BC New Home Guide - Dec 13, 2013 by NextHome

[ 4-WEEK ISSUE ]

Dec 13, 2013 - Jan 10, 2014 Volume 21 Issue 25

Over 100 Families already call

UPTOWN HOME

FIND OUT WHY TODAY!

3 & 4 BEDROOM TOWNHOMES FROM $324,900

W W W.UPTOWNCLAYTON.COM

INSIDE THIS ISSUE

A LOOK BACK AT THE NEW HOME MARKET IN 2013

HELLEN BUTTIGIEG’S TIPS ON HASSLE-FREE HOLIDAYS

NEIL MOODY EXPLORES MORTGAGE OPTIONS

FREMONT

OTTAWA

DOMINION

2, 3 + 4 Bed Rowhomes from the mid $300s Seaborne + Fremont, Port Coquitlam 604.552.0319

LO U

SHERLING

RI V

AR Y

mosaichomes.com/fremont

PIT

IVE

SAVE UP TO $10,000* HOLIDAY GIFT WITH PURCHASE EVENT

RID

*Prices are subject to change. E.&O.E.

TO LOUGHEED

113B AIRPORT WAY

FRASER RIVER

Y RS WA

FRA SER

EN EA

OSPREY

GOLD

*Prices are subject to change. E.&O.E.

BONSON

mosaichomes.com/osprey

HARRIS

2 Bed + Den Rowhomes from $299,900* Osprey Village, Pitt Meadows 604.465.8712

SAVE UP TO $8,000* A NEW HOME FOR THE HOLIDAYS

Single family homes & townhomes From $289,900 (Incl. GST)

3 bedroom townhomes From as low as $964/Month**

NOW SELLING PHASE 3 MyLunaHome.com 778.895.5862

JUST RELEASED PHASE 3 YorkLiving.ca 604.568.3385

30748 Cardinal Ave, Abbotsford

7298 199A St, Langley

(Incl. GST)

This is not an offering for sale. Any such offering must be made with a disclosure statement. Prices are subject to change. E.&O.E. **OAC. Conditions apply. DEC 13, 2013 - JAN 10, 2014 | METRO VANCOUVER NEW HOME GUIDE 5

CHRISTMAS BUYER PACKAGE NOW AVAILABLE

5000

incentive on all firm sales before December 15th

2, 3 & 4 Bedroom Parkside Townhomes in Morgan Heights Unmatched privacy in a park setting, with most homes fronting onto dedicated green space. PRICES START FROM

359,900

3039 156th St, Surrey CALL 604.535.5511

OVER 70% SOLD

LiveAtNiche.ca

Last Chance To Ownâ&#x20AC;&#x201D; Show Home For Sale Designer upgrades included throughout this elegant Georgian townhome in the heart of Grandview Heights.

2469 164th St, Surrey ASK ABOUT SPECIAL CALL 604.542.0660 PRICING ON THE AbbeyRoadLiving.com SHOW HOME

QUALITY HOMES BUILT BY

WBHOMES.CA

LAST CHANCE TO OWN

Sales Centres will be closed from December 21st to January 3rd - reopening on Saturday January 4th

Co ta

1, 2 & 3 Bedroom Condos

Choose from a variety of spacious floor plans, sizes and locations. Make it yours with choice of kitchen finishes and more. PRICES START FROM

219,900

*NET OF INCENTIVES

SOLD OUT!

Courtesy to Agents. This is not an offering for sale. Any such offering must be made with a disclosure statement. Prices net of incentives and exclude taxes. Incentives and prices subject to change without notice. Please speak to the Woodbridge sales team for offer details. E.& O. E.

6477 196th St, Surrey CALL 604.530.0054

SalixLiving.com

www.zenterra.ca 8 METRO VANCOUVER NEW HOME GUIDE | DEC 13, 2013 - JAN 10, 2014

contents DECEMBER 13, 2013 - JANUARY 10, 2014

on the cover

VOLUME 21 ISSUE 25

p.16

UPTOWN CLAYTON Unmatched size, space and affordable prices have families loving where they live by Janine Mackie

VICE-PRESIDENT, WALL2WALL MEDIA

Jacqueline Hill

EDITOR-IN-CHIEF / DIRECTOR OF CONTENT

Susan Legge

DIRECTOR OF SALES, NATIONAL

Josh Heppner

SENIOR SALES MANAGER, WESTERN CANADA

Edwin Rizarri ART DIRECTOR

Bianca DiPietro EDITOR

Diane Duflot CONTRIBUTING EDITORS

Lydia McNutt Sara Duck Wayne Karl DESIGN EDITOR

Yanic Simard

special features 12 16

E DITOR’S NOTE COVER STORY

by Peter Kinch

Uptown Clayton — Unmatched size, space and affordable prices have families loving where they live

F UNDAMENTALLY SPEAKING

What buyers can do about Developmental Charges by Wayne Karl

B UYER PROFILE

Carlo at the Grove at Cambridge by Susan M Boyce

INDUSTRY INSIDER

Mortgage options when choosing a new home by Neil Moody

28 INSIDE MORTGAGES

CMHC Housing Outlook Conference — You want to know about the market, right? by Kris Grasty

YEAR IN REVIEW

“ Signs, signs, everywhere a sign...” Read them or you might get lost

Rebuilding this holiday season with bricks, nails and even the kitchen sink

60 O N THE HORIZON

Checking out what’s hot and new in the Lower Mainland and beyond

QUICK TIPS

Overjoyed, not overwhelmed — Holidays without hassle by Hellen Buttigieg

CONTRIBUTING EDITORIAL WRITERS

Susan M Boyce Janine Mackie Michelle Hopkins Karen Gram

Complete listings of more than 250 new-home developments throughout Vancouver and the Lower Mainland

54 Tri-Cities

The Vancouver New Home Guide is a free publication published 25 times per year. Submit articles or advertising to Suite 102 - 4180 Lougheed Highway, Burnaby BC V5C 6A7 PHONE 604.519.6080 FAX 604.519.6088

58 Maple Ridge/

newhomeguide.ca

district maps 14 Surrey/

Langley

52 Burnaby

Laura Northmore

Published By

64 L ISTING DIRECTORY

by Susan M Boyce

Using your RRSP to help make the down payment on your first home

GRAPHIC DESIGNERS

Mihail Terentiev

by Susan M Boyce

38 South Surrey/

BUYING YOUR FIRST HOME

Bala Gnanapandithan

PRODUCTION CO-ORDINATOR

H ABITAT FOR HUMANITY CANADA

A Look Back at the new home market in 2013

SALES COORDINATORS

PRODUCTION MANAGER

U DI: MICHAEL FERREIRA by Diane Duflot-

DAVE BIRD 604.319.7102 BRENDA EVERITT 604.319.7103

Justin Salvador Ranee Pal

news

columns

MEDIA CONSULTANTS

How home equity can be a key part of your and your family’s financial future

by Janine Mackie

MORTGAGE MINUTE

White Rock

Pitt Meadows

COPYRIGHT 2013 covers the contents of this publication and prevents reproduction in whole or in part: offenders will be prosecuted. We reserve the right to refuse any advertising, to make changes or edit advertising as necessary. Care will be taken to ensure copy accuracy but no warranty is implied or given by the publisher. The views and data expressed by columnists do not necessarily represent those of the publication.

editor’s note

A long-term commitment will afford you peace of mind

hether you’re relocating from one coast to the other or moving to your first place, changing homes can be hectic, exciting and certainly stressful. But, relax. You can eliminate the anxiety associated with moving by taking control of the situation with confidence. Understanding the market is just part of the story. Knowing what you need and what you can afford is the more important part of the equation. Making a prudent purchasing decision that doesn’t keep you up at night when interest rates rise, or market news becomes the talk of the town, is up to you. This issue is full of essential tips from the experts, the latest news and Project Profile features about the hottest new home communities designed to help you make a wise purchasing decision. There’s lots to take in – so kick back, relax and enjoy. You’re in the driver’s seat. Happy holidays, and good luck in the home hunt!

Susan Legge EDITOR-IN-CHIEF Wall2Wall Media,Susan.Legge@wall2wallmedia.com Follow me on Twitter at Twitter.com/SusanLegge

Hassle-free holidays And a Happy New Year

s the year comes to a close, New Home Guide is here to help you take stock of the year that’s passed and prepare for the year ahead. First, we’ll help you get through the holidays with your sanity ealtact with Helen Buttigieg’s “Overjoyed, not overwhelmed: Holidays without hassle.” Then, we’ll help you succeed in your resolution to be fully prepared for new-home hunting in 2014, with timely advice ranging from guidance on how to use your RRSPs towards your down payment in “Using your RRSPs to make your down payment on your first home,” to Wayne Karl’s warning on how Development Charges might affect you in “What buyers can do about Development Charges,” to mortgage know-how from CHBA BC CEO Neil Moody in “Mortgage options when choosing a home.” With our help, 2014 is sure to be a good year!

Diane Duflot EDITOR Wall2Wall Media, diane.duflot@wall2wallmedia.com Follow me on Twitter at Twitter.com/DianeDuflotW2W

12 METRO VANCOUVER NEW HOME GUIDE | DEC 13, 2013 - JAN 10, 2014

SUNSHINE COAST

The perfect combination of spacious living and incredible ocean views is waiting to be discovered at SilverStone Heights â&#x20AC;&#x201C; an unprecedented collection of 30 beautiful three and four bedroom single family homes nestled in the heart of Sechelt. PriCeD From COWRIE ST

LE BARNAC

TEREDO ST

SHOMCLIFFE AVE

COWRIE ST

479,900 PriCeS inCLuDe gST

O ST TERED

Pre-ConSTruCTion PriCing evenT on now! SALeS CenTre & SHowHome Coming JAn. 2014

SeCure Your Home ToDAY | Oceanview Realty

PATriCK HoBBS & CArrie CALDweLL

silverstoneheights.com

604.741.1877

Developer reserves the right to modify or change plans, specifications, incentives, or prices without notice. images and renderings are representative only. Prices include gST. e.& o.e.

DEC 13, 2013 - JAN 10, 2014 | METRO VANCOUVER NEW HOME GUIDE 13

116th Ave

SURREY / LANGLEY

d rR no ve os Gr

112nd Ave

104th Ave

SF ras er

104th Ave

Green Timbers Urban Forest Park

Tynehead Regional Park

Golden Ears Bridge

96th Ave

FR AS ER HW Y

96 th Av B2 e

216th St

96th Ave

88th Ave

88th Ave Bear Creek Park

A25

Gl ov er Rd

Wa y

12 0th

108th Ave

A21

176TH ST

99a

A24

64th Ave

58TH AVE

A19

64th Ave

A14 A3 A6 A18 A11 A23 61A A7 A20 A2 A15

A10

5909 184A Street 604-727-5478

A2. Panorama Station 5957 152nd 604-372-2275

A3. Ashbury Hill

14833 - 61st Ave. 604-953-1211

A4. Bishop Creek 15788 104 Ave. 604-588-0005

A5. Clayton Heights 7310 - 191B Street 604-723-4497

A6. Madison

14356 63A Ave. 604-543-6262

A7. Brixton

144th & 60 Ave brixtontownhomes.com

A12

56TH AVE

Gra de Rd

A8. The Links

A15. Highlands at Sullivan Ridge

7797 170 St. 778-574-2550

6085 - 146 St. 778-565-7768

A9. Uptown Clayton Village 99

A16. Enclave at Boundry Park

19525 73rd Ave. 778-574-0146

12775 63 Ave. 604-657-3709

A10. La Rue

A17. Redwood

19180 65th Ave. 604-575-2263

redwoodtownhomes.com 604-503-6929

A11. Fusion

A18. Canvas

13886 62Ave 778-578-9779

A12. Zen

6350 142 St. 604-598-8873

196th & 66th Ave. 604-247-2639 ext 262

A13. Sun 72

195th & 72nd Ave. 604-575-8806

A14. Eton

14888 - 62nd Ave. 604-953-0833

A19. One 92

A22. Salix

6477 196th Street 604-530-0054

A23. The Grove at Cambridge

14905 60th Ave 604-597-7177

14 METRO VANCOUVER NEW HOME GUIDE | DEC 13, 2013 - JAN 10, 2014

240th St

FRA SER HW Y

48th Ave

LANGLEY B1. Winchester Estates 40th Ave 21867 50th Ave 604-533-1886

B2. McBride Station Mavis Ave & McBbride St. 604-533-0881

A24. The Grove 68th Ave. & 194 St. 604-533-6968

A25. The Rockwood 16241 - 84th Ave 604-503-1188

B3. Yorkson South

211 St. & 78B Ave. 604-533-3491

B4. Radius

4921 223B St. 604-427-4050

A26. Creekside

6685 192nd St. 604-576-1772

Clayton Heights 604-372-0400

A20. Panorama Woods

B5. Virtue

200 & 68th Ave. 604-534-6800

B6. Marquee

6123 138th Street 778-593-9954

19752 55A Ave. 604-427-3550

A21. Silverwood

84th Ave. & 164th St. 604-953-0288

GOOD DESIGN IS always in style REGISTER TODAY AT MARQUEELIVING.COM OR CALL 604.427.3550

232rd St

216th St

208th St

LANGLEY BYPAS S

56TH AVE

GEORGE B LVD

A1. Cadence

SURREY

Serpentine Fen Nature Reserve

A22

60th Ave

KI N

A9 A13

72nd Ave

A17

A16

G LO VE R

A26

200th St

72nd Ave

Watershed Park

192nd St

188th St

168th St

160th St

144th St

152nd St

80th Ave

128th St

112th St

120th St

80th Ave

DESIGNER TOWNHOMES

IN LANGLEY

Prices exclude sales taxes and are subject to change without notice. This is currently not an offering for sale. E.&O.E.

VALOURHOMES

FROM THE LOW

300S

SURREY/LANGLEY

ready to move in!

0 00 S 0, DE NLY O $2 T RA IME ES PG ED T U IMIT

156 Townhomes | 3 to 4 Bedrooms Starting From $325,900

| From 1,401sq.ft to 2,000 sq.ft

19525 73rd avenue

Presentation Center Open Daily 12-5PM (Except Fridays)

778.574.0146

Avtar Mann 604.644.5641

www.uptownclayton.com

This is not an offering for sale. Any such offering must be made with a disclosure statement. Prices are subject to change. E.&O.E. DEC 13, 2013 - JAN 10, 2014 | METRO VANCOUVER NEW HOME GUIDE 15

coverstory

UPTOWN CLAYTON Unmatched size, space and affordable prices have families loving where they live by JANINE MACKIE

igger, better, brighter. These are just a few of the catch words buyers are using to describe their reaction to a new community of three-bedroom townhomes called Uptown Clayton that offers the best of space and lifestyle. “With well-tailored homes ranging in size from 1412 to over 1944 sq.ft, Uptown definitely offers one of the largest square feet living spaces with some of the most competitive prices in this market,” said sales and marketing manager Avtar Mann. “Life starts here for young families who want to own their own home from just $324,900, including GST and BCTT.” Six smart floor plans provide buyers with plenty of choice and are creatively planned for the way modern families live. Developer Sunmark worked closely with designers to create functional homes that would complement modern lifestyles that often mix family, work and friends into the same area.

Open cOncept with gOurmet Kitchens Whatever your stage of life – just starting out, growing family or young at heart and looking to downsize, you can experience life to its fullest at Uptown, where the choice of six well-planned floorplans and low-maintenance finishes make living easy. On an afternoon in December the three-bedroom showhome is the destination for several new home buyers – families that seem to appreciate the high ceilings, abundance of natural sunlight streaming in through large windows and a gorgeous kitchen with a family room on one side and a formal dining and living room on the other. It’s the kind of space where you can easily imagine kids playing with Lego on the floor while their older siblings work with a laptop on the island and mom and dad enjoy a glass of wine while cooking dinner.

“life starts here for young families who want to own their own home from just $324,900.” Avtar Mann, Uptown sales & marketing manager

16 metrO vancOuver new hOme guide | dec 13, 2013 - jan 10, 2014

“Families now are very sociable and interlocking with their technologies,” comments Mann. “This open concept will keep the family connected even if they are tuned into their own business.” Outdoor patios for grilling and landscaped yards for playing The kitchen is modern and elegant, fully equipped with premium stainless-steel appliances, elegant quartz countertops and complemented by maple shaker cabinets. It’s attractively lit with a thoughtful combination of shimmering spotlights, track lighting and under cabinet task lighting. Perfect for entertaining and barbecuing all season, the covered deck features rich wood trim and overlooks the fully landscaped yard. With Christmas just around the corner and many of the homes ready for immediate occupancy, the formal dining area provides ample space to host holiday dinners and gather around the fireplace with a warm mug of cider. A powder room on the landing is a welcome feature and convenient for both you and guests. Upstairs the family will enjoy the space and privacy of three bedrooms, finished with five-inch baseboards, contemporary window blinds and ample closets. The master bedroom is a restful retreat which easily accommodates a king size bed and reading chair. Inspired to rejuvenate, the ensuite is finished with porcelain floor tile, quartz countertop and an oversized shower. Whether you have teens or toddlers, the bedroom staging is sure to delight your kids. The boy’s room is a tribute to BC Lions Fans, while the girl’s room is a playful blend of polka dots and sassy colours. The rooms share a well-appointed bathroom with tub/shower combo, porcelain sink and shaker cabinets. Each home is equipped with linen closets upstairs as well as a laundry closet with energy-efficient stacking washer and dryer. There are double garages in both tandem and side-by-side configurations, roughed-in vacuum and a 40US gallon hot water tank. Langley Events Centre and Top-Rated Schools in Community Previously considered a part of Cloverdale, Clayton Heights now carries a vibrant identity of its own. From farms and green space to a metropolis of young families, Clayton Heights’ viable location on the border of Surrey and Langley is just minutes from the Langley Events Centre, Clayton Park and Recreation Centre, shopping at Willowbrook and a variety of grocery stores including Superstore, Costco and Moreno’s Market & Deli. There are excellent neighbourhood schools for kids to attend, including R.E. Mountain Secondary, offering the respected International Baccalaureate Program, and Lord Tweedsmuir Secondary a favorite amongst athletes. Preschool and elementary schools are conveniently located within walking distance. Looking to live large without spending a lot? Already 65% sold, the homes at Uptown provide families with an increased amount of size and space at a price unmatched in this Clayton Heights neighbourhood. Visit the sales centre today to learn more. Open daily (except Fridays) from noon to 5 p.m. at 19525 – 73rd Ave. in Surrey. For more information call 778-574-6186 or online at uptownclayton.com

dec 13, 2013 - jan 10, 2014 | metro vancouver new home guide 17

fundamentallyspeaking

WHAT BUYERS CAN DO ABOUT

Development Charges by WAYNE KARL

Wayne Karl is an award-winning writer and editor with experience in real estate and business. In Fundamentally Speaking, Wayne explores the basics – such as economic fundamentals – you need to examine when buying property. He can be reached at wayne.karl@wall2wallmedia.com or follow him on Twitter at Twitter.com/WayneKarl

about $116,200 on a new single-detached home, representing 22 per cent of the not just in your general preparedness for buying cost. For a new highrise, the fees average $64,000 – or 20 per cent. a home, but for an increasingly difficult – not to In Ottawa, Development Charges and other government-imposed fees mention controversial – issue that’s costing you today account for about 23 per cent of the cost of a new home – or about more money. $100,000 of a single-family home. Twenty-five years ago, the costs accounted And you likely don’t even know it. for just three per cent. Development Charges. If you’re not familiar Though the problem may differ slightly from one city and province to the next, with the term, you likely will be soon, as it’s with critics arguing the fee increases are largely arbitrary, the concern is universal: a contentious issue facing home builders – new-home buyers are picking up a disproportionate part of the tab for infrastrucand therefore buyers – across the country. ture development. Just what are Development Charges? In short, they are the fees applied by various levels of So, what can buyers or builders do about it? government when new homes are built, to pay “We’re actually working on a survey of the 21 municifor new infrastructure such as roads, transit and palities of Metro to track DCs, community amenity other necessities. charges and other policies that impact cost and That part you may know. But what you timelines for new-home delivery,” de Wit told likely aren’t aware of is that these fees are New Home Guide. rising exponentially, have been for years, and Consumers, surprisingly, have yet to take they’re occupying an increasingly high portion action, since, de Wit suspects, they haven’t of new-home costs. And they’re passed right caught on to the severity of the situation. on to you, the homebuyer. “But look for this to be an emerging issue, especially in our region as we move into muHow much are we talking about? nicipal elections next fall.” Indeed, as a prospective new-home buyer, you In Metro Vancouver, the various government taxes, fees and levies range from 16 to 27 per may not appreciate the importance of the Develcent of the cost of a new home, depending on opment Charges issue just yet. But if you or your the city and the type of housing, according to family members are a few or even several months Robert de Wit, CEO of the Greater Vancouver away from making a purchase, you may want to educate yourself on the matter, and ask prospective Home Builders’ Association. builders about it. “It’s definitely a hot topic,” he says. Otherwise, you may learn the hard way what But this is not just a Vancouver problem. In Toronto, City Council recently voted to many are already concerned about: if such fees increase Development Charges by 75 per cent, are allowed to rise unchecked, new-home affordto almost $30,000 for a semi or single-detached ability will eventually be severely threatened. And that will be a price that, ultimately, no home. It’s even worse in the Greater Toronto Area; a report from Altus Group, an economic one can afford to pay. consulting firm, estimates fees and charges collected by six GTA municipalities average out to GET READY, NEW-HOME BUYERS. NO,

18 METRO VANCOUVER NEW HOME GUIDE | DEC 13, 2013 - JAN 10, 2014

SURREY/LANGLEY

MOVE IN

TODAY!

0 0 9 , 4 2 3 $ M O R TF F . Q S 0 150 12775 63 AVE.

 Kids can walk to school  Spacious open concept homes

72 Ave.

128 St.

1400 to 2300 Sq. Ft. TOWNHOMES IN SURREY

120 St.

EXCLUSIVE BOUNDARY PARK LOCATION!

64 Ave. 63 Ave. HWY 10

2 MODEL HOMES NOW OPEN

 Main floor powder bathroom  Spacious private rear yards and patios to entertain Thoughtful detail. A better home.

Open daily (except Friday) 12 to 5pm

604.657.3709 Sutton Premier

This is not an offering for sale. Any such offering can only be made with a disclosure statement. E.&O.E.

For more pictures and to see the amazing locations visit www.sunmarkdevelopments.com DEC 13, 2013 - JAN 10, 2014 | METRO VANCOUVER NEW HOME GUIDE 19

679,900

SURREY/LANGLEY

COME HOME FOR THE HOLIDAYS!

ONLY 3 MOVE-IN READY HOMES REMAIN. •

A lush greenway runs through Canvas offering an abundance of green space while creating a feeling of openness.

•

3 BEDROOM TOWNHOMES DESIGNED WITH YOU IN MIND.

Exclusive access to The Canvas Clubhouse, that overlooks the beautifully landscaped courtyard.

•

Powder rooms on the main floor.

•

Double car garages including the option for side-by-side parking with our D and E plans.

Open Noon - 5pm (except Fridays) (By appointment Dec. 22 - Jan. 5 #26 - 6350 142nd Street, Surrey 604.598.8873

•

Colour schemes that offer bright interiors.

•

Quality finishings included in the purchase price!

liveatcanvas.com

*Prices subject to change or be withdrawn without notice. E.&O.E. Sales and Marketing by Fifth Avenue Real Estate Marketing Ltd.

DEC 13, 2013 - JAN 10, 2014 | METRO VANCOUVER NEW HOME GUIDE 21

buyerprofile

Carlo

at The Grove at Cambridge Celebrating the Village Lifestyle by susan m boyce

Nothing quite says “welcome home” like the fragrance of fresh, home-baked cookies. So when Carlo stepped into the sales center at The Grove at Cambridge, he knew his first impression that these townhomes were something special was spot on. Originally, he’d been considering a condominium in South Surrey, but one afternoon on his way home, he saw a street sign for The Grove at Cambridge. In an instant, his plan changed. “Yes, I’m very picky,” Carlo admits with a mischievous twinkle in his eye. “So many of the townhomes I’d driven past looked… well they looked blah and boring. This is completely different — so eye-catching and pretty. I love that it’s only 26 units. The interiors are so modern — which I wanted — and for the price of a two-bedroom apartment in the Morgan Heights area, I could buy a three-bedroom townhouse here.” He laughs. “And when my kids come over, the first thing my daughter wants to do is go over to the sales centre because she knows Inna, the sales manager, will be baking cookies.”

extended family. “At Halloween they had a celebration with candy for the kids, they’ve put up Christmas lights and Noelle is always adding little touches like new plants or strawberries. They even give everyone a patio umbrella and table and chairs when they move in.” He’s also enjoying the proximity to activities that matter in his life: the Cloverdale Athletic Park where he coaches soccer, Crescent Beach,and The Pier at White Rock where he says kids were still swimming in early December. “Panorama is such an up-and-coming neighbourhood, we’ve really got it all.”

Welcome to the Family

Home Sweet Home

“This really feels like we’re part of our own, little community,” Carlo says. “When I lived in Queensborough, I knew the people on either side of my house, but that was about it. Here everyone looks out for each other, we often gather at the amenity building and you’ll always see kids running around playing together.” Carlo says The Grove at Cambridge’s developers, Hans and Noelle Rawlins, now feel like part of his

22 metro vancouver new home guide | dec 13, 2013 - jan 10, 2014

Every day when I pull up into my driveway, I still think ‘ahhhh, I’m home.’

The first person to move into The Grove at Cambridge, Carlo is taking time to enjoy the settling in process. “I did a bit of painting, and it was summer, so I spent a lot of time on my balcony. But you know, every day when I pull up into my driveway, I still think ‘ahhhh, I’m home.’ That’s the best part of living here.” The Grove at Cambridge is located at 14905 – 60th Ave. in Surrey. Visit grayrose.ca or call 604.594.9495 for more information.

SURREY/LANGLEY

“

“OH JANE! LOOK, LOOK SAID DICK. “SEE OUR NEW HOME

“

26 TOWN HOMES Starting from the low 300's

3 BEDROOM AND 2 BEDROOM + DEN

1207 SQFT -1336 SQFT

LOCATED AT 14905 60TH AVENUE, SURREY

Holiday Hours December 13 - January 2 By appointment only call 604 . 594 .9495

DEC 13, 2013 - JAN 10, 2014 | METRO VANCOUVER NEW HOME GUIDE 23

industryinsider

Mortgage options when choosing a new home

Neil Moody, CEO of the Canadian Home Builders’ Association of BC (CHBA BC), is well versed in the business of building. The CHBA BC is a provincial-level office that promotes professionalism in the residential construction industry through its continuing education and certification courses for builders and renovators. Neil is a also member of the Canadian Society of Association Executives.

by neil moody

Buying a new home requires a major investment Retirement Savings Plan (RRSP), tax-free, for and a good dose of financial fortitude. It is also one of the largest sources of use as a down payment or to cover other wealth building for Canadians. purchase-related costs. Your spouse or partner When you buy a new home you want to get full value for your investment. can do the same, for a combined total of This means choosing an established and reputable builder — someone you can $80,000. The funds must be repaid to your trust, someone who has the technical skills, a proven track record and a RRSP account within 15 years, but you don’t professional business approach. have to begin repayments for two years. Fortunately, there are many good builders around, and with a little effort It is hard to predict what the future holds you will have no trouble finding someone who is right for you. Look for builders and what your circumstances will look like in that are members of the Canadian Home three to five years. Your Builders’ Association (CHBA), which requires When you buy a new home you financial landscape could them to agree to the Association’s code of change over this period, so it want to get full value for your ethics. CHBA membership is a strong indication is important to consider that a builder is a professional, dedicated to investment. This means choosing options before you proceed. the business of home building, committed to an established and reputable The average five-year term customer satisfaction and in business for the builder — someone you can trust, bor rower changes their long-term. Being a professional new mortgage every three-and-asomeone who has the technical homebuilder means constant learning, and half years. Paying close CHBA members can keep up to date on skills, a proven track record and a attention to the term you technological advances, regulations, design, professional business approach. choose can save you more products and materials — in short, all they than the small rate differences. need to know to provide home buyers with the best and latest in the marketplace. Adjusting payment frequency, even by making Many builders have established business relationships with one or more lenders one extra monthly payment per year, can reduce and may be able to assist with the financing process. a 25 year amortization to 22 years. Today’s mortgage specialists are well trained, well equipped and able to Shop for a mortgage in the same way you process your application quickly. This reduces the stress and uncertainty of shop for any other product. Banks, trust waiting for an answer, and a quick turnaround can be key to getting the home companies and other financial institutions you want. You can often get the results of your application immediately. This are offering more ways to finance a new home may be a conditional approval, pending verification of income and so on. purchase than ever before, so it is a good idea Your down payment may come from various sources including family to do some checking before you make a final members. First-time home buyers could take advantage of the Home Buyers’ decision. Plan, which allows you to withdraw up to $25,000 from your Registered 24 metro vancouver new home guide | dec 13, 2013 - jan 10, 2014

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INSIDE THIS ISSUE

A LOOK BACK AT THE NEW HOME MARKET IN 2013

HELLEN BUTTIGIEG’S TIPS ON HASSLE-FREE HOLIDAYS

NEIL MOODY EXPLORES MORTGAGE OPTIONS

INSIDE INSIDE THIS ISSUE THIS ISSUE

AMAKING LOOK BACK ATOF THE CONDO REBGV: STEADY IN DECORATE WITH SENSE A BEGINNER’S GUIDE TO TRENDSWELCOME THE NE W YEAR MARKET IN 2013 HOUSING MARKET CONTINUE MORTGAGE TERMS ARRANGING A MORTGAGE WITH A NE WFESTIVE ATTITUDEFLAIR

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CMHC Housing Outlook Conference You want to know about the market, right?

Kris Grasty is a mortgage broker with DLCâ&#x20AC;&#x2122;s Canadian Mortgage Experts and an active member of the MBABC. Kris maintains a strong focus on educating clients on all options. For more information visit his website at www. krisgrasty.ca or reach him at kris@cmexp.com.

by kris grasty

The 19th annual CMHC Housing Outlook Conference on Friday November 1st, 2013 was chock-full with information that predicts a positive outcome for the year ahead. Interest rates and predictions In line with the last Bank of Canada Meeting on October 23rd, CMHC predicts that both the variable and fixed interest rates will remain low for the next year or two, possibly much longer. There are hints that the lower-rate environment that we have come to know over the last three years could very well be our new normal. Despite the fear mongering in the news, the 1980â&#x20AC;&#x2122;s are not coming back anytime soon. With the US still seeing slow rebound, the Canadian economy is also expected to see lower rates of inflation and growth. Currently, our inflation rate is 1.1 per cent, which is below the Government target of 2 per cent. Combined with record Canadian Debt levels, a sharp rise in interest rates would prove an issue for many Canadians that the Bank of Canada and our Finance Minister are understandably trying to avoid. My favourite indicators: Population growth and employment The British Columbia market remains stable due to several factors. For starters, strong migration into our province, both international and interprovincial, maintains the demand for housing, and the population growth in British Columbia is currently at 0.9 per cent. Also, the two largest segments of the population, ages 50 to 54 and ages 20 to 24, downsizers and first-time buyers, are both seeking similarly priced homes, which should continue to fuel the condo and townhome markets. Whatâ&#x20AC;&#x2122;s more, Vancouver is seeing more employment stability than many other Canadian markets, with a 2.6 per cent increase so far in 2013 and an estimated 1.5 per cent in growth expected in 2014. BC is unique among the Canadian Markets Currently, the number of new families or households exceeds the number of new housing units being produced. The forecast for 2014 is 27,900 housing

28 metro vancouver new home guide | dec 13, 2013 - jan 10, 2014

There are hints that the lower-rate environment that we have come to know over the last three years could very well be our new normal.

starts and 31,500 household formations. If this trend continues, it will likely translate i nto a n i ncrease i n dema nd a nd a corresponding decrease of supply, which tends to drive prices upward. Even though BC may have the highest average home prices in Canada, we have a lower average outstanding balance of 46 per cent in comparison to AB at 52 per cent. In BC, over 23 per cent of homeowners are using their prepayment privileges to knock down their principle. In conclusion Employment rates and population growth may perhaps be the strongest indicators in our market, and higher employment combined with high demand for housing spell good news for the real estate industry in Vancouver.

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inthenews

Michael Ferreira at UDI

“ Signs, signs, everywhere a sign...” Read them or you might get lost by Diane Duflot Are consumers in a spending mood? In regards to employment growth, BC had created approximately 61,000 jobs in 2013 by the end of October, and our province’s unemployment rate was at a low 6.3 per cent. Ferreira also notes that, “In some areas of Metro Van, it’s cheaper to buy a home today than it was a few years ago” and we’re the only Canadian market to have a drop in new home prices over the course of the last year. All in all, reports Ferreira, “economic indicators are telling us that the market continues to chug along. Consumers are still feeling OK about where the economy is going and are confident that though the numbers might not be great today, better things are down the road.” Imminent rise in interest rates? Ferreira doesn’t believe the hype that interest rates are about to rise and looks to the trend line for interest rates over the last 10 years to support this contention. Over that period of time, interest rates have remained relatively stable, and “since March of 2009,” he argues, “it’s been pretty much a flat line.” This leads him to what he calls his “first bold prediction of the Michael Ferreira, principal day: I don’t think we’re going to see rates go anywhere anytime of Urban Analytics, was back this year soon.” He continues, “Raising our rates before the US would to present his take on trends in the devastate our manufacturing sector, and despite what you’re Metro Vancouver housing market at a hearing about the US economy there’s no reason to expect any packed UDI lunch in a talk entitled rate hikes there.” “‘Signs, Signs, Everywhere A Sign...’: Not only does Ferreira predict that rates will hold steady, but he Read them or you might get lost.” also suggests that we begin to consider the low rates of the last 10 The overall message of Ferreira’s years the new norm. “The posted five-year fixed rate has been below presentation was clear: don’t believe 7 per cent for the last 10 years,” he reasons, “inflation is under control, predictions of doom and gloom on the Bank of Canada has good mechanisms to keep it that way and for the horizon. the past 10 years we’ve had various technologies that we didn’t have the previous 10.” He concludes that it no longer makes sense to take the 20-year average for the posted rate as a determinant of normal. 32 metro vancouver new home guide | dec 13, 2013 - jan 10, 2014

International migration drives our market “International migration remains the primary driver of Vancouver’s housing market,” asserts Ferreira. The yearly average number of international immigrants to BC since 2004 is 42,000. BC takes 16 per cent of the nation’s international immigrants, and of that number, 14 per cent end make Metro Vancouver their home, “so just under 90 per cent of immigrants who move to BC end up in the Metro Vancouver Region,” says Ferreira. The bulk of this immigration (70 per cent) stems from the Asia Pacific region, with most of that number arriving from China and the Philippines, and, indicates Ferreira, “A significant proportion of BC immigrants come through the investor class immigration program.” These figures lead Ferreira to his second bold prediction: Chinese immigrants will continue to impact this market for the foreseeable future. Looking ahead As he turns to look at the hear ahead, Ferreira make his third “bold prediction,” and this is that “2013 is going to be another grinder of year.” One of the reasons for this, he explains, is the upcoming municipal elections, “which will make it a grind to get projects through the planning process.” As well as this, “low interest rates are here to stay, so we’re not going to see the kind of urgency in the market that we saw last summer.” He indicates, however, that this will ultimately be mitigated by the fact that “it’s a great time for buyers to get into the market, since there’s not been a more affordable time to buy a new home in Metro Vancouver in close to 10 years.” The bottom line, Ferreira tells developers: “Just because it’s going to be a grind is not to say that you can’t be successful.” In the year ahead, Ferreira sees it as more important than ever for

developers to “differentiate [their] product,” and they can do this through “product placement and product mix.” Ferreira believes, also, that supply will continue to be constrained by protesters who don’t want to see multi-family developments cropping up in their neighbourhoods (his fourth bold prediction). In order to moderate communities rising up against new development, “we’re going to have to work as an industry to show communities and neighbourhoods that we’re working with them,” says Ferreira. Ferreira’s fifth, and last, bold prediction is that urban masterplanned communities will continue to proliferate. Across these, and all developments, Ferreira stresses the need not to oversaturate any area with product, joking that developers should draw straws to see who goes first, as the staggered release of projects will be key to successful development across the board.

Mark Ferreira’s “bold predictions”: 1 Interest rates will remain low. 2 Chinese immigration will continue to impact this market. 3 Developers will have to work to stand out from the pack in 2013. 4 Developers will have to keep the lines of communication with communities open. 5 Urban masterplanned communities will continue to proliferate.

dec 13, 2013 - jan 10, 2014 | metro vancouver new home guide 33

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yearinreview

Year in review

A Look Back at the new home market in 2013 by Susan M Boyce It’s been a year of increasing stability and balance throughout Metro Vancouver’s housing market, a ‘steady as she goes’ economic environment buoyed up by increasing consumer confidence, consistent levels of immigration, and an undiminished desire for homeownership. Despite a small uptick, 2013 saw interest rates continue to hover near historic lows, and in May, when Christy Clark defied the odds and political pundits by leading the BC Liberals to a resounding victory in the provincial election, the entire development community let out a collective sigh of relief. For many consumers and industry insiders, it signaled the time was right to get going. And get going the market did. “Construction and sustainability are two of the first words that come to mind when I look back at 2013,” says Mark Belling, president of Fifth Ave Real Estate Marketing. “Despite concerns 2013 would be a slowdown year, development progress has certainly proved otherwise — new and improved roads, shiny new municipal buildings and vast hospital expansion programs, office building construction, industrial park developments, and housing developments in every direction you might like to look. Once again, sustained demand for new homes in Metro Vancouver has proved that analysts from outside our market area who were calling for a crash or were talking real estate bubbles are wrong.” “So many people who don’t understand the Metro Vancouver market keep predicting it will implode,” agrees Yosh Kasahara, general manager of sales and marketing at Bluetree Homes. “Fundamentally, they are simply underestimating people’s desire to live here.” It’s a desire that’s kept Vancouver high on the list of the world’s favourite places to live and shows no sign of waning. Choice and Balance Industry insiders are virtually unanimous in saying 2013 has been a positive year overall, especially for consumers. “The return to a more balanced market meant greater choice — which is a good thing,” says Robert Grimm, principal of Portrait Homes, the company behind the much-honoured Silver Ridge master planned community in Maple Ridge. And although more and more consumers are choosing the relative affordability of condominium living, he believes there will always be a strong market

“Townhomes are a great investment and a very happy medium between a house and a condo.” Bill Szeto

36 metro vancouver new home guide | dec 13, 2013 - jan 10, 2014

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for single-family, detached housing. “Many people still want a backyard, often because they don’t want to raise their family in a condo”. For some, however, the form of the home attached to that backyard continues to shift toward the relative affordability of a townhouse. “Townhouses are yesterday’s single-family house,” says Bob de Wit, president and CEO of Greater Vancouver Home Builders’ Association. “Yes, we’re hearing about people raising families in downtown condo, but I don’t believe it’s as common as the headlines might lead us to believe.” Even a townhouse, though, can be a financial stretch for

people who aspire to living in the City of Vancouver. Statistics from a recent Urban Development Institute report suggest that in Vancouver proper, only 16.2 per cent of the population can afford a townhouse. That number more than triples to 54.3 per cent in Inner Metro and climbs to 66.6 per cent in Outer Metro. An interesting sidebar to townhouse affordability was CMHC’s year-to-date price comparison of different product in the Fraser Valley. In September 2013, the average cost of a single-family house was up by one per cent over the same month last year — the same amount the average apartment price had declined. Townhouses, however, dropped three per cent meaning that for many purchasers with a minimum of 15 per cent down payment, it had become more cost effective to own than to rent. There’s also the long-term value factor. “Townhomes are a great investment and definitely a trend of the future,” says Bill Szeto, president of Otezs Project Marketing. “There will always be a place for the single-family house, in part because some people just can’t get their head around the concept of not owning land,” he acknowledges. “But for those who can, townhomes are a very happy medium between a house and a condo.” Changing Expectations Speaking at the 2013 CMHC Housing Outlook Conference in November, Neil Chrystal, president and CEO of Polygon Homes, was clear he believes current prices are, overall, an excellent value — especially when combined with mortgage rates still well below the posted rates of even five years ago. But he cautioned many first time buyers still need to reset their expectations when it comes to choosing between renting and homeownership. “Often young couples are paying very high rents to live in an area they can’t afford to buy in,” he said. “The bulk of their income goes to maintaining their lifestyle. For the same money, the couple who’s renting in Yaletown could now actually afford to buy in Richmond — and they’d still be only 20 minutes away from all their friends and favourite restaurants via the Canada Line.” Which ultimately translates to more home buying bang for the buck and no parking hassles or expense — not such a difficult trade off. Be sure to join us on January 10th when we talk to some industry insiders about what they’re predicting for 2014.

dec 13, 2013 - jan 10, 2014 | metro vancouver new home guide 37

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38 METRO VANCOUVER NEW HOME GUIDE | DEC 13, 2013 - JAN 10, 2014

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DEC 13, 2013 - JAN 10, 2014 | METRO VANCOUVER NEW HOME GUIDE 39

buyingyourfirsthome

Using your RRSP

to help make the down payment on your first home F i r s t-t i m e hom ebu y er s

sometimes struggle to come up with a down payment, often requiring careful planning and saving over many months or even a few years. The down payment is a lump sum you are required to contribute to your home’s purchase price. Depending on the amount, a mortgage is classified as either “conventional” (a down payment of 20 per cent or more) or “high ratio” (a down payment of less than 20 per cent requiring default insurance). One way to come up with a bigger down payment is by using your RRSP savings, under the federal government’s Home Buyer’s Plan (HBP). As a firsttime homebuyer, you may be eligible to make a tax-free withdrawal of up to $25,000 from your RRSP; if your spouse qualifies, he or she may do the same, for a combined total of $50,000. You are required to repay your HBP withdrawal into your RRSP within a period of no more than 15 years. Al-

As a first-time homebuyer, you may be eligible to make a tax-free withdrawal of up to $25,000 from your RRSP; if your spouse qualifies, he or she may do the same, for a combined total of $50,000 42 metro vancouver new home guide | dec 13, 2013 - jan 10, 2014

though you can repay your HBP earlier, the deadline for your first minimum annual repayment is two years and 60 days after the year in which you made your HBP withdrawal. The minimum annual repayment is equal to 1/15 of your original HBP balance and if you repay at least the minimum each year, there will be no tax payable. “If you are able to provide a bigger down payment, it’s a significant way of helping you pay less interest over the life of your mortgage. Also, with a down payment of at least 20 per cent, you avoid paying mortgage default insurance,” says Laura Parsons, mortgage expert, BMO Bank of Montreal. Parsons adds that Canadians should be considering the benefits of choosing a shorter amortization as a way to decrease total interest costs and to begin building home equity sooner.

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DEC 13, 2013 - JAN 10, 2014 | METRO VANCOUVER NEW HOME GUIDE 43

quicktips

Overjoyed, not overwhelmed Holidays without hassle

Hellen Buttigieg is a certified professional organizer, life coach, TV host, owner of We Organize U and author of the best-seller, Organizing Outside The Box. For tips on organizing your home, your office and your life, visit weorganizeu.com and sign up for the free newsletter.

by hellen buttigieg

he holidays are a wonderful opportunity to see old friends, enjoy time with family, celebrate the events of the past year and dream about the year approaching. But it’s also hectic, with shopping, wrapping, travelling, entertaining and cleaning up after it all. The worst thing that can happen is to wish it all away, thinking you’ll be happy when it’s all over. It’s a lot of work, but the little things that help keep you organized – and sane – will put the pleasure and joy back in this time of year.

Save steps and precious time by storing things close to where you use them.

44 metro vancouver new home guide | dec 13, 2013 - jan 10, 2014

Quick tips on organizing your home ›› C reate a gift-wrapping zone. Save time and make wrapping presents a pleasure

by transforming a spare room (or part of a room) into a gift-wrapping centre for the holidays. Set up a table or use a rolling cart to put out your supplies (gift wrap, scissors, tape, pen, cards, bows, etc.) and keep everything you need in one place. Create the right atmosphere by adding some festive music, a scented candle and a cup of hot chocolate to get you into the holiday spirit. ›› S tore items near their point of use. Save steps and precious time by storing things close to where you use them. For example, save yourself a trip up the stairs to the linen closet by keeping your tablecloths in a drawer, cupboard or chest in the dining room. It makes entertaining a breeze! ›› R epurpose your gift-wrap tubes. Use your empty gift-wrap tubes to store mini-lights. Put a slit in each side of the tube. Insert the plug at one end and wrap the cord all the way around the tube, tucking the bottom of the light strand in the slit at the other end. Store the tubes in a garment bag hanging from a hook on the wall, or the ceiling in the basement or garage. ›› R un errands efficiently. Keep a collapsible crate in the trunk of your car for easily transporting items to a dinner party or for things to return like library books or storebought items you want to take back. It folds out of the way quickly when not in use. ›› G et unplugged to create more time over the holidays. Do you feel like there’s so much to do and so little time? Challenge yourself to unplug the TV for one full week and notice how much more you can do in all the free time you’ll have.

Create a gift-wrapping zone. Save time and make wrapping presents a pleasure by transforming a spare room (or part of a room) into a gift-wrapping centre for the holidays. ›› L et go of the excess – you don’t have to keep decorations forever! When you are

unpacking your holiday decorations, consider letting go of the items you no longer enjoy looking at. Our tastes change and styles come and go. There’s no rule that says you have to keep every decoration forever – especially that tacky plastic flower arrangement your ex-mother-in-law gave you 20 years ago! Give some away to charity, or if you have family or friends who have recently moved into their own place, ask if they’d like to have them until they accumulate their own collection. ›› G ift certificate? What gift certificate? Gift certificates are easy to give and great to receive, but are often lost and forgotten until they expire. Keep your gift certificates in an envelope in your purse or your car and put a reminder on your calendar one week before the expiry date so you can use and enjoy them. ›› R eturn items in a timely fashion to save money and space. Whether it is buyer’s

remorse or dissatisfaction with an item after we’ve brought it home, we all have things to return to the stores at some point – especially after the holidays. A problem arises when these “to be returned” items accumulate in every part of our home and we forget we have

them. Most store return policies only allow seven to 14 days for a full refund. To recoup money and reclaim space, designate a small area (preferably near the exit you use most) to place things that are on their way out. A box or basket may be helpful if you have several items. Tape the receipts to the purchases and schedule a time in your planner to take them back before it is too late. ›› P ay yourself first. Block time now to give yourself a break later. Choose a day (or at least half a day) during the holidays to do what’s fun for you. You can spend it skating, relaxing at the spa, or taking in a movie. The important thing is that you feel renewed and refreshed because you gave the gift of pleasure and relaxation to yourself.

Quick tips on organizing your home office greetings without grief. Do you love sending holiday greetings but don’t enjoy wasting time addressing the envelopes? Easily create address labels on your computer for your cards using MS Word. For a special touch, use a font that resembles handwriting (i.e., Lucinda Calligraphy). Save the document and you can pull it up every year, make any changes and print it on adhesive mailing label sheets. Better yet, send electronic greetings and you’ll reduce clutter while saving time, money and the environment.

›› S end

Quick tips on organizing your life ›› A void holiday over-load. Limit social engagements to only those

you truly want to attend. Book some downtime between social events so you don’t feel overextended. Schedule only 75 per cent of your day to allow for traffic delays, long line-ups and other unexpected occurrences.

dec 13, 2013 - jan 10, 2014 | metro vancouver new home guide 45

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inthenews

Habitat for Humanity Canada

rebuilding this holiday season with bricks, nails and even the kitchen sink Fifty pounds of framing nails and a pallet of

bricks may not be typical holiday gifts, but they top the wish lists of families across Canada dreaming of owning their own homes. Habitat for Humanity helps make those dreams become a reality with access to affordable homeownership. Not only does Habitat improve living conditions through good housing, but the organization helps low-income families secure a significant asset that would otherwise be out of reach. Habitat’s GiftBuilder catalogue offers Canadians a one-stop shop for gifts for friends and family members looking to make a difference. Savvy shoppers can avoid crowded malls, shop online with ease, receive tax receipts for all their catalogue purchases and send friends and family an e-card acknowledging the gift. If Secret Santa isn’t cutting it anymore in the workplace, people can instead pool funds for items such as $500 for a Habitat home’s electrical wiring or $1,200 to build a child’s bedroom. “By helping families own their own home, Habitat donors are making a real difference in ending the cycle of poverty,” says Kevin Marshman, president and CEO of Habitat for Humanity Canada. “The families and scores of volunteers do the building, but we rely on the generosity of our communities to help provide the tools and materials.” The catalogue offers 31 gift items, ranging from $16 to donate a screwdriver set to $5,000 to put up a roof. And there is plenty of opportunity to have fun: »G et the home renovator a $28 hammer or $36 handsaw; »E nvironmentalists will love the $45 energy efficient showerheads

since Home Outfitters matches each donation; »D ecorating divas will naturally gravitate toward the two cans

of paint for $62; »F or the poker players in your life, a $130 toilet beats a flush; and »L ego fans will surely appreciate a $140 pallet of bricks.

During this holiday season, support Habitat for Humanity and give gifts that build a lasting legacy. Donate and shop today at habitat.ca 48 metro vancouver new home guide | dec 13, 2013 - jan 10, 2014

The catalogue offers 31 gift items, ranging from $16 to donate a screwdriver set to $5,000 to put up a roof.

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How home equity can be a key part of your and

your family’s financial future by peter kinch Does real estate play a role in Canadians’

financial plan and/or should it play a more important role? As we grapple with ongoing concerns about taking on more debt, there are a few other realities that cannot be ignored: 1. Canadians are sitting on an unprecedented amount of home equity 2. A lthough many may be “house rich,” they have growing concerns about their financial future and that of their children. Can your home equity be part of the solution? Let me share the story of a client of mine – we’ll call him Dave. Dave is in his early 40s with a house and young family, works in a great industry with a well paying job, but like many Canadians he has concerns over long-term job security along with his long-term pension needs. He has allocated some savings to his RSP and other investments, but has decided that buying one or two rental properties would be a great way to supplement his current pension. Of course, a big question was affordability. Since Dave lives in a suburb of Vancouver, a greater concern was the inability to find a positive cash-flowing investment property, given the high cost of housing where he lives. I suggested that he review his family budget. We looked at how much money he could afford to invest on a monthly basis over and above what the family was currently spending. His answer was between $300 and $400. How can anyone afford to buy a property with only $300 or $400 a month?, you may ask. Let’s consider the following: Let’s assume we chose a conservative long-term investment vehicle – a bond, GIC, mutual fund, stock investment – whichever you prefer. It would likely look something like this over a 20-year period: ›› $ 300 cash (out of pocket/part of your family budget), every month for the next 20 years ›› T otal cash out of pocket invested over 20 years = $72,000 ›› V alue of the $72,000 invested over 20 years = Depends on the average annual rate of return, but if you were lucky enough to earn an annual average of eight per cent, you would have between roughly $164,000 and $178,000 to add to your pension

50 metro vancouver new home guide | dec 13, 2013 - jan 10, 2014

Remember, these calculations were based on the fact that: a. Dave feels the need to supplement his current pension with an investment, and b. He is willing to invest at least $300 a month for the next 20 years out of the family budget Now let’s take a different approach to looking at real estate as an alternative option. Dave, his wife and I sat down and analyzed the following: ›› Dave currently has a home valued at $600,000 ›› T he mortgage is $290,000 ›› Dave will qualify to refinance the home to 80 per cent of its value = $480,000 ›› Potential new mortgage – existing mortgage = potential accessible equity. In Dave’s case, this is $190,000 ›› I don’t want Dave or his wife to feel that they are over-leveraged, so we’ll only use $100,000 of the accessible equity ›› We set up a new mortgage/line of credit on their home based on 65 per cent of their house value, an amount both Dave and his wife are comfortable with ›› T his structure provides Dave with $100,000 of “investable capital” from his home equity ›› Dave can use the $90,000 as a down payment on a $400,000 rental property and keep $10,000 from the LOC to place in a contingency fund You may be saying that this is going to cost a lot more than $300 a month. Just the interest alone on the down payment of $100,000 is more than $300 a month. The answer to this is Yes and No. When buying an investment property, the down payment is typically considered the main expense. However, Dave and I analyzed the true out-of-pocket expense of making this purchase. The first thing you have to realize is the fact that real estate, unlike many other investments, has the potential to create revenue. The amount of monthly rent you can get for a $400,000 purchase will vary greatly depending on the city, so we’ll try to be conservative with the numbers we use. Remember, Dave was willing to invest between $300 and $400 per month additional money out of the family budget. So let’s break this investment down to see what the true monthly cost is. Let’s assume a monthly rental income of $2,000 (which is very possible in many parts of Canada)

›› We would access $100,000 from a line of credit on the principal residence ›› We would take $10,000 of that and set it aside in a “contingency fund.” This is equal to roughly five month’s rent. ›› We would have a new first mortgage on the rental property for $310,000 Monthly Expenses: ›› Interest on the line of credit taken out on the home = $334 (based on rate of four per cent) ›› Interest on new first mortgage on rental property = $1,390 (based on a five-year rate @ 3.5 per cent with a 30-year amortization) ›› Property taxes = $140 ›› Property insurance = $100 ›› Property management (eight per cent of rent) = $160 ›› Condo/strata fees (if applicable) = $200 $2,324 Assuming Dave’s first purchase had the above scenario, he would find himself subsidizing this rental property by about $324 a month. Conventional thinking would say that Dave is “losing” $324 a month on this investment – but I would like to challenge that thought process. Again, assuming the above scenario, the only amount of money that would actually be coming out of Dave’s family budget in order to make this investment purchase part of his long-term financial goal is $324 a month. Remember, the key here is to realize that even though Dave and his family are making a down payment of $90,000 to buy this property, the only actual money that is being spent out of their family budget is the difference between his total monthly expenses and the amount of revenue the property is generating every month. Based on the above assumptions, the purchase of a $400,000 investment property that has a shortfall of less than $400 a month, fits into Dave’s investment, long-term planning and budget criteria. It may seem counter-intuitive to suggest that an investment that loses money every month is a good thing, but let’s take a closer look: ›› A ssuming that the property has to be subsidized by $300 a month every month for the next 20 years. ›› $ 300 x 12 months x 20 years = $72,000. This is the same amount of total invested money that we discussed in our earlier example. Now, let’s see what the end result could be if Dave keeps this property for the next 20 years and pays off the mortgage: ›› I ’m going to be very conservative and suggest that the value of his property is the exact same in 20 years = $400,000

Peter Kinch is an award-winning mortgage broker and best-selling author of The Canadian Real Estate Action Plan Visit peterkinch.com or contact him at peter@peterkinch.com

›› Dave and his wife would have a $400,000 asset ›› L et’s assume that the rent stays the same in 20 years (that’s not realistic, so we’ll keep the expenses the same for argument’s sake) ›› Rental income = $2,000 ›› Non-mortgage expenses = $1,000 (I’ve allocated some extra to pay off the remaining LOC on the principal residence which was used for the down payment) ›› Net income = $1,000 a month The simple comparison is quite startling: ›› You have an alternative investment of $300 a month at an eight-per-cent annual rate of return over 20 years, which = roughly $178,000 with potentially no cash flow or income OR ›› You have the exact same investment of $300 a month for 20 years in an investment property valued at $400,000, which equals a $400,000 asset with $1,000 per month net revenue Many would-be investors have been scared off from purchasing real estate in major centres such as Vancouver and Toronto out of fear or concern that the investment would have a monthly shortfall. What if we re-labelled the term “negative cash-flow” and instead saw the monthly shortfall as your long term “investment capital”? All you need to do in order to make a sound investment is to determine the maximum amount of “investment capital” that your budget could afford each month and that would act as a filter when shopping for the right property to fit your needs. Keep in mind that in many parts of Canada, a $400,000 investment would actually create a “positive cash flow,” which makes the potential returns virtually infinite. The purpose of this article is not to convince you to buy investment real estate, but to at least think about it. Too many Canadians are passively handing their savings over to investment advisors in hopes that their financial goals will be met. When it comes to wealth management in this country, real estate can and should play a bigger role. Dave and his wife realized this potential and made a choice that will positively impact their financial future. dec 13, 2013 - jan 10, 2014 | metro vancouver new home guide 51

BURNABY / NEW WESTMINSTER NEWWESTMINSTER

Barnet Marine Park

Un ivers ity Dr E ag lar di Wa y

Grey sto ne D r

G ag

Royal Oak Ave

Willingdon Ave

ay W

BOUNDARY RD

Burnaby Lake Regional Park

Can ada

Deer Lake Deer Lake Park

h 8t

Royal Oak Ave

Gilley Ave

Nelson Ave

Patterson Ave

eD rin

E ST

WA RD SON W AY

Duncan St

Boundary Rd

A2. Bloom

B1e v lA ya Ro

Sales Centre #101 - 618 Langside Ave. 604-939-8808

y Wa nt rwe De

BURNABY

Queen’s Park

Southridge Dr Ma

h 8t

Braid St e Av

DE RI CB M

e Av

h 6t

th 10

e Av

ay W

Mari ne D r

e Av h 6t

St yd Ewen Bo e Av

809 S Dyke Road (at Wood Street) Queensbourough 604-533-3575

e Av

h 8t

MARIN E WAY

A1. Rivers Walk

th 16

r sD th iffi Gr

MARINE W AY

Imperial St

da na Ca

t lS ria pe Im

th 10

nd rla be m Cu

KIN GS WA Y

Imperial St

Lougheed Mall Austin Ave

Metrotown

SE Marine Dr

y Wa di lar

Sprott St

Oakland t S

Av e

Cla rke Rd

Squint Lake Park

North Rd

Brentwood Mall

Cliff Ave

Holdom Ave

Sperling Ave

SFU

BCIT

Central Park

68 Sixth Street 604-525-8980

iver sit y Dr W Un

Burnaby Mountain Golf Course Broadway

49 t h

B1. Dominion

BARNET HWY

Willingdon Ave

HASTINGS ST

Burnaby Mountain Park

INL ET DR

Confederation Park

A3. Aviara

1710 Gilmore Ave 604-291-9130

52 METRO VANCOUVER NEW HOME GUIDE | DEC 13, 2013 - JAN 10, 2014

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DEC 13, 2013 - JAN 10, 2014 | METRO VANCOUVER NEW HOME GUIDE 53

Park w

Blvd

eau Plat

COQUITLAM / PORT COQUITLAM / PORT MOODY

Victoria Dr

Lincoln Ave

e r David Ave. Coast Meridian R i vand ser Fr a 604-880-1880

A2. Burke Mountain Heights

3479 Galloway Ave. 778-285-6299

A3. Secret Ridge

#107 - 3458 Burke Village www.secretridge.ca

sy St

1320 Riley St. 604-468-7688

LO UG HE ED

Colony Farm Regional Park

Victoria Drive & Burke Mtn St. 604-288-8909

A5. Riley

Dominion Ave

SS PA BY L HIL

PORT COQUITLAM

B1. Dominion

2423 Avon Place 604-469-8988

B2. Citadel Heights

2195 Nova Scotia Ave. 604-468-2169

Ford Rd

Dewdney Trunk Rd

HW Y

Meadow Gardens Golf Course

Harris Rd

A4. The Reef

Kin gs wa yA ve

Dewdney Trunk Rd

RY MA

COQUITLAM A1. Cedar Creek

Shau g h ne s

Mariner Way

Daw es H ill Rd

HW Y

Hammond Rd

Pitt Meadows Airport

Harris Rd

LOU GHE ED H WY

Mundy St

A ve ette Brun

LOUG HEED HW

Linton St

Gatensbury St

Blue Mountain St

Cla rk eR d North Rd

mal Dr

Austin Ave

LO UG HE ED

B3. Fremont Blue

2332 Ranger Lane 604-552-0319

Golden Ears Bridge

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S Bonson Rd

Prairie Ave

Mundy Park

Cedar Dr

Como Lake Park

Coast Meridian Rd

Como Lake Ave

Austin Ave

ia or ct Vi

The r

Smith Ave

Ottawa St

Dav id A ve

Johnson St

BA R N

David Ave He rita g eM Ioc oR ou Town d nta Centre in Lan Shoreline Park Bl sdo v Park d wn eD Pioneer r Memorial Rocky Point Inlet Park Park Park Coquitlam BARNET HWY Centre ST JOHNS ST Dewdney Trunk Rd

Coast Meridian Rd

Pin etr ee Wa y

Ridge Park

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Prices are subject to change without notice. GST not included. E.&O.E.

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Consumer Protection for Homebuyers Buying or building your own home? Find out about your rights, obligations and information that can help you make a more informed purchasing decision. Visit the B.C. government’s Homeowner Protection Office (HPO) website for free consumer information.

Services • New Homes Registry – find out if any home registered with the HPO: • can be legally offered for sale • has a policy of home warranty insurance • is built by a Licensed Residential Builder or an owner builder • Registry of Licensed Residential Builders

Resources • Residential Construction Performance Guide – know when to file a home warranty insurance claim • Buying a Home in British Columbia Guide • Guide to Home Warranty Insurance in British Columbia • Maintenance Matters bulletins and videos • Subscribe to consumer protection publications

www.hpo.bc.ca

Toll-free: 1-800-407-7757 Email: hpo@hpo.bc.ca

56 METRO VANCOUVER NEW HOME GUIDE | DEC 13, 2013 - JAN 10, 2014

COQUITLAM/PORT COQUITLAM/PORT MOODY

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MASTER ON THE MAIN FLOOR PAIRED HOMES FROM $569,900 3 and 4 Bedroom Duplex Homes from 2,200 to 2,900 Sq.Ft. PRESENTATION CENTRE & 2 DISPLAY HOMES #107 – 3458 Burke Village Promenade, Coquitlam, BC Open Daily 12-5 pm (Except Fridays) 604-916-8805 | secretridge.ca MISSIONGROUP.CA

A MISSION GROUP COMMUNITY This is not an offering for sale. Such an offering can only be made with a disclosure statement E.&O.E.

DEC 13, 2013 - JAN 10, 2014 | METRO VANCOUVER NEW HOME GUIDE 57

Victoria Dr

HW Y

Ottawa St

Coast Meridian Rd

Cedar Dr

Ave

PITT MEADOWS / MAPLE RIDGE

Dominion Ave

r Rd Rive

116th

240th St

207th St

Ave 1

Derby Reach Regional Park

Way aka Kan

110th Ave

108th Ave r Maclure D 240th St

ED GHE LOU

Golden Ears Bridge

Y HW

104th Ave 102th Ave

Jac kso n

Harris Rd

Pitt Meadows Airport

Dewdney Trunk Rd 248th St

Dewdney Trunk Rd

232rd St

Abern ethy W ay

124th Ave 224th St

123rd Ave

132 Ave

Hammond Rd S Bonson Rd

Ford Rd

Meadow Gardens Golf Course

203rd St

HW Y

216th St

210th St

Dewdney Trunk Rd

Harris Rd

LO UG HE ED

227th St 228th St

Dewdney Trunk Rd

224th St

136 Ave

MAPLE RIDGE 1. Bluetree Homes at Kanaka Creek 11176 Gilker Hill Road 604-476-1188

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LAST CHANCE 4 bedroom townhomes from $364,900 58 METRO VANCOUVER NEW HOME GUIDE | DEC 13, 2013 - JAN 10, 2014

ON LY

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Sales and Marketing by Fifth Avenue Real Estate Marketing Ltd. 604-583-2212

DEC 13, 2013 - JAN 10, 2014 | METRO VANCOUVER NEW HOME GUIDE 59

onthehorizon

The St George:

Vancouver Townhomes

on the horizon

Checking Out What’s Hot and New in the Lower Mainland’s Residential Marketplace and Beyond by Susan M Boyce

Tell us your news

Got a new development you’d like us to feature in On the Horizon? Drop us a note at onthehorizon@ wall2wallmedia.com, and we’ll do our best to get you in the next edition.

Register early for this collection of just 16, three-bedroom townhomes coming early spring 2014. A great location just off 41st Ave. between Main St. and Fraser St. corridor (5731 St George St.), The St George puts you in the heart of a lively, eclectic, and well established neighbourhood. Features include traditional architecture, a central garden, and generous amounts lawn areas. Great connectivity to transit, cycle routes, Langara College, and parks make this idea for family living. For more information and to priority register, visit stgeorgetownhomes.ca. Prices anticipated to start in the mid $600,000s.

Pinnacle Ridge Estates: Luxury Estate Homes

Don’t miss this rare opportunity to purchase a view lot in Port Moody’s historic Village of Anmore. Set on a southwest-facing ridge with panoramic views of the Burrard Inlet and the North Shore Mountains, these homes are unabashedly all about high-end, luxurious living. Just 22 exclusive, one-acre lots are available priced from the $600,000s. Presentation centre and brand new showhome open 1-4 p.m. weekends and Tuesday through Thursday (closed Mondays and Fridays) or by appointment anytime at 2088 East Rd. For more information visit pinnacleridgeestates.ca or call 778.731.0138 or 604.488.4959 to book a private viewing.

Webster’s Walk:

Maple Ridge Townhomes

Register early for this exciting new community of 176, three-bedroom townhomes located at Kanaka Creek Way (112th Ave.) and 240th St. in Maple Ridge. Anticipated to have prices starting in the high $200,000s, Webster’s Walk backs directly onto a creek and will incorporate an onsite amenities building as well as village-style retail/commercial. Great setting

60 metro vancouver new home guide | dec 13, 2013 - jan 10, 2014

near parks, schools, and the hiking trails of Kanaka Creel Regional Park. For more information and to priority register, visit websterswalk.com.

The Village at Southland:

South Surrey Single-Family

A dynamic collection of three-bedroom, single-family homes is coming soon to 168th St. and 23rd Ave. in South Surrey. Built with family living in mind, these homes use stone, stucco, and wood to create engaging streetscapes and an inviting architectural statement. Features include generously sized backyards for enjoying the South Surrey sunshine. Close to more than a dozen parks as well as Morgan Crossing Shopping District, a variety of golf courses and recreation centres, the beaches of White Rock, and top schools including the prestigious South Ridge and an upcoming elementary school. Priority register at mstarhomes.com to be one of the first to receive more information as it’s released.

The Villas at 5th Ave:

Vancouver Townhomes

Hot opportunity to purchase a brand new townhome on The Drive. Featuring threebedroom/four-bath floorplans and prices starting at $633,000, these homes offer a great lifestyle in one of Vancouver’s trendiest neighbourhoods. Open-concept, gourmet kitchens, two bedrooms that comfortably fit king-sized beds, plus a generous lower level ideal for recreationtheater room. Move-in ready. Open weekends 2-4 p.m. or by appointment at 1680 East Fifth Ave. For more information visit villasat5thave.com or call 604.649.6905 or 778.863.3679.

homebuyersâ&#x20AC;&#x2122;help

homebuyersâ&#x20AC;&#x2122; resource section You love the home, see what you can afford! Compare mortgage rates for your best deal Calculate your mortgage payments using the mortgage payment calculation chart

dec 13, 2013 - jan 10, 2014 | metro vancouver new home guide 61

caLcuLate Your mortGaGe PaYments Interest rate

amortIZatIon PerIod

chart fIGure

eXamPLe: 5%

25 YearS

5.82

mortGaGe amount ÷ 1,000 (MORTGAGE AMOUNT $125,000)

125

follow these stePs to see If You’ll QualIfY for a mortGaGe on Your dream home

Calculate the combined monthly before-tax income of you and your spouse.

Divide by three. This figure is the monthly payment you can afford to make on your home.

Take the total price of the home and subtract the amount of money you expect to make as a down payment. This is the money you will have to borrow.

Refer to the chart on the opposite page. Look down the left column and locate the interest rate you expect to pay. Line this up with the amortization period of your choice. (Most first-time buyers take the 25-year amortization.)

62 metro vancouver new home guide | dec 13, 2013 - jan 10, 2014

05 06

Multiply this figure by the amount you need to borrow. Divide by 1,000.

Add to this your estimated monthly heating costs and monthly property taxes.

If this figure is equal to or less than one-third of your gross monthly income (calculated in Step 2), you’ll qualify for a mortgage on your dream home. Bear in mind that this is a rough estimate. If you have several other large loans already, you may qualify for less. Also, banks and trust companies vary in their policies. The best way to know what you can afford is to go to the lending institution of your choice and get pre-qualified.

monthlY PaYment

mortgage PaYment calculatIon chart % intereSt rateS

amortIZatIon PerIods 10 YearS

15 YearS

20 YearS

25 YearS

3.00%

9.65

6.90

5.54

4.73

3.25%

9.76

7.02

5.66

4.86

3.50%

9.88

7.14

5.79

4.99

3.75%

9.99

7.26

5.91

5.13

4.00%

10.11

7.38

6.04

5.26

4.25%

10.23

7.50

6.17

5.40

4.50%

10.34

7.63

6.30

5.53

4.75%

10.46

7.75

6.44

5.67

5.00%

10.58

7.88

6.57

5.82

5.25%

10.70

8.01

6.74

5.96

5.50%

10.82

8.14

6.85

6.10

5.75%

10.94

8.27

6.98

6.25

6.00%

11.07

8.40

7.12

6.40

6.25%

11.19

8.53

7.26

6.55

6.50%

11.31

8.66

7.41

6.70

6.75%

11.43

8.80

7.55

6.85

7.00%

11.56

8.93

7.69

7.00

7.25%

11.68

9.07

7.84

7.16

7.50%

11.81

9.21

7.99

7.32

7.75%

11.94

9.34

8.14

7.47

8.00%

12.06

9.48

8.28

7.63

8.25%

12.19

9.62

8.44

7.79

8.50%

12.32

9.76

8.59

7.95

8.75%

12.45

9.90

8.74

8.12

9.00%

12.58

10.05

8.86

8.28

9.25%

12.71

10.19

9.05

8.45

9.50%

12.84

10.33

9.20

8.62

9.75%

12.97

10.48

9.36

8.78

10.00%

13.10

10.63

9.52

8.95

10.25%

13.24

10.77

9.68

9.12

10.50%

13.37

10.92

9.84

9.29

10.75%

13.50

11.06

10.00

9.46

11.00%

13.64

11.22

10.16

9.63

11.25%

13.77

11.36

10.32

9.80

11.50%

13.91

11.52

10.49

9.97

11.75%

14.04

11.66

10.65

10.15

12.00%

14.18

11.82

10.81

10.32

12.25%

14.32

11.97

10.98

10.49

12.50%

14.46

12.13

11.15

10.67

12.75%

14.59

12.28

11.31

10.85

This table shows the monthly payment of principal and interest for each $1,000 of mortgage. Example: The monthly principal and interest payment for a $300,000 mortgage with a 25-year amortization period at 5% is as follows: ($300,000 รท 1,000) X 5.82 = $1,746 dec 13, 2013 - jan 10, 2014 | metro vancouver new home guide 63

BRITISH COLUMBIA’S NEW HOME DEVELOPMENTS PROJECT

ABBOTSFORD Abacus Uptown Auguston Brooklyn Eagle Estates Eagles Gate Falcon Ridge Foxwood Harvest Hudson’s Loft Lift Luna Mahogany at Mill Lake Pepin Brook Waterleaf BURNABY Altitude Aviara Brentwood Britton Casa d’oro CentreBlock at Univercity Eden at Edmonds Highland House Kabana Lift Madison Met 1, The Met 2, The Metro One Metro Two Metro Metroplace Moda Modello OakTerra Oro Paddington Mews Panacasa Parkside Greene RedBricks Reflections Silver Solo District Station Square Trio Venice Vibe Wall Centre Central Park CHILLIWACK / SARDIS Centre Field Englewood Village Garrison Crossing Heron’s Landing Jinkerson Vistas La Cason Radius Rivers Walk Summit Residences, The Townsend Terrace COQUITLAM 1123 Westwood Amberleigh Austin

TYPE

LR SF LR SF SF SF SF TH LR LR TH HR SF LR HR HR HR TH TH HR TH LR LR LR/TH LR HR HR LR LR TH HR HR HR LR LR TH LR/TH TH LR HR HR HR HR LR LR LR HR TH SF SF/LR/TH

C O N TA C T

PRICE

604-854-1201 604-308-8660 604-746-3496 604-859-3141 604-309-7729 604-309-0540 604-850-5040 604-607-7801 604-864-8948 604-557-1047 778-895-5862 604-746-1551 604-856-1118 604-850-3694

PROJECT

Call From $559,000 From $169,900 From $599,900 From $373,500 From $789,000 From $524,900 From $249,900 From $99,900 Call From $289,900 Call From $599,900 From $179,000

604-456-8883 From Mid $200’s 604-291-9130 Call theamazingbrentwood.com Coming Soon brittonliving.com From $489,900 604-436-1100 From $499,900 libertyhomes.ca Coming Soon 604-329-8228 Coming Soon 604-941-4663 From $209,900 604-288-7394 Coming Soon 604-320-3386 Call liveatburnabyheights.com Coming Soon 604-899-8800 From $349,800 604-899-8800 Coming Soon 604-435-9477 Call 604-435-9477 From $439,900 604-435-5565 Call 604-435-8866 Call 604-439-9580 From $365,900 604-456-0688 From $389,900 604-431-6033 Call 604-754-7338 From $274,900 604-438-9922 From the $290’s 604-437-0100 From $239,900 604-435-7088 From $299,900 604-527-7955 Call 604-525-8496 Call 604-435-8866 From $300’s 604-298-8800 From Low $300’s 604-438-1113 Call 604-218-3338 From $249,900 veniceliving.ca Coming Soon 604-970-9606 From $259,900 604-874-9232 From $299,900

SF LR LR TH SF TH

604-795-6938 604-534-5079 604-824-5062 604-858-7179 1-877-858-2408 1-800-830-7175 604-991-5151 604-991-1777 604-824-6473 1-800-830-7175

From $242,900 From $249,900 Call From $269,900 From $399,900 From $184,900 From $149,900 From $259,900 From $508,000 From $242,900

HR SF HR

604-472-1123 604-514-4359 604-931-0302

Call Coming Soon From low $200’s

Penthouse (PH)

Real Estate Sales & Marketing From the ground up

Live Work (LW)

City Home (CH)

High Rise (HR)

TYPE

Bloom Breeze Residences Bridlewood Burke Mountain Heights Carte Blanche Cedar Creek Celadon Charland Como Evergreen Grand Central 2 Hazel Kingston Maya Mackin Park MTwo MThree Oasis Reef Regan’s Walk Riley Secret Ridge Somerton Sterling Wynwood DELTA LADNER Canu NORTH DELTA Delta Rise Lakeside Luxor South Pointe TSAWWASSEN Brio Tsawwassen Heights Tsawwassen Shores Tsawwassen Springs LANGLEY Ascot Athenry Gate Bearing Pointe Charleston Place Cornerstone Elements Focal Point Kensington Mason & Green McBride Station Mission Green Nature’s Walk Varsity Virtue Winchester Estates York Yorkson Creek Yorkson South

Mid Rise (MR)

Low Rise (LR)

604-939-8808 604-374-4329 604-871-4194 778-285-6299 604-461-7777 604-880-1880 604-942-8416 604-492-3388 604-939-0018 604-942-2672 604-936-1888 778-829-1500 604-514-4359 604-288-9888 604-939-8874 604-472-9555 604-472-9555 604-464-2701 604-288-8909 604-492-0222 604-468-7688 secretridge.ca 604-469-8581 604-464-2260 604-942-2239

$264,000 From $399,900 Coming Soon From Low $700’s Call From $419,900 From $339,900 Call From $208,800 From $267,900 From $309,900 From $220,500 Coming Soon Call From $199,900 From $599,900 From $281,900 Call From $349,900 From $199,900 From $349,900 Coming Soon From $699,900 From $689,900 From $349,900

604-940-5533

From $324,900

HR TH LR SF

604-594-7473 604-585-7107 604-590-8003 604-584-2908

From $189.900 From $598,000 From $199,900 From $699,900

LR SF SF SF/LR

604-943-8811 604-271-7288 604-943-6677 604-948-HOME

Call Call From $499,900 Call

TH LR TH TH TH LR SF

604-571-6400 604-882-8857 604-530-7011 604-534-7974 604-534-6000 604-533-7718 604-377-7000 604-427-3311 604-871-4288 604-533-0881 604-871-4288 604-888-8370 604-539-2200 604-534-6800 604-533-1886 604-568-3385 yorksoncreek.com 778-785-1673

From Low $600’s From $137,500 From $194,900 Coming Soon From $199,900 From $199,900 Coming Soon From $199,900 Coming Soon Coming Soon Coming Soon Call From $139,900 From $294,900 From $309,900 From $299,900 From $179,900 From $440,000

LR TH LR LR LR SF

604-463-0588 604-630-9030 604-318-5254 604-466-8783 604-477-1500 604-466-9278

From $139,900 From $254,900 Call From $149,900 Call From $459,900

Loft (LO) Duplex (DP) Townhouse (TH)

Representing the best in New Home Sales across the Lower Mainland from Townhomes to Condos. Homes starting in the $150’s

FIFTHAVE.CA 64 METRO VANCOUVER NEW HOME GUIDE | DEC 13, 2013 - JAN 10, 2014

PRICE

LR/TH TH TH SF SF TH HR LR LR HR HR LR SF LR LR HR HR HR TH LR TH DP SF SF TH

SF LR LR HR LR LR LR LR TH TH

MAPLE RIDGE 223 North Albion Station Cascada Edge on Edge Falcon Centre Hampstead at Silver Ridge

C O N TA C T

The listings included on the following pages are meant to offer a comprehensive overview of those new home developments currently being marketed throughout Greater Vancouver and the Fraser Valley. Pricing is subject to change; you should contact the specific development for current details or special promotions. To report any changes or corrections to this information, please contact our office at 604.519.6080, fax 604.519.6088, or email homes@wall2wallmedia.com PROJECT

Kanaka Creek Mainstone Creek Maple Creek Montgomery Acres Parc Vue Pointe, The Spencer’s Green Station One Village Green Village Walk Wellington Station Wynnridge

T Y P E C O N TA C T P R I C E

TH SF TH SF LR SF SF LR TH TH LR SF

PROJ ECT

PORT COQUITLAM Altura LR 604-552-5887 From $219,900 LR 604-464-5856 From $199,000 Burleigh Walk LR 604-435-9477 From $209,900 Carmandy Citadel Heights SF 604-468-2169 From $829,900 TH 604-469-8988 Call Dominion Fremont Blue TH 604-552-0319 From mid $300’s LR 604-475-5100 From $169,900 La Via LR 604-866-4206 From $149,900 Orchid HR 604-468-8252 Call Shaughnessy, The South Verde LR 604-468-8640 Call Valorie on the Park LR 604-464-4764 From $246,900

604-476-1188 From $299,900 604-463-5000 Call 604-942-0606 From $469,900 604-477-2959 From $509,980 604-467-8884 Coming Soon 604-999-2452 From $489,900 778-846-3200 From $504,900 604-467-9300 Coming Soon 604-476-2292 From $279,900 604-465-6524 Coming Soon 604-380-0300 From $189,000 604-466-6388 Call

MISSION / HARRISON Fraser Landing TH 1-888-826-1177 Horizons TH 1-888-826-1177

PORT MOODY Residences, The HR 604-552-0552 Call Station, The TH thestationliving.ca Call

From $249,900 From $319,800

NEW WESTMINSTER 258 on Sixth HR 604-377-9630 Call Alexander Walk TH 604-779-1292 From $349,900 Brewery District HR 604-694-1188 Coming Soon HR 604-523-0733 Call Carlyle at Victoria Hill HR 604-525-8980 Call Dominion HR 604-524-8080 From $224,900 Elliot St TH 604-517-1688 From $329,900 English Mews Flow TH 604-520-9880 From $508,900 Glass House Lofts LR 604-520-9890 Call LR 604-523-0733 From $266,900 Grove, The Lookout at Victoria Hill, The LR 604-523-0733 Call Northbank HR 604-523-0081 From S261,900 Parkside HR 604-523-0733 Call HR 604-523-0733 Call Parkside at Victoria Hill TH 604-533-3575 From $469,900 Rivers Walk SF 604-520-3226 From $476,900 Thompson Landing Trapp & Holbrook HR 604-525-0223 From $299,900 LR 604-522-2583 From $321,900 Viceroy NORTH VANCOUVER 15 West HR 604-980-9949 From $340,000 LR Coming Soon 221 East 3rd 700 Marine Drive LR/LW 604-984-0700 From $299,000 Anchor, The LR 604-988-8800 From Mid $200s MR/TH 604-983-9065 Call Atrium at the Pier LR 604-973-0298 Coming Soon Canyon Springs Capstone MR 604-929-8870 Call Destiny 2 at Raven Woods LR 604-929-1915 From $289,900 Drive, The LR 604-986-8138 Call Heywood on the Park LR 604-985-0003 From $288,900 MR 604-983-9065 Call Landing, The Latitudes TH 604-435-9477 From $469,900 HR/LR/TH 604-998-0219 From $309,900 Local on Lonsdale Maplewood North LR 604-727-1594 From $378,900 Orizon LR 604-638-6240 From $309,900 Northlands LR/TH 604-800-2120 Call Pinnacle Residences at the Pier MR 604-983-9065 Call Prescott HR 604-969-3333 From Mid S200’s Queen Mary LR 604-770-1645 From $349,900 LR 604-924-4488 Coming Soon Remix Seylynn Village HR 604-980-5000 Coming Soon Shore, The LR 604-980-0016 Call PITT MEADOWS Cedar Downs LR 778-846-3200 From $194,900 Liv42 LR 604-460-6601 From $134,900 Osprey TH 604-465-8712 Penthouse (PH)

Live Work (LW)

City Home (CH)

T Y P E C O N TA C T P R I C E

High Rise (HR)

RICHMOND Alexandra Court LR 604-278-5809 From $329,900 Blue Heron Marine Estate SF 604-649-8630 From $1,700,000 Cadence HR 604-276-8683 Call Carrera HR 604-244-7721 Call Concord Gardens HR 604-233-7748 From $300,000’s Emerald HR/TH 604-244-8333 From $296,000 Empire Living TH 604-244-9622 Call Gardens, The LR 604-271-3331 From $294,900 Harmony HR 604-278-3939 From $315,800 Monet HR 604-233-7748 From $300,000’s HR 604-303-7575 From $464,900 Opal at Richmond Centre Ora HR 604-278-8838 Call Orchard LR 604-303-8819 From $259,900 Pier, The LR 604-274-7326 Call Remy LR 604-279-8866 From $211,900 River Inlet MR/TH 604-233-2633 Call River Park Place HR 604-282-7838 From $229,500 Saffron LR 604-270-2482 Call Southpointe Cove TH 604-273-2828 Call Westminster Terrace TH 604-204-1077 Call SQUAMISH / WHISTLER Elaho TH 604-898-2232 Ocean Crest SF 604-896-2235 Ravens Plateau SF 1-888-852-7575 Aqua TH/LR 1-877-344-5566 University Heights LR 1-888-852-7575

Coming Soon From $1,298,000 Call From $239,000 Call

SUNSHINE COAST SECHELT SF 604-741-1877 SilverStone Heights

From $479,900

SURREY 3 Civic Plaza Ashbury Hill Ascend Balance Bishop Creek Boardwalk Brixton Canvas Connect Edgewood Enclave at Boundry Park Esplanade at Waterstone Eton Fusion G3 Residences Grove at Cambridge, The Guildford Greens

Call From High $200’s From $170’s Coming Soon From $354,900 From $341,900 Coming Soon Coming Soon From $118,800 From $344,900 From $349,900 From $219,900 From Low $300’s From $350,000 Call From Low $300’s From $349,900

Mid Rise (MR)

Low Rise (LR)

HR TH LR LR TH TH TH TH LR TH TH LR TH TH HR TH TH

604-951-3331 ashburyhill.com 604-596-2202 tiensher.com 604-588-0005 604.506.1852 604-503-0483 liveatcanvas.com 778-395-1886 604-644-7811 604-657-3709 604-530-5399 etonliving.com 778-578-9779 604-453-6688 604-597-7177 604-307-0400

Loft (LO) Duplex (DP) Townhouse (TH)

DEC 13, 2013 - JAN 10, 2014 | METRO VANCOUVER NEW HOME GUIDE 65

PROJECT

Heights Highlands at Sullivan Ridge Joi Living Kendra Latis Latitude Lingo Links, The Lumina Madison Manarola Oliver’s Lane One 38 Panorama Station Panorama West Village Panorama Woods Park Avenue Quattro 3 Redwoods Rockwoods, The Silverwood Teo Hyland Residences Ultra at West Village Verve The Walks Wave Zen CLOVERDALE Cadence Clayton Heights Clayton Rise Creekside The Grove La Rue MacKenzie Estates One92 Sun 72 Salix Uptown Clayton Village

T Y P E C O N TA C T P R I C E

PROJECT

TH 604-538-8888 Coming Soon SF 778-565-7768 From $679,900 incl. GST TH 604-574-8888 From $339,000 TH 604-590-9122 From $329,900 LR 604-575-0669 From $194,900 LR 604-596-5075 From $264,900 LR 604-727-5478 From $159,900 SF 778-574-2550 From High $600’s LR 604-727-5478 From $274,900 TH 604-543-6262 From $323,000 LR 604-825-1038 From $179,900 Incl. GST SF 604-543-3868 From $489,900 TH liveatone38.com Coming Soon TH 604-372-2275 From $299,800 TH 778-885-6700 Call TH 778-593-9954 From $314,900 HR 604-583-9866 From $250’s LR 604-581-8000 From $159,900 TH 604-503-6929 Coming soon TH 604-503-1188 Call TH silverwoodliving.com From Low $300’s TH 604-288-8918 From $299,900 TH/HR 604-588-6999 From $186,900 LR 604-588-3783 From $160’s TH 604-440-8070 Call HR 604-951-9283 Call TH 604-355-0166 Call SF 604-727-5478 From $699,900 TH/DU 604-723-4497 From $549,900 TH 778-278-0030 Call TH 604-572-0400 Coming Soon TH 604-533-6968 From $275,900 TH 604-575-2263 From $304,900 TH 604-538-2125 From $349,900 LR/TH 604-576-1772 From $199,900 TH 604-575-8806 From $292,900 LR 604-530-0054 From $241,900 TH 778-574-0146 From $339,900

Live Work (LW)

City Home (CH)

Skyway HR 604-436-1100 Call View 388 LR 604-330-8838 From $219,900 Wall Centre 900 Hastings MR 604-683-0900 From $249,900 Wall Centre Central Park HR 604-874-9232 From $299,900 Woodshire TH 604-719-1700 From $420,900 WEST SIDE 6 & Fir HR 604-899-8858 From $449,900 5555 Dunbar LR 604-568-7551 From $349,900 Academy HR 604-228-8895 From $888,000 Alder Crossing TH/Studios 604-600-5405 From $290,000 Anchor TH Coming Soon Arbutus Ridge MR 604-738-0001 Call Binning Tower HR 604-646-1111 From $499,900 Cambie & 7th HR/TH 604-568-5060 Call Crescent on McRae, The TH 604-652-2515 Call Elizabeth LR 604-687-8800 Coming Soon Empire at QE Park LR 604-568-5060 Call Granville at 70th HR 604-687-2298 Call Kerrisdale Gardens MR 604-559-9848 Call Kits360 LR 604-737-0360 From $379,900 Lido HR 604-872-2672 From $458,900 MC2 HR 604-638-9998 From $256,900 Meccanica MR 604-876-8819 From $349,900 Montgomery TH 604-369-6641 From $985,800 Oak by Listraor TH liveatoak.com Coming Soon One, The MR/HR 604-874-8368 From $349,900 Opsal HR 604-876-7332 Call Pinnacle Living Broadway MR 604-739-2080 From $399,900 Prelude MR 778-986-7860 From $347,500 Radius LR 604-731-5522 Call Riley, The LR 778-986-7860 From $347,500 Shannon Wall Centre Kerrisdale LR 604-267-8882 Call Sixth and Willow sixthandwillow.com Coming Soon Village on False Creek, The MR 604-874-8368 From $414,500 Westerly, The LR 604-568-3399 From $300,000’s WEST VANCOUVER Evelyn LR 604-922-0330 Call WHITE ROCK / SOUTH SURREY Abbey Road TH Adagio LR Augusta TH Avra HR Belcroft, The TH Blu TH Breeze TH Gemini LR George TH Grandview Heights TH Hampton’s TH Headwaters LR Heights, The TH/LR Juniper SF Morgan Crossing LR Morgan Living SF Newport at West Beach LR Niche TH On The Course TH Promenade LR LR Royce Saltaire LR Sausalito MR Semiahmoo Trail TH Southbrooke SF SF Summerfield Toccata TH Winter Street LR TH Woods

VANCOUVER & AREA DOWNTOWN 999 Seymour HR 604-879-9996 From $327,400 Fairmont Pacific Rim Estates HR 604-781-4303 Call Keefer 188 LR 604-620-2018 From $239,900 Keefer Block LR 604-682-8813 From $269,900 Maddox HR 604-669-8200 From $389,900 Mark, The HR 604-687-4353 Call Modern HR amacon.com From $300’s One Pacific HR 604-899-8800 From $300’s Pacific Pt HR 604-685-0855 From $349,900 Private Residences at Hotel Georgia, The HR 604-682-8107 Call Ritz, The HR 604-876-9222 Call Rolston, The HR 604-688-8927 Call Sapphire, The HR 604-876-9222 Call HR 604-568-8283 From $268,000 Tate On Howe EAST SIDE 238 W Broadway LR 238westbroadway.ca Call 2nd & Commercial LR 604-800-8862 From $269,900 Avant TH 604-298-2240 From $600,900 Block 100 HR 604-682-8801 Call Bohème LR 604-569-3388 From $227,900 Central HR 604-687-4353 Call Charm LR 604-330-8838 From $266,900 Collection 45 LR 604-569-1555 Call Cordovan LR cordovan.ca Coming Soon Kensington Gardens LR 604-620-7886 Call Local LR 604-688-5527 From $349,900 Main Street LR 604-877-1116 From $339,900 Shine MR 604-261-3936 Coming Soon Shoreline LR 604-434-2205 From $359,900 Penthouse (PH)

T Y P E C O N TA C T P R I C E

High Rise (HR)

Mid Rise (MR)

Low Rise (LR)

604-542-0660 From $359,900 604-531-6659 From $288,900 604-999-9323 From $439,900 incl. GST 604-531-9030 From $319,900 604-568-8830 From $599,900 604-782-5258 From $599,900 incl. GST 604-582-1113 Call 604-536-1663 Call 604-571-6400 Coming Soon discovergrandviewheights.com 604-723-4497 Coming Soon 604-535-1451 $313,500 778-545-8737 From $337,000 liveatjuniper.ca From $769,000 604-582-1336 From $275,900 604-385-0551 From $699,000 604-536-0256 Call 604-535-5511 From $351,900 604-385-0111 From $300’s 604-531-1111 From $314,900 604-538-8028 From $332,900 604-560-1656 Call 604-531-2200 Call 604-535-9633 Coming Soon 604-805-2941 Call 604-536-1155 From $684,900 604-535-5088 $379,900 604-364-7455 From $299,900 604-538-8876 From $379,900

Loft (LO) Duplex (DP) Townhouse (TH)

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