Vancouver New Home + Condo Guide – August 19, 2023

Introducing The N orth, a limited release of 67 exclusive residences defined by bold architecture, spacious interiors and the convenience of central Port Haney living. Life at The North means mountain views, river walks, retail amenities and transit access, all steps from home.

Priced for first-time buyers, the North combines thoughtful, pragmatic design with residences on the cusp of nature.

The North Delivering Life in Balance to Maple Ridge.

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INCENTIVE? WHAT’S YOUR

So, you want to buy your first home. Why not? Being a homeowner has a lot of advantages, including putting down roots, gaining stability and making a sound investment for your future. However, it’s one thing to desire something, and something quite different to actually take that dream and turn it into a reality.

To successfully navigate your way down the road to purchasing your first home, you need a plan and some solid incentives to get you going. That’s where we can help. If you turn to page 22, you can see how our industry expert, Brittany Reimer, outlines all the government incentives available for first-time homebuyers to help them save for a home. For those of you who prefer to buy property for investment purposes to access some passive income and create equity, we’ve got you covered, too. While real estate is always a smart investment, if you go about it in the wrong way, it can lead to you making some costly errors. Our mortgage expert, Alisa Aragon Lloyd, lists the mistakes to avoid when buying an investment property. Turn to page 26 and become better informed.

MARLENE EISNER

EDITOR

New Home + Condo Guide

EMAIL: marlene.eisner@nexthome.ca

TWITTER: @MarleneEisner

Thank you for picking up this issue of New Home + Condo Guide. We hope you enjoy the stories we have curated, including the neighbourhood profile of Metroland in Burnaby, as well as some cool ways to update your dining room, whether you’re on a budget, or have money to burn.

Let us know what you think. We’d love to hear from you.

– NEW WESTMINSTER

10. THE STANDARD Metrotown thestandardbyanthem.com

11. SLATE 5180 Lougheed Hwy slatebybeedie.com

12. CONCORD SKY-HOUSE 4750 Kingsway concordmetrotown.com

13. POLARIS METROTOWN 6699 Dunblane Ave 604-565-7733 polarismetrotown.com

14. NUVO 6075 Wilson Avenue nuvobyanthem.com

15. THE AMAZING BRENTWOOD 4567 Lougheed Hwy 604-298-7314 theamazingbrentwood.com

16. SOLO 4 2131 Willingdon Avenue 604-298-8800 soldistrict.com

17. CONCORD METROTOWN Nelson Ave & Kingsway concordmetrotown.com

18. HIGHLINE METROTOWN 6511 Sussex Avenue highlinemerotown.com

BURNABY

1. OASIS AT CONCORD BRENTWOOD 4863 Dawson Street concordoasis.com

2. JUNEAU 604-299-9191 juneaubyamacon.com

3. CEDAR CREEK 7166 14th Street 604-529-8868 liveatcedarcreek.com

4. ALASKA 4455 Alaska St 604-299-9191 alaskabyamacon.com

5. BORDEAUX 4488 Juneau Street bordeauxliving.ca

6. ECLIPSE BRENTWOOD 2463 Beta Avenue thind.ca/eclipse

7. MOONLIGHT SONATA 3550 Wayburne Drive 778-788-1480 moonlight-sonata.ca contact@moonlight-sonata.ca

8. O2 METROTOWN 5137 Kingsway 778-886-8280 o2metrotown.com

9. AZURE AT SOUTHGATE CITY 7662 18th Street 604-544-8800 azureatsouthgate.com

19. METRO 21 6540 Marlborough Avenue metro21.ca

NEW WESTMINSTER

20. MOODY ON THE HILL 228 6th Street 778-895-5533 moodyonthehill.com

21. THE KEARY 230 Keary Street thekearybywesgroup.ca

22. TIMBER HOUSE 310 Salter Street timberhousebyaragon.ca

23. CONCORD GREENHOUSE 5895 Barker Ave 604-435-1383 concordgreenhouse.com

Elegant and timeless, a shimmering jewel on the Metrotown skyline, Metro21 is poised to introduce a whole new lifestyle to this popular neighbourhood. Inspired by the refined, inviting ambience of the world’s best-loved private clubs, this boutique residence is the perfect marriage of tradition and pure 21st century, of urban convenience and tranquil peacefulness. Here, life, art, and well-being exist in holistic balance.

METRO21

FOREVER INSPIRING

REFRESH, REJUVENATE, RENEW Metro21’s 21 storeys of exclusive residences are an oasis of sophisticated minimalism awaiting your personal touch. Spacious balconies merge indoor and outdoor living. Kitchens, featuring highend appliances and contemporary counters, are sure to get your culinary creativity into high gear. And with floorplans ranging from space-efficient studios to family-oriented threebedrooms, there’s definitely something

for every phase of life – from first-time homeowners to savvy downsizers.

Still, it’s the meticulously curated amenities that truly set Metro21 apart, starting with the stylish, welcoming lobby that immediately sets the tone of an exclusive club. The inviting lounge and concierge – a rarity in a boutique building – will make residents and their guests feel as if they have been whisked away from the hustle and bustle of Metrotown and into a private sanctuary.

CLUB22 PRIVATE RESIDENCES ROOFTOP LOUNGE AT METRO21

LOCATION: Metrotown

DEVELOPER: Shokai

HOME TYPE: Highrise CONTACT info@metro21.ca

Spanning the entire 22nd floor, the double-height Club 22 is where you’ll find a diverse array of offerings to satisfy mind, body, and soul. Visually intriguing with a curved ceiling and a light, airy ambience, it’s a great place to soak up the views of the impressive cityscape of Metrotown.

Not your average workout space, Metro21’s indoor/outdoor fitness centre provides state-of-the-art equipment plus a dedicated yoga deck. Feel like catching a few rays?

The Sun Patio may well become your favourite spot. For times when you’re hosting large celebrations with family and friends, the private social lounge is sure to be a hit with a full kitchen,

a dining table that seats 20 or more, plus plenty of space to simply hang out and catch up on life.

When you want a change of scenery from your home office, Metro21’s got you covered. There’s a co-working area, a sun-drenched boardroom for client presentations, a library for quiet study, and even private custom-designed acoustic pods with half-curved seating— connected privacy.

A REPUTATION FOR EXCELLENCE

Metro21 is brought to you by Shokai, an established international developer with an extensive track record of successful residential, community,

and commercial projects around the world, including London, New York, Syndey, Tokyo, Beijing, Hong Kong and Macau.

Designed in partnership with award-winning Arcadis IBI Group architects, Metro21 will be Shokai’s second luxury residence in Canada and a showcase of the company’s International Standard of Excellence.

Metro21 is represented by Evermark Real Estate Services and efforts are underway to bring this exciting project to life. Visit metro21.ca and register or email info@metro21.ca for more information.

METROTOWN

BURNABY

by MICHELLE HOPKINS

Metrotown is the largest of the four Burnaby official town centres in its southwest quadrant. Four decades ago, Metrotown wasn’t the office hub, shopping destination, and development hot spot that it is today.

LIFESTYLE

If you are a fashionista, you came to the right neighbourhood. If you love the night life, ditto. Metrotown is renowned as much for being a

shopping Mecca as it is for its arts and culture. This enclave is home to more than 500 shops … this is not a typo.

THE VIBE

Transit has fueled the growth in Metrotown over the last decade, becoming a much-talked about urban centre that is socially, economically and culturally diverse. There’s great energy, good shopping, wonderful dining, fantastic parks; Metrotown seems to have it all.

MEET THE NEIGHBOURS

You’ll find a large immigrant population here, with nearly 40 per cent whose first language isn’t English. You’ll see families, young hipsters and Baby Boomers wandering about. The average household income is just under $50,000. With the boom in upscale condo towers going up here, it is safe to assume that will change in the ensuing years.

IN THE AREA

This neighbourhood features easy access to a contemporary library, schools, parks, playgrounds, recreation centres, other amenities, and did we mention shopping?

PLANES TRAINS & AUTOMOBILES

Residents have embraced commuting via public transit and Metrotown Skytrain Station to the tune of 53 per cent - currently the highest in all of Metro Vancouver.

REAL ESTATE (NEW BUILDS)

Metrotown is in the process of being redeveloped into the downtown centre of Burnaby. Metropolis Metrotown Mall will be revamped into a huge mixed residential, office and retail complex. This diverse cultural, dining and shopping mecca has Skytrain access to the rest of Metro Vancouver, a lively restaurant row and much happening in the future, so keep an eye out for new development announcements.

HOT SPOTS

METROPOLIS AT METROTOWN

It is the second largest shopping centre in Canada. This mall draws a staggering 28 million visitors each year.

DEER LAKE PARK

A beloved cultural and natural hub to both residents and visitors alike, Deer Lake Park, which encompasses Deer Lake, Burnaby Village Museum and the Burnaby Art Gallery, is the perfect spot to spend an afternoon exploring its many jewels.

CRYSTAL MALL

Crystal Mall is the largest ChineseAsian Mall in Burnaby, showcasing a plethora of stores, public market, food court, computer lane, and more, including the HILTON Hotel and convention facility, which anchors the east side of the mall.

Dining

by SARA DUCK

Whether your budget is large or lean, we have inspiring ideas to transform your dining room

1. Quinn lacquer BUFFET. $2,549. westelm.ca | 2. Serving PLATES (set of two) feast S, face 2 by Ottolenghi for Serax. $94. indigo.ca | 3. Karlpetter CHAIR in gunnared light green/sefast black. $80. ikea.ca | 4. Anton round pedestal DINING TABLE $1,799. westelm.ca | 5. Douthett 1 geometric PENDANT LIGHT by Mercer41. $309. wayfair.ca | 6. Arch wall MIRROR by Willa Arlo Interiors. $430. wayfair.ca | 7. Three-pack CUTLERY in gold polish. $15. hm.com | 8. Vedbak low pile RUG in yellow/green. $149. ikea.ca

in brass and bronze. $599. westelm.ca | 2. Jack metal frame dining CHAIR in green spruce distressed velvet. From $494. westelm.ca | 3. Bensen natural wood round DINING TABLE. $4,699. crateandbarrel.ca | 4. Ceramic PLATE with vegetable face by Fornasetti. $1,294. 1stdibs.com | 5. Linear FLATWARE in brass by Oui. $109 (set of 20). $109. indigo.ca | 6. Venice media CONSOLE in matte white finish. $5,329. elte.com | 7. Emery arch MIRROR in brushed brass. $1,336. elte.com | 8. Galvin hand-knotted RUG. $2,555. potterybarn.ca

1. Olivia PENDANT LIGHT

in style

COQUITLAM – PORT COQUITLAM – PITT MEADOWS – MAPLE RIDGE

1. WEST 505 Nelson Street westbybeedie.com

2. SYDNEY 545 Sydney Ave. 778-948-0333 sydneybyledmac.com

3. VUE Foster Ave & Whiting Way vueliving.ca

4. SOPHORA AT THE PARK #101 - 1135 Pipeline Road 604-942-8416 polyhomes.com

5. PRECIDIA 520 Cottonwood Ave 604-422-0080 precidiabyledmac.com

6. ALINA 604-259-8626 ownalina.com

7. SOL Como Lake Ave & Robinson 604-937-9688 solexperience.ca

8. DWELL Smith Ave & Clark Rd dwellbyanthem.com

9. QUEENSTON 3431 Queenston Avenue 604-259-7178 queenstonliving.ca

10. GARDENA 635 Gardena Drive gardenaliving.com

11. FRASER MILLS 2 King Edward Street frasermills.com

MAPLE RIDGE

12. PROVENANCE 11295 Pazarena Place 604-467-2285 polyhomes.com

13. CREST KANAKA SPRINGS 25024 112 Ave 604-405-1903 kanakasprings.com

FIND YOUR NEXT HOME

PREVIEWS & REGISTRATIONS

expansive windows framing beautiful views from the North Shore mountains to the Fraser River. The 10,000 sq. ft. amenity space is designed to host and entertain, and includes a fully furnished guest suite. Register today.

THE NORTH Home type: Condominiums

Developer: Falcon Homes

On the map: Maple Ridge Web: thenorthliving.com

Info: Studio, one, and two-bedroom condos coming soon, a limited release of 67 exclusive residences. Homes at The North boast bold architecture, spacious interiors and a location where mountain views, river walks, and retail conveniences are steps from home. Priced for first-time buyers, the North combines thoughtful, pragmatic design with residences on the cusp of nature. Register today.

FRASER MILLS

Home type: Condominiums, townhomes

Developer: Beedie

On the map: Coquitlam

Web: beedie.ca/residential/the-village-atfraser-mills

Info: Located along the banks of the Fraser River in Coquitlam, Fraser Mills will be the city’s first and only waterfront community. When complete, the 96-acre neighbourhood will be home to a collection of residences, restaurants, shops, extensive greenspace, plazas and an aquatic and community centre. Register today.

METRO21

Home type: Condominiums

Builder: SHOKAI

On the map: Burnaby Web: metro21.ca

Info: Metro21 masterfully strikes the balance

between enduring elegance and modern living, creating an unmatched lifestyle. Deeply rooted in exclusivity, sophistication and comfort, the boutique residence serves as a true sanctuary. A commitment to promote a seamless work-life balance is reflected in the private club-like atmosphere, while the carefully curated collection of amenities meets both professional needs and personal aspirations. Register today.

PRECIDIA

Home type: Condominiums

Developer: Ledingham McAllister

On the map: West Coquitlam Web: precidiabyledmac.com

Info: Rising 29 storeys, Precidia is a boutique collection of 178, one-bedroom and den to three-bedroom homes in the heart of West Coquitlam. Homes have open-concept floorplans with over-height ceilings and

BUILDERS IF YOU WOULD LIKE TO INCLUDE YOUR PREVIEW REGISTRATION, NEW RELEASE OR SITE OPENING IN THIS FEATURE, KINDLY EMAIL THE DETAILS TO EDITORIAL@NEXTHOME.CA

This page features a few of the latest properties to keep your eye on in the Metro Vancouver area.

THE NORTH

PRECIDIA

PRECIDIA

A NEW VIEW ON WEST COQUITLAM

Rising 29 storeys, Precidia is Ledingham McAllister’s newest boutique collection of residences in the up-and-coming West Coquitlam neighbourhood. Located at the intersection of Cottonwood Avenue and Whiting Way, these 178 homes range from one-bedroom and den to three-bedrooms, each designed to create a tranquil yet connected lifestyle.

A HOME TO LOVE

Arriving at Precidia is always an event—for you and for your guests— thanks to a hotel-inspired auto court, magnificent water features, and impeccably manicured gardens. Inside the over-height lobby, get set to be wowed by the dramatic chandelier and cosy fireside lounge. Inside, spacious, open-concept floorplans feature over-height ceilings and expansive windows that frame views ranging from the North Shore mountains to the Fraser River. And to extend your living space, covered balconies seamlessly merge indoor/ outdoor living.

Kitchens, always the heart of a home, are ready to sizzle with full-size stainless-steel appliances, including a five-burner gas range by KitchenAid, quartz composite countertops, a Carrara-inspired porcelain tile backsplash, and plenty of storage.

Spa-like bathrooms feature stunning vanities with soft underlighting and frameless glass showers in main ensuites. Plus, your home includes a full-sized, frontloading, energy-efficient Whirlpool washer and dryer.

‘OH WOW’ AMENITIES

With more than 10,000 sq. ft. of hotel-inspired amenities, living is easy at Precidia. Ready for a few hints? How about an inviting social club with fireside lounge, billiards table, fully equipped chef’s kitchen, and a private dining area. Or check out the landscaped terrace with fireside lounge seating, harvest dining table, and children’s play area. There’s also a fully equipped fitness centre, guest suite, secure parcel

delivery rooms, a bike repair area, and dog wash station.

All this, and you’re only a sixminute walk to Burquitlam SkyTrain Station for easy access to all of Metro Vancouver, an eight-minute walk to shops and services at Burquitlam Plaza, or a 15-minute walk to the City of Lougheed Shopping Centre. Convenience redefined.

DON’T MISS OUT

Construction at Precidia is now well underway. The building recently topped off on the 29th floor and completion is estimated for spring/ summer 2024.

The Precidia presentation centre is open noon to 5 p.m. daily except Fridays, at 150 – 3355 North Road in Burnaby. Prices start in the mid-$600,000s. For a limited time, you can save up to $25,000 on the home of your choice plus own with just 15 per cent down. Visit precidiabyledmac.com or call the sales team at 604.422.0080 for more information.

GOVERNMENT INCENTIVES

FOR

FIRST-TIME HOMEBUYERS

(FHSA). Then, for everyone new to the homebuying journey, we revisit a few other ways to save, so that you have all the information you need before you get started.

Looking to buy your first home? It’s certainly no easy feat. Luckily for new homebuyers in Canada, numerous government incentives are available to help make purchasing a first home a little bit easier.

Read on to discover the latest addition to government incentives — the First Home Savings Account

THE FIRST HOME SAVINGS ACCOUNT (FHSA)

In April of this year, the government announced its latest incentive for first-time homebuyers, the First Home Savings Account (FHSA). With this account, new homebuyers can save up to $40,000, tax-free. Contributing to the FHSA is tax deductible, and qualifying withdrawals to buy a home

are tax-free. Contributions can’t exceed $8,000 per year and if you don’t end up buying a home, any accumulated funds can be transferred to a registered retirement savings plan (RRSP) or a registered retirement income fund (RRIF). To open an FHSA, you must be a Canadian citizen at least 18 years of age and have not lived in a qualifying home in the previous four calendar years.

THE HOME BUYERS’ PLAN (HBP)

The Home Buyers’ Plan (HBP) is a federal government-run program that allows first-time homebuyers to

withdraw up to $35,000 from their RRSP, tax-free, to buy or build a home for themselves or a relative with a disability. Keep in mind, while the HBP increases your home-buying budget, it reduces your RRSP, which can affect your potential tax-sheltered investment. As well, you must repay the amount withdrawn within 15 years. If you don’t end up paying it back, it will be counted as income and taxed by the Canada Revenue Agency. To qualify, you must be a resident of Canada, have an RRSP with sufficient funds, and plan to use the home as your principal residence within a year of building or buying it.

THE FIRST-TIME HOME BUYER INCENTIVE

The First-Time Home Buyer Incentive is another federal governmentsponsored program that helps first-time homebuyers reduce their monthly mortgage payments by providing a shared-equity mortgage with the government of Canada. The

program offers five per cent or 10 per cent for a first-time buyer’s purchase of a newly constructed home, five per cent for a first-time buyer’s purchase of a resale (existing) home, and five per cent for a first-time buyer’s purchase of a new or resale mobile/ manufactured home.

Because it is a shared-equity model, the government shares in both the upside and downside of the property value. This entails a potential increase or decrease of up to eight per cent per annum on the incentive amount from the advance date until repayment. The incentive must be repaid after 25 years or when the property is sold, based on the market value of the home at the time of repayment. To qualify, you must be a Canadian citizen or resident with an annual income below $120,000 ($150,000 for certain cities) and borrow no more than four times your income (or 4.5 times in specified cities). You must also be a first-time homebuyer and meet the minimum down payment requirements using traditional funds.

THE GST/HST NEW HOUSING REBATE

The GST/HST New Housing Rebate provides up to a $6,300 rebate on the Goods and Services Tax (GST) or the Harmonized Sales Tax (HST) for new homes. Homebuyers who purchase a new-build home, preconstruction, or make substantial renovations to an existing home can apply. You must complete an application form and provide supporting documents, and the rebate can be claimed within two years after the construction date.

THE FIRST-TIME HOME BUYERS’ TAX CREDIT (HBTC)

The First-Time Home Buyers’ Tax Credit (HBTC) is a government initiative that provides eligible firsttime homebuyers with a $10,000 non-refundable income tax credit, resulting in tax savings of up to $1,500. To be eligible, the home must be registered in the buyer’s name, and

they must be a first-time homebuyer who will use the property as their primary residence. The HBTC can be combined with other government programs, such as the Home Buyers’ Plan, the First-Time Home Buyer Incentive, and the GST/HST New Housing Rebate. Some provinces also offer home-buying programs.

LAND TRANSFER TAX REBATES

First-time homebuyers in Ontario, British Columbia, Prince Edward Island and the city of Toronto can apply for land transfer tax rebates. The rebates are available on the provincial and municipal levels, depending on where the property is located. The maximum rebate amount is $4,000 in Ontario and $4,475 in Toronto, while the rebate amount in British Columbia varies depending on the purchase price of the property. To qualify, the buyer must be a Canadian citizen or permanent resident and must be purchasing their first home. The amount of the rebate varies depending on the purchase price and the location of the property.

CONSULT WITH A PROFESSIONAL

With all these incentives, it is important to note that eligibility requirements, program details, and availability may vary by province or territory. If you’re interested in one of the above options, consult with a financial advisor or mortgage professional to determine which programs you may be eligible for, and the ones that best suit your needs.

Brittany Reimer is managing director of MLA Canada’s Fraser Valley branch. Brittany uses her experience, relationships and passion for the real estate marketing industry to help push MLA into a new frontier.

VISIONARY TECHNOLOGY

APPLE VISION PRO IS KNOCKING ON THE DOOR OF PROPTECH

Over the years, there have been many supposedly game-changing technologies that have fizzled out or become novelty items – we’re looking at you Segway. But in a rapidly evolving digital landscape, virtual reality (VR) and augmented reality (AR) have started to influence and impact the real estate industry in exciting ways. These transformative technologies are revolutionizing the traditional process of buying real estate, making it more immersive, efficient and convenient. Enter the Apple Vision Pro, the first AR consumer technology backed by a tech giant, primed to transform the sales process.

Apple Vision Pro can blend digital content seamlessly with a physical environment, creating a visually stunning and incredibly interactive experience. Imagine putting on the headset and stepping into a virtual property. Experiencing the space as if you were physically there – observing the layout, walking around the rooms and even trying out the different finishes available. Picture overlaying property prices, architectural details and even walking the neighbourhood during this tour. There are endless applications where the technology can be used to enhance the homebuying process.

PRE-CONSTRUCTION SALES

New developments could be set up as a virtual environment, where buyers can explore the project and surrounding area, walk around

different floorplans, and assess the finishes to help them make an informed decision before purchasing. Armed with this understanding of the layout, design and style would help buyers envision their future homes and reduce the uncertainty that often comes with purchasing a preconstruction home.

VIRTUAL PROPERTY TOURS

Builders and realtors can create immersive experiences that allow buyers to explore multiple properties remotely. By donning a headset paired with an app, buyers can walk through 3D representations of homes, experiencing layouts, furniture placements and other details within the home.

CUSTOMIZATION AND COLLABORATION

Apple Vision Pro will have the ability to collaborate in a virtual environment where buyers can play around with modifying aspects of the home, such as colours, flooring, finishes and fixtures. They can see these changes in real time, allowing them to personalize their new home to their taste. They could work with the designer to visualize changes and furniture placement in the physical space.

It’s conceivable that one day homeowners could interact with their builder, architect and designer simultaneously in a virtual environment.

The Vision Pro is still in its early stages, and we have yet to see the applications that will be developed. What we do know is that with a company like Apple rolling it out, and the expected extensive app ecosystem, this device has the potential to revolutionize the way we buy, sell and interact with real estate. As the market continues to embrace new technologies and they become more accessible, innovative products such as Apple Vision Pro will undoubtedly become a competitive advantage in the homebuilding industry.

Tim Ng is the Principal and Founder of ADHOC STUDIO and BLACKLINE, an industry-leading digital studio that combines real estate, art and technology. To learn more about ADHOC’s awardwinning renderings and industry leading sales platform, BLACKLINE, visit adhocstudio.ca and blacklineapp.com.

VANCOUVER – DOWNTOWN VANCOUVER

1. CLARIDGE HOUSE 498 West 41st Avenue 604-941-8305 polyhomes.com

2. GRYPHON HOUSE 6191 West Boulevard 604.620.8295 gryphonhousevancouver.com

3. WEST WIND 2620 Acadia Road 604-260-8446

5. AMBER 604-871-8600 aragon.ca/amber

6. THESIS W 49 Ave & Cambie St liveatthesis.com

7. SHIFT 35th Ave & Quebec St. aragon.ca/shift

8. THE CONSERVATORY

10. GRACE Ash & W30th gracewestside.com

11. FORM 1558 West 6th Ave formbyanthem.com

12 PARK 1698 West Georgia Street anthemproperties.com

13. GRYPHON NOVA Oak & 67th

MISTAKES TO AVOID

WHEN BUYING AN INVESTMENT PROPERTY

ALISA ARAGON-LLOYD

Owning an investment property can be a great way to create financial security for you and your family. Buying a condo, townhome, house or small multi-unit building has lots of advantages, including monthly rental income, property value appreciation, tax deductions and the ability to use the bank’s money to make more money for yourself.

However, to invest in an investment property, it’s best to know what you are doing, which includes avoiding these potentially expensive mistakes:

• Treating the property purely as an investment and not as a business. Owning an investment property is like owning a business. People think all they have to do is buy it, rent it and forget it. That’s not how it works. You must be prepared to make decisions regarding maintenance and upgrades, rent reviews and new leases, for example. Even if you hire a property manager, they can only do what is instructed.

• Unwittingly breaking a law. Before you buy, do some research. Make sure you understand landlord laws, your responsibilities and liabilities, and the ins and outs of leases.

• Not getting a pre-approved. Talk to a mortgage expert before you start your search, so you know how much you can qualify for, and you know what you are going to require.

• Not factoring in running costs. The price of the home is only the first of a series of expenses incurred as a homeowner. Before you make a rush purchase, consider some of the costs such as property taxes and strata fees, if applicable.

• Not working with a buyer’s agent. Work with a trusted real estate agent who has experience and knowledge on buying investment properties. Buying an investment property is about numbers, while buying your own home is about an emotional purchase.

• Buying a property sight unseen. This could be a recipe for disaster unless you do a site inspection yourself or have your real estate agent do it if they know exactly what you want. This is a big investment — surely you can take the time to inspect it.

• Not checking out the property adequately. Having the property professionally inspected can help avoid unexpected expenses. There are many potential problems with any home that you are not likely to be aware of on your own.

• Not having enough funds to cover unexpected expenses. What if your property sits vacant for a few months? Will you have enough to cover your mortgage payments? What if you suddenly need a new roof or furnace? It’s wise, if possible, to keep an emergency fund of about 10 per cent of the value of the property to carry you through the tough times.

• Not having a proper and efficient maintenance schedule in place. The fixtures and fittings in all properties wear out from regular wear and tear. Damage does occur. It is important to keep maintenance up and have it done on time.

• Expecting too much. If you expect to get rich quick, you may be tempted to set the rent too high and lose your tenants. Research comparable rental properties in the area and be reasonable.

• Becoming a slave to the property. Decide how much your time means to you. If your investment property becomes a second full time job, is it worth it? Factor in the cost of a property management company, if necessary.

• Not checking out tenants adequately. Ask for references (especially their past landlords) and follow up. Run credit checks. If applicable, drive by the prospect’s current property and see how well it’s cared for.

• Not doing regular (at least annually) financial analysis. Remember, this is a business. All business owners regularly review their financials. Your property manager should provide you with monthly and annual statements of receipts and expenditures. Consider doing an annual market appraisal to see how the value of the property is going. Sometimes it is strategic to sell off some assets and purchase new ones.

Listing these mistakes to avoid is not intended to discourage you from buying an investment property. Instead, it allows you to proceed with your eyes open and know what you are getting into. Buying an investment property means work, but it is also a great way to create wealth and financial security for you and your family.

If you would like some help to analyze your financial ability to invest in an investment property, talk to a professional mortgage expert.

Alisa Aragon-Lloyd has been a mortgage expert for more than 11 years. She has her own company, Bridgestone Financing Pros, powered by DLC Origin Mortgages and is on the board of directors for the Homebuilder Association of Vancouver (HAVAN) and an award-winning member.

HOT PROPERTIES

SURREY – LANGLEY – ABBOTSFORD – MISSION

SURREY

1. PIANO 105A & City Parkway concordpiano.ca

2. PARK GEORGE 9908 King George Blvd 604-583-9866 parkgeorge.com

3. DISTRICT NW University Drive & 105 Avenue thind.ca

4. CENTURY CITY HOLLAND PARK 13583 98 Avenue centurycitysurrey.com

5. PURA 105 Ave & 132 St mypuracondo.com

6. AMAYA LIVING 106 Ave & 140 St amayaliving.ca

7. SEQUOIA 133 Street & 104 Avenue Sequoiawestvillage.ca

LANGLEY

8. ALDERGROVE TOWN CENTRE 3100 272 Street atcliving.com

9. HAYER TOWN CENTRE 76 Avenue & 200 Street 604-800-9662 hayerbuildersgroup.com

10. THE HIVE AT WILLOUGHBY 206222 80 Avenue 778-686-8572 thehivewtc.com

11. WESTBROOKE AT WILLOUGHBY 604-385-3540 foxridgehomesbc.com

12. SOUTH VILLAGE AT LATIMER VILLAGE 20018 83A Ave 604-371-0698 vestaproperties.com

ABBOTSFORD

13. THE RAIL DISTRICT 2774 Montrose Avenue 604-850-0040 raildistrict.ca

DEDICATED TO EXCELLENCE

THESE BUILDERS AND DEVELOPERS ARE PROUD OF THEIR COMMITMENT TO EXCELLENT CUSTOMER SERVICE AND CREATING GREAT COMMUNITIES

NORTH SHORE

NORTH SHORE

1. PARK WEST 1633 Capilano Road parkwestliving.ca

2. EXECUTIVE ON THE PARK 660 Clyde Avenue 604-926-2398 executiveonthepark.com

3. HAWKSLEY 3963 Uplands Way liveathawksley.com

4. BADEN PARK 904 Lytton Street badenparkbyanthem.com

5. 1331 AMBLESIDE RESIDENCE 1331 Marine Drive 1331Ambleside.com

6. WESTON PLACE 2195 Gordon Avenue westonplace.ca

SQUAMISH

7. BRITANNIA BEACH BC 99 & Copper Dr 604-980-0016 britanniabeachliving.com

8. SEA AND SKY 604-559-7918 hellosquamish.com

9. REDBRIDGE 1606 Scott Crescent redbridgesquamish.com

10. FINCH DRIVE 1050 Finch Drive 778-990-1129

BalleySt

ABBOTSFORD Court MR 604-621-5888 Now Selling

Downtown Gate TH 604-357-1943 Coming Soon

Falcon Ridge SF 604-309-0540 From $789,000

High Street Village LR/TH highstreetvillage.ca Coming Soon

JEM LR jemliving.ca Coming Soon

McKenzie Mews TH mckenzie-mews.com Coming Soon

Montvue LR montvueliving.ca Coming Soon

Onyx at Mahogany LR 778-255-7099 Now Selling

The Peak at Mountainview TH mymountainview.ca Call

The Rail District TH raildistrict.ca Register Now

BURNABY

O2 Metrotown HR o2metrotown.com Now Selling

Arbour MR/TH 604-559-5795 Now Selling

Azure at Southgate HR azureatsouthgate.com Now Selling

Bordeaux HR bordeauxliving.ca Call

Byrnepark LR/TH 604-228-8530 Now Selling

Cedar Creek MR 604-529-8868 Call

Concord Brentwood HR 604-435-1383 Call

Concord Greenhouse HR 604-435-1383 Coming Soon

Concord Metrotown HR concordmetrotown.com Coming Soon

The City of Lougheed 2 HR 604-328-7128 Call

Contour Metrotwon HR contourmetrotown.com Coming Soon

Eclipse Brentwood HR thind.ca/eclipse Coming Soon

Lumina HR/TH luminabrentwood.com Coming Soon

Highline Metrotown HR highlinemetrotown.com Call

Kings Crossing by Cressey PH 604-720-5357 Now Selling

Maywood on Park HR 604-435-8866 Now Selling

Metro 21 HR metro21.ca Coming Soon

Moonlight Sonata TH moonlightsonata.ca Register Now

Nuvo HR nuvobyanthem Coming Soon

Oasis at Concord Brentwood HR 604-435-1383 Call

Oslo HR osloliving.ca Call

Perla HR 604-434-2205 Now Selling

Polaris at Metrotown HR polarismetrotown.com Now Selling

Tailor HR 604-299-1001 Call

The Amazing Brentwood HR 604-298-7314 Call

The Standard HR thestandardbyanthem.com Coming Soon

Riviera HR rivierabyledmac.com Coming Soon

Slate HR/TH slatebybeedie.com Now Selling

SOLO 4 HR 604-298-8800 Coming Soon

Sun Towers 2 HR suntowersmetrotown.com Call

CHILLIWACK

Acadia at Garrison TH

COQUITLAM

Alina HR ownalina.com Now Selling

Allison LR mosaichomes.com Coming Soon

Amber Gate TH 778-871-9532 Coming Soon

Band HR band.townline.com Coming Soon

Bastille LR bastille.porte.ca Coming Soon

Baycrest West TH liveatbaycrest.com Call

Burke Village SF/TH/LR burkevillage.ca Coming Soon

Dwell TH dwellbyanthem.com Register Now

Elmwood HR elmwood.marcon.ca Now Selling

Florin LR liveatflorin.com Coming Soon

Forester Two TH forester.townline.ca

These listings are meant to offer a comprehensive overview of new home and condo developments currently being marketed throughout Metro Vancouver and the Fraser Valley.

778-686-8572

Coming Soon

Bridle Ridge SF mstarhomes.com

The Falls Kanaka Springs TH kanakasprings.com/the-falls Register Now

TH kennedytownhomes.ca Register Now La Riviere LR 604-359-0135 Coming Soon

The North at Port Haney LR thenorthliving.com Coming Soon Podium LR 604-657-7653 Coming Soon

Provenance TH 604-467-2285 Register Now Rydge TH rydge.ca Now Selling Sequoia Living TH 604-723-5386 Call Sierra Ridge LR sierraridge.ca Call Windfall TH windfallbygatehouse.com Coming Soon

MISSION/HARRISON

Cedar Valley Rowhomes RH cedarvalleyrowhomes.ca Coming Soon Harrison Highlands SF 1-888-758-0850 Call

Harrison Ridge TH

1-844-432-7444 From $690K

Horizons TH 1-888-826-1177 From $319,800

Nelson & Grove SF mstarhomes.com Coming Soon

Westminster Plateau LR/TH westminsterplateau.ca Coming Soon

NEW WESTMINSTER

Lighthouse LR 604-364-7424 Call

Moody on the Hill LR moodyonthehill.com Selling Now

Pier West HR 604-553-4211 Call

River Queensborough TH 604-438-5050 Call

Timber House LR timberhousebyaragon.ca Register Now

NORTH VANCOUVER

1313 Ambleside Residence TH 1331ambleside.com Now Selling

1515 Rupert LR 236-869-2515 Call

Aire at North Harbour MR northharbourbyconcert.com Now Selling

Apex at Seylynn Village HR/TH/PH apexatseylynn.ca Now Selling

AVA LR 604-736-0050 Call

Baden Park LR/TH badenparkbyanthem.com Register Now

Ebb & Flow GH/CH/TH 604.818.1177 Now Selling

Evolv35 TH 604.785.7653 Call Executive on the Park LR/TH executiveonthepark.com Coming Soon Forest Ridge LR 778-298-2280 Coming Soon

Founder’s Block South TH 604-689-3040 Coming Soon Green on Queensbury LR/TH qualex.ca/green Register Now Innova LR liveinnova.ca Now Selling

Lennox LR 604-988-3617 Now Selling

Lupine Walk Seymour Village LR seymourvillage.com Call Millennium Central Lonsdale LR millenniumlonsdale.com Coming Soon

Neu on 3rd TH neuon3rd.ca Coming Soon Park West HR 604-770-1336 Now Selling

The Trails TH liveat.thetrailslowerlonsdale.com Coming Soon

The Windsor HR 604-256-9178 Call West Oak TH westoakliving.com Now Selling

PITT MEADOWS Nature’s Walk TH 604-262-1850 Now Selling PORT COQUITLAM

VANCOUVER & AREA

DOWNTOWN

1335 Howe HR 604-689-8535 Call

Bailey LR liveatbailey.ca Register Now

Burrard Place two HR burrardplace.ca Call

Curv HR thecurv.ca Coming Soon

Eventide LR eventidethree.com Coming Soon

Landmark on Robson HR 604-566-2288 Call

Mirabel HR 604-681-8110 Call

The Pacific HR grosvenorpacific.com Call

The Thurlow HR downtownabovebeach.com Coming Soon

Thesis LR liveatthesis.com Register Now

Vancouver House HR 604-893-8958 Call

EAST SIDE

2550 Garden Drive LR 2550gardendrive.com. Now Selling Ace one the Drive LR togetheronthedrive.ca. Coming Soon Assembly LR assemblystrathcona.com Coming Soon

Brock House TH/SF 778-388-8682 Call

Clive at Collingwood LR cliveliving.com Coming Soon

Focal LR 604-563-6777 Coming Soon

Frame HR liveatframe.com Coming Soon

Francis TH 604-330-8848 Call

Graphia LR grafia.porte.ca Coming Soon

Linx LR 604-394-2602 Coming Soon

Paragon LR 604-688-5566 Coming Soon

River District Ardea HR wesgroup.ca/ardea Coming Soon

The Saint George TH the saintgeorge.ca Now Selling Shift LR aragon.ca/shift By Appointment

Templeton TH templetonliving.ca Now Selling Triumph TH 604-563-6200 Call

The Windsor HR thewindsorliving.com Now Selling V on E49 LR 778-751-8930. Coming Soon

WEST SIDE

2030 Barclay HR 604-534-2020 Coming Soon 5656 Balaclava LR 5656balaclava.ca Now Selling 99 West MR 604-620-8600 From $528,800

LR/TH 604-871-8600 By Appointment Arbutus LR 604-307-0607 Call Autograph LR autographliving.ca Coming