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Mortgage questions? Two top fi nancial experts from Prospera Credit Union share their thoughts ›› p.14 Th inking about the environment comes fi rst for many local developers Find out what homebuyers like about ParkLane Homes’ community, SouthPort ›› p.5 Vesta Properties Ltd. ’s new townhomes off er value for buyers at Augusta ›› p.9 Innovative in function and design, Centro in Richmond is tower living at its best ›› p.13 May 7, 2009 CONTINUED ON P.2TRANSCRIPT
Come home to
$15,000You could WIN $15,000 worth of furnishings, home electronics and
groceries . . . from Visions Electronics, Save-On-Foods and The Brick. Contest runs May 7 to May 31, 2009. Check out MetroVancouver’s new homes and play along each week to increase your chance of winning.
}
Contest-entrypoint ad.indd 1 5/5/09 9:21:10 AM
Find out what homebuyers like about ParkLane Homes’ community, SouthPort ›› p.5
G reen is big in Greater Vancouver homes. Many local developers have been incorporating green, or sus-tainable, standards into their
home designs for years, but now, there’s a made-in-Canada certifi cation system that tells consumers their home is built with the environment – and energy cost-savings – in mind.
Built Green is an industry-driven volun-tary program that promotes green building practices to help reduce the impact that development has on the environment.
At Adera Development Corp., vice-president of marketing and sales, Eric Andreasen, notes that all of Adera’s current properties are Built Green certifi ed homes – including a south Burnaby development entitled simply Green.
With phrases such as “eco-friendly” and “reducing your carbon footprint,” on every-one’s lips, Andreasen says going green is a sign of the times.
“Responsible behaviour is becoming an important factor in the world we live in,” he says. “Th ere’s awareness and willingness to participate in sustainable practices.”
Judy Rohatyn agrees.Rohatyn, who is Vesta Properties Ltd.
sales and marketing manager, points to one of Vesta’s new developments, Milner Heights, which is located on 208 Street and 70 Avenue in Langley.
A Built Green certifi ed development as well, Rohatyn notes that a highlight of the Milner Heights development is its Green Streets, which are designed to control stormwater volume, the rate of water dis-charge to downstream creeks, and overall
water quality.“Homeowners love these features and
view living in an environmentally friendly community as a lifestyle choice,” Rohatyn says.
She notes Green Streets create unique, landscaped boulevards that do not go unnoticed by visitors, and says the design
Green is a key focus in new home building
Located in South Burnaby, Adera Development Corp.’s Green is a collection of one-, two- and three-bedroom homes created to promote energy conservation and sustainable living.
What’s inside:
CONTINUED ON P.2
Th inking about the environment comes fi rst for many local developers
May 7, 2009
Vesta Properties Ltd.’s new townhomes off er value for buyers at Augusta ›› p.9
Mortgage questions? Two top fi nancial experts from Prospera Credit Union share their thoughts ›› p.14
Innovative in function and design, Centro in Richmond is tower living at its best ›› p.13 g
reen
up
Going green saves money
Benefi ts of a Built Green home:
■ Lower fuel/energy and water costs
■ Indoor air quality addressed
■ Increased comfort
■ Lower maintenance costs
■ Increased market and resale value
■ Lower environmental impact
www.builtgreencanada.ca
Green can mean rebate
Buying an eco-friendly home can mean more
money in the wallets of homeowners – on top
of the energy cost savings they’ll automatically
pocket, year after year.
If purchasing a Built Green BC Gold label home,
a 10 per cent premium refund and elimination
of the extended amortization surcharge may be
available when CMHC (Canadian Mortgage and
Housing Corporation)-insured fi nancing is used,
with little to no down payment.
The Canadian Home Builders’ Association says
this amounts to $550 in savings for a $200,000
mortgage with a fi ve per cent down payment,
and an additional $1,200 in savings if that mort-
gage is amortized over 40 years.
For homeowners, the refund and extended
amortization are available when:
■ a house meets the requirements of a CMHC-
eligible energy effi cient building program (like
Built Green Canada)
■ when a house has an energy rating of 77
or above, as determined through an NRCan
(Natural resources Canada) residential energy
assessment
■ when a house with an energy rating of less
than 77 is renovated to increase the rating by at
least fi ve points and to a rating of at least 40; or
■ when, for a highrise condominium unit,
the building is constructed to be 25 per cent
more energy effi cient than the Model National
Energy Code for Buildings (MNECB), in which
case a letter attesting to this must be obtained
from Natural Resources Canada or the project
engineer.
http://ecoaction.gc.ca/buildingswww.cmhc.ca
Eco-friendly living
2 • New Local Home | May 7, 2009
Editor: Tricia Leslie • 604-575-5346 • [email protected] Advertising Sales - Black Press National Sales • Adrian Saunders • 604-575-5812 • [email protected] Advertising • Nicole Hutchinson • 604-575-5826 • [email protected]/Business Development: Steve McIvor • 604-575-5822 • [email protected]: Brad Smith • [email protected]
New Local Home is published once a week by Black Press Group Ltd. (Suite 309 - 5460 152 Street, Surrey, B.C. V3S 5J9) 350,000 copies are distributed free across Metro Vancouver. Reproduction in whole or part is prohibited.
evokes the feeling of “being close to nature” with less environmental impact.
Whether for cost savings or for the conscience, Andreasen says there’s several reasons to think green where homebuying is concerned, including the fact the provincial government has made eff orts to make the environment a priority.
And that’s B.C.’s chance to be an interna-tional example on sustainability, he adds, es-pecially with the 2010 Winter Olympic Games just around the corner.
While thinking about the environment is “simply, the right thing to do,” Andreasen notes that Built Green certifi ed homes also off er what he calls a triple bottom line to the consumer.
First, there’s the direct fi nancial benefi t of energy savings, which can save the hom-
eowner 31 to 35 per cent in energy consumption costs “right out of the gate.”
Th ose energy savings come from such design ele-ments including energy effi cient appliances and mo-tion-sensor lights in the bathrooms.
Th e second ad-vantage Andreasen lists is the personal benefi t – the fact the consumer feels
he is helping the environment – while the third is a social component, or the feeling of being a part of a larger, like-minded, sustain-able community.
Plus, Andreasen and Rohatyn both point to another bonus of buying a Built Green Home.
“Homeowners see the value in the resale down the road, especially as more companies and individuals turn toward making eco-conscious decisions,” Rohatyn says.
And, Andreasen notes, energy will likely only get more expensive in the future.
While homeowners of all kinds are asking about eco-friendly building, Andreasen notes that the fi rst-time homebuyers seem to be especially interested in the sustainable aspects of their home, and adds many actually seek out builders through the Built Green program.
Oft en, “they’ll come in and look fi rst for the
environmental component before anything else.”
Built Green is an excellent pro-
gram for homebuyers to examine, he says, not only because it covers such a broad spectrum of sustainability, but also, because it ensures standards are met and provides transparency for the consumer.
To fi nd out more about Built Green, visit www.builtgreencanada.ca
Off the front: “Responsible behaviour is becoming an important factor in the world we live in... there’s awareness and willingness to participate in sustainable practices.” – Eric AndreasenCONTINUED FROM P.1
Buying a Built Green certifi ed home means instant energy consumption savings for the homeowner, less impact on the environment, and a better resale value in the future.
innovation
“Homeowners
see the value
in the resale
down the road,
especially as
more companies
and individuals
turn toward
making eco-
conscious
decisions.”
Above, Adera’s The Brownstones are a Built
Green certifi ed project. Below, a Green
Street at Vesta’s Milner Heights, which is also
a Built Green certifi ed development.
A rooftop patio at Adera’s The Brown-
stones, a Built Green project.
New Local Home | May 7, 2009 • 3
$800,000
$750,000
$700,000
$650,000
$600,000
$550,000
Coquitlam House Price Comparison for May 2009
NEW Morningstar Home 7 Year Old Home
$682,395
$760,320
4 • New Local Home | May 7, 2009
New Local Home | May 7, 2009 • 5
Best of both worldsEnjoy privacy, convenience where you live
Close, yet so far awaySouthPort: Live in secluded splendour near all amenities
Location, location, location.An oft -used adage related to
real estate, this phrase empha-sizes the importance of where a property is located.
At SouthPort in South Surrey, ParkLane Homes sales manager Bruce Martin says that adage defi nitely applies to the single-family (detached) home development.
Bordered by a Boundary Bay tributary, the Nicko-mekl River, Nico-Wynd Golf Course and Crescent Road, SouthPort is secluded in its serene beauty, surrounded by towering heritage trees.
Just down the road are His-toric Stewart Farm, Crescent Beach and Blackie Spit, while White Rock’s beaches are close by. Boundary Bay and its rivers are considered among the best places in the Lower Mainland for kayaking and viewing bird life – and it’s
ParkLane Homes’ South-
Port (at left, exterior;
above, dining room) is
located in a hidden piece
of paradise in South
Surrey. While the new
master-planned commu-
nity is sheltered by tow-
ering heritage trees and
borders the Nickomekl
River, it remains close
to major transporta-
tion routes and the U.S.
border. It is also minutes
away from local beaches,
shops, businesses and
recreation sites.
NOWSELLING
CONTINUED ON P.6
6 • New Local Home | May 7, 2009
Inside, outside livingBeaches and trails close to SouthPort homes
on the North American fl yway for more than 300 migrating species. Swimming, sailing, walking and yoga classes on the beach are normal activities in the area.
Walking and biking trails abound in the area, including the historic Semiahmoo Trail, the fi rst wagon road in the area that is now a popular hiking trail that meanders through the region.
Crescent Park, Sunnyside Acres Urban Forest Park and South Surrey Athletic Park are all located nearby, while local shops, boutiques, bistros, schools and businesses are a mere stroll away. As well, major transporta-tion routes including Highway 99 are within minutes’ drive, as is the U.S. border crossing (Peace Arch).
“It feels like a private community that’s close to everything, but still secluded,” Martin says. “It’s a spectacular location with fantastic homes, and anything you want to do is fi ve to eight minutes away.”
Th e homes are designed in a style that combines the West Coast and some of the world’s most sought-aft er seaside villages, from the casual elegance of Cape Cod to Brit-ain’s genteel seaside resorts. Warm West Coast materials including cedar and stone, add richness and depth, while outdoor fi replaces, private courtyards and graceful patios encour-age residents to take advantage of the outdoor lifestyle.
Interior attractions include gourmet kitch-ens and spa-inspired bathrooms, hardwood fl oors and granite countertops.
With a total of 71 homes, Martin says
SouthPort is about half sold now, with 18 homes moving in just the past three months.
All homes are at least three bedrooms plus den, Martin says, with some four bed-rooms and den still available. Homes start at $671,900, and there are still some waterfront homes for sale.
Quite oft en, people will drop in to visit SouthPort on their way to Crescent Beach, and will stay longer than planned because they love what they see, he says.
“Especially on a sunny day, everyone who walks through here is in awe. People who drive in on their way to the beach just to take a look end up buying here.”
Find out more at www.parklane.com
‘Anything you want to do is minutes away’CONTINUED FROM P.5
Above, the kitchen in one of ParkLane Homes’ SouthPort development in South Surrey. Single-family houses are still selling in the secluded subdivision.
The bathroom (above, left) and living area in a SouthPort home showcase some of the high-
lights: spa-inspired bathrooms, overheight ceilings, hardwood fl oors and private patios.
New Local Home | May 7, 2009 • 7
GRAND OPE
NING
MAY 23
RD
Two, three, and four bedroom rowhomes set on a gently sloping hillside with sunny southern exposure. The fastest selling rowhomes in the Tri-Cities.
COQUITLAM
www.mosaichomes.com
Two, three, and four bedroom rowhomes overlooking Carnoustie Golf Course with views to the Coastal Mountains. A collec-tion of tranquil well-connected homes.
PORT COQUITLAM
www.mosaichomes.com
Stunning four bedroom waterfront duplexes and aff ordable two bedroom plus den redbrick rowhomes. The last waterfront opportunity at Osprey Village.
PITT MEADOWS
www.mosaichomes.com
Three and four bedroom Georgian rowhomes bordering Victoria Park and Leigh Elementary School. Part of an emerging new neighbourhood plan.
COQUITLAM
www.mosaichomes.com
WAT
ERFR
ONT
*For a limited time only. Pricing subject to availability; see Sales Staff for details.
www.mosaichomes.com
TATEA follow-up to the highly successful KEW community, TATE out-sold every other townhome community in Surrey’s Clayton Village.
NATURE’S WALKWinner of the 2005 UDI Award for Best Ground Oriented Multi-Family ResidentialCommunity, there is still very high demand for the resales of this Georgian rowhome community in Panorama.
ARBOURReleased in the Spring of 2008, these riverside rowhomes in Port Coquitlam were the fastest selling rowhomes in the Tri-Cities.
TOWNEWinner of the 2007 UDI Award for Best Ground Oriented Multi-Family ResidentialCommunity, Towne is a collection of Georgian city homes in the Oakridge area of Vancouver.
FROM $1
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o.* TTTTNNNGGGGGGGG
Well-located, well-designed, and well-priced.Beats location, location, location every time.
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UDI A
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OMES SOLD
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UDI A
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TOWNHOM
E IN C
LAYTON
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OUT
64 Ave
Glove
r Rd (
to Hw
y 1)
Fort
Lang
ley
Langley Bypass
208
St
68 Ave
72 Ave
200
St198
St
Access off 208 St. at 70 Ave.
Fraser Hwy
64 Ave
Glove
r Rd (
to Hw
y 1)
Fort
Lang
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Langley Bypass
208
St
68 Ave
72 Ave
200
St198
St
Access off 208 St. at 70 Ave.
Fraser Hwy
SHOWHOMES20843–69B Avenue, Langley
Open 1– 5pm daily (except Thur/Fri) 604.539.9484
SHOWHOMES20843–69B Avenue, Langley
Open 1– 5pm daily (except Thur/Fri) 604.539.9484
FROM
$ 299,000
Quick Possessions Available – Move In Now!
A Vesta ‘Green Street’ Development & Built Green
milnerheights.ca
milnerheights.ca
14 17 fi fl
fl
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A Vesta ‘Green Street’ Development & Built Green
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64 Ave
Glove
r Rd (
to Hw
y 1)
Fort
Lang
ley
Langley Bypass
208
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68 Ave
72 Ave
200
St198
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Access off 208 St. at 70 Ave.
Fraser Hwy
64 Ave
Glove
r Rd (
to Hw
y 1)
Fort
Lang
ley
Langley Bypass
208
St
68 Ave
72 Ave
200
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Fraser Hwy
SHOWHOMES20843–69B Avenue, Langley
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Experience superior craftsmanship, quality and value with a Vesta home in any of our home styles in our quiet master-planned communities in Cloverdale and Langley.
Our neighbourhoods are unique hilltop locations, close to all amenities and surrounded by nature. Visit our great new communities and view our fully furnished showhomes.
BIG SAVINGS ON ALL QUICK POSSESSION HOMES!*See sales representatives for details.
Vesta_MilnerHeights-0507.indd 1 5/5/09 7:56:43 AM
8 • New Local Home | May 7, 2009
New Local Home | May 7, 2009 • 9
A lifestyle for everyone Townhomes surrounded by parkland, close to amenities
Augusta (above and below right), built by Vesta Properties Ltd., is a central yet sequestered townhome community that is tucked away among the green spaces and parks of Cloverdale.
Sense of community at Augusta
It’s a community that is set in a natural park setting, yet it’s still minutes to local shops, schools, recreation and commuting routes.
At Augusta, a new townhouse development located just off Fraser Highway and 176 Street in Cloverdale, homeowners are surrounded by more than 20 acres of parkland on a gently sloped terrace.
Part of a master-planned community known as Provinceton, Augusta townhomes are a part of a neighbourhood where more than 200 families have already purchased new
homes and moved in.Built by Vesta Properties Ltd., Augusta
consists of 111 two- and three-bedroom townhomes ranging in size from 1,485 square feet to 1,948 sq. ft , and feature spacious, open plans, gourmet kitchens, attached garages, nine-foot ceilings on the main fl oor and large, fenced backyards on most homes.
One aspect of Augusta that separates it from other communities, says Vesta sales and marketing manager Judy Rohatyn, is that it is a low-density neighbourhood.
“Augusta has only 15 units per acre. Usually, there are 25 or more units per acre,” she notes.
“I think with all the open spaces, the overall feel is that it’s not as congested as other neigh-bourhoods.”
Th ere’s plenty of parking at Augusta, she
adds, and now, especially since prices have been reduced for Augusta’s “spring fl ing” campaign, Rohatyn says the value is virtually unbeatable.
Augusta townhomes range in price from $315,000 to $399,000, but Rohatyn says the best price right now is a three-bedroom plus den for $319,000.
With more than 65 per cent of Augusta sold, Rohatyn cautions that units are going fast – especially to fi rst-time homebuyers who like what they see.
Six homes have sold in the past two weeks alone, she notes.
“Augusta is all about value – it really is the best value.”
Not only does Vesta build quality homes, Rohatyn says, but when new homebuyers move in, they automatically become part of the entire Provinceton neighbourhood.
Spring means superb value at Vesta Properties Ltd.’s new townhome development
CONTINUED ON P.10
10 • New Local Home | May 7, 2009
Low density livingMore space, more parking at Augusta
Value for your moneyTh e backyards are fully fenced and
larger than most townhouse develop-ments, she says, and they give more privacy to the homeowner.
Patios open right into the backyard as well, so it “feels more like a house.”
Th e entire neighbourhood is pedes-trian-friendly and features trellised meeting areas, quiet pathways, side-walks and green boulevards, plus two
park spaces within the community.Interior and exterior design, security
and comfort factors are all top-notch, Rohatyn notes, and encourages po-tential homebuyers to come and see Augusta for themselves.
“Many happy homeowners already call Augusta home. We’d like to see more.”
Visit www.vestaproperties.com for more information about Augusta townhomes.
CONTINUED FROM P.9
Augusta townhomes (in photos) feature the best value for homebuyers’ money, says Vesta Properties Ltd.
sales and marketing manager Judy Rohatyn. She notes the development is low-density – only 15 units
per acre (the usual is 25-plus units per acre) and less congested than others, with plenty of parking.
New Local Home | May 7, 2009 • 11
FRASER HWY. TO LANGLEY
N
64 AVE.68 AVE.
70 AVE.
180 S
t.
182 S
t.
176 S
t. 177 S
t.
Access off Fraser Hwy. & 182 St.
1646 sq ft 3 BDRM + DEN S t a r t i n g a t
$319,000
Low Density Neighbourhood(15 units per acre compared
to 25+ per acre)
Choose from 4 plans (1485 - 1948 sq. ft.)
Large private fenced yardsoff main floor
Compare our homes to other communities and see why our value is so exceptional.
2” Blinds Included
2.5 - 4 Baths (Powder room on main floor)
Lots of Parking
Granite Kitchens
Gas Fireplace & Furnace
5 Appliances Included
2 SHOWHOMES OPEN1:00 pm to 5:00 pm (except thursday & friday) 18199 70 Avenue, Cloverdale Tel 778.571.1088
SPRING GRAND OPENING!Visit us online atwww.augustaliving.ca
Best townhome value!
Augusta-half.indd 1 4/21/09 10:14:11 AM
Why you should buy Purchasing a home: now is better than later
Good news for fi rst-time homebuyersIf you are wondering about buying your
fi rst home, here’s some good news from the Greater Vancouver Home Builders’ Associa-tion. Th is is a great time to purchase a home, so take a fi rst step and start exploring your opportunities now.
Mortgage rates are at historical lows, which means it costs much less to carry a mortgage.
On a month-to-month basis, the cost of homeownership may compare very well to renting a home.
Why help someone else pay off their mortgage when you can invest in your own fi nancial security?
Consult with a mortgage specialist and fi nd out how best to achieve your goal of owning a home.
Visit new home sales centres and talk with builders and sales agents.
Th e new home market off ers a wide selec-tion at highly competitive prices.
From the quality of construction to state-of-the-art technology and the latest designs and products, there is tremendous value in today’s new homes.
Builders will explain all your options and assist you in creating the home that’s just right for you and your budget.
Buying a brand-new home has a lot of important fi nancial and lifestyle benefi ts for
fi rst-time homebuyers.First, you won’t have costly home repairs
or replacements anytime soon – this is a big
advantage if you are on a tight budget for a few years. Save on energy costs.
New homes are also more energy-effi cient
and come with many green options that make them easier on your pocketbook as well as easier on the environment.
Enjoy new home comfort. Designed for modern life, a brand new home is easy to maintain and takes little upkeep.
It’s a great place to come home to af-ter work, and for entertaining family and friends.
Experience the joy and pride of owner-ship. Th ere is no feeling like buying your fi rst home.
Home buying just became a little more aff ordable with the federal government’s in-come tax benefi t of up to $750 for fi rst-time homebuyers for costs associated with a home purchase.
And under the Home Buyers’ Plan, fi rst-time buyers can now withdraw up to $25,000, or $50,000 for a couple, tax-free, from their RRSPs for use in the purchase of a home, up from $20,000.
When you add it all up, it makes a lot of sense to investigate homeownership now.
For more information on new homes, visit www.gvhba.org
Source: Greater VancouverHome Builders’ Association
The housing market has moved from volatile to stable, giving new homebuyers more confi dence.
12 • New Local Home | May 7, 2009
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Come home to
$15,000
Simply fill out the entry forms below with your contact info and drop off each at the applicable show home.For new home locations, see their ads in this edition. Only one entry, per week, per new home development. Contest closes May 31/09.
For full contest rules please go to the contest link on www.newlocalhome.com.
HOW TO ENTER Si
Valid towards
your next new
furniture purchase.
BRICK CARDP R O M OT I O N A L
Exclusively at The Brick
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moCard_NewLocalH
o
}You could WIN $15,000 worth of furnishings, home electronics and groceries . . . from Visions Electronics,
Save-On-Foods and The Brick. Contest runs May 7 to May 31, 2009. Check out MetroVancouver’s new homes and play along each week to increase your chance of winning.
Home_contestpage-TEMPLATE2 1 5/5/09 12:23:03 PM
New Local Home | May 7 , 2009 • 13
Living life Centro-styleTower offers views in a central Richmond location
Centro’s SkyHomes,
LoftHomes (tower
units) and townhomes
combine the advan-
tages of a single-family
detached home with
the security and low-
maintenance lifestyle of
a highrise. Multi-level
fl oor plans include fl ex
space to accommodate
the changing needs of
growing families.
Private enclosed garag-
es allow the opportu-
nity to store bikes, golf
clubs and tools. Centro
was brought to life by
the same award-win-
ning design team that
designed Richmond
City Hall, which is lo-
cated diagonally across
the street: architects
Hotson Bakker Boniface
Haden and landscape
architects Phillips
Farevaag Smallenberg.
HBBH is also the brain
trust behind Granville
Island in Vancouver.
THE DEAL: Centro is 160 units in a 16-storey
building, with 174,000 square feet of residen-
tial space and 3,000 for retail. Featuring tower
living in SkyHomes and LoftHomes, as well as
townhomes, this new community in the heart of
Richmond connects homeowners to the city’s
shopping, dining and cultural activities in the
north, and to the quiet bedroom communities
in the south. Centro is a conduit between com-
mercial and residential neighbourhoods “for city
people who appreciate rural harmony and con-
venient urban access.” Many SkyHomes feature
spectacular views of the North Shore Moun-
tains and Gulf Islands, and expansive windows
maximize views and natural light. SpaCentro, a
high-quality spa on the seventh floor, offers such
amenities as a sauna, teahouse and a SkyGym.
OUTSIDE: Dog lovers will notice Centro’s green
dog walks – and designated parkade dog walks
in case of rain. The rooftop deck off ers residents a
chance to grow their own vegetables, with com-
munity garden plots. There is also a barbecue pit
for entertaining, a Zen garden for meditating, and
a children’s play area for youngsters. The parkade
is well-lit and features security gates.
INSIDE: Sizes of residences vary from 887 to 1,141
square feet. Bathrooms feature soaker tubs, hand-
set imported tile, and water-effi cient dual fl ush
toilets. Gourmet kitchens are highlighted with Cae-
sarstone countertops and stainless steel appliance
packages. Homes come equipped with front-load,
energy effi cient stacked washers and dryers, and
individual room controlled electric zone heating.
Address: 7080 No. 3 Road, Richmond
Home-types: tower homes (loft homes/sky
homes) and townhomes
Price: from $334,900
Online: www.rizealliance.com
Transit: Close to YVR (Vancouver International
Airport) and several major transportation routes
Shopping: Richmond Centre, Lansdowne Shop-
ping Centre, local boutiques and shops
Recreation: Gateway Theatre, Richmond Muse-
um, Brighouse Park, Minoru Park, Minoru Aquatic
Centre, Richmond Nature Park
>>Nearby amenities
Located in Richmond, Rize Alliance’sCentro off ers tower and townhome living.
NOWSELLING
Rize Alliance Properties Ltd.
14 • New Local Home | May 7, 2009
coffee with...
TRICIA LESLIE
O wning a house usually means fi nancing a mortgage to pay it off . But there are several choices as to what kind of mortgage a homeowner may
want to get.While a variable rate mortgage generally
allows the borrower fl exibility in times where a fi xed rate might not be the best choice, a fi xed rate mortgage can off er peace of mind over the statistical edge of a variable.
At Prospera, a credit union with branches throughout the Lower Mainland, Fraser Val-ley and Interior, fi nancial experts say every mortgage situation is diff erent.
“Th e advice we give really depends on each person’s scenario. With a fi rst-time homebuyer, I’ll ask, ‘What lets you sleep at night?’” says Prospera vice-president of branch operations Dan Whalley.
Oft en, he says, the fi rst few years of own-ing a home can be challenging, so a fi xed term will be recommended, to ensure the
homeowner has the stability of knowing what each monthly payment will be.
Historically, he adds, statistics show that vari-able rate mortgages save the average consumer money, if they are willing to ‘go with the fl ow’ of ups and downs.”
However, with the Bank of Canada showing a strong commitment to keep infl a-tion rates down, and look-ing at interest rates over the past eight to nine years, it is likely Canadians will experience a low inter-est rate environment (under 10 per cent) for years to come, says Prospera vice-president of treasury and fi nancial analysis Michael Kerdachi.
Kerdachi says the average customer of a fi ve-year retail mortgage will go for a fi xed rate.
“I think it just gives that level of confi -dence.”
Both Whalley and Kerdachi agree that, with housing prices down in Greater Van-couver, and with the current low interest rates, now is a great time to think about buying a home – or perhaps, refi nance a previously existing mortgage.
“Th ese are the lowest (interest) rates we’ve seen in our lifetime – certainly, from a cost
perspective, they’re the best we’ve seen,” Whalley says.
Kerdachi agrees.“It starts to make
it possible for new homebuyers to enter the market,” he says.
Whalley, who has 32 years of banking experience under his belt, recalls the days of the early 1980s, when interest rates were as high as 18 to
22 per cent.He remembers some Prospera members
would actually come in and say, “Here’s my keys,” because they did not think they would be able to hold onto their home with such rates.
“We didn’t want to take their home. We wanted them to still own their home, so we would try to work something out, and ask them, ‘What can you aff ord?’”
But that was then and today’s market is “totally diff erent,” Whalley says.
Still, he notes that the Prospera fi nancial advisory team will take the time to fi nd out about each customer – or potential customer – when they come to visit.
Th ey’ll ask what brings clients in for the visit, fi nd out what their goals are, and
determine if they’re already paying a mortgage they’d like to change, or looking for a new loan.
While most lending institu-tions have to follow the same general criteria, Whalley and Kerdachi say Prospera’s lending staff are encouraged to fully understand the entire scenario each customer faces, and to fi nd a solution that solves all parties’ objectives.
Plus, Kerdachi says, staff at local Prospera branches bet-
ter understand what is happening with the housing market at the local level – not only in B.C., but in the same city where the home-buyer is hoping to purchase a house.
Staff will know the reputation of diff er-ent neighbourhoods, and help the consumer based on extremely local knowledge, he adds.
“A lot of decision-making takes place at the branch level.”
Plus, fi nancial staff will go the extra mile to educate each client about their options, and why they might want to make certain decisions, Whalley notes.
“Education is a big part of what we do.”
Making the best of mortgagesFixed rate or variable? Every situation is diff erent, but you can research before deciding
Dan Whalley Michael Kerdachi
What you can do when buying newIf you have never bought a brand-new
home, or it’s been a long time since you last worked with a new home builder, you are in for a pleasant surprise.
Today’s home builders off er a very personal buying experience – one that treats home buying as a partnership between the builder and the home purchaser.
Sales consultants are trained to help home-buyers through the buying process.
Customer relations representatives look aft er your needs during construction.
Client communication is an important part of a company’s processes, and the primary goal is customer satisfaction – ensuring that your new home purchase is an enjoyable and satisfying experience.
According to the Greater Vancouver Home Builders’ Association, while every company has its own approach, here is what the typical home buying experience is like.
Choosing your homeMost new home builders sell from model
homes and plans.Th e job of the sales consultant is to help
you become familiar with the builder’s range of homes and lots, features, upgrades and prices. Th e consultant will also want to get to know you, what you need and want in a home, and how much you are willing to invest, so they can help you arrive at the best decisions.
It usually takes a number of visits to reach fi nal decisions. During this time, the sales consultant will help you work through your choices, and fi nd solutions to any special requests you may have. When you are ready to sign the agreement, the sales consultant or builder will go through the contract with you in detail. Th ey will also explain the next steps, so you know what to expect in the months coming up.
The pre-construction meetingBefore construction of your home begins,
the builder will go over the working drawings and the construction process with you.
Th is is done to eliminate errors and ensure that everyone is in agreement.
Th ey will explain the blueprint and verify any changes you made to the standard plan. Th is is also your opportunity to meet the site manager who will be supervising the work on your home.
During constructionBuilders know it can be diffi cult for home-
buyers to sit back and wait patiently for their homes to be built. You are excited, want to know what is going on and begin to make plans for moving in.
Most builders schedule a series of site visits at various stages of construction. You may also get updates by phone or e-mail. A few builders install a web cam on-site so you can check on your home 24/7.
Colour selectionsAt some point before or during construc-
tion, you will be asked to make your selection of fi nishing products – tiles, fl ooring, cabi-
nets, countertops, faucets, and so on.Th is is an exciting and enjoyable part of
the buying experience—your opportunity to personalize your home and get exactly what you want.
Builders off er a range of products, and will usually have a trained coordinator or designer available to assist you with selections.
The walk-throughShortly before the builder is ready to
hand over the home, you will be asked to go through the home from top to bottom, inside and out. Th is is another highlight—seeing your home completed and your dream turned to a reality. Th e purpose of the walk-through, or pre-delivery inspection as it is known in some areas, is to verify that everything has been done according to plan. Anything out-standing will be noted and completed before or right aft er move-in. Th e builder will also explain the operation and maintenance of the systems and products used in your home.
After-sale serviceTh e customer experience doesn’t stop when
you move into your home.Expect to hear from your builder from time
to time, checking to see how you are enjoying your new home, or reminding you of mile-stones in your warranty coverage.
Some will also ask you to complete a cus-tomer satisfaction survey to get your opinions on your home and the buying experience—crucial feedback that will allow the builder to keep improving their products and their services.
For more information, visit www.gvhba.org
Source: Great Vancouver
Home Builders’ Association
There’s a lot to consider before choosing and buying a new home.
North ShoreNorth Shore
Burnaby/New WestminsterBurnaby/New Westminster
SquamishSquamish
RichmondRichmond
South DeltaSouth Delta
Tri-CitiesTri-CitiesVancouverVancouver
SurreySurrey
North DeltaNorth Delta
LangleyLangley
Maple Ridge/Pitt MeadowsMaple Ridge/Pitt Meadows
White Rock/South SurreyWhite Rock/South Surrey
(1)(1)
(2)(2)
(6)(6)
(9)(9)
(4)(4)
(17)(17)(19)(19)
(20)(20)
(18)(18)
(5)(5)(7-8)(7-8)
(3)(3)
(33)(33)
(32)(32)
(31)(31)
(35)(35)
(34)(34)
(36)(36)
(10)(10)(11)(11)
(12)(12)
(13)(13)(14)(14)(15)(15)(16)(16)
(26)(26)
(41)(41)
(24)(24)(23)(23)
(21)(21)
(44)(44)
(40)(40)
(43)(43)
(42)(42)
(39)(39)(37)(37)
(28)(28)(30)(30)
(29)(29)(27)(27)
(38)(38)
(25)(25)(22)(22)
(45)(45) (46)(46)
Squamish(1)Skye-Soleil-AcquaPresentation Centre, 121 Lonsdale, North Van.
604-904-2240, 604-616-1215
(2)Furry Creek-Ocean Crest415- Furry Creek Dr. 604-315-0172
Vancouver (3)CarringtonOak Street & 45th Ave. 604-266-6500
(4)Pacifi cUBC Westbrook Village. 604-221-8878
(5)Aura5437 Willow Street & West 38th Ave. 604-264-6477
North Shore (6)Branches on the North Shore1111 E 27th Street. 604-988-8489
Burnaby(7)JewelWilson & Beresford. 604-456-0688
(8)Brentwood Gate-The Varley1960 Beta Ave. 604-205-7228
(9)Altaire9222 UniverCity Crescent. 604-298-1182
Coquitlam(10)Levo1170 Pinetree Way & Northern Ave. 604-464-5856
(11)The FoothillsBurke Mountain. 604-944-3188
(12)TattonVictoria Drive, Coquitlam. 604-696-1502
(13)Whitetail Lane1357 Purcell Drive. 604-552-3003
(14) Belmont1456 Avondale Street. 604-461-7113
Port Coquitlam(15)Links2418 Avon Place, Port Coquitlam. 604-460-9907
Port Moody(16)Heritage Woods300 Panorama Place, Port Moody
Richmond(17)Alexandra GateCambie-Garden City. 604-279-8866
(18)Centro7180 No.3 Road-Bennett. 604-270-8305
(19)PradoNo.3 Road & Lansdowne. 604-276-8180
(20)Hennessy Green9800 Odlin. 604-303-6840
South Surrey-White Rock(21)Highland Park160th & 24th Ave. 604-542-8995
(22)Glenmore at Morgan Heights161A St. & 24th Ave. 604-542-8863
(23)The BrownstonesMorgan Heights. 604-538-9897
(24)Wills Creek160th & 32nd Ave. 604-542-6200
(25)Morgan Heights26th Ave & 164th Street. 604-531-1111, 604-420-4200
(26)Ocean Park2026-128th Street. 604-538-2345
Maple Ridge/Pitt Meadows
(27)Falcon Hill23719 Kanaka Way. 604-466-5723
(28)Crest at Silver Ridge22850 Foreman Drive. 604-466-9278
(29)Solo11749 223rd Street. 604-467-0800
(30)Turnstone14-19490 Fraser Way, Pitt Meadows
New Westminster(31)Victoria HillMcBride Ave. 604-523-0733
(32) Q at Westminster QuayRenaissance Square @ Quayside Drive. 604-515-9112
(33)Red BoatEwen Ave & Furness St., Queensborough. 604-520-9890
Delta(34)Trend7445 Scott Road. 604-590-5483
(35)Radiance at Sundance8385 Delsom Way. 604-581-8144
(36)Cardinal Pointe10605 Delsom Crescent, Delta
Langley(38)Bedford Landing23015 Billy Brown Road. 604-888-2176
(39)Seasons & Prelude at Milner Heights208th St & 72nd Ave. 604-539-9484
Surrey(40)Augusta at Provinceton18199 70th Ave, 778-571-1088
(41)Springfi eld Village8678 156 Street. 604-591-1121
(42)Kaleden2729-158th Street. 604-541-4246
(43)Woods at Provinceton70th & 180th Street. 604-818-3702
(44)The Highlands at Sullivan Ridge60A Ave & 146th Street. 604-538-2125
(45)The Estates at Vistas West16327 60th Ave. 778-574-1380
(46)Tate18983-72A Avenue, Surrey
On Tour
New homes, like this one – at Belmont at the Foothills in Coquitlam (Morningstar Homes) – are attracting buyers throughout the Lower Mainland.
Map_pgTEMPLATE_May7 revised 1 5/5/09 12:33:46 PM
New Local Home | May 7 , 2009 • 15
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16 • New Local Home | April 30, 2009