Posted on
November 26, 2016
by
Paul Liberatore
Please visit our Open House at 24819 106B AVE in Maple Ridge.
Open House on Sunday, November 27, 2016 2:00PM - 4:00PM
Gorgeous home in Highland Vistas backing on to greenbelt! Engineered hardwood flooring, open concept plan, and lots of natural light. Huge living room with 18' ft vaulted ceilings. Gas fireplace, granite counters, dark wood cabinets, gas range and more. 3 bedrooms upstairs and 1 bedroom mortgage helper downstairs. Huge master bedroom with walk in closet. Finished basement with kitchen and seprate entrance. Minutes away from Samuel Robertson Technical Highschool. Too many upgrades to list. This designer home is a pleasure to show! Open House Sunday October 23rd from 2-4pm.
Posted on
November 24, 2016
by
Paul Liberatore
The president of the North Burnaby Royal Canadian Legion is glad Beedie Development Group is coming to the rescue. However, Dave Taylor is unhappy with how the new development deal came about and is worried for Branch 148’s long-term future.
Epta Properties agreed in 2012 to build a new legion within a five-storey, mixed-use development with 26 condo suites at 4356 Hastings Street by summer 2015. A series of delays, owing to the company’s financial problems, led to an October 23 special general meeting to vote on one of three options: carry on with Epta, sue them or have Beedie take over.
A partial transcript from the meeting said there was “heated discussion” previous to the vote taking place between the branch’s executive committee and two staff members of the legion’s B.C./Yukon Command: treasurer Jim Diack and branch operations adviser Darryn Langstaff. The executive committee wanted more discussion on the Beedie option, but “Jim told us that we, the executive, agree to [the Beedie option] or he would pull our charter.”
“Darryn felt that we had a defeatist attitude, but executive members replied that we were being realistic and that the club would not survive with only 2,500 square feet, no other source of income and being part of the building strata,” the transcript said.
After the discussion, 43 of 45 branch members voted for the Beedie option.
“Eighty years ago, our branch was founded by guys that went off to war to fight dictatorships. Now we’re being dictated to by our own organization,” Taylor said. “What do you do?”
Sandy Reiser, the B.C./Yukon Command’s executive director, said in an email: “We take this development matter very seriously, which is why the voting membership came together to make this critical and important decision to ensure the future of their legion. Our commitment is first and foremost to serve veterans in our communities.”
Documents Taylor showed BIV said Epta agreed in November 2012 to complete the project. It provided the legion with $50,000 cash, which was spent on legal fees, and an exchange agreement for $4.75 million in return for title to the land. It also paid the branch’s $144,835 two-year tax bill up to December 2014. The legion hall was demolished in the first quarter of 2014 and Epta took out a $3.1 million loan. Epta claims it racked up almost $2.82 million in costs, including a $700,000 development management fee that Taylor disputes.
“We were told [we’d] have that branch up and running by the summer of 2015. Epta people told me we would get $140,000 a year renting out the top two floors for offices and the bottom floor for retail,” he said. “We would’ve had the four floors in our section. We’re owed that since 2015.”
Originally chartered in 1936, the branch bought three lots in the 4300-block of Hastings Street in 1949 after six members pooled $9,000. As the years passed, more adjacent land was acquired and the hall expanded, including a two-storey addition in 1983.
Like other legions, it has struggled of late with an aging and declining membership, rising property taxes and competition with other establishments benefiting from liberalized liquor laws. Epta approached the legion with a solution: to build Centro. Today it is a vacant lot behind blue fencing.
Epta’s associated company, Apollo Holdings, applied to reorganize in July 2015 under the Bankruptcy and Insolvency Act. Court filings show that Apollo’s Barnston Island cranberry farming operation advanced $6 million to related parties, mostly to Epta. Epta is also facing a September 30-filed BC Supreme Court lawsuit by Beta Properties and SMB Holdings Ltd., which allege breach of contract and breach of fiduciary duty. The court filings in that case allege there were unauthorized loans made to various Epta-related developments.
Epta vice-president Angelo Tsakumis declined comment.
“Beedie is in it, because they own that first mortgage, [which] is ticking away at 16%,” Taylor said. “I’m happy to work with the Beedies if they are interested. But I want what we were promised.”
Since 2013, the branch has held its meetings at North Burnaby Lawn Bowling Club and Remembrance Day receptions at a North Burnaby seniors centre. Its 80 years of memorabilia and even a century-old pool table are in storage. The liquor licence is in limbo.
Taylor said he is ultimately worried the new legion won’t have a canteen to act as both the social gathering place for members and a revenue generator for branch operations.
“If command gets away with what they want to do under this deal, we won’t even have our branch. We’re going to have … a coffee shop,” Taylor said. “That’s a new-age legion according to them: lattes and Wi-Fi.”
Posted on
November 21, 2016
by
Paul Liberatore
We have sold a property at 1803 1888 GILMORE AVE in Burnaby.
Triomphe; a magnificent architectural landmark & home of unprecedented design situated in the heart of Brentwood in Burnaby. This tall slender tower rises from dramatic pillared porte-cochere entry & encompasses 340 luxurious residences. Suites features 9' ceiling, central A/C, Bosch appliances. Sales center located at Unit B - 4247 Lougheed Hwy, Burnaby. Open daily from noon-5pm, closed on Fridays.
Posted on
November 15, 2016
by
Paul Liberatore
We have sold a property at 11696 94A AVE in Delta.
Welcome to this gorgeous 1 family home! This beauty boasts 3 bedrooms / 3 bathrooms and 2 kitchens. A kitchen upstairs and downstairs for ultimate convenience. South facing manicured back yard in pristine condition, enclosed back sundeck perfect for morning coffee overlooking your green oasis. Hardwood flooring in the bedrooms, tile downstairs. Tons of room for entertaining, 2 gas fireplaces, master bedroom has 2 piece ensuite as well! This home has it all. Located in the desirable Annieville, close to shopping, transit and all amenities.
Posted on
November 14, 2016
by
Paul Liberatore
Owners of empty homes who are liable for the tax will have to pay one per cent of their property’s assessed value, annually – meaning that a $1 million home left empty will cost the owner $10,000 a year in tax.
Mayor Gregor Robertson is aiming to tap into the reported 10,800 vacant homes in the city in an attempt to either force many of them into the rental pool, easing the tight rental vacancy rate, or collecting revenues to put towards affordable housing initiatives.
"We have the lowest vacancy rate and the highest rents of any city in Canada right now," Robertson told reporters at a news conference. "People are feeling squeezed on all sides, so it's time to take action."
However, many owners will be exempt from paying the tax, including snowbirds who leave their principal residence for large portions of the year. Only non-principal residences are subject to the tax.
Those who rent out the property for at least six months of the year, in minimum 30-day periods, are also exempt.
Other exclusions include the following scenarios:
- The property is undergoing major renovations, or is under construction or redevelopment (with permits).
- The registered owner (or other occupier) is undergoing medical or supportive care.
- The owner is deceased and grant of probate or administration is pending.
- Ownership of the property changed during the previous year.
- The property is subject to existing strata rental restrictions.
- The registered owner uses the property for six months of the year for work purposes but claims principal residence elsewhere.
- The property is under a court order prohibiting occupancy.
- The property is limited to vehicle parking or the size, shape or inherent limitation such that a residential building cannot be constructed.
Posted on
November 11, 2016
by
Paul Liberatore
We have listed a new property at 5398 SPRINGDALE CRT in Burnaby.
Welcome to this cozy 3 bedroom/3 bathroom home on a HUGE 13,836 lot on a quiet cul-de-sac. Located in Burnaby's most desirable area near Aubrey Elementary, Burnaby North Secondary and Kensington plaza. Close to Brentwood mall! massive lot secures this great investment. Spacious open floor plan with some updates over the years. Large yard is perfect for family gatherings, kids and pets. HUGE LOT, back lane, side lane, cul de sac. Hold now and build later!
Posted on
November 11, 2016
by
Paul Liberatore
Please visit our Open House at 5398 SPRINGDALE CRT in Burnaby.
Open House on Sunday, November 13, 2016 2:00PM - 4:00PM
Welcome to this cozy 3 bedroom/3 bathroom home on a HUGE 13,836 lot on a quiet cul-de-sac. Located in Burnaby's most desirable area near Aubrey Elementary, Burnaby North Secondary and Kensington plaza. Close to Brentwood mall! massive lot secures this great investment. Spacious open floor plan with some updates over the years. Large yard is perfect for family gatherings, kids and pets. HUGE LOT, back lane, side lane, cul de sac. Hold now and build later!
Posted on
November 11, 2016
by
Paul Liberatore
Please visit our Open House at 24819 106B AVE in Maple Ridge.
Open House on Saturday, November 12, 2016 2:00PM - 4:00PM
Gorgeous home in Highland Vistas backing on to greenbelt! Engineered hardwood flooring, open concept plan, and lots of natural light. Huge living room with 18' ft vaulted ceilings. Gas fireplace, granite counters, dark wood cabinets, gas range and more. 3 bedrooms upstairs and 1 bedroom mortgage helper downstairs. Huge master bedroom with walk in closet. Finished basement with kitchen and seprate entrance. Minutes away from Samuel Robertson Technical Highschool. Too many upgrades to list. This designer home is a pleasure to show! Open House Sunday October 23rd from 2-4pm.
Posted on
November 9, 2016
by
Paul Liberatore
The most expensive home for sale in Canada is a condo in Coal Harbour.
The $58,888,000 penthouse at Three Harbour Green on Thurlow Street is right at the waterfront and has 360-degree views of the city, ocean and mountains.
It’s just over 8,000 square feet with four bedrooms and five bathrooms, plus two rooftop terraces and a balcony totalling 4,840 square feet. It also has a private seven-car garage.
Built in 2012, the property was last sold in 2014 for $16.6 million, meaning the latest listing price shows an increase of 254 per cent.
Documents show the condo is currently owned by a numbered company called 0996109 B.C. Ltd.
But with the uncertainty in Vancouver’s real estate market at the moment, what are the chances a buyer will step up to the plate with almost $60 million in hand?
The condo is the only property listed at over $50 million in the country, and is one of only seven listed at over $30 million. Plus, there have only been five homes sold for over $20 million in Metro Vancouver in the last two years.
There’s also the 15 per cent foreign buyer tax that will add another $8.8 million to the price tag, if an overseas buyer takes the bite.
But for someone with that kind of money, realtor Tom Gradecak says they’d likely be able to negotiate.
“If someone is looking to spend $50 million on a house, they will probably find a way to buy the home and likely negotiate part or all of the tax with the seller,” Gradecak said.
On the other hand, UBC economist and real estate expert Thomas Davidoff questions the financial aptitude of someone willing to spend that kind of money on taxes.
“Naturally, the 15 per cent foreign buyer tax makes this a more difficult sale, because the number of Canadians willing and able to purchase this property must be small, and no one got rich paying over $9 million dollars in taxes to buy luxuries,” Davidoff said.
Even if a local buyer could put together a 20 per cent down payment on the condo – $11.7 million – they would still need to find about $118,000 bi-weekly for mortgage payments. That’s $2.8 million a year in payments.
Check out the photos of the pricey pad below:
              
Posted on
November 6, 2016
by
Paul Liberatore
Salma Nurmohamed is a senior producer with CBC News. She has been a reporter and an assignment editor. Currently she is an editor with the digital team.
It's not the super-high ceilings or the ultra-modern design Jasmine Lee and Vincent Chan love most about their home. The first feature they're eager to point out in their East Vancouver laneway house is the third bedroom.
"It's super important," said Chan, 38. "We needed it to be future-proof, and the third bedroom is key for the possibility of a second kid."
A townhouse seemed like the natural choice for the family of three, but in a city populated by condos and single-family homes, there were few to be found, and those that were out there were pricey.
So Chan, director of textiles with Aritzia, said he floated the idea of a laneway house on his parents' East Vancouver property to Lee, a nursing unit clerk.
She agreed, his parents were thrilled, and a multi-generational living situation was born.
Average laneway home costs $350K
In a city full of stories of families priced out of the city and driven out to the suburbs, the laneway house is a rare example of young families finding a way to cheat the city's exorbitant housing costs.
They get to live in a detached house without the price tag to match. Vancouver's benchmark price for a single family home is between $1.5 million and $2 million while a laneway home costs, on average, $350,000 to build.
With most of Vancouver's single-family neighbourhoods situated on streets with back lanes, there's ample room for homeowners to squeeze in a small house into the backyard. The downside is city rules forbid residents from selling these small homes.
Chan's parents own a home near Commercial Street, a trendy East Vancouver neighbourhood close to shopping and the SkyTrain. The size of any laneway home depends on the size of the property. In the couple's case, city regulations allowed them to build a 940-square-foot home, which is on the larger side for laneway homes in the city.
One year after they moved in, Lee and Chan feel they hit the laneway lottery by having their own home in a great neighbourhood and with that coveted third bedroom and space to spread out.
"We wouldn't have had this amount of outdoor space with a condo or townhome," said Lee, 32.
'An incredibly successful program'
What started off as an experiment in creating density has blossomed into a distinctive feature of Vancouver's housing market.
In 2010, the first full year that permits for laneway homes were granted, the city approved 192 projects. There are now more than 2,000 little homes dotted around the city.
"It's been an incredibly successful program," said Heather Burpee, a senior planner with the city of Vancouver. "It doesn't change the character of the neighbourhood by putting these units on the back, and you get some additional rental and housing stock."
At first, the city fielded complaints from neighbours who felt spied upon from tall laneway houses hovering over their backyards. Now, city data shows the number of complaints has dwindled to just a handful each year, mostly parking related.
Over the last seven years, the city has made some tweaks. The biggest change has been allowing more square footage on one level, which has discouraged owners from building 1½-storey homes that aren't as popular with the neighbours.
More 3-bedroom units needed
Bryn Davidson, co-owner of Lanefab, a company that constructs laneway houses, said a city-wide policy that allows laneway homes to be built in any neighbourhood means no single area has been impacted more than others.
But Davidson said there's room for more improvements.
"In my ideal world, laneways would be 200 square feet bigger," he said.
That, he said, would allow all laneway homes to include that coveted third bedroom.
"That's where we're getting a lot of inquiries now from young families, but it's a challenge."
The next big upgrade, he said, would be to permit homeowners to stratify their properties and allow laneway homes to be sold separately from the main house.
The current rules mean those who add laneway homes to their property may get the space they need but can't build equity.
As a result, many families are drawing up their own ownership agreements to get around this.
What's next
Several other cities in the Lower Mainland have followed Vancouver's density success and have their own laneway-type programs in place.
West Vancouver, the city and district of North Vancouver, and Surrey are among the municipalities that allow their own versions of laneway homes. New Westminster is close to approving a program.
In Vancouver, with laneway homes firmly entrenched in the building stock, the city is moving on.
The focus now is moving from the laneway house to the laneway itself.
The goal is to change lanes from a place where people put out their garbage to more vibrant, family-friendly social spaces.
Posted on
November 5, 2016
by
Paul Liberatore
So dark, so expensive. Vancouver photo via Flickr user Colin Knowles
Have you ever thought about calling your landlord and politely asking to pay less rent every month? If you apply standard "you miss 100 percent of the shots you don't take" logic, this should be a regular broke millennial practice—maybe even an annual hashtag.
It turns out this actually works in Calgary. Thanks to a tumbling provincial economy and fewer migrating workers, landlords are struggling to keep tenants, and are saying "yes" to the ones who ask nicely for a discount.
"I asked this summer, at renewal time," one Calgarian tweeted at a Calgary Heraldreporter earlier this week. "They offered a rate even lower than what I proposed." Another tenant said she got $375 a month knocked off her monthly housing bill. "That essentially puts almost $5,000 more net income into our household that we can save," she told the Herald. "It's huge."
Because I'm a naturally jealous person, I immediately tried to think of ways I could recreate this scenario in Vancouver. An aspirational reading of the news that Vancouver home sales "plunged" 38.8 percent in October suggested to me that my rental situation is surely about to follow suit. If the out-of-control real estate bonanza is finally over, shouldn't renters start to see some relief?
Obviously I didn't want to get too greedy, so I called up my landlord, and casually brought up a notice of rent increase he mailed me this week. It turns out the maximum rent hike in British Columbia is going up in the new year (3.7 percent, up from 2.9), which somehow gave me the impression this stuff is arbitrary and negotiable. Since detached home prices in the city just turned a corner—down 0.8 percent from last month—I legit thought I could talk him out of adding ~$500 to my annual rent.
Let's just say my skills of tact and persuasion were no match for a less-than-one-percent vacancy rate, and a landlord who pretty well understands he could still get away with charging $2,300 for a mediocre one bedroom apartments in the West End if he really wanted to.
Still worried that this might be some personal failing on my part, I called up Canadian Centre for Policy Alternatives lead economist Marc Lee to figure out how soon Vancouver rents will return to Earth, now that investors and speculators have chilled out. Unfortunately the news wasn't what I (or any renter) wants to hear. Bottom line: Toronto and Vancouver aren't going to get Calgary-style rent discounts anytime soon.
Lee told me that the rental problems in both Vancouver and Toronto have been decades in the making, and could take another generation to fully sort out. In the 1980s there were actually tax incentives for developers to build cheap rental stock, but those breaks evaporated in various rounds of budget cuts. Condos became the construction project of choice, which are easily marketed to out-of-city owners in pre-sales, bringing in yuppies from the US, China and other parts of Canada.
That population growth, driven by interprovincial and international migration, is what deepens rental shortages in Canada's major urban centres. On top of that, Vancouver's slowing market spurred by a recent foreign investor tax may actually make things worse for people in Toronto. Some investors are moving into other parts of BC or Seattle, but many are seeing Toronto real estate as the next best place to park their money. "We need more time and data," says Lee, "but we're seeing some or maybe a lot of what was coming to Vancouver now shifting to Toronto."
According to the latest numbers put out by the Toronto Real Estate Board, average one-bedroom condo rentals rose an unsettling 7.2 percent to $1,777 in the third quarter of 2016. The report looked at rental listings, and found about 500 fewer than this time last year. Fewer options increases competition and pushes up what landlords can charge. Though calculated differently, a Padmapper study of Vancouver found the median one bedrooms went for $1,800 in September, up from $1,750 the month before, and $1,700 the month before that.
These conditions are making young people poorer. So much of our income goes to rent every month, we're not able to save or move or think about the future. And according to Lee, Airbnb is actually having more of an impact on rent than we think. In Vancouver, where several thousand units are being diverted as short-term rentals, the competition among less than 5,000 empty units is unhealthy. Until the number of vacancies rises to a healthier three or four percent, you're not going to find reasonable apartments for under $1,200.
Vancouver in particular is so far off a healthy vacancy rate, lower home sale prices aren't going to move up enough renters into homeowners to make an immediate difference. There have been some efforts by our city government to tip the scales back in favour of renters, like bringing in a tax on empty condos, and the latest regulations on Airbnb, which together could add a few thousand new places to rent onto the market.
Lee says if cities are going to take affordability seriously, they're going to have no choice but to build a lot more rental stock. "If we just try to squeeze a few pieces from Airbnb and squeeze a few more pieces from what are currently empty condos, it will have a little bit of an impact, but it's not going to have the big long-term impact on affordability," he told VICE. If we actually want rent to be affordable for young people, Lee recommends Vancouver build somewhere in the neighbourhood of 5,000 to 10,000 rental-only units every year for the next generation.
While neither city's landlords are about to offer generous discounts, Toronto renters may soon have an argument that they're actually more screwed than we are. "On the buying side and rental side, it seems Vancouver is worse generally, but now that may be shifting so that Toronto will be getting worse," Lee said.
Posted on
November 2, 2016
by
Paul Liberatore

Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold. Last month’s sales were 15 per cent below the 10-year October sales average.
“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,981 in October 2016. This represents a decrease of 3.5 per cent compared to the 4,126 units listed in October 2015 and a 17 per cent decrease compared to September 2016 when 4,799 properties were listed.
Last month’s new listing count was 9.5 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,143, a 4.5 per cent decrease compared to October 2015 (9,569) and a 2.3 per cent decrease compared to September 2016 (9,354).
The sales-to-active listings ratio for October 2016 is 24.4 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8 per cent increase compared to October 2015 and a 0.8 per cent decline compared to September 2016.
Sales of detached properties in October 2016 reached 652, a decrease of 54.6 per cent from the 1,437 detached sales recorded in October 2015. The benchmark price for detached properties is $1,545,800. This represents a 28.9 per cent increase compared to October 2015 and a 1.4 per cent decrease compared to September 2016.
Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 per cent compared to the 1,543 sales in October 2015.The benchmark price of an apartment property is $512,300. This represents a 20.5 per cent increase compared to October 2015 and a 0.3 per cent increase compared to September 2016.
Attached property sales in October 2016 totalled 403, a decrease of 39.5 per cent compared to the 666 sales in October 2015. The benchmark price of an attached unit is $669,200. This represents a 25.7 per cent increase compared to October 2015 and a 1.1 per cent decrease compared to September 2016.
Posted on
November 2, 2016
by
Paul Liberatore
We have sold a property at .
INDULGENT BATHROOMS
- Custom designed cabinets with flat panel and soft closing
- Quartz countertops with under mount sinks by Kohler
- Counter-width mirrors with cosmetic light bar
- Colour-coordinated porcelain tile flooring in main and ensuite bathrooms
- Decorative drawer pulls and towel bar
- Elegant ceramic tile in bath and shower
- Ensuite shower with enclosure glass door
GOURMET FAMILY KITCHENS
- Whirlpool stainless steel, double door, water dispenser on fridge door with bottom freezer (townhomes only)
- Whirlpool electric slide-in, self-clean range
- Stainless steel, Energy Star Whirlpool dishwasher
- Whirlpool over the range microwave/hood fan
- Open kitchen plans
- Custom designed cabinets with flat panel
- Decorative drawer pulls and soft closing
- Quartz countertops with stainless steel under mount double sink
- Pullout faucet by Kohler
- Full height glazed clay tile backsplash
- Pot lights
- Under cabinet puck lighting
- Stainless steel sink by Kohler
INSPIRING INTERIORS
- Two distinct designer-coordinated colour schemes
- Huge sliding patio door
- Designer selected laminate flooring throughout homes
- Durable and stain-resistant carpet in bedrooms, hallways & stairs (townhomes only)
- Stylish colour-coordinated laminate flooring throughout (garden apartments only)
- Baseboards and door casings throughout
- Designer lighting fixtures
- Polished chrome door handles
- Whirlpool washer and dryer
- Work station desk on garden apartment included in purchase price
- Pantry in townhomes
LASTING IMPRESSION
- On-site visitor parking
- Thoughtfully unique courtyard and landscaping with water feature
- Hardie board and brick exterior materials
SECURITY & COMFORT
- Conveniently located cable and/or telephone outlets in living room, kitchen and bedrooms
- Thermostat-controlled baseboard heating system
- Individual storage locker provided for each home
- Pre-wiring rough-in for in-suite security system is included in every home
- Secured underground parkade is accessed by a remote-entry device
- 2-5-10 warranty by WBI
- Security cameras are strategically placed within common areas for added surveillance
- 1 year of free Telus OPTIK Internet 15mbps, and free OPTIK TV Essentials channels
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