Archive for May, 2018

RBC releases Q2 report

Thursday, May 24th, 2018

Second quarter profit surpassed market expectations

REP

Royal Bank of Canada’s second-quarter profit surpassed market expectations with a more than nine per cent jump compared with a year ago, on strong results across its divisions and on both sides of the border.

Canada’s biggest lender by market value reported net income attributable to common shareholders of $2.98 billion or $2.06 per diluted share for the quarter ended April 30, up from $2.72 billion or $1.85 per diluted share a year ago.

On an adjusted basis, RBC says it earned $2.10 per diluted share for the quarter, up from $1.89 a year earlier.

Analysts had expected a profit attributable to shareholders of $2.05 per share, according to Thomson Reuters Eikon.

RBC chief executive Dave McKay said the bank maintained good momentum during the quarter.

“Our businesses executed on client-focused growth strategies while continuing to demonstrate strong risk management,” he said in a statement.

The lender’s Canadian personal and small business banking division reported a seven per cent increase in net income to $1.46 billion. And despite a cooling Canadian housing market, RBC’s mortgage growth stayed steady.

RBC had $258 billion in uninsured and insured residential mortgages across Canada at the end of the quarter, up 5.1 per cent from a year earlier. For comparison, RBC had $246 billion in residential mortgages in Canada at the end of the period last year, up 4.9 per cent from $234 billion in the second quarter of 2016.

RBC’s wealth management arm saw a 25 per cent jump in net income to $537 million. The bank said this was largely due to several factors, including an increase in net interest income _ which refers to the profit generated on loans _ due to higher interest rates and a lower effective tax rate in the U.S. after corporate tax cuts which took effect this year.

The bank’s insurance arm saw a four per cent increase in net income to $172 million compared with a year ago, and RBC’s investor and treasury services division’s net income increased 10 per cent to $212 million.

RBC’s capital markets arm, however, saw flat net income of $665 million, due to lower revenue amidst less favourable market conditions.

The bank’s provisions for credit losses, or money set aside for bad loans, was $274 million, down $24 million or eight per cent from the second quarter of 2017. RBC said this was mainly due to lower provisions in wealth management and Capital Markets, partially offset by higher provisions in personal and commercial banking. This is also the second quarter to reflect a new accounting standard that put a greater emphasis on a bank’s expected losses over the life of the loan, and in turn, introduce more volatility to the measure.

The bank’s common equity tier 1 ratio, a key measure of the bank’s financial health, was 10.9 per cent, down from 11 per cent in the previous quarter, but up from 10.6 a year ago.

Scott Chan, an analyst with Canaccord Genuity, said while RBC’s results were strong across most of its business segments, it was a “low-quality beat benefiting from lower provisions and tax.”

The Canadian Press

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Mortgages felt in chartered banks’ Q2 reports

Thursday, May 24th, 2018

RBC and TD banks show increase in Q2

Doug Alexander
REP

A surge in business loans at Royal Bank of Canada and Toronto-Dominion Bank is helping lessen the sting of a mortgage slowdown.

Royal Bank’s balances from Canadian business lending rose 22 percent to C$97.2 billion ($75.6 billion) in the fiscal second quarter from a year earlier, the Toronto-based lender said Thursday. Growth in that area, along with a 25 percent jump in wealth-management earnings, helped Royal Bank post profit that beat analysts’ estimates. Toronto-Dominion’s business loans in its Canadian retail division climbed 9.8 percent to C$71.8 billion.

“It’s really a favorable macro-economic environment in Canada and the U.S. right now that’s driving really healthy business demand,” Shannon Stemm, an analyst with Edward Jones & Co., said in a phone interview. “It’s a smart pivot for some of these banks to really focus in on their efforts on the business side when you think about the looming risks and the fact that they’re potentially not getting credit for the growth on the consumer side.”

Canadian banks have seen expansion in domestic business lending while mortgage growth has cooled as tougher mortgage qualification rules, elevated housing prices and overextended borrowers weigh on demand. The country’s business leaders are showing positive sentiment supported by healthy sales prospects even with evidence of capacity and labor pressures from recent strong demand, according to Bank of Canada’s latest survey on the topic.

Toronto-Dominion shares gained 1.6 percent to C$76.71 at 9:48 a.m. in Toronto after the lender also posted quarterly profit that topped estimates with earnings gains across all its major businesses. Royal Bank slipped 1.3 percent to C$99.77.

Mortgage Lending

Domestic business loans at Royal Bank have accelerated at a pace exceeding 12 percent since the second quarter of 2017, while residential mortgages have hovered around 5 percent. Toronto-Dominion has seen at least six quarters of business loan growth above 8 percent.

“We’ve been quite focused on making sure that we have the best business bankers,” Toronto-Dominion Chief Financial Officer Riaz Ahmed said in a phone interview. “We have focused on a number of areas where we have been under-represented, including markets outside of Ontario, agriculture, dealer financing, leasing, etc.”

Financial firms have been anticipating a slowdown in domestic home lending, with Canadian Imperial Bank of Commerce on Wednesday reporting the slowest growth in three years. Toronto-Dominion’s mortgage book edged up 1.2 percent, though growth including amortizing home-equity loans climbed 5.9 percent. Royal Bank’s mortgage balances rose 5 percent, a similar pace from prior quarters.

“Notwithstanding monetary tightening and regulatory changes that affected some homeowners, we continued to see solid mortgage volume growth this quarter,” Royal Bank Chief Executive Officer David McKay said on a call with analysts. “We also saw momentum continue in business lending as the result of our focus on growing a commercial client base.”

Bank of Nova Scotia is scheduled to report results May 29, followed by Bank of Montreal and National Bank of Canada on May 30.

Here’s a summary of RBC and TD results:

Royal Bank said net income for the period ended April 30 rose 9 percent to C$3.06 billion, or C$2.06 a share, from C$2.81 billion, or C$1.85, a year earlier. Adjusted profit, which excludes some items, was C$2.10 a share, the bank said. That beat the C$2.05 average estimate of 14 analysts surveyed by Bloomberg. Toronto-Dominion’s net income rose 17 percent to C$2.92 billion, or C$1.54 a share, from C$2.5 billion, or C$1.31, the lender said in a separate statement. Adjusted profit was C$1.62, exceeding the C$1.50 average estimate of 13 analysts surveyed by Bloomberg. RBC’s Canadian banking earnings rose 8.4 percent to C$1.43 billion, while Toronto-Dominion posted a 17 percent jump in domestic personal-and-commercial banking. Both firms benefited from higher net interest margins in their Canadian banking divisions. Royal Bank’s margins widened 6 basis points to 2.74 percent from the first quarter, while Toronto-Dominion’s NIM climbed 2 basis points to 2.8 percent. Capital markets earnings slipped 0.4 percent to C$665 million at Royal Bank, while Toronto-Dominion’s wholesale banking unit posted a 7.7 percent increase to C$267 million. Earnings from Toronto-Dominion’s U.S. retail division, which includes its stake in TD Ameritrade, increased 16 percent to C$979 million. Profit at Royal Bank’s wealth-management division, which includes Los Angeles-based City National Bank, jumped 25 percent to C$537 million. 

Copyright Bloomberg News

Copyright © 2018 Key Media Pty Ltd

Listed for sale and redevelopment of 4 Esso Gas Stations, Vancouver

Wednesday, May 23rd, 2018

Four more Esso gas stations in Vancouver listed for sale and redevelopment

Kenneth Chan
other

CIBC releases Q2 report

Wednesday, May 23rd, 2018

Q2 showed better than expected returns

Armina Ligaya
REP

TORONTO _ The Canadian Imperial Bank of Commerce reported better-than-expected earnings for its second quarter with a nearly 25 per cent increase in net income, year over year, due to strong results at home and south of the border helped by its U.S. acquisitions last year.

The lender, the first of the large Canadian banks to report its latest results, said Wednesday it earned a profit attributable to common shareholders of $1.29 billion or $2.89 per diluted share for the quarter ended April 30, up from $1.04 billion or $2.59 per diluted share a year ago.

On an adjusted basis, Canada’s fifth-largest bank said it earned $1.32 billion or $2.95 per diluted share for the quarter ended April 30, up from $1.06 billion or $2.64 a year earlier.

Analysts had expected a profit of $2.81 per share, according to Thomson Reuters Eikon.

`”In the second quarter, each of our business units performed well,” CIBC chief executive Victor Dodig said in a statement.

“We delivered robust earnings growth with continued progress on our strategy to build a relationship-oriented bank for a modern world with high quality, diversified earnings growth and disciplined expense and capital management.”

The lender’s Canadian personal and small business banking division reported a 16 per cent increase in net income to $584 million. The increase came despite slowing growth in mortgage lending amid tighter regulations, higher interest rates and April national housing sales activity at lows not seen in several years.

CIBC’s spot mortgage balance for the second quarter was $203 billion, up 6.8 per cent from a year ago, but flat compared with the first quarter. By comparison, in

the second quarter of 2017, CIBC’s spot mortgagebalance was $190 billion, up 12.4 per cent from the previous year and up 2.2 per cent from the previous quarter.

Meanwhile, the lender’s domestic commercial banking and wealth management arm earned $310 million for the quarter, marking a nine per cent increase from the same period a year ago.

CIBC’s U.S commercial banking and wealth management arm saw a significant jump in net income in the second quarter, climbing 431 per cent year-over-year to $138 million. It was boosted by the acquisition of Chicago-based PrivateBancorp in June last year, later rebranded as CIBC Bank USA. The bank also acquired Chicago-based private wealth management firm Geneva Advisors in the fourth quarter of 2017.

The lender’s capital markets arm, however, saw a seven per cent decrease in net income to $249 million compared with one year ago “primarily due to higher non-interest expenses and a higher effective tax rate, partially offset by higher revenue.”

The bank’s provisions for credit losses, or money set aside for bad loans, was $212 million, up $33 million or 18 per cent from the second quarter of 2017. CIBC said this was primarily due to an increase on provisions on impaired loans due to the inclusion of the results of CIBC Bank USA. As well, this marked the second quarter which reflects a new accounting standard that puts a greater emphasis on a bank’s expected losses over the life of the loan, and in turn, introduce more volatility to the measure.

The bank’s common equity tier 1 ratio, a key measure of the bank’s financial health, was 11.2 per cent, up from 10.8 per cent in the previous quarter but down from 12.2 a year ago.

Gabriel Dechaine, an analyst with National Bank of Canada Financial Markets, said CIBC’s latest quarterly results were positive with “exceptional results” in Canadian personal and commercial banking 

The Canadian Press

Copyright © 2018 Key Media Pty Ltd

Greater Toronto area will have a housing shortage in the near future

Wednesday, May 23rd, 2018

Unprepared market due for shock

Neil Sharma
REP

A study out of Ryerson University warns of a severe housing shortage in the near future.

The report, called Millennials in the Greater Toronto and Hamilton Area: A generation Stuck in Apartments?, notes that a million millennials are still living with their parents in the Greater Toronto and Hamilton Area, but that over the next decade about 70% of them will be fledging homeowners. Complicating matters, boomers aren’t expected to downsize until at least 2040.

“The report points out that best way to help ensure the Canadian dream of homeownership stays within reach is by increasing housing supply, particularly for starter homes and the missing middle,” said Tim Hudak, CEO of OREA, which sponsored the study. “The missing middle is a neat solution because it is appealing to millennials and first-time homebuyers, given its affordability, but it’s also attractive to empty nesters because they can still stay in the city close to their grandkids, but free up the traditional family home for somebody else.”

The report’s determination that housing mobility is becoming static is buttressed by the fact that, per annum, fewer units of housing than needed are routinely delivered.

“Because we haven’t added onto the supply and somebody moves, musical chairs ensue where maybe a few people move up the ladder, [and] that results in higher prices and doesn’t help millennials get a place of their own,” said Hudak. ““Governments have piled on the back of millennials and first-time homebuyers, making it harder to get a mortgage and paying higher taxes.

“The study we released says the government should do just the opposite. Millennials are now entering the time where they’re getting promoted at work, making more money and thinking of raising families. They’re looking to get into the housing market, and government should be focusing on increasing supply and helping to get the costs down, like lowering the Land Transfer Tax.”

But while the report promulgates single-family dwellings as reasonable aspirations, Shaun Hildebrand, senior vice president of Urbanation, disagrees.

“It may be at odds with some of the data we’re witnessing and the trends we’re seeing, which is an increase of millennials wanting to live downtown and wanting to rent for affordability and lifestyle choices,” he said. “I’m not sure that millennials can be generalized into wanting to flee the city and live in single-family homes in a suburb with a long commute. A larger theme is at play here, and it’s resulting in a lot of young individuals putting down roots in the city.”

Copyright © 2018 Key Media Pty Ltd

Sharp rise in major deals for Vancouver’s suburban office market

Wednesday, May 23rd, 2018

Investor confidence has boosted office market

Steve Randall
Canadian Real Estate Wealth

Growing investor confidence has boosted Vancouver’s suburban office market according to the Canadian arm of a global real estate firm.

There were 14 major deals closed by CBRE Vancouver’s National Investment Team on suburban office buildings in Q1 2018 compared to 8 in Q1 2017.

The vacancy rate in the first three months of 2018 fell to just 8.1%, the lowest since 2001; and rental rates increased in 5 of the city’s 7 sub-markets.

“We expect the rising investor demand trend in the suburbs to continue as falling vacancy rates will result in lease rate growth,” said Tony Quattrin, Vice Chairman of the National Investment Team at CBRE Vancouver. “Interest from domestic and foreign investors remains strong for the suburban office market, particularly along suburban transit stations, supporting continued strong values in these areas. In fact, investors in the suburban office market are seeing returns up to 40% higher than downtown Vancouver.”

Tight Downtown benefits sub-markets across industries
The sub-markets are benefitting from Downtown Vancouver’s status as the second tightest office market in North America as economic conditions are increasing demand for space.

And the CBRE report found that it’s not just the fast-growing tech sector that is expanding its requirements. Those seeking suburban offices include government, construction, and engineering firms.

“There has been incredible demand for well located, new suburban office product and a notable flight to quality in the suburban market which is dominated with aging stock,” said Luke Gibson, VP of Office Properties for CBRE Vancouver. “Employers clearly see the value in locating themselves in the most desirable space in order to attract and retain top talent in a competitive environment.”

Copyright © 2018 Key Media Pty Ltd

Class action lawsuit launched against BC government over speculation tax

Wednesday, May 23rd, 2018

The lawsuit says the speculation tax is in potential violation of the Charter rights of fellow Canadians

Eric Zimmer
other

After the BC government announced the introduction of a Speculation Tax as part of its provincial budget earlier this year, a class action lawsuit has now been filed against the government in response.

Launched by out-of-province homeowners, the suit includes a letter sent to the government from the law firm Gowling WLG, which outlines the case.

Made available to Daily Hive, the letter specifically mentions “homeowners from Alberta” and says the speculation tax “raises a number of serious concerns from a legal perspective, not the least of which is the potential violation of the Charter rights of fellow Canadians.”

As the tax would apply to a person with primary residence in any province other than BC, but with another home in a community in which the tax applies to, “such tax would discriminate against Canadians on the basis of their province of primary residence,” the letter reads.

The tax would impose a “substantial” financial burden on those affected and would restrict the ability for people from outside BC to live in BC, it adds.

“In our view, such restriction would violate the interprovincial mobility rights guaranteed to Canadians under section 6 of the Charter.”

The letter note that additional legal issues could arise with respect to its ultimate implementation.

“This includes reviewing any potential conflicts of interest with the Exempted Individuals, or other government officials, who obtained exemptions for their particular ridings or for ridings in which they or a related party owns a home,” it reads.

And when it comes to those aforementioned exemptions, “we also understand that a number of MLAs… such as Andrew Weaver… and Leonard Eugene Krop… may have received an exemption from the speculation tax with respect to either of their ridings or for ridings in which they or a related party owns a home.”

Gowling WLG has also sent a copy of the letter to the Ministry of Finance.

© 2018 Buzz Connected Media Inc.

The controversy over the PSA test is failing men with aggressive prostate cancers

Tuesday, May 22nd, 2018

Controversy surrounds PSA test

Larry Pynn
The Province

One typically thinks of men 50 and older getting a PSA blood test to help smoke out prostate cancer.

But B.C. politician Rick Glumac took the test at age 46, a life-changing decision that he encourages others to pursue.

“I noticed some subtle changes that were easy to ignore — and I did for over a year,” says the NDP MLA for Port Moody-Coquitlam. “It started to worry me more and more.”

Turns out he had an elevated PSA score of 4.9. A followup biopsy confirmed in December that he had prostate cancer, and Dr. Larry Goldenberg performed robotic-assisted surgery soon thereafter.

Married with two children, Glumac lost just two weeks of work at the B.C. legislature. His prognosis is good.

“It’s been challenging, for sure,” he allows. “I’d never been in the hospital overnight for anything in my entire life. I’ve always been healthy. It was quite a shock.”

Glumac fully supports early detection through the PSA test — it’s not definitive, but an important clue that can help men uncover a potentially deadly cancer early on. He’s a fit man, and had no known family history of prostate cancer. “It’s something I’ll do ongoing to make sure there is no recurrence of this cancer.”

The PSA test measures the amount of prostate-specific antigen, a type of protein, in a man’s blood. When a man has an elevated PSA, it may be caused by prostate cancer, but it could also be caused by other conditions such as an enlarged or inflamed prostate.

The trick before undergoing invasive treatment is to determine which cancers are likely to be aggressive and spread, and which are not — instead growing so slowly they are unlikely to pose a threat during a man’s lifetime.

And that’s a big part of the controversy that has raged over PSA testing the past several years.

“The test itself is fairly harmless, a blood test,” explained Ryan Woods, scientific director of the B.C. Cancer Registry. “The concern is if it identifies a whole bunch of cancers that wouldn’t have been diagnosed in someone’s life without that test.

“Those men will get follow-ups for biopsies, some of them aggressive procedures to deal with the tumours. The harm involves additional procedures that might not have been necessary.”

But without the PSA test, men with aggressive cancers might not be diagnosed — at least, not until it’s late in the game.

“For that person, it’s really important,” Woods continued. “To me, in public health, it’s one of the hardest things, trying to come up with that balance of harm and good.”

A troubling chart on Woods’s computer screen reflects the controversy.

It shows a spike in the rate of prostate cancer diagnosis among B.C. men in the late 1980s through early 90s. That coincided with the PSA test becoming common, and more men learning that they silently carried the disease.

The troubling part is the sharp decline in detections in recent years, which could be caused by the uncertainty and controversy over the PSA causing fewer family physicians to order the blood test for patients.

And that could mean more men with undetected aggressive cancers.

“We saw a dramatic rise in prostate cancer rates, pretty much consistent in all the developed world, due to a lot more cases being discovered,” Woods said.

The rate of prostate cancer detections was 226 for every 100,000 men in 1993. By 2015, it fell to 103 cases per 100,000, or about the same rate as in 1978.

“Are we now missing some of the ones that really are going to become clinically apparent?” Woods said. “Are we going to catch those ones later on? That’s where we need to monitor data to assess that.”

(A procedure before the PSA test known as TURP — transurethral resection of the prostate, the removal of tissue from an enlarged prostate, followed by testing for cancer — also contributed to the rise in detection in the 1980s.)

Challenging the PSA test

In 2014, the Canadian Task Force on Preventive Health Care issued a report recommending against PSA screening for men, although the strength of its recommendations varied by age group: strongest for men under 55 years of age and those 70 years and older; and less so for the 55-69 age group, saying “there is inconsistent evidence of a small potential benefit of screening, and evidence of harms.”

There is a remote risk of death due to a biopsy test, and the potential for infections. Removal of the prostate carries the risk of incontinence and erectile dysfunction.

The task force, which will report back in five years, said its recommendations reflect “concerns with false positive results, unnecessary biopsies, over-diagnosis of prostate cancer, and harms associated with unnecessary treatment.”

Dr. Neil Bell is a professor of family medicine at the University of Alberta in Edmonton. He chaired the team that made the recommendation. The task force mainly involved experts in preventive screening and epidemiology rather prostate cancer specialists, and concluded that the PSA test had little effect on survivability.

Bell argued in an interview that the “vast majority” of men diagnosed with cancer through the PSA test will not benefit from therapy.  “Controversy in prostate cancer screening is going to go on forever, until they get a better test than the PSA test,” he said. “If you go through all the steps, including surgery, and you’re fine … your belief system is that it cured you and everyone should have the test.”

The bottom line is that doctors must carefully discuss the implications of treatment with patients before any decision is made.

“There is a concept of shared decision making, which urologists talk about, but I don’t think they actually do it in the manner … it should be done,” Bell said. “Often, it’s ‘I’ll share my decision with you or figure it out on your own.’”

In the book, Over-Diagnosed: Making People Sick in the Pursuit of Health, Dr. H. Gilbert Welch writes that screening for prostate cancer is a double-edged sword. “It can produce benefit: Providing the opportunity to intervene early can reduce the number of deaths from cancer. It can produce harm: over-diagnosis and over-treatment. And it can do both at the same time. So, while a strong case can be made for cancer screening, there are good reasons to approach it cautiously.”

In the U.S., the medical community has also addressed the issue, but recently made some subtle but important changes. In 2017, draft recommendations of the U.S. Preventive Services Task Force softened its 2012 opposition to PSA screening, by suggesting only men 70 and older should not receive such tests.

Within the 55 to 69 age group, it noted the risk of over-treatment has been reduced in recent years by the use of active surveillance in men with low-risk prostate cancer, a way of monitoring prostate cancer that hasn’t spread outside the prostate. Men whose cancers progress during surveillance are offered surgery or radiation treatment. The U.S. task force urges “individualized decision making about screening for prostate cancer after discussion with a clinician.”

U.S. comedic actor Ben Stiller used his fame to raise awareness in 2016, saying he learned he had prostate cancer in 2014, and had the prostate removed. He was only 46.

“Taking the PSA test saved my life. Literally,” he wrote. “This is a complicated issue, and an evolving one. But in this imperfect world, I believe the best way to determine a course of action for the most treatable, yet deadly cancer, is to detect it early.”

A question of treatment, not diagnosis

Urology surgeons associated with the Vancouver Prostate Centre fully support the PSA test.

“It’s a continuous variable — the higher your PSA, the poorer your outcome,” says the executive-director, Dr. Martin Gleave. “What’s the best way to diagnose prostate cancer? It’s by far PSA. By far. Is there a controversy? Yes, but a lot of that controversy is through misunderstanding.

“The argument was that PSA was catching too many small fish. But across Canada we’ve led the world over the past 20 years in establishing active surveillance as the way to reduce your risk of PSA-detected morbidity.”

Magnetic resonance imaging, MRIs, is also used to assess the presence of cancer and the best treatment. Too expensive for general use, the MRI can provide more detailed followup information, including on whether a cancer has advanced to tissue beyond the prostate. Because of backlogs in the public system, patients may spend $1,000-plus for an MRI in the private system.

At what PSA level should family doctors refer their patients to a urologist?

As a guideline, Gleave says men in their 40s should have a PSA score under 2.5; in their 50s under 3.5; in their 60s under 4.5; and in their 70s under 6.5 — rates that should be followed over time to ensure they don’t increase too quickly. Modest rises over time are considered acceptable.

Dr. Kim Chi, a medical oncologist with B.C. Cancer, also emphasizes the importance of early diagnosis. “We know we can diagnose men earlier in the disease, at a point when a cure is achievable” he said.

“We identify low risk cancers by the way the biopsy looks under the microscope, the PSA level, and how much cancer is in the prostate. A lot of research is being performed to try to better refine the risk categorization of prostate cancer.”

Dr. Mira Keyes, B.C. Cancer’s head of brachytherapy in Vancouver, said that as a result of the PSA controversy she’s “seeing more patients with more higher-risk prostate cancer, more aggressive disease, requiring multi-disciplinary treatments.”

While the goal is not for every man to receive a PSA test annually, she said that a baseline test before age 50 could be valuable in tracking the disease over time. “It puts the patients into low or high risks of developing prostate cancer.”

An estimated 620 men died of prostate cancer in B.C. last year.

“All die from metastatic disease,” Chi continued. “Most were diagnosed with metastases at the outset or had locally advanced disease which subsequently metastasized. This emphasizes the need for early detection.”

Glumac’s surgeon, Goldenberg, estimates that about 50 per cent of men who take the surveillance option will require treatment after three to five years — surgery or radiation — but during that time have avoided the complications of treatment.

“It’s a wrong decision not to want to know,” said Goldenberg, who encourages men to pursue the PSA test and rectal exam. “You might be the guy with the aggressive cancer that will kill you — and 40,000 to 50,000 men in North America are dying every year from prostate cancer.

“A lot more men are living with it, but you don’t know which category you’re in until you look for it. So be brave and make that decision to be checked.”

Goldenberg fears that the Canadian task force recommendations are robbing men of the chance for early detection and treatment.

“There’s a good expression — every case of metastatic cancer was once localized curable cancer.

“Most men are happy to live with the knowledge they have a low-level cancer and that it likely won’t harm them but that it will be monitored in case of changes.”

There is already evidence that the Canadian task force recommendations are swaying family doctors.

Goldenberg’s son, Mitchell, a urology surgeon in Toronto, headed a 2016 survey, published in the Canadian Urological Association Journal, of 1,254 primary care providers.

The survey found that 54.7 per cent of physicians who were aware of the recommendations reported conducting fewer PSA tests as a result. Overall, 55.6 per cent of physicians feel that the risks of PSA screening outweigh the benefits.

Said Bell: “Family physicians are not a unified group that believe all the same thing. … Some are advocates and some are skeptics. Some family doctors also may simply not want to spend the time necessary with a patient to discuss all the options, he said.

Visit here for more details of the survey.

The survey also found that physicians in practice for more than 20 years were significantly more likely to support men 55 to 69 years old getting the PSA test. Said Larry Goldenberg: “Maybe he’s had prostate cancer or has seen so many cases in his career that he knows it’s a serious disease.”

In B.C., men have to pay about $35 for the PSA test unless the doctor has grounds to request it. The province funded PSA tests for 192,002 men in the 2016-17 fiscal year — including LifeLabs and Health Authority outpatient labs, but not in-patient lab tests performed in hospitals — which compares with 206,630 men in 2013/14.

Decades ago, Goldenberg would see patients “on crutches with metastasis in their spine or their hips, bone disease, needed their testicles removed — castration — and they would die miserable deaths.

“That’s an uncommon presentation today. Why? Because of PSA screening. The debate should not be on over-diagnoses, it should be on over-treatment. And we’re fixing that.”

The PSA debate is a critical one, but is largely lost on men.

A survey by Prostate Cancer UK showed that 60 per cent of men over 50 had never heard of the PSA test — even though some 11,000 die annually from prostate cancer.

Wally Oppal, B.C.’s former attorney general, concedes he “didn’t really know that much” about the PSA test when he was diagnosed with prostate cancer. He had his prostate removed in 2007, and now receives an annual PSA test and his readings have been negligible since the operation.

Oppal supports men getting tested. “It’s better to find out what you have than go blindly forward.”

© 2018 Postmedia Network Inc.

Glenpark Row 284 Valley Road Kelowna 52 three bedroom townhomes on 2.43 acres by VanMar Developments

Saturday, May 19th, 2018

Glenpark Row the perfect pick for those looking for quality and value in Kelowna

Michael Bernard
The Vancouver Sun

Glenpark Row

Project location: 284 Valley Road, Kelowna

Project Scope: Fifty-two 3 bedroom and flex space townhomes on a 2.43 acre site, ranging in size from 1,440 sq. ft. to 1,500 sq. ft. Walking distance to Glenpark shopping centre, schools, daycares and Glenmore Recreation Park (under construction).

Developer: VanMar Developments

Architect: Raymond Letkeman Architects Inc.

Interior design: Laura Vroom Design

Project marketer: Fortune Marketing Inc.

Price: From $499,900

Sales centre: 284 Valley Road, Kelowna

Sales phone: 778-821-3888

Occupancy: starting summer 2019

When Kylagh and Adam Cornford were married in 2013, the young couple’s prospects of finding an affordable home in Metro Vancouver appeared pretty dim.

“We were looking at buying a place in Maple Ridge at the time, but in the end, it just wasn’t the right situation or the right time for us,” said Kylagh, now 27.

“And the commute was really far out for us, with my husband working in North Vancouver, an hour away.”

Fast forward to 2017, and the outlook for buying a home looked even dimmer.

That prompted the two to pull up stakes and move to the Okanagan. Kylagh’s family lives in Vernon and Adam’s mother is in Kelowna.

What a difference a year can make. Today, they are the proud owners of a soon-to-be-built townhome with three bedrooms and a den, one of 52 that form the Glenpark Row development in Glenmore, a neighbourhood in northeast Kelowna.

“My husband is just seven minutes from his job working at a museum,” Kylagh boasts.

“He now says he wouldn’t work any more than 20 minutes from where he lives.”

Meanwhile, she is about the same distance from her job as a massage therapist, where, just three weeks after moving from Vancouver, she had a full schedule of clients.

Don Warkentin, founder and partner of Fortune Marketing, which is selling Glenpark Row, says the development offers unbeatable value for young couples like Kylagh and Adam.

“This is probably the best value in townhomes in Kelowna. With double side-by-side garages and a lower level flex room that can be made into a bedroom, all of these can technically be described as a four-bedroom home.

“So for a starting price of $499,900, to have this many bedrooms with 2.5 baths and high-end finishing, it is almost unheard of.”

Glenpark Row, being built on land formerly occupied by singlefamily homes, will be arranged in eight buildings with four, five or seven homes to a building, he said.

In one direction, homeowners have views of Dilworth Mountain; in the other, the Wilden green area.

The homes are built in a rusticurban style with peaked roofs, Hardie panel and plank siding in vertical and horizontal patterns. Expansive windows throughout the homes allow plenty of natural light to enter.

Each home has a flex room with a pony wall off the garage that can be converted into a bedroom or home office.

Across the street is the newly developing city of Kelowna recreation park, where the long range plan calls for soccer and baseball fields, with swimming pool and ice rinks for hockey and curling to follow, he said.

The Cornfords actually started looking at single-family homes when they first arrived in Kelowna last summer, says Kylagh, “but a lot of the houses are older and do have issues or they are farther out.”

Instead, they went for a drive and discovered a presentation display for Glenpark Row.

“Moving to North Glenmore is so close; there is a grocery store nearby, and it’s easy to get to Vernon,” Kylagh said.

Glenpark shopping centre is just over a kilometre away, while the big-box stores like Costco, Home Depot and Walmart are a short drive.

Kylagh said she enjoys the openconcept kitchen and living areas and, in particular, the double sideby-side space for cars.

The kitchens feature Whirlpool stainless steel appliances, including a front-control gas range, a french door fridge with water dispenser, stainless steel dishwasher and a Broan under-cabinet hood fan. A Panasonic microwave completes the package.

Cabinetry includes a built-in wine rack or the option of upgrading to a 38-bottle Danby wine fridge.

Flooring is textured, brushedfinish wood grain laminate on the lower and main levels and stain-resistant carpeting with soft cushion underlay on the top level, which includes a Whirlpool Energy Star washer and dryer.

Bathrooms have a floating vanity with undermount sinks by Kohler with chrome Moen singlelever faucet. Bathroom flooring is marble porcelain tiles that, with an upgrade, can be heated.

With no on-site common amenity, strata fees are kept low, ranging from $150 to $162 a month, Warkentin said.

Glenpark is also conveniently located near schools and daycare facilities and is just 10 minutes from both downtown Kelowna and the Airport/University hub.

© 2018 Postmedia Network Inc.

1555 West Eighth at 1555 West 8th Avenue 20 homes in South Granville by Kenstone Properties

Saturday, May 19th, 2018

Residents of 1555 West Eighth will be steps from South Granville?s many galleries, boutiques and eateries

Michael Bernard
The Vancouver Sun

1555 West Eighth, Vancouver

Project Address: 1555 West 8th Ave., Vancouver

Project Scope: Twenty 3-bedroom homes ranging between 1,682 and 1,855 sq. ft. in the South Granville shopping district overlooking Vancouver’s skyline and English Bay. Close to art galleries, restaurants, cafes and boutique shops. Fifteen of the 20 completed homes in two concrete buildings of four and eight storeys were pre-sold with the remaining five now offered for sale

Developer: Kenstone Properties

Architect and interior design: Mcfarlane Biggar Architects and Designers (OMB)

Price: Starting from $2.74 million

Sales Centre: 1555 West 8th Ave.

Sales phone: 604-828-3998

Hours: By appointment only

Website: 1555w8.com

Edwin Kenstone, whose development company built the 1555 residential project just off South Granville at West 8th Avenue, says he started his search for a design for the property with the question: What about a building of penthouses?

What emerged five years later was a small collection of 20 single-level homes in two buildings that command compelling views of Vancouver’s cityscape, welcome lots of natural light into the homes and don’t share walls with neighbouring suites. Stepping outside, the homeowner has an easy walk to Granville Island and South Granville’s many attractions.

“We acquired the site in 2010 and fell in love with the location right away,” Kenstone said. “It’s a part of the South Granville shopping district, but also is part of its own neighbourhood sub-pocket: it is surprisingly residential intermixed with independent galleries, boutiques and eateries on tree-lined streets and narrow roadways.

“We instinctively knew this would be a great site to flex our design muscles and create something special.”

As Kenstone’s starting point suggests, the homes enjoy the same level of privacy as many penthouses do.

With 1555, the design was “differently conceived from the ground up” he said. In most buildings, buyers have a choice of purchasing a home with a surrounding mix of studios, one- and two-bedroom homes attractive to investors, and the likelihood that the home will share one, if not two walls, with neighbouring suites.

“(At 1555), every residence is effectively a corner suite with two or three exposures to views, natural light and ventilation, “ Kenstone said. “We are able to do this because of our unique building form. It has an unusually high interior-to-exterior ratio.”

“From a bird’s eye view, most buildings are shaped in a rectangle. But our building looks like three rectangles attached to a central core.”

The project is smaller than Kenstone’s previous developments, which include 22 units in the 12-storey Monte Carlo at Pine and 10th Avenue, the 115-unit 18-storey Sage building at UBC and Addition, a 164-unit development on Hornby. But Kenstone said 1555 became a pet project on which he spared no expenses and energy. “We treat it as our flagship project to showcase what we can do.”

The fact that it was an in-fill project replacing a former printing operation and wholesale jewelry firm created its own set of issues, he said. The initial design called for a brick exterior, but access challenges for scaffolding and staging from adjacent properties sent the designers back to the drawing board. Instead, they developed a special undulating 22-gauge steel panel exterior that reflects light in much the same way that a water surface shimmers, he said.

“Another challenge was how to program these really large three-bedroom-and-den plans without casting half the home in darkness,” Kenstone said. “You see this condition in other buildings all the time: bedrooms that are crammed together next to each other.”

“So we introduced a light well and a courtyard around which the buildings wrap, and bring light into areas such as the bathroom ensuites and the elevator lobbies on every floor.”

Floor-to-ceiling glazing stretching 29 feet along one wall and balconies with deep overhangs with red cedar soffits provide west views to the city lights and the water beyond. In the main lobby and at each home entrance are custom-sculptured lighting spheres by Vancouver-based glass artisan firm Bocci. Simple, heavy oak entrance doors that reach to the top of the eight-foot-six ceilings add to the minimalist style inside the homes. Engineered wide-plank oak is used for the main living area flooring.

The open-concept kitchen and living rooms are on a scale one would find in a single-family home, allowing for maximum flexibility for seating and for enjoying the views. Below the balconies at ground level is a Japanese Zen garden.

The 15 buyers who have purchased suites are a diverse lot, Kenstone said. “We have buyers from White Rock and from West Vancouver, downsizers wanting to be closer to Vancouver, but not in the city. You have growing families and a number of out-of-province buyers from Ontario and Nova Scotia and a couple from California.

“They are accustomed to the comforts of the single-family home, but they want the easy maintenance and security of condo living.”

Some of the remaining five homes for sale vary somewhat, but the kitchens feature custom cabinetry by Italy’s Friul Intagli, white lacquered doors in a soft-touch matte finish with white oak doors in a natural finish. Recessed door pulls and soft-close hinges open on to pull-out drawer sets. In place of the typical high-gloss marble or quartz counters are matte Corian in a waterfall wrap. Set in the island is a 24-inch Julien undermount stainless steel sink with polished chrome Hansgrohe pull-down faucet.

For cooking, there is a Bertazzoni 36-inch gas range top with six cast brass burners and a wok adapter and simmer ring, and a 30-inch convection oven with quadruple glass door window and seven racks. Other appliances include a 36-inch Fhiaba integrated bottom mount fridge, a Bosch integrated dishwasher, and an AEG slide-out range hood and a Panasonic built-in microwave with trim kit.

Just off the kitchen is a smaller flex area that can be used for a den or sitting area.

Bathrooms feature white frosted floor-to-ceiling glass allowing in lots of natural light form the light well behind. Cabinetry, like in the kitchens, is by Friul Intagli, with Lava Grigia stone slab countertops with undermount ceramic basins. Featured are oversized seamless walk-in rain showers with frameless glass enclosures and aluminum linear shower drains in the ensuite.

There are six-by-24-inch ceramic wall tiles and a recessed wall niche in the ensuite shower. Flooring is heated 24 by 24 inch porcelain tiles with programmable thermostat.

All homes include two underground parking spaces.

© 2018 Postmedia Network Inc.