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Luxury and value live together at Avra, a new Epta Properties highrise in the popular seaside community of White Rock. ›› p.4

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September home sales in the Metro Van-couver area rose by 0.8 per cent compared to August 2010, reports the Real Estate Board of Vancouver.

While those numbers – 2,220 residential sales – represent a 37.6 per cent decline compared to September 2009, they are a 40.1 per cent increase over the 1,585 resi-

dential sales in September 2008, yet still less than sales in September of 2007 and September 2006.

“We’ve seen fewer properties come onto the market over the past three months,” says REBGV president Jake Moldowan.

“This trend, combined with the continued attraction of low interest rates, is likely having the effect of less down-ward pressure on home prices.”

Since spring, housing prices in the region have trended slightly downward, with a decrease of 2.7 per cent compared to the all-time high reached in April, when the MLS (the industry’s listing service) residential benchmark price was $593,419, the REBGV reports.

The Fraser Valley Real Estate Board, which represents real estate professionals in Delta, Surrey, White Rock, Langley, Abbots-ford and Mission, also saw a month-over-month increase in sales in September.

A total of 1,044 sales were processed on the FVREB’s MLS in September, an increase of five per cent compared to 997 sales in Au-gust, but a decrease compared to the 1,590 home sales in September 2009.

“Our sales, while lower than a typical Sep-tember, are up compared to the summer and the average days to sale for single-detached homes decreased slightly compared to Au-gust,” says FVREB president Deanna Horn.

Although inventory is down compared to May, “it remains a buyer’s market with a healthy selection, near-record low interest rates and stable prices.”

More stability in local real estate market

Jake Moldowan

MAGGIE CALLOWAY

Looking for a perfect starter home? Mort-gage deadline looming?

No matter what the situation, homeowners are always faced with a dilemma when think-

ing about what kind of mortgage to get.Are interest rates going to go up, go down,

or stay the same? Lock into a fixed mortgage, get a lower rate with a variable, half-and-half, creditline mortgage, open or closed, and what about the term?

There can be many questions and confu-sion about what kind of mortgage is the best for each homeowner.

But it can be hard to make a decision with-out all the facts.

Nobody knows which way interest rates

will go. Those involved in the industry can make educated guesses, but if a homeowner is going to be paying a mortgage for the next 25 to 30 years, there will likely be plenty of peaks and valleys in the economy during that timeframe, which will usually impact interest rates.

An open mortgage, which usually car-ries a slightly higher interest rate, allows homeowners to pay off all or part of their

Mortgages: best way to payFixed or variable? Open or closed? Experts say it depends on what each homeowner wants

TD Financial Group’s Ross Gurney says choosing a mortgage depends on the homeowner, and what the market is like when the mortgage is being taken. Martin Knowles photo

CONTINUED ON P.2

October 7, 2010

2 New Local Home October 7, 2010

mortgage at any time. This is a good option for people who expect to receive extra money from bonuses, an inheritance, or any windfall extra money.

Closed mortgages are a bit of a misnomer – at one time mortgages were totally closed to any early payments unless the homeowner sold the home. These days, most lending institu-tions allow homeowners to make an annual balloon payment of anywhere from 10 to 20 per cent of the original mortgage amount. A penalty usually applies if owners want to pay off the total mortgage early.

Open variable-rate mortgages are tied to the Bank of Canada interest rate, and the mortgage interest rate depends on the current prime rate. This means the rate the homeowner pays will move up or down in tune with the set rate. If the interest rates start a severe upward trend, hom-eowners can convert this mort-gage into a fixed rate to provide some personal financial stability, if required.

A credit line, or home equity loan, is based on a line of credit. As the homeowners pay down the original loan amount, this credit is available to the homeowners to use as they wish. The lending institution has a lien on the home as collateral. The interest on this type of loan is usually tied to the prime rate. This loan can be converted into a traditional mortgage at any time.

Ross Gurney, a senior corporate manager with TD Financial Group, says choosing be-tween a fixed or a variable rate is an important choice.

“You can save money or you can waste money, but a lot depends on the housing mar-ket at the time,” Gurney says.

He notes 2009 was a volatile market and the Bank of Canada kept lowering its rate, so mortgage rates went down.

“If you had a fixed rate mortgage at five-and-a-half per cent and saw rates go down to four per cent and below, you would feel you were losing out ... but remember, the inverse could happen with a buoyant housing market and mortgage interest rates go to seven per

cent,” he says.A fixed mortgage mitigates certain

risks such as inflation, Gurney says.“If you pick a fixed rate, you know

you can afford it, (and it) provides you with a comfort level. If you can afford a five per cent mortgage for five

years, you have certainty of payment.”A fixed rate is perfect for people who

don’t like to gamble and it provides a good safety net against tough economic times, says Gurney.

“If you’re a young couple with children you probably want a fixed payment, rather than gambling, so you know where you stand.”

On the flip side, variable rates have the advantage of saving money when interest rates are low, but can cost more when interest rates are high, Gurney says.

He notes it is important for homeowners

to know if they have a variable rate mortgage, so if interest rates start edging up, they can convert their mortgage to a fixed rate.

Meridian West Coast Mortgages mortgage broker Jamie Moi says a lot goes into making a mortgage decision, such as interest rates, the stage of life the homeowner is experiencing, and risk tolerance.

Like Gurney, Moi says traditionally, young couples buying their first home will often decide on a fixed rate due to a more limited economic situation and less risk tolerance.

“Interestingly, a lot of the young people we have been working with lately are very savvy and very well-educated and have spent time doing research,” Moi notes.

“They understand the market better than folks did a few years ago because of the Inter-net. Information is now readily available about the state of the general economy and what the Bank of Canada is doing.”

Regarding the fixed versus variable ques-tions, Moi says the same applies – whether a homeowner is buying a first home, a retire-ment home or an investment property, it depends on if the homeowners wants to know exactly what the monthly payment will be or whether they want to save money and get the most out of the interest rates.

Moi says another possibility is a flex mort-gage, where the homeowner has a percentage in fixed and a percentage in variable.

It offers you the advantage of having security in one part of the homeowner’s finances and basically, rides the market and takes advantage of low rates on the other, Moi says.

“We now see clients, as they develop more and more equity in their home, taking out a mortgage on what they actually owe on their home and then putting a line of credit on their home to finance renovations,” Moi says.

This can also help them pay for other things, such as a child’s college education, as they have access to those funds at a reasonable interest rate, she adds.

Up-and-coming interior designers take note: Morgan Crossing wants you.

B.C.’s Best Young Designer competi-tion was launched last week, a contest where participants compete for the title and a trip to the design mecca of New York City by applying their creative design skills to decorating and furnish-ing newly built suites at South Surrey’s Morgan Crossing.

Aspiring designers – both profes-sionals and amateurs alike – are invited to upload a personal video to www.bestyoungdesigner.com that explains why they deserve to win the B.C.’s Best Young Designer title.

The public is encouraged to visit the website and vote for their favourite en-try before Nov. 30; a panel of judges will then choose six finalists from the top 15 favoured entries. The final six design-ers will be given a $10,000 budget and five week’s time to decorate and furnish a new one-bedroom-plus-den Morgan Crossing home.

Morgan Crossing, a walkable residen-tial and retail community with a village feel, will then open the competition units for public viewing and voting in early January.

The public gets to pick one “fan fa-vourite” designer, who will win a $2,000 cash prize. The judges will also choose one overall winner, who will receive a grand prize package that includes the title of B.C.’s Best Young Designer and an all-expenses-paid trip to one of the world’s premiere design events: the Ar-chitectural Digest Home Design Show in New York, NY.

“We’re seeing a trend today with people from all walks of life becom-ing interested in and passionate about design,” says Morgan Crossing design competition director Michelle Hughes. “Morgan Crossing is providing a blank canvas for those young designers who would like to experience decorating a residence with their own inspiration as their guide and a generous budget at their disposal.”

Winning the competition title will give an aspiring interior designer cred-ibility, Hughes notes.

“To know that your peers and the public voted your design as the best will certainly provide an up-and-coming interior designer with an edge over others.”

The competition is open to all B.C. residents 30 years old or younger as of Feb. 19, 2011. Students, young design-ers, interior decorators, homeowners – anyone who wants to demonstrate their creativity and fits the age criteria can upload an entry video (entry videos must be creative, original and not violate copyright law).

Visit www.bestyoungdesigner.com or www.morgancrossing.ca for more information.

Attention: aspiring designers

Young B.C. designers can win a chance to design a Morgan Crossing home.

Meridian West Coast Mortgagesmortgage broker Jamie Moi says the choice of mortgage oftendepends on whether thehomeowner wants security orpotential savings. Below, Walk to Main offers brand-new homes in Vancouver to potential buyers.

Publisher: Fiona Harris • 604-575-5822 • [email protected]: Tricia Leslie • 604-575-5346 • [email protected]: Maggie Calloway • [email protected] Advertising Sales: Black Press National Sales • Adrian Saunders • 604-575-5812 • [email protected] Advertising: 604-575-5822Designer: Brad Smith • [email protected]

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.

“Information is nowreadily available”

ChoosingA MortgAge

Off the front: “A lot depends on the housing market at the time.” – Ross GurneyCONTINUED FROM P.1

New Local Home Ocotber 7, 2010 3

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Briny breezes. Fish and chips. Sandcastles. The call of seagulls and the crashing of waves on the shore. Fishing, sailing, kayaking and swim-ming.

The ocean can bring to mind any of several favourite pastimes and memories, but purchasing a brand-new home close to the waters of the Pacific Ocean in a convenient loca-tion that boasts spectacular views may seem like a fairytale in Metro Vancouver.

At Avra, a new Epta Properties highrise project in White Rock, the fairytale comes true: homes start from $289,900 and there are 60 residences starting from under $399,000.

“Avra is where luxury and value exist together,” says Cam Good, president of The Key, a local real estate marketing company.

“Where else in the region can you find a peaceful home with the ocean right next door, with so much to do and see, and a warm, vibrant com-munity just an elevator ride away?”

A 17-storey tower, Avra will fea-ture 108 homes when complete; one-bedroom homes ranging from 652 to 658 square feet, one-bedroom-plus-dens ranging from 690 to 727 sq. ft., two-bedrooms from 880 to 915 sq. ft. and two-plus-optional-den at 987 sq. ft.

Looking out onto neverending views, Avra is a contemporary high-rise of distinctive design located at Johnston Road and Thrift Avenue.

The building – concrete and glass – is “architecturally striking,” says Good, with a ‘butterfly’ roof that brings to mind a sail in the breeze.

While the views and the price point are amazing, Good notes the location offers convenience to homeowners as well.

“The dynamic village community offers all the daily conveniences – food, drink and shopping ameni-ties – within walking distance from Avra,” Good says, and adds the new homes are set in the heart of a new extension to White Rock’s highly walkable core.

From the local businesses to the community amenities to the beaches, golf courses, parks and other natu-rally beautiful scenery in the area, White Rock also offers a location that is central in Metro Vancouver and close to the U.S. border.

Of course, Avra’s balconies are designed to maximize the view, Good says, and six out of the seven homes on a typical floorplan have water views, and the one that doesn’t has views of the equally magnificent

Avra: attainable luxury

Avra offers brand-new homes at reasonable prices in White Rock.

Epta Properties brings new homes to life in White Rock at affordable prices

rooMs with A View

CONTINUED ON P.5

Choose your view at Avra


The Maples is launching a new series of homes, located next to Brennan Park off Finch Drive. Close to all amenities.

Ranchers and two-story single family homes ranging from $499,000 to $579,000. Financing packages are available.

For more information call 1.888.262.2808 or go online to www.fintreypark.com

or visit our Presentation Center on the corner of Finch and Bryson in Squamish. ( See hours and location

under “Find Us” on the website).

Close to Vancouver. Close to Whistler. Closer to nature.

$20,000 in purchase credits available for the first 10 buyersNow selling new homes in Squamish . . . just 45 minutes to Whistler or Vancouver on the new Sea to Sky Highway

North Shore mountains.Inside, Avra homes have

oversized windows that, with the balconies, allow homeown-ers to take full advantage of the views, natural light and outdoor living.

Sleek and contemporary, the high-end kitchens sizzle with straight-edge, soft-close wood veneer cabinetry in Beech or Oak, granite countertops, ceramic tile backsplashes and a six-piece stainless steel appli-ance package.

Bathrooms soothe with por-celain and ceramic tile, marble slab countertops, spa-like bathtubs and white porcelain undermount sinks.

‘Where luxury and value live together’CONTINUED FROM P.4

CONTINUED ON P.6

Every Avra home has over-sized windows and balconies that allow homeowners to enjoy the views, natural light and outdoor living.

Neverending views at home


Homeowners will also have access to two levels of deluxe amenities that round out a truly modern lifestyle, Good says.

Avra amenities include a well-equipped fitness centre, a furnished guest suite, an entertainment room with full kitchen and a generous cov-ered outdoor area.

“Every detail has been carefully considered by the Avra team to ensure each floorplan translates to a spa-cious, highly livable home,” Good says, and notes that, along with Epta, CDA Architects and Quorum Group make the Avra team behind the development complete.

Avra is expected to be completed in 2013 but sales are starting with the development’s grand opening, which happens this Saturday, Oct. 9, at 12 noon (1456 Johnston Rd., White Rock).

Everyone is invited to come and check it out – and perhaps, register for a brand-new Avra home.

Visit www.avraliving.com for more information.

With high-quality finishings, superb con-struction and excruciat-ing attention to detail, every single Avra home has been carefully con-sidered “to ensure each floorplan translates to a spacious, highly livable home,” says Cam Good, president of The Key.Good notes the White Rock highrise homes are also affordable for many homebuyers, with homes starting from $289,900 and with 60 residences listed at under $399,000.The grand opening for Avra home sales is this Saturday, Oct. 9 in White Rock.

Avra grand opening set for this SaturdayCONTINUED FROM P.6

Live in a warm, vibrant community


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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

➜

SquamishSkye-Soleil-Aqua

Presentation Centre, Unit 3, 1233 Main St.,Squamish. 604-616-1215

Furry Creek-Ocean Crest415- Furry Creek Dr. 604-787-1456

Maples at Fintry ParkBryson Way and Finch Ave. 604-894-3344

North Vancouver Wedgewood

768 Orwell St. 604-980-2508The Kimpton

210 W. 13th St. 604-988-3020

Vancouver The Mark

1035 Seymour St. 604-687-4353Pacific Spirit

UBC Westbrook Village. 604-221-8878 604-264-6477

James289 W. 2nd Ave. 604-275-1000

Spice on RobsonNicola and Robson streets. 604-683-5555

Local1661 East 2nd Ave at Commercial. 604-688-5527

BurnabyJewel II

6130 Wilson Ave at Beresford. 604-456-0688Motif at Citi

4400 Buchanan St. 604-298-8800Adera - Green

7438 Byrnepark Walk. 604-439-8858Perspectives

4710 Lougheed Hwy. 604-294-4995Affinity

5695 Lougheed Hwy at Holdom. 604-453-5893

CoquitlamLevo

Pinetree Way & Northern Ave. 604-464-5856The Foothills

Burke Mountain, 3381 David Ave. 604-944-3188Tatton

1240 Holtby, Coquitlam. 604-552-2220Larkin House (East)

1456 Avondale St. 604-461-7113Belmont

1456 Avondale St. 604-461-7113Sterling

3412 Wilkie Ave. Larkin House

1131 Pipeline Road. 604-552-1113

Port CoquitlamPearl

2343 Atkins Ave. 604-308-0227The Shaughnessy (on Lions Park)

2950 Glen Dr. 604-461-2750

RichmondRiver Green

5111 Hollybridge Way. 604-233-2633Mezzo

7373 Turnill St. 604-725-1250Emerald

7180 No. 3 Rd. 604-244-8333Hamilton Station

22788 Westminster Hwy. 604-279-8866Wishing Tree

Alexander Gardens. 604-871-4296Cambridge Park

9191 Odlin Rd. 778-297-7511Saffron

180-8360 Granville Ave. 604-270-2482

South Surrey-White RockHighland Park

160th & 24 Ave. 604-542-8995Glenmore at Morgan Heights

161A St. & 24 Ave. 604-542-8863

Wills Creek160th & 32 Ave. 604-542-6200

Kaleden2729-158 Street. 604-541-4246

Morgan Heights26th Ave & 164th St. 604-531-1111, 604-420-4200

Cathedral Grove2738-158th Street. 604-541-7383

SouthPort3677-143 St. 604-292-0871

High Street402-2950 King George Hwy. 604-536-9333

Summerfield109-172A St. 604-536-1155

Avra1456 Johnston Road. 604-531-9030

Maple Ridge/Pitt Meadows Brighton at Silver Ridge

13851 232 St. 604-270-1889Duet

22977 116 Ave. 604-453-4962Main Stone Creek

10116-241 St. 604-463-5000

New WestminsterVictoria Hill

McBride Ave. 604-523-0733Inter-Urban

Begbie and /columbia St. 604-523-0081Port Royal

Holy Ave. and Salter St. 604-520-9890

DeltaTrend

7445 Scott Road. 604-590-5483South Pointe (at Sunstone)

10527 Modesto Place. 604-584-2908Atria

120 St. and 75A Ave. 604-453-6666

LangleyBedford Landing

23015 Billy Brown Road. 604-888-2176

Seasons & Prelude at Milner Heights208th St & 72nd Ave. 604-539-9484

Time at Walnut Grove9525-204 Street. 604-694-1819

Cornerstone5655 210A Street. 604-534-6000

High Point Equestrian Estates20048 2nd Ave. 604-531-1111

SurreyAugusta Walk / Woods at Provinceton

18199 70th Ave, 778-571-1088Hazelwood Estates

7881 164A Street. 604-657-5220Knoll

7348 192A Street, Surrey. 604-574-0001Quattro

114-10768 Whalley Blvd. 604-581-8000Ultra

105-13339 102 Ave. 604-588-6999Taylor

1-8767162 St. 604-584-1114

On Tour

Polygon’s Anderson Walk, a lowrise collection of 234 apartment residences well under construction, offers Lonsdale-area living to homebuyers who prefer a North Shore lifestyle.


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