Keep proxy votes in check

October 19th, 2017

Make sure to take steps to prevent abuse

Tony Gioventu
The Province

Dear Tony: Thank you for your column about fraudulent proxies and voting results. Unfortunately, the column did not get to the point of what we do with proxies that don’t meet the requirements of the act.

Our strata had similar problems in the past and our solution was to make a copy of each of the proxies as they were registered and retain them as part of our records in the event there was a dispute. This resulted in several owners coming forward and requesting to see copies of the proxies and their claims they never issued a proxy for their meetings.

If that occurs, what happens to the vote that was taken? Is it void or do we have to call another meeting?

Jas S.

Dear Jas: A proxy is a written document signed by an owner appointing an eligible person to act in their place at the meeting. Proxies are not absentee ballots and the proxy is the person who has registered in the proper form.

There are pros and cons to proxies and how they are managed or permitted, but the alternative would only mean far fewer owners would have a voice in their strata business. For the vast number of strata corporations, proxies are well managed and honestly represented.

A simple solution to identifying who represents proxies is to include the registration roster in the annual minutes. The names of the persons who registered in person or by proxy and who represented the proxies may be included in the minutes of the meeting. In this method, you avoid including any personal information that may disclose directions for a secret ballot or other instructions.

By attending the meeting, owners and proxy holders consent to their names being included in the minutes. This provides disclosure to owners who have issued proxies and allows them to challenge the proceedings, the voting results and the individuals who have fraudulently represented their lots.

An error in registration does not automatically result in the reversal of the decisions at the meeting; however, if there are reasons to believe the meeting did result in a number of voting irregularities, the best solution may be another meeting called to ratify the resolutions and take steps to prevent future abuses.

If there are voting irregularities at meetings, any owner may make an application to the Civil Resolution Tribunal or court to challenge the results and seek an order to reconvene the meeting or nullify the resolutions.

One of the common misunderstandings about the registration process is how votes are issued and who certifies proxies. Any person may act as a clerk at the registration desk. They may register owners and proxy holders and issue voting cards; however, there is no provision within the Strata Property Act or the standard bylaws that delegates authority for the clerk to certify the proxies as valid.

© 2017 Postmedia Network Inc.

Southside 16480 22nd Avenue South Surrey 50 single family homes by Miracon Development

October 19th, 2017

Southside reflects both polish and practicality

Mary Frances Hill
The Province

Southside

Where: 16480 22nd Ave., South Surrey

What: 50 single-family wood-framed homes with detached garages and finished basements

Residence sizes and prices: Four-bedrooms; 2,418 — 3,600 sq. ft., from $1.98 million, including GST

Developer and builder: Miracon Development Inc.

Sales centre: 16488 22nd Avenue

Hours: noon — 5 p.m., Sat — Thurs

While there’s much to be said about the attractive furnishings and family-friendly layout in the interiors of Southside, Miracon’s community of single-family homes in South Surrey, designer Jas Rai knows that beneath the beautiful surfaces, families need something to rely on: a resilience and durability in the materials and a design crafted for convenience and ease over many years.

It’s noteworthy that Rai’s favourite item in the display homes at Southside an oval marble table, which has a feminine sophistication that underscores its durability.

 

 “The subtle veining in the marble adds style. Because it’s durable, hot items can be placed directly on the top and scratches can be polished and buffed so it will showcase beautifully for years,” Rai says.

Although she designed the interiors in a contemporary vein, Rai added warmth with a few traditional touches. Acacia wood-frame and woven leather-stripped seats in the kitchen and a small cabinet painted in a folksy whitewash stand out among the more crisp, contemporary pieces but still perfectly suit Rai’s style.

 “It’s important to add elements of character in a space so that it’s interesting. An all-white kitchen can appear cold if not contrasted with warm accents…I chose the whitewash finish because it adds softness and a touch of femininity. The piece creates flow in the room in an unassuming way.”

Southside joins Westside, Miracon Developments’ previous single-family home offering in the neighbourhood. The success of Westside among buyers influenced her approach to the newer collection of homes, particularly in the spaces designed for social gatherings, she says.

“Our buyers loved our all-white kitchens and lighter floors and the many other features. In Southside, I wanted to design the space so that it had that familiar Westside look, but yet still felt fresh and new.”

Miracon is seeing interest from small families and buyers moving up from less spacious homes. Once they make one of the biggest purchases of their lives, young families may not be too eager to splurge on new household items. At the same time, many know that it’s important to invest in one or two high-end furnishings or items — particularly if their investment is made of resilient materials or it’s an item that helps save time and stress, Rai notes.

“Splurge on the things that make your life easier or save you time. A hand-held shower head is not only convenient when showering, but also makes cleaning the shower simple; a kitchen faucet with a pull-down spray makes clean-up a breeze. Reducing stress in our busy lives is worth the investment.”

She advises homeowners to save on inexpensive tableware and bed linens, which are more expendable than bigger investments like a well-made sofa in a neutral style that can anchor the living room. Look for impact in a kitchen backsplash as well, she adds. “Beautiful tile can not only be functional but also serve as artwork.”

© 2017 Postmedia Network Inc.

Imperial 15633 Mountain Drive Surrey 87 three level townhomes by T.M. Crest Homes

October 14th, 2017

Imperial townhomes have plenty of space, with three levels and up to five bedrooms

Michael Bernard
The Vancouver Sun

Imperial

Project location: 15633 Mountain View Dr., Surrey

Project scope: 87 four- and five-bedroom three-level townhomes on six acres. Homes range from 2,000 to 2,500 sq. ft. Close to Morgan Crossing shopping centre, the new Grandview Heights Aquatic Centre, and several golf courses

Prices: from $800,000

Developer: T.M. Crest Homes

Architect: Barnett Dembek

Interior Design: In house

Sales centre: 15633 Mountain View Dr., Surrey

Hours: Noon — 6 p.m., Sat — Thurs

Telephone: 778-547-0593

Website: http://www.liveatimperial.ca

Completion date: End of 2017

Gurveer Samra learned the homebuilding business quite literally from the ground up — on the Surrey properties where his dad has built homes for the past 40 years.

“I was raised on a construction site,” said Samra with a laugh.

“My three sisters and I would go after school and help my dad to clean up a construction site,” he said. “Dad always wanted to train us from the bottom up and we tried to learn as much as we could from start to finish by doing a lot of it ourselves.”

That kind of practical experience has been a major asset as the family business, T. M. Crest, builds its second multi-family project — the 87-unit Imperial — on six acres in South Surrey. The firm is focusing on the market that wants and needs larger homes with ample space: Imperial homes have four or five bedrooms and range between 2,000 and 2,500 square feet.

The homes are designed with low-pitch roofs and many have small front yards with white picket fences. The community with two acres of landscaped green space and lighted pathways is a two-minute walk to shopping at Morgan Creek and other area amenities.

Many are equipped with the kind of features that the Samras have observed are popular these days, such as nine-foot ceilings, and some with a master bedroom on the main floor.

“It’s really something we are producing for people in the area where we feel that convenience and spacious living need to be melded into one. We feel this product is exactly what people need.”

Samra said the project expects to attract people from two or three demographic groups: Downsizers who want a more maintenance-free life, but don’t necessarily want to cut down on their living space, young families with children who want to also consider making room in their home for their own parents, and childless couples who simply want more living space.

“There are downsizers who are selling homes ranging between $1 million and $1.5 million in places like Langley. They are in that time of their life when they want something a little easier to maintain and space that they can feel comfortable in. They are used to living in a single-family home.”

The extra bedrooms also serve a new emerging extended family model, one that his own family grew up with, Samra said.

“It’s a win-win for the parents and for their own children,” Samra said, noting that he now raises his own family with his mother helping with child care. “It makes it a lot easier for my dad and I to focus on our goal (to build the family business).”

“We also think there are young professionals who are weary of the dense living in Burnaby and Vancouver who want to move into the suburbs where they have a bit more space to themselves and and there is a quieter pace of life,” he said. With four or five bedrooms, childless couples could dedicate bedrooms to his-and-her home offices, a media room or gathering place for socializing,  Samra said.

One prospective buyer, Gay Aronovich and her husband Gabriel, are actually looking to upsize by moving to Imperial, so that they can play host to family when they visit.

“Right now, we are living in a two-bedroom [home] of 1,400 square feet in Surrey and the home at Imperial is substantially bigger, which is was we are looking for,” she said. She looks forward to when her daughter and three grandchildren, who live in Florida, can come and stay with them rather than book a hotel room.

The senior couple also enjoy the area and the proximity to shopping, as well as air conditioning, which they don’t have in their current home.

The Samras have incorporated other practical, cost-saving features into the Imperial. For instance, forced-air Carrier-brand natural gas furnaces and air conditioning are standard.

“The whole home is ducted for direct-vent heating and air conditioning from the bedroom to the basement,” he said. “There is no electric baseboard heating or those ghastly air conditioning units hanging out the window.”

Supplied laundry units are side-by-side rather than the stackable style, providing more space for folding clothing, he said. Other popular standard features are seats in ensuite showers and natural gas outlets for barbecues, which means no hauling propane tanks upstairs.

The Imperial offers buyers 10 distinct floor plans in light and lighter tones. All homes feature kitchens with islands, quartz countertops with glass backsplashes and Shaker-style cabinets. Appliance packages are by KitchenAid. Each home comes with a 50-inch-wide LED fireplace with reflective firebox, and powder rooms on the main level.

Bathrooms are equipped with large-format 12-by-24-inch porcelain tiles, and master ensuites have a built-in makeup vanity. Shower stalls in selected plans are liberally sized in four-foot or five-foot-wide dimensions. Bedroom ensuites include a five-foot soaker tub and “his-and -her” vanities in master ensuites.

Flooring is wide-plank laminate on the main and lower levels with short-fibre carpeting on bedroom levels. Semi-transparent blinds are a standard fixture. Master bedrooms feature walk-in closets with built-in closet organizers.

There are some options for buyers, including completed alarm and vacuum systems, installed and painted crown moulding, laminate flooring instead of carpeting and an optional wall installed in the lower level for an entertainment space.

Homeowner costs are kept down — strata fees will run between $150 and 200 a month — by having a relatively modest amenity building with two floors with bathrooms and kitchens on each level for birthday parties or other events.

All homes are covered by the 2/5/10 year Travelers Guarantee Co. of Canada home warranty protection.

© 2017 Postmedia Network Inc.

The many ways Realtors strengthen communities across our region

October 14th, 2017

Realtors contribute millions to charity and give countless volunteer hours to a range of causes

ROBIN BRUNET
The Vancouver Sun

Arguably, no other professional group has a firmer grip on the pulse of communities than Realtors. Their job is, after all, to find homes for clients, a service that requires deep knowledge about the health and needs of their neighbourhoods.

Realtors are often on the front lines of charitable activity. Since it began tracking its members’ contributions in 2007, the Real Estate Board of Greater Vancouver (REBGV) has identified $43.4 million in charitable giving. REBGV is the professional organization representing over 14,000 Realtors in Metro Vancouver.

Last year, member contributions amounted to $2.2 million, a figure that only tells part of the charitable story, says Jill Oudil, REBGV president.

These donations were accompanied by countless volunteer hours to a wide range of causes, including the Ride to Conquer Cancer, the Children’s Miracle Network, the Richmond Hospital Foundation, Backpack Buddies and more.

Oudil says: “Our members are community builders. To be successful in real estate, you need to know your community. That means getting involved and helping out where you can. That’s what Realtors do. It’s innate to many of us in the profession.”

On occasion, Realtor contributions can be spectacular. In 2012, long-time REBGV member William P.J. McCarthy made the single-largest charitable bequest to a sole beneficiary in B.C.’s history: $21.4 million to the BC Cancer Foundation via the JamborMcCarthy Legacy Fund.

Other initiatives are more grassroots. Each November, the Realtors Care Blanket Drive collects clothes and blankets for the working poor and homeless. (The 23rd annual REALTORS Care Blanket Drive takes place Nov. 14 to 21.)

“Originally, Realtors collected and donated excess items from clients moving from one location to another,” Oudil says. “Today, that process is facilitated by volunteers at over 100 drop-off locations at real estate offices across the Lower Mainland.”

The program is the largest and longestrunning blanket drive in British Columbia. Since it began in 1994, it has helped more than 300,000 people in our communities. Charitable organizations across the Lower Mainland rely on the Blanket Drive to help them keep people warm and dry during the winter months.

The fact that Realtors spend much of their working days within the communities they serve has also proven beneficial to making the Lower Mainland a little safer.

The Realty Watch program is a partnership between local police departments, the RCMP and more than 17,000 Realtors across the region.

In emergency situations, Realtors respond to police requests to search for missing or abducted persons.

In July 2016, Port Coquitlam Realtor Risa Bassetto was integral to finding a missing person.

She checked her Realty Watch fan-out, requested by police and sent by REBGV, and discovered it was a Vancouver resident who’d been reported missing.

“Risa was instrumental in finding this elderly person,” says Vancouver Police Department Detective Const. Raymond Payette.

As REBGV members continue making their communities stronger and safer, Oudil reflects on their efforts.

“The volunteering spirit within our Realtor community is widespread. In fact, it would be difficult to find a local charitable event, a parent advisory committee, a youth sports team or other volunteer group that doesn’t have a Realtor involved. Giving back is second nature to our members and I don’t think they realize how powerful a force they are across our communities.”

© 2017 Postmedia Network Inc.

Construction of 85-storey residential/commercial tower begins in Toronto

October 13th, 2017

Ephraim Vecina
Canadian Real Estate Wealth

Work on what is set to become the tallest liveable building nationwide has begun in Toronto last week, the structure’s developer announced.

The One, touted by developer Foster + Partners as a state-of-the-art building combining residential and commercial spaces, is an 85-storey, 306-metre structure situated at the border of the downtown area and the Yorkville neighbourhood.

The tower is designed as a “clearly articulated building” that will offer commercial units at lower levels and residential apartments at the higher floors.

“The structural frame is clearly expressed on the façade creating a distinctive series of vertical, horizontal and diagonal framing elements that are clad in a champagne bronze colour,” Foster + Partners stated. “The building is further articulated with the introduction of horizontal bands at regular intervals where mechanical floors are located. By expressing the functions and its distinctive structure, the building acquires a unique identity, becoming an outstanding new addition to the Toronto skyline.”

“The residential floors are based on consistent 57 square-metre (620-square-foot) planning modules, allowing for flexible configurations throughout. The tower is topped by a series of duplex penthouses, which have sweeping views across Lake Ontario and beyond,” the developer added.

“The One is the final piece of the jigsaw in the tower cluster at the Yonge and Bloor node – one of the most prominent intersections in the city. The project creates a new anchor for high-end retail along Bloor Street West, while respecting the urban scale of Yonge Street. The design is respectful of the legacy of the William Luke Buildings, and incorporates the historic 19th century brick structures within the larger development,” Foster + Partners senior partner Giles Robinson said.

“The One will set new standards for commercial and retail developments in Canada.”

Copyright © 2017 Key Media Pty Ltd

It’s been six years since house prices last did this

October 13th, 2017

Steve Randall
REP

House prices in Canada’s five most populated housing markets rose at a balanced, healthy pace in the third quarter of 2017, the first time in six years that this has happened.

Home prices in the Greater Toronto Area, Greater Vancouver, Greater Montreal Area, Calgary and Ottawa gained between 1.5% and 3.5% year-over-year according to Royal LePage.

Across the 53 markets analyzed by the firm’s House Price Composite, median prices were up 13.3% year-over-year in the third quarter of 2017 to $628,411.

Standard two-storey homes rose 13.9% to a median $748,049; bungalows were up 9.5% to $525,781; and condos were up 15.2% to $413,670.

Prices in the GTA continued to lead the increases year-over-year with a 21.7% rise, Montreal was up 14.3%, Ottawa rose 7.9%, Calgary was up 5% and Greater Vancouver was up 2.5%.

“For now, the Toronto and Vancouver housing markets have returned to earth,” said Royal LePage CEO Phil Soper. “After a period of unsustainable price inflation and sharp market corrections, we are seeing low single digit appreciation in each. Calgary has shaken off the oil-bust blues and Montreal appears to be at the beginning of a new era of economic prosperity. Rounding out the ‘big five,’ the Ottawa market is behaving like it usually does – a picture of healthy market growth.”

Soper says that rising borrowing costs and weakened foreign buyer interest will keep a lid on rising prices in the major markets.

Copyright © 2017 Key Media Pty Ltd

Price of Metro Vancouver condos surge, detached homes drop: survey

October 13th, 2017

Tiffany Crawford
The Province

Metro Vancouver condo prices surged in the third quarter, according to a new real estate price survey released Thursday.

Royal Lepage’s survey found the median price of a condominium rose by 17.6 per cent year-over-year to $622,392, while the cost of a two-storey detached home dropped by 1.1 per cent to $1,532,849 over the same period. The price of a bungalow, however, went up 3.5 per cent to $1,422,458. 

The survey showed the biggest jump in condo prices in Metro Vancouver was in North Vancouver, with prices rising 25.2 per cent year-over-year to $614,173.

Following North Vancouver were Burnaby at 24.6 per cent to $561,558 and Coquitlam at 23.8 per cent to $471,749.

The Royal Lepage survey came the same day as the British Columbia Real Estate Association released monthly statistics that showed home sales and average prices rose in B.C. in September. 

The BCREA figures showed a total of 8,340 residential unit sales were recorded by the Multiple Listing Service during the month, an increase of 9.9 per cent from the same period last year.

Total sales amounted to $5.8 billion, up 30.2 per cent from September 2016, and the average MLS residential price was $693,774, up 18.5 per cent.

The BCREA also said residential unit sales declined 13 per cent year-to-date to 81,608 units while the average price was down 0.2 per cent to $705,501.

Randy Ryalls, general manager of Royal LePage Sterling Realty, said the high price of detached homes and tighter mortgage restrictions has pushed buyers into the condo market, placing a severe strain on inventory and driving competition.

As prices rise, and the affordability deteriorates, Ryalls, said buyers are returning to the market in fear of being permanently priced out.

“Despite having already taken 30 to 40 per cent of entry-level buyers out of the marketplace entirely, the new mortgage regulations, and requisite stress tests, have helped to significantly drive condominium prices up,” said Ryalls, in a statement. “The cost of a down payment for a detached property in Greater Vancouver has already surpassed the average home price in many markets in Canada.”

He added that there is not enough supply to satisfy demand levels, noting that a balanced market needs about 14,000 to 15,000 listings, much more than the current 9,000 listings.

Overall, the aggregate price of a home in Metro Vancouver increased 2.5 per cent year-over-year to $1,229,133. Over the same period, the City of Vancouver saw an increase of 2.2 per cent to $1,439,652.

Langley, Surrey, North Vancouver, and Richmond saw third quarter price increases of 9.2 per cent, 6.3 per cent, 4.5 per cent and 1.4 per cent, to $831,283, $796,466, $1,417,226, and $1,103,064, respectively, according to the survey.

Cameron Muir, the association’s chief economist, said B.C. home sales rose nearly five per cent from August on a seasonally adjusted basis.

“Total active listings on the market continue to trend at 10-year lows in most B.C. regions, limiting unit sales and pushing home prices higher,: he said.

“While the economic fundamentals support elevated housing demand, rising home prices are eroding affordability, particularly for first-time buyers.”

© 2017 Postmedia Network Inc.

Apartment Source – Colliers October 2017

October 12th, 2017

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Home Sales, Prices across BC Rise Again in September

October 12th, 2017

Joannah Connolly
REW

The number of homes sold on the Multiple Listing Service® in BC in September rose nearly 10% year over year, and 5% from August, according to a report by the British Columbia Real Estate Association (BCREA) published October 12.

Because there was also an increase in sale prices, that lead September’s total sales dollar volume to rise by a whopping 30.2% compared with the same month last year.

The average resale price of a home in the province last month was 18.5% higher than one year previously, at $693,774, which is up 2.3% in a single month since August’s average of $678,168.

The annual jump in homes exchanging hands across the province is largely driven by increased activity in the Lower Mainland, which has seen a recovery from the effects of the Metro Vancouver foreign buyer tax introduction last August. Of the larger markets, Greater Vancouver and the Fraser Valley posted the largest annual sales gains, both up around 25%, whereas Victoria saw the province’s biggest year-over-year slide in unit transactions, down 16.6%.

Some of the Interior and smaller markets also saw annual sales declines, although Kamloops and Chilliwack both had a strong showing, up 8.2% and 7.7% respectively.

The annual price rises seen by the different boards also varied, but did not necessarily mirror sales patterns. Nine out of the 11 BC boards reported year-over-year average price increases. Of the larger markets, where price changes are less volatile, the Fraser Valley and Greater Vancouver saw the biggest price gains, up 18.2% and 17.7% respectively. But Victoria, where sales dropped, posted an average price increase of 12.5%. Only the very small markets of BC Northern and Norther Lights saw minor annual average sale price declines.

Eight of the 11 boards posted year-over-year declines in the number of active listings in September, although Greater Vancouver was not one of them.

“Total active listings on the market continue to trend at 10-year lows in most BC regions, limiting unit sales and pushing home prices higher,” said Cameron Muir, BCREA chief economist.

“While the economic fundamentals support elevated housing demand, rising home prices are eroding affordability, particularly for first-time buyers.”

The BCREA report was issued on the same day as Royal LePage’s 2017 Q3 House Price Survey, which looks at quarterly price activity in Canada’s major urban markets. The report said that during the third quarter, the aggregate home price in Greater Vancouver rose year over year by a “modest, but healthy” 2.5% to $1,229,133.

However, when broken out by housing type, the brokerage found that the median price of a Greater Vancouver condo increased 17.6% year-over-year to $622,392. The median price of a bungalow had a much more reasonable increase, up 3.5% year-over-year to $1,422,458, but the median price of a standard two-storey home fell 1.1% to $1,532,849 in the same period.

For a breakdown of local BC board statistics in September, read the full BCREA report.

© 2017 REW.ca

No tenant, no problem in Vancouver as new office towers break ground on speculation

October 12th, 2017

No tenant, no problem as local office space market heats up

Garry Marr
The Vancouver Sun

There was nothing to buy in Vancouver’s increasingly hot office market, so GWL Realty Advisors and its partners did the next best thing — they decided to build their own tower.

That GWL, which has $2 billion in office, industrial, mixed-use, and multi-residential projects planned or underway across Canada, and its partner, the Healthcare of Ontario Pension Plan, didn’t have a tenant lined up didn’t bother them at all.

“The story is just limited supply. There are a lot of condominiums around here but not a lot of offices,” Paul Finkbeiner, president of GWL Realty, said about the 33-storey Vancouver Centre II project at 753 Seymour Street, which is a joint venture of HOOPP and two of GWL’s segregated funds. It broke ground Wednesday. “We are one of the first ones out of the ground.”

The 371,000 square foot building is part of the AAA office tower complex known as Vancouver Centre, which is connected to two major transportation networks. “There is strong demand from tenants all around,” said Finkbeiner about the second tower which will open in 2021 next to the 480,000 square foot tower GWL already has on the site.

Ross Moore, a senior vice-president with Cresa Vancouver, calculates 12-plus buildings might hit the Vancouver market in the next two to four years and add as much as 3,665,000 square feet of space by 2022.

“You really have to go back to the last boom in 2015 when five buildings came in one year and then go back to 2012-2013 to see more,” said Moore. “We had all this new supply and it all got gobbled up. These (investors) can build on speculation. In the old days, developers just didn’t have the muscle but someone like GWL and HOOPP they can go on speculation.”

Space in Vancouver is getting leased up quickly. This month New York-based WeWork Inc. secured a deal with Amazon.com Inc. to rent most of the shared workspace provider’s first Vancouver office. The Seattle-based company had committed to rent space in a new building being constructed by Oxford Properties Inc. but because it won’t be ready until 2019 Amazon grabbed most of WeWork’s first foray into Vancouver at Burrard Station.

The domino effect was WeWork, a US$20 billion company which is expanding its shared space concept, went back into the market to get even more space to service its growing client list.

“What is shocking is that most of this speculative projects are going to go ahead. There might be one or two exceptions,” said Moore, who says developers just don’t see a potential problem like in Calgary where vacancy rates are near 30 per cent after a speculative building boom. “It’s … a much more diversified economy in Vancouver. Mining companies got slammed in Vancouver but tech picked up the slack and government services did too.”

Cresa says vacancy rates in downtown Vancouver are now about 6.4 per cent, down from about 8.4 per cent a year earlier. With that tightening, has come an increase in rent and Moore says some gross rents are almost $60 per square foot, unprecedented for the Vancouver market.

“The question is will they get the rents,” said Moore, who thinks landlords will be successful. “When you look at rents in San Francisco, it’s like US$90 (per square foot), so Vancouver is not that bad.”

Finkbeiner says pre-leasing a tower, normal practice for any type of development, is harder in Vancouver because the city is filled with smaller regional offices as opposed to head offices. But he doesn’t mind because leasing to one lead tenant usually means a considerable discount for that company and he expects overall rents will be higher with a series of smaller tenants.

“We like the whole office market here. We found it hard to find existing office buildings (to buy),” said Finkbeiner, noting Vancouver did see a couple of large transactions like the Bentall Centre move over the last couple of years but generally there is not much trading of assets in British Columbia’s largest city. “The (new building) is ideal for what we call the TAMI sector, technology, advertising, media and info.”

© 2017 Postmedia Network Inc.