BRENT JANG
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A rally in British Columbia’s housing market is expected to extend through 2014 as the provincial economy gathers steam.

Sales on the Multiple Listing Service are on pace to reach 71,700 units in 2013, up 6 per cent from last year’s sluggish showing, says the B.C. Real Estate Association.

With consumers concerned about the prospect of higher interest rates over the next year, many British Columbians are locking in mortgage preapprovals and shopping for homes, said Cameron Muir, the association’s chief economist.

In July, 2012, the federal government reduced the maximum period for a government-insured mortgage to 25 years from 30 years, resulting in a dampening effect on house sales. Last year, there were 67,637 sales across British Columbia of single-family detached homes, condos and townhouses, or a decline of 11.8 per cent from 2011.

The average residential price for a B.C. resale property this year is now forecast to climb 4.3 per cent to $537,100. A year ago, the association originally predicted a 0.7-per-cent price increase for 2013, though it subsequently revised its estimate to a 3.3-per-cent hike as the province’s housing industry healed from a rough 2012.

Mr. Muir forecasts that B.C. housing sales in 2014 will climb a further 6.3 per cent to 76,200 units while prices rise 2.1 per cent to $548,200. A stronger provincial economy is taking shape, including increased production of B.C. lumber due to a rebound in the U.S. housing market. Exports generally are in line to benefit next year from improved economies globally, especially in the United States and Japan.

The 15-year average for B.C. housing sales volume is above 79,000 annually, while the five-year average is 74,600. “We’re seeing a sales recovery back to long-term averages,” Mr. Muir said.

The real estate market in Greater Vancouver in particular has been strengthening this year, boosting statistics provincially. The association forecasts that 28,400 homes will change hands this year in Greater Vancouver, up 11.6 per cent from last year. An estimated 5,650 sales are predicted for the Victoria area in 2013, or a 3.5-per-cent hike from last year.

Mr. Muir sees the momentum continuing, projecting a sales jump of 8.8 per cent to 30,900 units in 2014 in Greater Vancouver and 4.3 per cent to 5,895 in the Victoria region.

Average resale prices for single-family detached homes, condos and townhouses are forecast to rise 4.8 per cent in Greater Vancouver this year and ascend a further 0.9 per cent to $772,000 next year. In the Fraser Valley, which includes the sprawling and less-expensive Vancouver suburb of Surrey, average prices are likely to increase 1.1 per cent this year and get another lift of 1.6 per cent to $497,000 in 2014, according to the association.

Average prices are forecast to edge upward in other provincial markets next year, too, including on Vancouver Island and the Chilliwack, Kamloops, Kootenay, Okanagan Mainline and B.C. Northern regions.

Last year, Ottawa eliminated government-backed insurance for homes above $1-million in a bid to discourage high consumer debt levels. So far in Greater Vancouver, buyers haven’t been scared away from higher-end properties, with average single-family detached prices projected to advance 5 per cent this year and a further 1.7 per cent to $1,189,600 next year.

While Greater Vancouver’s sales volume surged 64 per cent last month, that is compared with a subpar performance in September, 2012, Mr. Muir cautioned.

He added that housing demand will be bolstered by business investment and steady international migration. B.C. housing starts will slip 5 per cent this year, but new home construction is expected to increase 3.4 per cent next year to 27,000 units.

© Copyright 2013 The Globe and Mail Inc.

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MICHAEL BERNARD
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So what would you expect to see stepping through the front door of a condo listed for a jaw-dropping $22.3 million? Twenty-four carat gold leaf wallpaper? Pillars of pure marble shipped in from Greece? Rare and exotic wood panelling? Try none of the above. At first glance, the front entrance of the four-bedroom, family room and den penthouse at Three Harbour Green, high above Thurlow and West Cordova Streets, looks much like the lobby of a large downtown Vancouver law firm, minus the reception desk.

But venture a few more steps inside the 8,010-square foot home and you begin to understand why this pad commands a stratospheric price. From the living room, one can contemplate the impact of the changing seasons on the North Shore Mountains – not just to one, but all three peaks at once. Or survey the shining waters of Vancouver Harbour and watch seaplanes take off and land, from Coal Harbour to the Ironworkers Bridge to the east. Even the master ensuite throne offers a bird’s eye view of Lonsdale Quay. The three terrace areas on the east and west sides of the building total more than 2,000 square feet, providing a 360-degree view of the city and surroundings.

Most of the penthouse’s value is in its unique location and “exposure,” says Lily Korstanje, managing director of Magnum Projects Ltd., who has shown would-be buyers through the suite. “People who come to see the suite are awestruck by the views.” While it is one among several ultra-luxurious towers built around Coal Harbour – one nearby Fairmont suite recently sold for a reported $25 million to a buyer from Dubai – this penthouse is absolutely one of a kind.

As you tour the penthouse, you quickly realize there isn’t a stick of furniture to be seen – in sharp contrast to the gussied-up interiors of so many of the city’s newest real estate offerings. Magnum considered staging the penthouse but concluded that offering potential buyers a blank canvas and a brochure with renderings would be best. “We get two types,” says Korstanje. “Those who love the space and want to program it themselves. Or others, who say this is going to take too long and prefer a turn-key situation.”

But even without comfy couches, paintings on the walls and objects d’art from around the world on ultra-modern coffee tables, the penthouse’s built-in features pack a lot of wow-factor. On the 31st floor, the huge kitchen – with incredible views to the east of course – has a sleek counter of half-inch-thick stainless steel and frost-white enamel cabinets with the elegant lines of a racecar. That makes sense, given it was designed by Pininfarina of Italy, famous for its collaboration with automaker Ferrari. Cost? A cool $200,000. Other features include a built-in espresso and cappuccino centre, Sub-Zero fridge, both standard and convection wall ovens and an oversize gas cooktop by Miele. To one side is a food preparation area, with a stainless steel counter that’s double the length of the first.

One floor up, on the 32nd, is the master bedroom with a private staircase and a northwest view to the mountains and sea, and a walk-in closet by MOVE of Italy that includes its own emergency exit to the penthouse entrance. The ensuite bathroom is a wonder in its own right. In one corner of the voluminous amenity sits a frameless and gargantuan shower stall that measures at least 10-by-15 feet, prompting our incredulous photographer to quip, “this is bigger than my entire bedroom.”

On the 33rd floor is the suite’s pièce-de-resistance – a 2,000-square-foot sky garden, open to the sky but protected from the wind by large windows with views that take in the entire harbour and English Bay. This private enclave features cedar decks, framed by smooth river rock gravel punctuated by large stepping-stones. Centring this Zen-like space is a lone pine tree surrounded by tall grasses. At ground level are some amenities appropriate to the penthouse owner’s station in life, such as a private garage in the parkade that could, in a pinch, fit 18 cars, Korstanje notes.

Three Harbour Green features are shared with the other 81 suite owners, including a 25-metre ozone-purified pool, squash and raquetball court, table tennis room, sauna and steam room, yoga and fitness rooms, and a virtual golf course where one can play St. Andrews and other famous links projected onto a screen. For children there is an open-air playground—with harbour views for the kiddies of course.

So who buys properties like this?

Korstanje says she has shown the penthouse over the past year to prospective buyers from mainland China, South Korea, India, the Middle East oil kingdoms, the United States and Latin America and, more recently, from Uzbekistan, the former state of the Soviet Union. She calls them “visionaries who recognize Vancouver’s potential.”

“This is under $3,000 a square foot,” she enthuses. “You can’t even get a dinky little run-down old New York apartment with a Central Park outlook for under $6,000 a square foot. “ While so far no one has bought, Korstanje says it’s just a matter of time. Meanwhile, don’t hold your breath waiting for the price to drop.

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With more buyers snapping up properties to capitalize on historically low interest rates and wanting to lock in mortgages, home sales increased again in September.

Year-on-year, sales of existing homes across Canada increased by 18.2 per cent. National home sales edged up by 0.8 per cent from August to September on a seasonally adjusted basis, according to the monthly statistics from The Canadian Real Estate Association (CREA).

“Year-over-year increases in the sales over the past couple of months highlights how activity softened across much of the country following the introduction of tighter mortgage rules last summer,” said Gregory Klump, CREA’s Chief Economist.

The biggest monthly gains were in the Greater Toronto and Greater Vancouver markets, offsetting declines in Calgary and Montreal.

The average price of homes sold nationally in September was $385,906, up 8.8 per cent from 2012. The association says year-on-year average price gains in recent months “reflect the decline in sales activity recorded last year in some of Canada’s larger and more expensive markets which caused the national average price to drop.”

The number of newly listed homes declined by 1.4 per cent on a month-over-month basis, with marked declines in such markets as Ottawa, London and Fraser Valley.

“Sales activity across much of the country has improved in recent months following a slow start to the year and new listings in some areas have not kept pace,” said CREA President Laura Leyser. Based on a sales-to-new listings ratio of between 40 to 60 per cent, about three of every five local markets were in balanced market territory in September.

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A THREE-BEDROOM WATERFRONT HOUSE IN WEST VANCOUVER

VIRGINIA C. McGUIRE
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$2.5 MILLION (2,575,000 CANADIAN DOLLARS)

Built in 1987 and renovated inside and out in 2006, this house is at the water’s edge in West Vancouver, an affluent suburb of British Columbia’s largest city. The house is on a private dead-end road, and faces southwest over the ocean. Bowen and Passage Islands are just offshore, and eagles, whales and dolphins can be spotted from the large windows.

Glossy black double doors open into an entryway with a heated limestone floor. The living room, a few steps down, has a hardwood floor and a polished travertine fireplace. From there, glass doors open onto a waterfront deck with a small pool shaped like a trapezoid. The dining room, adjacent to the living room, has a rectangular metal light fixture and an open floor plan that flows into a kitchen designed for entertaining, with a six-burner gas stove, two dishwashers and a granite-topped breakfast bar.

All three bedrooms are on the second floor. The master suite has picture windows framing the view; the bathroom has a maple cabinets topped with granite. A hall bath serves the other two bedrooms, and a hallway lined with skylights leads to a family room over the two-car garage.

The neighborhood is very secluded, despite being a 20-minute drive from downtown Vancouver. The commercial zone of West Vancouver is a 10-minute drive; the nearest shopping center is 7 minutes away.

The buyers of this house could add a swimming platform at the water’s edge as some of the neighbors have done, but currently the nearest public access to the water is a park a short walk up the road.

MARKET OVERVIEW

The real estate market in the Vancouver area is showing healthy activity, according to Jason Soprovich, an independent real estate agent affiliated with Prudential Sussex Realty. He said the market had been stagnant until February, when sellers became more realistic and began lowering prices 8 to 10 percent, on average, to stimulate demand. “Once prices dropped,” Mr. Soprovich said, “there was a resurgence of sales that started in July.” He added that concerns about rising interest rates were also stimulating buyers.

Prices in West Vancouver dropped more than in the rest of the market — 15 to 17 percent, Mr. Soprovich said. The extent of the decline may reflect the fact that prices had farther to fall than in the rest of the region. “We are a bedroom community with probably the highest prices in the country,” he said. “Think of us as a Sausalito,” he added, referring to the San Francisco suburb.

Waterfront homes in West Vancouver cost $6.3 million to $14.55 million (6.5 million to 15 million Canadian dollars) as long as they’re relatively new and close to downtown Vancouver. The Howe Sound area, the site of this house is, is less centrally located, so prices are lower — starting at $2.44 million for a waterfront home.

WHO BUYS IN WEST VANCOUVER

Most of the buyers in West Vancouver are from mainland China. According to Mr. Soprovich, Chinese buyers outnumber even local buyers by three to one, because they see the Vancouver area as a solid place to invest. They’re drawn by good schools, easy flights to Beijing, and the large Chinese community already established in the area.

BUYING BASICS

Foreigners face no restrictions when buying property in Canada, but Mr. Soprovich cautioned that they may face higher taxes when they sell.

“Tightened lending restrictions have made it harder to secure a mortgage,” he said, “especially for foreigners.” Transaction costs include a property purchase tax (PPT), paid to the province of British Columbia. Mr. Soprovich says this is equal to 1 percent on the first 200,000 Canadian dollars of the purchase price, and 2 percent on the rest. Suzanne Miscisco, an agent with Sotheby’s International Realty Canada and one of the listing agents for this house, estimated that its PPT would be 49,500 Canadian dollars if it sold for the asking price. In addition to the PPT, new homes carry a federal 5 percent goods-and-services tax, Mr. Soprovich said. Legal fees vary depending on the complexity of the sale. Eric Christiansen, the managing broker of Angell Hasman & Associates Realty, says legal fees range from 700 to 5,000 Canadian dollars. Real estate agent commissions are paid by the seller.

© 2013 The New York Times Company

Community builder with a mission

Other

2013 marks a very special year for Aspac Developments. In 1993, Aspac partnered with Marathon Realty, the real estate arm of Canadian Pacific Railway, to create one of the most ambitious urban development plans in North America – the revitalization of Coal Harbour. Two decades later, Coal Harbour is mission accomplished and Aspac seeks to duplicate that success at River Green in Richmond.

Today, Coal Harbour is a bustling waterfront neighbourhood that extends from the entrance of Stanley Park all the way to Canada Place. On any given day, tourists, office workers and residents of the downtown peninsula take in the mountain and ocean views from one of the world’s greatest waterfront promenades.

But it was not always that way. Once the site of a modest coal mine that gave the area its name, Coal Harbour became an important intersection between ship and rail transportation and was a working, industrial waterfront until the 1970s.

More than just a developer of luxury homes, Aspac Developments is a community builder with a mission. “At Coal Harbour, Aspac envisioned an upscale new neighbourhood that would be a mix of residential, office, hotel, retail and service space centred on an active and vibrant waterfront,” says Raymond Li, director and senior vice-president for Aspac Developments. “As our vision became reality and caught the attention of the world, Coal Harbour turned into Metro Vancouver’s best real estate investment and a destination location for locals and tourists alike.”

No wonder the penthouses in One and Two Harbour Green set record selling prices for Vancouver at the time of sale. Investors and residents, contractors, suppliers and professional service providers have nothing but accolades to describe Aspac’s achievements in the Vancouver real estate market.

Canada’s Most Significant Waterfront Community

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Just south of Vancouver on the banks of the Fraser River, Aspac has taken the same expertise, attention to detail and focus on excellence lavished upon Coal Harbour to create its next legacy, River Green. Metro Vancouver’s waterfront homes are much sought-after. Billed as “The Most Significant Waterfront Community in Canada,” River Green will be built on a 27-acre parcel of land just west of the Dinsmore Bridge in Richmond. Aspac saw a winner in Coal Harbour. Today, everyone involved with River Green is experiencing a sense of déjà vu.

Like Coal Harbour, River Green will consist of upscale residences with dramatic waterfront and mountain views; with cafés, restaurants and shops dotted along a winding promenade. River Green is located adjacent to the Richmond Olympic Oval – a world-class recreational facility that played host to the speed skating events during the highly-successful 2010 Winter Games. Newly converted into a state-of-the-art sports and wellness centre, the Oval and neighbouring parkland are the focal point for a neighbourhood that will eventually accommodate more than 2,000 households. Upon completion, River Green will encompass 3.4 million square feet of new development. Phase 1 of River Green consists of 458 units in six residential towers with two amenity buildings and is now ready for occupancy.

To create this exceptional community, Aspac tapped into the expertise of acclaimed architect James Cheng. For the first phase in the River Green development, Cheng felt it was important to create an iconic series of buildings that would set the stage for others to follow. Precast concrete, tinted double- and triple-pane windows and richly finished glue-laminated beams create a style that defines 21st century West Coast Modernism in a contemporary resort context.

River Green’s 20,000 square feet amenity space exceeds homeowners’ expectations at every level. The aquatic room features a 25-metre lap pool, with hot tub, steam room, sauna and kids’ pool. Other amenities include a well-equipped exercise room, party room, billiards room, virtual golf, and a theatre room with high-definition screen and surround-sound.

The River Green community includes sustainable features such as green roofs, electric vehicle plug-ins, and a community shuttle to places such as the Canada Line transit station and local shopping. A high-efficiency irrigation system outside the buildings helps reduce water used for irrigation. A curtain wall system inside the buildings with low emissivity glass gives the units excellent thermal and sound insulation, and a highly reflective roofing material helps reduce the heat-island effect.

Truly world class communities do not magically appear overnight. Aspac’s projects are the result of careful, detailed project planning, community approvals, site management, marketing, sales, construction and, finally, a comprehensive program of customer care once the new residents move in. Two decades after the successful launch of Coal Harbour, River Green will transform yet another Aspac vision into reality.

 

Architect argues project density must be ‘future proof’

Naoibh O’Connor
Van. Courier

Tower heights and density topped the concerns of people the Courier spoke to Thursday evening at the first of two open houses revealing revised plans for the proposed Oakridge Centre redevelopment.

Henriquez Partners Architects and Stantec applied to amend the site’s zoning on behalf of Oakridge Centre owner Ivanhoe Cambridge and Westbank Development in November 2012.

The updated proposal expands the size of the civic centre from 45,000 to 70,000 square feet. It still features 13 towers, although the positions of some have shifted. They range from 17 to 45 storeys. In June, council endorsed heights up to 45 storeys, as well as the general level of density for the project.

Overall, the redevelopment would double the size of the mall to 1.4 million square feet, create more than 2,900 residential units, including 280 social housing units, as well as 300,000 square feet of new office space.  The civic centre would feature a community centre, library, seniors centre and childcare space. A nine-acre open space is planned for the mall’s roof.

Oakridge Centre was built in 1956 and renovated in the mid-1980s, but the 28-acre site is considered underdeveloped. It’s located in the centre of Vancouver on main transportation routes and, with the introduction of Canada Line, is regarded as ideal for densification.

But the degree of densification being considered doesn’t sit well with Narv Gill, who’s lived in the neighbourhood for 10 years. He has two children aged two and five. Gill and his wife are “hesitant and a little bit worried about the project.”

“We’re a little concerned about the potential for this [number of] people, this large a development,” he said, speculating it might push the limits of transit and schools to handle the increased population.

Darlene Goldie described the proposal as “overwhelming.” She’s lived in the Oakridge area for 12 years.

“We expect change, we embrace change, but this is an extreme change for this part of the city,” Goldie said while checking out design boards. “How will [they] move people on the roadways or on transit. It’s a big ‘how’ question.”

She’s not convinced the Canada Line can absorb a jump in passenger numbers. Goldie takes the train daily, but avoids rush-hour travel due to what she says are sardine-like conditions.

“The amenities are great. The redesign concept – making it a village – is fantastic,” she added. “My main issue is with the capacity.”

Goldie also thinks tower heights are too high, particularly the tallest one proposed. She’d prefer its height be cut by at least a third.

Robert Martin, who’s lived two blocks from Oakridge for almost 50 years, worries about shadows cast by the towers during different times of the year. He insists proposed heights are out of proportion with the neighbourhood and should be capped at 12 to 18 storeys.

“It’s like a mini Chicago right in the middle of a residential area,” he said. “I’m not against redevelopment, I’m against the excessive redevelopment they’re proposing. I think it’s all about money.”

Gunther Wenzel said he’s happy about amenities outlined in the project, but he too objects to the proposed height and density.

“It’s a developer’s dream to do this like Shanghai or Hong Kong,” he said.

Anne Diano, a resident of the Oakridge area for 45 years, was more uncertain about the project’s impact.

“I think it’s massive and I think it’s going to change the whole area – whether it’s for the better or worse, I don’t know,” she said, while echoing the concerns about the Canada Line’s ability to handle more travellers.

TransLink, in consultation with the city, is completing an assessment of Canada Line’s capacity to handle increased growth along the corridor. An initial review, according to information provided at the open house, indicates potential to increase the Canada Line capacity from 6,500 persons per hour per direction today to 15,000 persons per hour per direction.

David Chong, who owns a townhouse near the mall said while it’s a “great” project with “a great community set-up,” he’s worried his property value will drop if the housing supply is increased through the condo towers. He’s considering moving to Surrey.

Gregory Henriquez, managing partner at Henriquez Partners Architects, said the firm worked hard to come up with a solution that minimizes shadowing from the towers.

“The density is really important,” added Henriquez who grew up near the mall. “We only have one chance to re-do Oakridge. It has to be future proof.”

Henriquez believes a vocal minority opposes the project, while many others “are excited about the rebirth of Oakridge,” particularly due to the community amenities being offered, the opportunity to age in place and all the new services that will be available on site.

“Change is hardest on neighbourhoods where there’s been little change,” he said. “I’ve heard people [at the open house] say very positive things. I’m very proud of this. I think we’ve worked hard to create something really beautiful.”

Henriquez calls the development one of the more meaningful and important projects he’s worked on.

“You only build it once and it has to stand the test of time,” he said. “People have every right to be concerned if it’s their neighbourhood, but I believe this is the appropriate amount of height and density.”

A second open house runs from 10 a.m. until 4 p.m. in the former Zellers store at Oakridge Centre, Oct. 5.

© Copyright 2013