Property Management in Vancouver

Yaletown is the heart of Vancouver leading the way in in lifestyle and entertainment. Yaletown received  its name in the 19th century when the Canadian Pacific Railroad moved its rail yards and repair facilities from Yale, in theFraserRiver canyon, to the new Yaletown in the False Creek North area. 

Historically it has been known as Vancouver’s warehouse district. This is evident today in the warehouses that line the streets which are protected under Heritage status and still hold there old charm with  exposed bricks and beams in building such as Murchies. Along Homer Streetyou will also several sought after condominium buildings such as The Beasely,  Beresford, Domus, Bentley, 1180 Homer, Ellison, 1241 Homer, and H&H.

Canadian Pacific Railway built a roundhouse in the area, which is still utilized to today as the Roundhouse Community Centre, at the corner of Pacific and Drake. It features the famous Centennial train, which is an important part of our Canadian history. This was the first to cross train to cross Canada upon completion of the railroad.

Yaletown is  home a variety of successful business including fashionable boutiques, pet outfitters, architectural firms, galleries, hair studios, and designer furniture stores. World renowned for its variety of exciting restaurants including: Glowball, The Opus Hotel and Elixer lounge, Goldfish, Coast, Pinky’s, Cacutus club, Yaletown Brewery and of lateTequila Kitchen.  Aamong the many wonderful establishments on Hamiliton Street you will find the stylish residential New Yorker, and Alda.   

Yaletown is a very desirable area for locals and visitors to live and play. Self contained within a small radius of only a few city blocks between Drake and Smith it is a world within itself.  Whatever you are looking for you are sure to find it here with a lifestyle that is second to none which is why many choose Yaletown to call home.

For more information on properties in Yaletown please contact Victoria Farrell www.downtownsuites.com

Yaletown has been a vital part of Vancouver since it’s birth over a hundred years ago. The Canadian Pacific Railway set up shop in Yaletown, bringing business and opportunity to this once empty forest area in Vancouver. It thrived in its warehouse days, then became deserted with the advent of the truck and trailers. Industry favoured the access of the highway, and preferred shipment with trucks. Expo 86 then sparkeda whole new era for Vancouver. It showed the world that Vancouver and Especially Yaletown was one of the best places to live in the world. It offered comfortable living encompassed between the great outdoors. Concord Pacific’s Li Ka Shing, a world known Asian developer and business man purchased the former expo lands. There was an immense amount of work put into developing the site. Concord Pacific worked closely with the City of Vancouver to master plan the area to make it as nature friendly and liveable as possible. The public was greatly considered a part of this planning. They were included in discussion and debate surrounding the parks, zoning, recreation, planning and other issues affecting the public.

It seems the old dream of living in the suburbs with 2.5 kids, a large yard and white picket fence is not as rewarding as imagined. All the extra time sitting in traffic, wasting money on gas and spending time away from family has lead to a demand for city living. Many people come to realize what they want is the close proximity of work, family and leisure. With the high price of real estate, only some people can afford to buy a home close to all the action. Some people choose to rent and some have no choice. Whatever the reason, Downtown Suites Ltd. helps renters get into that perfect pied-a-terre.

Here is the typical tenant process for renting a suite with Downtown Suites Ltd:

We post all available rental suites on our website at www.downtownsuites.com. If a suite is posted on our website, it is available. Keeping an eye on our rental listings is a good idea, we have new listings being posted frequently. Once you are interested in viewing a suite follow the instructions on the listing. This involves providing your contact information on the form provided. Due to the volume of response, we do not take phone calls. All correspondence is through email. Make sure to send separate emails for each interested suite. We will email you back with the time for the arranged showing. If you are able to come to the showing please confirm.

When you arrive at the showing we ask you to wait at the front entrance of the building. Please arrive on time as this shows respect to the Property Manager and interest in the suite. If arriving late, you may be unable to view the suite. One of our Property Managers will let you in to view the suite. If you like the suite, an application will be provided at the showing. Viewing the suite prior to applying is mandatory. Applications will only be handed out at the viewing and all questions about the suite will be answered by our Property Managers. This is not a first come first serve basis, our approval process is based upon the merit of your application.

The application must be fully filled in. The information that the application asks for is; employment, previous employment, address, previous address, if you have any pets, email, phone number, birthdate and social insurance number. We ask for all this information so we are able to do complete checks from your current salary to your references and credit checks. We guarantee complete confidentiality, and will never divulge your information unless permitted. A good feedback from your references and a credit score of over 600 is required. This ensures minimal problems in the suites we manage.

We will inform you if you have been the successful applicant or not. If you have been chosen, you will be asked to bring in a damage deposit of half a months rent to hold the suite. All damage deposits must be in the form of bank draft, certified cheque or cash. If you have pets that will be an additional charge of a half months rent in case there is any damage from your pet.

When you bring in the damage deposit the listing will be taken off our website and the suite will be guaranteed for you. A Property Manager will then schedule a time for you to come in and sign the lease.

Housing starts move higher in February The seasonally adjusted annual rate of housing starts was 256,900 units in February, up from 222,700 units in January, according to Canada Mortgage and Housing Corporation (CMHC).“New home construction in February was boosted by the significant rise in multiple-family starts,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “The robust results achieved this month are mainly attributed to increased condominium starts, which reflect strong condominium sales over the past year or two. Despite this sizeable growth in February, we continue to expect that the trend in housing starts will decrease gradually between now and the end of 2008.”In February the seasonally adjusted annual rate of urban starts increased 18.0 per cent to 223,700 units compared to January. Urban multiples jumped 30.3 per cent to 140,700 units in February, while singles rose 1.8 per cent to 83,000 units.The seasonally adjusted annual rate of urban starts increased in four of

Canada’s five regions in February. Urban starts registered an increase of 45.2 per cent in British Columbia, 26.2 per cent in Quebec, 16.9 per cent in the Atlantic region and 16.4 per cent in

Ontario. The Prairies bucked the trend and registered a decline of 9.6 per cent in February. Urban multiple starts were up in all regions except in the

Atlantic and the Prairies. Urban singles were up in all regions except

British Columbia and the Prairies.

Rural starts were estimated at a seasonally adjusted annual rate of 33,200 units in February.  Actual starts, in rural and urban areas combined, were up an estimated 8.1 per cent in the first two months of 2008 compared to the same period in 2007. In urban areas, actual total starts increased by an estimated 10.4 per cent year-to-date. Actual urban single starts from January to February 2008 were down 11.0 per cent compared to the same period in 2007, while multiple starts grew by approximately 25.9 per cent over the same period.

victoria@downtownsuites.com 

I am excited to be part of the Downtown Suites Sales Team. As a realtor I believe that it is important to have an in depth knowledge of the area in which you are working. I have lived in Vancouver for the majority of my life and my finger is on the pulse of the city and the current market conditions. I have been here to witness all the changes to the Downtown area including the growth of Yaletown/ False Creek North and the new development properties; which have changed our skyline.

My clients include a variety of individuals from local to overseas investors. I help them to purchase and sell a variety of properties from million dollar penthouse suites to modest one bedroom suites. I treat all of my clients equally with integrity, confidentiality and respect. Whether you are thinking about buying or selling a condominium suite or an investment property; I will assure that your needs are met successfully in a professional and honest manner.

Please do not hesitate to contact me if you would like to discuss current market conditions, or if you would like a current market analysis of your property. The reason that I am in the Real Estate industry is that I truly want to help people to succeed in meeting their goals.

I look forward to hearing from you.

We recently did a video session introducing Victoria Farrell, who has just joined our Downtown Suites team specializing in real estate sales. Here’s the first of three:

The POMARIA! Award winning architecture of Rafi Architects, incorporating the POMARIA’S signature SKY GARDENS and one of the first buildings in Vancouver to use LEED standards [Leadership in Energy & Environmental Design] including geothermal heat to reduce costs and impact.

Air conditioned suites, Robert Ledingham designer interiors, 8′ stained oak entry doors, 9′ over height ceilings, imported Italian porcelain tile for the entry, bathrooms and kitchen, gourmet appliances including Grohe, SUBZERO & GE MONOGRAM appliances and fixtures. The building features 24 hr concierge, spa, yoga room, outdoor terrace an much more! Award winning building for 2007!

To view the available suites at The Pomaria got to www.downtownsuites.com

1201 & 1801 - 1455 Howe Street,Vancouver Downtown, BC

Beautiful two bedrooms, two bathrooms, 919 square footage, for $2300 a month for #1201 & $2400 a month for #1801.

Suite Features include: dishwasher, gas stove, built-in microwave, Air Conditioning, Separate bath tub & shower, Hot water & gas included, Suite is West-facing, In-suite laundry, and One underground parking stall

Building Amenities: Bicycle storage, 24 hour Concierge, Steam room & Sauna, Gym with change rooms, Rooftop garden, Children’s playground

In this location you have it all, you are just steps from the restaurants, markets and outdoor life of False Creek and English Bay. Also just a few blocks away from the shopping centres and business district of Downtown.

Just moments away from the Seawall where you can catch the Harbour Ferry to sail across the water Granville Island.

To schedule a viewing of the Pomaria suites go to www.downtownsuites.com

Brand New Luxury Suites in Coal Harbour steps away from Stanley Park and the Seawall.

Downtown Suites Ltd. has 4 new available suite rentals, ranging from $3000 - $3500, 1240 - 1310 square feet.

Two bedrooms, two gorgeous bathrooms, stunning open kitchens with 6 appliances, large balcony, beautiful fireplace, in-suite laundry, storage room and 2 parking stalls. Breathtaking Rooftop with state of the art gym equipment, large hot tub, sunbathing, BBQ and Fire Pit areas, Urban Fare at street level, small library, playground/ocean view relaxing area on second floor. One Year Lease, please no pets and no smoking.

Cielo - 1205 West Hastings Street

Please view the Cielo listings at www.downtownsuites.com

Be the first to live in these new suites!

The much anticipated Spectrum buildings are finished and ready to be occupied. There are four Spectrum buildings centrally located in False Creek.

The interior of the suites have a fresh modern look and provide all the features you desire in your home. Laminate flooring in entry, living & dining room and kitchen, ceramic tiling in bathrooms, den and enclosed balcony. There is an exterior open balcony in every suite. Impressive kitchens including built-in wine rack, ceramic kitchen back splash, white euro- style appliance package with electric ceran cook top electric wall oven, hide-away hood fan, garbureator and dishwasher. All suites have in suite washer & dryer.

The neighborhood surrounds you in the middle of Vancouver’s best shopping, dining, nightlife, entertainment and the seawall. You are just steps from BC Place Stadium, GM Place, Costco, the skytrain and parks, and Tinseltown is just around the corner.

The Spectrum buildings have the Ozone club and fitness. It provides excellent amenities such as: 80′ in door pool, whirlpool, sauna, showers, exercise room, theatre room, party room, outdoor terrace, lounge, and concierge service.

Visit Downtown Suites Ltd. to view the available suites in the Spectrum buildings.

These suites are popular so contact Downtown Suites Ltd. today to arrange a viewing.

The current rental market is buoyant and strong. We’re having good supply: lots of new product coming on stream. Everywhere you look around downtown Vancouver there are lots of cranes and high rise buildings nearing completion. We’ve just had a couple recently - the Melville has just come on and a luxury building in Coal Harbour; we’re fortunate to have several suites in there for rent, and we have rented several of them.

We are feeling a bit of resistance in some of the price points though, both there and in another building that just opened, Henderson Developments’ Firenze which is in the other end of the downtown, close to the stadiums and on the edge of Chinatown and Gastown.

We’re finding that investor owners are now paying more and more for their properties and they’re hoping to recoup this in rents. But the reality of the situation is that wages haven’t increased as much as property values have increased. A lot of owners now are trying to push the envelope to $2.50 and beyond a square foot. A couple of years ago $2 a square foot was considered the norm for a premium rent, We’ve been averaging $2.20, $2.25 but now they are pushing the envelope to $2.50 and beyond.

What’s happening is that individuals are now moving into one bedroom apartments and sharing. I saw this when I was young, in London, New York, and various big cities; people double up or quadruple up as they used to do in London – the rents were just so high. We are seeing more of that now. One bedrooms and studios we’re finding a very strong demand for, but two bedroom suites priced over $2000, $2500 a month are very very slow. There is so much product on the market they’ve become increasingly difficult to rent out.

We have to consider the demographic of the people that are renting, and how much they are actually earning. The reality is that the average person who is living and working in downtown Vancouver is making between $12-20 an hour. Somebody in the higher echelons, over $20 an hour, approximately $45,000 a year, Looking at my tables I see that if somebody earns $45,000 a year, their take-home pay is only $1300 every two weeks. So to support a rental payment of $1500 - $2000 a month for a one bedroom just isn’t possible for them. It’s 50-60% of their actual take-home income. So people just can’t afford to pay the big rents that are coming out. I think we’re going to have to see a bit of a correction on this. As I pointed out to some owners the other day, we were in one of the new developments on the horizon, there were four new towers of the Spectrum development about to be unleashed on the market, which would be 800 more suites and maybe 400 of those would be rentals.

Of course this is the best form of rent control to have: the constant supply of good quality housing. Plus of course the possibility of moving into other areas of the downtown, Gastown and the near East Side, and the new Olympic village area which is being developed, however with those prices between $450,000 and a million dollars, it would be very difficult to cash flow, as the rents will not support the payments on the payments on those kind of suites at this time. There is no way that you could buy a $400,000 suite at 600 square feet and expect to be able to cover the mortgage and costs, which would be probably $2000 – 2250 a month while the actual rental for it would be $1450, 1500 max.

Because ultimately in the Vancouver real estate market, the most important thing you need to be concerned about is not so much cash flow, but the reason you’re buying it. The tenant is paying your mortgage for you, the bulk of your mortgage and expenses. The asset is appreciating. And historically properties have appreciated in the 7-10% range per year. So there probably is going to be a bit of a plateau in the market, but ultimately, if you hold firm for 5, 10, 15 years, you are going to see some substantial increases in your equity in your portfolio.

(See also the video version of this info: Current Rental Environment)

Downtown Suites, Ltd.