Listing agent: Cheryl Davie, Stilhavn Real Estate Services
The action
The house sold for 116-per-cent of asking. It was on the market for one week and more than 35 parties toured the house, says listing agent Cheryl Davie. The sellers eventually received five offers, with four of them over asking and subject free.
The sellers are a professional couple with kids who were looking to upsize. The buyers are another young family, moving from a condo.
“The home had been tastefully maintained and updated,” Ms. Davie says. “It very much appealed to a large demographic of buyers as it had the potential for an income suite in the basement.”
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What they got
The character house is on the east side of Vancouver, izn the popular Hastings Sunrise neighbourhood.
It sits on a 33-foot-by-116-foot lot and was built in 1945. The 2,114-square-foot house has five bedrooms over three floors, including a one-bedroom suite. Features include fir floors, coved ceilings and arched doorways, a sunny west-facing yard, a new deck, a garden and a two-car garage. There are also new appliances and furnace, updated bathrooms, and a fresh exterior paint.
According to Ms. Davie, prices are not softening yet — but showings are starting to decline.
“If multiple offers are received, it’s typically only one or two, whereas in the spring we were seeing 20-plus offers on a property like this,” she says.
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DONE DEALS
Vancouver home ignored in July gets six bids in December
ASKING: $1,149,000SELLING: $1,240,000
Spacious bungalow draws 10 bids and sells for $241,000 over asking price
ASKING: $1,249,000SELLING: $1,490,000
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ASKING: $525,000SELLING: $499,000
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The Vancouver realty company used the same question to headline its mid-month report, which it released Friday (July 16).
“With this trend likely to continue, we could see total active listings drop below 10,000 to start September for only the second time in the last 25 years,” states the report prepared by Kevin Skipworth.
Skipworth is a partner, managing broker and chief economist with Dexter Realty.
The report noted that from July 1 to July 15, realtors with the Real Estate Board of Greater Vancouver (REBGV) sold 1,692 properties.
Meanwhile, only 2,491 new listings of homes for sale came on the market during the same period.
“That number of new listings is a stark contrast from where we were at the mid-point of June,” Skipworth wrote.
The realty executive noted that as of June 15, there were 2,028 properties sold and 3,405 new listings.
“So, while sales are only down 17% compared to the mid-point of last month, new listings are down 27% leading to a decrease in the number of active listings in the market,” Skipworth noted.
Also, in the mid-point of May 2021, 2,183 properties were sold and 3,758 new listings came on the market.
Total active listings as of July 15 are at 10,958 compared to 12,458 on July 15, 2020.
Also, the report noted that there were 11,659 of total active listings at mid-month in June 2021.
Real-estate associations have also flagged the drop in home listings.
In a July 12, 2021 report, the B.C. Real Estate Association stated that total active residential listings were down 23.4 percent year-over-year in June.
The BCREA report by chief economist Brendon Ogmundson also noted that listings have “continued to fall on a monthly seasonally adjusted basis”.
Meanwhile, the REBGV reported on July 5 that there were 5,849 detached, attached, and apartment properties newly listed for sale in June 2021.
The board said that the number of new listings represents a 17.9 percent decrease compared to May 2021 when 7,125 homes were listed.
Also, the total number of homes listed for sale was 10,839, a 5.1 percent decrease compared to June 2020 (11,424) and a 1.2 percent decrease compared to May 2021 (10,970).
Also on July 5, the Fraser Valley Real Estate Board (FVREB) reported that it received 3,108 new listings in the month of June.
The new listings represent a 10 percent decline compared to last year, and a decrease of 21 percent compared to May 2021.
The FVREB noted that June 2021 ended with total active inventory of 5,474, a seven percent decrease compared to May, and 22.5 percent less than June 2020.
Going to the Dexter Realty report, Skipworth wrote that while sales have declined again in July, the “bigger decline is in the number of new listing coming on the market”.
“This is depleting an already low active listing count in Metro Vancouver and keeping competition amongst buyers going,” the report noted.
Moreover, there are “still buyers looking to take advantage of continued low interest rates”.
“All things considering, there is still strong activity in the real estate market but that could be hampered by the lack of listings as we move through the next month and a half,” the report stated.
Taking a hike to academic success: Vancouver organization empowers B.C. youth through outdoor education
Better Together is a collaboration between Coast Capital and the Georgia Straight to celebrate programs, partnerships, and individuals making positive change in our communities.
Martha Batke found Take a Hike at a pivotal moment in her life. Struggling with the format of the mainstream school system, Martha was skipping classes and close to dropping out of Kitsilano Secondary in her Grade 10 year. As a result, she fell through the cracks of the mainstream school system and began looking for alternative options.
Her search led her to a life-changing opportunity to step outside of her comfort zone in a program—Take a Hike—that uses the outdoors, adventure, and mental health and emotional well-being support to engage vulnerable youth in school. Despite her apprehension and self-proclaimed lack of athletic ability, Martha took a leap of faith.
Since 2000, Take a Hike has been leading the way in alternative high school education models—combining intensive and continual clinical counselling, adventure-based learning, outdoor experiences, and a tight-knit community to support British Columbia’s vulnerable youth. Partnering with five public school districts across the province, the program empowers youths with the skills and resilience they need to graduate high school, build healthy relationships, and navigate their own path to success. The program has transformed the lives of hundreds of youth in B.C. like Martha, along with their families, resulting in a 97 percent graduation rate among its 690+ youth and alumni—14 percent higher than the graduation rate for mainstream public education in 2019.
“Take a Hike helps vulnerable youth who are scared, angry, hurt, and have fallen through the cracks of the system. They don’t trust anybody, they don’t feel safe. Take a Hike embraces them, provides them with clothes and food, and builds them up through outdoor adventures and trust exercises,” Martha shares.
COAST CAPITAL SAVINGS
At the heart of Take a Hike’s success is a unique program structure. Every aspect of its model is built on a foundation of safe and caring relationships, inclusive environments, tailored strategies, and high expectations for student success. It’s through this model that Martha found herself. Thanks to counsellors and teachers who continually go above and beyond, Martha’s outlook on life and on the world changed dramatically.
Before joining the program, Martha had never left the Vancouver city limits. Through Take a Hike, Martha was able to experience rowing in Deep Cove, climbing the Grouse Grind, mountaineering in Pemberton, and much more. It provided her with access to a completely different world, just an hour or two away from home.
Take a Hike also helped her to build a strong set of foundational core values. It taught her strength and resilience in the face of adversity; how to develop meaningful, trusting connections and relationships with her peers and teachers; and discipline in her pursuit of success. “You wouldn’t recognize me after the two years that I was there. I went from wanting to fade into the walls to avoid people to a very outgoing, confident young woman,” says Martha.
Now, Martha is living in the Kootenays, a mother to three children, and has been running a farm on her property for the last five years. In addition to valuable life skills, the program gave Martha a deep appreciation for nature that she has carried with her through to adulthood. Because of her experience with Take a Hike, Martha has made it a priority to connect with her community through activism and volunteering, working with local food security projects, and community halls.
COAST CAPITAL SAVINGS
Take a Hike has continued to grow, building its services in communities across British Columbia, and offering long-term programming with the support of donors and partners like Coast Capital, to reach and empower students across the province. Martha also hopes to give back to the foundation directly by donating and volunteering her time at Take a Hike’s West Kootenay location so she can help to positively impact youth to achieve their full potential.
As her children approach school age, Martha wishes programming like Take a Hike was a standard option as she firmly believes students from every walk of life would benefit from it. “Take a Hike is what school should be: it’s a healthy, accountable, respectful, rewarding interaction with the world.”
Citing a hypothetical example, the realtor explained that if one gets a $380,000 condo unit that is going to cost another $70,000 in maintenance and repairs over the next few years, that’s not a good deal compared to a $420,000 property that's in better condition.
“What’s a good deal?” Hutchinson asked. “It all goes into doing your due diligence, and finding the right fit for you and your budget, and how much you'd like to take on.”
Now, Vancouver may be one of the most expensive cities to buy real estate, but it doesn’t mean that there no cheaper options.
One is leasehold properties, and Hutchinson stressed that this can work out if the buyer is comfortable with the terms of leasehold ownership.
To illustrate, the Vancouver realtor provides a long listing of leasehold properties currently on the market, and many of these are below $400,000.
The lowest priced property is at 1906 1251 Cardero Street in the West End neighbourhood of Vancouver.
The 443-square-foot condo has an asking price of $299,900.
The lease for the property has been prepaid until December 31, 2073.
Listed for $299,900, the lease for 1906 1251 Cardero Street has been prepaid until December 31, 2073.
A leasehold unit is different from a freehold property.
In freehold, a person owns the unit and the land.
Applied to a freehold condo, the individual owns the unit, and shares with others ownership of the common spaces and land on which the development was built.
It’s not the same in leasehold, wherein an individual owns the home but not the land.
The lease can either be pre-paid or not. In addition, the development can either be strata or managed by a company.
At the end of the lease, the landowner can purchase the building at fair market value, which means leaseholds get something back.
The value of a leasehold property generally goes down as the end of the lease approaches.
A listing provided by Hutchinson suggests that some purchase leasehold properties and rent it out.
That may make some sense because leasehold is generally cheaper than freehold, so these can be investment properties.
The owner of 108 1250 Burnaby Street is willing to part with the one-bedroom West End condo unit for $305,000.
The 430-square-foot property is currently tenanted. The renter pays $1,600 a month.
Listed for $305,000, this leasehold condo at 108 1250 Burnaby Street is rented out, with tenant paying $1,600 per month.
Another leasehold property that is under $400,000 is 307 1720 Barclay Street.
The lease has been prepaid to the 625-square-foot condo unit, which means the future owner does not have to worry about lease payments to the land owner.
The one-bedroom West End property has an asking price of $362,800.
Hutchinson noted that “Vancouver's best deals” is always an attention grabber.
“It all depends what you're looking for, and to be fully educated into what you're buying,” Hutchinson said. “That may actually be the deal for you, or you may have to keep looking. Either way, happy hunting.”
In all honesty, it was cannabis that got us through the pandemic. While shows like The Queen’s Gambit and Schitt’s Creek helped pass time, smoking a fat blunt each day made life more enjoyable and less stressful.
Because of the health and safety regulations, many people had no choice but to become familiar with the online marijuana industry. But we quickly found out which virtual pot peddlers could be trusted and which ones should be avoided at all costs. Even though ordering cannabis from a website is convenient, you’re still unable to interact with the product or ask budtenders any questions.
If you prefer to rely on recommendations or advice from seasoned cannabis connoisseurs, it’s best to avoid shopping online. Thankfully, the world is reopening, which means that those who enjoy a little enlightenment can resume purchasing their pot in person.
However, if you wish to stay couchlocked, CottonMouth Cannabis will begin delivering products in August as the Province has revised its mandate. Simply log onto our website and order for local delivery and curbside pick up.
CottonMouth Smoke Shop opened its doors on April 20, 2005, in Vancouver’s West End and has been one of B.C.'s most trusted shops since. Customers are offered a friendly and unique one-stop-shop experience unlike any other cannabis store in B.C.
CottonMouth’s knowledgeable team provides other self-proclaimed pot purveyors with education through tutorials, blogs, videos, and free workshops. But don’t let the cannabis boutique’s professional reputation fool you, its customers say that they “come for the grass, stay for the sass”.
The inclusive pot shop nestled within Davie Village (1120 Davie Street) welcomes members from all communities and appreciates the ongoing support from the surrounding LGBTQIA2+ community.
To reefer enthusiasts, CottonMouth is the mecca of high-quality cannabis products. From pre-rolled joints, vape cartridges, edibles, and CBD gems to teas, THC soft gels, and oral spray, CottonMouth has it all. The shop also carries a wide selection of cannabis buds available in different strains for those who like to grind and roll their own joints.
After visiting CottonMouth, be sure to check out the team’s favourite munchie spot next door.
At CottonMouth, happy hour is two hours long and occurs every day from 1 to 3 p.m. Customers can snag discounts on everything in the store, even the OG Chemdawg Live Resin and the Peanut Butter Mac pre-rolled joints.
Every Thursday is CottonMouth’s Smokin’ Senior Day. If you’re 65 or older, it’s happy hour all day.
Next time you’re hanging out in Davie Village—or when your stash needs to be replenished—swing by Vancouver’s most beloved boutique cannabis store. The CottonMouth team is eager to welcome
customers back and can’t wait to provide recommendations on their favourite products. Every day at this shop is a bong-show, in all the best ways.
For more information or to browse some of the products available at CottonMouth Cannabis, visit www.cottonmouth.com/.Follow the boutique cannabis store on Instagramand Facebookfor updates.
While the pandemic disrupted our lives and added a couple of inches to our waistlines, it also brought some positive changes. Apart from providing us with the time to conquer baking a sourdough loaf at home, it forced countless companies to implement remote work for employees.
Though the vaccine rollout is well underway, many Canadians have no intention to return to their company’s office after the pandemic ends. Chatting with coworkers by the water cooler is fun but it doesn’t beat wearing sweatpants 24/7 and skipping the daily commute. Because of this, businesses have been looking to downsize their physical office space in order to save money.
With downsizing comes a lot of displaced office electronics, which can be harmful to the environment if thrown into the landfill. The Electronic Recycling Association (ERA) is a Canadian nonprofit organization that offers simple solutions to businesses looking to get rid of any operational office equipment.
The ERA seeks to promote sustainability and reduce the amount of e-waste in Canada through reusing and recycling. It’s also actively bridging the digital divide by providing the refurbished electronics to charities that work with less fortunate communities.
Electronics that have already reached the end of their life cycle will be recycled in a way that is responsible and environmentally friendly. Any functional computers and laptops get donated to other nonprofit organizations like United Way, Boys & Girls Club, Big Brothers Big Sisters, Centre for Newcomers.
ELECTRONIC RECYCLING ASSOCIATION
“Due to the pandemic, computers are at a higher demand now than ever before with a greater number of people unable to afford one,” says Julia Armstrong, Marketing and Donations manager at the ERA. “Your preloved laptop that you no longer use can have a huge impact in the life of a student, senior, newcomer, or charitable organization.”
Along with becoming part of the circular economy and helping others, the nonprofit ensures that any personal data is wiped from each device before it is recycled. The ERA’s data security guarantee saves busy IT staff plenty of time and effort. Taking it a step further, the ERA also prepares inventory reports of the retired assets, which includes hard-drive serial numbers, make, model, and tag numbers.
Last year, the ERA initiated a scholarship program to give students the opportunity to win up to $10,000 by hosting an e-waste collection event. Students became involved in their community, gained organizational and marketing experience, and built up their résumés. The program was such a success that it will take place again this year.
The ERA serves small, medium, and large businesses, and has recycling depots in Vancouver, Calgary, Edmonton, Saskatoon, Winnipeg, Montreal, and Toronto. The nonprofit will also responsibly recycle or donate any unwanted personal electronics from people living within these communities.
If your company is downsizing office spaces or looking to update its electronics, click hereto book a pickup. For more information on the ERA and its charitable initiatives, visit www.electronicrecyclingassociation.ca/.
Ghost Drops poised to disrupt the cannabis status quo
posted on July 7th, 2021 at 11:00 AM
GHOST DROPS IS DELIVERING ITS NOTORIOUS UNDERGROUND QUALITY TO THE LEGAL MARKET BY BRINGING ITS EXCLUSIVE AWARD-WINNING LEGACY GENETICISTS AND CULTIVATORS
Perhaps the most iconic legacy cannabis brand in Canada, Ghost Drops is stepping up and bringing its notorious underground quality and identity to the legal market.
The Toronto-based company will launch into the legal market with a national supply chain, delivering across the country its exclusive genetics catalogue from its network of partnerships with award-winning legacy geneticists and cultivators.
One step towards that goal is the hiring of global cannabis expert Gene Bernaudo as Ghost Drops’ Chief Executive Officer and interim Chief Operating Officer. The former president and global head of cannabis for Ignite, Gene Bernaudo brings to Ghost Drops a wealth of business experience establishing and growing cannabis brands in Canada.
“The decision to make the move was easy,” he says. “I was attracted to Ghost Drops because of its authenticity, culture, quality and reputation in the cannabis community. When I was asked to take on the role of CEO, I knew this would be a brand that I could get behind and help propel to the forefront of the legal market. The story is real, the team is the best I have ever worked with, and I truly look forward to being part of this legacy.”
Under Bernaudo, Ghost Drops looks to capitalize on the very essence of what the legal market has been trying to achieve since it came into existence in 2018: bringing legacy customers to the legal market on a large scale, while still delivering the quality and innovation those customers have come to expect.
It’s about being the best possible version of the company in this new incarnation, Bernaudo explains: “We’ve taken it upon our shoulders to convert legacy market consumers into legal market consumers.”
It’s a pragmatic decision, he explains; the trick is learning from what worked in the company’s earlier incarnation and carrying it over to the other side.
“Ghost Drops has been operational in the legacy market for about six years,” Bernaudo says. “During this time period we were able to capture valuable data in relation to consumer habits, demand, tastes and spending patterns. Analysing this data is perhaps the most important piece of what we have developed, as it has contributed to our product offerings and overall consumer experience. Data has had a huge impact on how the brand has developed over the course of these years and has proven to be an asset as we enter the legal market.”
He’s also quick to reassure the company’s fanbase that while the market might be different, the brand isn’t going to change.
“Our history is what made us,” he says. “With over 20,000 Instagram followers, 80,000 website subscribers and a 78% returning customer rate, it’s easy to see how Ghost Drops has developed a cult-like following and become one of the most loved and respected cannabis brands in Canada. We know what our consumers want from us. We’re not going to change what makes us the best.”
If anything, the brand might change the market.
“Our passion and expertise drive us to keep innovating, pushing boundaries and disrupting the status quo. We aren’t just in this game,” Bernaudo says, “we’re changing the way it’s played.
“Connoisseur consumers are willing and eager to invest in quality products they know and love. And by converting Ghost Drops’ database of loyal legacy customers, the legal market will become more informed, better educated and more diverse.”
Sales in June subsided from record-setting pace in March and April
The Canadian Press · Posted: Jul 05, 2021 3:28 PM PT | Last Updated: July 5
Benchmark prices for residential properties increased by 14.5 per cent from last June. (Jonathan Hayward/The Canadian Press)
The total number of homes sold in the Metro Vancouver area last month was 3,762, down 11.9 per cent from May, according to the Real Estate Board of Greater Vancouver (REBGV).
But while sales dropped month over month, June's total sales were still up 54 per cent from the same month last year, and were 18.4 per cent above the 10-year June sales average.
Prices have also increased in the past year. The benchmark price for all residential properties in the Metro Vancouver area in June was $1.175 million, a 14.5 per cent increase from last June.
"Metro Vancouver's housing market continues to experience strong sellers' market conditions, although the intensity of demand has eased from what we saw throughout most of the spring," REBGV economist Keith Stewart said.
Sales of detached homes rose 45.7 per cent, with a benchmark price of $1.8 million that was 22 per cent higher than June of last year, but virtually unchanged from May.
Apartment sales surged 60.5 per cent, with a benchmark price of $737,600, which was up 8.9 per cent from the prior year, while sales of attached homes increased 53.8 per cent. The benchmark price of $946,900 was up 17.4 per cent from June 2020.
New listings increased 1.1 per cent year over year, but that marked an 18 per cent decrease from May.
Stewart said low interest rates, a growing economy and an improving job market are continuing to create solid economic fundamentals for the Metro Vancouver housing market.
"We're now seeing a market that's beginning to normalize from the torrid pace in the spring. This is making multiple offers less common, allowing subjects to be seen on offers more frequently again, and is making new price records less likely.''
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According to Richmond News, July 5, 2021: Sixty-nine million adults in China and HK are considering immigrating to Canada. The chances of sixty nine million is relatively slim but this sure tells you something about where home prices will always go. Good thing there is so much land on the NWT or Nunavut for the rest of us.
1 day ago
Just wait till they cool next year with a 40% decrease in price . It’s coming.
1 day ago
Vancouver prices can’t be compared to prices elsewhere in BC. Small town pricing is a more realistic reflection of what is affordable. Now the flood of mainlanders is washing back when the reality of access to the convenience of the big city sets in. Small town BC is not as attractive to international investments as once thought.
'Vancouver's commercial real estate market appears poised for a significant rebound' led by industrial and office sectors. a day ago By: Darrell Hurst, Colliers.
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This bright corner unit features hardwood floors, an updated bathroom, and a Juliette balcony with views of the mountains. The building is a mere three blocks from Sunset Beach, and has a rooftop deck and pool. Parking is available for rent.
This fully furnished unit features a rainfall shower, a washer and dryer, and a large bedroom. A common rooftop garden can be found right outside your door. Storage lockers and bike storage are available through strata, and parking stalls can be rented through the building’s community page.
Rarely available, this bright and airy suite has been freshly painted and has new vinyl flooring. The large bedroom features a walk-in closet. It’s conveniently located near transit and shopping, but faces away from the Oak Street traffic. Rentals and pets are allowed.
This stylishly-renovated corner suite features floor-to-ceiling windows, hardwood flooring, and newer appliances. The shared rooftop features a pool and stunning views of the water. Fabulously located just blocks from Sunset Beach and the Seawall, this is ” the best of Vancouver Living.”
This spacious studio has been freshly painted and features a walkout south-facing patio. It’s located in a quiet neighbourhood, but is still close to transit and shopping. A perfect opportunity for investors or first-time buyers, the unit is move-in ready.
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It spans 30,000 sq ft of space in the East Mews of the newly built outdoor mall area, with the H&M Home part of the store — located on the ground level — accounting for about a quarter of the store’s overall footprint.
H&M at The Amazing Brentwood with H&M Home (Kenneth Chan/Daily Hive)
H&M at The Amazing Brentwood with H&M Home (Kenneth Chan/Daily Hive)
H&M at The Amazing Brentwood with H&M Home (Kenneth Chan/Daily Hive)
H&M at The Amazing Brentwood with H&M Home (Kenneth Chan/Daily Hive)
H&M at The Amazing Brentwood with H&M Home (Kenneth Chan/Daily Hive)
H&M Home offers contemporary decor and home accessors for every room in the home, with styles for pillows, bedding, home storage, dinnerware and tableware, rugs, bath and shower, blankets, cookware, and toys.
Along with H&M Home, this store also features H&M’s typical departments, with women’s clothing in areas of both floors, and men’s, children’s, and more women’s clothing sections in the second level.
This is only the fourth H&M store in Canada to have a H&M Home department, with the other locations at West Edmonton Mall, CF Toronto Eaton Centre, and CF Carrefour Laval in Montreal.
H&M at The Amazing Brentwood with H&M Home (Kenneth Chan/Daily Hive)
H&M at The Amazing Brentwood with H&M Home (Kenneth Chan/Daily Hive)
H&M at The Amazing Brentwood with H&M Home (Kenneth Chan/Daily Hive)
H&M at The Amazing Brentwood with H&M Home (Kenneth Chan/Daily Hive)
H&M at The Amazing Brentwood with H&M Home (Kenneth Chan/Daily Hive)
H&M also recently completed a significant expansion and renovation of its flagship store at CF Pacific Centre in downtown Vancouver, growing its footprint to nearly 40,000 sq ft over three levels.
With an end to the pandemic now in sight, businesses at TAB are starting to ramp up their activities at the new mall for planned openings over the coming weeks and months.
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Austin Zhang's family came to Vancouver 15 years ago to settle down and start a development business.
WESTLAND DEVELOPMENTS
Austin Zhang is a 26-year-old developer from northern China whose family came to Vancouver 15 years ago to settle down and start a development business.
His parents purchased a house on the west side of Vancouver, and the Zhangs, who were involved in food manufacturing in China, soon met other people from their home country and developed a strong network of friends. After they rebuilt their own house, they began building other luxury single-family houses for their new friends, and those friends became investors.
If city approvals are given, within the relatively short time they’ve been in Vancouver, the Zhang family will have gone from knowing nothing about the development industry to building some of the region’s tallest residential skyscrapers. Their company, Westland Developments, has built at least 40 houses on the west side. With the help of investor and realtor friends, they scaled up. It started when they purchased old apartment buildings as a land assembly on West Boulevard in Kerrisdale, which they sold to a developer to build the two-year-old McKinnon building. A two-bedroom there is listed for $1.5-million.
They built a successful condo-with-retail mid-rise on West 16th Avenue, where the old Dunbar Lumber was once located. Standing at Vancouver’s highest geographic peak, with unobstructed views of the North Shore, the units sold for a whopping $1,600 per square foot.
Now, Mr. Zhang has launched presales for a 10-storey condominium called the W68 in Marpole, currently the site of a retail building with rental apartments above. He’s also building a couple of major skyscrapers, under review in Burnaby and Surrey. And he has a staff of just six people.
“I do have confidence in the Vancouver marketplace that everything will recover, and those investors that we saw in 2016 and 2017 will come back,” says Mr. Zhang, who now runs the family business. “Vancouver is at the top of the list of where everybody comes to start a new life.”
He wants his young company to have the same brand-name recognition as Polygon or Westbank. He also wants to clear up misperceptions about the Chinese investor who comes to Canada and is often blamed for the increase in property prices.
“Vancouver has always been a destination for Chinese immigrants. And it comes with land-ownership issues, right? A lot of Chinese people believe that you really have to own land. It’s your only real asset. That’s why a lot of Chinese buyers are investing in real estate.
“I think it’s just the mentality, and it just so happens a foreign-buyer tax was put into place. But a lot of people that are investing in real estate are Chinese people here in Vancouver. I wouldn’t go as far as [calling the foreign-buyers tax] racist. But it’s one of those things that get more attention than others, and I think the blame is always pointed towards real estate being one factor that’s inflating costs.
“But then again, the only thing we really need in life is a place to live and food to eat, so I don’t blame people for blaming real estate.”
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The foreign-buyer tax, as well as the speculation and vacancy tax, definitely had its impact on house prices, he says. But he believes the impact is short term. The foreign buyer will become active again when prices drop, and extra taxes aren’t so impactful.
“When they were first introduced, we definitely saw a decline in prices, in investment buyers, foreign investment buyers especially, even now. In terms of the deals that we are writing and the ratio of that being foreign buyers, yeah, it has definitely changed, I mean – to a certain point. When that happens prices go down, and once prices go down, those buyers come back, and then the taxes make sense. I mean, maybe it works in a short term, but it may not be something that addresses this in the long run.”
Many countries impose a tax on foreign buyers. Hong Kong has a 15-per-cent stamp tax for foreign buyers. In Singapore, foreign buyers pay an additional surcharge of 20 per cent. Singapore also charges its own citizens an additional stamp tax for owning more than one home.
What it comes down to is land ownership, and who owns it, Mr. Zhang says.
“Somebody has to own the property at the end of the day, right? If it’s not government, then it’s private owners.
“A lot of bad light gets shone onto the fact that a lot of people own multiple homes as a commodity. Some yes, are being used for being flipped, or sitting empty. But a lot of them are being used as rental properties.
“What kind of society would be in if the government owned all the rental housing? It would be like being back in China.”
Mr. Zhang believes Vancouver is appealing because of its low-density lush areas and the fact that residents can fully own the land. Part of the appeal for the Chinese investor is that in much of China, people can only buy leasehold land. Canada offers them the opportunity to own property in perpetuity, he said.
And the fact that he can stand in West Vancouver and look over at Point Grey and see trees instead of a sea of buildings is a unique and enviable quality, he says.
“There are some clusters of high-rises, but the majority of land is single-family. So when you look at that, we are living within the forest and on a global scale that is very rare. Some of those cities like Singapore, like Tokyo, it doesn’t exist anymore.
“I think the city has taken a great approach in retaining that aspect of Vancouver, of Canada. That is why people are attracted to this place. I don’t think if, one day, densification goes up and the parks become condos, then Vancouver may not be as desirable as it is now.”
But he is working on adding density to his plans for a two-building complex at the University of British Columbia, which must include rental. And Westland has two of the region’s tallest multifamily towers under review, with a 52-storey condo high-rise and 22-storey rental tower on Telford Street in Burnaby, and a 50-storey condo tower in Surrey.
“At the end of the day, it’s my city and I want to see it get better in every way that I can. And having the opportunity to build and to develop a 50-storey tower – definitely my friends aren’t doing that yet.”
Renderings, projects proposed by Westland Developments. A 52-storey condo high rise and 22-storey rental tower on Telford Street in Burnaby.
WESTLAND DEVELOPMENTS/WESTLAND DEVELOPMENTS
Their story, he says, is an equal-opportunity story of immigrants who pulled together to build a thriving development business in a highly desirable city. But he often gets buyers at the show rooms asking if they are offshore developers. His family and their investors are based in Vancouver, he says.
“I’ve always had some opinions about what people thought of us,” he says. “I want to clearly define Westland is a local community builder. We only operate in cities that I know, personally,”Mr. Zhang says.
They are, he says, “a local developer, and not some overseas offshore company that just owns real estate here and is destroying homes for people.”
He says he is proud of the large houses he is building throughout the city and plans to drive his daughter by them one day to show her what her family achieved. And by redeveloping the old apartment buildings he owns, in Marpole, at UBC, and in Burnaby, he can add considerably more units to the rental supply.
“On each project we do we have investors. For a 50-storey tower, we are talking hundreds-of-millions-of-dollars range [in cost], but we are all family friends – friends that immigrated here early altogether with us. It was a very small community back in the early 2000s among Chinese people that immigrated here. So we developed our relationships through those avenues. Our parents knew some of those investors through early English-language programs that they took.”
Mr. Zhang said he has already had to deal with the eviction process. He was directly involved in a long, embittered and public battle with tenants at the site of the upcoming 51-storey Telford building. Some tenants had mental and financial challenges, he says, and hadn’t paid rent for months.
Tenants who are evicted will be offered the option to return to the new buildings at the same rent, in keeping with City of Burnaby policy. He applauds the cities’ efforts to retain tenants, and he’s happy to bring them back to the new building at their old rents.
“This does accomplish my passion, too, because at the end of the day we aren’t just building condos, we are building homes.”
As for the high prices that Vancouver is experiencing, it is simply what happens when the population goes up; demand for housing goes up, and prices increase as demand outpaces supply. It’s a natural evolution of a city, he says. And immigration, and foreign money is coming from everywhere, not just China, he says.
“One of the things that attracted our family in the early 2000s, why we got into house building, was just the beauty of Vancouver, and that’s what everybody sees when coming to Vancouver, to Canada.
“In my opinion, everybody here wants to make Vancouver great, and it is great, and the better it gets, the more expensive it gets.”
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In Greater Vancouver, where the average detached house sold for $1.8 million in May and a typical condo apartment for $737,000, a small-house builder is offering perhaps the least expensive—and smallest—house in Canada.
“Our core business is for granny flats and homes for First Nations,” said Chase Lefneski, a spokesman for Dwelltech, based in Maple Ridge, B.C., where the May benchmark house price was up 34 per cent from a year ago to $1.1 million.
Dwelltech makes three different small houses.
Its latest offering, the Yocto, is the tiniest—72 square feet.
“We think it is the smallest complete house in Canada,” Lefneski said.
Despite its compact space, the Yocto comes with full-sized appliances, a closet and a built-in bed and mattress.
“The bathroom works perfectly. It's a residential toilet and shower, not a small RV-type fixtures,” Lefneski said. “It's a little hard to believe all that fits in 72 square feet.”
The houses come with a 20-year warranty on roof, walls, doors and windows.
“It is built like a tank. They are made for rough use and to be easily moved as many times as you want,” according to Lefneski.
The small houses sell for $24,900, he noted, and do not require a building permit.
The tiny homes do need water and power access and hookup to a septic or municipal sewer system.
The Yocto may provide another option for municipalities and community groups trying to house the most vulnerable residents.
In Victoria, a tiny-house village, which converted standard 20-foot shipping containers into 160-square foot homes, opened May 12 as temporary homes for Victoria’s homeless population.
The 30-unit project, by Aryze Developments, was partly financed by $550,000 raised during a three-month crowdfunding campaign.
The little houses come equipped a bed, side table, a small fridge and armoire, but village residents share communal bathrooms.
In Alberta, the Homes for Heroes Foundation has opened a small-home project meant to house homeless veterans who served in Canada’s armed services.
Some of the 300-square-foot homes, designed with the help of trailer manufacturer Atco Structures, were set up in a 2020 Calgary project.
A second village is being finished in Edmonton. Scheduled to open this fall, the Edmonton village consists of 18 small homes, two accessible homes, an office and an amenity building.
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