cam september

PM#4

0063

056

C A N A D A ’ S O N LY N A T I O N A L P U B L I C A T I O N F O R A P A R T M E N T O W N E R S A N D M A N A G E R SC A N A D A ’ S O N LY N A T I O N A L P U B L I C A T I O N F O R A P A R T M E N T O W N E R S A N D M A N A G E R S

A positive outlook for Vancouver landlords

Hollyburn Properties Ltd. offers affordable luxury

www.canadianapartmentmagazine .ca

VOLUme 9 / nUmBer 5 / SeptemBer/OctOBer 2012

See page 14

TAKE A fresh LOOK AT WHAT’S

POSSIBLE

FlexibilityObtain mortgage � nancing on up to 85% of the multi-unit property’s value when you are buying, building or re� nancing.

Reduced Renewal RiskEnjoy mortgage renewal with no need to re-qualify. CMHC insures the entire amortization period of the loan and coverage is transferable between CMHC-approved lenders.

Lower Interest RatesBene� t from interest rate savings available throughout the entire life of CMHC-insured loans, including construction periods and renewals.

Learn how CMHC mortgage loan insurance gives you more choices for your multi-unit property investment. Call 1-877 Multi GO or visit www.cmhc.ca/multi-unit.

Untitled-1 1 11-09-29 10:55 AM

Whether it’s a seal, shaft or tiny spring, it’s working to keep your residents’ everyday laundry dependably clean.

Daily dependability depends on, well, everything. That’s why every single component of our MHN30 high-effi ciency front-load washer is engineered to deliver the lasting quality that’s made Maytag a household name. Your residents get a machine that stays up and running. And with programmable options to increase revenue, plus signifi cant energy savings built right in, you’ll fi nd plenty in the picture to be happy about, too. Visit mclaundry.com for digital brochures, or for more information visit our website at maytagcommerciallaundry.com or call 800-662-3587.

® Registered Trademark/ TM Trademark of Maytag Properties, LLC or its related companies. © 2012. All rights reserved.

TAKE A fresh LOOK AT WHAT’S

POSSIBLE

FlexibilityObtain mortgage � nancing on up to 85% of the multi-unit property’s value when you are buying, building or re� nancing.

Reduced Renewal RiskEnjoy mortgage renewal with no need to re-qualify. CMHC insures the entire amortization period of the loan and coverage is transferable between CMHC-approved lenders.

Lower Interest RatesBene� t from interest rate savings available throughout the entire life of CMHC-insured loans, including construction periods and renewals.

Learn how CMHC mortgage loan insurance gives you more choices for your multi-unit property investment. Call 1-877 Multi GO or visit www.cmhc.ca/multi-unit.

Untitled-1 1 11-09-29 10:55 AM

Congratulations to Vancouver

4 www.canadianapartmentmagazine.ca

Editor’s Note

Vancouver was recently named the city with the world’s best reputation by Reputation Institute, an organization that looks at how much people trust, admire, respect and have an affinity for worldwide destinations. The yearly study ranks the world’s 100 most reputable cities by polling more than 18,000 people from the G8 countries.

“We have found that a person’s perceived reputation of a city is a key factor when deciding where to visit, or in terms of business, to invest. Our modeling demonstrates that effective management of these reputation drivers translates directly into increased tourism receipts, investment, and stakeholder support,” writes Nicolas Georges Trad, Executive Partner of Reputation Institute, in the organization’s press release.

The study refers to a city’s beauty, safety, cultural offerings, infrastructure, business environment and schools as some of the reputation drivers polled in the study. It also credits Vancouver with effectively shaping a constructive and trustworthy dialogue with the media.

Rick Antonson, President and CEO of Tourism Vancouver, credits the city’s immigrants and their contribution to the community in terms of new ideas, wonderful foods, festivals, music and fashion. He also credits the city’s deep-seated culture of respect for religions and its multi-lingual schools for propping up the city’s reputation.

Congratulations to Vancouver residents and landlords for your roles in making it reputedly the greatest place in the world to live and work. See the cover story on page 30 for details on the rental market in Vancouver.

You’ll also notice as you flip through the magazine that we’re drawing attention to our online content at the website: www.canadianapartmentmagazine.ca. Visitors to our website, Facebook page and Twitter account will see that we are active in the online communities: providing up to date information and articles that landlords will find useful both in your day to day operations and as you aspire to improve your businesses and grow.

Visit our website regularly, like us on Facebook or follow us on Twitter to participate in this online community and to be notified of new content including industry news, profiles, articles and videos. As you build your online presence, we can help.

If you have any concerns or topics you’d like us to research, email me at the address below or through our Facebook page.

Amie Silverwood, [email protected]

Quoteworthy

– page 28

“Google takes cues from social media votes of confidence, meaning that the more people share content from your website, the more your search engine ranking will improve.”

-- Jessica Green

Publisher Paul Murphy [email protected] (416) 512-8186 ext. 264

Editor-in-Chief Amie Silverwood

Senior Designer Annette Carlucci

Designer Jennifer Carter

Production Manager Rachel Selbie

Contributing Writers Peter Cook, Robert Fleet, Paula Gasparro, Carissa Drohan-Jennings, Andy Schwartze, Derek Lobo, Barbara Carss and Jessica Green

Circulation Lina Trunina

For sales information call (416) 512-8186 ext. 262

Canadian Apartment Magazine is published six times a year by:

5255 Yonge St., Suite 1000Toronto, Ontario M2N 6P4E-mail: [email protected]

Tel: (416) 512-8186 Fax: (416) 512-8344

PresidentKevin BrownCopyright 2012

Canada Post Canadian Publications

Mail Sales Product Agreement No. 40063056

ISSN 1712-140X

Circulation ext. 232Subscription Rates:Canada: 1 year, $50*

2 years, $90* US $75

International $100 Single Copy Sales: Canada: $12*

* Plus applicable taxesReprints:

Requests for permission to reprint any portion of this magazine should be sent to Paul Murphy

Authors:Canadian Apartment Magazine accepts unsolicited

query letters and article suggestions.Manufacturers:

Those wishing to have their products reviewed should contact the publisher or send information to the attention of the editor.

The opinions expressed are those of the authors of articles and do not necessarily reflect the views of Canadian Apartment Magazine. This

information is general and is not a substitute for legal advice.Sworn Statement of Circulation:

Available from the publisher upon written request. Although Canadian Apartment Magazine

makes every effort to ensure the accuracy of the information published, we cannot be held liable for any errors or omissions, however caused.

Printed in Canada

/cammediaedge

/cdnapartmentmag

/mediaedgecam

/cammediaedge

/cdnapartmentmag

/mediaedgecam

Contact us today to learn more about how MCAP can be your Expert Partner.

106 UnitsPurchase

Toronto, ON

$16,375,600

YourExpert Partner

Toll Free: 1 800 387-4405George Mejury: 416 368-8837Leo St. Germain: 416 847-3870

Derek Read: 416 847-3525Vito Campisi: 416 591-2888

www.mcap.com

MCAP offers the following CMHC and Conventional Multi-Family solutions:

• Competitive rates• Interim bridge loans• Terms of 1-5 and 10 years• Dependable closing process

• Excellent service• Customized structures• Forward fix of rates• National lending program

68 UnitsRefinance

Sault Ste. Marie, ON

$3,187,700

21 UnitsRefinance

Halifax, NS

$2,490,250

113 UnitsRefinance

Burnaby, BC

$8,118,925

19 UnitsRefinance

Vancouver, BC

$4,195,100

169 UnitsCMHC 2nd

Montreal, QC

$4,230,375

Recent Financings

TM

580 UnitsRefinance

Kingston, ON

$31,227,596

14 UnitsRefinance

Toronto, ON

$1,689,335

394 UnitsRefinance

St. Laurent, QC

$22,255,799

CAM Tombstones_Oct 9 2012_Layout 1 10/10/2012 9:35 AM Page 1

CovEr Story

30 The city with the world’s best reputation By Amie Silverwood

CorporatE profilE

15 Hollyburn offers affordable luxury Cover image suite view at The Flamingo,

2061 Beach Ave in Vancouver

contentsColumNS

8 Regulations Multi-residential largely untested territory for benchmarking

By Barbara Carss

10 Marketing Marketing your rental unit By Paula Gasparro

28 Social media Social media is for grown-ups

By Jessica Green

36 Technology A secret to increasing your marketing productivity

By Carissa Drohan-Jennings

40 Insurance The new reality By Andy Schwartze

42 Finance Choosing the right mortgage

By Peter Cook and Robert Fleet

47 Portfolio Strategy How to finance new apartments

By Derek Lobo

DEpartmENtS

4 Editor’s Note

50 Smart apartments

columnists

Peter cook, Robert Fleet, carissa Drohan-Jennings, Paula Gasparro, Derek lobo, Andy schwartze

Email

LPAINT | ELECTRICAL | PLUMBING | FLOORS | KITCHEN | BATHROOM | WELDING REPAIRS | FIRE PROOFING | GARBAGE REMOVA

Web

LICENSED MOLD REMEDIATION NOW!!

Untitled-3 1 12-05-07 2:19 PM

BOMA Canada is the first entrant to the Canadian market with an assessment and benchmarking tool for sustainable operations in the multi-residential sector, but the momentum may lie elsewhere. The Federation of Rental-housing Providers of Ontario (FRPO) also has plans to introduce 14 new green standards later this year to augment its Certified Rental Building (CRB) program and has favourable prospects to sign up 75,000 suites by the fall of 2013.

“About 75 per cent of the buildings currently in the CRB program will have to recertify in the next 18 months and, once the green standards are in place, participants will have to comply with them,” says Ted Whitehead, FRPO’s Director of Certification.

Meanwhile, BOMA Canada also anticipates an influx of rental housing properties to its BOMA BESt program. GWL Realty Advisors has pledged to certify its rental housing portfolio, which was

Multi-residential largely untested territory for benchmarking

Go online for more articles

www.canadianapartmentmagazine.ca

regulations


By Barbara Carss

reported at 13.5-million square feet in Canadian Property Management’s 2012 Who’s Who in Canadian Real Estate survey.

The multi-residential module was introduced in the fall of 2011 in tandem with other program-wide updates and revisions in the new BOMA BESt version 2. This establishes a fifth property-specific assessment module in addition to those already in place for offices, light industrial, open-air retail and enclosed shopping centres.

Rental housing and residential condominiums are assessed in six categories: energy; water; waste reduction/diversion; emissions and effluents; indoor environment; and environmental management systems. These are also weighted according to operational prominence so that energy accounts for 35 per cent of available points, for example, while water represents just eight per cent. Program criteria were tested and modified through a pilot project involving eleven buildings located across Canada.

“The pilot phase taught us a lot,” Meirav Even-Har, who was BOMA Canada’s Project Manager for Sustainability Initiatives at the time, told seminar attendees at the recent Green Real Estate conference in Toronto. “Residential is nothing like commercial.”

That’s precisely FRPO’s position. “We think a green program in the multi-residential sector looks very different than it does in a commercial building,” Whitehead observes.

In large part, that’s because much of a building’s energy expenditure, water consumption and waste generation happens within tenants’ units and is outside the landlord’s control. So, too, are many activities that can compromise indoor air quality or release hazardous substances and chemicals to the environment.

Reflective of those challenges, the market-dominant ENERGY STAR Portfolio Manager benchmarking program covers 15 different categories of buildings in the United States – including hotels, dormitories and seniors’ care facilities – but does not yet convey scores for multi-residential buildings. “We’re working on one for multi-family,” Michael Zatz, Chief of the Market Sectors Group in the U.S. ENERGY STAR Commercial and Industrial Branch, reported at the Green Real Estate conference.

Industry-tailored requirementsFRPO’s CRB program is an audited program that requires participants to comply with designated management practices in five categories: legislation/regulatory requirements, resident management, human resources, building operations and finance. Building managers and

operators from participating buildings must also complete an eight-hour training course on the program’s standards of practice. These include a range of obligations related to health and safety, privacy and human rights, customer service, preventative maintenance, record keeping, accounting procedures and labour relations.

The pending green standards were already foreseen when the program was launched in 2008 and are considered an extension of the CRB continuous improvement philosophy and the program’s commitment to ongoing evaluation of how standards can support the industry’s needs.

“FRPO’s intentions are to establish a set of green standards that are meaningful and hold members accountable to best practices in the day-to-day environmental management of multi-residential apartment buildings,” Whitehead says.

For example, standards will address management and purchasing policies, including the practices and environmental performance records of the contractors hired to work in the building. They’ll also focus on the operational aspects of the building that are within the landlord’s control.

“We’ll be looking at how they’re capturing the low-hanging fruit,” Whitehead notes.

“That’s things like water-efficient toilets and showerheads, energy-efficient lighting, replacement of old appliances.”

FRPO has a long-standing presence in Ontario’s rental housing industry, with a wide membership of large, mid-sized and smaller owners and a recognized profile with the provincial and municipal governments, while the CRB program is gaining notice from tenants and the public at large due to its associated branding and signage strategy. This arguably gives it something of an inside advantage that could also be a platform for promoting wider sustainability strategies.

“We have commenced discussions with BOMA to determine how we can work together to provide the industry with the best possible opportunity to succeed,” Whitehead reports.

For more information about BOMA BESt, see the website at www.bomabest.com. For more information about the Certified Rental Building program, see the website at www.crbprogram.org. The preceding article is reprinted from Canadian Property Management, May 2012.

September/october 2012 9

regulations


Every landlord wants to find the ideal tenant — the person who always pays rent on time, never disturbs others, doesn’t complain or cause conflicts and keeps the premises in better condition than when he or she moved in. While this theoretical ideal may be unattainable, the way a landlord maintains and markets a property will affect what type of tenants are attracted to it.

Effective marketing involves differentiating a property from others. In a tight rental market, advertising may not be as critical, but when renters have many places to choose from, let them know why your place is better than others. Is it newer, bigger, cheaper, cleaner or safer than comparable units in the area? Does it have better appliances and amenities for the price?

Effective marketing will increase a landlord’s chance of attracting the ideal tenant. The more clearly you state the benefits of your premises, the greater the odds of attracting appropriate prospects.

Finding tenantsSomeone offering a tiny bachelor apartment will have a different market than someone

Marketing your rental unit



marketing

By Paula Gasparro

renting a spacious penthouse with extra features, such as a fireplace and a fantastic view. Consider the profile of the people you are trying to reach and then advertise in the places where they would be likely to look for a rental premises.

If you are renting a fairly basic basement apartment, you have a good chance of attracting people willing to live in a basement for the benefit of a lower monthly rent. University campuses, postings in local supermarkets or “accommodations available” advertisements in community newspapers might be the best place to advertise this type of rental.

If you have an expensive condo to rent, advertise where people with the appropriate income might search. The local condo news, business-focused newspaper classifieds, or working with a rental locator at a real estate agent’s office might work best.

If you are not sure where people look for rentals, ask! Talk to several people in the same demographic as prospective tenants.

Evaluating prospective tenantsEvery landlord wants to find good tenants — ones who pay the rent on time and take care of their rental property. Finding the best tenant can be offset by the need to have the premises rented within a narrow timeframe. While time to show the unit, accept and review applications and do background checks may be limited, a hasty decision could cost you money in the long run. If the wrong tenant moves in, you may end up losing money due to damages or disputes.

Choose wiselyIf you can afford a possible rent loss while waiting to fill the unit, take the extra time to make the right choice of tenant.

Thoroughly research a prospective tenant before making a final decision. Getting candidates to fill in a rental application and properly screening for applicant suitability before accepting a new tenant are vital. If you accept tenants without screening and verifying their information, terminating the rental agreement may be difficult even if you discover that they provided false information.

You will want to find out as much as you can legally about prospective tenants. Check their financial suitability through a credit bureau report. To access a credit report on a prospective tenant you must be a member of a credit bureau.

Changing times In many areas information beyond basic financial data was previously available in a credit bureau report. However, in many areas this information is no longer being collected. Rent Check Credit Bureau is a Canada-wide tenant screening service that will provide information that can be used to assess potential tenants that goes beyond the basic financial data. The company collects information on rental payment habits and judicial decisions from landlords, non-profit housing corporations and collection agencies and have developed their own scoring tool, RentScore, to help landlords evaluate tenants. Since there is no national legislation for rent bureaus, they have been licensed as a credit bureau in several provinces.

Beyond credit information, try to discover what kind of tenant will be living in your unit. Ask former landlords about the tenant’s character and past rent-payment patterns. Consider talking to even the last two or three landlords to get a clear idea.

In some provinces, landlords can easily access information compiled by order registries and landlord advocacy groups. A landlord unsure about a tenant’s suitability can turn to these groups for more information. These registries include information about unlawful tenants and help landlords when they face difficult tenant situations. Provincial offices can also offer assistance to landlords who are experiencing tenant problems. They may also be able to pass along information on registers and advocacy groups in your region, if these organizations exist.

Where to advertise a rental

Place a for rent/lease sign at the rental property;

Advertise in newspaper classifieds and specialty publications that list rental accommodations. Remember community newspapers;

If you are interested in attracting students, campus housing offices often provide a free listing service;

Post a flyer on bulletin boards at libraries, community centres, grocery stores and places of worship;

Talk to friends and family members, letting them know that you are looking for tenants.

Advertising online

Internet mail lists;

Electronic bulletin boards;

Specialized Canadian apartment listing websites;

Websites of community newspapers (classifieds section);

Central community websites, typically in a classifieds section.

Caution: When paying for an online ad, don’t get tricked by a report of thousands or millions of “hits.” Webpage hits can be an inflated, misleading reporting method. Instead, ask how many unique users visit the relevant section of the website each day. Also, ask how many pageviews — entire scrollable pages — the site gets each month.

Checks for screening tenants

Check the applicant’s credit bureau history and banking history;

Confirm the applicant’s employment situation;

Check the applicant’s tenancy history/evictions, if available;

Check court records, if available;

Check the applicant’s references and consider contacting previous landlords going back two or three tenancies.


marketing


Human rights considerationsWhile you will want to know as much about a rental applicant as possible, provincial and territorial human rights legislation prohibits certain factors from being considered by a landlord when choosing who he or she will rent to. These factors include race, ancestry, place of origin, colour, ethnic origin, citizenship, creed, sex, age, marital status, family status, handicap, or the receipt of public assistance.

Each province and territory upholds its own human rights legislation that spells out what landlords are allowed to ask prospective tenants and what they are not permitted to ask. You might think it is acceptable to ask personal questions to determine a tenant’s suitability, but demanding answers as a condition of renting may contravene human rights. You cannot refuse to rent an apartment based on these conditions.

To take advantage of CMHC’s Mortgage Loan Insurance, contact Paula Gasparro, Manager, Business Development, Multi-Unit Mortgage Insurance at 416-250-2731, or via e-mail at [email protected].

As a landlord you can ask

You can ask questions that will help you assess the suitability of a tenant, as long as you do not infringe on his/her rights. For example, you can ask a prospective tenant:

What is your income? Where do you work?

How many people will be living with you and what are their names?

Do you have pets? Do you smoke?

Could you provide written permission for a credit check?

May I see your references and their current contact information?

As a landlord you cannot ask

You cannot ask questions that infringe on the rights of the tenant under the Human Rights Code for your province. For example, you cannot ask a prospective tenant:

Do you plan to have (more) children?

What is your ethnic background, religion, or sexual preference?

Will your family be visiting?

What is your social insurance number? If you don’t provide your SIN, I won’t rent to you.

Are you married, single, or divorced?

marketing

Untitled-4 1 12-01-03 11:48 AM

www.williamshvac.com

Through the wall heating and cooling and solutions!

Spot cooling solutions ideal for temperature sensitive technology and elevator rooms.

Gordon R. Williams Corporation provides quality products with a turnkey solution for condominiums and apartments• Quality Products• After Sales Technical Support• Service Contracts• Preventative Maintenance

GE Zoneline Packaged Terminal Air Conditioners• Energy Effi cient• Quite Operation• Reliable• Innovative Design

Built In Series• Many of the features of the Zoneline units• More Compact Design

Applied Comfort Products• Full Range of replacement Heating and Cooling units in various sizes

and capacities• Ideal for new construction or replacement of vintage units

ASK US HOW WE CAN HELP YOU!

Email: [email protected] Phone: 905-820-1400

11278_GordonWilliams_2012.indd 1 12-01-12 10:57 AM

Hollyburn offers affordable luxury

Corporate profile

Corporate profile


Hollyburn offers affordable luxury


Cover StoryCorporate profile

Untitled-8 1 12-09-05 5:59 PM

20 Prince Arthur, Toronto


Corporate profile

Providing exceptional service with high-end product, Hollyburn Properties Ltd. operates in some of the best neighbourhoods in the Canadian rental market. With almost 40 years of experience in acquiring and managing some of Canada’s finest residential addresses, Hollyburn Properties offers a uniquely different approach to the rental housing business. It finds that there is a demographic of Canadians who are after the upscale urban living that exists in affluent neighbourhoods. Without the burdens of carrying a traditional mortgage, many renters are willing to spend a little bit more monthly on homes that look and feel like a condo but are managed like rental communities: with 24/7 on-site caretakers to look after any issues that arise in their suite.

Condo living has a reputation for being carefree but convenience can be costly when potential homebuyers add up the cost of their mortgage payments, condo fees and other associated costs of homeownership. The added cost of maintaining both the suite and the building itself will eventually add up, leaving homebuyers with fewer funds to splurge on the lifestyle they want.

“Instead of having your money tied up in your mortgage and fixed expenses, you can rent a Hollyburn suite that allows you to have the lifestyle you want to lead,” explains Dan Sander, Director and VP at Hollyburn Properties Ltd, “and the best part is you can have that lifestyle today.” The result is hassle-free living as a fraction of the cost of homeownership.

Condo living has a reputation for being carefree but conveniencecan be costly when potential homebuyers add up the cost of theirmortgage payments, condo fees and other associated costs ofhomeownership.”

“

Renovated Lobby20 Prince Arthur, Toronto

LocationBy targeting the most desirable and upscale neighborhoods, Hollyburn invests in older, poorly managed buildings. It renovates and upgrade the buildings’ infrastructure and transforms the suites into high-end rental suites, making them desirable for the upscale urban demographic.

“We’ll target the most inefficiently managed building in the best neighbourhoods and convert them to meet the highest quality standards. Our goal is to buy in exclusive neighbourhoods only. Our focus is on great areas that have access to great schools and within proximity to even greater amenities,” says Sander.

Success has not come without the support and loyalty of its staff. “We have the best staff that provides the best service and we feel we have the best product in the rental housing industry,” adds Sander. “Our resident managers are some of the most extraordinary and diverse people. We prepare them, we train them and we provide them with the resources they need to think creatively.”

Hollyburn currently has a growing team of 167 employees and approximately 200 non-direct employees who work with companies in supportive roles. With in-house staff training and comprehensive management training models, the resident managers are prepared for any challenges they encounter in their line of work.

Hollyburn built its reputation in Vancouver, where it maintains around 60 per cent of its portfolio. All its buildings are in walkable communities surrounded by mountains and sandy beaches and within walking distance to parks, schools, shops, busses and other amenities.

“We invest heavily in the capital infrastructure of our buildings, more so than most of our competitors,” explains Sander. “Our investment horizon is basically forever, just like Warren Buffet.”

From new hardwood floors and granite countertops, to upgrading the elevators, roofs and installing new energy efficient boilers; the goal is to attract residents who are willing to spend a little bit more on rent to live a more comfortable lifestyle in a premium location.

“Because we are putting those condo quality finishes in, we’re giving the suites a modern appeal, with energy efficient retrofits. We’re removing those galley kitchens, installing new appliances and opening the walls into the living area to give the suite an overall modern charm.”

In an industry where many landlords are trying to manage growing expenses largely due to rent control, renters often go from one shabby apartment to another, while looking for a place they can settle in. Finding an attractive living space can be a frustrating process in this competitive market. It is this kind of renter Hollyburn is looking to appeal to by offering them a higher end product with better service and better amenities.


Corporate profile

View from apartment20 Prince Arthur, Toronto

Fountain20 Prince Arthur, Toronto


Corporate profile

Congratulations to Hollyburn Properties for being recognized as a leader in the apartment rental industry.

At City Elevator we provide professional and

honest service in elevator maintenance and

modernization while ensuring safety to the riding

public. We understand the unique challenges

faced by apartment owners and operators and

work closely with you to meet or exceed your

expectations. Elevators are a critical component of

any building, quality maintenance reduces equipment

trouble and increases tenant satisfaction.

Look to City Elevator for all your elevator maintenance

and upgrade needs. For more information call

604.299.4455 or visit us online at cityelevator.ca

• MAINTENANCE• MODERNIZATIONS• REPAIRS

P r o f e s s i o n a l i s m C o n s t a n t I m p r o v e m e n t I n v e s t i n g f o r t h e f u t u r e T e a m w o r k

CE12006 Apartment Ad_2012.indd 2 2012-08-21 9:15 PM

File: Ad_CAM_MediaEdge_7.125x4.75_Aug2012-BM.indd Client: Brighter Mechanical

design one Size: 7.125” x 4.75 Date: Sept 4, 2012

CYAN MAGENTA YEllow BlACk Pub: Canadian Apartment Magazine (MediaEdge Pub)

Since 1988 Brighter Mechanical has been providing answers to Metro Vancouver’s plumbing problems.

With over 900 successfully completed projects, our goal is to give you the best repiping experience.

2140 – 21000 Westminster Highway, Richmond, BC Canada V6V 2S9Office 604.279.0901 • Fax 604.279.0902 • [email protected]

www.brightermechanical.com

Repiping is our business

Untitled-8 1 12-09-05 5:56 PM

Green spacesFor decades, Hollyburn has always made a conscious effort to improve the energy efficiency of its buildings. The company has carried out a series of retrofits including roof insulation, upgrading parkades, plumbing and electrical systems. Other noteworthy improvements include major mechanical upgrades on improving boilers and piping throughout the building and installing elevator retrofits using variable frequency drives (VFDs).

These are non-suite improvements that prolong the life of the rental housing stock. By improving-energy efficiency, Hollyburn provides residents with quality rental housing in the communities they love, while reducing the impact on the environment.

Moving forwardBeing very successful in Vancouver for decades in a very small and very tight market, Hollyburn expanded in the Toronto, Calgary and Ottawa markets for growth; where management has identified more sizable and attractive opportunities. According to Sander, Vancouver is unique in that 85 per cent of the rental housing stock is in small buildings comprising of 30 units or less.

“It’s very difficult to grow, get critical mass and to operate in this market with any efficiency and that’s primarily why you won’t see many other larger institutions. Product is very tough and prices are steep.”


Corporate profile

Hollyburn has found that there is a veryhealthy demographic of wealthy individualsin Toronto who prefer luxury rentals if thebuilding is in the right location.”

“

Renovated lobby (Before and After) at Bellevue West in West Vancouver, 195 21st Street.


Corporate profile

DesignPlanningCarpentry

www.rjhcontracting.com

FlooringPlumbingElectrical

Tenant Improvements Suite Renovations New Construction Lobby Remodeling

FinishingPaintingRepairs

Property Maintenance is Our Specialty!

Call Us Today!

(604) 510-2571Untitled-3 1 12-09-14 12:07 PM


The business model that has been successful in Vancouver has also proven successful in Toronto. With a flagship location on 20 Prince Arthur, Hollyburn has since acquired over 17 properties in luxury locations including Yorkville, Forest Hill and the Annex.

Hollyburn has found that there is a very healthy demographic of wealthy individuals in Toronto who prefer luxury rentals if the building is in the right location. They may have a second home or enjoy the flexibility and freedom of this lifestyle option. Many of the flagship properties in Vancouver have an income per door over $70,000 per annum. Demographics from upscale neighborhoods it’s invested in Toronto have shown similar results.

Serving residents’ needsBeyond location, Hollyburn residents are looking for great service. Though condominium apartments in the rental market offer many amenities, they don’t generally offer premium services since the property managers are usually off site. As a result, management becomes fractionalized. But service goes much further than day-to-day life at Hollyburn. Residents can have peace of mind knowing they can reach their onsite resident managers anytime.

“We make a huge effort to try and keep laundry rooms well lit, well serviced and above ground. It’s part of our safety initiatives. All these small things tie into the same philosophy of service and excellence,” says Sander.

With 24-hour onsite caretakers and a full team to back them up, residents are confident that they won’t have to wrestle with ad hock repairs or duct tape remedies. If an appliance breaks down in a condo, it can be difficult to get in touch with the landlord. Getting them to do repairs can be another thing altogether. But Hollyburn has a system for voluntary upgrades that allows for tenants who are tired with their kitchen cabinets to have their suites renovated at a convenient time for them.

“Our Smart Suite program offers our residents different packages that we can roll out for them,” explains Sander. “Whatever condition of the suite, we’ll sit down, look at it and make it work for them and make it work for us. Obviously the rent’s not going to

Corporate profile

Renovated bathroom


Corporate profile

Building Science & RestorationConsultants

rjc.ca

20 PRINCE ARTHUR; Toronto, ON

Proud to beHollyburn Properties Ltd. consultant of choice in markets throughout Canada.

Building Envelope Assessment & Remediation | Roofing | Property Condition Assessment | Due Diligence/Pre-Purchase Assessment | Structural Engineering | Structural Restoration

Wespac would like to congratulate Hollyburn Properties on all of their success. We are proud to provide quality service and

value to their local properties.

Whatever it is, wherever it is, Wespac is there.24 hours a day 365 days a year.

www.wespacelectric.com

Wespec_2012.indd 1 12-10-11 2:53 PM

Addmore Quality Systems

Proud partner to Hollyburn Properties Ltd.

Providing quality roofing systems

Contact: Richard Johnston at (604) 462-0817 or email [email protected]

Addmore_2012.indd 1 12-10-11 2:56 PM

Alumni Restorations Ltd. has worked with Hollyburn Properties Ltd. for over 13 years, and

congratulate them on their incredible growth and success.

Alumni Restorations Ltd. specialize in concrete restoration work on exterior hi-rise buildings, remedial recaulking, and specialty membrane applications. Alumni Restorations Ltd. have been in business since 1999, and have successfully worked with most of the engineering companies dealing with exterior building

maintenance with great success.

To contact us please email us at [email protected].

Alumni_2012.indd 1 12-10-04 3:32 PM


stay the same but a small adjustment in rent can often pay for significant upgrades for that tenant.”

Striving to build a close-knit community in its rental apartment buildings, managers create seasonal events for their residents.

“We have competitions every year for different seasonal decorations; it’s part of our philosophy to create communities in the buildings we have. That’s something we’ve tried to foster through our annual resident summer barbeques and annual holiday events,” explains Sander.

The company’s service philosophy goes beyond the front doors with partnerships with businesses that provide residents with exclusive deals on their services. Discounts on services offered by retail, cable and car sharing co-ops are valuable rewards for building residents and offer retailers access to an affluent group of clientele while helping residents save on their day to day expenses.

Outside of the individual apartments, Hollyburn provides free Wi-Fi in the lobby and in some common areas. When a new property is bought, it polls the residents to ask them what kind of amenities they enjoy. If the pool is tired and unused, management may fill it in to use the space for a more sought after gym. But if residents enjoy the use of the pool, it may be updated with landscaping and seating in areas that are underutilized.

All these efforts add up to a more comfortable lifestyle in great locations at a fraction of the cost of homeownership.

Corporate profile

DSP has been in the cabinet industry for over 20 years! We have supplied companies like

HollyBurn Properties with services from new cabinets, countertops and door replacement.

We offer:• Contemporary and traditional styling

• Cabinets built of high quality materials• Free and quick estimates

• Competitive pricing

Call us today! 604-830-6876

DSP_2012.indd 1 12-10-04 2:26 PM

Untitled-3 1 12-09-19 2:52 PM

Keeping Good Roofs Good To Reduce Costs, Improve Facility Performance And Help The EnvironmentWith a wide range of energy-effi cient roofi ng systems that include vegetative roofs and unique, all-white built-up and modified bitumen roofs, Tremco has the solutions architects and building owners need to lower the costs of running new or renovated facilities in a more sustainable manner.

To schedule a checkup for your roof or to discuss our energy-effi cient roofs, call (800) 668-9879.

Roofing and Weatherproofing Peace of Mind.www.tremcoroofing.com

50 Beth Nealson Drive • Toronto, Ontario • M4H 1M6 • 1.800.668.9879

Keeping Good Roofs Good To Reduce Costs, Improve Facility Performance And Help The EnvironmentWith a wide range of energy-effi cient roofi ng systems that include vegetative roofs and unique, all-white built-up and modified bitumen roofs, Tremco has the solutions architects and building owners need to lower the costs of running new or renovated facilities in a more sustainable manner.

To schedule a checkup for your roof or to discuss our energy-effi cient roofs, call (800) 668-9879.

Roofing and Weatherproofing Peace of Mind.www.tremcoroofing.com

50 Beth Nealson Drive • Toronto, Ontario • M4H 1M6 • 1.800.668.9879 Untitled-12 1 12-10-10 12:19 PM


Corporate profile

Multi-Residential Energy Conservation Experts

We are Canada’s leading energy management company offering

comprehensive energy retrofi ts for all aspects of your commercial or multi-

residential building. We are consulting engineers with in-house construction, monitoring and automation divisions. Call 416.201.9109 for a free energy audit and expert advice from a professional engineer.

THINK Mann Engineering

www.mannengineering.com

THINKGREEN

MANN_2012.indd 1 12-09-12 11:50 AM

Happy to be a proud partner of Hollyburn Properties for over 25 years

Serving all your window covering needs

Contact Murray Reid at 604-240-7872

or [email protected]

MGRinstallations

MGRInstallations_2012.indd 1 12-09-24 11:58 AM

Nufloors takes the guesswork out of the flooring procurement and installation process, from measurement, to site delivery, installation, and overall coordination. We handle the details to deliver a seamless solution to our clients.

www.nufloors.ca

property management flooring expertise

1100 Lansdowne Drive, Coquitlam 736 Marine Drive, North Vancouver

NuFloor_2012.indd 1 12-09-12 3:12 PM

REAL ESTATE APPRAISERS

CONSULTANTS & TAX AGENTS

ICI APPRAISALSDetermine Property Values for both the Individual Investments

or Portfolio.◆

DEVELOPMENT PROJECTSAnalyze the Economics

and Feasibility of Proposed Developments.

◆

PRO FORMA ANALYSISPerform Rental Studies and Detailed Operating Costs

Analysis to Maximize Return of Investment; Performance Review Relative to Market.

◆

ARBITRATIONRepresent a Party in a Legal

Dispute.

PROPERTY TAXESReview Assessments,

Negotiate with Assessor, File Appeals.

◆

IFRS REPORTSAsset Appraisal for Accounting

Requirement.

◆

CONSULTINGExpropriations; Community

Amenity Contribution Negotiations; Land Lease Negotiations; Highest &

Best Use Studies; Insurance Valuations; Due Diligence

Reports.

2nd Floor, 602 W. Hastings street, VancouVer, B.c. V6B 1P2WeB site: BcaPPraisers.com Fax: (604) 689-0538

tel: (604) 689-1233

Proud partner to Hollyburn Properties Ltd, providing apartment valuation, tax and consulting services for over 25 years

BCS_2012.indd 1 12-10-02 4:11 PM

No flat lines.Just healthy bottom lines.MetCap Living knows the importance of your property investment. With over 20 years experience in professional property management, we have the expertise to boost your NOI. Ask us how we have done it for others in our $1 Billion property portfolio.

From Marketing, Leasing, Accounting, Utilities and Site Management, we tailor our services to your needs, while providing your residents with great living experiences in friendly neighbourhoods.

Ensure the health of your bottom line, contact:Anne MeinschenkDirector, New Business Development416.993.4305 • [email protected] www.metcap.com

MetCapLiving_FullPg_8.125_10.875_v3.pdf 11/08/2010 11:01:26 AM

In 2011 alone, YouTube reported more than one trillion views. That’s 140 views for every person on the planet. Facebook’s following of 750 million users is nothing to scoff at either. Having more than doubled its number of Canadian users from six to 14 per cent since 2009, LinkedIn is no slouch. And you know that networking site that forces you to craft a thoughtful statement in 140 characters or less? It’s called Twitter and it hit more than 140 million users last year, so stop pretending that you don’t know how to pronounce it and start getting chatty.

Social media by numbersAccording to Ipsos’ most recent Canadian Interactive Reid Report special feature on Social Networking, half of Canada’s population (17 million people) is involved in some form of social networking. Since 2010, the number of Canadians who visited a social media site at least once a week has climbed from 35 to 50 per cent. And it’s not just pimply teenagers getting their kicks while mom and dad are out: the majority of 35 to 54 year olds and more than 40 per cent of those over the age of 55 are pinning, posting, liking and re-tweeting Honey Boo Boo lines in real time. That number is only expected to increase—dramatically.

Social media is for grown-ups




Social media

By Jessica Green

By Jessica Green


Step it upSteve Mossop, President of Ipsos Reid’s Western Canada practice, explains that social media users have spent the last several years building brand awareness. Now, it’s time to commercialize this awareness by engaging consumers. But there’s a right way to do it. The first step is determining whether social media is right for your business. Let’s rephrase that: are you a B2C company that wants to expand your reach, bring people to your website and nurture leads into sales? If you answered yes, then you’ve completed the first step.

Do: due diligenceNext, take some time to research what other companies are doing. What platforms are larger developers using? Are boutique firms doing it better? How are they engaging potential buyers? Whether they’re running contests, microblogging or posting basic building updates, the competition is already ahead of you. So find out what they’re doing, read some tutorials and do it better. Just make sure that the platform fits the purpose, which is to reach your intended audience with frequent, practical, relevant information that initiates conversation.

Put in some face time Build a Facebook business page by using the step-by-step instructions and user support provided right on the site. In addition to built-in statistics, which help you monitor the efficacy of your campaign, Facebook is a great way to connect with current and prospective buyers for several reasons. For one, it builds community.

Feature a site super; post photos of residents who have lived in the building for many years; launch a balcony garden contest and showcase images of the winner and runners up. Remember, Google takes cues from social media votes of confidence, meaning that the more people share content from your website, the more your search engine ranking will improve.

Find your voiceAfter Facebook, Twitter is the ultimate social tool. With its own vernacular – hashtags, DMs, re-tweets – it’s daunting on first click. But perhaps it’s the forum’s simplicity that’s throwing us off. What’s so difficult about crafting one or two targeted sentences a couple of times a day? Not much, if you have a plan. That is, what you want to say and who you want to listen will determine your tweets, so mix it up by striking a balance between promotional content and general interest content. The more you tweet, the more your account will be viewed, thereby increasing the probability of more followers. Once you have created your account, promote it via newsletters, email signatures, corporate website, property website, Facebook—everywhere.

Get reelDoes your property have a video? If not, it should. Online marketing firms like Rentseeker.ca can produce a film for about the same price as one print ad. The difference? “Video is a one-time investment and the second it’s online, it’s there to stay,” says Chaim Rivlin, Rentseeker’s CEO. Once you have the video, make sure it’s hosted on YouTube. “Every video posted on YouTube can be optimized with titles, descriptions, keywords and tags,” Rivlin adds. “The payoff can be immense, particularly when it comes to driving traffic to your website and increasing your brand’s search engine visibility.”

While traditional corporate videos are informative, light and entertaining behind-the-scenes videos can be particularly influential. Creating videos on topics

Social media


More than shelter tenants are looking for a home. A refuge from a complex world. Our priority is to keep them happy, but we’ve learned you can’t unless you first have happy employees.

That’s why we give our people the best training possible and empower them to make their own decisions. When we reward them well and treat them with respect, we know they’ll pass it on to your tenants.

A study by J.D. Power and Associates suggests that satisfied tenants were almost twice as likely to renew their lease and over three times as likely to pay a higher rent.

Over the years, we’ve created a whole culture around customer satisfaction. And it pays off in less turnover, more referrals and bigger smiles. We make them feel at home.

More important than the address on the door are the people who stand behind it.

We never lose sight of what tenantsreally want.

www.oshanter.com

O'Shanter Nest ad .indd 1 12-04-09 5:29 PM

Jessica is the owner of Cursive PR, a Toronto-based communications consulting firm. For more information, email [email protected] practical, relevant information that is updated daily, find Canadian Apartment Magazine on Facebook, Twitter and on our website at www.canadianapartmentmagazine.ca.

like amenities, pride of ownership, financing options and price ranges is a relatively easy undertaking. Uploading the videos to YouTube is even easier, so have fun with the process. Interview residents and staff who are willing to be spokespeople for your property. Just ensure the message is clear: you must live here.

Connect moreLike many people, you probably think LinkedIn is only for promoting yourself. However, LinkedIn now has Company Pages, which are becoming increasingly popular marketing tools. The fastest growing demographic on LinkedIn is recent graduates, many of whom are looking for places to live. Try engaging them by encouraging the participation of residents, who can talk about the buildings, community and amenities available.

LinkedIn also has a useful feature that allows users to recommend a product or service, which is then sent out to all of their connections. Talk about an organic and efficient way to promote your company! Among its many benefits, LinkedIn

functions as its own search engine for finding companies and jobs. As an added bonus, all information posted publicly shows up in search engines.

Final answerFinding your niche, stimulating conversation and converting leads to web traffic and, ultimately, sales can take up to a year. It’s time consuming and utterly demoralizing when you can’t find that “thing” that bridges the gap between your brand and your market. However, with time, persistence and some trial/error, you’ll start making friends. You might even start using social media to provide online property tours and schedule showings—through an app.

In the meantime, don’t retire those glossy print ads, towering storyboards and backlit signs just yet. They’re all a part of today’s marketing matrix and each piece is just as important as the next. And those once-pimply teenagers? They make up the 48 per cent of the population that checks Facebook the second they wake up. They’re also the ones in suits looking to buy.

Social media


insurance

The city with the world’s best reputation

Tour

ism

BC

/Alb

ert N

orm

andi

nCover Story

By Amie Silverwood

Vancouver, the largest city in BC and the third largest in Canada, is often credited as one of the best places to live and this reputation has made it a popular destination for immigrants. It is one of the most ethnically and linguistically diverse cities in Canada with 52 per cent of the population speaking a first language other than English.

Vancouver is now the most densely populated city in Canada with urban planners preferring high-rise residential towers and mixed-use developments while preserving green space and views. City planners began to encourage the building of high-rise residential towers in Vancouver’s West End in the 1950s with strict requirements for setbacks and open space to protect sight lines and preserve green space. Their vision resulted in dense neighbourhoods in a compact urban core that has gained international recognition.

In an effort to continue to build the city’s reputation as a liveable city, the city’s new goal is to make it the greenest city on earth by 2020. The goal is to reduce its eco footprint by targeting zero carbon, zero waste and healthy ecosystems.

Vancouver landlords are benefiting from the city’s international reputation as a great place to live. They enjoy the tightest rental market in Canada with vacancy rates over the last three years averaging below one per cent. Even though they have the highest rents in Canada, apartments rarely sit empty, according to Carly Ludwar-Jellis, Member Serivce Manager for ROMS BC.

“Usually someone moves out on the 31st and someone moves in on the first. A regular landlord can expect to have one month empty every now and again but Vancouver landlords didn’t ever really have to experience that prior to a few years ago anyway.”

Rents are high but the cost of housing is even higher for first-time buyers with the average monthly condo mortgage payment being estimated by CMHC at $773 more than rent for a similar sized apartment.

CMHC credits the combination of growing employment, an increasing population fuelled by migration and this gap between the cost of homeownership and the cost of renting as the main factors influencing the low vacancy rates. Vancouver added 35,300 new jobs since the first quarter of 2011 and 28,958 immigrants moved to the city on a permanent or temporary basis. The new residents, immigrants and those attracted by employment opportunities, all

insurance


need places to live and most of them are looking to rent for the first few years in the city.

The need for rental apartments is so high that one of Vancouver landlords’ biggest problems, according to Ludwar-Jellis, is that they often find extra people living in their apartments in order to make their rent more affordable.

“You rent out a two bedroom apartment to a couple who say they want a spare room and then you find three, four or five people living there down the road. It’s not every tenancy by any means but that’s a commonly occurring problem in Vancouver.”

Ludwar-Jellis believes renters in all demographics around the more popular neighbourhoods of Vancouver are trying to find ways to reduce the cost of rent. Adding extra roommates is one solution becoming increasingly popular with renters but micro units is another.

The city has recently adopted programs to encourage developers to build rental units and one of the incentives is to allow developers to build apartments that are 320 square feet. These tiny apartments have proven to be very popular among residents who want to live in more expensive locals.

“People are going crazy over them because they’re more affordable, they’re usually in a better location as well,” explains

Cover Story

Tour

ism

BC

/Alb

ert N

orm

andi

n


Cover Story

Ron

Fehl

ing

Cover Story


Ludwar-Jellis. “If you’re the type of person who is only home to shower and sleep and you’re out the rest of the time, it’s a very wise way for you to spend your living money to pay less rent to be closer to town. Generally these smaller units don’t have parking but if you’re close to where you need to be so you can walk or you can take the bus, I think it’s wonderful.”

Rob Greer, Avison Young Principal and multi-family specialist, thinks the small units are a great solution for new immigrants looking for affordable apartments in a central location. “Just like other cities like Paris or New York, Vancouver’s finally getting their heads around smaller unit sizes and that’s a trend we’re going to see continue – especially with new construction.”

With the low vacancy rates and high rents, these small units are a great answer for Vancouver landlords who are looking to build new apartments. “From an investment standpoint, it makes more sense. Because your rent per square foot is so much higher.”

Of course, not everyone is interested in living in an apartment that is less than 400 square feet. These units appeal to a specific demographic.

“It’s a little bit more of a transient tenant. It’s someone who is new to the city, they want that good location, they want to be close to everything but, I think about a year from now, they’re probably going to be looking for something that’s a little bit bigger. But if you’re new to the city and you want that great

location, you want new construction; people are definitely paying for it. There’s huge demand for those units.”

The City of Vancouver is bending over backwards to convince developers to build rental housing. They’ve come up with a range of incentives which include these smaller units, less parking and lower development fees in their efforts to make purpose built rental housing more affordable for landlords. But the competition for land in prime areas has driven up the cost making it a challenging investment for anyone wanting to build anything other than condos.

Cover Story

Untitled-1 1 12-01-24 9:59 AM

TorontoMichael Lombard or Ady SteenPhone: 416-368-3266Fax: 416-368-3328Email: [email protected]

VancouverBrian D. Kennedy or Jonathan WongPhone: 604-685-1068Fax: 604-683-2787Email: [email protected]

CalgaryDennis Aitken or Daniel StewartPhone: 403-237-8975Fax: 403-266-5002Email: [email protected]

CMHC & Conventional Mortgages for:

Multi-Family Rental PropertiesSenior’s Housing Projects

Commercial PropertiesConstruction Projects

www.peoplestrust.com

™

647-341-7990www.summapm.com

[email protected]

SUMMA PROPERTYMANAGEMENTProfessional Property

Management & Consulting

With over 28 years' experience we provide full service property

management and accounting for your Commercial/Industrial, Residential and

Condominium Rental Properties.

At Summa we get ‘TOP MARKS’ for Management, Consulting and Renting!

With over 28 years’ experience we provide full service property management and accounting for your Commercial/Industrial,

Residential and Condominium Rental Properties.

At Summa we get ‘TOP MARKS’ for Management, Consulting and Renting!

647-341-7990www.summapm.com

[email protected]

12095_Summa_2012.indd 1 12-07-12 4:44 PM


Cover Story

Though vacancy rates are low and rents are high, landlords are finding their profit margins pinched thanks to the high price of land and the age of the city’s rental stock. Rent control has been tight over the last few years, which doesn’t allow the building owners much money to invest in much needed repairs.

“Owners are faced with rising expenses: property, property taxes, gas, electricity, repairs and maintenance and it’s really tough to offset that when you can only increase rents by 4.3 per cent. Keep in mind, in previous years, that max rental amount was only about 2.3 to 2.5 per cent so they’re just starting to catch up from all those years where it was in the 2 per cent range.”

The bad news for landlords in Vancouver is that the rental stock is aging and along with the rising expenses come the eventual need for major improvements in buildings that are on average 40 years old. Rental apartment in Vancouver, however, remain a solid investment, according to Greer.

“Our cap rates are some of the lowest in the country. Rents are high and they’re going to continue to increase – especially in those good areas. And I look at our market as one of the safest as far as parking capital. But with that, your returns are some of the lowest too. The purchaser profile is existing, local private buyers that already own rental units here and understand the market. Or we see a lot of foreign capital coming into the market as well too, specifically from mainland China. They’re very interested but time and time again, we’re seeing the private, local buyer outbid the institutional buyer, the REITs, pension funds, etc. when a really prime asset comes to the market here.”

Greer explains that the institutions aren’t willing to invest in a market where the cap rate is in the low three per cent when they can achieve higher yields if they go to Alberta or Ontario. He gives the Olympic athletes’ village as an example. The developer, Millenium, had to add purpose built rental housing to the condominium village in order to increase density and these apartments are up for sale at the time of writing.

“They’ve been very well received by the market. It’s like moving into a brand new condo. And a local, private buyer, would be my guess, will end up buying them,” Greer predicts.

Tour

ism

BC

/Alb

ert N

orm

andi

n

Cover Story

The bad news for landlords in Vancouver is that the rental stock is aging and along with the rising expenses come the eventual need for major improvements in buildings that are on average 40 years old.”

“

Toronto is experiencing a surge in condominium rentals as a result of investors parking capital in condo developments. What does this mean for the traditional apartment sector? Now available online, this V-Report addresses whether the condo rental market is a threat to purpose-built multi-family rental apartments. Learn from the experts about the rapid increase in rental condo activity, the lure of condo rentals and what apartment building landlords can do to remain competitive in this new marketplace.

The Impact of Condo Rental Stock on the Apartment Market

Not getting our V-Reports? Sign up at [email protected] for direct delivery to your e-mail inbox. To sponsor or participate in a V-Report, contact Clare Tattersall at [email protected].


Ben MyersExecutive Vice-PresidentUrbanation Inc.

Janice CracknellPartnerN. Barry Lyon Consultants Ltd.

Healthy Competition or Bad for Business?

CAM_VReport_October_2012.indd 1 12-09-28 1:58 PM


technology

A secret to increasing your marketing productivity

A well known proverb says it all: A penny saved is a penny earned. In the business world, time is money. The productivity of employees has a

significant impact on businesses’ bottom lines; however, ensuring that your business is achieving maximum productivity is not solely about working harder. Working smarter is also essential in order to reach the greatest level of efficiency and productivity. In order for landlords to maximize leads and leases, it is vital to ensure that the marketing department is at full productive capacity.

There is a new technology making inroads in the rental and housing market that holds great potential for improving productivity by lowering advertising administration time and improving overall marketing performance. This technology is called data syndication.

By Carissa Drohan-Jennings

Smarter Solutions for Places that Matter

YARDI VOYAGER™

Gain smarter insight from the industry’s leading property management platform.

YARDI Portal™Dramatically easier for your residents, your prospects, and you.

YARDI Mobile Apps™

For managers on-the-go. Let us show you the latest in innovative technology.

YARDI Energy Solutions™

Increase your NOI by creating new revenue opportunity and reducing utility costs.

Yardi Energy Solutions™ is a service provided by YES Energy Management, Inc.To learn more, call 1-888-569-2734 or go to www.yardi.com/cam21


What is data syndication? Data syndication is the practice of sharing data between two websites through a data feed. A data feed is essentially a program that lays out a roadmap detailing how each website will communicate with one another. The syndication programming describes the content to be distributed between the websites, which variables on each website are equivalent to each other, how often the information should be updated across the websites and any other rules that govern how the information is to be handled. Once the data feed is prepared, the websites are able to seamlessly share the information.

So how can data syndication help improve productivity in the Canadian rental industry?The Canadian housing industry has already been using syndication to improve productivity. Many Real Estate Agents are now syndicating Multiple Listing System (MLS) listings with their own personal marketing websites. Because the information is pulled directly from MLS, each agent can save time otherwise spent updating personal websites, while being assured that their data is the most current and accurate available.

Using a model similar to that employed by the housing industry, landlords can also begin thinking about syncing their data with their Internet Listing Providers (ILSs). Gottarent.com is one such ILS that is currently working with landlords to seamlessly integrate building listings that appear on corporate rental sites with that of the online advertising listings. The result of using data syndication is of direct benefit to landlords in three ways:

1. Increased advertising accuracy – Data syndication ensures increased accuracy in advertising because all changes to a building’s information are made only

once, on the landlord’s rental website, and these changes are then automatically pushed out to all the syndicated websites. For example, the landlord’s advertising data may be distributed directly to third-party listing sites ensuring all advertising listings remain accurate and up-to-date.

2. Cost savings – Because advertising and building data changes need only be made once, data syndication decreases the amount of time required for staff to maintain advertising across multiple listing sites. The labour costs associated with advertising are thereby reduced.

3. Improved productivity – In addition to reducing labour costs, now that administrators are taking less time to update advertisements they can spend more time focusing on what really matters: lowering vacancy and implementing new marketing initiatives.

In the United States, data syndication is already improving advertising efficiencies. At Landlord Web Con 2011, Brock McLean, the Vice President of Operations at ForRent.com, spoke about how his company has a syndication partnership with Oodle.com, an online classified listing service based out of the US, which allows them to push their apartment listings to the Facebook marketplace.

Beyond a doubt data syndication is a tool that can help make internet advertising easier and more efficient for landlords. Syndication models are already appearing in many other industries, including the Canadian housing industry and the US apartment industry. It’s time for Canadian landlords to consider how adding a data feed could help them decrease labour costs, improve their advertising reach and increase the accuracy of their ads.

technology

Data syndication is a tool that can help make internet advertisingeasier and more efficient for landlords.”

“

Carissa Drohan-Jennings is an Account Manager at Gottarent.com. If you’re interested in learning more about data syndication with Gottarent, please contact Carissa at [email protected] or follow her on Twitter @CarissaDrohan.

The Right Product. The Right Price. The Right People. The Right Choice.Over 14,000 Products – In Stock, Everyday!

APPLIANCEBATHROOMBUILDINGCLEANINGECO-FRIENDLYELECTRICALFIRESAFETYFLOORHARDWAREHVACKITCHSINKSLIGHTBULBSLIGHTFIXTURESPAINTPLUMBINGSEASUPERSPECIALSWALLWHMISANDMOREAPPLIANCEBABUILDINGCLEANINGECO-FRIENDLYELECTRICALFIRESAFETYFLOORHARDWAREHVACKITCHENSINKSLIGHTBULBSLIGPAINTPLUMBINGSEASONALSUPERSPECIALSWALLWHMANDMOREAPPLIANCEBATHROOMBUILDINGCLEANINGEELECTRICALFIRESAFETYFLOORHARDWAREHVACKITCHSINKSLIGHTBULBSLIGHTFIXTURESPAINTPLUMBINGSEASUPERSPECIALSWALLWHMISANDMOREAPPLIANCEBABUILDINGCLEANINGECO-FRIENDLYELECTRICALFIRESAFLOORHARDWAREHVACKITCHENSINKSLIGHTBULBSLIGPAINTPLUMBINGSEASONALSUPERSPECIALSWALLWHMANDMOREAPPLIANCEBATHROOMBUILDINGCLEANINGELECTRICALFIRESAFETYFLOORHARDWAREHVACKITCHSINKSLIGHTBULBSLIGHTFIXTURESPAINTPLUMBINGSEA

The one source for it all.

www.hsbuild.com 1 800-207-8325 or 905 738-6003

PROUD MEMBER OF:

Eco-Friendly | Cleaning | Fire Safety | WHMIS | Paint | Building | Bathroom & Kitchen | Appliance | Wall & Floor

Plumbing | Light Fixtures | Light Bulbs | Electrical | HVAC | Hardware | Seasonal | and More

Choosing H&S as your maintenance materialsupplier means you are putting your confidencein a supplier willing to go the extra mile toprovide you with the best one-on-one service.A knowledgeable sales staff and over 35 yearsof industry experience – no one else offers thatcombination and it’s why people all acrossOntario choose H&S Building Supplies Ltd. astheir One Stop Maintenance Supply Superstore!

Congratulations to Vertica Residence Services and Thank You for Your Business.

COMMERCIAL | MULTI-UNIT | RESIDENTIAL | INDUSTRIAL | INSTITUTIONAL

Congratulations to Vertica Residence Services and Thank You for Your Business.

��

Untitled-3 1 11-09-01 11:43 AM


They say that every generation must cope with at least one serious road bump along its way through life. For some generations it’s an armed conflict and for others it might be an economic disaster. In each case, people have to figure out what impact the road bump will have on them and, of course, how they are going to deal with it and survive. Some will profit immensely, when it happens, and others will suffer enormously. Most will stumble through somehow, hoping not to be too badly impacted. After all, one can hardly expect to go through 80 years of life without some serious challenges along the way. The foibles of human behaviour virtually guarantee it.

For the baby boom generation of North America, the serious struggles probably lie ahead. It’s been quite a charmed life these past decades. Middle class lifestyles have allowed for dual residences, club memberships, low cost travel and better quality food and medical treatment than ever before. Yet, this enormous population bulge, the highest taxed generation in history, has helped governments bloat to unheard of levels, built still growing levels of debt unheard of in past generations and spent happily in the hopes that all will turn around again. “Retiring with debt” is a phrase that one hears more often.

The reality is that an aging population does not build an economy, but rather drains it. Healthcare resources will become a major priority in the coming decades as this generation lives to ages never before seen. In the process, and while demands for government support to the seniors increase to a new crescendo, taxable incomes will stagnate. Yet, at this very early stage of the game already, with the first baby boomers having turned 65, just last year, we are seeing large national debts at all government levels. This time around, the snap back recovery that so typically follows a recession will probably simply not happen. Should that really turn out to be the case, governments’ revenues will stay stagnant and our elected officials will find themselves in a serious bind, as has already happened in a few cities in the U.S., not to mention a couple of EU countries.

Where does this all go? If national, provincial or municipal debt cannot be paid off by the increased revenue activity generated by a recovery, then higher taxation is the next alternative. For municipal and provincial governments (or their equivalents in the U.S.) this is a serious nightmare. For federal governments, the solution is one that is much more palatable: inflation. There’s nothing easier than inflating debt away by rolling the presses. It is already happening, according to experts who follow the money supply. The last serious inflation that we experienced here in Canada was in the 70s. Ten per cent was not uncommon.

Inflation, of course, devalues currency and, at some point, pushes interest rates. This latter result puts serious brakes on the real estate market and on hiring activity. It pushes productivity as employees take on more work instead of hiring others. Inflation is a tough solution to this problem but it is the civil equivalent of an armed conflict that brings everything back to a sensible level so that the cycle can start again, of course.

For the life insurance industry, already reeling from the attacks on their capital by guaranteed insurance policies (where the policy’s interest rate has been set for the life of the contract), an additional hit would come from the world of commercial real estate loans. But for the property/casualty crowd there would be rejoicing in the bleachers. These insurers have the benefit of readjusting premiums once a year to reflect claims demands that would, no doubt, go up in a tougher economy. In addition, they would be able to benefit from higher rates on their deposits. For, you see, the p&c folks are statutorily mandated to keep their liquidity levels very high. They roll over a mixed portfolio of fixed paper, generally in 30 day increments. After all, one nasty claim and this crowd has to scramble to get the repair cash lined up and ready to go. No long term investments for that sector; the regulators won’t allow it.

I suppose the upside for consumers is that high interest rates, as long as claims remain stable and don’t skew the numbers, will put pressure on reducing the costs of property/casualty insurance.

The new reality

insurance

Andy Schwartze, BSc., MBA, CIP, is an insurance broker specializing in property management and real estate. He is a former President of the Insurance Institute, has taught in the community college system and provides continuing education to other brokers. He can be reached at [email protected]. For any comments, you can go to www.takecover.ca and post them on their new blog.

By Andy Schwartze

416 663-1574Visit us online atwww.atlasdoors.ca

Your parking access specialist for over 30 years.

Garage Door Sales, Service & InstallationCOMMERCIAL • INDUSTRIAL • RESIDENTIAL

Atlas-FP-PMExpo:Layout 1 11/1/11 9:59 AM Page 1


With an infinite amount of information found on the internet these days, borrowers have a wealth of information at their fingertips. There are various mortgage product types: closed term, variable rate, conventional or CMHC insured mortgages just to name a few. Borrowers also have many choices to consider when choosing the type of lending institution to borrow from such as chartered banks, credit unions, life insurance companies or non-bank financial lending institutions. Sometimes having too much information can make a decision overwhelming and the process can become extremely frustrating.

There are some basic factors that can reduce this list of considerations to the most important items and will guide you to make the best decision for you.

Whether you are planning to refinance, renew, unlock equity or acquire a new apartment building be sure that these critical elements are met by your lender.

Terms and conditionsEnsure that locking in your interest rate is on your terms. Many lenders have limitations on your ability to lock your rate prior to funding. A CMHC-insured mortgage typically takes between eight to ten weeks from initiation to funding. A lot can change in the marketplace during this time period. Your initial rate quote (which is usually spread based) at the beginning of the process may change significantly when it comes time to fund your mortgage. Your lender should allow you to lock your interest rate up to 60 days prior to funding. It is very important to

Choosing the right mortgage

finance

Go online for more finance articles


By Peter Cook and Robert Fleet

finance


ask your lender upfront how far in advance they will let you lock your rate and if there are any fees associated with locking early.

If minimizing your down payment or unlocking maximum equity is important to you then you may want to consider financing up to 85 per cent of the property value (as determined by CMHC) with a CMHC mortgage. In this market, a conventional mortgage will only allow up to 75 per cent of the value. These extra funds can go a long way when you are expanding or improving your buildings. Another benefit of a CMHC mortgage is your monthly cash flow can be improved by opting for a longer amortization. CMHC multi-residential mortgages can be extended up to 35 year amortizations.

Closing costs and personal guaranteesYou need to consider each lender’s closing costs when choosing a financial institution. The difference between lenders closing costs may be equivalent to adding several basis points to your interest rate quote.

In today’s commercial mortgage industry the borrower is responsible for the lender’s closing and other associated expenses. It is also important to determine which third party firms are approved by your lender. A typical conventional mortgage requires an appraisal,

an environmental report, and an engineering/structural report. Each report can cost thousands of dollars and if your lender only accepts certain reports from certain firms, you should be aware of how these particular quotes will impact your overall financing costs. The type of mortgage you choose will also affect which reports are required. Picking the right mortgage product can save thousands in third party report costs. A CMHC-insured mortgage normally only requires an environmental report.

Legal costs are another significant expense when it comes to finalizing your mortgage. We highly recommend your lender supplies you with at least three quotes so you can decide which firm they choose. Legal fees on a $3 million plus mortgage can cost several thousand dollars so it is imperative that you have a choice in which legal firm you would like them to use. A mortgage of $3 million or less is considered a small mortgage by most lenders’ standards. Some lenders will permit you to close on these smaller mortgages with title insurance and allow your lawyer to close both sides of the transaction, saving thousands in legal fees (this may not be available in all provinces).

Other fees that are commonly overlooked when evaluating a lender are insurance review fees and processing fees. Property insurance requirements and higher liability minimums can easily

finance

TEL: 905-848-2992 FAX: 905-848-3883

www.conterra.ca

3633 ErindalE Station road,MiSSiSSauga, ontario l5C 2S9

Parking StruCturE rEhabilitation

balCony, MaSonry & Caulking rEPairS

traffiC dECk WatErProofing SyStEMS

ExPanSionS JointS

hydrodEMolition

SPECialiZEd ConCrEtE rEPairS

Conterra 1-2H.indd 1 10-09-14 10:06 AM


Follow us on Twitter @Robert_Fleet and on LinkedIn. Peter Cook and Robert Fleet are committed to helping borrowers strategize the best loan structure possible. They are available for one-on-one consultation for any CAM reader requiring multi-residential financing. As “Apartment Financing Specialists” with First National Financial LP they have originated over $4 Billion of mortgages. Their combined 35 years experience in the financial industry has lead to frequent speaking engagements across the country. They freely share their knowledge and techniques with audiences, clients and prospective clients. If you have questions, Peter and Robert may be reached by phone or email.Peter Cook — (416) 593-2913 [email protected] Robert Fleet — (905) 301-3449 [email protected]

add hundreds of dollars to your annual premiums and reduce your bottom line. Lenders processing fees can range from 0.10 to 0.50 per cent depending on the financial institution. This is money directly out of our pocket on closing so make sure you are not paying more than you have to.

An understanding of how lenders determine interest rates is useful information. In most cases it is a spread-based quote over several different funds or bonds. Government of Canada Bond yields or Canada Mortgage Bond yields are commonly used bonds which can be found online. Some lenders quote spreads over their internal cost of funds. These funds are up to the discretion of the lender leaving the borrower in the dark and powerless over what their final interest rate will be. It is important that you demand from your lender daily interest rates so you can track how the bond market is changing and there are no surprises when it comes time to lock your rate.

Insist on a one level approval processThe convenience of a one level approval process can prove highly beneficial saving you thousands of dollars over the financing process. It is no great secret that there is a severe shortage of apartment building inventory at this time. When a property hits

the market there is a short window to respond. Borrowers will feel confident negotiating their purchase when they know the maximum loan amount available and the quoted rate prior to finalizing their offer to purchase.

Ensure that your lender can produce a term sheet within 12 hours of receiving all of the necessary property and personal information. Your commitment letter should not require layer upon layer of management signatures delaying your ability to sign and commit to the loan and lock rate immediately should you wish to do so. Commitment letters should be presented to the borrower within 12 hours of CMHC issuing their certificate of insurance.

The lowest quoted interest rate might look like the best decision when you begin your search for the right mortgage. Our suggestion is that you look for an experienced lender that specializes in apartment building financing. Share your short and long term business goals and discover all of the ways that your lender can bring value when choosing the right mortgage for you.

Take the time to evaluate your total cost of borrowing including all closing fees, legal, insurance cost and non monetary advantages like limited liability. A few basis points saved on your mortgage rate can cost you significantly if coupled with the wrong advice.

finance

Trim

Live

Blee

dBleed

Trim

Live

01 P1777_OPA_12_B2B_COMM_LPM_R2 B2B Comm Canadian Property

Management P1777-OPA-12-B2B-COMM-LPM-R2 8"x10.75"

100% OPA 8.625"x 11.25"

Oct 1/12 Victor P1777 7"x9.5"

“Installing energy effi cient lighting and variable speed drives

helped us lower our electricity costs.”

Nathan Mordaunt, General Manager, RBC Centre & Simcoe Place,

The Cadillac Fairview Corporation Limited

Subject to additional terms and conditions found at saveonenergy.ca. Subject to change without notice. A mark of the Province of Ontario protected under Canadian trade-mark law. Used under licence. OMOffi cial Marks of the Ontario Power Authority.

Saving energy makes sense– business sense.

Get up to 50% off project costs, including:

• Energy audits

• Energy-effi cient lighting

• Equipment and system upgrades

• Energy-effi cient new construction

Energy effi ciency incentives from your local electric utility are available for

businesses like yours. Whether you manage an offi ce building, a retail

property or a condo, you may be covered for up to 50% of your project costs,

including lighting and equipment upgrades and energy audits to help identify

opportunities that can lower operating costs.

Big or small, every Ontario business can benefi t from energy effi ciency.

Contact your local electric utility or visit saveonenergy.ca/commercial

Untitled-1 1 12-10-09 9:23 AM


In the past five years, purpose-built rental apartments have led the real estate sector in terms of return on investment. The demographics have shifted, vacancy rates are dropping and average rents are rising. With demand outpacing supply, the incentives to build new apartments increase. Already, in cities like London and Halifax, cranes are rising to bring new apartment developments about.

Financing is one aspect of developing new apartments that tends to be overlooked. In the wake of the 2008 recession, lenders are more conservative, and they need more information about a proposed development before they back it. Without a broker with experience in this field to help, financing can become a time consuming process that ties up considerable equity.

portfolio Strategy

How to finance new apartmentsBy Derek Lobo

Doing our best for you. Delivering our best to your tenants.

As the industry leader in telecommunications for residential properties, Rogers understands what you’re looking

for in an entertainment provider. That’s why with us, you’ll get personalized support through a dedicated Account

Executive. They’ll ensure your tenants are completely satisfied with our innovative Cable TV, Internet and Home

Phone services. And you’ll rest assured knowing you’ve partnered with experts you can really count on.

™Trademarks of or used under license from Rogers Communications Inc. or an affiliate. © 2012 Rogers Communications.

Call a Rogers Account Executive today at 1 866 567-5778

or visit rogers.com/cma for more information.

Rogers_fixed.pdf 1 12-04-17 10:20 AM

Call a Rogers Account Executive today at 1 866 567-5778 or visit rogers.com/cma for more information.

You have enough to worry about.

Here’s one less thing.As the industry leader in residential properties, Rogers understands what you’re looking for in a communications and

entertainment provider. That’s why with us, you’ll get personalized support through a dedicated Account Executive. They’ll

ensure your residents are completely satisfied with our innovative Cable TV, Internet and Home Phone services. And you’ll

rest assured knowing you’ve partnered with experts you can really count on.

™Trademarks of or used under license from Rogers Communications Inc. or an affiliate. © 2012 Rogers Communications.

Untitled-6 1 12-04-09 5:44 PM

Untitled-2 1 12-04-17 10:42 AM


Building confidence with your lenderThe key to getting your project financed is confidence. You have to exude it, it has to rub off on the lender, and you can’t fake it. As my colleague, Sandy Harrington of IC Funding says, “the biggest challenge for a builder is to gather enough information to show with a high confidence that a project is economically viable before a lender will lend.” Information is what is needed.

Lenders like to assess risk based on history. This is a challenge for new apartments since, by definition, they have no history. It’s important to come to the lender with a good and impartial feasibility study for your project. A feasibility study adds certainty from the beginning and will carefully assess the marketplace to suggest the right

unit mix, the right market to focus on and the right location to build.

It is important that a third party do the feasibility study, since developers tend to be optimistic when gathering data about their own projects, and lenders know this. As Sandy Harrington says, “As soon as you start to hire and get quotes on builders, then the lenders are trying to see who can do it, and if they can deliver on those prices, and if those prices are reasonable. A prospective developer has to be confident that the market has a sustainable number of people who would be able to pay the rents that justify the building.”

Getting an impartial observer to assess your development helps you, and your lender, be sure of your numbers.

Lenders looking over your shoulderBe prepared to be in constant contact with your lender, as they’re lending up to 75 per cent of the building’s construction costs. The lender will distribute this money in stages so that he or she doesn’t end up in a position where they’re forced to either put up more money or be left with an uncompleted building. A quantity surveyor or project monitor will keep an eye on these funds – a cost that is borne by the developer.

Once the project is largely complete, construction financing will transition to permanent financing. This will usually happen when rental income is three quarters of the projected gross revenue. At this stage, the developer will have to decide whether it’s better to keep working with the construction lender, or find an alternate lender who would be more suitable.

The importance of good adviceIn all stages of the project, having an experienced commercial mortgage broker to assess your market options can dramatically reduce your final equity requirements, as well as your rate of return. Be sure to contact a broker who can help you build the feasibility studies you need to have confidence in your project, and to help navigate you through the tricky waters of financing new apartments.

portfolio Strategy

Are you contemplating the sale of your apartment property?

Vancouver Calgary Edmonton Winnipeg London Kitchener Toronto Ottawa Montreal Saint John Halifax

Consider the following: • Whowillrepresentyourbestinterests? • Whowillgiveyourpropertymaximumexposure? • Whowilldeliverthehighestvalueforyourproperty?

With over 20 years experience, tens of thousands of units sold, and hundreds of clients represented, we have consistently delivered superior results. Through our local and national coverage, we create maximum exposure, ensuring maximum value for your property.

Pleasevisitourwebsiteatwww.cbre.ca/nag-torontoorcontactusat416.815.2332tolearnmoreabouthowwecanhelpyou.

www.cbre.ca/nag-toronto

CBRELimited-NationalApartmentGroup: : David Montressor*, Executive Vice President

416.815.2332 [email protected]

* Sales Representative CBRE Limited Brokerage

SOLD226Suites-Oakville$182,655 per suite

SOLD849Suites-Toronto$129,564 per suite

SOLD76Suites-Toronto$139,474 per suite

AD Redesign Half Page Island 2011 Jan 012.indd 1 1/6/2012 4:35:37 PM

Derek Lobo is the CEO of ROCK Advisors Inc. To learn more about the services that ROCK offers, visit their website at http://rockaptadvisors.ca/.


Smart apartments

A joint venture amongst the governments of Canada, Ontario, Peel Region, the City of Brampton and Martinway Contracting Ltd. is the first affordable housing project to be certified LEED Platinum. All of the participants contributed by either in-kind service or through donation of products.

John D’Angelo of Martinway Contracting explains, “we typically use Benjamin Moore standard eggshell paint. A gallon might cost, let’s say $35. The LEED Requirement was for zero VOC paint so we used the top of the line Benjamin Moore “Aura” paint which is let’s say $65 a gallon. Benjamin Moore would sell us the Aura paint for the same price of the eggshell paint and

the difference would be their corporate contribution.

“This is one example of how I would do a deal. With each participant the deal would vary but I would be as creative as possible and stay completely away from actual cash donations. If the sponsor was a non-construction related company like TD Canada Trust, then it would be a cash donation. TD contributed $75,000. In this case the money would go directly to the Region of Peel and then worked back into the project as a change order for a very specific prescribed item. This item could be grab bars for the modified units for people with disabilities.”

Quick closings with competitive LTV.That’s our commitment to you.First National is committed to working together to provide the ideal customized mortgage solution to meet your needs. We offer a wide variety of mortgage products, competitive loan to value, and one of the quickest closings in the industry. You can often receive your commitment documents in as little as seven days. Trust us to fi nd the best fi nancing solution for your property.

First National is licensed under the Mortgage Brokers, Lenders and Administrators Act 2006 (Ontario) Licence No. 10514

www.fi rstnational.ca

Make First National your fi rst call. Contact us today.

VANCOUVER

604.681.5300 800.567.8711

CALGARY

403.509.0900 888.923.9194

TORONTO

416.593.1100 800.465.0039

MONTREAL

514.499.8900 888.499.1733

HALIFAX 902.452.0776

Untitled-1 1 12-01-05 5:30 PM

Bug off!

Chapelview Apartment Project

Quick closings with competitive LTV.That’s our commitment to you.First National is committed to working together to provide the ideal customized mortgage solution to meet your needs. We offer a wide variety of mortgage products, competitive loan to value, and one of the quickest closings in the industry. You can often receive your commitment documents in as little as seven days. Trust us to fi nd the best fi nancing solution for your property.

First National is licensed under the Mortgage Brokers, Lenders and Administrators Act 2006 (Ontario) Licence No. 10514

www.fi rstnational.ca

Make First National your fi rst call. Contact us today.

VANCOUVER

604.681.5300 800.567.8711

CALGARY

403.509.0900 888.923.9194

TORONTO

416.593.1100 800.465.0039

MONTREAL

514.499.8900 888.499.1733

HALIFAX 902.452.0776

Untitled-1 1 12-01-05 5:30 PM

Financial Sustainability. Customer Sustainability. Environmental Sustainability.

Providing sustainable solutions for multi-dwelling and commercial properties

Receive a FREE survey of your laundry services,

call: 1.877.755.5302 email: [email protected] visit www.coinamatic.com

■ Reduce utility costs and maximize revenues with our robust leading edge equipment

■ Enhance resident loyalty and experience with our guaranteed nation-wide service – priority response

■ Enjoy a hassle-free experience with our multilingual Customer Care Centre for management and resident support 24/7

■ Improve the value of your building with well designed laundry rooms that residents want to use

Coinamatic continues to evolve the laundry business with earth friendly products and services that both our Clients and their residents value.

CanadianAptMag_Ad2012.indd 1 2012/02/03 11:00:27 AMUntitled-4 1 12-02-22 4:57 PM

cam september

Documents

s o n ly n

t i o n f o r

e n t o w n e r s

ratesbene t

cmhc mortgage loan insurance

entire life of cmhc

g e r sc

cmhcapproved lenders