way of life? Absolutely. But that adjustment pales in comparison to what they have been through! Of course they should come!” At this point, the Abadis have been with us for three months. We try to maintain regular communication, both between them and us and between them and the other tenants. For this, we need an interpreter. If your tenants do not speak English (or other language you know), there should be resources available to assist you. Make certain of this before you agree.

aided by a local resident in times of need. I guess my hosting a refugee family is part of paying it forward. “One day we will return to Syria and you and Joanne will come and stay with us!” says Nizar. He states this in Arabic and we are able to translate using Google translator on our phones. You can feel the deep gratitude, mixed with deep anguish, in his voice. Despite the tremendous gratitude and regard for his newfound friends in Canada, he misses his homeland terribly. If he could hop on a plane tomorrow, head back to Syria, and provide a safe environment for his family, he would. But the town his family lived in is mostly ruins now, and is still the regular ‘beneficiary’ of bombs and attacks. Whether you call it karma, corporal works of mercy, or simply paying it forward, we all have our duty to make this world a kinder place. None of this should interfere with the responsibility we hold to run a viable business. By way of example, we should all hold up our right to receive payment for our rental units. We hold a responsibility to ourselves and other landlords to assure this happens, whatever legal means is required. By the same token, even if we recognize that hosting refugees will entail a little more time and effort at the front end, my suspicion is that it will be more than worth it, in the long run, both for ourselves personally and for society at large. If you are interested in renting to a refugee family, contact your local immigrant and refugee services organization or go to Refugees and Citizenship Canada (www.cic.cg.ca).

As for me, I have travelled much of the world. I cannot count on my fingers and toes the number of times I have been generously

CMHC FALL 2015 RENTAL MARKET REPORT By CMHC Staff BC APARTMENT VACANCY RATE REMAINED LOW CMHC’s annual rental market report revealed that in 2015, rental market conditions tightened in most urban British Columbia centres surveyed. The 2015 apartment vacancy rate in the province was 1.2%, compared to 1.5% in October 2014. This is the lowest apartment vacancy rate in BC since 2007 when it dipped to 1.0% for two consecutive years. At 1%, the vacancy rate for bachelor apartments was the lowest, followed by one-bedrooms at 1.1% and two-bedrooms at 1.5%. As has historically been the case, the vacancy rate for apartments with three or more bedrooms was once again the highest.

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Population-driven demand for rental accommodation was likely the most prominent demand factor in the decline in vacancy rates. The age groups typically associated with renting, those aged 20-34 and over 75, added about 30,000 people in 2015.

GROWING RENTER POPULATION INCREASED HOUSING DEMAND In 2015, demand for rental accommodation generally outstripped additional supply. On the demand side, the lower average vacancy rate for BC resulted from a number of factors, including improved labour market conditions among the younger segment of the population who tend to rent, and growing populations of younger and older British Columbians. Population-driven demand for rental accommodation was likely the most prominent demand factor in the decline in vacancy rates. The age groups typically associated with renting, those aged 20-34 and over 75, added about 30,000 people in 2015. Some first-time homebuyers, staying in rental accommodation longer to save for a larger down payment, may have also played a role. Rising existing home prices in most markets within the province may have deterred or delayed the movement from rental to homeownership, keeping downward pressure on rental vacancy rates.

Migration likely played a lesser role in lowering the vacancy rate compared to previous years, as net international migration slowed. Fewer people immigrating, and outflows of people in the non-permanent resident category, were the main factors behind the slowdown. At the same time, net interprovincial migration in 2015 added more than 16,700 people to the provinceâ&#x20AC;&#x2122;s population, an increase compared to just over 12,500 in 2014.

ADDITIONS TO RENTAL HOUSING SUPPLY WERE LIMITED In the October 2015 Rental Market Survey, the number of purpose-built rental apartments in BC increased by just under 1,900 units to 169,586 apartments. Increases in some centres were partly offset by declines in other centres. The Vancouver, Victoria, and Abbotsford-Mission Census Metropolitan Areas (CMAs), as well as Kamloops and Fort. St. John, recorded the largest annual net increases to the private apartment rental stock.

SUMMER 2016

THE KEY CMHC Fall 2015 Rental Market Report (cont’d)

The largest addition to supply was in the Vancouver CMA, where the number of private apartments – the majority being one-bedroom units – increased by 834 units.

VACANCIES DECREASED IN MOST URBAN CENTRES All but ten of the 27 urban centres surveyed in BC recorded lower vacancy rates compared to one year earlier. The lowest apartment vacancy rate was in Squamish at 0.3%. Dawson Creek recorded the highest apartment vacancy rate at 14.6%, up from 5.3% a year earlier. The vacancy rate in the province’s four CMAs, as well as Courtenay and Squamish, declined to less than 1%. Several of the centres reporting higher vacancy rates compared to October 2014 were located in central or northern BC, including Dawson Creek, Fort St. John, Prince George, and Williams Lake. In these areas, the impacts of low oil prices and related energy sector slowdowns may have had a greater impact on employment. As well, additional rental supply in several of these centres could also account for the rise in apartment vacancy rates. In Penticton, the vacancy rate increased compared to a year earlier but was still relatively low at 1.6%. Similarly, Salmon Arm’s vacancy rate rose to 2.5% from 1.4% in October 2014. Relatively stable rental vacancy rates were recorded in Cranbrook, Nelson, Parksville, and Terrace.

AVERAGE RENTS ALSO INCREASED The average two-bedroom apartment rent in BC increased 3.4% on an annual basis, compared to 2.4% a year ago. Bachelor and one-bedroom apartments recorded annual increases of 3.4%, while two- and three-bedroom apartments recorded annual increases of 3.7 and 3.8%, respectively. The average rent level for a two-bedroom apartment in new and existing structures was $1,155 per month, below Alberta’s $1,253 per month and ahead of Ontario’s $1,121 per month. The average rent level for a one-bedroom apartment in new and

existing structures was $987. One-bedroom apartments make up more than half of BC’s purpose-built stock. Within the province’s non-Census Metropolitan Areas, the average two-bedroom apartment rent ranged from $691 in Port Alberni, to $1,126 in Fort St. John.

AVAILABILITY RATE MOVED LOWER A rental unit is considered available if the existing tenant has given, or has received, notice to move and a new tenant has not yet signed a lease. (Since the definition of availability includes vacancy, the availability rate will always be equal to or greater than the vacancy rate.) The availability rate for rental apartments in BC moved lower to 1.7% in October 2015, compared to 2.3% in October 2014, the third consecutive annual decline. This trend held across all bedroom types. Three-bedroom or larger apartments reported the highest availability rate at 2.3%. The availability rate for bachelor apartments was the lowest among the different bedroom types at 1.4%, down from 2.0% in October 2014.

TOWNHOME VACANCY INCREASED In contrast to the downward trend for apartments, townhome vacancy rates were higher for all bedroom counts. The vacancy rate for rented townhomes in the province increased to 3.2% from 2.5% last year. Stronger employment and low mortgage interest rates may have encouraged the movement from townhome rental to homeownership, contributing to increased vacancy rates. Rented townhomes, at just under 9,000 units (or 5%), account for a relatively small share of the primary rental market. About one-third of these are located in the Vancouver CMA. However, in smaller centres of the province, rented townhomes are an important and significant share of the rental universe. In Campbell River, Fort St. John, Quesnel, Terrace, and Williams Lake, rental townhomes comprise about one-quarter of the rental stock. The average provincial monthly rent for a townhome was $1,103 in October 2015, ranging from $653 in Quesnel to $1,600 in the Vancouver CMA.

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SIMILAR TRENDS EMERGED IN THE SECONDARY RENTAL MARKET Investor-owned condominiums are an important addition to rental market supply in BC. CMHC’s Rental Market Survey includes a Condominium Apartment Rent Survey and a Condominium Apartment Vacancy Survey, both of which are conducted in the Vancouver, Victoria, and Kelowna CMAs. In the Vancouver CMA, the rental condominium vacancy rates did not significantly change from last year. However, in the Victoria CMA, the rental condominium vacancy rate declined,

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PERFORMANCE, TRUST & PROVEN RESULTS – ALL UNDER ONE ROOF

THE KEY CMHC Fall 2015 Rental Market Report (cont’d)

mirroring the decline in purpose-built apartment vacancy rates. In both centres, the vacancy rate for rented condominium apartments was near or below the vacancy rate for rental apartments. The condominium rental market recorded higher rents than apartments, as these units are usually in newer buildings and have amenities such as in-suite laundry, not typically found in older purpose-built rental apartments.

In addition to the condominium market, CMHC’s October 2015 Rental Market Survey also includes information on the secondary rental market. Vancouver, Victoria, Kelowna, and Abbotsford-Mission CMAs were the centres included in this survey. For more information, please visit cmhc/observer.ca. Source: CMHC

RENTT: THE VANCOUVER HOUSING MARKET Reprinted with permission from RHB Magazine

RHB Magazine brings together a special RENTT (Rental Executives National Think Tank) panel representing the City of Vancouver. Our esteemed panel members discuss topics that are relevant to the BC market, including market conditions in Vancouver, multi-family markets, capex improvements, apartment marketing, and more. Here is a sample of the insights presented at the panel in person.

John Stovell

Brian McCauley

RENTT panelists: • John Stovell, President and CEO, Reliance Properties • Brian McCauley, President and COO, Concert Properties • Scott Ullrich, CEO, Gateway Property Management • David Hutniak, CEO, LandlordBC Moderator: John Dickie, President, Canadian Federation of Apartment Associations 14

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Over the last several decades, the existing rental supply has aged and the population has grown at an accelerated pace, so that demand has outpaced supply, resulting in higher prices for housing of all types.

Scott Ullrich

David Hutniak

John Dickie

John Dickie: In your view, where are the various Vancouver housing markets going? Brian McCauley: Although we hear a great deal in the press about the runaway housing market here in Vancouver and the incredible pressure on the market by foreign buyers/investors, I do not believe that’s the entire story. Interest rates have remained low for some time, with little indication they will increase suddenly in the near future. Simple supply and demand are definitely at play. Vancouver is geographically constrained,

and it seems harder and takes longer to bring new housing to the market, whether it is rental or strata/condo, or single family development such as townhouses. David Hutniak: The fact that there was virtually zero new purpose-built rental construction for such a significant period of time has exacerbated the current supply situation in the Lower Mainland, Victoria, and other areas of the province. Over the last several decades, the existing rental supply has aged and the population has grown at an accelerated pace, so that demand has outpaced supply, resulting in higher prices for housing of all types. The federal tax changes and rent control have inhibited rental development. The challenges have been compounded by municipal bylaws like ‘rate of change’, which place restrictions on the replacement of existing stock. Then, there’s the issue of timelines for the approval of projects. Four or more years seems to be the norm. The low interest environment is a great opportunity but the rental market would be better served if we move fast and focus more on purpose-built rental and less so on strata/condos for long-term rental housing. People and rental developers need all

levels of government to work with the private sector on these critical issues. Jon Stovell: There is an increased willingness among consumers to buy or rent micro-suites. Concert entered the micro-suite market early with its building at 600 Drake. John Dickie: Yes, landlords who attended CFAA Rental Housing Conference 2012 in Vancouver will remember that building from the Building Innovations Bus Tour. Brian McCauley: Yes, 600 Drake continues to work well for us. With the amenities in the common areas, people are willing to pay premium rents per square foot for micro-suites. John Dickie: What are the most attractive segments of multifamily markets for BC investors right now? Are there any hidden gems? Brian McCauley: Transit-oriented sites are the hottest locations for multi-family in Metro Vancouver. As for hidden gems, there will always be opportunities for unique product offerings including micro-suites, or even the odd mid-market hotel conversion to rental housing, as we did in Victoria.

RE-PIPING ~ it’s what we do We specialize in replacing domestic water piping in large or small apartment buildings and townhouses. It is what we do. It is all that we do. Manna’s system of installation takes care of every detail. From the design of a new system to the restoring of all finishes, and every detail in between. Our aim is ensure that residents are inconvenienced as little as possible, with extra effort being made to keep them informed and content. Our friendly and courteous staff understand that they are not working at a jobsite, but in someone’s home, so daily clean up is thorough and important. If you are interested in a quotation for the replacement of your building’s domestic water piping system, call a specialist.

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SUMMER 2016

THE KEY RENTT: The Vancouver Housing Market (cont’d)

Scott Ullrich: I agree with Brian about transit-oriented sites in Vancouver. Victoria and other areas of Vancouver Island are also attractive. As well, a number of my clients are looking at Alberta, but most of them are waiting for prices to fall some more.

Brian McCauley: Even though the rental housing stock Concert owns is relatively new—20 years old at the most—we are constantly assessing buildings to determine what upgrades are needed to remain competitive.

Jon Stovell: Vancouver Island seems to be the current hot spot. And with today’s high land values and high construction costs, micro-suites are coming to Victoria, too.

Concert’s rental buildings were built to condo quality, but we are replacing carpet with laminate, upgrading appliances, and replacing light fixtures throughout to ensure greatest energy savings. Renters today compare our suites against the array of condos being offered. We need to keep up with the competition.

John Dickie: Changing topics, which capex improvements usually produce the highest ROI? What makes them work so well? Jon Stovell: In renovating a new acquisition, I usually find the greatest return comes from renovating kitchens and bathrooms. Scott Ullrich: I’m a big believer in curb appeal, and often focus renovations on building exteriors and common areas. Of course, the suites also have to be clean and attractive. If in-suite laundry can be installed, that has a huge impact on ROI, both through higher rents and lower costs. Jon Stovell: I agree with Scott that lobbies and hallways are also important, along with adding condo-style amenities—like laundry in-suite—if that is possible.

David Hutniak: Across the industry, energy efficiency and sustainability are important areas of emphasis. That includes in-suite upgrades even if the tenants incur the cost of the utility (hydro, for example), because it’s good business from a customer service perspective. Tenants increasingly care about their landlords being environmentally conscious and appreciate the lower hydro bills, too. Ultimately, they are prepared to pay more to live in a green building. Energy-saving investments improve the assets, and provide cost savings and higher rents over the long run. Here is another area. Developers and cities tend to focus on new development a great deal, but there are many opportunities for the enhancement of existing older buildings, by adding additional suites or another floor. Money is currently inexpensive, but getting the development permits to do these projects is onerous, particularly if zoning changes are needed. John Dickie: How has apartment marketing changed over the last 5 or 15 years? Scott Ullrich: Fifteen years ago, our focus was on newspapers and rental magazines. On behalf of our property owners, Gateway spent over $1,000,000 on Pacific Press ads alone (Vancouver Sun and Province). Today, almost all our advertising is on the web and through social media. Advertising costs have fallen significantly. Brian McCauley: The biggest change is in giving immediate access to information. Rental marketers must up-to date on all forms of social media and web access in order to provide prospective tenants with current information about suite details, rents, and availability. Today’s renters want all the information at their fingertips right away. In addition, leasing today is much more like condo sales. Landlords need experienced and knowledgeable staff to ‘sell’ the prospective tenant on all that they have to offer. John Dickie: Thank you, everyone, for your involvement in this special RENTT panel. I am sure that our readers will appreciate your insights.

| SUMMER 2016

HOW CAN CRB HELP YOU? By Shona Athey, Membership Services Representative and CRB Specialist, LandlordBC CRB is a quality assurance program that allows you to certify your multi-residential buildings by meeting a set of 50 standards, based on legislative requirements and industry best practices. The certification helps prospective tenants to know that you have well-run and wellmanaged buildings. Tenants can rent in your building with ‘peace of mind’ and confidence knowing that the building in which they have chosen to live provides excellent quality of service and quality of product.

and Safety, Workplace Violence and Harassment, as well as policies regarding employee reviews, employee continuing education, and employee feedback. You will have access also to educational materials as well as templates and guides. Reviewing your HR practices is vital to ensuring your employees are happy and your business is running smoothly. Your staff are your first point of contact with tenants (your customers), making HR critical to your success as a landlord and/or property manager. 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

In order to become certified, you must be a member in good standing with LandlordBC and must complete an application and screening process. Once registered in the program, you have access to the 50 standards of practice (SOPs) involved in the program. You then begin to build a ‘compliance binder’ (digital or print) to show how your company meets the standards of the program.

Phone: 250.382.6324 ext. 206 | Fax: 250.382.6006 Email: shonaa@landlordbc.ca Websites: www.landlordbc.ca, www.crbprogram.org

There are five key areas in which you must be able to show compliance:

* Struggling to keep up with RTA & RTB requirements?

1. Human Resource Management

* Midnight moves, insurance claims, emergencies?

2. Resident Management 3. Operations Management

* Own a luxury home and nervous about leasing?

4. Financial and Risk Management 5. Environmental Management In the next several issues of The Key, we will review each of the five areas and discuss why each is important to running your business. In this issue we will look at Human Resource Management.

* Tired of setup fees & charges for after hours showings?

Sound familiar?

CMY

HUMAN RESOURCE MANAGEMENT: If you employ one or more staff, then human resource management affects you and your business and is something that you need to consider. In addition to industry best practices, there are also legislative requirements that you must meet. You are required by law to comply with the Employment Standards Act. For example, providing proper pay and time off for resident caretakers and staff is just one of the many standards found in this section of the program. As a participant in the program, you will develop or update existing policies on Human Rights, Occupational Health

We provide: rapid emergency response, superior communication, thorough tenant screening/selection, cost controls to maximize your ROI

Property Management Done Right

carol@oakwoodproperties.ca www.oakwoodproperties.ca

SUMMER 2016

THE KEY

EMBRACING TOMORROW’S TECHNOLOGY TODAY: STRATEGIC PLANNING FOR THE NEW GENERATION OF RENTERS By Peter Altobelli, Vice President and General Manager, Yardi Canada Reprinted with permission from RHB Magazine We are entering a new age of managing and deploying marketing solutions for residential properties. And this new era caters to an incoming generation of increasingly tech-savvy renters. Many communities currently have property marketing websites that help prospects learn more by displaying contact information, community photos, and amenity details – but that is just the first step in proactively attracting leads and retaining residents in today’s competitive digital marketplace. The next generation of renters expects more. Smart companies are planning for tomorrow today. They are using technology to reach more prospects and implement interactive online portals that engage renters throughout every step of the leasing lifecycle, from applicant to resident. Combined with mobile-friendly payment processing options, it’s a winning formula that will not only attract more leads but also retain more residents, simultaneously increasing occupancy and decreasing turnover.

Using analytics to refine SEO strategy and identify top performing SEM campaigns helps drive significantly more traffic to property marketing websites. More traffic means more leads and, ultimately, more leases.

Above all, the survey results underscore what professionals in the residential real estate industry already know: Today’s renters want to do everything online. They place a high value on ease of communication but don’t want to visit a leasing office to get the answers they need to make a decision. At the same time, young renters expect access to convenient payment methods that suit their busy, mobile lifestyles.

REACHING THE PROSPECTS WHAT RENTERS WANT The recent National Multifamily Housing Council (NMHC)/ Kingsley 2015 Renter Preferences Study, which received responses from nearly 120,000 residents, revealed the following customer trends: • 93% of apartment residents want to submit maintenance requests online; • 92% said marketing websites with floor plans and pricing are highly important; • 88% said interior photos are critical; • 85% want to apply online; • 85% want to renew online; • 78% prefer electronic rent payments; • 77% want to see reviews and ratings displayed on property websites; and • 67% want to be able to reserve community amenities online. 18

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Finding the right renters starts with attracting the right prospects. Search engine optimization (SEO) and search engine marketing (SEM) solutions help properties reach online prospects actively searching for a place to call home. A solid SEO strategy delivers content that is appealing to both customers and search engines, organically positioning communities for maximum visibility in search results. These services build authority by claiming local business listings and using on-page optimization techniques tailored to a specific audience. SEM, also known as pay-per-click advertising, is about reach, relevance, and ROI. Targeted ad campaigns dramatically increase reach. When the right potential renter receives the right message at the right time, they will click through to a property site and be ready to take the next step. Using analytics to refine SEO strategy and identify top performing SEM campaigns helps drive significantly more traffic to property marketing websites. More traffic means more leads and, ultimately, more leases.

PROVIDE ANYTIME, ANYWHERE ACCESS

EMPOWER APPLICANTS AND RESIDENTS

Calling or visiting a leasing or property management office during business hours can be inconvenient to young professionals balancing busy work, life, and/or school schedules. Prospects, applicants, and residents should be able to take key actions online to advance in the leasing and renewal process. In addition, providing online tenant services increases resident satisfaction.

When a potential renter is ready to begin the leasing process, the marketing portal should convert leads by transitioning to an applicant portal with online leasing capabilities. Applicants can fill out and submit all required forms online night or day and begin – or even complete – the leasing process. Some current solutions offer integrated resident screening and lease execution that includes online signatures.

But, how can this be executed at a community or even corporate level? The solution lies in integrated portals developed to incubate consumers at every stage in the leasing lifecycle.

It’s also possible to develop applicant portals as Facebook apps, making it feasible for leads to complete the leasing cycle through a property management company’s Facebook page, without ever leaving their favourite social networking site.

A marketing portal must be developed to attract leads with stunning photos, detailed amenity descriptions, and powerful SEO. It should use responsive design for a positive user experience on any Internet-enabled device. Other critical features include ratings and reviews and social media integration.

And finally, renter portals that are also available as mobile apps increase resident satisfaction and retention by offering tenants around-the-clock access to online services, like maintenance requests and amenity reservations. Renters expect to be able to contact staff and resolve issues without a hassle. Residents are more likely to renew their leases when they feel their needs are being met.

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Top Producer Macdonald Commercial 2015 Strong Local, Asian and International Client Base

Dan Schulz*

778.999.5758 *Personal Real Estate Corporation

Specializing in Multifamily Apartment Buildings and Old Strata SUMMER 2016

THE KEY Embracing Tomorrow’s Technology... (cont’d)

ACCEPT PAYMENTS ONLINE

EVERYONE BENEFITS

Technological advances in payment processing are making it possible for residents to pay rent from anywhere using a computer, tablet, or smartphone. Paying rent online is a convenience that many of today’s tenants expect. When residents can pay rent and other required fees without having to visit an office, it makes payment processing more efficient for both tenants and property managers. Online pay capabilities make rent collection easier for property managers, and they increase cost effectiveness by cutting down on paper, staffing hours, delinquent payments, and repeat bank runs.

Are your properties prepared to attract and retain residents in 2016 and beyond? The new generation of renters is tech savvy and expects the same from the property management companies with which they choose to do business. The good news is, by strategically implementing technologies designed to attract the right prospects and improve the resident experience, you will also be increasing efficiencies, boosting renter satisfaction, and lowering your overall marketing costs. Yardi continues to develop and deliver software and services with the highest commitment to quality, innovation, responsiveness, and customer focus. With over 35 offices and 4,000 employees worldwide, Yardi is ideally suited to help you effectively manage your portfolio more efficiently and competitively.

REFINANCING MID-TERM: APARTMENT OWNER IN A FIXED-TERM MORTGAGE NEEDS FUNDS MID-TERM By Russ Syme, First National Financial LP Since there were no Canadian hockey teams in the playoffs, Malcolm decided to buy an apartment building. About five years ago, we had provided Malcolm with a 10-year term CMHCinsured mortgage on his 47-unit apartment building. At the time, he had no plans to buy any more properties. Now, out of the blue, a property he had always wanted to own was available for purchase. This would be a strategic acquisition. The new property was next door to his existing apartment building and it would give him the potential to redevelop the combined site (or sell to a developer) at some point in the future. He needed to borrow funds from his 47-unit building in order to provide the down payment for the purchase but his term wouldn’t mature for almost five years. He asked us to outline his options. Here is what we discussed:

CONVENTIONAL SECOND MORTGAGE The quickest and easiest way to refinance an apartment building mid-term is usually a conventional second mortgage. This is a non-CMHC-insured mortgage that would typically be for a term matching the remaining term on the existing CMHC-insured 20

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It is usually possible to obtain a CMHCinsured second mortgage or, in some cases, a pari passu mortgage (that’s a fancy Latin term meaning ‘equal footing’, i.e., the new mortgage ranks equally with the existing mortgage). mortgage (in Malcolm’s case, about five years). At maturity, the property would typically be refinanced with a larger CMHCinsured mortgage that would repay the conventional second mortgage. Since CMHC is not involved in approving the conventional second mortgage, there is one less step in the process, shaving weeks off the turnaround time. That said, conventional second mortgages are higher interest rate loans. Generally, they work best when there is only a year or two remaining on the term of the existing first mortgage. Otherwise, the higher interest rate begins to make some of the other options more attractive. Since there were almost five years remaining on Malcolm’s term, we advised him that a conventional second mortgage was likely not the best option for his situation.

PREPAY THE EXISTING CMHC FIRST MORTGAGE AND REFINANCE Some, but not all, CMHC-insured mortgages are prepayable, subject to a prepayment penalty. Malcolm’s mortgage was prepayable. Two main factors determine the size of the prepayment penalty: the length of the remaining term and the difference between the actual interest rate on the mortgage and the current government bond yield for the remaining term. Once prepaid, we could provide a new CMHC-insured mortgage for the full amount Malcolm required at today’s low interest rates. Since the remaining term of Malcolm’s mortgage was quite long and since interest rates have fallen steadily since Malcolm’s loan was first funded, the prepayment penalty would have been high. We provided Malcolm with calculations of the prepayment penalty and analysis of the interest savings that would come from refinancing at a lower rate. In this case, the cost of the prepayment penalty outweighed the interest savings and Malcolm decided against this option.

Russ Syme is Assistant Vice President, Commercial Financing with First National Financial LP in Vancouver. In addition to being the largest apartment lender in Canada, First National is an Associate Member and long-time supporter of LandlordBC. Russ can be contacted at 778.327.5712 or russell.syme@firstnational.ca.

CMHC TOP UP OR REFINANCE It is usually possible to obtain a CMHC-insured second mortgage or, in some cases, a pari passu mortgage (that’s a fancy Latin term meaning ‘equal footing’, i.e., the new mortgage ranks equally with the existing mortgage). CMHC charges a slightly higher premium for a second mortgage than for a pari passu mortgage, but otherwise they are essentially the same thing. We showed Malcolm a number of ways that this type of CMHC refinancing could be structured to either maximize loan amount or minimize the CMHC premium. Malcolm chose to go with a CMHC-insured ‘top up’ that limits the combined loan amount to 65% of CMHC underwriting value and keeps the amortization the same as that of the existing CMHC mortgage. On this basis, CMHC charges the premium only on the new money. This worked well for Malcolm as it provided the amount of equity he needed but kept the cost of CMHC insurance low. With the refinancing taken care of, Malcolm decided he’d watch the hockey playoffs after all. He decided to cheer for the Washington Capitals as he liked their chances to win the Stanley Cup with ‘Ovie’ at the top of his game. By the time you read this, you should know whether he chose well. At least we’re certain he made the right pick for his mortgage.

SUMMER 2016

THE KEY

ENSURING A SUCCESSFUL CONTRACTING EXPERIENCE By Deana Srdic, Wolfgang Commercial Painters Tendering a construction project is timeconsuming and daunting: Choose the wrong contractor and prepare for a rollercoaster of poor communication, missed deadlines, and exceeding budgets. Pick the right contractor and set smooth sail to project completion on time and budget, with adequate communication. Before beginning any project, avoid these classic mistakes: No Job Walk Contractors are met on site to review the project individually (if at all), as opposed to a group walkthrough, often resulting in a scheduling nightmare for the property manager or building owner and scope confusion. Jobs Tendered Too Late in the Season Best prices are guaranteed if tendered in the winter, for most trades. No Clear Specification or Deadline Set for Submission Contractors are left to submit their proposal at their leisure, with a scope of work not aligned with what the customer wants. The three stages of project tendering include the specification, the job walk, and the award. Each step of the tendering process requires diligence and clear communication to ensure that needs are met.

THE SPECIFICATION The specification requires requesting a budgetary quote and proposal prior to tendering the project. The budgetary quote AD card:q7

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If a candidate sets seemingly unrealistic start and finish dates, they likely are. Do not allow yourself to be over-promised to. will provide a base example for products needed, price, and overall scope, which sets the outline for the tender. Third party inspectors can be helpful as an unbiased source for determining complicated project scope. Other details for specification include: • Timeframe • Scheduling • Insurance • WorkSafeBC • Bonding • References • Tenant concerns • Security issues • Special considerations, etc. • Areas of inclusion and exclusion After the tender has been completed as above, perform a pre-screen of four contractors by viewing them online and asking for references. While pre-screening, ensure that the project size can be managed by the contractor size.

THE JOB WALK Now is the time to schedule the job walk, which should not take more than one hour. Email the four contractors to invite them and ensure that the meeting has been confirmed. Along with the invitation, send out the tender package based on the specification determining scope, areas of inclusion and exclusion, and start and finish timeline. The tender package should include a firm submission deadline to save you time and ensure your project is kept within the timeline. • Walk the site with the group of four contractors while encouraging and answering questions. Red flag: If a candidate calls after the walk with multiple questions, they are likely not communicative or receptive enough to manage the job at hand. • If a sizeable change of scope occurs, email the addendum to the job walk contractors.

THE AWARD

RED FLAGS REVISITED

Before awarding the contract, ensure that each proposal is reviewed and is based on the scope of work. Red flag: If any contractor missed the scope, remove the contractor from review. If they cannot bid accordingly, they likely cannot manage the project accordingly.

• If a candidate calls after the walk with multiple questions they are likely not communicative or receptive enough to manage the job at hand.

Shortlist all suitable applicants and average out the four prices. Look at the two most reasonable prices, shortlist, and begin asking questions such as: • When will you start and finish the project? • Who will oversee the project? • How will you communicate updates and any issues as the project unfolds? • Why should I choose you over the next contractor? • What is your competitive advantage? Red flag: If a candidate sets seemingly unrealistic start and finish dates, they likely are. Do not allow yourself to be overpromised to. Once the shortlist questions have been answered by both applicants, select and award the contract! You are on your way to project commencement.

• If any contractor missed the scope, remove the contractor from review. If they cannot bid accordingly, they likely cannot manage the project accordingly. • If a candidate sets seemingly unrealistic start and finish dates, they likely are. The project tendering tips above are purposed to aid Property Managers with effective and efficient project tendering, ultimately aligning themselves and their project needs with a suitable contractor. Deana Srdic is the Marketing Manager at Wolfgang Commercial Painters, a member of Landlord BC since 2010. To contact Deana for more information, please email deana@wolfgangpainters.com or visit www.wolfgangpainters.com.

THE KEY

DOMESTIC HOT WATER PRODUCTION: A RELIABLE ENERGY-SAVING SOLUTION WITH SOUND ECONOMICS By Jaroslav Chizhov, Viessmann Manufacturing Inc. In detached domestic hot water (DHW) applications, direct-fired, mid-efficiency hot water tanks are used most commonly. However, their reported energy consumption and service life prompt a review of some alternative solutions. The next option in line is condensing direct-fired hot water tanks that offer advanced efficiency. While they are simple to install or retrofit, their popularity is somewhat limited due to a higher investment. Contractors and operators are also questioning their life cycle and maintenance cost.

The concept of hot water production based on high-quality indirect DHW tanks and condensing boilers with a heat transfer medium is a reliable energy saving alternative.

• The next critical aspect is the use of boilers and tanks featuring high-grade materials and robust construction. Verify the documentation: If titanium-stabilized stainless steel used as a boiler and tank vessel material is combined with a durable design, both are expected to carry a limited lifetime warranty. When adequately serviced, these items have been reported to last over 20 years of service life. • The development in the design technique has resulted in 20% - 30% capital cost reductions, combined with further improvements of fuel savings, compared with the first systems of its kind. For the most part, these retrofits result in 30% fuel savings, compared with mid-efficiency systems, although higher numbers have also been recorded. • A system properly set up by a reputable designer or contractor can help achieve optimum results.

A failed high-efficiency stainless steel DHW tank installed in 2011 and decommissioned in 2015.

In seeking distinctively different arrangements, DHW systems with indirect stainless steel hot water tanks and high-efficiency heating boilers have been used actively in the past decade; however, it wasn’t until recently that these systems have built a proven track record and a technique has evolved to approach a common affordability segment. The distinction of this alternative setup is as follows: • The detrimental aspect of systems with indirect tanks and high-efficiency heating boilers is the introduction of a heat transfer medium. Its dampening effect between the fire and potable water sides of the system makes it possible to minimize thermal stress of the components involved as they go through operating cycles. This mitigates the potential for material fatigue that tends to accumulate otherwise, leading to premature failure of the components. 24

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CASE STUDY Description A rental apartment complex in the Fraser Valley features 120+ suites with single bathrooms and a common laundry facility. The DHW system is the only one consuming gas, which allowed us to do a clean review. Original system The original system was mid-efficiency, featuring 300 USG of DHW storage and 600 MBH of heating input capacity, and was at the end of its service life. Retrofit solution The new system featured 2x 120 USG indirect tanks, 2x 350 MBH high-efficiency heating boilers. All were constructed of titanium-stabilized stainless steel and had a limited lifetime warranty reduced to 10 years in commercial applications.

Projected life cycle costs over a 25-year period. Operating parameters at high and low DHW loads of the indirect system studied. The Hot Water Return (HWR) is maintained within the 42C-48C range showing consistent, high-efficiency operations.

Input data and assumptions

Average initial cost, $

Common mid-efficiency system

20000

Fortis BC incentives, $ Reported life expectancy, years

Common high-efficiency system

Viessmann high-efficiency system

35000

70000

5000 5

Annual Service Cost, factoring amortization over the life cycle, $

5500

9000

2900

Annual fuel consumption, GJ

2400

1560

Fuel cost per GJ, $

Fuel cost, annual, $

26400

Inflation

CONCLUSION The concept of hot water production based on highquality indirect DHW tanks and condensing boilers with a heat transfer medium is a reliable energy saving alternative. While the initial investment may appear high, the overall life cycle cost is the lowest ever. The approach is gaining strong support among consumers who appreciate long-term solutions with consistently high performance. Active Contributors to the Material and Development of the Concept • Building Energy Solutions, 778.288.9385

17160

Input data and assumptions for a generic 120-unit apartment building with a DHW retrofit. Notes: Installation costs are average and can vary depending on location, site conditions, and scope of work. Life expectancy is estimated by contractors/operators; energy cost variations were not taken into account.

RESULTS The case results in 30% fuel savings. The payback over the mid-efficiency system is 6 years, 25-year dollar savings is $300K. The added value of enhanced operational security is hard to overestimate.

17160

• Custom Air Conditioning, 604.203.7070 • Innovative Mechanical, 604.864.1968 • Malburg Pump and Boiler, 778.877.3081 • RAM Mechanical, 604.434.4530 • T’n’T Energy Systems Services, 604.317.1379 Jaroslav Chizhov is a Commercial Account Manager with Viessmann Manufacturing, Inc. Viessmann’s comprehensive range offers individual solutions and efficient systems for all application areas and fuel types.

SUMMER 2016

THE KEY

LANDLORDBC GUIDE: DEATH OF A RENTER By LandlordBC Staff This guide covers the topic of death in rental units and is meant to be general information only. We recommend that if you have specific questions to contact us. Gwyneth Clark had been a renter in the Everfine Apartments since her husband passed away 18 years ago. Every Sunday her daughter phoned her and they talked about the past week’s events. On Monday, her daughter phoned Bill Espier, the resident manager, distraught that she had been unable to contact her mother the day before. Bill went to Mrs. Clark’s suite, knocked on the door; no answer. He phoned her; no answer. He checked with the renters on both sides of her suite; neither recalled seeing or hearing Gwyneth for a few days. Bill’s worst fears were realized when he entered the suite and found her sprawled on the kitchen floor, apparently dead. He phoned 911 and the police and paramedics quickly responded, followed by the coroner, who confirmed that death was from natural causes. The coroner then arranged to have Mrs. Clark’s body removed from the suite. “Now what?” wondered Bill, “Do I have to tell anyone? Should I do an inspection and record everything? Can I remove her possessions? Should I remove them? How do I find next of kin? What if someone claiming to be a relative wants to take everything? Should I change the locks? Am I entitled to next month’s rent or rent until the suite is empty? What questions haven’t I thought of? Most importantly, who can answer all these questions?”

DO I HAVE TO TELL ANYONE? If Bill has Gwyneth’s next of kin or emergency contact information, (see the last line on the LandlordBC Tenancy Agreement and/or the Application for Tenancy), he should immediately provide that information to the police and they will contact the person. It is important that landlords have this information. In the event of a renter’s death, doing what is necessary to recover the suite, deal with the renter’s possessions, etc. will go more smoothly and quickly than if a search for next of kin has to be made, plus the responsibility will rest with the next of kin rather than the landlord.

SHOULD I DO AN INSPECTION AND RECORD EVERYTHING? While not legally required at this point, it is a good idea to do so (with a witness), disturbing as few of her possessions as possible. Taking photos is also advisable. This will protect Bill 26

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When he has [confirmation of the latest will], Bill should arrange to have the executor remove everything from the suite. This should be done in conjunction with a move-out condition inspection and a signed agreement with the executor dealing with the security deposit, unpaid rent, and any other amounts owed to the landlord. against someone subsequently claiming that he took something from the suite that didn’t belong to him. See the next answer.

CAN I REMOVE HER POSSESSIONS? If next of kin can be found, Bill should ask if Mrs. Clark had a will and, if so, who the executor is. He should contact the executor and ask for a copy of Mrs. Clark’s last will, along with a Wills Search (see below) to confirm that there is no later will. When he has that confirmation, Bill should arrange to have the executor remove everything from the suite. This should be done in conjunction with a move-out condition inspection and a signed agreement with the executor dealing with the security deposit, unpaid rent, and any other amounts owed to the landlord.

SHOULD I REMOVE THEM? If next of kin cannot be found, or there appears to be no will, or the executor can not or will not act reasonably quickly, Gwyneth’s possessions can be removed by Bill, provided he doesn’t do so before the end of the month for which rent has been paid. He should follow the rules for abandoned property: Make a comprehensive list of everything in the suite, dispose of perishables or hazardous items, and store everything else in a secure location for at least 60 days. It would be wise to do this with a witness, particularly if money, jewellery, or other valuables are found in the suite.

HOW DO I FIND NEXT OF KIN? If Bill hadn’t obtained next of kin or emergency contact information from Gwyneth, he can do a Wills Search through the Vital Statistics Agency at www.vs.gov.bc.ca/wills/search.html. For a $20 fee he can find out if Gwyneth had a will (provided it was registered), the date of the will, and where it is located. With that information, he may be able to find out who Gwyneth designated as the executor of her estate.

If Bill cannot find a next of kin and determines that there is no will, then it may be that Gwyneth died intestate, without a will. In this case, an Administrator (usually the Public Guardian and Trustee; see below) will need to be appointed to handle Gwyneth’s estate. Unfortunately, this process takes time.

WHAT IF SOMEONE CLAIMING TO BE A RELATIVE WANTS TO TAKE EVERYTHING? Bill needs to be very cautious if someone claiming to be a personal representative, authorized relative, only child, administrator, or executor shows up. The person may have legitimate authority or may be one of several relatives named in an as-yetundiscovered will who is trying to get possession of “Aunt Gwyneth’s” valuables before anyone else shows up. Only if the person can provide documentation satisfying Bill that he or she has legitimate rights to deal with the possessions should Bill let her or him into the suite. If Bill has any doubts about the qualifications of the person demanding entry to the suite, he can call LandlordBC for advice. In any event, Bill should take a copy of the documentation presented, along with a copy of the person’s driver’s license or other picture identification, and keep that information with Gwyneth’s file.

SHOULD I CHANGE THE LOCKS? Yes! Change the locks as soon as the police and coroner have confirmed they have no interest in the suite. Also make sure the rest of the suite is secure, i.e., windows and patio doors are closed and locked, appliances are turned off, etc. Bill should put a note on the door that anyone having an interest in Mrs. Clark’s estate can contact him. This is particularly important in case, for example, Gwyneth had given a key to a friend who might now want to help himself to some of her property.

AM I ENTITLED TO NEXT MONTH’S RENT OR RENT UNTIL THE SUITE IS EMPTY? Whether the tenancy was month-to-month or fixed term, Bill can claim rent for the next month or until the suite is vacated, whichever is later. He likely cannot claim beyond that point, as it could be ruled that the agreement was ‘frustrated’ by Gwyneth’s death. Bill should use considerable discretion in this regard. Telling a distraught daughter that she now owes $X because her mother didn’t give one clear month’s notice to end the tenancy certainly is not recommended! Depending on the circumstances, Bill could file for a monetary order, naming the ‘Estate of Gwyneth Clark and Josephine

Clark, Executor or _______ as Administrator (if there is an Administrator)’. Note that the 15 days rule for dealing with the security deposit still applies.

WHAT QUESTIONS HAVEN’T I THOUGHT OF? Public Trustee If Bill has no next of kin information and there is no will registered, he should contact the BC Public Guardian and Trustee who administer estates of persons who die with or without a will when an executor, family member, or other eligible person either does not wish to or is unable to carry out the administration of the estate. However, the Public Trustee may decline to act if the value of the estate is estimated to be less than $5,000. If the Public Trustee agrees to act, they will take full responsibility for making funeral arrangements, determining total assets, taking control of them, attempting to find heirs or beneficiaries, and dealing with the myriad of documentary and regulatory requirements. When the Public Trustee takes over, Bill is relieved of any responsibility for Gwyneth’s possessions. However, the Trustee may want to change the locks and leave the possessions in place pending disposal decisions. When the suite is finally empty and being returned to the landlord, Bill should ensure he does a final documented condition inspection, with the Public Trustee signing on behalf of the tenant. Bill should file a claim with the Public Trustee for any amounts owing relative to the tenancy, including rent to the point the suite was returned, as the Public Trustee must satisfy Gwyneth’s debts from her estate. For more information, visit www.trustee.bc.ca, email estates@ trustee.bc.ca, or phone 604-660-4444.

SUSPICIOUS CIRCUMSTANCES If the police or the coroner are not satisfied that the death was from natural causes, either can retain full control of the suite, including changing the locks and preventing Bill or anyone else from entering until such time as an investigation is completed.

TIME PASSES BEFORE DISCOVERY A body begins to decompose quickly, with significant problems resulting in the immediate area. If Gwyneth’s death wasn’t discovered, for example, within a week, Bill needs to contact a professional restoration company to properly clean, sanitize, and restore the suite. This may involve disposal of carpets and, in extreme cases, walls, and cupboards from which odour can’t be removed. SUMMER 2016

THE KEY

A BRIEF ON BED BUGS By Lisa Henderson, Member Service Representative, LandlordBC Bedbug infestations continue to rise in our province. General treatments can be protracted and expensive, so the old saying, â&#x20AC;&#x2DC;An ounce of prevention is worth a pound of cureâ&#x20AC;&#x2122;, is very applicable in this situation. Communicating with your tenants some basic measures anyone can take could save on pest control bills and headaches. Bedbugs are about 5 to 6 cm in length, brown, and wingless. They feed on blood and their bites produce itchy welts on skin. They are not known to carry blood-borne diseases or produce major illness. After feeding, their colour darkens to a blood-red and they swell to about 10 cm in length. They can live in places like electrical outlets, under wallpaper, and behind picture frames. Although clutter and dirtiness can exacerbate a bed bug infestation, having bedbugs is not indicative of a lack of cleanliness.

They can live in places like electrical outlets, under wallpaper, and behind picture frames. Although clutter and dirtiness can exacerbate a bed bug infestation, having bedbugs is not indicative of a lack of cleanliness. If youâ&#x20AC;&#x2122;ve had a bedbug issue in the past, or if you just want to practice preventative measures, there some steps you can take. Bedbugs cannot jump or fly so coating the legs of beds with double-sided tape or petroleum jelly will be prevent them from climbing onto the bed. An alternative to this is to place the bed legs in plastic containers or tin cans. There are also commercially available solutions that contain a powder that stop bedbugs from being able to climb up the legs on beds. In some cases, tenants may feel the need to take stronger measures. One such option involves wrapping mattresses in plastic (there are large mattress bags with zippers commercially available). This can be further secured with duct tape over the zipper, thus eliminating hiding places for bedbugs and helping with early detection. Second-hand furnishings, bedding, or clothing should be carefully inspected and cleaned prior to being brought into the unit. There are heat treatment services that kill bedbugs in furniture available as well. In general, we recommend significant caution when purchasing anything second-hand. When travelling, make sure you inspect the hotel mattress and headboard in the room to ensure you are not going to bring home any unwanted hitchhikers. Pest control companies are trained and equipped to deal with bedbugs, so this is the best option. However, there are self-treatments available. Whatever method you choose, be thorough as bed bugs are hard to treat and often require repeat treatments before they are eradicated. Regular follow up inspection will be necessary for several months after treatment as bedbugs can lay dormant for years and most treatment options do not destroy eggs.

| SUMMER 2016

ASSOCIATE MEMBERS/CORPORATE SUPPLIERS | MAINLAND ACCOUNTING D&H Group LLP, Chartered Accountants Michael Louie T: 604.731.5881 www.dhgroup.ca Smythe CPA Bob Sanghera T: 604.694.7547 www.smythecpa.com

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

APPLIANCE - RENTALS Coinamatic Canada Inc. Jack Ursacki T: 604.787.1172 www.coinamatic.com Handy Appliances Rocky Mangat T: 604.879.1555 www.handyappliances.ca

Penguin Appliances Sales & Services Sam Sangha T: 604.451.4411 www.penguinappliance.com Sparkle Solutions Corp. Connie Goldman T: 604.396.3184 www.sparklesolutions.ca

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

APPRAISAL - REAL ESTATE

Coinamatic Canada Inc. Jack Ursacki T: 604.787.1172 www.coinamatic.com

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

ENERGY EFFICIENCY & CONSERVATION

CLEANING – BIOHAZARDOUS PuroClean Restoration Grant Blanden T: 778.985.7876 www.puroclean.ca

CLEANING – CARPET & UPHOLSTERY

DOORS - ENTRANCE & HARDWARE REPAIRS

BC Hydro Power Smart Business Helpdesk T: 866.522.4713 www.bchydro.com

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

FortisBC Ltd. Siraz Dalmir T: 604.592.7724 www.fortisbc.com

DRAINAGE & SEWERS

FRESCo Building Efficiency Jordan Fisher T: 778.783.0315 www.frescoltd.com

COMMUNICATIONS/ ENTERTAINMENT

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

DGBK Architects Ralf Janus www.dgbk.com

Shaw Cable Frank Franco www.shaw.ca

DUCT CLEANING

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

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

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

ELECTRICAL CONTRACTORS

ENGINEERS

T:604.682.1664

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

APPLIANCE – SALES & SERVICE

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

ARCHITECTURE, DESIGN, BUILDING CODE

Coast Wholesale Appliances Inc. Robb Byrd T: 604.301.3459 www.coastappliances.com

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

ELEVATOR SERVICE & REPAIRS

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

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

BIOHAZARD REMEDIATION

Midland Appliance Gary Braun T: 604.278.6131 www.midlandappliance.com

DEPRECIATION REPORTS

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

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

APPLIANCE - SALES

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

BUILDING REPAIR & RENOVATION

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

BUILDING ENVELOPE 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

T: 604.629.3231

Telus Communications Sam Chan T: 604.432.3246 www.telus.com

CONCRETE WORK 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

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

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

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

RDH Building Science Inc. Kelly Haines/Dave Rickettst 604.873.1181 www.rdh.com Read Jones Christoffersen Ltd. Jason Guldin T: 250.386.7794 www.rjc.ca

ELECTRICIANS DECKS, BALCONIES & RAILS

FRESCo Building Efficiency Jordan Fisher T: 778.783.0315 www.frescoltd.com

T: 778.772.1834

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

WSP Canada Inc. Kathryn Webb T: 604.924.5575 www.wspgroup.com

ELEVATOR 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.

SUMMER 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

FIRE & WATER DAMAGE RESTORATION PuroClean Restoration Grant Blanden T: 778.985.7876 www.puroclean.ca

FLOORING & CARPETING Exclusive Flooring Ron Shukyn T: 604.575.9550 www.exclusivefloors.com 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

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

INSURANCE AC &D Insurance Services Ltd. Scott Jamieson T: 604.982.1039 http://acd.insurebc.ca BFL CANADA Insurance Services Inc. Paul Murcutt T: 604.678.5454 www.bflrealestate.ca 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

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

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

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

INTERCOM REPAIRS & INSTALLATION

MORTGAGE INSURANCE

Vandelta Communication Systems Ltd. Hugh Rae T: 604.732.8686 www.vandelta.com

INTERNET LISTING SERVICE 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

SUMMER 2016

PLUMBING/HEATING/BOILERS

GV Inspections Jim Garnett T: 778.840.7611 www.gvinspections.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

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

PAINTING SERVICE

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

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

MORTGAGE FINANCING

Remdal Painting & Restoration Inc. Dan Schmidt T: 604.882.5155 www.remdal.com

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

NARCOTICS INSPECTION

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

Citifund Capital Corporation Derek Townsend T: 604.683.2518 www.citifund.com

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

PIPE LINING/RE-PIPING

LEGAL SERVICES

CIBC Wood Gundy Gilbert Lam T: 604.806.5508 www.cibcwg.com/raymond-shum

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

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

ONLINE PAYMENT SERVICE INVESTMENT & RETIREMENT PLANNING

PEST CONTROL

Mountain Crest Pro Painting Ed Hart T: 604.597.2070

Wolfgang Commercial Painters Heinrich Schoeman T: 604.420.5552 www.wolfgangpainters.com

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

Allied Plumbing and Heating Lance Clarke T: 604.731.1000 www.allied-plumbing.ca Ashton Service Group Brian Williams T: 604.275.0455 www.ashtonservicegroup.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 CuraFlo of British Columbia Ltd. Randy Christie T: 604.298.7278 www.curaflo.com Handy Appliances Rocky Mangat T: 604.879.1555 www.handyappliances.ca Montalbano Plumbing Services Ltd. Giovanni Montalbano T: 604.444.0222 www.montalbano.ca 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

Hume Investments Ltd. Sally MacIntosh T: 604.980.9304 www.humeinvestments.com Li-Car Management Group Lita Powell T: 250.785.2662

PROPERTY MANAGEMENT Ascent Real Estate Management Corporation Darren Schulz T: 604.431.1800 www.ascentpm.com

Macdonald Commercial Real Estate Services Ltd. Tony Letvinchuk T: 604.736.5611 www.macdonaldcommercial.com

Associa British Columbia Inc. Katie Khoo T: 604.501.4417 www.associabc.ca

Metro Vancouver Housing Corporation Priscilla Matei T: 604.456.8802

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 Dennison Property Management Ltd. Jane Dennison T: 604.982.7059 www.dpmonline.ca Dorset Realty Group Canada Ltd. T: 604.270-1711 http://dorsetrealty.com FirstService Residential Judith Harris T: 604.683.8900 www.fsresidential.com 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

MultiFamily Real Estate Services Corporation Seth Baker T: 778.235.9293 www.multifamily.ca 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

RENOVATIONS & REPAIRS

Phoenix Restorations Ltd. John Wallis T: 604.945.5371 www.phoenixrestorations.com Prostar Painting & Restoration Ltd. Jonathan Moorhouse T: 604.876.3305 www.prostarpainting.com Superior Flood & Fire Restoration Mayank Anand T: 604.601.8206 www.superiorrestoration.ca

ROOFING

UTILITY SUB-METERING QMC Meters James Easton qmeters.com

T:604.526.5155

WASTE/RECYCLING 604-TRASH-IT Dave Abercrombie T: 604.872.7448 www.604-trash-it.com Progressive Waste Solutions Rob Barr T: 604.834.7578 www.progressivewaste.com

Porte Realty Ltd. Daniel Bar-Dayan T: 604.732.7651 www.porte.ca

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

Prospero International Realty Inc. Jeff Nightingale T: 604.669.7733

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

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

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

Raamco International Properties Canadian Ltd. Kimm Zbierski T: 250.686.3131 www.raaco.com

RENT NEGOTIATION & ARBITRATION

ROOFING MEMBRANES

WATERPROOFING

D.J. MAC Consulting Don MacPherson T: 778.837.1952 www.ownertenantmediation.com

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

REPIPING

SECURITY & INTERCOM SYSTEMS

Sunstar Realty Ltd. David Mak T: 604.436.1335

BMS Plumbing & Mechanical Systems Ltd. Tamara Merchan T: 604.515.9330 www.bmsmechanical.com

ADT Canada Inc. Vince Wong www.adt.ca

Turner Meakin Management Company Ltd. Kelly Kellogg T: 604.736.7020

Brighter Mechanical Ltd. Mike Pearson T: 604.279.0901 www.brightermechanical.com

SOFTWARE – PROPERTY MANAGEMENT

Unique Real Estate Accommodations Nina Ferentinos T: 604.984.7368

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

Roboson Holdings Ltd. Sarah Hill T: 800.682.2088 S.A.H. Properties Ltd. Leslie Pomeroy T: 604.926.6947

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

REAL ESTATE SALES 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

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

RESTORATION 1st Trauma Scene Clean Up Ltd. Brian Woronuik T: 604.598.8887 www.traumascenecleanup.ca FirstOnSite Restoration Kris Kuran T: 604.436.1440 www.firstonsite.ca Nuwest Contracting Ltd. Debbie Gettling T: 604.525.6145 www.nuwestcontracting.com

T: 604.349.6974

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

SUPPLIES - HARDWARE, BUILDING, MAINTENANCE HD Supply Facilities Maintenance Stanley Neumann T: 604.562.6764 www.hdsupplysolutions.ca RONA Inc. Scott Souder www.rona.ca

T: 604.787.0049

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

WINDOW & DOOR MANUFACTURING Canadian Vinyltek Window Corporation Patrick Malone T: 604.540.0029 www.vinyltek.com

UTILITIES/ NATURAL GAS

WINDOW MANUFACTURING – COVERS

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

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

FortisBC Ltd. Siraz Dalmir T: 604.592.7724 www.fortisbc.com SUMMER 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

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

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

APPLIANCE – RENTALS

ELECTRICAL SERVICE

Coinamatic Canada Inc. Jack Ursacki T: 604.787.1172 www.coinamatic.com

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

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

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

APPLIANCE - SALES

ELEVATOR SERVICE & REPAIRS

INTERNET LISTING SERVICE

PROPERTY MANAGEMENT

REAL ESTATE SALES

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

Thyssenkrupp Elevator (Canada) Inc. Bob Marr T: 250.474.1150 www.thyssenkruppelevator.com

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

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

Colliers International Ken Cloak T: 250.388.6454

ENERGY EFFICIENCY & CONSERVATION

LEGAL SERVICES

Complete Residential Property Management Dennie Linkert T: 250.370.7093

WWW.COLLIERSCANADA.COM

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

ASBESTOS REMOVAL

BC Hydro Power Smart Business Helpdesk T: 866.522.4713 www.bchydro.com

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

FortisBC Ltd. Siraz Dalmir T: 604.592.7724 www.fortisbc.com

BIOHAZARD REMEDIATION

FRESCo Building Efficiency Jordan Fisher T: 778.783.0315 www.frescoltd.com

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

Shaw Cable Sebrina Benson www.shaw.ca

T: 250.475.7251

Communications Sam Chan www.telus.com

T: 604.432.3246

MORTGAGE INSURANCE

FRESCo Building Efficiency Jordan Fisher T: 778.783.0315 www.frescoltd.com

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

Read Jones Christoffersen Ltd. Jason Guldin T: 250.386.7794 www.rjc.ca

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

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

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

SUMMER 2016

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

ENGINEERS

HOARDING - CLEAN UP

Colliers International Dave Ganong T: 250.388.6454 www.collierscanada.com

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

CREDIT REPORTING AGENCY

MORTGAGE FINANCING

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

FIRE PROTECTION, MONITORING, & EQUIPMENT

COMMUNICATIONS/ ENTERTAINMENT

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

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

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

POWER WASHING

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

PAINT, PAINTING, RESTORATION SERVICES

Raamco International Properties Canadian Ltd. Kimm Zbierski T: 250.686.3131 www.raaco.com

Empress Painting Ltd. Chris Jefferies T: 250.383.5224 www.empresspainting.com

Roboson Holdings Ltd. Sarah Hill T: 800.682.2088

PLUMBING/HEATING/BOILERS Mac’s Heating Ltd. Dean Houstin T: 250.384.9263 www.macsheating.ca

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

Royal LePage Prince Rupert Keith Lambourne T: 250.627.7551 South Island Property Management Ltd. Robert Pearson T: 250.595.6680 TPM Management Ltd. Debbie Hunt T: 250.383.7663

Devon Properties T: 250.595.7000 www.devonprop.com

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. Siraz Dalmir T: 604.592.7724 www.fortisbc.com

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

Under Contract

New Listing

Novare

Southview Gardens

Skyline Manor

New purpose-built rental apartment tower. 26 stories.

6.58-acre redevelopment site in Champlain Heights.

26-suite rental apartment building. 21,000 SF lot.

282 suites in the heart of New Westminster.

16-building townhouse complex (140 units).

Upper Lonsdale with city & water views.

Call for price

$8,000,000

527 Carnarvon Street, New Westminster

3240 East 58th Avenue, Vancouver

New Listing

111 West Windsor Road, North Vancouver

New Listing

Victoria Court

Office Building

Commercial Drive

Mixed-use complex in Langley.

Five-storey office building in North Burnaby.

Turnkey investment property. Pride of ownership.

14 residential and 7 commercial units. 4% cap rate.

Net rentable area: 31,886 SF.

4 residential and 2 commercial units.

$5,395,000

$10,900,000

$3,350,000

5769 201A Street, Langley

4126 Norland Avenue, Burnaby

Sold

1122 Commercial Drive, Vancouver

Sold

South Granville

418 Apartments

Permit-Ready Dev. Site

10-suite totally renovated apartment building.

Well-maintained 16-suite apartment building.

Kerrisdale concrete condo project.

Prime South Granville location.

Rare rental building in Fraser/Main neighborhood.

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

Bid process

$4,995,000

$14,800,000

1557 West 12th Avenue, Vancouver

David Goodman Direct 604 714 4778 david@goodmanreport.com

418 East 44th Avenue, Vancouver

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

2089 West 43rd Avenue, Vancouver

Greater Vancouverâ&#x20AC;&#x2122;s #1 Multi-Family Investment Resource View details of all listings and sales at www.goodmanreport.com