Document

…choose a chic, dynamic lifestyle at Trend ›› p.5

January 14, 2010

MAGGIE CALLOWAY

� e questions preying on British Colum-bians’ minds as 2010 kicks o� are varied, but many are likely wondering if mortgage interest rates will go up or down this year, and whether house prices will increase or decrease.

Finding an iron-clad answer can be dif-

� cult, but the experts seem to agree interest rates will remain fairly stable.

“We see the mortgage interest rate to re-main stable through the � rst half of this year and a gradual increase of around one per cent through the last half,” says TD Financial Group business development manager Ross Gurney.

“In 2008, mortgage interest rates were down, lumber prices at historic lows and we had a house inventory problem. All this contributed to a very hot market,” he says.

“We had an interesting 2009, but in rela-tion to the rest of the world, we really don’t

have much to complain about.”� e websites of most major Canadian

� nancial institutions predict more of the same: no one sees much upward movement in interest rates through the � rst six months of 2010, and no major jumps for the balance of the year.

According to the Canadian Mortgage Trends website, several analysts think the Bank of Canada will wait until the latter part of 2010 – or later – to adjust rates.

While a CIBC Economics posting predicts

Mortgage rates: 2010 outlookExperts predict a modest hike may happen in late 2010

TD Financial business development manager Ross Gurney predicts mortgage interest rates will remain stable through the � rst half of 2010. Rob Newell photo

TRICIA LESLIE

A slow start turned into an extremely strong � nish for the residential real estate markets in Metro Vancouver.

“In 12 months, we went from the worst January in 20 years to the third-best December,” says Fraser Valley Real Estate Board president Paul Penner.

“Homebuyers took Boxing Day shop-ping to new levels with some Fraser Valley realtors, showing multiple homes per day

between Christmas and New Year’s.”

� e FVREB represents Metro Vancouver regions including Surrey, North Delta, White Rock and Langley.

In all regions, Penner says the word that re� ects the real estate story of 2009 best is “recovery.”

December alone showed a 148 per cent increase in sales over the same month in 2008, and that can be attributed to � rst-time homebuyers taking advantage of all-time low mortgage interest rates and increasing con� dence in the economy, says Penner.

“An informal poll of our members in De-cember revealed 40 per cent of home sales were by � rst-time buyers, when it would normally be 25 per cent.”

� e overall trend for 2009 was one of increasing sales, decreasing inventory and rebounding prices, the FVREB reports.

� e board’s listing services processed 16,721 sales in 2009, compared to 13,194

2009: Year of the real estate rebound

CONTINUED ON P.2

Paul Penner

December housing sales were hot in Greater Vancouver

CONTINUED ON P.2

2 • New Local Home | January 14, 2010

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New Local Home is published once a week by Black Press Group Ltd. (Suite 309 - 5460 152 Street, Surrey, B.C. V3S 5J9) 350,000 copies are distributed free across Metro Vancouver. Reproduction in whole or part is prohibited.

the Bank of Canada will not hike rates at all in 2010, TD Bank and Desjardins forecast that if there is a rate hike, it won’t happen until the � nal quarter of 2010.

“We believe that the slower growth path for real GDP will keep the Bank of Canada on the sidelines past its conditional commitment, and the � rst rate hike will not come until the fourth quarter of 2010,” reads the TD Bank posting.

What these economists are predicting is a change in the Bank of Canada’s overnight tar-get rate. � is rate a� ects variable-rate mortgag-es; � xed rates are a di� erent tune and usually move in step with bond yields, which should rise before the Bank of Canada decides to act.

“Remember, interest rates are at historic lows with posted rates at around 5.9 per cent. � e same rule applies no matter what the in-terest rate – only spend what you can a� ord to service,” says Gurney. “Right now, the variable mortgage interest rate is 2.259 per cent, which translates into a monthly payment of $1,700 on a $400,000 mortgage amortized over 25 years. If the rate goes up to six per cent, the same mortgage payment would increase to $2,600.”

Even at six per cent, the current mortgage rate is historically, a good one, Gurney notes.

“It is just a matter of being aware of what each percentage increase means to your � nan-cial bottom line.”

Overall, the Bank of Canada sets the rates which all Canadian banks follow. It is not a commercial bank and so, does not o� er banking services to the public. � e bank

has responsibilities for Canada’s monetary policy, bank notes, � nancial system and funds management. Its principal role, as de� ned in the Bank of Canada Act is “to promote the eco-nomic and � nancial welfare of Canada.”

In 1938 the Bank of Canada became a Crown corporation belonging to the federal government. Since that time, the Minister of Finance has held the entire share capital issued by the bank. Ultimately, the bank is owned by the people of Canada.

� e Bank of Canada carries out monetary policy by in� uencing short-term interest rates. It does this by raising and lowering the target for the overnight rate. � is overnight rate is the rate at which major � nancial institutions borrow and lend overnight funds amongst themselves; it in� uences other interest rates such as consumer loans and mortgages.

Before the year 2000, the bank changed the rate at various unpredictable times throughout the year but starting in 2000 they introduced a schedule of � xed dates as follows for 2010: Jan 19; March 2; April 20; June 1; July 20; Sept. 8; Oct. 19 and Dec. 7.

One thing all the � nancial institutions and investment houses agree on is that interest rates will not decline.

Yet it is still a good time to buy a home, Gur-ney says – especially in the � rst half of 2010.

“� is is a good time to get into the market for anyone contemplating buying a home,” says Gurney. “For the buyer who is more comfort-able with a � xed-rate mortgage, a � ve-year � xed rate can be negotiated for around 4.25 per cent and a 10-year � xed rate for under six per cent. Taking a � xed rate allows families, knowing the exact amount of their mortgage payment going forward, to plan ahead.”

in 2008 – an increase of 26 per cent. But the number of active listings decreased by 15 per cent in the same period.

In the Vancouver-area housing market, residential sales increased 44.8 per cent in 2009, from 24,626 in 2008 to 35,669 in 2009, reports the Real Estate Board of Greater Vancou-ver. � e number of homes listed for sale decreased by 15.5 per cent, from

62,561 in 2008 to 52,869 last year.

“Low interest rates, an economy emerging from recession and con-tinuing to improve, and consumer con� dence led to the resurgence experi-enced in the Greater Vancouver housing market in 2009,” says REBGV president Scott Russell, add-ing that home sales neared or passed monthly records in the region through the latter half of 2009.

“In fact, last month’s home sales rank as the third-highest selling De-cember in the 90-year history of our

organization.”In December

alone, Greater Vancouver residential sales totalled 2,515 in 2009, an increase of 172.2 per cent from the sales recorded in De-cember 2008.

� e residential benchmark price for Greater Van-couver increased by 16.2 per cent to $562,463

between December 2008 and Decem-ber 2009, while the number of homes listed for sale has been in decline for eight of the past nine months, Russell says.

“(� e decline) results in upward pressure on home prices and less selection for buyers to choose from,” he says.

While new home construction picked up throughout B.C. in Decem-ber, housing starts were down by nine per cent in the Vancouver Census Metropolitan Area compared to December 2008, reports the Canada Mortgage and Housing Corporation.

But overall, CMHC is forecasting “a modest increase in housing starts in 2010.”

For the most part, multiple-unit residential starts were weak in the Vancouver CMA in 2009, the CMHC reports. But Surrey “picked up the slack” with strong, single-detached housing starts.

“� e fact that we are beginning to see some larger-scale multiple-unit residential projects breaking ground bodes well for a healthier level of housing starts in 2010,” says CMHC senior market analyst Robyn Ad-amache.

More starts expected for this yearCONTINUED FROM P.1

Robyn Adamache

Scott Russell

“In fact, last month’s home sales rank as the third-highest selling December in the 90-year history of our organization.”

Top photo: the downtown Vancouver � nancial district bustles with activity while above, a Canadian � ag is re� ected in theToronto Dominion tower at Georgia and Howe streets. Rob Newell photos

Interest rates tolikely remain stableOff the front: Bank of Canada will stay ‘on the sidelines’ for � rst part of 2010CONTINUED FROM P.1

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New Local Home | January 14, 2010 • 3

4 • New Local Home | January 14, 2010

‘(The award) is well-deserved’

MAGGIE CALLOWAY

Receiving the Order of Canada is a huge honour.

But Michael Audain, who was recently given the prestigious award, remains mod-est upon receiving congratulations and immediately points to the many Canadians who give of themselves daily without any fanfare or public recognition.

Audain, who also holds the honour of the Order of British Columbia, eschews public recognition and makes it clear he holds these countless Canadians in high regard.

He was surprised to find out he’d received the award, Audain admits.

“Receiving the phone call from Ot-tawa advising me of this honour was a complete shock,” he says.

“I am very grateful to the people who nominated me and the people of Canada.”

Audain, chairman of Polygon Homes, has been a leading homebuilder in Metro Vancouver since 1980.

Polygon, and its associate company Morningstar Homes, are among the most well-established and highly respected build-ers in British Columbia.

The company has built more than 18,000 homes throughout the Lower Mainland since its inception, ranging from concrete

highrises to wood-frame condominiums, townhomes and single-family (detached homes) communities.

Outside the building business, Audain and his family passionately support the arts in British Columbia.

Audain currently chairs the Vancouver Art Gallery Foundation and the Board of the National Gallery of Canada.

Through the Audain Foundation for the Visual Arts, the family’s support of fine arts

throughout Canada has been significant. Locally, his commitment to the Vancouver Art Gallery is twofold: through contribu-tions of art – such as the donation of three Jeff Wall pieces (born in Vancouver, Wall is best known for his large-scale, back-lit CIBA chrome photographs).

This donation alone made the VAG the holder of the largest Wall collection in the world. Secondly, Audain has made mon-etary donations of more than $6 million to

support his passion.As VAGF chairman, Audain is commit-

ted, along with his equally enthusiastic board members, to creating an endowment to ensure the long-term objectives of the gallery.

The UBC Museum of Anthropology received $2.5 million from the Audain Foundation in December 2009 in support of its major capital renewal project, A Partner-ship of Peoples.

This donation, along with others, allows the museum to host and attract ma-

jor international shows that have not been possible due to lack of appropriate space. The newly named, 5,800-square-foot Au-dain Gallery will allow UBC’s MOA to develop and produce

its own major exhibits.“The (Audain) Foundation

recognizes the importance of the Museum of Anthropology to all visual art fans in British Columbia as well as the sig-nificant role it plays in the cultural repre-sentation of the First Nations people of the Pacific Northwest,” says Audain.

“The new gallery and spaces will further enhance and promote MOA’s unique posi-tion.”

Yet it’s easy to believe, due to his passion and commitment to business and the arts, that Audain is only just getting started.

“I wish I had his energy,” quips Morning-star Homes president Dale Barron.

“(The award) is well-deserved. He does a tremendous amount of philanthropic work with respect to the arts. He doesn’t just contribute to the cause, he is extremely involved.”

– with files from Tricia Leslie

Audain receives prestigious honour

Polygon Homes chairman Michael Audain is also well-known for his philanthropicinvolvement in the arts. He recently received the Order of Canada for his e� orts.

the mujoj r

na

i

recog

ORDER OF CANADA

New Local Home | January 14, 2010 • 5

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Live in the now at Trend

Choosing a chic and vibrant lifestyle doesn’t necessarily mean moving to down-town Vancouver.

Trend, a new collection of 51 contempo-rary homes, combines the best of all worlds by mixing cosmopolitan style with modern conveniences in a dynamic Delta neigh-bourhood. � e project captures the essence of city living in that you can live, play and entertain right in your neighbourhood.

Located near 75 Avenue and Scott Road, the Guildford Brook Estates development of-fers an unlimited helping of urban amenities and diverse attractions in an eclectic mix of popular restaurants, shops, cafes and other businesses.

From Save-On Foods and London Drugs to SportChek, Chapters and Starbucks, from the Strawberry Hill Grande Cinemas to local parks, � tness centres and schools, the area surrounding Trend o� ers every kind of amenity hom-eowners are looking for.

“On the weekends, you can leave your car at home and walk to ... everywhere,” says sales broker Judy Lakos.

� e project’s central location in Metro Vancouver also means homeowners have several di� erent transpor-

Guildford Brook Estates Inc.’s development, Trend, allows homebuyers to live, play and entertain in their immediate neighbourhood.

City living in a dynamic Delta neighbourhood

ols,�ers s

NOWSELLING

CONTINUED ON P.6

6 • New Local Home | January 14, 2010

‘The affordability is great’

tation options for moving around the Lower Mainland, she notes.

� e exterior is timeless yet stylish, show-casing expansive windows and featuring el-egant details such as warm wood trim, brick, cool metal accents and lush landscaping.

Inside, open-design living areas feel spacious and airy. Gourmet kitchens come complete with a stainless steel appliance

package, granite coun-tertops and two-toned cabinetry.

Spa-like bath and powder rooms feature polished tile � oors, de-signer tubs and granite countertops.

Overall, the design is sleek and modern, while remaining subtle and comfortable.

Homebuyers have two colour schemes to

choose from, to set the stage for the interior style they prefer.

� e quality of the homes speaks for itself, Lakos says, and adds that now is a fantastic time to buy one of the 10 Trend homes that remain.

“� e quality surpasses the highest stan-dards ... and (Trend homes) will be ready to move into before the HST comes in,” she says.

Plus, there’s the price, Lakos notes.“� e a� ordability is great.”Prices range from $189,900 to $299,900

for the available homes (one-bedroom; one bedroom and den; two bed, two bath).

Visit the presentation centre at 7937 Scott Rd., Delta (by Cactus Club) or go to www.trendliving.ca for more information.

Above, a rendering shows what Trend will look like upon its completion. At left, the Trend presentation centre in Delta shows a sample of what home-buyers may choose to do with their living area. Below, kitchen and bathrooms feature granite countertops and sleek, modern cabinetry. Trend is a Guildford Brook Estates development that is under construction in a dynamic North Delta neighbourhood. Only 10 homes remain available; prices start at $189,900.

Contemporary, sustainable living in sleek, modern styleCONTINUED FROM P.5

“On the weekends, you can leave your car at home and walk to ... everywhere.”

New Local Home | January 14, 2010 • 7

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North Vancouver

West Vancouver

Burnaby

New Westminster

Squamish

Richmond

South Delta

Coquitlam

Port Moody

Port Coquitlam

Vancouver

Surrey

North Delta

LangleyCloverdale

Fort Langley

Pitt Meadows

Maple Ridge

South SurreyWhite Rock

(1a)(1b)

(2b)

(8a)

(8c)

(8b)

(2c)

(2d)

(2e)(4a-4b)

(2a)

(11c)

(11b)(4c)(11a)

(12a)

(5a)

(5b)

(5c)

(5i)

(5h)

(5f)(5g)

(5d)(5e)

(6a)

(9i)

(9j)

(14b)

(14a)

(9e)

(13b)

(13d)(13c)

(14c)

(10b)

(10c)

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(13a)

(14d) (14e)

(14f)

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Squamish(1a)Skye-Soleil-AquaPresentation Centre, Unit 3, 1233 Main St.,Squamish. 604-616-1215(1b)Furry Creek-Ocean Crest415- Furry Creek Dr. 604-787-1456

Vancouver (2a)Sage5898 Gray Ave., (UBC/Wesbrook) 604-822-0809(2b)Pacifi cUBC Westbrook Village. 604-221-8878(2c)Aura5437 Willow Street & West 38th Ave. 604-264-6477(2d)The BLOCK458 East 11 Ave. 604-875-8800(2e)District: South Main299 East 7th Ave., Vancouver. 604-879-2010

Burnaby(4a)Jewel6130 WilsonAvenue at Beresford. 604-456-0688(4b)Brentwood Gate-The Varley1960 Beta Ave. 604-205-7228(4c)Adera - Green7438 Byrnepark Walk. 604-439-8858

Coquitlam(5a)Levo1170 Pinetree Way & Northern Ave. 604-464-5856(5b)The FoothillsBurke Mountain, 3381 David Ave. 604-944-3188(5c)Tatton1240 Holtby, Coquitlam. 604-552-2220(5d)Whitetail Lane1357 Purcell Drive. 604-552-3003

(5e) Belmont1456 Avondale Street. 604-461-7113(5f)Burke Mountain Heights3398 Don Moore Drive, Coquitlam. 778-285-6299(5g)Sterling3412 Wilkie Avenue, Coquitlam. (5h)Belmont Walk1442 Marguerite Street, Coquitlam. 604-464-4551(5i)Larkin House1131 Pipeline Road Coquitlam. 604-552-1113

Port Coquitlam(6a)Links2418 Avon Place, Port Coquitlam. 604-460-9907

Richmond(8a)Alexandra GateCambie-Garden City. 604-279-8866(8b)Centro7180 No.3 Road-Bennett. 604-270-8305(8c)PradoNo.3 Road & Lansdowne. 604-276-8180

South Surrey-White Rock(9a)Highland Park160th & 24th Ave. 604-542-8995(9b)Glenmore at Morgan Heights161A St. & 24th Ave. 604-542-8863(9d)Wills Creek160th & 32nd Ave. 604-542-6200(9e)Kaleden2729-158th Street. 604-541-4246(9f)Nuvo15454 - 32 Avenue, South Surrey. 778-294-1201(9g)Morgan Heights26th Ave & 164th Street. 604-531-1111, 604-420-4200(9h)Cathedral Grove2738-158th Street. 604-541-7383(9i)Ocean Park2056-128th Street. 604-538-2345

(9j)Southport3677-143 Street. 604-292-0871

Maple Ridge/Pitt Meadows

(10a)Falcon Hill23719 Kanaka Way. 604-466-5723(10b)Crest at Silver Ridge22850 Foreman Drive. 604-466-9278(10c)Solo11749 223rd Street. 604-467-0800

New Westminster(11a)Victoria HillMcBride Ave. 604-523-0733(11b)Q at Westminster QuayRenaissance Square off Quayside Drive. 604-515-9112(11c)Red BoatEwen Ave & Furness St. 604-520-9890

Delta(12a)Trend7445 Scott Road. 604-590-5483

Langley(13a)Bedford Landing23015 Billy Brown Road. 604-888-2176(13b)Seasons & Prelude at Milner Heights208th St & 72nd Ave. 604-539-9484(13c)Time at Walnut Grove9525-204 Street. 604-694-1819(13d)Waterfront9275 Glover Road. 604-888-2793

Surrey(14a)Augusta at Provinceton18199 70th Ave, 778-571-1088(14b)Springfi eld Village8676 158 Street. 604-591-1121(14c)Hazelwood Estates7881 164A Street. 604-657-5220

(14d)The Highlands at Sullivan Ridge60A Ave & 146th Street. 778-565-1865(14e)The Estates at Vistas West16327 60th Ave. 778-574-1380(14f)Vista’s west6093 - 164 Street, Surrey. 778-571-1389

On Tour

Kenstone Properties Ltd. is building a towering collection of 115 homes – including five penthouses and seven townhomes – at Sage, located at UBC’s Wesbrook Place.

8 • New Local Home | January 14, 2010

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