burnaby / new westminster apr 17, 2015 real estate weekly
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R E A L E S T A T E W E E K L Y
GO TOREW.CA /NEWS
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NEWS AND ADVICE
Vancouverʼs Residential Building Permits Up 56%:
StatCan
Listing on your Home Sale Expired? How to
Get It Sold
Vancouverʼs Boomer Luxury Home Buyers
Increasingly Urban: Survey
Metro Vancouverites are head-ing to the polls – or, in this case, their nearest post box – as
mail-in voting continues for the emotion-ally charged Transportation and Transit Plebiscite – aka “the congestion tax”.
Although the question is how to fund transit improvements, the debate has rapidly become about whether people believe TransLink should be trusted with more funds. Many issues like impact on housing aff ordability have been largely ignored.
Even getting both sides to agree on how much the new tax would cost has proved impossible. “Yes” supporters say the 0.5 per cent sales tax will take $125 per year out of the average household’s pocket. “No” supporters say it will be more than double that amount – $258 per year.
Property Purchasing PowerSo what’s the tax’s impact on abil-
ity to purchase a home – especially for cash-strapped fi rst time buyers? The new tax will reduce income and therefore bor-rowing power – no matter which side’s estimate is correct.
“At today’s mortgage rates of 2.69 per
cent, if we take the higher estimate of $258, it would reduce a person’s home buying power approximately $5,400,” says Mark Belling, CEO of Fifth Avenue Real Estate Marketing.
He stresses, however, this is more than off set by the costs savings of living close to regular, reliable transit.
For the rapidly expanding demograph-ic of urbanites who embrace a carless lifestyle, transit also opens the possibil-ity of an immediate bottom line benefi t.
“The average parking stall costs $25,000 to $30,000,” notes Robert Grimm, principal of Portrait Homes. “That could mean the diff erence between a studio or being able to aff ord a one-bedroom home.”
Will New Transit Push Up House Prices?
Over the long term, most industry watchers agree housing prices will con-tinue to rise throughout Metro Vancouver due to its geographical constraints. And there are precedents to suggest they rise more rapidly when improved transit arrives.
According to an Urban Analytics report commissioned by the Onni Group just
after the Canada Line was built, land values along the Cambie Corridor rose 19 per cent in the months leading up to completion. They climbed an additional 14 per cent in the fi rst six months of oper-ation – a 33 per cent increase in one year.
The Evergreen EffectFurther east, where the Evergreen Line
is under construction, the Tri-Cities have shown steady but more moderate price increases, according to the Real Estate Board of Greater Vancouver. The rapid spike in prices many predicted would accompany the new SkyTrain line has failed to materialize.
What has occurred is a construction boom that’s highlighting neighbourhoods like Burquitlam as a more desirable place to live. Howard Steiss, principal at Texor Homes, notes many buyers are attracted to the greater bang for their buck that’s possible when transit makes commuting easier.
Although the new tax would add to the cost of construction materials, David Podmore, chairman and CEO of Concert Properties, points out this may not be as severe as it appears.
“The higher density we see around
transit nodes like Marine Gateway, Metrotown or Brentwood allows more effi cient land use – which means devel-opers have the cost savings associated with economy of scale,” he says.
What about Immigrant and Offshore Buyers?
Overseas and immigrant buyers con-sider proximity to transit a must have. “Off shore markets are light years ahead of us in the way they look at transit,” says Bill Szeto, president of Otezs Project Marketing. “In any major Asian or European city, transit is the dominant way people move around.”
However, Rolf Neufeld, managing director of credit structuring with Bank of Montreal, believes the vote will have little long-term impact. “Vancouver land values are going to keep rising regard-less,” he says. “And there will be some transit improvements even if the vote is no.”
So while Metro Vancouver awaits the results of the transit vote, Szeto makes a fi nal comment. “Even 15 or 20 years ago, people asked why anyone would want to live next to the SkyTrain… now they ask why wouldn’t you want to live there?”
How the Transit Vote Affects Home Buyers and Property Values
BURNABY NEW WESTMINSTER FRIDAY, APRIL 17, 2015info@rew.ca • 604-435-7977
Looking to BUY or SELL a home? To assist you in making the best decisions,
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•2 REW.ca » BURNABY / NEW WESTMINSTER » FRIDAY APRIL 17, 2015
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SOLD - 1 DAY ON MARKET• 2 bedroom/2 bathroom• Top fl oor corner unit • 1000 sqft
401-1655 Grant St.,Port Coquitlam
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12224 Greenwell St., Maple Ridge
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Established 17-year EARLY CHILDCARE CENTRE in Citadel Heights, a young family neighbourhood requiring good daycare facility. Building has 5329 sq ̓of which 3690 sq ̓ is for SCHOOL & 1639 sq ̓ up for LIVING QUARTERS. 5635 SQ ̓ CORNER LOT provides plenty of parking. RUN YOUR OWN CHILDCARE BUSINESS & PAY YOUR OWN MORTGAGE INSTEAD OF RENT. Zoned residential. HUGE BARGAIN WITH BUSINESS INCLUDED.
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RARELY AVAILABLE - This 3 BR townhome in the Buchanan is located in Burnabyʼs PREMIER residential, shopping, entertainment and social district, steps away from Brentwood Mall and skytrain - Travel to downtown in 15 minutes, Commercial/Broadway in 7 minutes and YVR in 48 minutes. TH1-1889 ROSSER AVE.Teresa Leung 604-618-2128
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BEAUTIFUL 2 BEDROOM SUITEBeautiful south facing private 2 bedroom suite facing green belt at Cascade Village. Large patio great for outdoor entertaining, tiled entry, fi replace and French doors on second bedroom. Excellent recreation facility and outdoor gardens. Quiet, peaceful neighborhood.107-3950 LINWOOD ST.Harj Romi Rai 604-689-8226
$305,000 SMALLECO-FOOTPRINT
FUNCTIONAL & SPACIOUS one bdrm in GREEN. Built by award winning developer ADERA. 5 years new - this quality development is conveniently located in NATURAL SURROUNDINGS, yet only MINUTES to Edmonds SKYTRAIN station. Everything you can want in a home - small eco-footprint; sights and sounds of nature, serene & peaceful surroundings. Resort-like amenities in the SEASONS CLUB.....gym, yoga room, sauna, billiard room and well-appointed recreation room. Truly an enviable place to come home to. Fanny Wong 604-263-1144
NEW LISTING! $315,000
GARDEN OASIS!Corner 2 bed garden unit with 470+ Sq.Ft. fenced patio and private street access. Pets allowed, 2 parking. Walk to skytrain, bus and shopping. #205 - 210 ELEVENTH ST.The Go Team 604-263-1144
507-215 TWELFTH ST $245,000
TOP FLOOR OASISDiscovery Reach by Bosa. Top fl oor unit with lots of updates. N.W. facing, open concept, parking, storage and more!The Go Team 604-263-1144
101-215 TWELFTH ST $229,000
GARDEN OASISS.W. facing garden level one bedroom in Discovery Reach by BOSA. Direct street access with private, fenced patio. 2 pets allowed.Go Team 604-263-1144
4536 NEVILLE ST. $1,878,000
LUXURY CUSTOM HOMEBeautiful custom home, built by experienced local builder, located in Burnaby South, right below Metrotown with gorgeous Southern view. Amazing fi nishings and top quality workmanship throughout the house. Top-of-the-line appliances; Sub-zero refrigerator, Wolf 6-burner stove, Miele dishwasher.Go Team 604-263-1144
REW.ca » BURNABY / NEW WESTMINSTER » FRIDAY APRIL 17, 2015 3•
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Clayburn Creek Estates 35259 Straiton Road, Abbotsford www.meinen.ca
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•4 REW.ca » BURNABY / NEW WESTMINSTER » FRIDAY APRIL 17, 2015
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ONTH!*
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604.541.8092 elginhouse@polyhomes.com
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19201 66A AVENUE, SURREY(corner of 192 Street & 66A Avenue)
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•6 REW.ca » BURNABY / NEW WESTMINSTER » FRIDAY APRIL 17, 2015
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Prices are subject to change without notice. This is not an offering for sale. One can only be made by way of a disclosure statement. E.&O.E.
SALES CENTRE AND DISPLAY SUITE ARE OPEN BY APPOINTMENT ONLY
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OFFERED BY APPOINTMENT ONLY4721 HASTINGS STREET, BURNABY, BCPLEASE CALL FOR PRICINGThis is not an offering for sale. Prices exclude taxes. The developer reserves the right to make changes to the pricing, incentives, floor plans and specifications without notice. E. & O.E.
FOR INFORMATION CALL 604.662.8009 (EXT. 250)
BUILT WITH A HEART FOR THENEIGHBOURHOOD
F R I D A Y , A P R I L 1 7 , 2 0 1 5BURNABY • NEW WESTMINSTER
Looking for a newhome? Start here.
R E A L E S T A T E W E E K L Y
I n P r i n t > O n l i n e > I t ’ s A l l H e r e
There’s a new project coming soon that
is set to change the way people think
about Tsawwassen living. Century Group
introduces CityHomes, a boutique-style
masterplanned community off ering dis-
tinctive homes that are similar to town-
house living. Instead of going into a lobby
and sharing communal hallways to reach
your home, these one-, two- and three-
level residences, ranging from 700 to
1,900 square feet, all feature their own
private entry.
“This is a whole new and exciting style
of living,” says Doug Lucier, marketing
and sales manager, Sutton Group Seafair
Realty.
CityHomes is a stunning collection of 41
low-rise West Coast-style character resi-
dences showcased by natural stone, stuc-
co, HardiePlank accents and fully land-
scaped yards and communal courtyard.
Nestled along a tree-lined street,
CityHomes fi t seamlessly into a quiet com-
munity in the heart of sunny Tsawwassen.
The exclusive design off ers the perfect
blend of urban and rural living. Minutes
from your new home, you’ll love the life-
style and sense of community that comes
with having fabulous boutique shopping
and services at your doorstep.
Each open-concept home comes com-
plete with its own secure underground
parking stall and minimal maintenance to
worry about.
“Many of the three-bedroom homes will
have two parking stalls,” adds Lucier.
Inside, the homes promise fi nishes
that will inspire. From the luxurious hard-
wood fl ooring to the nine-foot ceilings and
lofts, to the gourmet inspired kitchens
with quartz countertops and Energy Star
KitchenAid stainless steel gourmet appli-
ance package and stunning soft-close cabi-
netry, everything speaks to sophisticated
and elegant living.
“Right now, choose from two profession-
ally designed colour palettes – Sandcastle
and Beach,” says Lucier, adding that some
of the patios or decks are perfect for enter-
taining family and friends.
Living at CityHomes puts you in the
middle of everything. Located in thriving
heart of Tsawwassen, where small town
life still exists with friendly people and
a charming downtown core, CityHomes
greets you with a walkable neighbourhood
close to protected parklands, recreational
activities, walking and cycling paths.
Shopping and dining is handy too, just
a short drive away. Everything is on your
doorstep, including being only a short
drive to the ferries. Meanwhile, you are
only 20-minute drive from Vancouver
International Airport, half an hour from
downtown Vancouver and for shoppers
bound for Bellingham and Seattle, the US
border is just 30 minutes to the south.
Direct access to transit and the highway
takes away some of the stress of daily
commuting.
For those passionate golfers, there are
fi ve golf courses within a very short dis-
tance away.
CityHomes comes to you from award-
winning Century Group. For more than fi ve
decades, Century Group has become syn-
onymous with creating neighbourhoods
that people want to live, work and play
in. Defi ned by walkable streets connected
to natural landscapes, the developer is
renowned for communities that off er the
best in lifestyles for today’s busy urban-
ites.
With all that CityHomes has going for it
and with prices for a two-bedroom start-
ing from under $360,000, the best part of
CityHomes is calling it home!
CITYHOMES OFFERSLUXURIOUS AND DISTINCTIVE Tsawwassen Living
The CityHomes presentation centre and two fully decorated display homes, located at 1708–55A Street (at 18 Avenue) Delta, will open in May. For more information or to register, call 604-948-2345, email info@cityhomesnorthgate.ca or visit www.cityhomesnorthgate.ca. Tentative occupancy is slated for fall of 2015.
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