VictorEric Design Journal Our Latest News & Thoughts On The Design Industry

I was walking up West 16th Avenue one sunny afternoon (props to Spring!) last week, when I encountered a row of heritage homes in the 400 block, just before Cambie Street.

I did some research on it. What I found is that these homes are a series called Heritage, a collection of 16 craftman style half duplex homes, each at around 1400-1500 square feet. My research also tells me that these homes are worth around $849,000 in 2009 when they were built. The current market value for these homes are around $1.2 million.

Coming across some search results on the MLS website (some of these homes are on the market currently), the interiors are done quite practically. Open kitchen, linear dining and living area, 2 bedrooms on the second floor with full bathrooms. Pleasantly, a good space for a family of 3 to 4.

Furthering my research on the insights of these half-lot homes, I interviewed financial advisor Candice Wong of Freedom 55 Financial Group. “The price for the home is very affordable for the working middle class of Vancouver right now. Good neighbourhood and good purchase for a long-term purpose for a small family. However, I do not suggest this purpose for investment purposes.” Candice sees the housing economy at it’s highs right now, a purchase of a small house for $1.2m does not benefit the owner of the house investment-wise.

Some realtors comment on this differently. This is a hot neighbourhood in the area right now because of the convenience, lifestyle and transportation. Being very close to Capers, bakeries, and many neighbourhood restaurants, this block is also close to bus stops and the Broadway Cityhall skytrain station. With the ever-rising prices of the Vancouver housing market, not only homes are going up in prices, but sizes of homes go up as well due to all the bigger lots in Vancouver and maximizing of the lot space. For homeowners who are looking for a smaller and cozier home, it almost seems impossible unless they shop further east in Vancouver where lots are comparably smaller. The Heritage collection homes offer a smaller house on a westside neighbourhood, without compromising style in architectural and interior design.

Duplexes and divided lots are becoming more and more popular to suit the buyers’ needs. There are pros and cons to a half duplex. Also considering that the lot itself is under shared strata policies, and the prices of one unit is way more than what half of that lot of worth.

What are your thoughts, homeowners?

Most of local Vancouver residents feel that residential property prices have been stressfully high in the previous year. A lot of Vancourites are moving out of the city to the suburbs to settle for a home that they can afford.

However, the experts feel that the Vancouver housing market is reasonable in the bigger picture of the Canadian housing market since the later half of 2011.

On the pricing and affordability of a home, there is the market value of the property itself, and then there is the costs for the homeowner and the household budget, being the core problem of the the “unaffordability” of a home in greater Vancouver area.

According to the RBC Chief Economist Craig Wright, ”At this point, housing in Canada is essentially as affordable as it was a year ago, and only slightly less affordable on average than it has been over the long term. All things considered, the housing market is sitting in a reasonably balanced position overall, despite some minor stress being exerted on housing demand.”

The truth is, affordability in Vancouver is improving. Of course most of us know the expenses of living here in the beautiful city, but according to housing trends, it is inevitable that prices are at what they’re at now. Although we are the least affordable in Canada, it is evident that job opportunities and incomes are rising.

Here are the insights for the housing market in other cities of Canada from RBC Economics: http://www.newswire.ca/en/story/933423/housing-affordability-improves-for-second-consecutive-quarter-rbc-economics

Most of us must’ve noticed the spacious and dominant retail space in the CTV Building where HMV used to be on the corner of Robson Street and Burrard Street. CTV has recently reported that decision is underway, surely there will be a worthy retailer going into that space. The space is 3-storey high with a total square-footage of 50,000sf. It is expected that a BIG name is making its mark at this location.

Another location in the area is the Robson Optical Building on the corner of Robson Street and Granville Street. With the Future Shop giant screen on the other corner diagonally across from this vacant location, an application for a rebuilt has been submitted for a 2-storey retail plus 3-storey office space building, and  is under review. There is no need to advertise or attract businesses to this location, as it is one of the most vibrant and busy intersections of downtown Vancouver. One of the candidates that’s rumored to desire the location is Apple, making this location its flagship store in Vancouver.

Sears at Pacific Centre has just announced that it will be closing on October 31st, 2012, along with its Calgary Chinook Centre store and the Ottawa Rideau Centre store. At the intersection of Robson and Howe Street, this 500,000sf space is already attracting big departments stores across the border such as JC Penny, Macy’s, and Nordstrom.

There are also changes that we already see. One of them is Forever 21, opening its first downtown location on Robson Street between Burrard and Thurlow, alongside some of the luxury brands also in the core of the shopping district.

With the changes on their ways, some Vancourites are devastated as the closures may be some of their favourite retailers. However, it is exciting to see what these new developments and big brands will bring to the heart of the city’s retail zones. As Vancouver brands itself to be the most desirable city to live in, the retail district is surely to reflect the culture and prosperity.

Perhaps you have already seen it, perhaps you will soon!

We are celebrating our new VictorEric Premium Homes Scion, in addition to our VictorEric Design Group Smart!

The new VPH car will be for used for our project coordinators and managers/designers to visit our construction sites to assist with the management, ensuring that all quesitons are answered and everything is well looked after!

Have you spotted it yet?

It has been a mind-puzzler for some homebuyers and builders the transition of HST to PST and what impact it will have on the prices and taxation of their new homes. On February 17th, 2012, Kevin Falcon, BC Minister of Finance, announced the new housing rules that ensures a smooth transition of the taxation system. The new HST transition rules and the tax relief measures for the homebuilding industry and its customers is a good clarification, allowing certainty in what will happen in the next year.

Image Source: pstinbc.ca

The government’s believes the new rules will achieve “equitable treatment among purchasers and will help to mitigate distortive market behavour”, limiting negative impacts with the HST-PST transition.

Effective April 1st, 2012, the new housing rebate threshold will increase from $525K to $850K, with a maximum rebate increasing from $26,250 to $42,500.

All PST implementations will be effective on April 1st, 2013. The new rules and regulations have also clarified the taxation situations for the homes building through the transition period.

Please visit PST in BC for details.

VictorEric has an exciting new project on our way!

This home is on the west side in Vancouver in the Granville area. The house is approximately 4800s.f., on a corner lot. We’d like to create for our client a large and spacious plan without feeling too open and empty. Designed for their lifestyle with two young children, we are going to design a westcoast modern home with inspirations of Frank Lloyd Wright.

Being inspired by Frank Lloyd Wright means to design a “Prairie Style Home” with strong horizontal lines, harmonizing the home with the environment and surroundings.

Follow our blog for the progress of this home design!

Last week, some of the VictorEric team from Interior, Architectural and Construction departments attended the Buildex Show 2012. It was a pleasure to meet some of our familiar reps, unfamiliar reps, and to see some of the updates in the industry.

BUILDEX Vancouver is one of Canada’s largest tradeshow and conference, welcoming over 13,000 Design, Construction and Real Estate Management professionals each year. Over 600 exhibits and more than 50 educational seminars impact THREE distinct professional markets, all under one roof: Visit the Buildex Website

A sister show of the Buildex Show is the annual IDS West Show. This year, the IDS West Show takes place in September. At the Buildex Show, they have an interesting display that attracted many attendees. The display was to promote 2 of the biggest campaigns they have this year – The 100 Mile House Competition with AFBC, and the 4×4 Space.

The 100 Mile House Open Ideas Competition invites global participants to submit their creativity and innovations to challenge modern design – to design a house to accomodate 4 people with a maximum size of 1200sf, using materials within 100 miles of the city of Vancouver. For full details on the competition, please visit the AFBC Website.

The 4′x4′ Space campaign is for all designers, artists, students and alike to submit their idea for the use of a 4′ by 4′ space to be displayed at the IDS West show to represent themselves. The sample display at the Buildex Show is a 3D IDS sign, with green paint on top in tupperware with holes on the roof of the display, dripping paint onto the sign from above (see photo on the right above). The inspiration and uniqueness of participants will decide whether or not they’re one of the winners to win a space at the IDS West Show. Please visit the IDS West Website for more information.

Hong Kong welcomes about 400,000 Canadian visitors a year.  The fast-paced hustle and bustle of the city is equally matched by the indulgent spa treatments offered in their luxury hotels.

Ritz-Carlton Hong Kong is one of the newer hotels, with glass towers sporting a spa on the 118th floor.  Here you can view the busy harbour below, have access to a swimming pool and hot tub enclosed in glass.  Then you can be whisked off in a bathrobe to receive the hot Lava Shell Body Treatment which promises to melt away muscle tension.

If you’re looking for a comprehensive spa experience, the Mandarin Oriental Hotel has its own two-storey wellness centre encompassing yoga classes, pilates classes and personal consults with holistic experts.  Their most indulgent treatment is called the Imperial Jade Ritual.  It consists of a two-hour Chinese massage, a rice & sesame scrub, a green tea & algae body mask and facial, and treatment options designed specifically for men and women.

For those with a smaller budget, there are many local massage centres that offer reflexology.  The Happy Foot chain offers hotfoot baths and kneading of all those tired soles and toes.  And if you’re looking for free relaxation, you can always view the botanical garden with its fish ponds and waterfalls.

To read more: http://www.vancouversun.com/travel/Spas+offer+respite+from+bustle+Hong+Kong/5979356/story.html

The luxury housing market is finally starting to cool down, after ten years of rising prices.  The drop was visible in the latter half of 2011, with 454 homes worth over $3 million sold in the first half of the year. 

In 2011, the most expensive home sold was $16.8 million, with the most expensive condo sold at $10.1 million. 

Due to record breaking house prices in the last few years, it is not surprising that the market for luxury homes is starting to stabilize.  Furthermore, with houses steadily reaching the $3 million mark, there are more houses than ever entering the luxury home market.

To read more: http://www.vancouversun.com/business/Luxury+home+sales+surge+record/5975525/story.html

Developer, Onni Group, saves a project in West Vancouver at Evelyn Drive. 

This huge 20-acre property at Evelyn Drive was originally to be developed by Millennium Group.  However, it failed to get much support as residents believed the highrises would block the view and worsen already bad traffic.  In fact, by 2006, most Evelyn Drive residents had moved out. 

Finally, when the site master plan was approved after many community hearings, the recession and cost overruns of their other project, the Olympic Village, had forced them into receivership.

This neglected construction site has now been built up by Onni Group and will be ready for a grand opening later this month.  It is in a prime location of West Vancouver, with trails leading residents straight to Park Royal.  The floor-to-ceiling glass building designed by Nick Milkovich Architects and Walter Francl Architecture offers 105 modern homes, with up to two bedrooms and a large open deck for southerly views. 

For the full article:  http://www.vancouversun.com/Onni+Group+breathes+life+into+Evelyn/5961810/story.html