Heritage: Cedar Cottage / Kensington

A retrospective on the Cedar Cottage / Kensington neighbourhoods in Vancouver, BC.

Cedar Cottage is the district centred on Victoria Drive north of Kingsway, and Kensington is the district centred on Knight Street south of Kingsway. Cedar Cottage has always been proud to be the only neighborhood in Vancouver to have a lake. The words "East Vancouver" are not often associated with the word "beach," let alone a place to tan and swim in the summer or sometimes skate in the winter. Trout Lake's brief shoreline is a delight for the stroller and the home of unusual sights for Vancouver: a living peat bog, stunted pine trees, migrating ducks and a variety of other interesting birds.

Until the 1860s Trout Lake was a natural home to families of beaver and huge flocks of waterfowl. In 1863 John Hall hiked down the old Indian trail from New Westminster to stake out the lake and its surrounding acreage for himself. In 1867 he sold it to Walter Blackie and for a time it was referred to as "Blackie's Lake." The first industry built in Vancouver, the Hastings Sawmill, arranged for the water rights to the lake and built a flume from the lake to its sawmill to sustain its steam-driven machinery. In 1878 the owners of the mill bought the land, but in 1884 innocently sold it to Israel Powell, a government insider who knew about the coming of the transcontinental railway. Later it became the property of Aldene Hamber, the daughter of Hastings Sawmill owner John Hendry, and her husband Eric Hamber, a future lieutenant- governor of British Columbia. In 1926 they donated the lake and surrounding land to the city on the condition it be named after John Hendry.

The district's first substantial building was the Gladstone Inn, a stagecoach stop built for Gastown pioneer Joe Mannion in 1871 at the corner of what is now Gladstone Street and Kingsway. This stop on the dirt road from Gastown to New Westminster was operated by Thomas Deighton, the brother of Gastown's earliest pioneer, John "Gassyjack" Deighton. In the 1870s Mannion acquired 65 hectares centred on Kingsway as did another Gastown pioneer immediately to the west, postmaster Jonathan Miller (Miller Street bears his name). When local loggers and Fraser River farmers assembled to form a municipality in 1891, they met at the Gladstone Inn and picked the name "South Vancouver." In 1886 Jonathan Miller sold 14 hectares of his land to Arthur Wilson, the present southeast corner of Knight and Kingsway. Here Wilson built a cottage amid a grove of cedar trees and started the Cedar Cottage Nursery.

Cedar Cottage as a district began in 1891 as a remote stop on the new interurban line to New Westminster and took its name from the Cedar Cottage Nursery. The original owners of the site where the village began to grow were L.A. Agassiz, of Agassiz, B.C., and William Brewer, after whom nearby Brewer's Park is named. In 1892 Brewer was elected the first reeve of South Vancouver. Cedar Cottage was located outside what was then Vancouver's southern border at 16th Avenue.

By 1910 Cedar Cottage was a small rural town five kilometres from Vancouver. Most residents had apple or cherry trees in their yards and many kept a few cows, goats or chickens. The town centre boasted Marfew Hall, "the largest hall in South Vancouver," a new movie theatre showing silent films, a Bank of Hamilton and a small roller coaster. Cedar Cottage's existence as an independent rural village was not unlike the story of its roller coaster--new and exciting but rather short-lived.

The coaster disappeared before the depression of 1913, and the population dropped as men went off to fight in the Great War, leaving the main street half deserted. By the 1920s automobiles began to erode the monopoly on pedestrian traffic resulting from the tram stop, favoring the evolution of Kingsway as the main shopping area. Small industries began to replace the stores on Cedar Cottage's main street as the urban sprawl of Vancouver overran the area and dissolved its formerly distinct boundaries. In 1929 Cedar Cottage literally became part of Vancouver when South Vancouver was absorbed by its larger neighbor.

The pre-war boom also saw house construction spill over Kingsway southwards to the hillside above 33rd Avenue. Here grew Kensington Heights, commanding a broad view northward to the city skyline, the harbor and the North Shore mountains. The surrounding district of Kensington didn't fill up until after the World War II.

In Cedar Cottage and Kensington one important constant has been Trout Lake. Area residents continue to picnic there, swim and enjoy walking around it.

February 2, 2005 in Location, Location | Permalink

Bank of Canada Leaves Rate Unchanged

In a move that was expected, the Bank of Canada left the overnight lending rate unchanged at 2.5%. The economy is doing well led by solid consumer spending and employment numbers, which would normally spark inflation concerns at the BOC and the possibility of an upward rate trend. But while the loonie dropped on the news, it's overall strength and 30% surge in value since 2003 serves as the prime impetus for the Bank of Canada to continue toe a cautious line when it comes to raising rates.

"The Bank of Canada sees a much bigger hit from the Canadian dollar and is likely to stay on hold much longer than anyone anticipated," said John Johnston, chief strategist at The Harbour Group in Toronto, a unit of RBC Dominion Securities.

They sent a very clear message that their primary concern is the impact of the Canadian dollar," said Craig Alexander, deputy chief economist at TD Bank Financial Group in Toronto. "It doesn't look like the Canadian economy is facing any dire economic scenario, so the Bank of Canada is taking a prudent decision in holding the line on rates.

"The housing market is going to have another good year," Geoff Mackey, chief executive of Superior Plus Income Fund in Calgary, said Jan. 7. Superior purchased Winroc, a distributor of wall and ceiling construction products last June. - Bloomberg

Bank of Canada Keeps Rate at 2.5%, Cites Dollar Drag [Bloomberg]
Logo: [Bank of Canada]

January 26, 2005 in Money Matters | Permalink

More On The Move

Approximately 110,000 relocations by Canadian companies take place annually at a cost of about $1 billion, according to a recent report commissioned by Royal LePage Relocation Services (RLRS). But beyond the raw data, some trends are apparent that indicate some companies arent managing the process as effectively as they might.

The "Emerging Trends in Employee Mobility" report, an in-depth survey from 100 Canadian-based companies, notes that the average Canadian company invests almost $20,000 to move a single employee to another location in the country, while large companies (over 1000 people) typically spend almost double that figure. Companies with more than 100 employees and multiple locations account for approximately 40,000 relocations a year in Canada. These companies spend a whopping $800 million annually on employee mobility.

One key trend is that relocations overall are on the increase. Almost 35 per cent of the companies in the survey indicated that their transfer volume had increased. However, temporary assignments (short-term assignments in which the employees have a reasonable expectation of returning to their original location) have increased in popularity over the past three years, according to the survey findings, and will likely continue to grow over the next three years. Temporary assignments accounted for about one in every five employee transfers - just fewer than 8,000 relocations a year for companies with more than 100 employees. Almost half of all large companies have used temporary relocations at one time or another.

According to survey respondents, many companies see temporary assignments as less expensive and less stressful on employees than permanent relocations. This is primarily because temporary relocations eliminate real estate costs and avoid the permanent relocation of an entire family.

Canadian companies face challenges in employee relocation [ConnectIT e-News Daily]

January 24, 2005 in Money Matters | Permalink

Heritage: Kerrisdale

A retrospective on the Kerrisdale neighbourhood in Vancouver, BC.

Comfortable, historic westside neighborhood stretching from Blenheim to Granville Street and Angus Drive, and from 41st Avenue to the North Arm of the Fraser River, Kerrisdale is among the most stable communities in Canada. At most social events, chances are you'll meet several residents who were born, educated and married in Kerrisdale and who until a few years ago might reasonably have planned to retire there. Families scattered when soaring real estate prices spurred the sale and demolition of older houses once passed from generation to generation. Gone were the days when parents knew the name of every child on the street, and children might expect to be students in the same schools their grandparents had attended. Growing up in Kerrisdale had a magical, storybook quality about it, said a district businessman. "I've lived here all my life and my wife and I were childhood sweethearts. All our friends seemed to expect we'd get married when we finished school and that's exactly what we did."

While talk of redevelopment is standard at social gatherings, the continuous change seems to have had little impact on Kerrisdale's affluence or stability. Statistics Canada ranks the neighborhood as one of the most affluent in North America. In 1986, average household income was $59,474, almost twice as high as the $32,403 average for Vancouver city. Of the slightly more than 5,000 dwelling units, more than 60 per cent are owner occupied. Among the 12,000- plus community inhabitants, there are fewer low-income households (10 per cent compared to 26 per cent city wide) and single parent families (10.5 per cent compared to 15.6 per cent).

However, Kerrisdale has changed considerably through extensive redevelopment. In 1988-89, amid considerable controversy, approximately 500 permanent residents were dispersed when a number of low-rise rental apartments were demolished to make way for intended condominium developments. Today, some of the sites still remain vacant.

Kerrisdale can be seen as a village with almost every service, supply outlet and recreational facility a community needs: a broad range of restaurants and shops; equipment rental; recreational and cultural facilities; elementary secondary and private schools; daycare centres; health and fitness centres. There is a major public library; a seniors' centre; two swimming pools; two major golf courses; a skating rink, an arena and a bowling club. Various service organizations and services promote social welfare and business opportunities. A society devoted to historical research and preservation of historic buildings has attracted more than 150 members.

There are more than 20 financial institutions on West 41st Avenue, the main business strip which, in some residents' view, has a tad more banks than the community actually needs. On the same street is a unique green grocer, J.B. Hoy Produce, a family-operated store where operators wear white smocks to set out the veggies. The Koo family first set up the shop in 1925, and eventually assured themselves a permanent spot by buying the building. On the same street, among cafes ranging from fast to fancy, is a burger-and-miIkshake joint, The Red Onion, that belongs in an old-fashioned village.

Kerrisdale began taking shape more than 130 years ago, five years before Confederation and more than nine years before British Columbia became a Canadian province. In the 1860s the Magees, Moles, Shannons and McCleerys were neighbors whose names are interwoven with Kerrisdale's history. Hugh Magee, known as "the pig-headed Irishman," started a farm just below Marine Drive at Balaclava. Henry Mole, known for his forthright nature, homesteaded on land where the Point Grey Golf Club now is located; William Shannon, a former Cariboo freight hauler, farmed on land adjacent to West 57th Avenue, close to the present Shannon Park. Irish immigrant brothers Sam and Fitzgerald McCleery made their way here via the Fraser after failing to hit pay dirt in Cariboo gold fields. On September 26, 1862 Sam and Fitz preempted a meadow and built a homesteader cabin at 49th and Marine Crescent, now McCleery Park, where their descendants farmed until 1956. In 1985 the Kerrisdale Historical Society erected a memorial cairn at the site.

Kerrisdale originally was the name of a tram station at Wilson Road (now 41st Avenue) and West Boulevard; the community was part of Point Grey municipality which merged with Vancouver in 1929. In 1905 B.C. Electric Railway manager R.H. Sterling asked area resident Mrs. William MacKinnon to name the tram station. She adapted the name Kerrisdale from her old family home, Kerrydale, in Gairloch, Scotland.

Tracks were laid to connect Kerrisdale to Dunbar and, by 1912, to downtown Vancouver. By the 1920s Kerrisdale had become an integral part of Vancouver city. At the same time, because of the central focus of shops, transportation and community facilities, it retained its sense as a separate--and charming--village.

January 22, 2005 in Location, Location | Permalink

Simple Ideas For Home Improvement

Home owners are putting more time and money into renovating their homes than ever before. Whether you are looking to change the style and feel of your home, or are looking to up the rate of return on your investment, either way it can be a daunting task to decide where to focus your attention and energy when undertaking such a project. Kimberley Seldon has been featured on HGTV with her show 'Style at Home', and she offers some great, simple tips on how to up your home's style and value.

When a decorating or home improvement project is required, all of us appreciate smart solutions that won't break the bank. Here are a dozen affordable ways to improve your home's style quotient and value while offering more bang for your decorating bucks.

Combine stock elements with custom elements. For a kitchen renovation, you can choose stock cabinetry for lower cabinets as well as the majority of upper cabinets, but opt for custom-designed wall units flanking a feature window. The impression will be anything but routine.

Modify items that are noticeably dated. The '70s wall tile in the bathroom, the balloon shades in the living room or eggplant-coloured toilet can be improved upon. (Unless, of course, you are designing a room that is retro in style.)

Use standard elements with custom flair. For example, 12-inch by 12-inch slate flooring tile can be customized by cutting the tile into numerous sizes, say 6 inch by 12 inch and 2 inch by 2 inch and using the various pieces to create a unique pattern.

Update items at eye level where the immediate impact can be appreciated. The dull stair runner, tired backsplash, bland wall colour or chipped cabinetry offer instant gratification when replaced or enhanced.

Don't be afraid to mix pedigrees. The Ikea sofa and the Hermès throw are perfectly companionable, provided they have a similar design.

Paint offers the most notable changes at minimum cost. Good quality paint doesn't chip, goes on easily, and covers well. The role of paint is to enhance other items in the home.

Spend the most you can comfortably afford on investment pieces like area carpets and sofas, as they are frequently used and enjoyed over many years.

Update lighting for immediate improvement. Replace dated fixtures and improve atmosphere by adding table and floor lamps. Incandescent light sources provide the most comfortable, flattering lighting.

Improve cabinetry in any room by changing uninteresting hardware. Today's choices are limitless with finishes ranging from pewter to porcelain, glass to nickel.

Invest in original artworks. Seek out local artisan sources and purchase a painting or photograph that inspires or pleases you. Phone a local art college to gain access to student showings.

Traditional homes benefit from the addition of crown moulding and substantial baseboards. Although it requires some skill to do the installation, it's a relatively easy project. In addition to adding depth and history to rooms, architectural enhancements like these will contribute to the home's resale value.

Adopt a five-year plan. For many of us , this is the only practical way to create the home of your dreams. Make a list of all the required changes and work systematically through the list beginning with "hidden" work such as lighting, plumbing, heating, air conditioning, and roofing. Although these initial tasks are not glamorous, postponing them can actually be dangerous and cost you more money in the long run.  - Kimberley Seldon

Simple steps to home improvement [Toronto Star]
Logo: [HGTV]

January 21, 2005 in Home Improvement | Permalink

Is there a bubble to burst?

With so much talk about the rising prices of homes, one inevitably begins to wonder if this isn't some sort of bubble that will soon burst. There are many reasons to believe that Vancouver's market and even British Columbia as a whole is well positioned for continued expansion in the coming years. Job creation and income growth are major factors that can support and legitimize a market's upward trend. Canada as a nation has seen incomes rise in concert with the rise in house prices. In contrast, Britain and Australia have seen recent spikes in home prices that have outpaced income growth. Historically we've seen bigger rises, but often they have taken place in selective regional pockets. The rising trend we're witnessing today is happening in almost every major market across the nation.

For the past several years, Canadian cities have seen record home sales and record growth in home construction, prompting concerns of a painful correction. Analysts say the furious pace will ease -- in some places more than others -- but prices will continue to climb this year.

"I don't expect to see price declines, is the upshot," said Bob Dugan, chief economist with Canada Mortgage and Housing Corp., the country's national housing agency.

CMHC figures show that both housing starts and resales are up dramatically since 2002. House prices rose 10.4 percent in 2002 and more than 9 percent in 2003 and 2004.

The agency sees prices rising 5.3 percent this year in the second most active sales year on record after 2004.

The strong market, a boon to the overall economy, has sparked comparisons to the bubble property markets of the late 1980s and early 1990s -- which burst as interest rates began to soar.

But analysts say today's low mortgage rates and a relatively balanced market, where supply is close to demand, mean that won't happen this time.

"A lot of analysts have argued that inflation-adjusted home prices have surpassed the peak in the late 1980s, early 1990s, and therefore we might be venturing into bubble territory," said Dugan. "We don't really think that's the case." - Reuters

Canada Home Prices Rise Seen Rising, But No Bubble [Reuters]

January 19, 2005 in Market Watch | Permalink

Resale home prices soar in 2004

2004 was a big year across the board in residential real estate, and the recently released 2004 resale numbers confirm it. Most major residential markets across Canada witnessed a 10% spike in home prices in 2004. Vancouver was no exception and continues to lead the nation in average resale cost.

The average home resale sold through the Multiple Listing Service last month was priced at $252,767 in Canada's major markets. That was up 10.7 per cent from December 2003.

Vancouver continued to be home to Canada's most expensive real estate. The average MLS-listed resale was $381,199 last month, up 10 per cent over the year.

Toronto was in second place, with an average resale price of $315,761 in December, up 10.8 per cent from the year before. - CBC News

Resale home prices rise more than 10 per cent in 2004 [CBC News]

January 18, 2005 in Market Watch | Permalink

Coopers Lookout: Yaletown

When Concord Pacific won the bid to purchase and develop the Expo 86 lands in 1988, it was billed as a 'master-planned' community. An immense responsibility given to a singular development vision. At the time, some suggested it was too much to grant one company. Today, few can argue with the results. Much of what we enjoy and use in today's Yaletown is part of Concord Pacific Place and more is still to come. Coopers Lookout is the latest Concord Pacific condo development about to hit the market. Coopers Lookout, basically at the foot of the Cambie Street bridge will offer a wide range of living formats - suites, townhomes, lofts and villas. Showhomes to be available shortly, you can register to be notified here

YOUR PRIVATE WATERFRONT SANCTUARY. Reflecting the tranquility and expansiveness of the spectacular waterfront environment, the homes at Coopers Lookout take urban living to a higher level. Fresh euro-style interiors with a cool, crisp edge are designed with a modernist sensibility of elegance and ease. In this open, flowing Zen-like space, the choice of natural materials and textures and the dramatic use of light and space create a sense of simplicity and calm. It's the best of waterfront living within reach.

YOU CAN SEE YOURSELF HERE. Every detail of your new home has been planned to create the ultimate waterfront retreat. Spacious living areas and floor to ceiling windows provide a seamless transition from the outdoor environment into your home. In your kitchen, reflective glass cabinetry, terrazzo and stone countertops and glass mosaic tile provide sleek counterpoint to the stainless appliances, gas cooktop and recessed lighting. Spa-like bathrooms refresh your senses with luminous walls and flooring, natural stone vanities, custom lighting and luxurious soaker tubs. Life never looked so good.

ENERGY IS LIFE AT ESPRIT CITY CLUB. Concord's first residential club with its own fleet of kayaks exclusively for residents and a private two lane 10 pin bowling alley. Esprit City Club has everything you need for serious fitness and fun. Sign out a club kayak and make some waves exploring False Creek. Let the good times roll bowling with friends. Rejuvenate in the serene wellness spa and yoga/pilates studio. A 60 ft. lap pool, theatre, fitness centre, multipurpose entertainment suites and club concierge complete the mix. It's like your own private country club with a cool city twist. Come stir things up! - Coopers Lookout marketing information

Name: Coopers Lookout
Location: Yaletown / Cambie Bridge
Developer: Concord Pacific
Prices from: approx. $300,000-$700,000+
Phone: 604.899.8800
Website: http://www.cooperslookout.com

January 15, 2005 in New Development | Permalink

The Mortgage Or The RRSP?

It's not hard to figure out where Canadians are spending their investment money these days. Real estate sales have hit record levels for several years in a row. The vacation property market is hot. Renovation contractors and building material retailers have never been busier.

With interest rates not expected to rise for some time, Canadians will keep pouring money into their homes for at least the next couple of years. Manulife Financial, which maintains the quarterly Investor Sentiment index, says that investing in their own homes, either through renovations or paying down the mortgage, is the most popular place for Canadians to put their money. In the most recent survey, 65 per cent of respondents said it's a good or a very good time to invest in their own residences, which was up five points from the September survey.

Real estate other than their own homes was the second most popular investment, up three points from September.

Manulife says the leading non-real estate investment vehicle is the Registered Retirement Savings Plan (RRSP). The RRSP index suffered a drop in September, but it bounced back in December. In the most recent survey, 63 per cent of respondents said it was a good or very good time to put money into RRSPs.

RRSPs are popular among Canadians as a retirement "nest egg," because they offer tax breaks as they increase in value. Many Canadians have also taken advantage of the federal government's Home Buyer's Plan, which allows buyers to withdraw up to $20,000 from their RRSP to help pay for a home. The money is tax-free as long as it is repaid within 15 years. More than a million people have taken advantage of this feature since the plan was introduced in 1992.

This is the time of year when companies that sell RRSPs are bombarding consumers with reminders that time is running out to "top up" their RRSP contributions for the 2004 tax year. Homeowners with a little extra money are faced with the question of whether it's better to contribute to their RRSP, thus adding to their savings and reducing their tax load, or paying down their mortgage, which is never a bad thing because it increases the equity in your home.

Some financial planners say it's best to contribute to an RRSP and use your tax refund to pay down the mortgage. Mortgage interest rates, while not as good as last year, are still very low by historic standards so you may be able to get a better return within your RRSP than what you'll save on mortgage interest payments.

Others say that depending on the size of the mortgage and your age, you may be better off to put all the money toward the mortgage to reduce the amount you pay in the long term. Toronto real estate lawyer Bob Aaron took a look at almost 200 Canadian websites to get opinions on the matter, and he concluded that many of the sites had misleading or incorrect information. Most are sponsored by companies that earn commissions on RRSP contributions, while no one earns a fee when a homeowner pays down his mortgage.

The best advice is to take a close look at your own financial situation, taking into account the mortgage interest rates versus the expected return of the RRSP; your age and the length of time in the mortgage or RRSP; the availability of RRSP contribution room; your income; whether you are self-employed and/or have a company pension plan; and whether you can capitalize on mortgage prepayment privileges.

Generally speaking, if it's a long-term investment, you may be better off going with the RRSP. But if you are in a low-income tax bracket and are struggling to meet mortgage payments, it makes more sense to put as much as you can toward the mortgage and leave the RRSP contributions for later. Get some unbiased financial advice.

Another recent survey, by The Investors Group suggests that there's a sharp contrast between what baby boomers are planning for their retirement years, and the lifestyles of current retirees.

For example, Investors Group says 28 per cent of baby boomers say they plan to purchase a vacation property, motor home or boat in their retirement, but only 15 per cent of retired Canadians have actually done so, or plan such a purchase.

Investors Group says the boomers will "redefine" retirement and be more active than current retirees. But the poll also found that 56 per cent of baby boomers had not figured out how much income they will need during retirement, or how much they needed to save or invest to reach this target.

The company suggests that as you approach retirement, you should take the time to define your goals for retirement -- such as whether you want to travel or buy a vacation property. Work with a professional financial planner to determine how much after-tax income your savings and pension plans will generate, and then develop a strategy to achieve your retirement goals with specific savings and investment plans. Finally, monitor the strategy annually and make adjustments for any changes in your goals or personal situation.

Canadians' Investment Dilemma: The Mortgage Or The RRSP?
[Realty Times]

January 14, 2005 in Money Matters | Permalink

Boxwood Green: False Creek / Fairview Slope

Townhouse living is a real lifestyle choice. You want that multi-level 'house' feel, your own front steps and door, without the complications of owning a fully detached dwelling. Whether you are a downsizing retiree, or making the transition from renting to owning, the demand for this housing format is on the rise. The Boxwood Green development will boast a cozy, 24 townhomes on a footprint just east of Laurel (between Oak and Cambie) directly across the street (West 6th) from the Seawall, a short walk to Granville Island and minutes from South Granville. You are surrounded by the convenience shopping of Safeway, Shoppers Drug Mart, London Drugs, Chapters and Starbucks and with the likes of Restoration Hardware, Pottery Barn and Meinhardt's around the corner your credit card is bound to get a workout along with the feet you will use to get you there. If this sounds appealing, model homes will soon be available for public viewing. You can register to be notified by clicking here.

Boxwood Green is part of an ideal neighborhood. Surrounded by mature trees and sun-dappled streets, here you’ll find find schools, shops and parks all a short stroll from your front door. You’ll find an established and proud neighbourhood with a tangible sense of community. You’ll be minutes from vibrant downtown Vancouver, yet situated in a leafy green suburban setting. You’ll truly enjoy the best of all worlds. With only 24 townhomes, you’ll be one of a tight-knit group privileged to call Boxwood Green home. Placed around a central courtyard, the townhomes are architecturally traditional. You’ll arrive through your private underground garage, with secure and direct access to your home. You’ll enjoy 360-degree brick exteriors, extensive decks and private yard, plus generous and flexible floorplans designed to accommodate you and your family as time goes by.

Name: Boxwood Green
Developer: Larc Developments Ltd.
Location: West 6th & Laurel
Prices from: $459,900
Telephone: 604.876.2366
Website: http://www.boxwoodgreen.ca

Logo & Render: [Larc Developments]

January 14, 2005 in New Development | Permalink