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Burnaby South

Meet your area specialist:
Sutton Grp-West
301-1508 W Broadway
Vancouver, BC V6J 1W8


U-Six a great investment near UBC Okanagan


Units a fraction of the price of those near UBC in Vancouver

ROBIN BRUNET
The Vancouver Sun

Students attending university as well as the parents funding them – are often faced with accommodation challenges. Finding housing on campus is difficult and costly, and is only guaranteed for firstyear students.

But for parents who think paying rent for student housing is the only recourse, U-Six demonstrates that this is not the case. The latest addition to the Mission Group’s U-District Community near the University of British Columbia Okanagan campus gives them the ability to turn rent money into home equity and earn an income by renting the condominiums (U-Six has 57 of them) to their children and roommates if desired.

U-Six is an equally strong opportunity for investors to rent to students or locals. “Everyone benefits, whether the buyer is a parent or an investor, and the beauty of U-District here in Kelowna is that students work towards a degree from a world-class university, but the accommodations are just a fraction of the price of those available at UBC in Vancouver,” says JoAnne Adamson, vice-president of marketing and sales for Mission Group.

U-Six by Mission Group Homes Ltd. and designed by Meiklejohn Architects is within easy walking distance of the Okanagan campus. It offers a variety of contemporary, open-concept studios as well as spacious two- and three-bedrooms units. All homes feature full kitchens, in-suite laundry and a bathroom for each bedroom.

As with the other U condominium buildings, Mission Group’s aim was to give students the chance to enjoy the fun, study-oriented feel of living on campus without the dormitory experience. “Plus, U-Six gives them the freedom to choose their roommates,” says Adamson.

Capping all of this off is U-Six’s price. “The studios start from $199,900,” says Adamson. “Two bed, two baths sell from $329,900, and three bed, three baths start from $409,900.”

Affordability was one key reason why Vancouver-based engineer Victor Mao purchased two three-bedroom condos at U-District last year, and he has lost no time renting out both units. “Quite frankly, with rising costs in Vancouver I was worried about how to fund my retirement, but when I read about U-District and did some investigating, I realized this was a great investment in a location that is rapidly evolving.”

Mao is referring to growth in the surrounding areas of the UBC Okanagan Campus. Kelowna is undergoing a massive change, with everything from the Kelowna International Airport to the popular city’s downtown enjoying expansion and upgrading. And with a vacancy rate of just 0.2 percent, investors like Mao are guaranteed to generate income from U-District almost immediately.

Vancouver-based Ajesh Sen purchased a two-bedroom, two-bathroom condo in the U-Three building last August and is currently renting it to two students from China. “While Kelowna was attractive to me, finding out that UBC had a campus there was the deciding factor,” he says. “Given the way real estate has evolved in and around UBC Vancouver, I felt like I was getting into a ground-level opportunity.” Indeed, the 10-year-old campus has already embarked on its second master plan that may see it double in size over the next 15 years.

A computer engineer by trade, Sen was also impressed by the quality of his condo. “It has beautiful, thoughtful details as well as fabulous appliances,” he says. “The people at Mission Group went out of their way to ensure the homes would live up to being long-term investments.”

Sales for U-Six will begin in early February with all of the homes ready in time for the fall academic start of 2019. For more information please check out usixliving.com. U-Six Sales Specialist Wilf Lethbridge is available at 250-718-7072 or wilf@usixliving.com

© 2018 Postmedia Network Inc.



U-Six a great investment near UBC Okanagan


Units a fraction of the price of those near UBC in Vancouver

ROBIN BRUNET
The Vancouver Sun

Students attending university as well as the parents funding them – are often faced with accommodation challenges. Finding housing on campus is difficult and costly, and is only guaranteed for firstyear students.

But for parents who think paying rent for student housing is the only recourse, U-Six demonstrates that this is not the case. The latest addition to the Mission Group’s U-District Community near the University of British Columbia Okanagan campus gives them the ability to turn rent money into home equity and earn an income by renting the condominiums (U-Six has 57 of them) to their children and roommates if desired.

U-Six is an equally strong opportunity for investors to rent to students or locals. “Everyone benefits, whether the buyer is a parent or an investor, and the beauty of U-District here in Kelowna is that students work towards a degree from a world-class university, but the accommodations are just a fraction of the price of those available at UBC in Vancouver,” says JoAnne Adamson, vice-president of marketing and sales for Mission Group.

U-Six by Mission Group Homes Ltd. and designed by Meiklejohn Architects is within easy walking distance of the Okanagan campus. It offers a variety of contemporary, open-concept studios as well as spacious two- and three-bedrooms units. All homes feature full kitchens, in-suite laundry and a bathroom for each bedroom.

As with the other U condominium buildings, Mission Group’s aim was to give students the chance to enjoy the fun, study-oriented feel of living on campus without the dormitory experience. “Plus, U-Six gives them the freedom to choose their roommates,” says Adamson.

Capping all of this off is U-Six’s price. “The studios start from $199,900,” says Adamson. “Two bed, two baths sell from $329,900, and three bed, three baths start from $409,900.”

Affordability was one key reason why Vancouver-based engineer Victor Mao purchased two three-bedroom condos at U-District last year, and he has lost no time renting out both units. “Quite frankly, with rising costs in Vancouver I was worried about how to fund my retirement, but when I read about U-District and did some investigating, I realized this was a great investment in a location that is rapidly evolving.”

Mao is referring to growth in the surrounding areas of the UBC Okanagan Campus. Kelowna is undergoing a massive change, with everything from the Kelowna International Airport to the popular city’s downtown enjoying expansion and upgrading. And with a vacancy rate of just 0.2 percent, investors like Mao are guaranteed to generate income from U-District almost immediately.

Vancouver-based Ajesh Sen purchased a two-bedroom, two-bathroom condo in the U-Three building last August and is currently renting it to two students from China. “While Kelowna was attractive to me, finding out that UBC had a campus there was the deciding factor,” he says. “Given the way real estate has evolved in and around UBC Vancouver, I felt like I was getting into a ground-level opportunity.” Indeed, the 10-year-old campus has already embarked on its second master plan that may see it double in size over the next 15 years.

A computer engineer by trade, Sen was also impressed by the quality of his condo. “It has beautiful, thoughtful details as well as fabulous appliances,” he says. “The people at Mission Group went out of their way to ensure the homes would live up to being long-term investments.”

Sales for U-Six will begin in early February with all of the homes ready in time for the fall academic start of 2019. For more information please check out usixliving.com. U-Six Sales Specialist Wilf Lethbridge is available at 250-718-7072 or wilf@usixliving.com

© 2018 Postmedia Network Inc.



Semiah at 1439 George Street White Rock a 14 storey tower with 88 homes by Marcon Developments


Impressive outlooks to be on offer at Marcon?s Semiah in White Rock

Kathleen Freimond
The Vancouver Sun

Semiah

Project address: 1439 George Street, White Rock

Developer: Marcon Developments

Architect: Arno Matis Architecture

Interior designer: Trepp Design Inc.

Project size: 14 storeys

Bedrooms: two- and three-bedroom units

Unit size: 1,087 – 1,873 sq. ft.

Price: From $869,900

Sales centre: 1418 Johnston Road, White Rock

Sales centre hours: noon — 5 p.m., Sat — Thurs 

Phone: 778-545-9393

Website: semiahbymarcon.ca

Marcon Developments is making the most of the location of its new mid-rise residential tower in White Rock. The architecture of the 14-storey Semiah was influenced by the view of Semiahmoo Bay, while beach sand, driftwood, sand dollars and seagulls inspired the interior design.

Semiah will have only 88 residences, and combined with plans for spacious interiors, offer a boutique feel, says Nic Paolella, Marcon’s director of development.

“We focused on creating good, livable homes, while maximizing the view potential,” says Paolella. “White Rock has an interesting street grid. As it nears the beach, the grid changes to orient itself to the water.”

To make the most of the outlooks, the project at 1439 George Street was sited to reflect the same positioning — relative to the views — as the single-family homes on the street grid farther down the slope.

Semiah, which will include two- and three-bedroom homes ranging from 1,087 square feet to 1,873 square feet, is attracting interest from people who are considering downsizing from single-family homes. 

 “The homes are wide and shallow to let in the maximum amount of light,” Paolella says. “Buyers don’t need apartment-sized furniture, they can move in with the furniture they already have. The washer and dryer are side by side and all the major appliances in the kitchen are full size,” he says.

“These homes are set up to function well for people who no longer have family living with them on a daily basis, but still want the space to entertain and have children and grandchildren visit. The big balconies [will] also add to the feeling of spaciousness and provide the opportunity to enjoy outdoor living.”

Inside the residences, the interior design and colour palettes were influenced by the elements on image boards developed by the team at Trepp Design Inc.

“The darker scheme was inspired more by the tones of driftwood, seagulls and mussels, and the lighter scheme is more about the golden sand, the warmth of some of the lighter stones, and sand dollars,” says the firm’s principal, Scott Trepp. “We really took our inspiration from the nature that was specific to that community and that location.”

With the end user in mind, Trepp says he aimed for interiors that were not too modern, but had a “modern sensibility”.

One of the ways he achieved this esthetic was by using an interpretation of a Shaker door for the kitchen cabinetry.

“It’s a more modern take on a Shaker door. We used the wood grain and turned the direction of the wood grain within each door panel to give a detail to the cabinetry itself. So, it’s not just a plain slab-style door. It has some real detail and character to it,” he says.

Trepp notes that the kitchens are designed like those in single-family homes, rather than condos.

“One of the ways we did that was to use appliances – like the Wolf cooktop – more often seen in single-family homes,” he says.

While the choice of quartz for the countertops was a nod to the durability of engineered stone, design was also a factor, Trepp says.

“In the darker scheme, the stone backsplash is very [visually] active. There’s a lot of movement to it, and to do that on the island counter, waterfall edges, the backsplash and the countertop would be too much in the space,” he explains.

The lighter scheme, showcased in the display suite at 1418 Johnston Road, has a much softer look, Trepp says.

Full-height pantries in the kitchens are designed to provide plenty of storage and soft-close hardware on the cabinet doors keeps things quiet in the open-plan living space. The appliance package includes the Wolf gas cooktop, an integrated 36-inch Bosch french door refrigerator, a Bosch combination oven and dishwasher, plus a 24-inch Marvel dual-zone wine fridge. The Hansgrohe faucet with dual spray, the double sink and the recycling bins ensure the functionality of the space.

The marble floor and tile surround in the ensuite bathrooms add a luxurious touch and speaks to the quality of the development, Trepp says. A Duravit undermount sink nestles below the vanity’s stone countertop, while a Hansgrohe widespread chrome faucet adds some sparkle and complements the rain shower head and other bathroom accessories.

In the powder room, a feature wall mosaic of Bianco Carrara marble tile laid in a chevron pattern attracts some attention.

Engineered hardwood flooring run throughout, seamlessly connecting the rooms and enhancing the spacious ambience of the view homes.

Paolella says Semiah includes many energy-efficient features. “It’s important to have an energy-efficient building that does not consume too much energy. Nowadays, buildings need to have good insulation, quality windows and efficient heating and cooling systems with a good quality building envelope,” he says.

Some of the features that support this approach are the offset balconies that maximize natural light, high-efficiency hot water and heating and cooling systems and Energy Star windows.

The underground parking area features charging stations for electric cars, a designated bike storage room and a storage locker for each home. 

Construction is expected to start this spring.

© 2018 Postmedia Network Inc.



Royal Le Page crowns 2017 the ‘year of the condo’


Steve Randall
Canadian Real Estate Wealth

Home prices slowed generally in the fourth quarter of 2017 but the condo sector, especially in the GTA and Vancouver, outpaced the market.

Royal Le Page says that 2017 was the year of the condo as affordability issues made them more affordable in the priciest markets compared to other property types.

The brokerage’s National House Price Composite, tracking house prices in  53 of Canada’s largest housing markets, showed a 10.8% year-over-year rise year in the median price of a home to $626,042 in Q4,2017.

The median price of a two-storey home was $741,924, up 11.1% year-over-year-over-year, while bungalows were up 7.1% to $522,963.

Condos though were up to a median $420,823, a 14.3% annual rise, while these properties in the Greater Toronto Area jumped 19.5% to $476,421 (19.6% in the City of Toronto to $515,578).

In Greater Vancouver, the median price of a condo was up 20.2% to $651,885 (18.7% to $775,806 in the City of Vancouver).

“To prospective homeowners in our largest cities, condominiums represent the last bastion of affordability,” said Phil Soper, president and CEO, Royal LePage. “This is especially true for first-time buyers whose purchasing power has been reduced by tightening mortgage regulations.”

“The unsustainably high rates of home price appreciation witnessed in recent years in B.C. and Ontario were dangerous to the stability of not only the housing market, but to the broader economy itself,” continued Soper. “Policy measures like the OSFI stress test will quell runaway housing inflation to an extent. However, we do foresee an upswing in demand in the latter portion of the year, as prospective buyers adjust to the new realities. To put it another way, the demand is still there.”

Copyright © 2018 Key Media Pty Ltd



Housing permits fall for first time in 3 months


Steve Randall
REP

The value of building permits issued has declined for the first time in three months as both residential and non-residential intentions slipped.

The newly-released figures from Statistics Canada for November 2017 show a 7.7% month-over-month decline overall to $7.7 billion permits issued by Canadian municipalities.

The decline was due to a 12.3% drop in non-residential construction intentions ($2.9 billion) and a 10.1% decline in multifamily building permits ($2.2 billion).

Residential permits were down 4.6% overall, with single-family little changed from the previous month, up 0.6% to $2.6 billion, roughly in line with the rest of 2017.

Year-over-year the value of all permits was up 1.3%; down 5.1% for residential (single-family down 6.2%, multifamily down 3.7%); and up 13.8% for non-residential.

By volume of homes, the figures show a 10.8% drop year-over-year and 6.8% month-over-month. Single-family permits were issued for 5,790 units, up 2.4% m-o-m but down 10.3% y-o-y. Multifamily permits were issued for 11,310 units, down 11% from the previous month and from a year earlier.

Toronto saw an 18.8% rise in permits issued in November to $1 billion with multifamily up 30.1% ($532.4 million) and single-family up 8.6% ($496.3 million).

Vancouver’s permits declined 21% to $408.9 million with a 29.5% drop for multifamily ($260.3 million) and a 0.2% rise for single-family ($148.6 million).

Copyright © 2018 Key Media Pty Ltd



Record keeping key to making informed decision on strata matters


Tony Gioventu
The Province

Dear Tony:

We have been following a number of your columns this fall on easements and discovered our strata has an easement with a neighbouring property that requires us to maintain and repair the fence dividing our two properties on our upper elevation and maintain surface drainage to avoid property damages.

We have always managed to do this, but are hoping you would write a column about how important it is for property owners, which includes strata corporations, to have complete records of all their documents filed in the Land Title Registry.

We were preparing for a battle with the neighbour over the fence costs and had spent almost $5,000 in consulting until an owner gave us your column and suggested we search for any easements. It has been a great help and, as recommended, we are having our lawyer look at the terms and validity of the easement before we proceed.

Thank you.

Katie Matthews

Dear Katie:

Your letter is a perfect example of why every strata corporation needs to identify and print every registered document for their strata plan in the Land Title Registry. In some cases, such as a bareland stratas, this could also include searches on individual titles for items such as building schemes.

If you are on a strata council, the most important thing you have to ask yourself is how do we make decisions on budgets, bylaws, property issues and operational issues if we don’t have all the documents that relate to our strata?

Step 1: Order all your land title documents filed on your common index and general property index. Print each document and save a digital file that can be shared with council, the property manager and posted to your strata website. A copy of your registered strata plan, schedule of unit entitlement and schedule of voting rights or interest on destruction, if they apply to your strata corporation, are essential.

Print all other property instruments such as easements, covenants, right of ways and airspace parcel agreements. There is a one-time cost to access the registered documents; however, think of the consequences: Decision-making without reliable information! Accuracy is critical. The number of misinterpretations, misquotes or selective conversions of technical information to benefit individuals is appalling.

Every week our offices assist strata corporations that are using modified or draft schedules of unit entitlement originally provided by the owner-developer or because a treasurer or council president discovered they could pay lower fees if a modified or rounded-up schedule was created.

Step 2: Create an operations binder/website indexing documents. The binder/site includes all registered land title documents, including the strata bylaws, the ratified rules of the strata, insurance policies, minutes of meetings, contracts of all service agreements, the strata management agreement, financial statements and annual budgets. Also included are all resolutions and accounting that apply to current special levies, copies of any court, arbitration or civil resolution/human rights tribunal orders involving the strata corporation, any orders issued by an authority in B.C. and a copy of your depreciation report and your annual maintenance and service plan.

If you don’t have a website, the retiring council members pass the binder on to the new members. Strata councils will find their jobs much easier if they are each provided with accurate and complete information resulting in better decisions, reduced conflicts and a proactive ability to make decisions at council meetings.

For council use only, you may also include a monthly financial report and receivables report, which are directly linked to bylaw enforcement, and other items that may require management under the Personal Information Protection Act. This is a great job for the strata secretary and fresh way to start off each year.

© 2018 Postmedia Network Inc.