Posted on
April 28, 2016
by
Paul Liberatore
We have listed a new property at 26 19525 73 AVE in Surrey.
Uptown 2 - One of the rarely available 4 Bedroom units backing on to beautiful greenbelt. Sophisticated and family-friendly townhome includes large windows for maximum daylight, a custom built fireplace feature wall, designer lighting, a fully landscaped yard with rear fencing, open concept gourmet kitchens with premium stainless steel energy efficient appliances, elegant granite countertops and beautifully designed ceramic tile backsplash. A thriving, growing urban community - set on the highest point on the border of two cities - reaping the spoils of being surrounded by the tranquility of glorious farmland and family-friendly parks. Open houses April 30 2-4 & May 1. 11am-1pm.
Posted on
April 28, 2016
by
Paul Liberatore
Please visit our Open House at 26 19525 73 AVE in Surrey.
Open House on Saturday, April 30, 2016 2:00 PM - 4:00 PM
Uptown 2 - One of the rarely available 4 Bedroom units backing on to beautiful greenbelt. Sophisticated and family-friendly townhome includes large windows for maximum daylight, a custom built fireplace feature wall, designer lighting, a fully landscaped yard with rear fencing, open concept gourmet kitchens with premium stainless steel energy efficient appliances, elegant granite countertops and beautifully designed ceramic tile backsplash. A thriving, growing urban community - set on the highest point on the border of two cities - reaping the spoils of being surrounded by the tranquility of glorious farmland and family-friendly parks. Open houses April 30 2-4 & May 1. 11am-1pm.
Posted on
April 27, 2016
by
Paul Liberatore
We have listed a new property at 77 15 FOREST PARK WAY in Port Moody.
Immaculate END UNIT tucked away at the back of the complex & end of a quiet cul-de-sac, on the GREENBELT, with a huge PRIVATE BACKYARD. The best location in this Whistler sytle award winning complex. This tastefully decorated home features 3 bdrms, 3 baths, 2 car garage, visitor parking next to the unit, huge rec room in the basement (has roughed-in plumbing for bathroom) bright, open kitchen with granite countertops, high end appliances and glass doors leading to the fully fenced yard. GREAT LOCATION - minutes from public transit, bike/hiking trails, Aspenwood elementary school, Rocky Point, Newport Village, Belcarra Park and Buntzen Lake. Open House Saturday April 30 11am - 1pm / May 1st 2-4pm.
Posted on
April 27, 2016
by
Paul Liberatore
Please visit our Open House at 77 15 FOREST PARK WAY in Port Moody.
Open House on Saturday, April 30, 2016 11:00 AM - 1:00 PM
Immaculate END UNIT tucked away at the back of the complex & end of a quiet cul-de-sac, on the GREENBELT, with a huge PRIVATE BACKYARD. The best location in this Whistler sytle award winning complex. This tastefully decorated home features 3 bdrms, 3 baths, 2 car garage, visitor parking next to the unit, huge rec room in the basement (has roughed-in plumbing for bathroom) bright, open kitchen with granite countertops, high end appliances and glass doors leading to the fully fenced yard. GREAT LOCATION - minutes from public transit, bike/hiking trails, Aspenwood elementary school, Rocky Point, Newport Village, Belcarra Park and Buntzen Lake. Open House Saturday April 30 11am - 1pm / May 1st 2-4pm.
Posted on
April 23, 2016
by
Paul Liberatore
We have sold a property at 1950 TAYLOR ST in Port Coquitlam.
WOW! this 5 bedroom / 3 bathroom stunner on a CORNER LOT! Completely renovated with stainless steel appliances, new floors, cabinets, windows and hot water tank. Open concept layout boasts 3 bedrooms upstairs (Master bedroom even has a 3 piece ensuite!). Downstairs has its own complete separate 2 bedroom suite, with its own laundry, and brand new bathroom! Lane access, 2 car attached garage for ultimate convenience. Enjoy the revenue income of the 2 bedroom suite, and the peace of mind of this beautifully renovated and well cared for home. 100 amp electrical panel, copper plumbing, vinyl windows. Close to all level of schools and transit. First showings at open house Saturday and Sunday from 2-4pm.
Posted on
April 23, 2016
by
Paul Liberatore
We have listed a new property at 614 3588 VANNESS AVE in Vancouver.
Welcome to the perfect unit in a problem free building! This TOP FLOOR north facing unit has mountain views. Nobody above you, so noise will never be an issue. Comes with 1 parking stall and 1 large storage locker as well! New quartz counter tops in kitchen and bathroom, new paint, and laminate flooring. This building has a professional gym, and is steps to basketball court, skytrain, tennis courts and park. Minutes to downtown and Metrotown. Truly a must see!
Posted on
April 22, 2016
by
Paul Liberatore
Several major projects are poised to transform Squamish’s economy and fuel demand for homes in new developments slated for what was once a sleepy lumber town.
Both the proposed ski resort Garibaldi at Squamish (GAS) and proposed liquefied natural gas (LNG) plant Woodfibre LNG received federal and provincial environmental approvals earlier this year.
Those two projects each must clear a few more hurdles before construction can start, but their success so far exceeds what some had expected.
GAS must meet environmental conditions, conduct a master-planning process and get approvals from the Squamish-Lillooet Regional District and the District of Squamish.
Woodfibre LNG’s future, meanwhile, rests in part on FortisBC getting approval for its natural gas pipeline, which would feed the Woodfibre LNG plant. Woodfibre LNG owner Pacific Oil & Gas Ltd. would then also have to commit to spend an estimated $1.7 billion to build the facility.
And while Squamish Mayor Patricia Heintzman has reservations about both projects, she is more enthusiastic about the Jim Pattison Group’s purchase last year of a two-acre property near Squamish and the company’s interest in building a Great Wolf Lodge water park.
The company owns Canadian rights to that U.S. indoor water-park brand, the world’s largest chain of its kind.
“The Great Wolf Lodge project would be about 400 full-time-equivalent jobs, so they’re big facilities,” Heintzman told Business in Vancouver.
Jim Pattison Group owner Jim Pattison told BIV on April 15 that he wants to not only build the water park but also a hotel and a parking lot sufficient for the site.
"It takes a fair amount of land and we don’t have enough of it," Pattison said. "We need help from the city, the government and first nations to do it."
With all these projects, more housing is needed so Heintzman is keen to see her city’s downtown revitalize with several large housing developments.
The District of Squamish recently sold a 103-acre parcel of waterfront land to Newport Beach Developments, which is a partnership between Texas-based Matthews Southwest and Squamish’s Bethel Lands Corp. Newport paid $15 million in cash and has agreed to spend $10 million to build a 12-to-15-acre waterfront park as well as provide various other public amenities in addition to housing.
The University of British Columbia has signed an agreement with the District of Squamish to develop a clean-energy engineering campus on Newport’s site. Calgary’s Carbon Engineering has agreed to locate on that campus, which would be a hub for carbon-neutral energy firms, Heintzman said.

(Squamish's downtown storefronts make a stark contrast to nearby nature | Chung Chow)
Construction of the first of what could be about 1,100 homes by 2036 is unlikely to start on the Newport site until at least next year, she added.
“We could have made it all condos and, maybe, sold the land for more money,” she said. “But council was strategic in saying that we wanted one-third built to be a park, one-third to be employment lands and one-third for housing.”
About two kilometres south of downtown Squamish, Kingswood Capital Corp. has plans for two subdivisions.
The first, Scott Crescent, is about eight acres and is likely to eventually house a series of apartment buildings and also have some townhomes, Kingswood Properties Ltd. president Lorne Segal told BIV.
The second project, dubbed Waterfront Landing, is a much larger 54-acre site that Kingswood bought with Bosa Properties in mid-2014. Segal expects that site to be primarily townhomes with a small component of apartments.

He estimated that Scott Crescent will likely have about 435 homes while Waterfront Landing will have nearly 800 when it is fully built out.
Both projects need to go back to District of Squamish council for final approval and a development permit.
“I think the projects are great,” Heintzman said. “They create a lot of density and vibrancy in the downtown area, which will help tourism and downtown business and make for an eclectic downtown area.
Posted on
April 22, 2016
by
Paul Liberatore

A new poll commissioned by Re/Max suggests a majority of Canadians nearing retirement are thinking about selling their home so they can get access to the equity.
The poll conducted by Leger found that among those in the 55-64 age group, 56 per cent are considering selling their homes because they need the money for retirement.
The problem for many of those people, particularly in the Vancouver and Toronto markets, is that they don’t know where they are going to live once they sell.
“The competition in both Vancouver and Toronto among buyers has discouraged sellers from listing their properties, thus further reducing inventory. While sellers know their homes would be quick to sell, many are reluctant to become buyers themselves and enter the highly competitive market,” said Re/Max, in a release.
Homeowners also believe the market will continue to see prices rise, but Re/Max said some Canadians will not be able to “wait out the housing market” and will be forced to sell their home to fund their retirement.

Like others, the real estate company pointed to Vancouver and Toronto as the strongest markets in the country for price appreciation. Greater Vancouver prices were up 24 per cent in the first quarter from a year ago, with the average single family home in the city of Vancouver selling for more than $2 million. In the Greater Toronto Area the average home sold for $675,492, up 14 per cent from a year ago. Prices in Barrie, Ont., north of Toronto, rose 14 per cent during the same period.
“The ripple effect on the housing markets outside of Toronto and Vancouver is quite significant when you look at the Canadian housing market overall,” said Elton Ash, regional executive vice-president of Re/Max of Western Canada. “As a result, when you remove Toronto and Vancouver from the equation, the national average house price still rose approximately 10 per cent in the last year.”
Re/Max said falling oil prices have impacted cities like Calgary, Edmonton and St. John’s but maintains the impact has been limited by economic diversification in those cities and some major capital infrastructure projects.

But other centres are also benefitting from a slump in oil prices, as some workers head back to their original provinces after previously leaving to work in the oilpatch.
“Regions that for years have seen many of their young working population look to Alberta for employment have started to see that trend reverse. In Atlantic Canada, young people from outside the urban centres who would have moved west several years ago are now going to cities such as Halifax, which is having a positive effect on those economies,” said the real estate company, adding that the trend is notable in Southern Ontario, which has seen a boost in manufacturing jobs.
Re/Max noted that Windsor, Ont., once had one of the highest employment rates in the country, but is now below the national average.
Immigration is also expected to boost the housing markets as 300,000 new permanent residents settle in Canada this year, the highest number since 1913, leading to population growth which should soak up inventory already built.
Millennials are also expected to continue to be a source of support for the housing market but suggests they will need the help of parents who have already financially cashed in on their housing. Re/Max says 37 per cent of Canadians 18-34 who are considering buying a home expect help with their down payment from a family member, co-buyer or friend. Of those who are expecting help, 60 per cent anticipate it will come from their parents.
Posted on
April 22, 2016
by
Paul Liberatore

The Vancouver-area realty firm under investigation for questionable practices has just posted new ads offering homes for sale through contract assignment – the controversial and profitable practice known as “shadow flipping,” which Premier Christy Clark has promised to curtail.
New Coast Realty agents Sylvie Zhao and Lucy Wang confirmed to The Globe and Mail the two homes featured were just purchased by buyers who have since hired the brokerage to flip them before the contracts with the initial sellers close.
The ads posted this week on WeChat, a Chinese-language social media site, offer deals priced at $1.15-million and $1.85-million. The New Coast agents refused to give the addresses for properties, so ad readers cannot look up the price for which those homes were just purchased. Ms. Zhao said addresses are not advertised because the assignment deals are “exclusive,” and not available through MLS.
In a typical shadow flip, a speculator buys a property and then re-sells the sales contract immediately to a new buyer or buyers for a higher price. The initial seller sometimes does not know about it. At closing, that seller receives less for their property than what the end buyer pays. The middleman speculator pockets the difference. The property transfer tax is paid only once, at the final sale.
Shadow flipping is increasingly controversial in the hot Vancouver real estate market. Last month, Ms. Clark promised to bring in new rules aimed at removing the profit, by requiring any gains to be paid to the initial seller in deals involving licensed real estate agents.
Contract assignment is legal in B.C. and other provinces. Ms. Zhao said New Coast agents did not arrange initial purchases – those were done at another brokerage. “I am just doing the assignment,” she said.
“The buyer-owner who wants us to sell asked us to assign it,” Ms. Wang added.
The company points out in a statement that there is no rule against what its agents are doing. “Assisting clients in this way is entirely lawful and within the regulations,” it said.
The industry self-regulator, the Real Estate Council of B.C., says it will monitor the transactions.
“New Coast Realty is required to promptly report to the Council any trade in real estate that is an assignment where a licensee related to the brokerage acted on behalf of one of the parties,” it said in a statement.
“Should the Council find non-compliance with the conditions or any other aspects of the Real Estate Services Act, the Council will take such further action as it considers necessary,” the statement said.
New Coast has been under fire for what its owner taught agents in a training session last fall. In a recording of the October session obtained by The Globe, owner Ze Yu Wu is heard coaching agents, in Mandarin, on how to talk vendor clients into selling their homes quickly, for a lower price than what they want.
As a result of The Globe’s reporting, the regulator imposed several conditions on the brokerage’s licences. The Real Estate Board of Greater Vancouver, the body that authorizes access to the MLS system, is also investigating the firm’s practices.
The first condition imposed by the council required New Coast to appoint a new managing broker approved by the council. The Globe has learned Edwin Yan, a managing broker who has been with the company for nine months, now has that job.
The council says it approved Mr. Yan’s appointment, along with another broker Dave Erickson, as an interim measure only.
“The Council has directed New Coast Realty to seek a qualified managing broker(s) from outside the company, who must be approved by the Council. Until a qualified replacement candidate is identified and has received our approval, Mr. Yan and Mr. Erickson will manage the brokerage,” it said.
The firm’s previous managing broker, Josh Rosenberg, who was at Mr. Wu’s training session, is now an associate broker.
The company insists Mr. Wu’s words in the recording were taken out of context. The Globe has now posted online an English language translation of the session.
Several former New Coast agents have said Mr. Wu’s ideal business model is to sell client properties to speculators who are also New Coast clients and then flip them through assignment. The Globe’s investigation revealed two specific cases where New Coast agents are accused of arranging or trying to flip properties for a higher price, at the expense of their own seller client. New Coast denies any wrongdoing.
David Eby, the Vancouver MLA who recently asked police to investigate the brokerage, said he finds the English translation of Mr. Wu’s full comments during the training session disturbing.
“The presentation is an effort to undermine the client’s best interest,” Mr. Eby said, adding that he thinks Mr. Wu’s meanings are clear. “It’s a training session on how to lie to the client – and sound convincing.”
Mr. Eby points to one section, in which Mr. Wu coaches agents on how to persuade homeowners wanting to sell to offer agents for buyers a bonus of several thousand dollars to entice buyers to make offers. Mr. Wu suggests in the training session agents should later hold back most of that bonus for themselves.
“The bonus stuff is just appalling,” Mr. Eby said.
Mr. Eby called on the regulator to suspend the brokerage firm’s five licences. The council indicated it is too early to say what, if any, further measures will be taken.
“We have taken extraordinary measures to protect the public,” its statement said. “The allegations against New Coast Realty are complex and far-reaching, and the Council will thoroughly investigate all of them.”
Posted on
April 19, 2016
by
Paul Liberatore
We have listed a new property at 61 19525 73 AVE in Surrey.
Uptown 2 - Sophisticated and family-friendly townhomes includes large windows for maximum daylight, a custom built fireplace feature wall, designer lighting, a fully landscaped yard with rear fencing, open concept gourmet kitchens with premium stainless steel energy efficient appliances, elegant granite countertops and beautifully designed ceramic tile backsplash. A thriving, growing urban community - set on the highest point of the border of two cities - reaping the spoils of being surrounded by the tranquility of glorious farmland and family-friendly parks, yet having at your disposal quality education centres and some of the best retail opportunities in the Fraser Valley. A must see! Open houses April 23/24 2-4pm.
Posted on
April 19, 2016
by
Paul Liberatore
Please visit our Open House at 61 19525 73 AVE in Surrey.
Open House on Saturday, April 23, 2016 2:00 PM - 4:00 PM
Uptown 2 - Sophisticated and family-friendly townhomes includes large windows for maximum daylight, a custom built fireplace feature wall, designer lighting, a fully landscaped yard with rear fencing, open concept gourmet kitchens with premium stainless steel energy efficient appliances, elegant granite countertops and beautifully designed ceramic tile backsplash. A thriving, growing urban community - set on the highest point of the border of two cities - reaping the spoils of being surrounded by the tranquility of glorious farmland and family-friendly parks, yet having at your disposal quality education centres and some of the best retail opportunities in the Fraser Valley. A must see! Open houses April 23/24 2-4pm.
Posted on
April 13, 2016
by
Paul Liberatore
We have sold a property at 3155 RAE ST in Port Coquitlam.
BRAND NEW KITCHEN, BATHS & APPLIANCES + laminate floors, on demand hot water, hi efficiency furnace, upgraded windows & roof. Bonus west facing sundeck, rec room, 2 bdrm in law suite, workshop, fenced yard & storage shed —YOU HAVE TO SEE IT! Quiet cul de sac location in developing area w/Costco, Save On, Walmart, Home Depot, Freemont Village, golf, nature trails, schools, parks, rec center & bus all within walking distance + West Coast Express 5 mins away. OPEN HOUSE APRIL 2ND & 3RD 2:30 — 4:30.
Posted on
April 13, 2016
by
Paul Liberatore
The Bank of Canada delivered an eagerly awaited assessment today on the Canadian economy, its first report since the Liberal government tabled its March 22 budget.
OTTAWA—The Bank of Canada says the federal government’s multibillion-dollar spending boost has turned what would have been a modest downgrade to its 2016 growth forecast into an upgrade.
The central bank also kept its trend-setting interest rate locked at 0.5 per cent — but it says it would have considered moving the benchmark if not for the federal stimulus in areas such as infrastructure.
The bank expects the government investments of about $25 billion over the next two years to more than offset the negative consequences of a slightly stronger dollar, weaker foreign demand and shrinking investment in the oil sector.
It is now predicting the economy to grow by 1.7 per cent in 2016, up from its January expectation of 1.4 per cent.
Using the same baseline numbers in Ottawa’s recent budget, it projects federal and provincial government spending to combine to contribute 0.5 percentage points to growth this year and 0.6 percentage points in 2017.
But even with the government lift, the bank lowered its 2017 growth projection to 2.3 per cent from 2.4 per cent.
This was the Bank of Canada’s first monetary policy report since the Liberal government tabled its March 22 budget, which contained billions of dollars worth of spending measures and tax relief.
To help fund the plan, the budget projected five straight annual deficits totalling more than $110 billion, starting with shortfalls of $29.4 billion in 2016-17 and $29 billion in 2017-18.
The Finance Department estimated the Liberal budget, which includes measures to enhance infrastructure investments and tax relief for middle- and low-income households, will generate economic growth of 0.5 per cent this year and one per cent in 2017-18.
The Bank of Canada based its assessment on the department’s assumptions, which it considered reasonable.
The differences between how the impacts of the fiscal measures between the Bank of Canada and Finance were mostly due to how they were presented. For example, the Bank of Canada numbers were based on calendar years, while the Finance projections were presented in fiscal years
Posted on
April 12, 2016
by
Paul Liberatore
Home page image from VanFun.com, a Chinese website that is designed to help Mainland Chinese buy property in Vancouver. Photograph By Website, Vancouver Sun
A Chinese-language website run by a Shanghai-based company is listing and arranging tours of Vancouver residential properties, and splitting commission fees with local agents.
Vanfun.com gives its users a jump. It features information about properties, translated into Chinese, from the Multiple Listing Service site used by real estate agents, ahead of when buyers can see the listings in English on the MLS public site.
Vanfun.com is operated by Shanghai Ruiying Internet Technology Ltd. which lists a Shanghai-based address in that city’s Pudong district. It is not known whether anyone connected to Vanfun.com is a licensed Realtor or whether the company’s operations violate any rules. A call to the company’s Shanghai office was answered by a man who said the owner was in Vancouver. He hung up when the Sun asked him to pass on a reporter’s phone number.
The Real Estate Board of Greater Vancouver said it recently became aware of the website and is reviewing it.
Carolyn Rogers, the superintendent of real estate at FICOM, said she would not comment on specific investigations. There are “a number of investigations into unlicensed activity underway at any particular time,” she said.
“We encourage real estate licensees to ‘say no’ to facilitating unlicensed activity. Before agreeing to secure real estate services, consumers should check whether the service provider is licensed by visiting the Real Estate Council of British Columbia’s website."
She cautioned buyers against doing business with “unlicensed real estate service providers (who) are not required to carry errors and omissions insurance, manage funds through trust accounts, meet educational and professional standards, and may charge opportunistic fees for their services.”
On Tuesday, Vanfun.com users were able to access information about a property at 3798 West 35th Ave., listed by Peter Saito and Vivian Li of Sutton Group West Coast Realty. The information listed the usual details including asking price, dimensions and year built.
There is a phone number that potential buyers in China can call and another one for local buyers. A pop-up window with an online assistant answers questions about the property and books tours and home visits.
Local agents were able to see the same information about the property on a site they log into with a password on Monday, one day earlier. But members of the public searching for English-language listings on Realtor.ca were still not able to see this listing at press time because there is usually a lag of about two or three days before the listing is posted there.
“They purposely do this to give local (agents) a chance to bring buyers,” said Saito.
He hadn’t heard of Vanfun.com and didn’t know his listing was being promoted on the site. “I can’t complain as the listing (agent). It’s free advertising.”
The site connects buyers with local real estate agents to help with the sale, and then takes a share of the final commission fee. The site says it offers buyers listings, pickup service from the airport and help with arranging all legal documents, processes, including home inspections and mortgages.
According to Alexa rankings posted by Canadian Chinese-language aggregator Qidian.ca, Vanfun.com ranks fourth among Metro Vancouver’s Chinese-language websites in terms of web traffic.
In a graphic posted on VanFun.com’s Weibo social media site, the company touts the benefits of investing in Vancouver real estate. The text emphasizes the profitability of buying homes as investment, rather than for immigration purposes.
It compares the average per-square-metre cost of property in downtown Beijing (100,000 renminbi), Shanghai (120,000 RMB) and Vancouver (20,000 RMB). “The reason you are still investing in Beijing and Shanghai is because you don’t know about Vancouver!”
“The central business districts of the three cities — within the city walls in Beijing, Shanghai’s Lujiazui, and downtown Vancouver — they have the same level of wealth, the same vibrant environment, but the price difference is like the difference between heaven and earth,” the advertisement says, which also has rental and interest rate comparisons.
The site has existed for about two or three years, according to agents and buyers in Vancouver.
There is also a WeChat group of a few hundred local Realtors and followers who had been getting information from the site about potential buyers, including details such as what kind of home or area they might be interested in as well as their budget. But these nightly posts stopped a few months ago. One agent, who declined to be named, said the site is obviously convenient for buyers who don’t speak English, but about a year ago, it gained popularity when some buyers based in mainland China found that information about listings on the MLS site or in emails sent from it were being blocked by mainland Chinese censors.
Posted on
April 12, 2016
by
Paul Liberatore
Concord Pacific Developments has purchased the iconic Molson Coors brewery and disclosed plans to transform one of the city’s last remaining industrial sites into a “mixed-use residential neighbourhood.”
The developer bought the site for $185-million and the deal closed March 31, according to real estate information service RealNet.
It finally ends months of speculation about a mystery buyer. Last November, Molson Coors had confirmed the sale of the site, but the company would not disclose the buyer or the price. The sale was expected to close in early 2016.
When The Globe and Mail called for a comment on Monday afternoon, Concord Pacific Developments vice-president Peter Webb issued the following statement: “Concord Pacific has finalized the purchase of the Molson Coors Vancouver Burrard location. Concord has agreed to lease back the existing property for Molson to continue brewery operations while a new brewery is being constructed.
“In the meantime, Concord plans to work with the approving authorities and the public to create a new community. The vision is to include a mixed-use residential neighbourhood with a knowledge-based work centre, to attract both local and international tech firms. The reimagined Molson lands will become a vibrant addition to Vancouver.”
Molson Coors confirmed it would be leasing the brewery from the developer until it had found a new site.
“I can tell you we sold it to Concord Pacific and we are leasing the property back for at least two years while we build a new brewery in B.C.,” said Jennifer Kerr, director of corporate affairs for Molson Coors.
It is one of the last protected industrial sites in Vancouver, safeguarded by Metro Vancouver and City of Vancouver policies that consider the site important for centrally located industrial jobs.
The city, which has repeatedly said it has no plans to rezone the site for anything other than industrial use, sent an e-mail on Monday stating it had not received a rezoning application for the site.
“Any change to that would require a regional amendment by Metro. The city’s policies for these lands are set and staff are not contemplating any changes to current policies,” it said.
Concord appears to be watching changes in the Mount Pleasant area, which is transforming from a traditional manufacturing zone to one with a new tech-friendly definition of industrial.
Concord Pacific, owner of the 83-hectare former Expo lands, is known for its large-scale residential developments and is not an industrial developer.
Real estate analyst Richard Wozny of Site Economics said he was surprised by the purchase.
“It is unusual that an industrial property would be purchased by a mostly residential developer. Given the prime urban location, perhaps they expect rezoning to something much more dense and much more valuable,” Mr. Wozny said. “If this site changes land uses, it would become yet another example of how serious the industrial land shortage has become.”
Tom Davidoff, economics professor at the University of British Columbia’s Sauder School of Business, is in favour of the Concord Pacific plan, but not necessarily the approach.
“I think adding housing supply and collecting development fees makes more sense than land-intensive industrial use on that site, from a social perspective.”
However, he added, “The city has to be careful. My understanding is that land prices are going nuts and developers buy assuming [there will be] upzoning. Arguably, the city shouldn’t reward such behaviour – it’s critical that paying a lot for land should not entitle the owner to demand city action.”
The three-hectare property, on two lots at 1550 Burrard St. and 1655 W 1st Ave., is assessed in the documents at $49,019,400.
Posted on
April 7, 2016
by
Paul Liberatore
We have sold a property at 307 3033 TERRAVISTA PL in Port Moody.
Welcome to this huge 1170 square foot 2 bed/ 2 bath apartment in Port Moody. Soaring inlet views, on the quiet tree lined side of the building. 2 huge bedrooms both facing greenbelt. Separate laundry room in the unit with additional storage. This unit comes with 2 side by side parking stalls and 1 storage locker. Top floor for total peace and quiet. Close to grocery stores, Moody Elementary school is an easy stroll away. Tranquil surroundings, comfortable living, active community - be a part of this neighbourhood today!
Posted on
April 6, 2016
by
Paul Liberatore

Burnaby is putting up a forest of highrise residential towers over the next 25 years, far outstripping anything contemplated by Vancouver.
Targeting land around rapid transit nodes and four malls — Metrotown, Brentwood, Lougheed and Edmonds, developers have at least 106 highrise residential buildings with more than 30,000 units proposed or under construction. Of those, 47 are 40 storeys or more in height, according to data collected by a real estate expert with Colliers International. By comparison, there are 68 highrises under development in Vancouver, of which only 13 are 40 storeys or taller.
The scale of the development is dramatically reshaping Burnaby, which has long been content to be a bedroom community to Vancouver and its job-centric downtown core. Burnaby’s town centres developed as local or regional malls surrounded by low-density rental housing or single-family neighbourhoods, but they are now transforming into dense urban communities with towers rivalling those in Vancouver.
Around Brentwood and Gilmore no less than 46 towers, ranging from 25 to 65 storeys, are planned. And at Lougheed Town Centre, on the eastern edge bordering Coquitlam, at least 23 towers up to 65 storeys are planned around the soon-to-be finished Evergreen SkyTrain line. The expansive former Dairyland and Safeway industrial complex near Edmonds will have 19 towers up to 44 storeys tall.
But this pace of development also highlights a disparity between how developers are treated in Burnaby and Vancouver and what the cities expect from them. Many proponents of Burnaby’s biggest projects are developers like Shape Properties, Concord Pacific, Onni, Ledingham McAllister, Polygon, Beedie Industrial and Anthem Properties.
David Taylor, a specialist with Colliers International, said Vancouver’s restrictive building policies and the lack of developable land are largely why developers now target Burnaby with such dramatic results.
“In Vancouver, outside of downtown there are effectively less than a handful of projects where you can do towers. You are not going to find a site in Vancouver to build a highrise, so where are you going to build it? You are going to find it in Burnaby or Coquitlam,” he said.
Taylor pointed to problems the Kettle Society is having building a relatively simple 12-storey building at Venables and Commercial Drive and the recent backlash in Grandview-Woodland over the Vancouver planning department’s plans for towers at Commercial and Broadway.
“You’ve got neighbourhoods that don’t want any development. If you could build towers anywhere in Vancouver, you would see hundreds of them. There is that much demand for that. But the reality is that to build a 40-plus storey tower in the city of Vancouver, even downtown, is extremely difficult.”
Anne McMullin, the CEO of the Urban Development Institute, said Burnaby’s planned development closely aligns with its regional growth strategy. What makes the difference, she said, is that a lot of the land being redeveloped is non-controversial and doesn’t pit neighbourhoods against the developers.
“It’s a lot easier than in Vancouver. These are malls or industrial areas like the Safeway lands,” she said. “It is a lot less controversial and it involves higher densities around transit hubs.”
But Michael Geller, a well-known developer, said many of his colleagues choose Burnaby over Vancouver for simplicity’s sake.
“I think most developers will tell you they like working in Burnaby because it is the place where the political side and the staff side are on the same page,” he said. “For years, developers have been saying that given the way Vancouver manages its planning and approval process, we’re not building in Vancouver.
“In Burnaby it is very clear. They have a policy that makes it absolutely clear how much you pay for extra density. It is almost like going to the butcher shop. You buy your density by the square foot.”
Burnaby Mayor Derek Corrigan said defined community plans around the town centres and clear rules for how extra density is awarded are why his city attracts big developers.
“We stand out for being consistent in our policy decisions. Every developer who comes in can expect to get the same deal as the developer before him and the one after him,” he said. “They don’t want to think that the next guy might do better than them.”
Burnaby levies extra fees from developers for community benefits. Corrigan said 20 per cent goes into an affordable housing fund and the rest toward local benefits such as libraries, parks and pools.
“We extract a lot from our developers, too. I don’t want to leave the impression that we are leaving anything on the table. We’re very aggressive. We are very clear about what you have to do and how much you have to pay.”
Vancouver Coun. Geoff Meggs dismisses such comparisons. He said his city applies a rigorous rezoning process that may be slow compared to Burnaby, but it gets better results.
“I think they’re different places at different stages of development,” Meggs said. “I don’t think the numbers by themselves tell us anything. I’m not sure how many people in Vancouver would want to win that race anyway.
“It’s not like a race to get as many built as possible in the shortest timeframe. It’s to get a good job done. I don’t have any comments on their processes, but I think ours is pretty careful,” Meggs said. “The people who complain about the timing are developers, but the community feels that things are going far too quickly.”
Jane Pickering, Vancouver’s acting general manager of planning and development services, couldn’t say for sure why developers are building highrises in Burnaby instead of Vancouver.
“I can only speak to the ones built in Vancouver. I think Burnaby has done quite a few new plans around some of their town centres like Lougheed Town Centre. So land that was previously not available has now been made available.”
Pickering also said she doesn’t believe highrises are the only way to address affordable housing, noting that Vancouver is more focused on a diversity of housing types, such as laneway houses.
Pickering disagreed with complaints that Burnaby’s process is clearer than Vancouver’s.
“I think Vancouver’s process is clear, (but) our regulations are sometimes a lot more complex than other places. So it takes a bit more attention. Plus, we have included some things like view corridors that other municipalities don’t have that add a whole layer of what you can do and where you can do it,” she said.” So we have a lot of things aimed at protecting certain specific issues that are very dear to the hearts of people who live in Vancouver.”
Vancouver’s acting mayor Raymond Louie, who is vice-chair of the Metro Vancouver Regional District, said Burnaby is less built out than Vancouver and has more development potential given its lower densities.
As well, he noted: “We have a comprehensive development plan that we’ve developed in order to ensure that there’s a balance between the needs of the future with the current residents, which are typically concerned with the impacts of development in our city.”
Louie said that Vancouver has seen a boom in office developments compared to the rest of the region, and that the Burnaby residential highrise boom may be cyclical.
“We have the highest density in the region and the largest amounts of residential towers, I’d say, anywhere across the region. When other regions were contracting, we had record years. It might be a bit of cycle. We’ve enjoyed good growth in our city (and) now the cycle has turned to Burnaby.”
Posted on
April 6, 2016
by
Paul Liberatore
An 82-year-old woman who put a $240,000 down payment on a more than $5 million home in West Vancouver is now desperately trying to get her money back. She wants to warn others to move carefully before completing a deal to buy a new home.
The problem hinges on two different home inspections, a rarity in this hot real estate market.
Olive Petrou made an offer to buy the house in January 2016 subject to a home inspection .
The first home inspector found several problems, including an alcove that showed water damage, an upstairs bathroom or shower that leaked into the ceiling and window hardware that needed repairs.
The seller agreed to fix a list of 20 items. If the repairs weren’t done by closing, the seller would have another month after possession to complete and the buyer could hold back $50,000 as added protection Petrou was satisfied with those terms and agreed to remove the condition of a home inspection and the deal was complete.
However, the problems started when a second home inspector came in to check the repair work. That inspector found other issues including water penetrating a masonry wall, moisture readings of 99 per cent in outside beams and columns and a masonry wall that didn’t appear to be rain screened.
"There's no way that they could move in and live happily ever after, ” said the second home inspector, Ted Gilmore.
Petrou’s daughter Susan Pugh had planned to live with her mom to help look after her but together they decided to pull out of the deal. They felt the cost of the needed repairs on the additional issues would be too much.
"There's too many problems with the house. There's major issues with the house," Pugh told CTV News.
It was too late to get back out. Once the subject was removed, the sale was final. Now, they’ve taken the case to a lawyer to try to get the $240,000 down payment back.
A different real estate lawyer who isn’t involved in the case, Richard Bell, looked at the contract. He said he was surprised Petrou was even able to get a home inspection in Vancouver’s red-hot real estate market, where many buyers are making deals without any conditions.
"Once you've removed your subject you're bound to complete unless in fact you can determine, prior to completion, that you're getting something substantial different than what you contracted for," said Bell.
In a letter to the seller, the buyer’s lawyer claims the seller’s failure to disclose deficiencies amounts to breach of contract. The seller’s lawyer responded by denying the existence of defects and said even if they did exist, which they deny, they weren’t material to the transaction.
"It's a tough one right because the basic law of real estate is caveat emptor: Let the buyer beware," said Bell, "That ultimately is going to be something that is decided in the courts."
While the case is being settled, the $240,000 deposit is being held in trust. In the meantime, the house has been put back on the market
Posted on
April 6, 2016
by
Paul Liberatore
Canadians, rightfully, consider themselves a welcoming people. In 2014, Canada welcomed over 250,000 new permanent residents. We celebrate our diversity. We don't build walls -- we open doors.
Except, perhaps, in real estate. Surging house prices have led to a hunt for a culprit -- and for a large number of Canadians, foreign buyers are to blame, leading for calls to ban foreign ownership of Canadian homes.
But what is this other than another sort of wall?
Teranet data shows that the average resale house price jumped 14.5 per cent and nine per cent annually in Vancouver and Toronto respectively in February. The most commonly repeated explanation for the price surge last year and into 2016 is an increase in foreign buyers, especially Chinese buyers looking to launder their ill-gotten funds. Anecdotal evidence of this happening is at record high, but actual data to support it is severely lacking.
The Canadian Mortgage and Housing Corporation (CMHC) has started its own investigation into the phenomenon, but is apparently finding the task challenging. Statistics Canada has been promised $500,000 in the Federal budget to tackle the issue.
For Fortress Real Developments' latest Market Manuscript report on the state of the Canadian residential real estate market, we surveyed mortgage brokers and agents regarding their client base. Survey respondents indicated that approximately eight per cent of their clients were foreign buyers or recent immigrants. This is consistent with many surveys done on foreign ownership nationally, but belief is that the share is much higher in the core markets of Vancouver and Toronto.
Is it worth the potential damage to our national reputation as a welcoming nation?
This means that foreign buyers are having an effect on the market. Simply having this five per cent to 10 per cent additional demand will lead to price growth (assuming builders and developers are not building an equivalent number of homes to offset this demand). But the real difficulty lies in determining how much more these foreigners are paying than the next highest bidding domestic buyer. That is, how much are foreign investors driving up prices, compared to rich locals? Another extremely important factor is speculation: are they short-term flippers, or long-term investors that are renting units to people who live in the market they're investing in?
Instead of trying to answer all these difficult questions, should we simply just ban all international buyers? A quarter of the mortgage professionals surveyed for the Market Manuscript indicated that banning foreign buyers would help prevent a housing correction in Canada. This potential solution creates new dilemmas: In a country of immigrants, do we truly have the right to say "we were here first?" With tourism, immigration and construction being strong contributors to economic growth, do we really want to discourage potential second-home owners and future Canadians from coming here? Is it worth the potential damage to our national reputation as a welcoming nation?
More importantly: Would this solution even work?
More tepid measures to stem foreign ownership in Australia have not succeeded in slowing price growth in that market. Foreigners in Australia can purchase homes if they prove that their investment will increase housing supply, which essentially limits them to buying new homes. An outright ban of foreign buyers would likely reduce supply in Australia and Canada, where many investors like to buy pre-construction condominiums and townhouses. This decreased supply would have the opposite impact as desired, and could further drive house prices up.
Before Canadians and our government make a decision to ban, restrict or add taxes to foreign buyers, we need to consider the potential negative side-effects and consequences of such actions: less tourism, less immigration, fewer consumers, less new construction, marred reputation.
Hopefully we don't let anger prevent us from examining many of the other forces driving up house prices in Canada, and finding a solution to our mismatch of supply and demand.
Posted on
April 6, 2016
by
Paul Liberatore
The Onni Group — a real estate development company — will be paying for a new stop at Cambie Street and 57th Avenue, according to Vancouver Coun. Geoff Meggs.
"The area will be significantly transformed as a result of investments that flow from this," said Meggs Wednesday.
Onni will develop a parcel of land about 10 hectares in size, currently the site of the Pearson Centre, a residential care facility, and the Dogwood Lodge, a seniors complex. Vancouver Coastal Health currently owns part of the land, and operates the two facilities.
The 10-year plan for the site includes a number of residential condo towers up to 28 floors in height, which will include a mix of market and rental housing. It also includes a new YMCA facility, a 69-space childcare centre, a new residential care home, a community health centre and a park.
Meggs says it's unique for a developer to pay for a transit station, but highly beneficial for Onni in this case, as the entire development will become more desirable because of the new stop.
He points to other gaps along the Canada Line — at Cambie Street and 33rd Avenue for instance — where additional stations stops would be useful.
"It's one way to make sure more people can live in the city without having to really go after proposed development in neighbourhoods.
|