REAL ESTATE

REAL ESTATE Threatened Filipino food hub makes “watch list”

by Carlito Pablo

Heritage Vancouver Society has released its Top 10 Watch List of places under pressure, especially from new residential developments.

One of these spaces is the mainly Filipino food hub near the Joyce-Collingwood SkyTrain Station.

A rezoning application has been filed by J+S Architect on behalf of owner and developer 1112151 BC Ltd. for 5163-5187 Joyce Street.

The property is home to six small food businesses, five of which cater to Filipino Canadians.

Two are small grocery shops, where hard-to-find food and household items are available: Sari-Sari Filipino Convenience Store and Kay Market.

Three are restaurants: Kumare Express, Pampanga’s Cuisine, and Plato Filipino.

The sixth business is Joyce Jiaozi, a Chinese restaurant.

The proposed development seeks to build a 32-storey mixed-use building. The 5163-5187 Joyce Street proposal involves commercial use at ground level, a new Vancouver Public Library space on the second floor, and 293 condos on the upper floors.

“This part of Joyce is particularly important for the Filipino-Canadian community that is centred in the neighbourhood, as well as those in the Metro Vancouver region who make this strip a destination,” Heritage Vancouver Society noted in an article about the area.

The group said that organizations such as Renfrew-Collingwood Food Justice and Sliced Mango Collective (SMC) engaged the community about the “impacts that the loss of these businesses will have”.

It noted that SMC describes how “culturally important this hub is”. “They allow community members to access cultural food items like herbal medicines and traditional dishes,” SMC said.

Moreover, “These businesses are what make the Joyce-Collingwood neighbourhood a diverse cultural hub and a place that immigrant folks can feel at home.”

The City of Vancouver states on its online rezoning site that it “recognizes that the loss of these important cultural food assets would be a significant impact to the community”.

Hence, “after hearing the community feedback, City staff will be discussing these concerns with the project applicant and will be requesting that they consider making provisions for displaced businesses to return to the site following redevelopment”.

Heritage Vancouver Society has taken note of this move by the city, but it is far from impressed.

“Although the City is now looking at this issue, if these are indeed significant cultural assets, how can they be treated so that they are not regarded as tradeoffs and made vulnerable in the first place?” the nonprofit asked.

In June 2016, city council approved the Joyce-Collingwood Station Precinct Plan. The plan’s goal on paper is to create a transit-oriented community around the major transit hub.

The plan has spurred new developments in the area, particularly high-rise condos, causing land prices to increase.

In its article about the food hub, the heritage society noted that the 2016 plan had been touted to create new spaces that will “activate the street level” and that these spaces will “activate the neighbourhood” and produce “a more active, vibrant local shopping street” or “more socially connected neighbourhood”.

“It disregards the fact that this street is already activated, active, vibrant and socially connected,” the group stated. g

Food hub near Joyce Station. Photo by Ben Geisberg/Heritage Vancouver Society.

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REAL ESTATE Chip Wilson’s Point Grey pile worth $73 million

by Charlie Smith

It probably comes as no surprise to anyone in Vancouver that lululemon athletica founder Chip Wilson owns a very valuable home.

For several years, Wilson’s estate has topped the list as the most valuable residential property when the B.C. Assessment roll is released in early January. is year, the buildings on the Wilson estate on Point Grey Road have been assessed at $28,979,000; the land has been assessed at $44,168,000. at makes for a total assessment of $73,147,000, up from $66,828,000 last year. at translates into a 9.5 percent increase.

Wilson’s 15,694-square-foot home has seven bedrooms and nine bathrooms. e

An aerial view of lululemon athletica founder Chip Wilson’s Point Grey waterfront property and its sprawling home/complex helps one to understand its most recent $73,147,000 assessment. property’s all-time record assessment came in 2018, when it clocked in at $78.8 million. is year’s gures were released January 2. Unlike in past years, B.C. Assessment did not issue a news release listing the 10 most valuable residential properties in B.C. Last year’s second-most-valuable home, a 28,794-square-foot mansion at 4707 Belmont Avenue in Vancouver, was assessed this year at $64,600,000. at was an increase of seven percent over last year’s assessment. e three-storey home has 10 bedrooms and 17 bathrooms.

Last year’s third-most-valuable residential property was James Island, which is near Sidney on Vancouver Island. James Island has been pegged at $54,716,000. at’s down from last year’s assessed value of $57,980,000. e one-storey home on James Island has four bedrooms and ve bathrooms. e house is 4,656 square feet, making it much smaller than other properties assessed at sky-high values. e land, however, is worth $47,246,000. g

Some 2021 homes sold for oodles over asking prices

by Carlito Pablo

In a sign that 2021 was going to be an extraordinary year for real estate, a Vancouver home last February 24 sold for $872,134 over its listed price.

It was at 3285 Victoria Drive, a vebedroom and four-bath residence near Trout Lake. e East Vancouver house came on the market with a price of $1,728,000 and sold for $2,600,134.

Someone made a lot of money, for sure.

But there was another property that made more, this one at 23045 48 Avenue in Langley.

Listed as a “country charmer”, the property sold for $3,650,000 on November 10. It had come on the market eight days prior with an asking price of $2,250,000. is means the seller got $1.4 million over the listing price for the three-bedroom and two-bath home. e huge premium may likely be at-

This East Van home near Trout Lake sold for almost $900,000 over its asking price in 2021. tributed to the land. e home sits on a 2.4-hectare (6.09-acre) lot. e listing for 23045 48 Avenue also noted that there is a “lovely creek o the side of the property that kids can play in on those hot summer days”. “Properties this large, this close to Langley City and Murrayville, rarely come available,” the text also stated. e selling price of $3,650,000 was 1.83 times the 2021 assessment of $1,996,000. g WHEN WALKING WON’T DO THE TRICK

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