That small- town feel in Burnaby Heights
Epta Properties’ Montage project will make its home in a tight- knit community
It’s a dilemma with which many aspiring first- time homebuyers are wrestling – whether the time is right to jump into the market.
For some time, Emily Leung, 27, and Paul Chung, 33, have had a property purchase on their list of goals. The couple, who have been together for six years, spotted advertisements for the Montage project in Burnaby and decided to look into it. Within a month, they had snapped up a unit with one bedroom and a den.
They didn’t pay any attention to the naysayers who questioned if this was the right time to buy.
“We got a lot of that,” Chung says. “I would have even been one of those people until I actually looked at the whole process. The long- term goal is to have a home to live in, to build for our future – we’re not approaching this from an investment standpoint – so we’re not worried about making a profit.”
“It’s like weddings and babies, right? There’s never a good time,” Leung adds. “Regardless of what people are saying about the market, we knew this was a good opportunity.”
She grew up in north Burnaby – her parents still live in the area – and has fond memories of neighbourhood institutions like Valley Bakery. The couple found the tight- knit community of Burnaby Heights appealing, with its diverse population and homey feel. The location also works with their commutes – either via bus or car – to Vancouver and Langley. They were drawn to the concrete construction of the building ( as opposed to woodframe) and the views of the North Shore mountains.
A significant price discount on the home didn’t hurt either. More on that in a moment.
Developer Epta Properties has chosen an unusual approach to marketing Montage: Interested prospective buyers get supplemental information with informal meetings at local coffee shops or restaurants; there is no formal sales centre or show home.
( There is, in fact, an open house for Montage today and Sunday at Caffe Divano, 4568 Hastings, from 2 p. m. to 4 p. m.)
Leung and Chung decided to buy after a sales event in late November at Baci Ristorante. They remember the Epta representatives as being very warm and friendly – in stark contrast to other more high- pressure tactics they had encountered.
“I’m huge on customer service. The staff made it so comfortable, so supportive – it was exciting ( to sign the purchase contract), instead of stressful,” Leung recalls. “They took the time to go through all of the floor plans and models.”
A beautifully rendered community “fly- through” found on the project website gives the illusion of walking around or even hovering over the future Montage building.
It reveals a gently curved bow shape on one side of the building, acres of glass, and a rooftop garden and barbecue area. Montage’s striking architecture will be a notable landmark for people travelling westbound along Hastings.
Online photos illustrate the soft grey or milk chocolate colour schemes available, while other salient details about appliance packages and finishings are listed off in concise point form. Buyers will also get a free one- year package covering off Internet access, telephone, and cable TV.
Chris Tsakumis, vice- president of sales and marketing for Epta, says they really do try to exemplify family values in the way the company is run. That includes demonstrating a great deal of transparency in the development process, and putting the needs of customers first. That’s ultimately why they decided against having a formal sales centre.
“It would have cost more than $ 400,000 to build a sales centre. I’d rather have that money in our bank account, and I’m sure buyers feel the same way. That’s why we passed the savings on, to the tune of $ 25,000 off any one- bedroom or one bedroom and dens, and $ 50,000 off the two- bedroom or larger homes,” Tsakumis explains.
He says people are drawn to the small- town feel, convenience, and excellent community amenities of Burnaby Heights. That’s in part why the company has now become involved in two other projects in the neighbourhood in addition to Montage.
“We realized there’s a lack of new affordable quality projects there, and there’s pentup demand for condos and apartments.”
In 2009, Epta was approached by brokers about a site just west of Montage, since the company was already in the area. The developers realized that it would be cost effective to build both projects at the same time, with both planning and construction efficiencies. The Madison development at Hastings and Madison will comprise 27 homes and ground- floor retail.
That, in turn, led to an opportunity to work with the North Burnaby branch ( 148) of the Royal Canadian Legion, located essentially across the street from the Madison site. It is a partnership, rather than an exchange involving bonus density or building community benefits.
Epta will build retail, office, and residential space, and a new facility owned by the legion. The legion will sign over ownership of the land.
According to Dave Taylor, president of Legion 148, the branch didn’t have many other options left. The existing legion building at 4356 Hastings was out of date and needed significant upgrades. The revenue from day- to- day operations couldn’t even cover property taxes, utility bills, and insurance costs. The branch was facing the possibility of being put into trusteeship to settle existing debts, and then potentially shutting down forever.
“I hate having to preside over losing that property, but it’s not economically viable to maintain as is,” Taylor says regretfully. “We’ve learned from the mistakes that other branches have made in redeveloping – we don’t want to end up with a big mortgage and being tenants in our own building. This [ deal] means we own the building free and clear.”
The new legion building will include commercial space on the
We realized there’s a lack of new affordable quality projects there, and there’s pent- up demand for condos and apartments.
CHRIS TSAKUMIS VICE- PRESIDENT OF SALES AND MARKETING, EPTA PROPERTIES
ground floor – possibly housing a restaurant in the future – the legion itself on the second floor, and two additional floors to be leased out as office space. If the branch manages to get it entirely rented, Taylor is confident they’ll never be in financial trouble again. He says that will make it much easier for the branch to carry on with community and charity projects.
Tsakumis acknowledges that it’s a considerable commitment on Epta’s part to move forward with three projects simultaneously, but states the developers have become emotionally invested in Burnaby Heights, as well as financially. He says there is a satisfaction in knowing they will help the legion stay in place permanently.
Thoughts of the future are also on the minds of Emily Leung and Paul Chung. They’re saving for Montage’s estimated completion in spring or summer of 2014, and with the home ownership goal now partly achieved, the question of what is next must be asked.
“I’m the one who pushed to buy a home first not a ring, but we’ve been together for six years – if a ring doesn’t show up there’s going to be problems!” Leung says jokingly. ( We think.)
Chung chimes in, saying the couple has been open in communicating about marriage. He has also noticed a number of dog- eared jewelry catalogues lying around the house.