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WEDNESDAY, WEDNESDAY,FEBRUARY JANUARY 20, 17, 2016
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3 Civic Plaza, Surrey
What’s in a Name? How Developers Choose a Building’s Moniker
J
ust as people inevitably judge a book by its cover, consumers can be significantly influenced by the name what they are buying. This is equally true in real estate developments, where sometimes the pendulum of public favour can swing at light speed in a new direction, based solely on changing perceptions of a name or brand. And yes, we’re referring to last year’s storm surrounding Trump International Hotel & Tower Vancouver.
nod to the community’s French Canadian heritage. Sometimes inspiration comes from considering lifestyle. In Chinatown, Porte Communities realized their primary demographic would be “active and definitely a bit outside the box,” as Jeanette Chaput, director of marketing and sales, puts it. Ginger’s reputation as a spicy component of Asian cuisine reflected this perfectly.
The Creative Process Inspiration for the Perfect Name Fortunately for marketing companies, most residential development names aren’t this contentious, although finding the perfect one can still be challenging. Often a site’s topography, history, even address can provide an answer. RDG Management found a winning name by combining one site’s location adjacent to a forested ridge with its much-loved heritage as one of the city’s original pioneering farms – and The Ridge at Bose Farms was born. Now nearing completion in Vancouver, MC2’s name came about when someone suggested its location at the corner of Marine and Cambie was like Einstein’s famous equation. And in Coquitlam’s Maillardville neighbourhood, translating the street name, Blue Mountain Highway, into Mont Bleu created a standout memory point with a
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Typically, though, naming a building or community begins with brainstorming. Here’s when the developer, sale and marketing gurus toss their wildest, most
creative ideas into the proverbial hat. Scott Brown, president of Fifth Avenue Real Estate Marketing, notes it’s common for 20 or more suggestions to be on this preliminary list. First-round cuts usually involves eliminating names that are overused, overly obscure, or trying too hard. Some will fail what Brown describes as the “snicker test” – words that if mispronounced become a joke, often one that’s in bad taste. Then there are names with a pre-existing negative connotation. “Three Three or four years ago, using Whalley in a name would have been a mistake. Now the area’s been rebranded, though, that
The Ridge at Bose Farms
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could be a good thing.”
Keeping it Simple After being involved in naming hundreds of projects over his more than 25 years in real estate, Brown says 3 Civic Plaza in the emerging Surrey City Centre neighbourhood was one of the most difficult to brand. “We had almost 50 names on the table at one point,” he says. “Having the lobby of a residential tower open directly onto a public plaza like this is rare, so we knew we wanted ‘plaza’ in the name. Then we looked at the fact that since its two neighbouring towers would both be civic buildings – a public library and Surrey’s new City Hall – this would be the third place-maker in a civic, community-oriented space.” Finally, the name selection had become obvious. Brown says sometimes it seems as if developers spend more time naming their buildings than they do naming their children, but tells how one developer turned that to an advantage. Although at first glance Teo and Reef by Alpha Beta Developments might seem unrelated, a family picnic would reveal both are names of the developer’s grandchildren. With a current total of seven grandchildren, it seems unlikely he’ll run out of inspiration in the foreseeable future.
Editorial: The Difference Between Price and Worth in Real Estate
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Chad August
8412 Armstrong Road Brookside Realty
604.318.5254 WWW.CHADAUGUST.COM chadaugust@shaw.ca
2 PENTHOUSE UNITS
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1003-12069 Harris Rd $1,368,000
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NEW LISTING 51 North Sea Capitol Hill, Burnaby • View property in sought after Capitol Hill • Two level, 4 bedroom, 2 bath home • Buy, hold, reno or build your dream home • Walk to schools, shops, parks, transit
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R E W.ca » B U R N A BY / T R I - C I T I ES » W E D N ES DAY F E B RUA RY 17, 2 0 1 6
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Your one-stop source of lower mainland home listings and real estate news. RESALE HOME LISTINGS | NEW HOMES FOR SALE | AGENT PROFILES | REAL ESTATE MARKET NEWS | HOME BUYING & SELLING ADVICE
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NOW SELLING
SALES CENTRE
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THIS PORT MOODY NEIGHBOURHOOD WILL BE SOLD FROM MORNINGSTAR’S SALES OFFICE IN COQUITLAM.
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Coast Meridian Rd.
BURKE MOUNTAIN
3507 Hadley Wood, Coquitlam | 604.475.8500
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Princeton Ave.
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Johnson St.
PORT MOODY VIEW HOMES This is an artistic conceptual rendering based on current development plans which are subject to change without notice.
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PRICE & AVAILABILITY SUBJECT TO CHANGE WITHOUT NOTICE. THIS IS NOT AN OFFERING FOR SALE. ANY SUCH OFFERING CAN ONLY BE MADE WIT H DISCLOSURE STATEMENT. E.&O.E.
ARTS R
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BURNABY • TRI-CITIES
WEDNESDAY, FEBRUARY 17, 2016
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Vancouver’s New Home Prices Continue to Quicken Growth: StatCan M etro Vancouver’s new housing price index increased again in December, further accelerating its pace of annual growth compared with the previous month, according to Statistics Canada data released February 11. The price of a new home in the Vancouver Census Metropolitan Area (CMA) increased 2.6 per cent year over year in December 2015 – the third-highest annual rate of growth in the country, after Toronto–Oshawa and Hamilton CMAs, as has been the trend for the past few months.
Month over month, new home prices in Vancouver rose 0.2 per cent compared with November’s figures – a comparatively modest rise after seeing the country’s steepest monthly increases in Novemver. In December, the biggest contributor to Canada’s overall monthly new home price rise of 0.1 per cent was again Toronto–Oshawa. Across BC, new housing prices rose 2.3 per cent year over year – once more the country’s second-biggest rise, after Ontario – and 0.2 per cent month over month. Victoria CMA’s new home prices continued to slide in December, yet again down 0.5 per cent compared with the same month last year and flat compared with the previous month. As has been
the trend for many months, Victoria was one of just seven CMAs to record an annual new home price decrease in December, out of a total of 21 CMAs surveyed. Increases in new home prices often do not reflect those seen in the resale market, as the price paid for a new home is only measured when the transaction is completed and registered with the Land Registry, rather than when the home is originally purchased off-plan. Because of long lead times on home construction, the new home prices registered today are those homes sold many months or even years ago – whereas MLS® resale home prices are much more up to date. The news came a few days after the CMHC reported that Vancouver Census Metropolitan Area (CMA) new home construction starts were trending at 20,790
units in January 2016 compared with 21,659 units in December 2015. The trend is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts. In the same week, Statistics Canada published its monthly building permit figures, which suggested the drop in local housing starts will not last for long, especially in the multi-family sector. Vancouver home building permits issued in December 2015 were valued at a total of $558 million, a rise of 98 per cent compared with the previous December, according to the statistics agency. This near-doubling of values was led by another leap in condo-apartment building permits, which soared 171 per cent year over year to $376 million. Single-family homes made up just shy of $114 million of December’s permit value in Vancouver, and $63 million was invested in townhomes and row homes.
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