Archive for August, 2012

Waterleaf at Waterleaf Place Abbotsford

Thursday, August 2nd, 2012

Luxury features make Waterleaf a best buy

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Sales to strengthen in second half

Thursday, August 2nd, 2012

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Remaining tenants at Little Mountain told to move

Thursday, August 2nd, 2012

Cheryl Rossi
Van. Courier

Ingrid Steenhuisen hadn’t seen the eviction notice posted on her door until a neighbour phoned and told her to look. Steenhuisen said she felt “shocked” to receive the notification July 27.

She said a letter of understanding from the city had given her the impression the last four remaining families at Little Mountain would be able to stay and move straight into the replacement units of social housing.

But now the tenants must vacate their homes by Sept. 30, according to a letter from Dale McMann, an executive director with B.C. Housing, to the tenants.

B.C. Housing says the last remaining townhouse row in the 1950s-era social housing development near Queen Elizabeth Park needs to be demolished now to clear the way for environmental remediation and new construction.

“There are people out there who sometimes think, ‘Oh well, you knew it was coming,'” Steenhuisen said. “Yes. But there’s usually some notice and there’s no need for it to be this heavy-handed when it’s four families.”

She wonders when the work will actually occur after she and her neighbours, who all have disabilities, deal with major upheaval. Steenhuisen’s 79-yearold mother, who has lived at Little Mountain since 1956 and in the same unit since 1964, has been in the hospital and then residential care since October 2009.

“I have not notified my mom yet,” Steenhuisen said Friday, getting choked up. She worries how the news her mother won’t be able to return to her home will affect her.

B.C. Housing says soil removal near the townhouses needs to begin mid August because the treatment requires warm, dry weather.

Old, unused oil tanks were removed and contaminated soils were treated when the other buildings were demolished in 2009 and 2010. Verification testing of previous environmental cleanup work is required for the rest of the site, which involves installation of groundwater monitoring wells and drilling to install gas vapour monitoring probes. The work is expected to take approximately five months from when the townhouses are vacated in October to complete the full environmental cleanup, testing and verification to receive required environmental approvals.

Rezoning for the site, with public consultation, still needs to occur. Holborn Properties hopes to start construction in the first half of 2013. City council approved policy for Little Mountain June 27. The original 224 units of social housing will be replaced with at least 234 units in the first phase of development and a minimum of 184 of these units will be suitable for families. Returning residents of Little Mountain will be given the first right of refusal on units with rents comparable to what they formerly paid.

A minimum of 1,475 units will replace the original 224 units on the 15.3-acre site. At least 25 per cent of the total units are to be family-oriented.

Holborn is to try to make units more affordable by constructing wood-frame buildings of six storeys and less. Building heights will be a maximum of 12 storeys, permitted in limited locations.

B.C. Housing will help remaining tenants find subsidized housing and assist with moving and related expenses. According to the 2007 memorandum of understanding between B.C. Housing and the city, B.C. Housing will invest the net proceeds from the sale of the site to Holborn in the development of social housing throughout the province. Half of that investment would be spent in Vancouver.

A June city staff report estimated the development of 1,250 market units at Little Mountain would mean $14.6 million in development cost levies and $9.5 million in community amenity contributions for the city.

© Copyright (c) Vancouver Courier

Former planner looks to wide Vancouver streets for housing space

Thursday, August 2nd, 2012

Winner in city hall-sponsored contest inspired while cycling through city

Mike Howell
Van. Courier

Back in the 1990s when Christina DeMarco worked as a planner at city hall, she and fellow planner Ted Sebastian got an idea while cycling to work.

What if, they thought, the city cut 66-foot wide side streets in half to create 33-foot lots on which to build affordable housing?

After all, there was virtually no traffic on more than 40 of the north-south streets they crossed, even in areas populated by apartments.

If the idea was employed in single-family zones, they estimated anywhere from 10,000 to 20,000 units of housing could be built.

Alas, the idea never got any traction at city hall.

Now there’s a chance the idea could become part of Mayor Gregor Robertson’s strategy to get affordable housing built in this city.

“It’s a great idea that has been bouncing around for some years – and given the affordability crisis – I think there’s a need to explore this further,” Robertson told the Courier Wednesday.

DeMarco, Sebastian and Charles Dobson of Emily Carr University of Art and Design submitted their admittedly simple idea to a city hall-sponsored competition and won the category for vibrant public neighbourhoods.

A jury composed of members of the mayor’s task force on housing affordability coupled with votes received online by the public selected the trio’s entry.

Winners of three categories were announced Tuesday.

“Having lived in lots of other cities around the world, I was really surprised by the amount of under utilized road space in the city,” said DeMarco, the former manager of regional development for Metro Vancouver. “There’s much better ways to use the space without interfering with traffic and parking.”

DeMarco and her team propose building different forms of housing, including row houses and duplexes, on the converted strips of land with each lot leased rather than sold.

The city could charge an annual or monthly leasing fee rather than requiring a prepaid land lease. New residents would not need to pay the significant borrowing costs required for a prepaid lease on the land portion of the home.

DeMarco said an endowment fund could be established from the lease payments and used to support affordable housing and improvements to neighbourhoods such as repairs to playing fields and keeping libraries open longer.

But what about that homeowner with the corner lot that doesn’t want a new neighbour?

“You either make a [financial deal] with the person living on that property, or you go somewhere else and try the idea on another block,” DeMarco said, noting seniors who are “house rich and cash poor” might be intrigued by a financial offer from the city.

Though many of the north-south streets allow parking, DeMarco said most people prefer to park in front of their house.

She believes narrowing a street would have minimal impact on neighbourhoods and not affect emergency vehicle access, pedestrian and bike routes or normal traffic.

That belief will be tested when city staff and the mayor’s task force finalize a report on affordable housing strategies for the fall sitting of city council.

“Ensuring that emergency response is timely and effective is paramount, so we’d obviously look at that first and foremost in any changes we’d make,” Robertson said.

© Copyright (c) Vancouver Courier

Your life is controlled by your credit score

Wednesday, August 1st, 2012

Other

What is the most important thing you are ever going to purchase in your life time? A home. So who cares what Equifax considers a good credit score, it’s what the lenders think that counts. Your beacon score aka credit score ranges from 300 (low) to 900 (high). There are two governing bodies who monitor your credit scores. The first is called Equifax and the second is Transunion. We are going to focus on Equifax as the majority of lenders use Equifax over Transunion.

According to Equifax, 700 is considered nothing special but by mortgage lending standards, this will get you pretty much anything you want. What is the minimum requirement for a mortgage with great rates? 620 – 650 (through a mortgage broker) depending on the mortgage product you require. Most people fall into the 750 – 799 range (according to Equifax) which is pretty high if you ask me. Here’s where it gets interesting, a credit score of 850 can mean nothing!

Without an established history of payments and at least two trade lines (line of credit, student loan, credit card, car payment, etc), a high credit score can mean nothing. It takes time to establish a good credit score so start today if you haven’t already.

Your Equifax credit report is a compilation of information about you and your credit history that has been reported to Equifax by others, mostly by those who granted you credit. Your credit score, on the other hand, is a number calculated using the information in your credit report.

A credit score is a statistical formula that translates personal information from your credit report and other sources into a three-digit score. For example, when you fill out a loan application, pieces of information from the application along with information from your credit report will be used to compute a score that indicates to the lender the statistical probability that you will become delinquent on the loan.

There is no quick fix for removing past aspects of your credit history that may be negatively affecting your credit score.

Here are some tips to keeping a good credit score:

  • Never go over your limit and try to keep your balance below 75% of the limit
  • Always pay your bills on time
  • Avoid applying for credit unless you have a genuine need for a new account. Minimize your inquiries

What are the most common factors that can negatively affect a credit score?

  • Delinquency
  • Public record or collection field
  • Time since delinquency is too recent or unknown
  • Level of delinquency on accounts is too high
  • Number of accounts with delinquency is too high
  • Amount owed too high on accounts
  • Ratio of balances to credit limits on revolving accounts is too high
  • Length of time accounts has been established is too short
  • Too many accounts with balances

Will inaccurate information in my credit report affect my credit score? It certainly can depending on what is reported. If you want to correct inaccurate information on your Equifax report, download the Consumer Credit Report Update Form, which is used to correct inaccuracies. You can fax the completed form to (514) 355-8502.

Tough lending rules punish the innocent

Wednesday, August 1st, 2012

Frank O’Brien
Other

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Venture capital could be easier to get this year – unless you’re a “liar, a quitter or a jerk”

Wednesday, August 1st, 2012

Tapping angels

Lorne Mallin
Other

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Squamish First Nation plans towers in Vancouver and the North Shore

Wednesday, August 1st, 2012

Band plans spook cities

Glen Korstrom
Other

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Upgrading and greening old commercial buildings delivers sustainablility to the bottom line

Wednesday, August 1st, 2012

Deep Green retrofits

Frank O’Brien
Other

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Retailing in China

Wednesday, August 1st, 2012

Deep pockets and sharp elbows needded to muscle into China’s $2.3 trillion retail sector

Frank O’Brien
Other

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