BURNABY
WEDNESDAY, WEDNESDAY, FEBRUARY JANUARY 20, 3, 2016
TRI-CITIES
info@rew.ca • 604-435-7977
Looking to BUY or SELL a home? To assist you in making the best decisions, a professional Realtor can provide the most up to date information on the real estate market, price, financing and comparative properties in your area.
R E A L E S TAT E W E E K LY
Find your EXPERT Real Estate professional right here in REW.ca!
How the Chinese Year of the Monkey Will Affect Vancouver Real Estate O
n February 8, 2016, the 4,713th Chinese year will begin. This will be the Year of the Monkey – linked with both economic turmoil and the potential for reaping profits from well-calculated risks – the idea of outsmarting the monkey. With China in the grip of financial upheaval, could this mean more bad news for the Metro Vancouver real estate affordability? Will our prices further escalate as wealthy Chinese buyers scramble to park their money in a secure location? According to most industry watchers and analysts, the answer is no – although consumers shouldn’t expect to see inventory shortages disappear any time soon, nor a drop in prices. The general consensus from industry insiders is that the finger of blame should not be pointed so intensely at money coming in from China, as there are plenty of other factors at play pushing up local housing prices. “There tends to be an overemphasis on the [impact of the] offshore buyer,” says Richard Bell, principal of Bell Alliance, a local law firm specializing in real estate and immigration. “Last year, 25 per cent of our conveyancing business came from local millennials. Baby boomers, too, are selling their family homes and often buying several homes – a condo for themselves, one for their kids and perhaps an investment property. These are all people who have lived here for years.”
Asian Does Not Equal Overseas Studies and marketing surveys consistently suggest there is actually far less ownership from Mainland China than the public perceives. In a recent report by BC Notaries, 33 per cent of notaries in Greater Vancouver said they had no foreign buyer transactions last year and a whopping 52 per cent said 10 per cent or less of their transactions represented a foreign buyer. At The Independent, Rize Alliance’s development in East Vancouver, 60 per cent of buyers registered a postal code within 10 kilometres of the building, including 40
GO TO
REW.CA /NEWS TO READ THESE STORIES AND MUCH MORE REAL ESTATE NEWS AND ADVICE
per cent who were within five kilometres. Only 2.2 per cent of the purchasers were from offshore and a further 1.1 per cent from outside Canada. “People forget that 48 per cent of Vancouver is of Asian origin,” says Bob Rennie, Vancouver’s wellknown marketing superstar. “So you will see plenty of black hair coming through the presentation centres. But it shouldn’t be about race and offshore money – it’s about supply and demand. And there is a shortage of supply, so prices will keep going up.”
The Trickle Factor There’s also what Bell describes as the trickle factor. “If you do have a wealthy off shore buyer willing to pay $4 million for a property previously worth $3 million, it will raise the price of surrounding properties. Those buyers may then have to spend $3 million on a property previously valued at $2.5 million, and the effect will keep tricking down.” Bill Szeto, president of Oakwyn Marketing, is quick to stress the same trickle-down result occurs when a downsizer sells, for millions of dollars, the home they purchased 40 years ago for $20,000. Once again, rising prices are a factor of supply and demand, not ethnic background, he says. “People say how ridiculous Vancouver prices are, but on the global scale, they aren’t,” Szeto adds. “My client from San Diego wanted to buy a Manhattan home at US$3,000 per square foot. If he came to Vancouver, he could find a $6 million property and get it at the equivalent of a 40 per cent discount thanks to the weakness of the Canadian dollar. It’s like buying at fire-sale prices.”
monitored and enforced. And what happens in the case of an elderly person who may be hospitalized for several months?” (In fact, the new vacant home tax recently proposed allows for such circumstances – go to REW.ca/News for details.) A tireless advocate of density as the best way to create affordability, Rennie is among the growing number of people who support a tiered tax on luxury properties. “What if we put a three or four per cent tax on properties over $3 million, and then repatriated that money as tax relief for first time buyers or properties under a certain amount?” It is another answer that won’t change the price of housing, but also isn’t influenced by the colour of a buyer’s skin.
Time for Taxation? One controversial solution that’s been making headlines is placing a tax on foreign ownership to bolster affordability for locals. But Tammy Morin Nakashima, president of BC Notaries, says, “Our survey results point to the need for careful consideration of any related legislative changes.” A tax has also been proposed for homes that are purchased and then sit empty. It’s a concept Bell says he struggles with. “It creates a bureaucracy that now needs to be measured,
Are You Ready for the New Minimum Down Payment Rules?
BC and Vancouver Home Sales Set to Drop in 2016 after Hot 2015
Ask the Expert: Do I Pay GST on a NeverOccupied Resale Condo?
•2
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 3 , 2 0 1 6
Year of the Monkey Sussex
Monet TYLER
Gong Xi Fa Cai
2015
2015
2015
#10 Royal LePage Realtor in BC 2015 #1 Royal LePage Realtor for Tricities in 2015
monet@monettyler.com
❚
604.763.4307
❚
www.monettyler.com
NEW LISTING
ING M O C N SOO
SOLD
125 Fernway Drive
$978,000 #20 1255 Riverside Drive
$578,000 16 Heritage Peak Road
Happy Chinese New Year Kung Hei Fat Choy The Year of the Monkey
SOLD
1 32921 14th Avenue
$368,900
Tony Alves
Chad August
Brookside Realty
$2,900,000
Teresa Pang
604.889.7008
604.318.5254
604.617.0189
Centre Realty 604.435.9477
WWW.CHADAUGUST.COM
www.tonyalves.ca • aalves@sutton.com
pangt@sutton.com
chadaugust@shaw.ca
NEW LISTING NEW LISTING 21336 River Road
103-5000 IMPERIAL ST., BURNABY • $288,000
GREAT CONDOS MOVE IN IMMEDIATELY 207-11566 224th St $219,900
M
P E US Y 2-4 O H DA EN SUN P O Y& A RD U T A
RIVERS EDGE 11580 223rd $229,000
S R2028384 V1142241
2500 sqft 2 storey + bsmt 8500 sqft private lot $649,900
1 bed + den (could be 2nd bed) Amazing water views Just like new Investor friendly
2 PENTHOUSE UNITS 1003-12069 Harris Rd $1,368,000
R2016194 Just under 2300 sq ft 2 bed + den Spectacular views
1 bed + den (1075 sqft) Perfect for home based business Brand new amazing value 3 1 unit remaining
Luna, this contemporary designed building located with walking distance of the Metrotown community. Making life easy with endless shopping choices, service, recreation & transportation. This one bedroom + den unit is located on the ground floor with its own private entrance and a private patio for summer BBQ. Stainless steel appliances, granite counter top, high ceiling, window seat and new paint throughout the unit. It shows like new. This is a great opportunity for 1st time buyers or investors. Shows like new - best asking price in Burnaby for one bedroom & den of this age.
JUST SOLD
1006-12067 Harris Rd $1,248,000
Looking for a New Brokerage?
13665 McKercher $899,900
Receive the highest level of support from our experienced Managing Broker. NO FRANCHISE FEES THREE EXCELLENT FEE PLANS STRONG SUPPORT
R2106903 Over 2000 sq ft 2 bed, den + media Great s/w views
R2023897 2 storey + bsmt
Roloff Veld Managing Broker
Contact Roloff at 604-782-7327 or roloff@evergreenwestrealty.com 206-1120 Westwood Street, Coquitlam BC, V3B 7K8 T: 604 942 1389 www.evergreenwestrealty.com
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 3 , 2 0 1 6
Your Experienced Local Realtors
3•
www.teamphilhaig.com info@teamphilhaig.com
Sutton Group - 1st West Realty
Each office independently owned and operated
AN INDEPENDENT MEMBER BROKER
Anmore
604-942-7211
Vivian Tsui 778-228-2096
Surp Rai 604-763-5263
www.sutton1stwest.com
vtsui@sutton.com
surpsrai@gmail.com
4020 CEDAR DR., PORT COQ
$1,298,800
Open Saturday 2-4
$499,000
John Panrucker 604-230-7390 jpanrucker@sutton.com
BUILDING LOT
Ted Yeoh 604-377-0186 tedyeoh1@gmail.com
RS-1 BUILDING LOT! Build your new home here, (approx. 7650 sq.ft.), 74 ft. frontage X 121 ft. depth. (Irregular lot size, refer to survey). Nice neighborhood near elementary school, parks and nature trails. New frontage of 74 ft. will be on Hamilton (dead end street). Seller may also build to suit. Buyer to verify all measurements. NO GST! MLS®# V1130605 Surp Rai 604-763-5263
Peter P.T. Chan PREC 604-351-2833
Glen Klassen 604-220-4408
Lee Yau Nobrega 604-418-7862
chanp@sutton.com
glenrklassen@shaw.ca
jnlky@yahoo.com
Personal ,Professional ,Experienced...
Krista Sojka
2634 Sunnyside Road Fabulous, 3 level home on a sprawling 1/2 acre. Main floor features living room, dining room, family room with gas fireplace, kitchen with eating area, large den, powder room, plus 2 large sundecks. The upper level consists of another sundeck, bathroom and 4 bedrooms including master bedroom with walk-in closet and 6 piece ensuite with jetted tub. The basement has 2 separate entrances and lots of room for in-laws or nanny.
SOLD!
Call me today!
604-375-9240
www.kristasojka.com
OPEN HOUSE SUNDAY FEBRUARY 7 12:00-4:00 PM TH
Canyon Springs - 1298 Jordan Street, Coquitlam
Lots of nice updates to this lovely 2,600 sq ft 4 bed 3 bath family home in Canyon Springs! Walk to Evergreen Line, Coquitlam Centre, Douglas College, Pinetree Secondary and Walton Elementary! Upgrades include new windows throughout, new furnace, new gutters. Basement has been renovated to include a brand new 3 piece bathroom, office or den, separate laundry and extra-large bedroom plus media / rec room. Upstairs has 3 freshly painted bedrooms and Master has ensuite with tub / shower and large walk-in closet. Huge double garage and tons of storage. A custom built cedar deck with pergola provides lots of privacy and beautiful plantings in the Spring and Summer. Don’t miss out – this property will not last! First Open House Sunday Feb 7th 12:00 – 4:00.
www.dexterrealty.com
604-689-8226 Yaletown 604-336-3539 Main Street 604-263-1144 Kerrisdale $237,500
Whistler-inspired condo in one of the best locations in Central Port Coquitlam. This one has it all, location, mere steps away from Coquitlam River, walking trails, Gates Park, shops, restaurants, transit! Fantastic floor plan, kitchen has beautiful granite countertops, stainless steel appliances, gorgeous dark wood floors. Cozy gas fireplace and a bonus large west-facing patio. Nice quiet setting. 304-2336 WHYTE AVE. CANDACE FILIPPONI 604-809-4403
Taking our Listings Global NEW LISTING!
$229,000
2 BEDROOM AT KEY WEST SPACIOUS open concept condo in fantastic location! Close to schools, shopping, transit and highways. Refreshed with new paint throughout and new laminate floor in 2nd bedroom/den. Cozy up to the gas fireplace in the winter and enjoy BBQs with friends on the large patio in summer! Welcome home! 102-1999 SUFFOLK AVE. Vaune Kolber 604-506-7534
REMAX All Points Realty Group #101 – 1020 Austin Ave. Coquitlam, BC Ph. (604) 936-0422 Fx. (604) 936-2751
Learn from the Real professionals
Start now. Our comprehensive 5 week & 10 week courses will teach you how. • Daytime & Evenings. • Tuition only $649 • First class FREE - try us out!
•4
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 3 , 2 0 1 6
SELL YOUR HOME FOR $6,900*
MARILOU APPLEBY
+ SAVE up to 65% ON FEES
604-263-1144
(up to $600K, above 1% plus $900 admin fees)
One Percent Realty Ltd.
Cell: (604) 309-0148 E-mail: kriskolec@shaw.ca www.onepercentrealty.com
• Full MLS and Internet Exposure. • Open Houses and Signage • Advertising & Advice on home staging. • Professional Service and Free Advice.
LISTINGS WANTED CALL FOR FREE MARKET EVALUATION Happy Clients Saved Thousands of $$$
ONE PERCENT REALTY LTD.
DEXTER ASSOCIATES REALTY 6975 ARCOLA ST.
$1,188,000
SMART MONEY LANDS HERE Solid mature beauty is ready to go. This well-cared for 5 bdrm/3 bath family home has many options for the astute buyer. Ask me about possible land assembly. Close to great schools,shopping and transit. Private viewing only.
MULTIPLE LISTING SERVICE
HELEN ROOZENDAAL 604.939.6666
West Real Estate Services
Head & Shoulders Above the Rest OPPORTUNITY KNOCKS Great opportunity in the heart of Coquitlam's Town Centre. Squeaky clean with smartly updated flooring and spacious, open floor plan. Light, bright and well maintained featuring 2 bedrooms, 1 bathroom and a huge balcony overlooking the courtyard. Other features include insuite laundry and plenty of storage. This lovely home is within walking distance of Coquitlam Centre, Aquatic Centre, Glenpine Seniors Centre, Douglas College and all forms of transit including Westcoast Express and the soon to be completed Evergreen Line. Age restricted to 19+. Sorry, pets or rentals are not permitted. Offered at $229,900. Call now.
New Listings Direct to Your Inbox
GET YOUR FREE PROPERTY ALERTS
Helen Roozendaal 604-939-6666
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
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 3 , 2 0 1 6
5•
NOW SELLING
SALES CENTRE
ig
H
THIS PORT MOODY NEIGHBOURHOOD WILL BE SOLD FROM MORNINGSTAR’S SALES OFFICE IN COQUITLAM.
D r.
3507 Hadley Wood, Coquitlam | 604.475.8500
d an hl
Coast Meridian Rd.
BURKE MOUNTAIN
ood Hadley W
p Place
Bisho
Princeton Ave.
eld
ffi
e Sh
This is an artistic conceptual rendering based on current development plans which are subject to change without notice.
David Ave.
Pin etre e
Johnson St.
PORT MOODY VIEW HOMES
Coquitlam Centre
Wa y
Galloway Ave.
Lou g
mstarhomes.com
hee
dH
wy.
New Home Program Make your next project stand out from the crowd and receive incentives when building an ENERGY STAR® new home or when installing high-efficiency natural gas appliances. Before breaking ground, contact us first at fortisbc.com/energystarhome.
Incentives up to
2,000
$
FortisBC uses the FortisBC name and logo under license from Fortis Inc. (15-046.9 11/2015)
What is an ENERGY STAR home? Twenty per cent more energy efficient than a home built to code, ENERGY STAR homes feature high-efficiency heating and cooling systems, increased insulation levels and ENERGY STAR certified products and appliances. We’re working together to help B.C. save energy.
e. Av
N
•6
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 3 , 2 0 1 6
D
SIT
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
G Y HI
H
ST
ER
Presentation Centre Coming Soon at 8955 University High Street, Burnaby · 604 559 5795
Intergulf has a long history of successful development at SFU's UniverCity, starting with the pioneering Novo residences in 2004. Led by our innovative Intergulf Intelligence philosophy, our approach emphasizes thoughtful planning - from identifying the location, to executing every last detail with the highest standards of quality and craftsmanship.
IV
AN IMPRESSIVE OPPORTUNITY BROUGHT TO YOU BY INTERGULF
UN
HIGHL
AND C
T
UN I V
E RS
ITY
C
Burnaby Mountain
REGISTER NOW. PEAKATSFU.CA
VIP PREVIEWS BEGIN FEBRUARY 2016.
panoramic views in the province at unbelievable value.
Steps from one of Canada's most prestigious universities, these 1, 2 & 3 bedroom concrete residences offer the most incredible
Located in the sought after West Highlands Neighbourhood, The Peak at SFU features over 10,000 sq ft of holistic amenities.
THE TALLEST TOWER · COMING SOON TO SFU
LIFE ABOVE IT ALL 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 3 , 2 0 1 6 7•
NT SE RE
BURNABY • TRI-CITIES
WEDNESDAY, FEBRUARY 3, 2016
Looking for a new home? Start here.
R E A L
E S T A T E
W E E K L Y
THE ARC will forever change Central False Creek’s skyline Buyers are flocking to Concord Pacific’s iconic new downtown condo development
T
he ARC will mark the Central False Creek Skyline become the next big urban neighbourhood to live, work and play. In the epicenter of this new to become one of the most iconic condominium projects ever seen – Concord Pacific’s The ARC. “This is the most central gateway to Downtown Vancouver. The ARC’s strikingly unique architectural façade will be the landmark of the neighbourhood at the northern foot of the Cambie Bridge,” says Grant Murray, Vice-President, Sales of Concord Pacific. “Concord Pacific has a reputation for placing special emphasis on creating an environment where residents have a sense of community.”
Designed by Francl Architecture, The ARC feature two unique tower forms, 29 storeys high-bridged by a massive span beginning at the 19 floor. Concord Pacific’s bold design on the exterior is matched by intelligently planned extended view suites. The ARC homes, r anging from 496 to 1,350 square feet, will embrace classic beauty and elegance with modern amenities. The ARC will feature 560 one-, two- and three-bedroom homes with quality finishes that rival pricier residences – extra thick windows to block out downtown noise, a Miele stainless steel appliance package, marble flooring in the bathrooms and a flex wall for
expansive entertainment space. Homes will also feature unique elements, such as an Al Fresco deck doors, blurring the line between indoors and outdoors, (in the majority of suites), a flex wall that transforms the bedroom and opens up more space for a living room, a queen size bed that converts into a couch complete with built-in cabinetry, and an outdoor patio deck that will take in spectacular city, mountain and ocean views. Then there are the private country club resort-style amenities elevated to the 20th floor with glass bottom indoor swimming pool and a Sky lounge complete with catering kitchen, outdoor patio deck and a state-of-the-art fitness facility.
The pool is an engineering to wow residents and visitors to the City alike he says. Besides the pool and Sky lounge, The ARC will be the first tower in North America to feature 100 percent electric charge parking stalls with Touchless Auto Carwash facilities. On the second level we will have a Cappuccino Lounge and rooftop garden with a child’s play area,” he says. “In addition, the lobbies are inspired by hotels, with full time concierge. The list of incredible amenities just goes on and on,” adds Murray. With prices starting in the low $400,000 range, these functional condos are attracting everyone
from the urban yuppies to young professional families right up to seniors. The ARC is in the middle of a community near Yaletown Marinaside with expansive views of the downtown skyline, North Shore Mountains and the ocean. The Concord’s Arc is set to help define the next era of Vancouverism. “We are accepting registrations online now and the public preview begins in early February,” adds Murray. “This is a wonderful opportunity for prospective buyers to see how gorgeous these suites are.” THE ARC Sales Centre 88 Pacific Boulevard, Vancouver Open daily from 10 am - 5 pm 604-899-8800. Call to book an appointment.
In Print > Online > Your comprehensive source for local real estate news and listings