WESTCOAST CONDOMINIUM May, 2016

W E S T C O A S T

May 2016

CONDOMINIUM www.westcoastcondominium.ca

STYLE AND SUBSTANCE

IN SOUTH SURREY

Stunning new phase of upscale townhomes added to South Ridge Club P8-9 DON’T BE SHORT-TERMIST

THE LOW-RISE LIFESTYLE

A CAUTIONARY TALE

CELEBRITY CONDOS

Condo investors need to beware AirBnB-type rentals P14

Buying a condo on the down-low?

Here are the low-rise benefits P16

What happens when you don’t read strata documents properly P28

Barbara-Jo McIntosh of Books to Cooks invites us in for a peek P31

Team Behroyan

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May 2016

31 Time to join the South Ridge Club

8

Popular community in South Surrey gets glamorous townhome members

8 Beware AirBnB-type rentals Investors should keep their tenancies legal and insurable, says Frank O’Brien

How to… Assess the benefits of low-rise living The GVHBA’s Bob de Wit asks an award-winning builder about what to look for

Charging ahead Why strata corporations need to think about electric vehicle charging stations

A cautionary tale…

24

… of not reading strata documents properly,

by Tony Gioventu of the CHOA

Celebrity condos: Barbara-Jo McIntosh

14 16 28 31

The Books to Cooks guru shows us around her volume-filled Vancouver home

4 May 20, 2016

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16

24 Condo market snapshots 6 10 18 20 22 26 30

Surrey Vancouver Tri-Cities Burnaby Richmond/South Delta North Shore New West

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EDITORIAL

Overcoming the down payment dilemma Finding it hard to get your foot in the door?

You’re not alone

A

change in the size of the down payment required to purchase a home came into effect February 15 and appeared targeted at Vancouver’s white-hot housing market.

Under the new Canada Mortgage and Housing Corporation (CMHC) regulations, buyers of homes priced at $500,000 or less that require CMHC mortgage insurance could still put down a five per cent down payment.

However, 10 per cent down is now required on the amount of a home’s value above $500,001 to $1 million.

Yet, if the new regulation was meant to slow Canada’s hottest housing market, it was an epic fail.

Local real estate sales have smashed records in March and April, with condo purchases leading the way. There were 2,107 units exchanging hands in April, an increase of 33.4 per cent compared with the 1,579 sales in April 2015, pushing the benchmark price to $475,000.

The message to Ottawa: the marketplace appears very comfortable with low down payments. Buyers see appreciation trumping the equity

needed to get into the market; lenders know the default rate on B.C. mortgage loans remains remarkably low. Less than half of one per cent of homeowners are in arrears, according to the Canadian Mortgage Brokers Association.

Now developers are also counting on the resilience and intelligence of Metro Vancouver homebuyers.

Townline Homes began offering buyers a zero down payment option on a new condominium development in Port Moody this year. Registration for the homes has been shut down due to the overwhelming demand.

The strategy, endorsed by BC Housing and CMHC, discounts each condo price by eight per cent, and that amount is recognized as a down payment, as long as the home remains a principal residence for at least two years.

It appears that the federal government could have worked out other such innovative concepts rather than simply making it harder for lowerincome Canadians to buy their first home.

Frank O’Brien Contributing Editor Frank O’Brien is editor of Western Investor, the largest commercial real estate investment newspaper in Western Canada.

W E S T C O A S T

CONDOMINIUM PUBLISHER: Janai York

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COPYRIGHT: WEST COAST CONDOMINIUM is published bi-weekly by Real Estate Weekly Partnership.

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Copyright 2015. While every effort is made to ensure the accuracy of articles and advertising that appear in each edition of West Coast Condominium, the publisher may not be held responsible for any errors or omissions that may from time to time occur. No part of this publication may be quoted or reprinted in any medium without the express written permission of Real Estate Weekly Partnership.

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May 20, 2016 5

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MARKET

Surrey April was hot… but, believe it or not, not as hot as March

By Jill Lunde

Y

ou don’t need a thermometer to know that it was an unusually hot April – both temperature wise and when it came to condo sales. Indeed, April 2016 condo sales in Surrey were twice the number they were the same month in 2015. It may surprise you to hear, though, that April was a cooler month (sales wise) than March – down by seven per cent.

If you’re thinking May is the month for you to keep your foot in the Surrey condo market, you can do so for as little as $59,800 or go as high as $849,900. With over 600 active listings, there is plenty to choose from.

Whalley This neighbourhood has the greatest condo density in all of Surrey thanks to conveniences like easy SkyTrain access. You can view any one of the area’s 283 current listings starting at $135,000 for a one-bedroom in Thornbury Manor that came on the market March 31 to $849,900 for a two-bedroom in the Odyssey Tower that’s been looking for a new owner since March 2.

Over 30 Whalley condos sold

in April. One, a one-bedroom in D’Corize, took 85 days before its owners accepted an offer 11 per cent under their $185,900 asking price.

Likely happier were the owners of a two-bedroom in Cornerstone that took only 10 days to change hands for $290,000 – five per cent over the asking price.

MARKET SNAPSHOT

621

Active condo listings*

Sunnyside Park This neighbourhood has an interesting mix of older houses alongside newer condos. There are 14 active area apartment listings ranging from $59,800 for a studio in the Westminster House retirement community that came on the market in mid-April to $478,800 for a twobedroom in Villa Pacific.

The owner of the Westminster House retirement studio must be keeping their eye on sales. A neighbouring studio languished on the market at $75,000 for 460 days before selling for $58,200 – 22 per cent less than that owner was hoping for. Only one of this community’s sales in our April report went for more than list price, but even then it wasn’t enough to have the owners laughing all the way to the bank.

Listed at $219,900, this Southmere Mews one-bedroom took six weeks to sell for $100 more than asking.

250

Condos sold in April

100% Increase in condos sold from April 2015

$235,000

Surrey median listing price*

$305

Median price per square foot*

45

Median days on market* Type of inventory* Studio: 2% 1 BR: 40% 2 BR: 57% 3 BR: 1%

A one-bedroom in D’Corize took 85 days before its owners accepted an offer 11 per cent under their $185,900 asking price 6 May 20, 2016

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*Active listings up to April 30, 2016

P ROJECT

PROFILE

South Ridge Club unveils Phase 2: Greenway Adera’s latest addition of townhome collection to South Surrey development already seeing huge amount of interest

W

hen Megan Pottinger gave birth to her son eight months ago, she and husband Keith Pottinger decided their Mount Pleasant home just wasn’t big enough to accommodate a growing family.

“When we started looking at homes in our neighbourhood we decided that our budget couldn’t afford what we wanted,” says Megan. “Since Keith worked in South Surrey we decided to start looking out there.”

After doing some research, they checked out the masterplanned community of South Ridge Club.

“We bought a gorgeous fourbedroom townhome that same day,” she says. “We got way more for our money here than we would have in Vancouver. We also loved the community feel, the outdoor pool and the fact that we live next to a brook so nothing will be built beside us.”

After selling out of Willsbrook in less than two months, the award-winning Adera Development Corporation unveils Phase 2, Greenway. This is a collection of 67 luxury executivestyle townhomes, ranging from 1,400 to just under 2,100 square feet.

“Each home includes massive outdoor space with their own private covered rooftop decks, many with views to the mountains. They will also feature lush, green landscaping and connections to local greenways,” says Eric Andreasen, vice-president marketing and sales for Adera.

“These new homes in Greenway will be a little more upscale than Willsbrook.

We have already received immense response and a lot of interest for Greenway so we believe these will sell out quickly, like Willsbrook did.”

South Surrey is renowned for its 8 May 20, 2016

natural beauty, making it a magnet for outdoor enthusiasts. Now there’s another reason to live and play in the community – the master planned community of South Ridge Club.

Close to schools, shops and cafes, Greenway’s spacious and elegant homes offer private membership into the South Ridge Club. At the heart of the community is the resort-style clubhouse complete with an outdoor pool with lounge seating and barbecue, full exercise room, and the reside lounge with a billiards table, movie theatre, kitchen and banquetready dining area.

The South Ridge Club is being built by a developer with more than 45 years of building quality, welldesigned homes. Adera is a respected developer of several Lower Mainland townhouse developments, including South Surrey’s Sundance and Soleil.

The Sunnyside Heights community

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is within walking distance to the popular, dog friendly Sunnyside Park and the new Sunnyside elementary school. Greenway is also a short walk from some of the neighbourhood’s best shopping, at both Grandview Corners and Morgan Crossing. It’s also close to transit routes, schools, tness facilities, yoga studios and some great dining spots.

For the outdoor enthusiasts, South Ridge Club is surrounded by several parks, playgrounds and recreational

amenities, including Crescent Beach, Sunnyside Acres Urban Forest, Surrey Sailing Club and South Surrey Athletic Park.

Greenway will be available for purchase in June 2016. To register or for more information, call 604-582-1113, email southridgeclub@adera.com or visit www.adera.com. The sales centre, located at #1-15918 Mountain View Dr., Surrey, will open in June as well.

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MARKET

Vancouver The highs and lows of condo sales in our region’s biggest market

By Jill Lunde

T

he heat is on – but perhaps it’s not as hot as you think. Condo sales dipped in April, despite all the feverish buying you likely heard about over the water cooler. Sales on the city’s East Side were off by six per cent in April compared with March.

But the West Side took a bigger hit.

Sales there were down 18 per cent.

Don’t let the downturn make you think sellers are willing to entertain low-ball offers. While some condos did change hands for less than list price, April saw one East Side seller accept an offer 33 per cent over while one West Sider walked away with an astounding 45 per cent over and above their asking price.

Point Grey Who wouldn’t want to live in this much-admired neighbourhood close to UBC? If it’s the place you want to be, there are just a handful of active condo listings starting with a one-bedroom in The Grey Point for $390,000 and going to $2,588,000 for a three-bedroom in Highbury Residences.

Four Point Grey condos in our reports changed hands in April.

Three went at or below list but the outlier tells the story of many homes that defy reason when it comes to Vancouver real estate. The owners of this two-bedroom condo in Highbury Tower must be gloating: it was their home that sold for 45 per cent over its $929,000 list price.

MARKET SNAPSHOT

Knight The Knight district stretches along the street it’s named for between 16th and 49th avenues. There are three active listings in the neighbourhood: one in Kingwood Villa and the other two in Kensington Point. The Kingwood Villa home is the most affordable option; it’s a one-bedroom asking $359,000. The priciest choice is the two-bedroom in Kensington Point listed for $489,000.

Five of the area’s April sales were in the King Edward Village complex.

One owner here let their one-bedroom home go for two per cent less than its $349,900 asking price after only six days testing the waters. Meanwhile, a neighbour left their two-bedroom home on the market one day longer and accepted an offer 18 per cent over their $458,900 list price.

855

Active condo listings* 907

New listings in April

752

Condos sold in April

$440,000

East Side April median selling price

$625,000

West Side April median selling price

$860

Median price per square foot*

22

Median days on market* Type of inventory* Studio: 3% 1 BR: 38% 2 BR: 49% 3+ BR: 10%

The outlier tells the story of many homes that defy reason when it comes to Vancouver real estate 10 May 20, 2016

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*Active listings up to April 30, 2016

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May 20, 2016 11

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NEWS

Condos drive steep growth in BC’s

new home construction spending: StatCan Investment in new multi-family buildings takes over from detached homes as construction in province quickens pace, according to statistics agency

February’s highest total investment was in condo-apartment construction, which rose 49.5 per cent year over year to $335.5 million

By Joannah Connolly

S

pending on new home construction in BC increased 21.8 per cent year over year in February to $765 million – a jump of 10 per cent compared with the previous month, Statistics Canada reported April 21.

8QOLNH -DQXDU\ÂśV ÂżJXUHV )HEUXDU\ÂśV highest total investment out of the four property types was in condoapartment construction, which rose 49.5 per cent year over year to $335.5 million. This was an increase of 15.3 per cent over the month before.

Total spending on detached home construction was close behind at $335.3 million, a rise of 5.7 per cent over February 2015, and a month12 May 20, 2016

over-month increase of 6.3 per cent after a slower January.

New townhouse/rowhome construction investment, although always much lower in total numbers, also continued its steep rise, up 23.4 per cent year over year to just over $72 million in February. This was also a rise of 7.4 per cent compared with January 2015.

As with the last several months, the only class of housing to see a decline in investment was once more duplex homes. Spending on new duplexes fell 21 per cent year over year in February to total just over $22 million, although this was a 1.4 per cent recovery from January’s total of just below $22 million.

BC’s total $765 million spent on new homes made it the secondhighest-investing province after Ontario, which spent nearly twice as

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much, at $1.47 billion.

BC’s 21.8 per cent annual increase in February was also the secondsharpest rise in new home investment, with only Ontario’s growth outpacing the province. Alberta’s investment in new homes continued to slide, posting a near-25 per cent drop compared with February 2015.

Investment in housing construction across Canada again rose at a much slower rate than BC’s, increasing 5.4 per cent year over year to a total of $3.7 billion in February, which is a rise of 0.8 per cent compared with January.

As in BC, Canadian condo construction investment saw the steepest growth in overall spending, which rose nearly 25 per cent year over year to nearly $1.4 billion across the country. Townhomes and rowhomes also saw another round of increased spending, up 8.2 per cent since the previous February.

Yet again, February saw year-overyear declines in detached home and duplex construction investment across Canada, with spending on these housing types dropping 4.3 per cent and 18.1 per cent respectively.

Joannah Connolly Editor-in-Chief West Coast Condominium Joannah Connolly is the editor-in-chief of West Coast Condominium and Western Investor newspaper, and is the editor and content manager of Real Estate Weekly and REW.ca. She appears regularly on radio, TV and conference panels discussing the Vancouver real estate market.

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INVESTING

Why condo investors should

beware AirBnB-type rentals If you’re thinking of making an easy buck on short-term rentals on your investment unit, think twice, warns expert Frank O’Brien

By Frank O’Brien

W

e understand the allure of AirBnB for Vancouver condominium owners and investors. The opportunity to gain more money renting per night or per week rather than with conventional monthly rent is tantalizing.

It is possible to rent a well-located Vancouver condominium for $170 to $200 per night, which can work out to more than twice as much as the typical monthly rent for a condominium.

There are other advantages: owners can increase the rent during peak seasons or even during major events; they can rent a single bedroom; they can use the condominium themselves if needed without bothering a longterm tenant. Also, most AirBnB hosts ignore B.C.’s Residential Tenancy Act, city bylaws and other bothersome regulations.

Is it legal?

But it is ignoring these very regulations that help shape the dark side of the AirBnB experience. As profitable as an AirBnB rental may be, it requires owners to become such outlaws that it constitutes a very dubious business plan.

AirBnBs are illegal on many levels.

It is only through the grace of nonenforcement and ignorance that they 14 May 20, 2016

AirBnBs are illegal on many levels. It is only through the grace of non-enforcement and ignorance that they exist at all exist at all.

First, the vast majority of strata corporations restrict condominium rentals to long-term tenants (three months or more), but AirBnB hosts consistently rent out condos for one to seven nights. This has caused many angry strata corporations to crack down on AirBnBs, often with hefty fines.

Also, Vancouver bylaws and zoning sections 10.20.5 and 10.21.6 say that property owners cannot rent a “dwelling unit” or “housekeeping unit” for less than a month unless it is a part of a hotel or registered bed and breakfast (which means a business license, which few AirBnBs have.) There are similar rules in effect in most suburban communities.

will be angry. Mortgage lenders require extra insurance on a principal residence that is rented, but there are very few insurers that offer coverage for shortterm rentals.

U.S.-based AirBnB does not offer homeowner insurance in Canada.

We found one Vancouver company that does offer short-term rental insurance, but it has some caveats. It will provide insurance, but not for a primary residence that is being used continuously for short-term tenants.

The company president explained in an email, “We’re able to offer coverage to individuals who use their primary residences to participate in occasional home exchange programs. We’re not able to offer coverage to individuals who

use their rental properties exclusively to participate in a home exchange program.”

Also, the insurance company has a high $2,500 deductible for theft in a short-term rental, yet the insurance costs about 10 per cent more than basic home insurance.

Naturally, the majority of AirBnB operators – and there are more than 4,000 in Vancouver – also ignore insurance regulations.

It is tempting to become an AirBnB host, but ignoring strata regulations, angering your neighbours and your mortgage lender, skirting city bylaws, and potentially losing your home insurance coverage all add up to a very dark industry indeed.

What about insurance?

There is another problem with AirBnB: insurance. If you are renting out all or part of your private home for short-term rentals, your home insurance could be void and your mortgage lender

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Frank O’Brien is editor of Western Investor, the largest commercial real estate investment newspaper in Western Canada.

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LIVING

Live in a low-rise condo Low-rise developments tend to offer a boutique lifestyle and a greater sense of community, advises the head of the GVHBA

By Bob de Wit

When buying low-rise, it may be worthwhile to ask about sound and what measures a building has taken to try and mitigate transmission

L

ooking to purchase a condo?

Now is an opportune time.

Densification and increased demand for Vancouver real estate is creating opportunities for developers to think outside of the box.

The low-rise apartment provides flexibility for different segments of the market, from families starting out, to empty nesters downsizing.

Developments and amenities continue to evolve as developers build to appeal to a broad range of buyers, delivering outstanding opportunities and choices for homeowners.

Advice from an award-winning developer I reached out to GVHBA member and Forge Properties’ principal, Corey Saran, to get his insight on low-rise living.

“Low-rise developments, relative to their concrete counterparts, are typically more boutique, with a lower number of overall homeowners which can result in very caring and tight-knit strata communities,” he says.

Amenities are a great perk to living in a residential community.

They bring a building together for common enjoyment and the amenity offerings we are seeing these days are thoughtful and can be quite luxurious.

The 2016 Multi-Family Low Rise Ovation Award finalist property “Royce” built by Forge Properties is just one example that showcases over-sized private patios, a soaring 22-foot lobby, gourmet kitchens with European state of the art appliances and spacious ensuites encased in marble creating a spa-like luxury with in-floor heat and both rain and hand16 May 20, 2016

held showers. This is condo living in the lap of luxury!

Do your research!

As easy as it is to be dazzled by luxury living, it is also very important to know the builder, and to look at the “fit and finish” of the building itself.

Research is the key.

Looking at new developments across Metro Vancouver, it can be an overwhelming decision about where and which property to purchase. Take the time to learn as much as you can about a development before buying.

Who is building it? Are current homeowners happy with their homes?

If it’s new construction, when will it

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complete? What are your contractual rights and obligations? What are your time, budget and lifestyle needs?

“When buying low-rise, it may be worthwhile to ask about sound and what measures a building has taken to try and mitigate transmission,” suggests Saran.

“Wood-frame construction has come a long way in the past years and has made major advancements in providing the

privacy of concrete at significant cost savings to the home owners. Ask about STC ratings.”

(An STC rating is a measure of a reduction in airborne sound transferring through walls, floors, ceilings, etc. The higher the number, the less the sound is transferred.)

A great place to start your search is online at www.ovationawards.ca to check out the 2016 multi-family lowrise development finalists and winning projects. Recognizing excellence in renovation, new-home construction and design in Metro Vancouver, the Ovation Award brand is a symbol homebuyers can trust and should look for when building or renovating their home.

Bob de Wit is the CEO of the Greater Vancouver Home Builders’ Association (GVHBA), representing the residential construction industry in the Greater Vancouver Area. Celebrating 40 years in 2014, GVHBA has more than 880 members and is proudly affiliated with the provincial and national Canadian Home Builders’ Associations. You can reach Bob at bob@gvhba.org.

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MARKET

Tri-Cities It’s a tale of three cities when it comes to April condo sales

By Jill Lunde

C

ondos continued to fly off the shelves in the Tri-Cities last month, with each city recording growth over April 2015.

However, things are definitely seeing a cooling trend. Coquitlam sales were nearly two per cent higher in April than March and they were exactly the same in Port Moody from one month to the next. It was PoCo that saw the biggest drop – sales there went down more than 15 per cent from March to April.

Canyon Springs Apartment residences in this upscale Coquitlam neighbourhood often have all the bells and whistles. There are four such choices currently starting with a one-bedroom in The Kennedy for $257,800 to a two-bedroom in Mountainside for $364,900. Both are recent listings, having come to the market on April 19 and 22.

Seven listings changed hands last month in Canyon Springs according to our reports. It took only one day for the owners of one-bedroom in The

Jefferson to accept an offer right at their $$252,000 list price. Sellers of a one-bedroom in The Montclair only had to hold out for a week before an offer 16 per cent over their list price of $208,900 was too hard for them to resist.

MARKET SNAPSHOT

Central Port Coquitlam The historical heart of PoCo is the perfect place to appreciate this growing city. There are 54 active listings here beginning with a $90,000 Orchard Valley onebedroom that became available in late-February. If you’re feeling flush, you can spend as much as $449,900 for a two-bedroom in Villagio 2 that was listed in late April.

Well over 30 Central Port Coquitlam condos found new owners last month.

Sales were quick with the average transfer taking two weeks. One sale that bucked that trend (a twobedroom in Pearl) took six weeks to move and went for five per cent less than its $314,900 list price. More in line with what we hear more and more of these days was the sale of a onebedroom in Mistral Quay that sold after nine days for 20 per cent more than its $159,900 sticker price.

284

Active condo listings* 334

New listings in April

284

Condos sold in April

$378,800

Coquitlam April median selling price

$274,500

Port Coquitlam April median selling price

$470,950

Port Moody April median selling price

$444

Median price per square foot*

20

Median days on market* Type of inventory* Studio: 1% 1 BR: 29% 2 BR: 65% 3 BR: 5%

Apartment residences in this upscale Coquitlam neighbourhood often have all the bells and whistles 18 May 20, 2016

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*Active listings up to April 30, 2016

RK E CL A

NORTH RD

RD

AVE COMO LAKE

SMITH AVE

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May 20, 2016 19

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MARKET

Burnaby April was cooler than March when it comes to condo sales – but there was still plenty of heat going around MARKET SNAPSHOT

By Jill Lunde

S

pring fever took a slight dip in temperature last month.

While April condo sales in Burnaby were strong with 209 properties changing hands, they were nevertheless 13 per cent cooler than March. Condos that did sell went from anywhere from seven per cent below list to 25 per cent above asking price.

With close to 300 active listings – many of which are new – this is a good time to refine your search. The most affordable Burnaby listing is $175,000 for a one-bedroom in the Burnaby Hospital area while the most expensive is $1,695,000 for a South Slope beauty.

Brentwood Park This upscale neighbourhood has been undergoing tremendous growth ever since the arrival of the Millennium SkyTrain line and there’s no end in sight for that with the redevelopment of Brentwood Mall. Condo hunters will find 35 active listings here ranging from $235,000 for a one-bedroom unit that’s been on the market since

mid-March to $1,598,900 for a threebedroom condo in Stratus.

That spring buying fever was alive and well in Brentwood Park last month with some 46 condos changing hands.

These went from six per cent under list price (a two-bedroom in Douglas View that sold for $282,000 after four days) to 23 per cent over asking (a two-bedroom in Perspectives that was listed for $488,000 and sold after a week for $602,500).

Active condo listings*

Willingdon Heights This community with its close proximity to Vancouver’s downtown core is one of Burnaby’s most soughtafter areas. There are only two current condo listings here: a one-bedroom in Union for $375,000 and a onebedroom in Vantage for $488,000.

Both came on the market in midMarch.

Two April sales in Willingdon Heights showed up in our stats. One was in Union; its owner was in a hurry to sell, letting it go for one per cent under its $369,999 asking price after only three days on the market. The other seller held out for double that – six whole days – and saw their twobedroom home in The Heights sell for $450,000 – 25 per cent over asking.

This community with its close proximity to Vancouver’s downtown core is one of Burnaby’s most sought-after areas 20 May 20, 2016

298

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300

New listings in April

279

Condos sold in April

$435,500

Burnaby April median selling price

$528

Median price per square foot*

24

Median days on market* Type of inventory* Studio: 1% 1 BR: 34% 2 BR: 56% 3 BR: 9%

*Active listings up to April 30, 2016

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MARKET

Richmond South Delta The yin and yang of April condo sales

By Jill Lunde

R

ichmond condo buyers and sellers saw plenty of action in April… sales there were up five per cent over the already phenomenally busy month of March.

South Delta, meanwhile, took a bit a break. April sales there were down more than 47 per cent over the previous March. In fact, April 2016 South Delta sales were even down compared with April 2015 – an anomaly with the rest of Metro Vancouver.

South Delta sales were overwhelming going for list price, whereas Richmond sellers were accepting offers anywhere from eight per cent under list to 15 per cent over asking.

West Cambie An excellent neighbourhood choice when it comes to both convenience and lifestyle, West Cambie has 52 active condo listings. These begin at $168,000 for a one-bedroom Bridgeport Court home that entered the listings race in late April. The most expensive area choice is a threebedroom in Perla that was listed in late March for $2,088,000.

Over 25 West Cambie condos found new owners last month. Sellers accepted anywhere from five per cent less than list (a one-bedroom in Wall Centre Richmond asking $365,000) to seven per cent over (a two-bedroom in Mayfair Place asking $495,000).

Brighouse This community lies at the heart of Richmond and offers a wide range of condo choices from entry-level to luxury. There are currently 310 active area listings – accounting for more than half of the condos for sale in Richmond. The entry-level point (once you discount hotel investment properties) is $168,800 for a twobedroom in Blue Haven that came on the market back in November. At the extravagant end of the scale is a four-bedroom in River Green listed in January for $4,388,000.

At least 77 Brighouse properties changed hands in April. Lucky buyers picked up a one-bedroom in Regency Park Towers for seven per cent below the list price of $270,000. That condo was on the market for just over a year.

Meanwhile, it was the owners of a two-bedroom in The Evergreens who made the best deal, agreeing to an offer 15 per cent over their $349,000 asking price after 18 days.

There are currently 310 active area listings – accounting for more than half of the condos for sale in Richmond 22 May 20, 2016

MARKET SNAPSHOT

CONDOMINIUM

595

Active condo listings* 362

New listings in April

307

Condos sold in April

$423,500

Richmond April median selling price

$539

Median price per square foot*

35

Median days on market* Type of inventory* Studio: 0.5% 1 BR: 33% 2 BR: 57% 3+ BR: 9.5%

*Active listings up to April 30, 2016

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May 20, 2016 23

S TRATA

SOLUTIONS

Electric car charging stations in condo buildings As electric vehicles become more prevalent, strata corporations need to address the need for charging stations in their buildings

By Deryk Norton, VISOA Board Member, for FirstService Residential

I

n 2009, electric vehicles (EVs) were rare. They were unattractive to consumers due to their high initial cost and limited driving range.

This meant that their challenge to strata buildings was only on the horizon.

However, much has changed in the past few years. Specifically, EV prices are now much closer to the prices of gasoline-powered vehicles (some are in the $30,000-$35,000 range) and the driving range of EVs is significantly higher (while most EV models are limited to distances of 60 to 140 kilometres per charge, one EV manufacturer has a model with an impressive driving range of 420 kilometres). These days, publicly accessible charging stations are being installed across BC and North America, making long-distance or inter-city EV driving achievable.

These developments mean that many more strata owners and their strata corporations are now facing demands to accommodate the charging needs of EVs. The Pembina Institute estimates that one-third of BC vehicles could be electric by 2030.

Lack of EV charging capability is already becoming a barrier to resale of units in some strata buildings. This barrier will become more noticeable as more EVs are sold in BC, leading to loss of market value in strata buildings that are not equipped to accommodate them.

The complexity and cost of installing an EV charging station in a strata building depends upon the type of strata, its current parking 24 May 20, 2016

arrangements and the adequacy of its electrical system. Each EV plugin location will require some change to a building’s electrical system and installation of a dedicated circuit.

In most strata situations (such as multi-family condo buildings), electric wiring is part of the common property and it is necessary for EV owners to work with the strata council and other strata owners. These situations will require identifying which parking stalls should have EV charging outlets, determining the cost of necessary

CONDOMINIUM

changes to the electrical system and establishing and collecting a new type of user fee.

Costs and requirements The current cost of installing a type of “charging station” station that can charge two cars at the same time is about $10,000 (you may have seen some of these in public places).

This type of charging station has the capability (if a network subscription fee is paid) to bill the user directly and enables the strata corporation to

recover the cost of installation and electrical consumption. Alternatively, two EV charging outlets (without the features of a “charging station”) could be installed for as little as $2,500. A separate meter for a group of EV charging outlets is permitted

by BC Hydro and would help ensure that any user fee covers the cost of electricity used. As one might expect, the installation cost per station or per outlet declines as the number of outlets or stations increases. Also, costs will vary from one strata building

to another due to variations in both wiring distance and the complexity of modifications/upgrades needed to install the new circuits.

Regardless of the type of charging station or charging outlet chosen, the strata corporation will require owner approval (by a three-quarter vote) to make a bylaw that establishes a user fee for a charging station, to make any common property alterations or reallocations needed for installation of the stations, and to spend any strata funds on the project.

A user fee levied by a strata corporation must be reasonable and set out in either a bylaw or rule.

Section 128 of the Strata Property Act (SPA) requires a three-quarter vote at a general meeting for such a bylaw. In the absence of a bylaw for a new user fee, under section 125(6), a strata council may make a rule for the fee but that rule would lapse unless approved by a majority vote of owners at the subsequent general meeting.

Changing the use of common property Section 71 (a) of the SPA requires a three-quarter vote at a general meeting before making “a significant change in the use or appearance of common property.” Installation of a charging station would change the appearance of the common property and may be viewed by some as changing the appearance significantly.

Furthermore, conversion of “visitor parking” stalls to “EV charging only” stalls would clearly be a significant change in use of common property.

Also, if the charging station project would result in reallocation of assigned parking stalls it would mean re-designation of limited common property and would require resolutions passed by a three-quarter

Lack of electric vehicle charging capability is already becoming a barrier to resale of units in some strata buildings

vote under sections 74 and 75 of the SPA. Even though, over time, all costs should be recoverable through user fees, a strata project to install charging stations will require an initial expenditure of contingency reserve funds. This expenditure must receive prior approval by a three-quarter vote of owners under section 96 of the SPA. The strata corporation will also need to adjust its operating budget to cover the cost of maintaining EV charging.

Strata corporations are advised to consult a qualified electrical contractor and a strata lawyer when planning and implementing an EV charging station project. Also, the strata council will need to prepare carefully and fully inform owners about any EV charging station proposal before taking it to a general meeting. Remember that a threequarter vote will be required on several important resolutions to enable the project to move ahead.

Most strata unit owners will not be owners of EVs, so it will be essential to demonstrate how costs will be recovered and how there will be a benefit to all owners.

FirstService Residential FirstService Residential in British Columbia is a subsidiary of FirstService Corporation, a global leader in the rapidly growing real estate services sector, one of the largest markets in the world. As the leading property management company in North America, FirstService Residential oversees more than 6,500 residential and commercial associations including 1.5 million residential units.

Housing-market anxiety?

Home-buying blues?

WEST COAST CONDOMINIUM EDITOR-IN-CHIEF JOANNAH CONNOLLY IS

VANCOUVER’S REAL ESTATE THERAPIST

W E S T C O A S T

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Th real estate therapist show The Live on roundhouse radio 98.3 FM Li Saturdays 9AM to 10AM Sa www.roundhouseradio.com (or listen on demand) w

CONDOMINIUM

May 20, 2016 25

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MARKET

North Shore Imagine paying $500,000 more than asking to get the condo of your dreams. That’s what happened last month in Central Lonsdale

By Jill Lunde

W

ere you feeling the heat last month? Temperatures were unusually warm for April and so were North Shore condo sales. Yet, while sales were up compared with the same month last year, they were actually a bit soft compared with the March madness.

Sales were down nine per cent in North Vancouver and 12 per cent in West Van. North Shore condo owners were accepting offers anywhere from seven below list to an incredible 35 per cent over asking. The latter property was no entry-level option. Rather a buyer paid more than $500,000 more than asking for a home in Central Lonsdale’s The Kimpton.

Roche Point Waterfront communities are always popular and many Roche Point homes have great views of the picturesque Burrard Inlet. Right now there are 11 active listings crying out for new owners. They range from $254,900 for a one-bedroom condo in Seasons at Raven Woods that came on the market in mid-March to $688,800 for a two-

bedroom home in Destiny at Raven Woods that was listed in mid-April.

At least nine Roche Point condos sold last month. After 81 days on the market, the owners of a one-bedroom in The Legend let their home go for five per cent under their $259,000 asking price. Parkway Terrace owners of a three-bedroom fared better. Their condo took only six days to sell for $637,000 – 16 per cent more than they listed for.

MARKET SNAPSHOT

170

Lynn Valley There are currently 10 condos that could be your entry to living in this tight-knit community. These start at $399,900 for a two-bedroom in Treelynn. A two-bedroom is also the most expensive neighbourhood listing: $899,900 for a pre-sale in The Residences at Lynn Valley which is scheduled for completion in 2017.

Some eight condos in the neighbourhood found new owners in April. The best deal? A two-bedroom in Branches sold for one per cent under its $549,000 asking price after 23 days. The most competitive listing?

A two-bedroom in Highgate spent 11 days on the market before selling for 22 per cent over its list price of $469,000.

Active condo listings* 174

New listings in April

164

Condos sold in April

$467,000

N. Vancouver April median selling price

$696,250

W. Vancouver April median selling price

$718

Median price per square foot*

20

Median days on market* Type of inventory* Studio: 1% 1 BR: 34% 2 BR: 55% 3 BR: 10%

Waterfront communities are always popular and many Roche Point homes have great views of the picturesque Burrard Inlet 26 May 20, 2016

CONDOMINIUM

*Active listings up to April 30, 2016

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S TR ATA

ADVICE

A cautionary tale of not reading strata documents properly Take the time to do your due diligence before you buy – it can save you thousands of dollars the strata, and personally if the cause of a flood is from your strata lot.

The Strata Property Act also now requires strata corporations to maintain copies of any reports obtained by the strata corporation respecting repair and maintenance of major items, including engineering reports, risk management reports, sanitation reports, and environmental assessments. If there has been asbestos testing on the building, the strata must retain a copy of that report.

By Tony Gioventu

A

lmost daily, CHOA advisors receive a call from a buyer claiming there is an upcoming major special levy for repairs or a condition in the bylaws that they knew nothing about. The new owner is shocked by the new information and frustrated that neither the agent nor the seller told them anything.

Unfortunately, the buyers often come to realize the information was in their hands, but they failed to review the documents, they refused to obtain documents, or they ignored the risks. As a condo buyer, obtaining as many of the strata documents as possible, and taking the time to read them, is your best insurance against unexpected problems.

Go back five years in the strata minutes

An owner, tenant, or person authorized to request documents is permitted to request historic documents that may provide a buyer with critical information

What to ask for Knowing what documents to obtain, where to get them and the critical information to look for is an essential part of the home-buying process. Most buyers begin with the Information Certificate (Form B).

The strata corporation is required to provide this form within one week of a request and may charge up to 25 cents per page for the copies. The form discloses the unit’s current monthly strata fees, money owing by the owner other than amounts paid into court, any agreements an owner has signed where they have taken responsibility for the cost of any alterations, amounts owed for a special levy that has already been approved, projections of deficits, balance of the contingency fund, approved bylaw amendments not yet filed in land titles, any three-quarter votes approved but not yet filed in land titles, any court proceedings, any judgements or orders against a strata, work orders or notices on the 28 May 20, 2016

strata lot, number of current rentals, parking stalls and storage lockers allocated to the strata lot, rules and current budget of the strata, an owner developer’s rental disclosure establishing exemptions, and the most recent depreciation report.

That is the basic menu of information that has to be disclosed for every strata corporation. But you should also take a look at other documents available to buyers that are rarely requested. An owner, tenant, or person authorized to request documents such as the real estate agent is permitted to request historic documents that may provide a buyer with critical information.

risks managed by the strata. If the water escape deductible is $25,000, $50,000 or $100,000, it is a good bet there have been frequent claims in the building. Your next question as a buyer is: what’s the cause? If it is a result of failed plumbing systems that need to be upgraded, special levies are on the horizon. Ask questions. It may be the upgrades are complete and it’s a matter of a few years before the deductibles come down again. As an owner, you are exposed to those high deductibles as a common expense for

If you request and read the strata minutes of council meetings and general meetings for at least the past five years, they should provide you with a sense of the strata business. Make a list of maintenance, emergencies, long-term planning decisions, insurance claims, and funding decisions. You can cross reference them in the documents you receive. Sterile minutes where nothing happens is a strata that is generally hiding something.

Buyer beware for condo buyers should read, “buyer be aware.”

If the strata corporation is not providing a document requested, or there is confusion about allocation of parking or storage, or there is missing information, you might want to rethink your decision. Read everything and if in doubt request more information. Five hours of your time could end up in avoiding a $55,000 special levy.

Tony Gioventu

Digging deeper A copy of the insurance policy for example, is a good indication of the

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is executive director of the Condominium Home Owners’ Association, which promotes the interests of strata property owners by providing advice, resources and support for its members.

Tony has more than 20 years of experience within the local real estate and development industry.

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Artist rendering only

speak with a sales advisor.

D

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G

HI

P R E S E N TAT I O N C E N T R E

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N O EM G LVD B

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PRESENTATION CENTRE 3044 Edgemont Boulevard, North Vancouver, BC (By Appointment)

VD BL

AN

W QUEENS RD This is not an offering for sale. Any such offering can only be made with a Disclosure Statement. E.&.OE. Prices are subject to change without notice

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MARKET

New Westminster Buyers were feeling the heat in the Royal City last month

By Jill Lunde

I

t was a scorching month in New Westminster last month when it came to condo sales. The 145 properties that changed hands in April marked a 30 per cent increase over an already remarkably busy March. While several went for under asking (as much as 15 per cent under in one instance) those sales were easily balanced by condos selling well above their list price – as much as 25 per cent more.

Fraserview As its name implies, this neighbourhood is known for its great views of the Fraser River and right now there are more than 30 listings that could be yours if the stars align.

Condos here start at $295,000 for a one-bedroom in Carlyle that was listed in mid-April and go as high as $639,000 for a Victoria Hill North Tower three-bedroom home.

More than 20 Fraserview condos changed hands in April. The least satisfied sellers may well be the ones in Whittaker who waited for three months before letting their onebedroom go for four per cent under

their $299,000 asking price. At the other end of the scale, we can only assume the owners of a two-bedroom in Gatehouse Place were ecstatic when then received the $525,000 offer that was 24 per cent over asking after six days.

Uptown In this neighbourhood, classic single family homes rub shoulders with new condo developments. And, in those developments are 58 active listings.

You can call New West’s Uptown home for as little as $123,000 (a onebedroom in Grosvenor Court listed in February) or spend a bit more, say $795,000, and you could own a threebedroom in Viceroy that came on the market on April 21.

Some 25 Uptown properties changed hands in April and there was the same gamut in prices. The buyers of a one-bedroom in Coventry Court are likely glad they low-balled their offer (five per cent lower than the $185,000 list price), while it was the sellers who were probably celebrating closing a deal on a two-bedroom in Queen’s Terrace. Those owners held out for 128 days but they would likely say that was worth the $275,000 offer they finally accepted, given that it was 25 per cent more than asking.

Those owners held out for 128 days but they would likely say that was worth the offer they finally accepted, given that it was 25 per cent more than asking 30 May 20, 2016

MARKET SNAPSHOT

CONDOMINIUM

165

Active condo listings* 141

New listings in April

145

Condos sold in April

$350,000

New Westminster April median selling price

$395

Median price per square foot*

26

Median days on market* Type of inventory* Studio: 0.5% 1 BR: 37.5% 2 BR: 54% 3 BR: 8%

*Active listings up to April 30, 2016

C ONDO

STYLE

Celebrity condos:

Barbara-jo McIntosh Our series inside the homes of local personalities continues with a look around the home of the Books to Cooks owner

By Michelle Hopkins

and those handed down to her by her grandfather.

Books galore!

T

ucked on a tree-lined street in downtown Vancouver, Barbara-jo McIntosh’s pied-àterre evokes thoughts of a cozy French country home.

Inside the owner of Barbara-jo’s Books to Cooks’ 640-square-foot open-concept condominium are culled collections from her yearly trips to France, her beloved grandfather’s antiques, and her selected works of art. But it is the books that take centre stage – books lovingly bought over three decades, received as gifts,

The first thing you notice upon entering the sun-drenched condo are the books. Nearly the whole entryway wall is dedicated to a custom-made bookcase filled with volumes, most notably cherished cookbooks from all over the world and some favourite nonfiction tomes.

“I probably own about 800 books… some of them are more than hundreds of years old,” she says as she gingerly flips the pages of one that is well over a hundred years old.

Above the bookcase is a large

floral panel, titled Bad Heart, by internationally renowned painter Graham Gillmore.

“It originally hung in my restaurant (Vancouver’s Barbara-Jo’s Elegant Home Cooking),” says McIntosh.

Her thirst for cookbooks should not come as a surprise. Besides selling them, McIntosh is the author of the bestselling Tin Fish Gourmet, and she served on the prestigious James Beard Awards cookbook selection committee for six years. In 2003, Vancouver Magazine honoured her with a lifetime achievement award for her many contributions to the local culinary scene.

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May 20, 2016 31

Design inspirations In decorating her condo, she was inspired by both her family’s past and rural France. She wanted to create an urban refuge but was drawn to old woods, thick textures and warm colours. In each vignette, streams of light land on those carefully curated mementos, whether it’s that antique green vase on the kitchen counter top or the vintage lamp on the kitchen table.

Her lifelong love affair with antiques started as a child. Her prized possessions include a rocking chair handcrafted by her grandfather Andrew Clunas 90 years ago, as well as a 200-year-old grandfather clock that hails from Scotland. She opened the vintage timepiece to reveal a faded inscription. “It probably came to Canada with an immigrant back in the early 1900s,” she adds.

Drawn to furnishings with a story to tell, she does admit the richly toned area rugs are new.

Making every space work Since square footage is at a premium, nearly everything performs double duty. Take for instance the wooden bench, inherited from her grandfather, that showcases a selection of beloved cookbooks.

“When I’m having a large party, it seats three comfortably,” she says.

Her condo consists of only two rooms – a front room with kitchen, dining and entertaining space, and the back room, which features her reading 32 May 20, 2016

nook, bathroom (which has pocket doors that open from the entryway) and bedroom.

White and beige walls and warm spruce hardwood floors allow the art work to stand out. Predominantly a supporter of Canadian artists, her walls are adorned with stunning works of art. Her immersion in the arts happened in 1980 when she bought her first piece, David Walker’s September Aspen.

“I love the sense you feel that autumn is coming along,” McIntosh says of the large canvas displaying a forest of tall trees. It hangs prominently in the hallway leading to one of her favourite

CONDOMINIUM

spots – her reading nook, complete with a red lounger and side table overflowing with books.

Meanwhile, what you won’t see in her home is a television.

“My lifestyle isn’t conducive to lounging around watching television,” says the self-professed workaholic. “If I do want to watch a documentary, I do so on my computer.”

Any spare time is spent reading, tending to her herb garden, or entertaining friends.

The presale advantage McIntosh credits her mother for pushing her to purchase her

White and beige walls and warm spruce hardwood floors allow the art work to stand out

The advantage of buying preconstruction was that she was able to make changes to the original layouts and truly make it her own condominium in October 2003.

“My mother actually found this place while it was in the pre-construction phase,” McIntosh says.

The advantage of buying preconstruction was that she was able to make changes to the original layouts and truly make it her own.

The seasoned bookstore owner called upon an architect friend who helped take her vision and make it a reality.

The kitchen especially didn’t work for the avid chef. Her friend made the small kitchen much more functional.

With the kitchen reconfigured, the passionate cook has more counter space and cabinetry than originally planned for her condo.

Outside, her small patio has been converted into a herb garden. Her eighth-floor south-east-facing deck houses McIntosh’s large selection of favourite herbs in pots of all sizes and shapes – chives, tarragon, oregano, thyme, rosemary and mint to name a few – with many already in full bloom.

Creative touches transformed this modern oasis into a haven for the busy entrepreneur.

Whether it’s her deep red chaise lounge, the red velvet drapes or a china tea set from the turn-of-the-century, these visual souvenirs energize her.

“Every time I open the door to my home I feel really comfortable,” McIntosh says as we bid adieu. “I guess you could say my interior design style evolved out of a desire to create a silk purse out of a sow’s ear.”

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May 20, 2016 33

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MARKET

WEST VANCOUVER

12

13

A selection of open show homes and sales centres across the Lower Mainland

DISTRICT OF NORTH VANCOUVER

CITY OF NORTH VANCOUVER

ANMORE BELCARRA BURRARD INLET

PORT MOODY

BURNABY 1

Concord Brentwood Dawson Street Coming Spring 2016 604-899-8800 ...................Pg 35

2

Milano 4247 Lougheed Hwy, Brentwood Open Daily 12 – 5 pm (except Friday) 604.294.8989

3

Pixel 5549 Kingsway Call for your Private Viewing pixelburnaby.com

4

PORT COQUITLAM

COQUITLAM BURNABY VANCOUVER

PITT MEADOWS FRASER RIVER

NEW WESTMINSTER

RICHMOND SURREY

L

Modena Burnaby Heights Coming Soon 604.294.9919

DELTA

COQUITLAM 5

Uptown 104 -522 Clarke Road Open Daily 12 – 5 pm 604.939.9337 ...................Pg 19

6

The Lloyd 3096 Windsor Gate Open Daily 12 – 6 pm (except Friday) 604.942.8416

RICHMOND 7

8

The Gardens - Calla 140 – 10880 No. 5 Road Coming Soon 604-271-3331 ...................Pg 23 Concord Gardens 8511 Capstan Way Open Daily 12 – 6 pm 604.233.7748

9

10

The Peninsula 210 Salter Street Coming Soon 604.544.2258 ...................Pg 2

34 May 20, 2016

NORTH VANCOUVER

By Cressey 15 Mckinnon 48th & West Boulevard Coming Soon 604.428.8858

Village 11 Seylynn 600 Mountain Hwy Open Daily 12 – 5 pm 604.980.5000 ...................Pg 27

12

NEW WESTMINSTER Westbourne Residences 1306-5TH AVENUE PRESENTATION CENTRE 503-12th Street 604.553.4855

WHITE ROCK

The Residences at Lynn Valley #100-1199 Lynn Valley Road Coming Soon 604.924.0166 ...................Pg 3

Wall Centre Kerrisdale 16 Shannon 1538 W. 54th Avenue Open Daily 12 – 5 pm (except Friday) 604.267.8882

17

14

CONDOMINIUM

The Leveson 8188 Granville St Open Daily 12 – 5 pm (except Thu. & Fri.) 604.880.8312 ...................Pg 15

Grayson 18 The Cambie Street & 26th Ave. Coming Soon 604.558.1907

VANCOUVER 8xonthepark 1149 Hamilton St Open Daily 12 – 6 pm 604.801.6861 ...................Pg 36

Open Daily 10 – 5 pm 604.899.8800

SURREY Ridge Club 21 South 15918 Mountain View Drive Coming Soon

13 Connaught 3044 Edgemont Boulevard Call for your Private Viewing 604.699.0036 ...................Pg 29

...................Pg 17

Arc 20 The 89 Nelson Street

19

West 10th & Maple 2001 West 10th Avenue Open Daily 12 – 5 pm (except Friday) 604-602-7747

604.657.9888

...................Pg 9

22 Westpointe 1551 130 Street, South Surrey Open Daily 12 – 5 pm (except Thu. & Fri.)

604.833.9193

...................Pg 7

VICTORIA Black & White 1033 Cook Street Open Sat - Wed, noon – 5 pm PRES. CENTRE 1010 Fort Street

778.265.3464

DOWNTOWN VANCOUVER YALETOWN

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