Stephanie Ip
The Province

Vancouver is raising the penalties being levelled against three high-profile residential operators that have been illegally running short-term rentals.

In April, CKNW reported on Carmana Plaza and The Level, two luxury properties in downtown Vancouver that had been advertising residential suites online for stays shorter than one month without a hotel or a bed-and-breakfast licence.

Residential rentals shorter than 30 days are illegal in Vancouver. Only those operating under a business licence for a hotel or bed and breakfast are allowed short-term rentals.

In response, the city vowed to investigate and had announced it would consider legal action against the properties. On Friday, the city announced “escalated enforcement” against three rental operators across four properties, with plans to take two of the operators to court.

The Level, located at 1022 Seymour St., is operated by Onni Development, whose parent company RPMG Holdings donated to Mayor Gregor Robertson’s Vision Vancouver party during the last election. According to a media release, Onni has agreed to immediately halt short-term rentals and has paid $24,000 in fines. The fines relate to rental activity over the last six months. Six months is the statute of limitations for those types of offences.

Vancouver Extended Stay and Carmana Plaza are both subject to legal action launched by the city.

Vancouver Extended Stay is a property management company serving owners at 1288 West Georgia St. and 1200 Alberni St. That firm has also stopped all short-term rentals, but is still required to obtain business licences in order to comply with city orders.

Carmana Plaza, at 1128 Alberni St., has been re-zoned and will be converting 96 of its suites for hotel use. Occupancy permits and a business licence are still needed and the process to obtain those two items has begun, but in the meantime, all short-term rentals at the property remain illegal.

“Carmana Plaza has agreed to stop accepting new short-term rental reservations, but the company is not willing to cancel existing future short-term rental reservations,” the city said in its statement. The building’s website has been taken down and now reads “under construction.”

Short-term rentals, such as those found on Airbnb, have come under fire in recent years, particularly in Vancouver where such rentals eat into rental housing stock and housing prices are already sky-high.

“The city is working on a policy framework to legalize some short-term rentals, with the goal of enabling people who want to live and work in Vancouver to rent their principal residence in the short term, while also putting measures in place to protect the long-term rental stock,” read Friday’s statement.

The city has maintained its efforts to crack down on short-term rentals are focused on commercial and large-scale operators, and short-term rentals that are unsafe. Vancouver has not yet set out a timeline as to when a formal policy and regulatory framework could be expected.

© 2017 Postmedia Network Inc.

Michael Bernard
The Vancouver Sun

Soho

Project location:  24 Avenue and 163 Street, South Surrey

Project size/scope: A three-storey development of 170 two-, three- and four- bedroom modern-design homes ranging from 1,477 to 2,034 square feet. All homes have large rooftop patios. Located within easy reach of three shopping centres.

Prices: From $659,990

Developer: Zenterra Developments Ltd.

Architect: Bernard Decosse Architect Inc., Vancouver

Interior designer:  Zenterra Design Department

Sales centre: 2280 163 St. Surrey (New show suites and new release of homes on June 3)

Sales contact: Bryanna Christopherson    

Hours: Noon — 5 p.m. daily

Telephone: 604-560-0272

Website: http://www.zenterra.ca/soho

Occupancy: 2017

In the lottery game that is finding an affordable single-family home in Metro Vancouver, Jared Tatterson readily admits he missed the boat. But he isn’t crying the blues about it.

That’s because he figures he’s much better off with a brand-new four-bedroom townhome with a rooftop patio that offers panoramic views of the White Rock Beach and the North Shore mountains. And, most importantly, there’s no lawn to mow.

“We actually had offers in on two different (single-detached) homes,” Tatterson said. The offers didn’t go through and then the summer came and the prices went through the roof. Then it just wasn’t affordable to have a single-family home.”

Instead, Jared, his spouse Julie and step-daughter Ava, 14, began looking around and happened on Soho last June, a townhouse development in South Surrey built by the award-winning builder, Zenterra Developments Ltd. It took them no time to make a decision.

“We absolutely love it because it feels [like] home, the place is spacious and beautiful and it’s everything we were looking for,” he said. “We just made the decision that we are not detached homeowners because I travel for work and we love to travel on a few vacations a year. We are gone a lot of the time, so we are not people that can keep up a home and mow the lawn.

“And that’s why for us, a townhouse where somebody takes care of the yard and takes care of the exterior of the house, it’s all managed. That’s more beneficial to us, to pay that extra couple of hundred dollars a month (in strata fees) to somebody to care of that, and it’s stress free.”

Zenterra sales manager Bryanna Christopherson says Tatterson and his family are typical of many of those buying into the larger-sized townhouses offered at Soho.

“We are seeing downsizers who take equity out of their home, cash in and still have a nice large space because they are used to a 3,000-square-foot house, she said. “Or we have people who have been living in smaller townhomes or condos and they want more space. While there have been a handful of investors, most buyers are end users.

“They are looking at Soho as a family home because a lot of them are priced out of the single-family home market. In this area, there are no single-family homes available for less than $1.2 million and that’s on the low end. If you only have $800,000 or $850,000, you can buy a brand new townhome of 2,000 square feet and don’t have to take care of the lawn, and have time on the rooftop patio.”

Christopherson said those who come to see Soho also like that the modern-design homes, by Vancouver architect Bernard Decosse, are different from the Craftsman or other traditional designs that have dominated many new developments in suburban Vancouver in the past 30 years. The use of colour on Soho’s exteriors — white with red, blue and purple — are a welcome relief from “a sea of beige,” she said.

Soho’s location is also a big selling point. On one side lies a large open meadow, parkland and a pond. On the other, within walking distance, are three major shopping centres — Morgan Crossing, Grandview Corners, and Grandview Centre — offering more than 1.2 million square feet of big box stores, specialty shops and restaurants, the urban-like amenities that inspired Soho’s name of New York fame.

“I grew up in this area and then I lived in Vancouver for 12 years and it is more walkable living here than when I lived at Broadway and Pine (in Vancouver), said Christopherson. “Every bank is here, Walmart is here, Superstore is here, Winners is here. It’s so convenient.”

 The interiors at Soho, with their luxury level finishings, are also a big draw, she said. The entry foyer has easy-care porcelain floor tile that opens on to plank laminate flooring, with plush carpeting on all upper floor stairs, hallways and flex rooms.

 All homes have fireplaces and entertainment centres, and come equipped with a convenient wire management system at no extra cost.

Kitchens feature modern Shaker-style or contemporary flat-panel cabinetry, quartz countertops, stainless steel appliances and a five-burner gas cooktop, a built-in wall oven and microwave. Kitchens come in either a galley style or an L-shape design and also include a generously sized island with pendant lighting overhead.

Ensuite bathrooms have seamless floor-to-ceiling Italian style porcelain tiles, double undermount sinks and Kohler fixtures and frameless glass showers. There is a powder room on the main level and a full bathroom on the lower level. All homes come with an attached garage.

Soho residents will share a 5,000-square-foot amenity building with two kitchens, two lounges including a large outdoor terrace area, a gym and pool tables and private meeting rooms. But the feature with the biggest wow factor remains the rooftop patio. They range from about 427 to 712 square feet, she said, adding “that is larger than some people’s entire condo space.”

 “The rooftops get a huge reaction,” said Christopherson. “You can see the ocean from many of our homes, mountain view from many others. It’s low maintenance, it’s ready to go.”

“And they are also very private,” she said. “Many townhomes have yards that are often facing into one another and have no privacy. “But with our rooftops, you have a six-foot wall on either side of your home. It’s outdoor living for many who are not buying that single-family home, but still want some usable space outdoors.”

The dividers, in fact, started out as shorter in height, she said. Then she had a conversation one day with Zenterra president Rick Johal, telling him that at five feet high, most people would be able to easily peer over them into their neighbours’ patios. Johal promptly decided to redo all the patios, raising the divider to six feet.

It’s not surprising to have this attention to detail at Zenterra. The developer has won multiple awards over the years, including a Grand Georgie Award — considered the Oscars of the development industry — this year, and in 2016, for Best Multi-Family Homebuilder.

The patios are also finished nicely with concrete tiles, and come equipped with water faucets for gardening and hookups for gas barbecues, even a cable hookup for TV.

Tatterson said the rooftop patio, with its sweeping views of White Rock Beach and the North Shore mountains, was the deal closer for his family. “The deck that we have is massive. You can fit a dining room table up there. We’ve got a huge hammock up there.”

His family, who moved in this April, did choose one option amid a full slate of standard luxury features — a built-in barbecue and bar fridge and handy storage drawers for $8,000.

Now all that has to come is the patio furniture, he said. “Once everything is set up, in the summertime, you pretty much won’t leave there.”

© 2017 Postmedia Network Inc.

Ephraim Vecina
REP

A newly-built 5,000-square-foot residential property situated at 707 Firdale St., Coquitlam, B.C. is going for $2.6 million in the local real estate listings—as well as for 2,099 bitcoin in Craigslist’s Vancouver and Hong Kong pages.

That sum of bitcoin is worth approximately $5 million, and real estate agent Mario Figliola—who had the house listed in the real estate market—stated that he is petitioning for the removal of the Craigslist ad, saying that it was an “honest mistake” by a friend.

“I was telling someone else how difficult it is now to sell a higher end house because the market has changed. There are more rules and regulations on taxes, like the foreign tax has come into effect,” a baffled Figliola told CBC News. “He heard that, I guess, and he said ‘I’m going to get you a buyer,’ so he posted an ad.”

“This person is not a Realtor. He was just trying to help out, I guess,” he added. Figliola declined to identify the friend, who listed the home on Craigslist on April 2.

Legal experts noted that plenty of due diligence is required among those who are considering using bitcoin in their transactions.

“[Real estate professionals] have to be aware of the Criminal Code,” according to lawyer Christine Duhaime, who focuses on counter-terrorist financing and anti-money laundering law.

“It prohibits them from taking bitcoin from a terrorist organization, a sanctioned country or organization or from taking money they know is associated with the commission of a serious offence anywhere in the world,” Duhaime explained, adding that real estate agents cannot accept bitcoin as payment.

Copyright © 2017 Key Media Pty Ltd

Steve Randall
REP

While rising home prices are a concern for many in Toronto, there’s another real estate boom on the horizon.

Commercial rents are set to rise sharply due to rising demand, an influx of highly-skilled workers and a shortage of new buildings. Toronto will lead the surge for commercial real estate but Vancouver, Montreal and Calgary are also expected to feel the heat.

The forecast from JLL Canada covers the next three to five years and expects Toronto in particular to catch up with rental growth in major US cities.

“I predict that rental rates of offices in the major markets will grow significantly over the next 3 years and anticipate that rents will increase as much as 50% in the most desirable well located trophy office buildings” says Brett Miller, Chief Executive Officer of JLL Canada. “In Toronto, valuations for trophy office product were on par with those seen in New York, Paris, London and Shanghai.”

The vacancy rate is Toronto is the lowest of major North American cities and there is no significant new supply expected for three years once the EY Tower is completed.

“With US technology firms looking to further expand their presence in the country, Canada will see a flux of highly-skilled immigrants enter the workforce, creating more demand for office space,” added Miller.

Copyright © 2017 Key Media Pty Ltd

Young buyers are The Main?s target

Mary Frances Hill
The Province

The Main

Where: 37881 Cleveland Ave., Squamish

Project size: 110 residential units over commercial space

Residence sizes and prices: one and two bedrooms, 428 to 1,158 square feet, priced between $219,900 and $597,900

Developer: Gravitas

Sales centre: 1416 Winnipeg St., Squamish

Hours: noon— 5 p.m., Sat — Thurs

The cost of purchasing a new condominium in Metro Vancouver means many younger buyers are left on the sidelines. That in mind, developer Gravitas and designer Ian Wong of Lot 30 Design Co., are appealing to this demographic at The Main Squamish condo project, where homes start at under $220,000.

Gravitas looks to what it calls the “young, adventurous, entrepreneurial and community-minded” demographic in its marketing of The Main, and Lot 30 Design considered the specific needs of this group in its design work.

Wong said it’s vital that he didn’t skimp on quality in the homes, which range from 428 to 1,158 square feet, so he made the most of the higher-end materials, although in smaller quantities.

“A lot of the time, we cannot use expensive materials because of budget constraints. In cases like these, we limit expensive material to small quantities at eye-catching locations so it’ll give a big impact,” he says. ”Other times, we use inexpensive materials in an atypical way so the result still look fresh.”
Keeping the décor and finishes simple and elegant could be as easy as limiting colours and shades to a defined palette, while adding subtle contrasts in tone.
In the kitchen, finishes are neutral, though visitors will notice a difference in shade between the wood cabinetry, floors and upper cabinetry.

Kitchens have wood-grain laminate for lower cabinets and high-gloss finish for upper cabinets with soft-close hardware.

 “We always like to have a slight contrast in colour and texture. It gives the space some definition, but yet still reads as one.”

Wong and Lot 30 Design also try to show visitors that space shouldn’t define lifestyle. He suggests that a den could be converted into what he calls an “outdoor gallery” highlighting the outdoor activities that the area is known for.

 “I think using the den as an outdoor gallery has given this demographic of buyers an opportunity to see what they can do with the space,” he says. “Also the other room, the library, can easily turn into a home office for start-up entrepreneur.”

Though Lot 30 Design works with larger developers and on the design of private residences, Wong says the team enjoys forming strong relationships with smaller developers like Gravitas. A shared respect gave Wong a lot of independence on the project, he says.

“This is the second condo project we worked with Gravitas. We have gained mutual trust from the past project and hence more freedom to create this time.”

© 2017 Postmedia Network Inc.

Bill 40 condo sellers ‘hit the lottery’

Western Investor

Since Bill 40, an act that allows B.C. strata owners to more easily disband the strata corporation and sell the entire building for development, was introduced last July, it has had mixed success. Court delays and other issues dragged out sales, and, in at least two cases, owners received little more, or even less, than they would have if they had sold the condos individually, based on local values.

But two recent sales, of a 36-unit condo project and a 48-unit condo project, both on North Road in West Coquitlam and close to the Burquitlam SkyTrain station, show they can be a win-win for all parties. The key is that both projects had 100 per cent support from the strata owners, which means the sale did not require court approval (under Bill 40, 80 per cent support can trigger a sale, subject to court approval). Also, the sites had been rezoned for higher density. The sale of both low-rise, wood-frame buildings closed in March, just six months after owners had voted to sell.

The deals were co-brokered by Casey Weeks, vice-president of investment at Colliers International. He said the buildings dated to the 1960s and 1970s and owners were facing expensive repair and maintenance costs.

 “For many of these owners, the sale was like hitting the lottery,” he said. “These were all owner-occupiers, so there was no capital gains tax.”

633 North Road, with 36 units on a 30,980-square-foot lot, sold for $14 million, or an average of $388,888 per unit. 

705 North Road, with 48 strata units, sold for $20 million, or an average of $416,666 per unit. The benchmark MLS price for a west Coquitlam condo apartment, was $387,700 in March, but would have likely been lower for old units in dire need of repairs.

Colliers has two similar Bill 40 strata sales in the works, including one in Burnaby’s Metrotown.

Copyright © 2017 Western Investor

REW

Over the past few years, Port Coquitlam has been a community on the move. It is one of the fastest-growing cities in the Lower Mainland and was ranked the third most-livable city in the province.

Add in the proximity to Traboulay PoCo, a stunning network of trails, parkland and river ways, and every urban amenity that homebuyers and investors are looking for, it’s no wonder Lumiere is attracting a lot of attention.

Located on Kelly Avenue is where you will find Saturn 121 Construction’s newest condo project – a family-friendly, boutique-style condominium development consisting of 63 modern low-rise residences. Showcased by contemporary architecture, with private decks and brick accents, these one-, one-plus-den, two- and two-bed-plus-den homes range from 690 to 1,150 square feet.

Each features an efficient floor plan with all the comforts and charm that you would expect from a new modern home, including a smart thermostat in all units (controlled via wifi), central vacuum cleaner rough-in and wood shaker-style kitchen cabinetry. Generous nine-foot ceilings, premium laminated flooring, gourmet kitchens with stainless steel appliances, quartz countertops, Kohler fixtures and floor-to-ceiling windows define the space – bathing the residences in natural light.

Port Coquitlam is one of those places that feature everything an urbanite and outdoor enthusiast wants while showcasing the best of rural. With rapid growth in the city core, Lumiere is part of one of the fastest growing communities in the city; making it an excellent opportunity to buy in a neighbourhood close to excellent schools – including Riverside Secondary and other private schools.

“You have easy access to Vancouver and other cities on the new Evergreen SkyTrain Line, as well as on the West Coast Express train, that goes directly to downtown Vancouver’s Waterfront Station in less than half an hour,” says Eugene Artin, sales manager for Lumiere. “Lumiere is also only three blocks away from Gates Community Park and the Port Coquitlam Recreation Centre.”

Lumiere is minutes to a wonderful mix of independent shops and restaurants in addition to big retailers such as Safeway, Costco, Walmart, Canadian Tire (with more merchants anticipated later this year). It is also close to everything that the Tri-Cities has to offer, including Coquitlam Centre.

Port Coquitlam is a thriving community where young professionals, families and downsizers can still purchase a beautiful home at a fraction of what they would pay in Vancouver. As such, the city is increasingly becoming a more popular place to live, work and play. As prices are expected to rise in Port Coquitlam, this is an opportunity for real estate investors and prospective home buyers alike to get in on the ground floor.

For nearly two decades, Saturn 121 Construction has earned a stellar reputation for excellence in design, quality, service and construction.

With prices starting at $373,000, these homes won’t last. Lumiere’s sales centre and showroom is open daily from 11 am to 4pm at 2436 Kelly Ave., Port Coquitlam. Occupancy is set for the end of 2018.

© 2017 REW.ca