Customized finishes on offer at Foxridge’s Edgestone

Kathleen Freimond
The Vancouver Sun

Edgestone

Project address: 165B Street and 21st Avenue, Surrey

Developer: Foxridge Homes

Architect: Foxridge Homes (in house)

Interior designer: First Impression Design

Project size: 62 four- and five-bedroom single-family homes

Unit size: +3,000 square feet

Price: From $1.47 million

Sales centre and show home: 165B Street and 21st Avenue, Surrey

Sales centre hours: noon to 5 p.m., daily

Phone: 604-385-3540

Website: foxridgehomesbc.com

Families moving up from smaller homes have a new option in South Surrey, where Foxridge Homes is developing a collection of four- and five-bedroom residences that offer buyers the opportunity to put down roots in the flourishing Grandview Heights subdivision and select their choice of floor plan and finishes.

The 62-lot Edgestone development is expected to attract move-up buyers who have sold a townhouse, condo or a smaller single-family home, says Diane Zarola, director of sales and marketing for Foxridge Homes.

A well-known developer in the area, Foxridge Homes is currently building or finishing 226 homes in South Surrey, Zarola says.

One of nine available floor plans, the 3,370-square-foot show home (the Glenmore plan) at 2097 — 165B Street  — at 21st Avenue — has a two-car garage at street level, four bedrooms on the upper floor and a fully finished basement with a fifth bedroom, which could be finished as a legal suite.

The Glenmore’s flex room at the entry establishes a welcoming ambience. The flex space can be designated for many purposes – perhaps a home office or den – but in this presentation, a wine bar behind an over-sized custom barn door and comfortable seating allows the space to double as an entertainment area or a quiet place to settle down with a book.

Inspired by the “modern farmhouse sanctuary” theme, Shannon Haerdi, founder and principal interior designer of First Impression Design, decorated the home to appeal to buyers looking to put down roots in the family-focused neighbourhood located close to the future Edgewood Drive elementary school, scheduled to open in 2021.

In the kitchen, a rectangular bulkhead and LED light fixture above the nine-by three-foot island adds some drama, while also subtly defining this section of the open-concept main living space.

A walk-in pantry adds to the storage space in the Shaker-style cabinetry painted in Benjamin Moore’s Nightingale, a soft, welcoming grey. The cabinet colour complements the wall colour (Aria by Dulux), the white and grey quartz countertops on the island and perimeter, while the full-height white ceramic tile backsplash keeps the space feeling fresh and bright.

The major appliances are by Bosch: a five-burner built-in gas cooktop, a combination wall oven and microwave, a refrigerator with french doors and bottom-mount freezer. A double bowl under-mount stainless steel sink is in the island, along with the dishwasher.

Alongside the kitchen, the dining area comfortably accommodates a large dining table, while a built-in hutch and a convenient under-counter wine cooler maximize functionality. The built-in – with glass doors in the upper cabinets and quartz countertop – is an optional upgrade for buyers who do not own a dining hutch, Zarola says.

Large windows on the open-concept main floor and the 19-foot ceiling make the space feel open and airy. Nearby, stairs with standard wrought-iron spindles (glass railing is an optional upgrade) lead to the upper floor comprising the master bedroom and ensuite bathroom, three additional bedrooms, the main bathroom and the laundry room.

Each of the four bedrooms has a distinctive style. In the master bedroom, a wall of shiplap supports the modern farmhouse sanctuary theme, while the ensuite bathroom features a luxurious free-standing tub, shower with glass enclosure and a vanity with double under-mount sinks. Just off the ensuite, the walk-in closet includes closet organizers.

A baseball theme makes one of the bedrooms a memorable space while an over-sized floral print wallpaper and a ‘She leaves a little sparkle wherever she goes’ decal in gold handwritten lettering are feminine touches in a room decorated for a young girl. In the third bedroom, a bold lilac/lavender accent wall (Lavish Lavender by Dulux) defines a bedroom that could be a comfortable guest room.

Conveniently situated on the upper floor, the laundry room has a side-by-side washer and dryer, two cabinets topped with quartz, a stainless-steel sink and plenty of storage space on wire shelving. Neutral-coloured 12-by-24-inch ceramic floor tiles complete the hard-working space.

The basement comprises a fifth bedroom, full bathroom and a walk-out to the backyard garden. While it can be completed as a legal suite, in the show home it is the place where prospective buyers can find the Foxridge Design Centre containing the myriad colours, materials and finishes homeowners can choose from to customize their new home.

All floor plans feature 10-foot-high ceilings and include a gas fireplace with wood mantel in the great room, a quick-connect barbecue gas line for outdoor entertaining, a digital programmable thermostat and standard range of rough-ins including a central vacuum, garburator and security system.

Unlike many developments that present a choice of design schemes – each with fixed materials and finishes – Foxridge’s process gives buyers a wide range of options, including everything from the shade of engineered hardwood flooring, cabinetry colours and countertops to the stone on the exterior of the West Coast-inspired architecture.

For potential buyers who want to see how different choices present, a second home with a different floor plan and finishes is located next door to the Glenmore home.

© 2019 Postmedia Network Inc.

Legal battle continues between Concord Pacific and site owner over waterfront Vancouver property

Chuck Chiang
Western Investor

The next steps in the high-profile court battle over the Plaza of Nations are taking shape, as the owner of the site — a company held by Singapore magnate Oei Hong Leong — has filed paperwork in its countersuit against officials from major Vancouver developer Concord Pacific Group.

Oei and his companies, Hong Kong Expo Holdings Ltd. and Canadian Metropolitan Properties Corp. (CMPC), have applied to the B.C. Supreme Court to add Concord Pacific Group vice-president David Ju to the countersuit’s defendants, which include Concord Pacific’s CEO Terry Hui and subsidiary Concord Pacific Acquisitions Inc.

The lawsuit centres around the development of the Plaza of Nations, one of the last large land parcels available for redevelopment in Vancouver’s downtown core.

Oei bought the site in 1989 for $40 million and said the company wanted to find a development partner in Vancouver in 2015.

The lawsuits began in October 2015, when Oei sued Concord Pacific in Singapore for not paying $40 million as part of a “heads of agreement” deal between the two parties in May of that year. Soon after Oei’s Singapore lawsuit, Concord Pacific filed a suit against Oei in B.C., launching parallel legal battles on both sides of the Pacific Ocean over the Plaza of Nations site.

In the B.C. lawsuit, Concord Pacific argued that the “heads of agreement” deal is a binding contract that Oei violated.

CMPC’s countersuit, originally filed in Singapore but which began being heard in B.C. courts in February 2016, accuses Concord Pacific Acquisitions and Hui of using the original lawsuit (filed in October 2015 against Oei and his companies) to keep the owner from developing the Plaza of Nations after an agreement with Concord Pacific fell through.

In the application filed last month to include Ju as a defendant, CMPC lawyer Irwin G. Nathanson alleged that “Hui and Concord [Pacific Acquisitions] deliberately … determined that these claims would be advanced for the purpose of seeking to constrain the ability of the plaintiffs to deal with [the Plaza of Nations site] … or to develop the Lands by means of a partnership or venture with other Canadian developers.”

Neither Nathanson nor Concord Pacific attorney J. Kenneth McEwan was available to comment on the case, but in a response filing to the CMPC application to add Ju as a defendant, Concord Pacific denied Oei’s claims in the countersuit, noting the original lawsuit by Concord against Oei was for “breach of contract and breach of good faith.”

Oei and Hui’s 2015 talks were originally for a deal that would see Concord Pacific pay Oei for the right to develop the site. After the deal fell through, CMPC said its discussions to work with other local developers like Westbank Corp. and Aquilini Development were not fruitful.

The CMPC application to add Ju to the defendants list said that it is making the move because of the Concord Pacific executive’s “central role in carrying out negotiations with the plaintiffs [Oei, CMPC] on behalf of Terry Hui and Concord [Pacific Acquisitions],” as it was revealed in the legal proceedings of the original Concord Pacific lawsuit.

“At the trial, Terry Hui gave evidence on cross-examination that it was David Ju who was responsible for dealing with Concord [Pacific Acquisitions]’s lawyers in respect of the transaction,” the CMPC application alleges.

Concord Pacific’s response countered that Ju “was not a plaintiff in the Concord Action [original lawsuit] but was a witness on behalf of Concord.” It added that Ju is not an officer or director of Concord Pacific Acquisitions Inc. Concord’s response also noted Ju’s role was “in relation to the negotiation of the transaction with the plaintiffs, not the commencement of the Concord Action [initial lawsuit].”

In the initial lawsuit launched by Concord against Oei, B.C. Supreme Court Justice Peter G. Voith ruled in a July 19 decision against Concord Pacific. The judge dismissed the claim on grounds that the May 2015 agreement that Concord referred to was not enforceable. Oei and CMPC were consequently awarded the costs of that legal action.

McEwan said previously that Concord is mulling an appeal of that decision. Officials from CMPC said this week that Concord has indicated it will appeal Voith’s decision; Concord Pacific did not comment on the lawsuit’s status.

Meanwhile, Oei’s lawyers have filed a request to adjourn the countersuit process against Concord Pacific and its application to add Ju as a defendant, which was slated originally to start on Sept. 4. The postponement may be linked to the anticipated appeal.

Concord Pacific and CMPC are both rolling out separate plans, announced in 2017, to develop their portions of the former Expo site along False Creek. CMPC’s plans call for a 1.4-million-square-foot development at the Plaza of Nations, with work slated to begin next year.

Meanwhile, Concord Pacific unveiled its 10.2-acre False Creek waterfront plans at around the same time as the CMPC announcement. Officials said those plans will not be affected by the outcome of the legal proceedings.

Copyright © Western Investor

Residential recovery makes Vancouver the hottest market to watch

Western Investor

Vancouver has been ranked Canada’s #1 market for real estate investment in 2020, in the annual PwC Canada Emerging Trends in Real Estate report, released this week.

In the “Markets to Watch in 2020” section, the report authors said that “despite some headwinds, Vancouver re-emerged at the top of our survey this year for overall real estate prospects.”

The report observed that Vancouver’s office and industrial sectors were both doing “particularly well” with very low vacancy rates and robust development.

It continued, “Looking at the housing market, the long-term trends remain favourable. Recent softness is largely a reflection of a correction from an overheated environment and policies that have caused investors, whether foreign or domestic buyers, to exit the market.”

PwC’s report added, “The [Vancouver housing] market rise was too strong, and now it is reacting to that. However, by the time it is done, it will be in line with where a steady increase should have gotten us over the years… With a strong economy and population growth, Vancouver remains a desirable place to live that will eventually draw buyers back into the market. The question isn’t if, but when, they’ll come back.”

Toronto was ranked in the #2 spot, followed by Ottawa, Halifax and Montreal rounding out the top 5.

Of the Western Canadian and Prairie cities, Saskatoon came in sixth place, Edmonton eighth, Winnipeg ninth and Calgary 10th. The other Canadian city to make PwC’s top 10 was Quebec City in seventh spot.

Click here to see the online version and download the full report.

Copyright © Western Investor

Sales increased by 0.4% in July

BCREA

Canadian retail sales increased by 0.4% in July to $51.5 billion, driven largely by new auto sales. Retail sales were up in 6 of 11 sub-sectors, representing 71% of sales. In July, 6 of 10 provinces reported an increase in retail sales with the highest gain reported in Ontario (1.2%), while weaker sales were reported in Quebec (-0.4%) and in B.C. (-0.8%).

In B.C., retail sales declined by 0.8% from the previous month to $7.1 billion. Meanwhile, Vancouver reported a 3% rise in sales. Provincial sales were up in half of the sub-sectors, largely driven by sales at gasoline stations and in health and personal care. On a year-over-year basis, B.C. retail sales were down by 0.8% in July.

Copyright © 2019 British Columbia Real Estate Association

AREA launched interactive portal on province’s housing trends

Ephraim Vecina
Canadian Real Estate Wealth

In Alberta, market players and hopeful home owners alike will now have easy online access to more than 18 years of the province’s housing trends and sales data, all presented in a readily comprehensible format.

Last week, the Alberta Real Estate Association launched of its Statistics Dashboard, an interactive online portal that can render data like sales activity, price movements, and inventory into easy-to-understand tables and visual layouts.

Users will also be able to make comparisons between Alberta’s various regions.

“For the first time, the public can get a look into the housing market in an easily digestible format, giving them enough information to understand Alberta market movements on their own accord,” AREA chief economist Ann-Marie Lurie said.

The announcement came amid fresh figures indicating that the market continues to see tight inventory. This is despite slower sales in every Albertan market last month, except in Calgary and Lloydminster.

“Demand for housing still remains slow across most Alberta markets. This does not come as a surprise, as many regions continue to struggle with persistent weakness in the job markets and concerns regarding the province’s economic prospects,” Lurie explained. “The current improvements in the housing market are mostly driven by supply adjustments.”

The tool is accessible at the AREA website (albertarealtor.ca), and its figures will be updated on the sixth of each month.

“Most people have an interest in the housing market as it is typically their largest investment,” Lurie added. “The statistics tool can provide them insight into current movements in supply, demand, and prices at both regional and provincial levels.”

Copyright © 2019 Key Media Pty Ltd

Legally Speaking Parking Strata Properties

Mike Mangan
BCREA

In its newest report (the “Report”), the British Columbia Law Institute’s formidable committee of strata experts (the “Committee”) recommends more changes to the Strata Property Act (the “Act”). If adopted, these changes will make it easier for a REALTOR^® to confirm how strata parking is designated.

Background

Depending on the circumstances, a strata parking stall may be:

• a separate strata lot (except where intended to be used in conjunction with a residential strata lot);
• part of a strata lot; or
• common property.

The Committee focused on projects where parking is part of the common property. Where a parking stall is common property, it may also be:

• used under a developer’s long-term lease or license arrangement;
• designated as limited common property (“LCP”); or
• used under a short-term exclusive use agreement (effectively, mere permission).

Effective January 1, 2014, a strata corporation’s Information Certificate (Form B) must indicate the designation of any parking stall associated with a strata lot.

Leases and Licenses

When parking is common property, the developer may use a long-term lease or license to generate revenue from the sale of leasehold interests in parking stalls. In the Report, the Committee recommends eliminating a developer’s ability to lease or license a common property parking stall.

While leases vary, this is the general model. Early in the project, the developer incorporates an associated corporation (e.g.; Parking Inc.). Next, the developer gives a lease over the project’s intended parking areas to the associated corporation for a lengthy term (e.g., 99 years). Later, when the developer deposits the strata plan at the Land Title Office, the strata plan designates those parking areas as common property. But, those common-property parking stalls are subject to the prior long-term lease. If a first purchaser of a strata lot wants to use a parking stall, they pay extra. In exchange, the developer causes the associated corporation to partially assign the lease of the parking stall to the first purchaser. Later, when that purchaser sells their strata lot to a subsequent buyer, the first purchaser further assigns their leasehold interest in the parking stall.

Alternatively, developers sometimes use a license, instead of a lease, to create a similar parking scheme. Generally speaking, a license is a contract giving one party the right to use a particular area for a time; it does not create an interest in land. Here, the developer causes the associated corporation to assign the license to the first purchaser, instead of a lease.

The Committee discovered what many REALTORS^® already know:

… leases and licences have created confusion in many strata properties and sown the seeds of conflict in others. Because leases and licences are private contracts, there is often less of a record of these transactions than is the case for the other options for allocating parking spaces and storage lockers. As the years go by and the strata lot associated with the space or stall is transferred, strata corporations can lose track of these arrangements.

To address these problems, the Committee recommends eliminating a developer’s ability to lease or license a common property parking stall. This proposal is future facing. If adopted, this change would not affect a lease or license previously made.

LCP

By designating a common property area as limited common property (LCP) that area is effectively set aside for one or more strata lots, whose owners may use the area exclusively. LCP is a form of common property, but some people miss this point. For clarity, the Committee recommends amending the Act to explicitly define LCP as a form of common property.

The Committee also recommends extending the time a developer may unilaterally amend a strata plan to designate a parking stall as LCP. Currently, a developer has two ways to do so any time before the first annual general meeting (“AGM”). The developer can amend the strata plan to designate a parking stall as LCP for the exclusive use of a strata lot. Plus, if certain criteria are met, the developer may amend the strata plan by designating up to two extra LCP parking stalls for the strata lot. The Committee recommends extending the time for a developer to exercise these rights to the fifth AGM. What if, by the fifth AGM some common-property parking stalls remain? The Committee recommends amending the Act to provide that, by default, any parking stall that the developer has not already designated as LCP by the fifth AGM will remain common property.

Summary

If the provincial government adopts these helpful reforms, it will simplify strata parking.

Meanwhile, the Real Estate Council of British Columbia (“Council”) expects a listing REALTOR^® and any buyer agent to inquire about parking associated with a strata lot. While Council expects a REALTOR^® to read the Form B’s parking information, experienced licensees know this is only part of the puzzle. Whether a REALTOR^® acts for the seller or buyer, if the Form B is incomplete or the parking information conflicts with other information, the REALTOR^® should investigate and warn their client to seek legal advice.

For more information about strata parking, see Council’s Professional Standards Manual or the Committee’s Report.

Mike Mangan B.A., LL.B.

Copyright © 2019 British Columbia Real Estate Association 

HomeGoals series to launch in October

Steve Randall
Canadian Real Estate Wealth

A new series of videos will go behind-the-scenes of Canadian homebuying and feature real homebuyers’ conversations as they prepare for their biggest purchase decision.

RE/MAX’s #HomeGoals series will be hosted by YouTuber and social media personality Ashley Bloomfield and is scheduled to launch in October on the firm’s YouTube channel and promoted on Instagram.

“#HomeGoals is intended for Millennials, who have finally inherited the long-anticipated purchasing power that was previously held by Boomers,” says Melissa Clemance, Director of PR & Communications at RE/MAX of Ontario-Atlantic Region. “We understand that in order to reach this younger home-buying demographic, we have to address the reality of present-day home ownership, which often includes compromise.”

With a style familiar to reality TV fans, the series will include buyers taking home tours and the inevitable compromises and choices that real Canadians face when buying a home.

Participants featured in the five-episode series discuss their decisions in the context of the neighbourhood, their budgetary constraints and their liveability goals.

“We really see #HomeGoals as an educational endeavour that is being presented in an entertaining and relatable way,” says Elaine Langhout, Director, Regional Advertising, RE/MAX of Western Canada. “We know Millennials are spending more time online researching home purchases, which is why we chose to host the series on YouTube – the second-largest Canadian search engine – complemented by the powerful visual storytelling of Instagram.”

Watch HomeGoals trailer

Copyright © 2019 Key Media Pty Ltd.

Canadian household worth less in 2018

Steve Randall
Canadian Real Estate Wealth

The average Canadian household was worth less in 2018 than in the previous year.

The average net worth of $678,792 was down $7,594 (1.1%) in 2018 according to a study by Environics Analytics.

While real estate values gained $6,336 (1.6%) other factors erased this gain as equities contributed to a $10,045 (3.4%) drop in liquid asset values.

The impact was worsened as household debt continued its upward trajectory, adding $3,309 (2.3%) to the average debt burden; and interest rate increases slashed $576 of employer pension plan values.

“Despite being relatively prudent in terms of their debt acquisition and repayment in 2018, Canadian households felt the effects of a significant decline in equity market valuations over the fourth quarter of the year,” says Peter Miron, Environics Analytics’ Senior Vice President, Research and Development and the architect of WealthScapes. “On a more positive note, Canadians are actively taking steps to reign in their debts and build up their savings. In fact, four provinces saw the average debt per household decline in 2018.”

Apart from the investment losses, rising interest rates during 2018 have been another significant drag on household net worth. In response, Canadians have been trying to blunt the effect of rising rates by converting their variable-rate, non-mortgage debt into locked-in loans.

Copyright © 2019 Key Media Pty Ltd

Industrial strength brewing in B.C.’s Fraser Valley

Peter Mitham
Western Investor

There were nods to the purity of the local water when Molson Coors announced in August 2016 that it would build its new brewery on a 36-acre parcel in Chilliwack, epicentre of B.C.’s hops revival. But the local water wasn’t what cinched its decision; it was the land. More than anything else, the new facility – which officially opened on September 17 – is proof positive of the eastward shift in the region’s industrial development.

While the old brewery sat on the shores of False Creek in the heart of one of Vancouver’s long-standing industrial zones, the need to upgrade prompted it to look well beyond the city limits. Affordable, well-located space wasn’t available near the region’s core, and even Abbotsford couldn’t accommodate it. It couldn’t provide a parcel large enough or the transportation linkages the brewer wanted.

The result was a site in Chilliwack, which had managed to secure a special zoning allowing food and beverage processing within the Agricultural Land Reserve. (The zone is also home to Berryhill Foods Inc. and other food processors.)

But with the opening of the new brewery, what’s next for the old site?

CBRE Ltd. broker Chris McCauley, who has the listing for the site, directed queries to Concord Pacific Group, which acquired the site in 2016 for $185 million. Concord’s senior vice-president of planning, Matt Meehan, affirmed the company’s intention to continue operating the property within the scope of its zoning. (While a residential component seems inevitable in any redevelopment, the City of Vancouver has maintained it isn’t interested in rezoning the property.)

These uses could include tenants from the film and technology sectors, as well as what was generally termed “green and sustainable businesses.”

Industrial strength

Avison Young indicates that the eastward shift in industrial demand is likely to continue. It’s most recent report on the Fraser Valley describes it as the “Lower Mainland’s most active industrial market,” with strong activity in 2018 continuing through 2019’s first half. The first six months of this year saw 105 deals worth $185 million, putting 2019 on track to exceed the 2018 tally of 199 deals worth $387 million.

On the leasing front, tenancies are getting larger because the Fraser Valley is the last place offering space at a price they can afford. Even then, strata space is becoming increasingly common as demand exhausts the larger offerings.

Avison Young expects the activity to continue, notwithstanding storm clouds and global uncertainties.

“Commercial construction, strong port cargo volumes and a long list of large public infrastructure projects continue to provide a strong base of support for industrial activity throughout the Fraser Valley and Metro Vancouver,” Avison Young writes.

Copyright © Western Investor