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Since 1978 Real Estate Weekly has been synonymous with outstanding coverage of the Greater Vancouver residential real estate market. Today, published with recycled newsprint from its own high-speed presses in Vancouver, Real Estate Weekly is delivered by British Columbia's largest courier force to over 210,000 homes across the Lower Mainland. A total of 5 separate editions comprise the Real Estate Weekly, each featuring homes for sale, new developments and quality editorial coverage of the housing industry and the communities. Real Estate Weekly, quite simply, lists more homes for sale from more Realtors than any other publication in British Columbia. Real Estate Weekly is the number one source for Lower Mainland residential real estate and the first choice of both homebuyers and Realtors for more than three decades.
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On February 8, 2016, the 4,713th Chinese year
will begin. This will be the Year of the Monkey
– linked with both economic turmoil and the
potential for reaping profi ts from well-calculated risks
– the idea of outsmarting the monkey.
With China in the grip of fi nancial upheaval, could
this mean more bad news for the Metro Vancouver real
estate aff ordability? Will our prices further escalate as
wealthy Chinese buyers scramble to park their money
in a secure location?
According to most industry watchers and analysts,
the answer is no – although consumers shouldn’t
expect to see inventory shortages disappear any time
soon, nor a drop in prices.
The general consensus from industry insiders is that
the fi nger of blame should not be pointed so intensely
at money coming in from China, as there are plenty of
other factors at play pushing up local housing prices.
“There tends to be an
overemphasis on the [impact of the]
off shore buyer,” says Richard Bell,
principal of Bell Alliance, a local law
fi rm specializing in real estate and
immigration. “Last year, 25 per cent
of our conveyancing business came
from local millennials. Baby boomers,
too, are selling their family homes
and often buying several homes – a
condo for themselves, one for their
kids and perhaps an investment
property. These are all people who
have lived here for years.”
Asian Does Not Equal OverseasStudies and marketing surveys
consistently suggest there is actually far
less ownership from Mainland China than
the public perceives. In a recent report
by BC Notaries, 33 per cent of notaries in
Greater Vancouver said they had no foreign
buyer transactions last year and a whopping
52 per cent said 10 per cent or less of their
transactions represented a foreign buyer.
At The Independent, Rize Alliance’s
development in East Vancouver, 60 per cent
of buyers registered a postal code within
10 kilometres of the building, including 40
per cent who were within fi ve kilometres. Only 2.2
per cent of the purchasers were from off shore and a
further 1.1 per cent from outside Canada.
“People forget that 48 per cent of Vancouver is
of Asian origin,” says Bob Rennie, Vancouver’s well-
known marketing superstar. “So you will see plenty of
black hair coming through the presentation centres.
But it shouldn’t be about race and off shore money –
it’s about supply and demand. And there is a shortage
of supply, so prices will keep going up.”
The Trickle FactorThere’s also what Bell describes as the trickle
factor. “If you do have a wealthy off shore buyer
willing to pay $4 million for a property previously
worth $3 million, it will raise the price of surrounding
properties. Those buyers may then have to spend
$3 million on a property previously valued at $2.5
million, and the eff ect will keep tricking down.”
Bill Szeto, president of Oakwyn Marketing, is
quick to stress the same trickle-down result occurs
when a downsizer sells, for millions of dollars, the
home they purchased 40 years ago for $20,000.
Once again, rising prices are a factor of supply and
demand, not ethnic background, he says.
“People say how ridiculous Vancouver prices
are, but on the global scale, they aren’t,”
Szeto adds. “My client from San Diego wanted
to buy a Manhattan home at US$3,000 per
square foot. If he came to Vancouver, he could
fi nd a $6 million property and get it at the
equivalent of a 40 per cent discount thanks to
the weakness of the Canadian dollar. It’s like
buying at fi re-sale prices.”
Time for Taxation?One controversial solution that’s been making
headlines is placing a tax on foreign ownership
to bolster aff ordability for locals. But Tammy
Morin Nakashima, president of BC Notaries,
says, “Our survey results point to the need for
careful consideration of any related legislative
changes.”
A tax has also been proposed for homes
that are purchased and then sit empty. It’s a
concept Bell says he struggles with. “It creates
a bureaucracy that now needs to be measured,
monitored and enforced. And what happens in the
case of an elderly person who may be hospitalized for
several months?” (In fact, the new vacant home tax
recently proposed allows for such circumstances – go
to REW.ca/News for details.)
A tireless advocate of density as the best way to
create aff ordability, Rennie is among the growing
number of people who support a tiered tax on luxury
properties. “What if we put a three or four per cent
tax on properties over $3 million, and then repatriated
that money as tax relief for fi rst time buyers or
properties under a certain amount?” It is another
answer that won’t change the price of housing, but
also isn’t infl uenced by the colour of a buyer’s skin.
BURNABY TRI-CITIES WEDNESDAY, JANUARY 20, [email protected] • 604-435-7977
R E A L E S T A T E W E E K L Y
Looking to BUY or SELL a home? To assist you in making the best decisions, a professional Realtor can provide the most
up to date information on the real estate market, price, fi nancing and comparative
properties in your area.
Find your EXPERT Real Estate professional right here in REW.ca!
BURNABY TRI-CITIES WEDNESDAY, FEBRUARY 3, [email protected] • 604-435-7977
R E A L E S T A T E W E E K L Y
Looking to BUY or SELL a home? To assist you in making the best decisions, a professional Realtor can provide the most
up to date information on the real estate market, price, fi nancing and comparative
properties in your area.
Find your EXPERT Real Estate professional right here in REW.ca!
GO TOREW.CA /NEWS
TO READ THESE STORIESAND MUCH MORE REAL ESTATE
NEWS AND ADVICE
Are You Ready for theNew Minimum Down
Payment Rules?
BC and VancouverHome Sales Set to Drop in
2016 after Hot 2015
Ask the Expert:Do I Pay GST on a Never-Occupied Resale Condo?
How the Chinese Year of the Monkey Will Affect Vancouver Real Estate
•2 REW.ca » BURNABY / TRI-CITIES » WEDNESDAY FEBRUARY 3, 2016
Brookside RealtyChad August
604.318.5254604.318.5254WWW.CHADAUGUST.COMWWW.CHADAUGUST.COM
GREAT CONDOS MOVE IN IMMEDIATELY
1003-12069 Harris Rd$1,368,000
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Over 2000 sq ft 2 bed, den + media Great s/w views
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3 1 unit remaining
NEW LISTING21336 River Road
2500 sqft 2 storey + bsmt8500 sqft private lot
$649,900
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13665 McKercher$899,900
R2023897R2023897
2 storey + bsmt
JUST SOLD
R2028384R2028384
125 Fernway Drive $978,000 #20 1255 Riverside Drive $578,000 16 Heritage Peak Road $2,900,000
1 32921 14th Avenue $368,900
SOLDCOMING
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MonetTYLERTYLER
SOLD
[email protected] ❚ 604.763.4307 ❚ www.monettyler.com
SussexSussex
NEWLISTING
Year of the Monkey
Gong Xi Fa Cai
Happy Chinese New YearKung Hei Fat Choy
The Year of the Monkey
Centre Realty 604.435.9477
Tony Alves604.889.7008
www.tonyalves.ca • [email protected] [email protected]
Teresa Pang604.617.0189
103-5000 IMPERIAL ST., BURNABY • $288,000Luna, this contemporary designed building located with walking distance of the Metrotown community. Making life easy with endless shopping choices, service, recreation & transportation. This one bedroom + den unit is located on the ground floor with its own private entrance and a private patio for summer BBQ. Stainless steel appliances, granite counter top, high ceiling, window seat and new paint throughout the unit. It shows like new. This is a great opportunity for 1st time buyers or investors. Shows like new - best asking price in Burnaby for one bedroom & den of this age.
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Contact Roloff at 604-782-7327 orroloff @evergreenwestrealty.comRoloff Veld
Managing Broker206-1120 Westwood Street, Coquitlam BC, V3B 7K8T: 604 942 1389 www.evergreenwestrealty.com
REW.ca » BURNABY / TRI-CITIES » WEDNESDAY FEBRUARY 3, 2016 3•
Krista SojkaPersonal ,Professional ,Experienced... SOLD!
Call me today!
604-375-9240www.kristasojka.com
REMAX All Points Realty Group #101 – 1020 Austin Ave. Coquitlam, BC Ph. (604) 936-0422 Fx. (604) 936-2751
OPEN HOUSE SUNDAY FEBRUARY 7TH 12:00-4:00 PMCanyon Springs - 1298 Jordan Street, Coquitlam
Lots of nice updates to this lovely 2,600 sq ft 4 bed 3 bath family home in Canyon Springs! Walk to Evergreen Line, Coquitlam Centre, Douglas College, Pinetree Secondary and Walton Elementary! Upgrades include new windows throughout, new furnace, new gutters. Basement has been renovated to include a brand new 3 piece bathroom, offi ce or den, separate laundry and extra-large bedroom plus media / rec room. Upstairs has 3 freshly painted bedrooms and Master has ensuite with tub / shower and large walk-in closet. Huge double garage and tons of storage. A custom built cedar deck with pergola provides lots of privacy and beautiful plantings in the Spring and Summer. Don’t miss out – this property will not last! First Open House Sunday Feb 7th 12:00 – 4:00.
Each offi ce independently owned and operated
2634 Sunnyside RoadFabulous, 3 level home on a sprawling 1/2 acre. Main fl oor features living room, dining room, family room with gas fi replace, kitchen with eating area, large den, powder room, plus 2 large sundecks. The upper level consists of another sundeck, bathroom and 4 bedrooms including master bedroom with walk-in closet and 6 piece ensuite with jetted tub. The base-ment has 2 separate entrances and lots of room for in-laws or nanny.
Anmore $1,298,800
OpenSaturday
2 - 4
Sutton Group - 1st West RealtyAN INDEPENDENT MEMBER BROKER
604-942-7211www.sutton1stwest.com
Your ExperiencedLocal Realtors
BUILDING LOTRS-1 BUILDING LOT! Build your new home here,
(approx. 7650 sq.ft.), 74 ft. frontage X 121 ft. depth. (Irregular lot size, refer to survey). Nice neighborhood near elementary school, parks and nature trails. New
frontage of 74 ft. will be on Hamilton (dead end street). Seller may also build to suit. Buyer to verify all
measurements. NO GST! MLS®# V1130605 Surp Rai 604-763-5263
Lee Yau [email protected]
Surp Rai604-763-5263
Glen Klassen604-220-4408
Vivian [email protected]
John Panrucker604-230-7390
Ted Yeoh604-377-0186
Peter P.T. Chan PREC604-351-2833
4020 CEDAR DR., PORT COQ $499,000
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604-689-8226 Yaletown
604-336-3539 Main Street
604-263-1144 KerrisdaleTaking our
Listings Global
$237,500
Whistler-inspired condo in one of the best locations in Central Port Coquitlam. This one has it all, location, mere steps away from Coquitlam River, walking trails, Gates Park, shops, restaurants, transit! Fantastic fl oor plan, kitchen has beautiful granite countertops, stainless steel appliances, gorgeous dark wood fl oors. Cozy gas fi replace and a bonus large west-facing patio. Nice quiet setting.304-2336 WHYTE AVE.CANDACE FILIPPONI 604-809-4403
NEW LISTING! $229,000
2 BEDROOM AT KEY WESTSPACIOUS open concept condo in fantastic location! Close to schools, shopping, transit and highways. Refreshed with new paint throughout and new laminate fl oor in 2nd bedroom/den. Cozy up to the gas fi replace in the winter and enjoy BBQs with friends on the large patio in summer! Welcome home!102-1999 SUFFOLK AVE.Vaune Kolber 604-506-7534
•4 REW.ca » BURNABY / TRI-CITIES » WEDNESDAY FEBRUARY 3, 2016
MARILOU APPLEBY604-263-1144
DEXTER ASSOCIATES REALTY
SMART MONEY LANDS HERE
6975 ARCOLA ST. $1,188,000
Solid mature beauty is ready to go. This well-cared for 5 bdrm/3 bath family home has many options for the astute buyer. Ask me about possible land assembly. Close to great schools,shopping and transit. Private viewing only.
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Great opportunity in the heart of Coquitlam's Town Centre. Squeaky clean with smartly updated flooring and spacious, open floor plan. Light, bright and well maintained featuring 2 bedrooms, 1 bathroom and a huge balcony overlooking the courtyard. Other features include insuite laundry and plenty of storage. This lovely home is within walking distance of Coquitlam Centre, Aquatic Centre, Glenpine Seniors Centre, Douglas College and all forms of transit including Westcoast Express and the soon to be completed Evergreen Line. Age restricted to 19+. Sorry, pets or rentals are not permitted. Offered at $229,900. Call now.Helen Roozendaal 604-939-6666
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REW.ca » BURNABY / TRI-CITIES » WEDNESDAY FEBRUARY 3, 2016 5•
N
Johnso
n St.
Pine
tree
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Highland Dr.
Bishop Place
Hadley Wood
Sheffield Ave.Princeton Ave.
Galloway Ave.
David Ave.
Lougheed Hwy.
Co
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.
CoquitlamCentre
BURKEMOUNTAIN
SALES CENTRE
3507 Hadley Wood, Coquitlam | 604.475.8500
THIS PORT MOODY NEIGHBOURHOOD WILL BE SOLD FROM MORNINGSTAR’S
SALES OFFICE IN COQUITLAM.
mstarhomes.com
NOW SELLING
PORT MOODY VIEW HOMESThis is an artistic conceptual rendering based on current development plans
which are subject to change without notice.
FortisBC uses the FortisBC name and logo under license from Fortis Inc. (15-046.9 11/2015)
New Home ProgramMake your next project stand out from the crowd and
receive incentives when building an ENERGY STAR®
new home or when installing high-efficiency natural
gas appliances.
Before breaking ground, contact us first
at fortisbc.com/energystarhome.
What is an ENERGY STAR home? Twenty per cent more energy efficient than a home built to code, ENERGY STAR homes feature high-efficiency heating and cooling systems, increased insulation levels and ENERGY STAR certified products and appliances.Incentives up to
$2,000 We’re working together to help B.C. save energy.
•6 REW.ca » BURNABY / TRI-CITIES » WEDNESDAY FEBRUARY 3, 2016
REW.ca » BURNABY / TRI-CITIES » WEDNESDAY FEBRUARY 3, 2016 7•
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BURNABY • TRI-CITIES
Looking for a newhome? Start here.
R E A L E S T A T E W E E K L Y
I n P r i n t > O n l i n e > Y o u r c o m p r e h e n s i v e s o u r c e f o r l o c a l r e a l e s t a t e n e w s a n d l i s t i n g s
W E D N E S D A Y , F E B R U A R Y 3 , 2 0 1 6
The ARC will mark the Central False Creek Skyline become the next big urban neighbour-
hood to live, work and play. In the epicenter of this new to become one of the most iconic condomin-ium projects ever seen – Concord Pacifi c’s The ARC.
“This is the most central gate-way to Downtown Vancouver. The ARC’s strikingly unique architec-tural façade will be the landmark of the neighbourhood at the north-ern foot of the Cambie Bridge,” says Grant Murray, Vice-President, Sales of Concord Pacifi c. “Concord Pacifi c has a reputation for placing special emphasis on creating an environment where residents have a sense of community.”
Designed by Francl Architecture, The ARC feature two unique tower forms, 29 storeys high-bridged by a massive span beginning at the 19 fl oor.
Concord Pacifi c’s bold design on the exterior is matched by intel-ligently planned extended view suites. The ARC homes, r anging from 496 to 1,350 square feet, will embrace classic beauty and elegance with modern amenities. The ARC will feature 560 one-, two- and three-bedroom homes with quality fi nishes that rival pricier residences – extra thick windows to block out downtown noise, a Miele stainless steel appli-ance package, marble fl ooring in the bathrooms and a fl ex wall for
expansive entertainment space. Homes will also feature unique
elements, such as an Al Fresco deck doors, blurring the line between indoors and outdoors, (in the majority of suites), a fl ex wall that transforms the bedroom and opens up more space for a living room, a queen size bed that converts into a couch complete with built-in cabi-netry, and an outdoor patio deck that will take in spectacular city, mountain and ocean views.
Then there are the private coun-try club resort-style amenities ele-vated to the 20th fl oor with glass bottom indoor swimming pool and a Sky lounge complete with cater-ing kitchen, outdoor patio deck and a state-of-the-art fi tness facility.
The pool is an engineering to wow residents and visitors to the City alike he says.
Besides the pool and Sky lounge, The ARC will be the fi rst tower in North America to feature 100 percent electric charge park-ing stalls with Touchless Auto Carwash facilities.
On the second level we will have a Cappuccino Lounge and rooftop garden with a child’s play area,” he says. “In addition, the lobbies are inspired by hotels, with full time concierge. The list of incredible amenities just goes on and on,” adds Murray.
With prices starting in the low $400,000 range, these functional condos are attracting everyone
from the urban yuppies to young professional families right up to seniors. The ARC is in the middle of a community near Yaletown Marinaside with expansive views of the downtown skyline, North Shore Mountains and the ocean.
The Concord’s Arc is set to help defi ne the next era of Vancouverism.
“We are accepting registrations online now and the public preview begins in early February,” adds Murray. “This is a wonderful oppor-tunity for prospective buyers to see how gorgeous these suites are.”
THE ARC Sales Centre
88 Pacifi c Boulevard, Vancouver
Open daily from 10 am - 5 pm
604-899-8800.
Call to book an appointment.
THE ARCwill forever change
Central False Creek’s skylineBuyers are flocking to Concord Pacific’s iconic new downtown condo development
