Money Laundering & Vancouver Home Prices

Sightline Properties has submitted the first rezoning application under the City of Vancouver’s TOA Rezoning Policy, adopted by City Council in June 2024 following the Provincial TOA legislation. The 50,013 SF site at 520-590 West 29th Avenue is a full city block land assembly between Cambie and Ash Street. The site was previously approved in 2022 as a 46-unit townhouse project under the RM-8A zoning under the Cambie Corridor Plan. As the site is located 500 metres from the King Edward Canada Line Station and under the TOA Rezoning Policy, will allow up to 3.0 FSR (80% market rental, 20% below market rental). The proposal envisions two 6-storey woodframe rental buildings, with townhouses on the lane. It includes: 230 rental units (20% below-market); a total density of 3.0 FSR; A building height of 69 ft.; an 1,800 SF gym on the parkade level with natural light from clerestory windows; a single level of underground parking. The massing and project setbacks are based off of the City’s existing RR-2C District Schedule. The application is being considered under the  Transit-Oriented Areas Rezoning Policy. The architect for the project is Yamamoto Architecture. The post First Application Under New TOA Rezoning Policy Seeks 6-Storey Rental In Place of Approved Townhouses appeared first on Vancouver Market.

Bastion Development has submitted a rezoning application for their site at Arbutus & West 10th Avenue for a 20-storey condo tower. The site at 2120-2150 West 10th Avenue is 17,248 SF and located just one block from the Arbutus Station. A previous proposal for the site in 2021 was for a 5-storey condo building with 42 units under existing zoning. The project is the first application under the Broadway Plan seeking 100% condo use. Most sub-areas of the Plan require rental, or a mix of condo and social housing. This particular sub-area, known as Kitsilano Arbutus Broadway Sub area C, allows for 100% condo with a CAC payment. Details of Bastion’s proposal for the site is a 20-storey tower that includes: 86 condo units; 71 two-bedrooms, 12 three-bedrooms & 3 townhouses; 3,900 SF of retail space on the ground floor; a total density of 6.93 FSR; A building height of 217 ft. 144 parking stalls on 4 underground levels. The rezoning will require a CAC payment, yet to be determined. The architect for the project is Arcadis. The full application can be viewed here: https://www.shapeyourcity.ca/2120-2150-w-10th-ave The post A Rare Sighting: A 100% Condo Tower in the Broadway Plan appeared first on Vancouver Market.

The Averages powered up in September per Larry’s numbers. Not altogether unexpected. While not as strong as August, September this year was a lot stronger than 2012. Was this the last of the pre-approvals going through? Certainly there seemed to be a division later in the month with lower sales/list showing up. We have also had some big sales. As I documented earlier in the month, there were two $7 Million + sales in West Van alone (and a slew of $4-5 M sales). One was to a local buyer and one to a HAM from what I can ascertain. These numbers certainly baffle me. To spend $7 M on a house, requires a net worth at least twice that, and at a tax rate of even 30%, that’s over $20 Million of earnings! How many people have that sort of income? Then I remembered that some banks were paying their senior executives over $10 M every year as was Telus. MOI ends the month at over 7 for SFH and 6 for Apartments. The bubble is not restricted to residential BTW. I spoke with a  commercial realtor a few days ago and he said there is so much money in this town looking for a home, that yields on smaller, good retail and office packages have reached silly low levels. The money is local professionals looking for diversification, Eastern retired money and of course hot offshore money. “If there is a tenant turn-over, the lost rent and expenses associated with tenant inducements and costs can bring the yield down to zero for that year. They just want a low yield in a tangible asset that can keep up with inflation. Of course if there is a serious recession in our city, there will be a LOT of unhappy landlords”. He explained that is one reason for the high turn-over of tenants in particularly retail businesses. “The rents are just too high”. For example it is cheaper for a landlord to leave a unit empty until it finally rents, even to a weaker tenant , and lose the few % return while he/she waits RATHER than lower the rent much.  If you lower the rent say 10%, that could drop the value of your property significantly in this bloated market, where every dollar of return is accounted for in the price. Whence go we? The pre-approvals must be done. The market now sinks or swims on it’s own. I suspect the HPI will still come in lower for September (it will if compiled fairly by the REBGV IMHO). We should know soon if this is the case. As for the blog, I will be going fallow for a couple of weeks. I have a few matters to attend to and hope to be done near mid-month. If all goes well, I will return with commentary and the numbers at that time. May throw stuff in the comments from time to time. Have a great October.

Cased photograph is a term used to describe a class of photographs popularized in the mid-19th century that includes daguerreotypes, ambrotypes and tintypes. The ‘case’ refers to the small wooden hinged case that houses these photographs. The photographic plate is typically enclosed in a sealed package, consisting of a sheet of cover glass, a brass mat, and a metal foil preserver. The protective wooden case can be highly decorative, covered in tooled leather, paper, cloth, or early molded thermoplastic (see Union case). Examples of ornate cases: (Left) Tooled leather covering on a wooden case from the Rogers Family fonds (AM1368). (Right) A Union case from the Thomas Wicks fonds (AM236). Photo: Dorcas Tong. Illustration of the different components in a cased photograph. Image source: MediaWiki. “PMG Cased Photographs.” 2011. https://www.conservation-wiki.com/wiki/PMG_Cased_Photographs . Aside from their shared presentation format, these photographs are uniquely different photographic processes. A daguerreotype is a direct positive photograph on a copper plate coated with a polished layer of metallic silver. Daguerreotypes are characteristically identified by their highly reflective mirror-like surface and their ability to appear as both a positive and a negative simultaneously, depending on the angle they are viewed at. An ambrotype is a wet-collodion negative on a glass plate that appears as a positive due to the presence of a dark background, either in the form of paint (lacquer), fabric or paper. A tintype is a wet-collodion direct positive on a lacquered iron plate. Characteristic mirror-like surface of a daguerreotype from the Rogers Family fonds (AM1368). Photos: Dorcas Tong. Finding a cased photograph in most archival collections can range from an uncommon to a rare occurrence. Given the rarity of this form of record, we decided to prioritize the conservation treatment and digitization of the daguerreotypes (and a few ambrotypes) in our holdings during the latest round of annual digitization cleanup. Conservation Issues with Cased Photographs The overall treatment objective is to address three common issues found in cased photographs: The accumulation of heavy surface grime and accretions from years of handling and from inappropriate storage environment. Broken seal on the packaged plate resulting in the introduction of atmospheric pollutants, which causes corrosion on the brass mats and tarnishing on the image silver on the daguerreotypes. Physical damage, usually as partially or fully broken hinge in the case, often leading to the loss of the cover or the case entirely. Unlike other types of records commonly found in archives, where the original enclosure may hold little informational value to the item, the ornate housing for cased photographs play an integral part to their overall aesthetics. Not only do they provide period-appropriate framing for the image, but the case is instrumental in protecting these photographs against various mechanical and chemical deterioration mechanisms. Therefore, addressing the conservation issues for the case is equally as important as stabilizing the condition of the photographs themselves. Conservation Treatment A total of six case photographs from the Rogers family fonds were treated, each with its own set of conservation issues. Two 1840s-era daguerreotypes, “Portrait of an unidentified woman” and “John and Isabella Fairweather,” and their cases will be focused here to highlight the key steps in the treatment. Each packaged daguerreotype was carefully separated from its tray case with a microspatula, taking care not to touch the delicate image silver, as it is very susceptible to scratches. Although disassembly is not normally recommended for sealed daguerreotypes, it was clear by the remnants of old sealing tape that the original seals were broken long before their arrival at the Archives. Therefore, disassembly was justified as it allowed for cleaning that will benefit the long-term preservation of these photographs and produce digitized images with a higher clarity. A daguerreotype is separated from its tray case with a microspatula (left), revealing the tarnished image silver caused by the brass mat. The remnants of old sealing tape are visible on the back of a packaged plate (right). Photos: Dorcas Tong. After disassembly, each component of the plate package was cleaned, the remnants of the old tape removed to allow for better adhesion to the new sealing tape. The heavy accumulation of surface grime on the cover glass, brass mat and preserver were cleaned with a solvent solution. Although the dark corrosion products on the brass mat are disfiguring, they were left in-situ. Since the treated daguerreotypes will be rehoused in a controlled environmental climate in the Archives’ storage, the corrosion products will not pose an immediate risk to the stability of the object. Larger accretions trapped in the recessed features of the brass preserver were gently dislodged. A thin layer of microcrystalline wax was applied and buffed on the metal-foil preserver to deter future oxidation. The surface dirt on the image silver was very gently removed using a soft bristled brush. The loose accretions and dust trapped in the fabric lining of the cases were brushed and vacuumed away. Heavy surface soil on the cover glass removed with solvent cleaning. Photo: Dorcas Tong. After all the components of the daguerreotype packages were cleaned, they were reassembled in their original orientation and sealed with an archival quality pressure-sensitive tape. An unbuffered, ‘4-flap’ paper enclosure was added to the verso of the plate package to prevent direct contact between the acrylic-based sealing tape and the daguerreotype. An unbuffered, ‘4-flap’ paper enclosure in a daguerreotype package (left) and a plate package being sealed with archival quality pressure-sensitive tape

Bubbles — like the current Vancouver housing bubble — are nothing new. Contrary to the views of some, markets are not efficient and are frequently irrational. Few understood this better than John Kenneth Galbraith. Over twenty years ago in, A Short History of Financial Euphoria, he gave an excellent summary of how they occur. And as the following section presciently concludes, “There will be occasion to see the operation of this rule frequently repeated.” Chapter 1 – The Speculative Episode That the free-enterprise economy is given to recurrent episodes of speculation will be agreed. These–great events and small, involving bank notes, securities, real estate, art and other assets or objects–are, over the years and centuries, part of history. What have not been sufficiently analyzed are the features common to these episodes, the things that signal their certain return and have thus the considerable practical value of aiding understanding and prediction. Regulation and more orthodox economic knowledge are not what protect the individual and the financial institution when euphoria returns, leading on as it does to wonder at the increase in values and wealth, to the rush to participate that drives up prices, and to the eventual crash and its sullen and painful aftermath. There is protection only in a clear perception of the characteristics common to these flights into what must conservatively be described as mass insanity. Only then is the investor warned and saved. There are, however, few matters on which such a warning is less welcomed. In the short run, it will be said to be an attack, motivated by either deficient understanding or uncontrolled envy, on the wonderful process of enrichment. More durably, it will be thought to demonstrate a lack of faith in the inherent wisdom of the market itself. The more obvious features of the speculative episode are manifestly clear to anyone open to understanding. Some artifact or some development, seemingly new and desirable–tulips in Holland, gold in Louisiana, real estate in Florida, the superb economic designs of Ronald Reagan–captures the financial mind or perhaps, more accurately, what so passes. The price of the object of speculation goes up. Securities, land, objets d’art, and other property, when bought today, are worth more tomorrow. This increase and the prospect attract new buyers; the new buyers assure a further increase. Yet more are attracted; yet more buy; the increase continues. The speculation building on itself provides its own momentum. This process, once it is recognized, is clearly evident, and especially so after the fact. So also, if more subjectively, are the basic attitudes of the participants. These take two forms. There are those who are persuaded that some new price-enhancing circumstance is in control, and they expect the market to stay up and go up, perhaps indefinitely. It is adjusting to a new situation, a new world of greatly, even infinitely increasing returns and resulting values. Then there are those, superficially more astute and generally fewer in number, who perceive or believe themselves to perceive the speculative mood of the moment. They are in to ride the upward wave; their particular genius, they are convinced, will allow them to get out before the speculation runs its course. They will get the maximum reward from the increase as it continues; they will be out before the eventual fall. For built into this situation is the eventual and inevitable fall. Built in also is the circumstance that it cannot come gently or gradually. When it comes, it bears the grim face of disaster. That is because both of the groups of participants in the speculative situation are programmed for sudden efforts at escape. Something, it matters little what–although it will always be much debated–triggers the ultimate reversal. Those who had been riding the upward wave decide now is the time to get out. Those who thought the increase would be forever find their illusion destroyed abruptly, and they, also, respond to the newly revealed reality by selling or trying to sell. Thus the collapse. And thus the rule, supported by the experience of centuries: the speculative episode always ends not with a whimper but with a bang. There will be occasion to see the operation of this rule frequently repeated.

The 10th annual Vancouver Foodster Pasta Challenge  was a success featuring creations from restaurants around greater Vancouver. Each restaurant featured their Pasta creation from October 3-27, 2024. Our media judging panel determined the ultimate winners of the challenge, and this was quite the task as each judge who tasted each creation with a rigorous process based on taste, originality/uniqueness and presentation/appearance. The Winners are: 1st Place: {112 points} Lift Bar & Grill Seafood Carbonara  Price: $45 Created by: Chris Andraza, Description: Indulge in the allure of the sea with this exquisite take on Seafood Carbonara. The journey begins with velvety squid ink Mafalda, its dark, ribbon-like strands weaving through the dish like ocean waves. Smoky bacon lardons lend a rich, savory depth, harmonizing with the briny sweetness of tender mussels and succulent clams. As you savor each bite, bursts of delicate salmon roe add a pop of freshness, while hints of seaweed evoke the essence of coastal breezes. It’s a dish where land and sea embrace, creating a symphony of flavors that linger long after the last bite. Ingredients: squid ink Mafalda, smoked bacon lardons, mussels, clams, black tiger prawns, salmon roe, and seaweed. Offered: All day, everyday Available: for dine-in only Lift Bar & Grill 333 Menchion Mews, Vancouver Tel: (604) 689-5438 Web: https://www.liftbarandgrill.com/ Instagram @liftbarandgrill 2nd Place: {104 points} Seraphina Restaurant Stop and Taste the Roses Price: $29 Created by: Chef Rory Byrne Description: Everyone is so busy in life, I wanted to create a dish that would remind people, to slow down and appreciate the beauty of life. Food has an effect on people, whether you are stopping and enjoying this on your own, or you’re sharing this bouquet with your loved ones, it was important for me to create something that would make people, Stop and Taste the Roses.   Ingredients: Caramelized red onion, truffle butter, cream, truffle infused ricotta, pasta girella. Available: Tuesday 5pm – close, Wednesday – Saturday 2pm to close. Offered: Dine-in only. Seraphina Restaurant 905 Dunsmiur Street, Vancouver Tel:604-632-4942 Web: https://www.vesperlounge.ca/about-2 Instagram @seraphinayvr 3rd Place: {102 points} Pasta Polo Scusa Mi! Pomodoro Price: $24.95 Created by: Chef/Owner  Ahyoung Baek Description: Our Pasta ‘Scusa Mi! Pomodoro’ features a base of Aglio e Olio, mixed with sun-dried tomatoes and spinach. It’s topped with prawns and Macedonian feta cheese, served over homemade linguine. Ingredients: Garlic, Extra virgin Olive oil, Sundried tomato, Roma tomato, spinach, prawn and Macedonian Fetta Available: 12-9pm; 7 days a week Offered: take out and dine in.  Pasta Polo 2754 Barney Hwy, Coquitlam Tel:  (604) 464-7656 Web:https://pastapolo.com/ Instagram @pastapolocoquitlam In the People’s Choice Awards category, the public who tried the Pasta creations were the ones who had the opportunity to cast their vote throughout the challenge. The Winners are: 1st Place People’s Choice: Seraphina Restaurant Stop and Taste the Roses Price: $29 Created by: Chef Rory Byrne Description: Everyone is so busy in life, I wanted to create a dish that would remind people, to slow down and appreciate the beauty of life. Food has an effect on people, whether you are stopping and enjoying this on your own, or you’re sharing this bouquet with your loved ones, it was important for me to create something that would make people, Stop and Taste the Roses.   Ingredients: Caramelized red onion, truffle butter, cream, truffle infused ricotta, pasta girella. Available: Tuesday 5pm – close, Wednesday – Saturday 2pm to close. Offered: Dine-in only. Seraphina Restaurant 905 Dunsmiur Street, Vancouver Tel:604-632-4942 Web: https://www.vesperlounge.ca/about-2 Instagram @seraphinayvr 2nd Place People’s Choice: Pasta Polo Scusa Mi! Pomodoro Price: $24.95 Created by: Chef/Owner  Ahyoung Baek Description: Our Pasta ‘Scusa Mi! Pomodoro’ features a base of Aglio e Olio, mixed with sun-dried tomatoes and spinach. It’s topped with prawns and Macedonian feta cheese, served over homemade linguine. Ingredients: Garlic, Extra virgin Olive oil, Sundried tomato, Roma tomato, spinach, prawn and Macedonian Fetta Available: 12-9pm; 7 days a week Offered: take out and dine in.  Pasta Polo 2754 Barney Hwy, Coquitlam Tel:  (604) 464-7656 Web:https://pastapolo.com/ Instagram @pastapolocoquitlam 3rd Place People’s Choice: Stanley’s Bar & Grill Short Rib Pappardelle Price: $27 Created by: Stanley’s Bar & Grill culinary team Description: Braised pulled beef short rib, marinated mushrooms, tomato red wine sauce, crispy kale, oven-dried cherry tomatoes, basil, parmigiano reggiano. Available: all the time Offered: dine-in only Stanley’s Bar & Grill 610 Pipeline Rd (inside Stanley Park), Vancouver Tel: (604) 602-3088 Web: https://stanleysbargrill.com/ Instagram @stanleysbargrill Our Media judges for this challenge were: Maggi Mei, Ray Lee and Shelley Hayashi Each media judge will have scored the creation with a maximum of 40 points as follows: Overall Taste 20 points, Originality and Uniqueness 10 points, Presentation and Appearance 10 points). The total number of points a pasta creation could earn is 120 points. Thank you to the chefs and restaurants that accepted my invitation and featured their pasta on the menu for the past few weeks during this challenge. I encourage you to visit the winning restaurants to try their pasta creations! See the  entries here. By: Richard Wolak