Merchant Mentions

Lynn Valley gets first glimpse of mall sketches

About 200 people came out on Thursday, Sept. 12 to an informal presentation that brought residents up to date on the evolving proposals for the Lynn Valley Mall of the future.

While host Mark Sager, who is handling public consultation and overseeing the new designs on behalf of mall owner Bosa Developments, emphasized that the evening was not a formal hearing or open house, it did give attendees a peek at what may be coming down the pipe.

(Mark said that Bosa Developments has “total, complete respect for the process” and won’t be submitting a preliminary application until North Vancouver District votes on the manner in which the Official Community Plan (OCP) will be implemented in Lynn Valley. Click here for our post explaining the process that takes place once an official application has been made to the District.)

The evening started with a talk and slide presentation that provided a good history of the process, including Mark Sager’s own belief that Bosa Developments’s original proposal, which included a 22-storey building, was not a good fit for Lynn Valley. He explained that the design was based on the OCP’s allowed Floor Space Ratio (FSR) of 3.5, meaning that for every square foot of land one owns, 3.5 square feet can be built on top of it.

Mark showed computer renditions of what a 3.5 FSR would look like if the Bosa property was developed with the goal of keeping buildings as low as possible. The result, shown on the screen, was shoulder-to-shoulder buildings built out to the sidewalk,  each several storeys high. This, Mark indicated, was untenable and a design disaster.

Instead, company owner Nat Bosa agreed to take an economic hit and voluntarily drop the FSR to 2.5, which allows for building height to remain moderate, but still leaves room for plazas, green space and community amenities. (The current mall, by comparison, has a 1.75 FSR.)

Mark then introduced renderings of the new design, and explained some of the major changes that would ensue if it, or something similar, was approved. Important to note is that the proposed redevelopment under discussion would encompass the Zellers area, the old library, and the adjacent concrete parking garage. If passed, Bosa would purchase the old library site from North Vancouver District in a multi-million deal, money which the DNV would use to help pay off costs of constructing the new library.

Inspiring the design is a mountain village look that has outward-facing retail outlets at street level, which terrace back into higher elevations, including two 12-storey residential buildings. On top of this retail “podium” would be acres of usable green space for the building residents, while two new plazas at street level would provide gathering space for community residents.

A new, landscaped high street would connect 27th Street (where one currently enters the Safeway/Zellers parking lot) with Lynn Valley Road, while another new throughway would travel along the back of the current mall, providing a better connection from 27th to the new library and likely housing a number of ‘live/work’ studios for home-based businesses such as accountants, notaries public, etc. Parking for the redeveloped area would be underground.

The development would include approximately 379 living units, to be built over a five-year period, with the needs of Lynn Valley downsizers and younger families in mind. A 6,000 square foot community space would be included as well, for North Vancouver District to consider for uses such as a community theatre or North Shore Disability Resource programs.

This development would see a flagship Save-On-Foods go into the old Zellers location, while Shopper Drug Mart would move to the current Save-On space. The rest of the existing mall, he explained, would retain the same footprint and parking, but have a complete interior/exterior makeover, with more a more interactive, engaging street presence. He is looking at creative uses for the existing huge, flat roof, and hopes the 175,000 square feet can be transformed into a green roof or other attractive feature. And, to the delight of pedestrians everywhere, the renovation will ensure a better connection between the mall and Lynn Valley Village.

Mark is planning for a climbing wall to be situated in the mall, and hopes that existing tenants will be joined by such additions as good family restaurants and a cross-fit gym.

The floor was opened up to a number of questions and comments, all of which were supportive of the revitalization project. Linda Findlay, 25-year resident of Lynn Valley, had brought a prepared address.

“We consider ourselves extremely fortunate to live here,” she said, “Growth in our community is natural, and not any one group is going to get everything they want [in the design plans.]” Given the controversy that has surrounded some aspects of the project, she said “I would like to thank you and Nat for not giving up on Lynn Valley.”

Michael Edwards, a former president of the Lynn Valley Community Association, recalled  previous occasions in which the LVCA had spoken against developments, some of which were later approved. “It wasn’t such a shocker after all,” he said of the McDonalds going into Lynn Valley, prompting laughter from the crowd. He also referred to the number of failed attempts at Lynn Valley Centre revitalization over the years, and said that Bosa’s current sketches “are the most beautiful plan [he’s] ever seen.” He did not want to see “months and months of work for naught,” and emphasized that “we have no right to stop young families from living here.”

Doug Curran commented that he had been working with people in the Lower Capilano neighbourhood to help residents understand and envision the design possibilities that could be expressed within a higher density allowance. He said that he has attended a number of meetings and listened to residents concerned by the prospect of higher buildings in Lynn Valley, and notes that he has “heard statements without foundation, without logic, and prejudicial to the future wellbeing of Lynn Valley.” He encouraged residents of all persuasions to get more engaged and informed about the process.

Some residents commented that the current mall is ‘dying,’ and Mark agreed it was a struggle to get new tenants with the existing set-up. He says the tenant businesses rue the fact that the parking lot is often full – discouraging their customers –  while the mall itself is empty. Mark said his team has spent a number of hours out in the lot, talking to people parking there,  and finding that it is sometimes being used as a park-and-ride, and often used for people going only to Lynn Valley Village. The latter group, he said, commonly expressed the feeling that they did not like the design of the stairwells in the Village’s underground parking, so the mall design team has taken that into account and has allowed for more open, inviting stairwells in their own redevelopment design.

After the discussion, a number of sketches were unveiled and people circulated to look at the various views and floor plans, ask more questions, fill out feedback forms and, if they chose, to add their name to a petition lending support to the revitalization. If people do want to see change, Mark emphasized, it is important for them to express their opinions to North Vancouver District Council.

Mark will be re-opening his former storefront in the old pet store premises across from CIBC, so people can drop in to have a closer look at the designs and continue to make suggestions. Also in the works is a website for the same purpose. LynnValleyLife will publicize further details, and a variety of design sketches, as they are made available.

– Peggy Trendell-Jensen, editor

 

 

September 14, 2013 in Blog, Current News, Development and Town Planning, Merchant Mentions

Starbucks celebrates 20 years!

It’s hard to believe, but our local Starbucks coffee shop has been in business for 20 years, and LynnValleyLife was fortunate enough to be there to celebrate the occasion.

Friday, September 13 was anything but unlucky for people who were in the shop just after 11 a.m. They were treated to a cake-cutting, a mini coffee ‘tasting’ tutorial, and a generally festive atmosphere.

More than that, however, it was lovely to hear a Lynn Valley Lions member, Mayor Richard Walton, and building owner Trudy Duller speak so warmly about the staff’s commitment to community service and the important role Starbucks has played in the neighbourhood.

That commitment was underscored by Dionne Richmond, who has been manager of the Lynn Valley Starbucks for the past six months. She encouraged groups and individuals to approach with community requests, saying she loves to get on board. “If you want us, we’re here,” she emphasized.

Local residents may not know that the Starbucks building has been owned by Trudy and Karl Duller, former owners of the Family Gourmet Deli in the mall, for more than two decades. In her short talk, Trudy laughed at herself for being a little tearful at the happy occasion, but said how satisfying it was for her to have such community-minded tenants.

She and the mayor later shared a laugh, too, recollecting that Richard Walton had originally wanted to lease the space for a business venture in his pre-mayoral days. Now, he told the guests, he is just glad to have Starbucks shops on hand to send people happy on their way to work in the morning, and complimented them on their high standard of customer service.

Trudy, who recalls early Starbucks founder Howard Schultz being present at the Lynn Valley grand opening  two decades ago, says another celebration will happen next year, when Pizza Hut will be marking its own 20-year anniversary in our small town. Like we said at the beginning – time flies!

 

 

September 13, 2013 in Blog, Community Events, Current News, Merchant Mentions

Nat Bosa a “different cat” on local development scene

LynnValleyLife  likes to profile notable neighbours who play interesting roles in our community. If you’d like to know more about someone who makes a contribution in our neighbourhood, in large ways or small, drop us a line at [email protected].

He tells us he’s outspoken and doesn’t beat around the bush. And with that understatement, Nat Bosa launches into a wide-ranging, hour-long interview that’s peppered with colourful anecdotes, salty language, and bold visions for the future.

Natale (“Nat”) Bosa is the owner of Bosa Development Corporation, which in turn owns Lynn Valley Centre. The company didn’t build the mall – it was purchased some years ago  – but Nat Bosa is looking to rebuild it, in line with North Van District’s Official Community Plan.

Some might think it’s a small-potatoes project for a man whose decades-old company is busy building internationally. But while he acknowledges that his focus now is south of the border, where he’s had a major hand in developing areas of San Diego, San Francisco, and Seattle, he says “I don’t want to overlook [Lynn Valley]…. This is home. It sure would be great to be able to drive by and say ‘I’m glad I did this.’”

Pointing to the widespread popularity of his mixed-use Newport Village development in Port Moody, Nat says that on a slightly smaller scale “we can do that in Lynn Valley. We can be proud. You think I’m doing this for myself? Listen, I’m not a young puppy anymore. I don’t need to do this… we can lease that box that’s there for something, and we’re fine.”

But Nat believes Lynn Valley mall is ripe for change. “Change is good,” he insists. “Let’s put it this way, that area is ready. Let’s change the damn suit. You’ve had the same suit on for 40 years.”

Change, of course, comes easier for some people than for others. But everything about Nat Bosa – his seven bikes, his carefully chosen cars, even his kayaks – indicates that he’s all about forward motion. Even when he was in his teens and 20s, swinging a hammer and framing houses with his brothers, he was known for being fast – “really fast, I can tell you.” Now, with dozens of successful, city-changing developments under his belt, he is known as somewhat of a visionary – a man who can look at bare land, or a run-down area, and see its potential before anyone else can.

Nat is the force behind the look and feel of downtown San Diego, parts of which he started developing in 1998. Is shaping a neighbourhood’s future a big responsibility, we asked him? “Yes,” he replied emphatically, “Big time.” He repeats himself: “Big time. Big time. I have all the finest sites in San Diego. I have them all…. I have a huge responsibility. I want to give them the finest buildings on the West Coast.”

His involvement doesn’t stop at the residential and commercial opportunities he brings to a community. Part of his San Diego commitments included the donation of an art gallery, and, near to his heart, the building of the Nat and Flora Bosa campus of the Monarch School, a place of learning for homeless children that’s the first of its kind in the United States.

Recent examples of his local largesse include a Bosa condominium prize in the current B.C. Children’s Hospital lottery, and funding that made possible the new Bosa Centre for Film and Animation at Capilano University.

“It’s a lot more fun to do that than to make the money,” he says. “I enjoy what I’m doing, but that stuff is really good. Our plan is to give away most of our money…. We want to do a lot of that, my wife and I. That’s what gets us up in the morning. Our kids don’t need us anymore, per se. They’re not kids any more, for starters.”

“The kids” are Jim, Ryan, Jason and Natalie. Jim and Ryan have followed in their father’s footsteps and have their own development companies. Jason is his youngest son, and works with his mother, Flora, who owns the Palladio jewellery store.

Throughout the interview, Nat keeps giving a tip of the hat to the patience displayed by Flora throughout their marriage. Both teenage immigrants from Italy, they met in Vancouver and wed when they were 23 and 19 years old respectively.

How would Flora describe him, we asked? Nat laughed. “ADD plus.” After a pause, he elaborates: “I would say this: I’m a different cat… I’m definitely not the easiest cat to live with. I’m quite strongminded.” He pauses, and gives us another animal analogy. “Let’s just put it this way, I’m not a little poodle on a leash…. I have to give a lot of credit to Flora, to really put up with it.”

His wife tells him that he’s ugly when he’s mad.  “She’s probably correct,” he concedes. But he’s fair, he emphasizes. And what really makes him mad is people who don’t play by the rules.

He relates a story about a long-ago purchase in West Vancouver, a small lot that was already zoned for redevelopment. It didn’t require a public hearing, but the mayor at the time decided to call for one anyway – and got an earful from Nat the next day. “When you see things like this, you gotta stand up,” he tells LynnValleyLife. If a smaller company than his had been faced with such a turn-about, he points out, it could have lost its shirt. “It could destroy people. And I don’t like that.”

He doesn’t ask for or expect concessions from politicians. “I don’t want no favours,” he emphasizes in a strong voice that still bears traces of an Italian accent. “You must understand – every city says one thing: I’m incredibly fair. I just want to be treated equal to everybody else. I don’t want preferential treatment. I don’t need it.”

He just wants to be told the rules, he says, and then he’ll play well within them. That goes for his personal life, too – when building a fence around his West Vancouver backyard, his strict instructions to the contractor were to build it one inch inside the property line.

So Nat was – to put it mildly – frustrated when Bosa’s redevelopment proposals for Lynn Valley Centre were stalled last year. He describes a long history with North Vancouver District that started years ago with an invitation from then-mayor Don Bell to work together on a joint development that would encompass the new library building.  Bosa financed the architectural planning, but Nat says the plug got pulled when Bell left district council to run for federal office.

His development company didn’t get involved again until after the district passed the Official Community Plan, which stipulated heights and densities.  “Now, as long as you come in underneath that, or not exceed that, you think you’re safe,” said Nat. “That’s the way it works. Every jurisdiction in which I work, that’s the way it works. So we go in. We meet with staff, staff was great, the whole works… so we start going.”

The Zellers store in the mall had been purchased by Target, but as North Van District wouldn’t permit the second storey that Target required, Bosa Development knew that option was a non-starter.

“So we bought out Zellers’ lease a year early,” Nat says. “We knew they were going to leave, so we said ‘Let’s get a head start here.’ So that’s what happened. And then all of a sudden the brakes go on.” Controversy among residents had started, and the District decided to once again re-open the Official Community Plan implementation to public feedback.

“I approached Mark [Sager] after I was pretty much exhausted by what was going on in Lynn Valley,” Nat says. He asked Mark to bring his consultative style to garnering feedback that would help a new architect develop plans more in keeping with what the neighbourhood said it wanted.

He says he hired Mark to run with the ball, and Mark – a lawyer and former mayor known for his listening skills –  hasn’t tossed it back to him yet. But what Nat does know about the new plans, he likes. “This here is gentle,” he says, pointing to sketches of the new Lynn Valley Centre concept. “It gives this incredible, real warm feel. It makes you feel good to go there.” He believes that the two, 12-storey buildings that are part of the revamped proposal can exist practically unnoticed by local residents, similar to the manner in which the 16-storey Kiwanis Tower blends into the landscape.

We wondered what someone who so obviously embraces change might, if given the chance, change about himself. “My wife would change all of me,” Nat laughs, but then reflects: “We all have faults. We are all very good at seeing other people’s faults, but we can’t really see our own. “ That said, with whatever faults he may have, he’s had “a hell of a life…. I’ve had a great ride. Everywhere I’ve built, it’s been accepted. Never screwed anybody.”

That’s one piece of wisdom he’s tried to pass on: “I always tell my kids one thing: never step on someone’s toes to advance yourself. Because that’s not how it’s done.”

And if anyone is in any doubt about their faults, Nat suggests they might want to pick up a putter. He advises everyone to play a little golf;  he himself tends to follow each great round with a terrible one. “It’s a humbling game…. When you get upset about a putt that you just missed, you’re getting upset at you – you’re the jerk that missed it! You’re not blaming anybody else, that’s what’s good about it.”

If you wonder how the head of a company with several international developments on the go has time for golf, Nat is quick to credit his team. “I hire the finest people, I pay them well, and I expect the best of them,” he says. He likens himself to an orchestra conductor. “I don’t have many musicians, but we make great music.”

Knowing that his projects are in good hands allows him to avoid the workaholic lifestyle. “If I don’t go by the jobsite,” he notes, “that means they’re doing the right thing.”

He admits, though, that his mind is always active with work-related thoughts. We asked if he could picture an alternate reality for himself, one that didn’t see him entering the construction trade as a young immigrant. The thought, Nat says, has never entered his mind. “[Construction’s] my game. I think I’m pretty good at it and that’s what I like.” He thinks for a moment. “For me to re-invent myself….I think I’d probably be miserable at it. Of course, we adapt… but mind you, [at my age?] I’m at the bottom of the sixth inning.”

He may be turning 69 years old this Christmas Day, but the strength of his parting handshake could make lesser men weep. Our interview time is up, and Nat is out the door into the August sunshine, off to see what the gods of golf have in store for him today.

– Peggy Trendell-Jensen, editor

Mark Sager is inviting Lynn Valley residents to an unveiling of the above-mentioned designs for the proposed Lynn Valley shopping centre redevelopment on Thursday, September 12 at 7 p.m., in the old Zellers premises (access via exterior doors facing Safeway). If you are unable to attend that evening, please contact LynnValleyLife, which is arranging a sneak preview for its LVL Network members. Be sure to drop us a line at [email protected] if you’d like to come!

August 27, 2013 in Blog, Current News, Development and Town Planning, Merchant Mentions, Notable Neighbours

Coach Janet’s Top 5 tips for delivering legendary customer service

If you have customers, you are in the customer service business. The purpose of a business is to create and keep a customer base through delivering legendary customer service. Over 80 per cent of all sales in North America originate from the recommendations of satisfied customers. Dedicating yourself to excellent customer service is one of the smartest and most profitable things that you can ever do for your business.

 1.   Understand customer expectations

Do you know what’s important to your customers? Very successful salespeople are repeatedly referred to as friends and advisors by their customers. If you can explain the need, want or frustration better than the customer can, they will automatically assume you know how to solve the problem.

 2.   Exceed expectations

Disney calls this delivering a “WOW” experience. You want to be remembered, and it takes a lot for that to happen in the eyes of a customer. Expectations are high. Even if you are dealing with a complaint make it a “WOW” experience. Organizations are often remembered for how they deal with difficult situations more than how they perform on a daily basis. If you are not exceeding customer expectations then you are just like every other business out there.

 3. Create customer service systems

Set out to create internal systems that enable the consistent delivery of legendary customer service. Create simple processes, policies and tools to support the delivery of your quality service standards. Processes should never be hassles; they should be designed to remove barriers to providing legendary service.

 4. Make people happy to do business with you

People are predominantly emotional; we are greatly impacted by the warmth, friendliness, cheerfulness and helpfulness of others. Make sure ALL of your staff are capable of making a good first impression within the first 10 seconds of an interaction. It is very difficult to provide a legendary customer experience if YOU are not in a warm, friendly and personable mood.

 5. Do everything to make it right

When you mess up – and you will – how you deal with it will define your business. When faced with an issue, own the issue and promptly do EVERYTHING in your power to make it right. WOW your customer with how you deal with issues and you’ll be forever remembered as an organization that cares. Remember, you are in business not for just this one sale but for the many more to come from that customer in the future.

Janet Bonaguro is a Certified Business Coach with FocalPoint Coaching. She works with business owners and executives in order to improve revenue, profitability, productivity and teamwork. For more information please visit her website; for more of her coaching tips see her Merchant Profile on LynnValleyLife.

June 4, 2013 in Blog, Guest Voices, Merchant Mentions

Lynn Valley Day 2013 will hit new heights (literally!)

There’s always something new to look forward to at Lynn Valley Days, and 2013 will be no exception!

For starters, we want to give a big community thank-you to William F. White International, which is sponsoring all of Lynn Valley Days’ cable and power needs. (And thank you to Lynn Valley’s Garin Josey, the William F. White VP who is making this happen for us!) Amongst other things, what this will mean is no more distressing generator failures, and a much better-balanced sound system at the sold-out Gala Dinner Dance. And if the weather cooperates, it will also mean some amazing light-up-the-sky special effects on Friday night!

People, businesses make it happen

It’s thanks to business sponsorships of all shapes and sizes that Lynn Valley Day has become the great event that it has. Please have a look at some of the other sponsors who stepped forward to support the community festival this year (list is not complete, we know more names are yet to be added!). But it’s not just businesses that make it happen – Lynn Valley Day is the result of months of hard work by host organizations Lynn Valley Lions and Lynn Valley Community Association, and many individual volunteers.

Shirin Ismail of the LVCA is once again coordinating volunteers, and would love people to step forward to offer just a couple of hours here or there. Whether you lean towards traffic control during parade time, staffing a ride on the midway or site clean-up, there is definitely a place for you to earn your karma points. The times and tasks, along with Shirin’s contact info, are listed here.

New ride promises good view

We’re definitely looking forward to watching people’s faces as they take in the new Euro-Bungee ride. Thrill-seekers will be strapped into this new attraction, then bounce on a trampoline that will shoot them 40 feet into the air – so hang onto your dentures!

People looking for more old-fashioned fun will once again be glad of the free games and races that the LynnValleyLife team will be organizing in its corner of the field. Egg-and-spoon, gunny sacks, three-legged races, ballon toss, the ever popular Hyak Rafting Super Soaker…. what more could you want for some good old family fun? (Well, if there IS something more, please tell us – it’s not too late to incorporate some other favourite races! Just email [email protected].)

Also new in our neck of the woods will be the chance to have your photo taken with our custom-painted Project Sunflower photo board (thank you, Julie Jay!) If you haven’t already picked up your free packet of seeds for Project Sunflower, please stop by and do so – we’re hoping to see hundreds of sunflowers blooming in the valley this summer!

Rain or shine, there will be something old and something new, something borrowed and …. oh, right, that’s weddings. But it holds true for Lynn Valley Days as well, and we know you’re not going to want to miss the Lions Cook Shack 7:30am Pancake Breakfast, the 10 a.m. parade, and all-day fun at the park. Keep our special Lynn Valley Days section handy so you’ll have access to all the entertainment schedules and other details as they are finalized!

 

April 30, 2013 in Blog, Community Events, Current News, Getting Involved, Lynn Valley Day, Merchant Mentions

Local landscaper gives top tips for lush lawns and great gardens

 

These spring landscape tips are provided by Lynn Valley local, Matt Boyd of Endless Summer Landscaping.

Are you looking forward to a beautiful, lush, green lawn this year, surrounded by attractive gardens and dotted with healthy trees? These top five spring landscaping tasks will ensure your lawn looks great. Review the list and hire a professional landscaper to get a jump on the season of outdoor living.

Spring Landscaping Task # 1 — Aerate the Lawn

This process involves special equipment that actually punches holes in your turf, creating air pockets to improve the health of soil and roots. Aeration is best done when the yard has dried out, and hiring a professional to do the job is a wise idea. DIY aerating machinery is expensive and difficult to handle – the pros can whip through this job in a few hours and give your lawn the leg up it needs.

Spring Landscaping Task # 2— Clean Out the Gardens

Many gardeners leave their plants in the fall, providing seed heads for winter birds and creating an attractive picture throughout the cold season. But when the weather turns in spring, your garden needs to be cleaned out and cleared up. Cut down the dead foliage and stalks from last season, composting all but the diseased plant material. Destroy any bugs, larvae and other pests you find and avoid turning the soil too much — that amount of disturbance can kill off nutrients in the upper layers of soil.

Spring Landscaping Task # 3— Prune Your Shrubs

Many shrubs and bushes can be pruned or trimmed in the spring to create an orderly, attractive landscape. Juniper, euonymus, forsythia and plenty of other shrubs need to be trimmed for good health and to avoid massive overgrowth. Use sharp pruning shears that have been well cleaned and be careful when handling tall shrubs.

Spring Landscaping Task # 4— Fertilize the Grass and Gardens

The first thing that people often think about in the spring is feeding their grass to get it growing healthy and green. But you should spend some time thinking about the ideal type of fertilizer for your property. Are chemical products the way to go, or can your grass thrive on compost or other natural fertilizers?

Spring Landscaping Task # 5— Plan for This Year’s Projects

Maybe this is the year you’ll have the deck or patio installed. Or perhaps it’s time for a fence or a fence replacement. Whether you’re considering a pool, hot tub, flagstone patio or storage shed, it’s best to start planning early. Contractor schedules get filled up quickly; the longer you wait to get moving on the project, the longer you’ll have to wait for installation. Contact a few local contractors and find out the scope and budget of your outdoor project.

April 29, 2013 in Blog, Eco-Awareness & The Great Outdoors, Merchant Mentions

Fixed vs. variable rates: how to choose

 This advice is provided  to LynnValleyLife readers courtesy of Mortgage Dave, a local mortgage expert and busy volunteer in our community.

One of the most important decisions when choosing a mortgage is whether to lock in a fixed interest rate or select a variable (floating) rate.  With interest rates at historical lows, making the wrong decision could cost you thousands.  Let’s look at the difference between the two types of rates, and how this choice might affect you.

Fixed Rate

With a fixed rate mortgage you “lock in” a predetermined interest rate for a set period of time (i.e., term).  The most popular term these days is five years.

A fixed mortgage rate can give you a bit more comfort and security knowing exactly what your payments will be each month for the duration of your term.  This makes financial planning and budgeting relatively easy.

The downside of a fixed rate is that if interest rates remain stable or fall during the term you will end up with higher payments than you’d experience with a variable rate mortgage.

Another consideration is that if you need to get out of a fixed rate mortgage before the term is up, you may have to pay a higher penalty.  The penalty is typically the greater of either 1) three months’ interest, or 2) the interest rate differential (the difference between your fixed rate and the current market rate multiplied by the outstanding principal further multiplied by the remaining years of the term).  Different banks calculate these penalties differently, so I would work with you to ensure the bank you choose matches your needs.

Variable Rate

The payments on a variable rate mortgage fluctuate, based on the prime rate throughout the term that you have the mortgage.

Lenders offer the variable rate as a discount off the prime rate.  Today the prime rate is at 3% and discounts on variables are around 0.40%, so a homeowner choosing this option will pay about 2.6%.  However, your mortgage rate, and therefore your payments, will increase and decrease along with the prime rate.  A great feature of a variable rate mortgage is that you can pay it off early with only a three-month interest penalty.  The lenders cannot charge the dreaded interest rate differential on variable rate mortgages.

Since the prime rate can increase or decrease on a monthly basis, variable rates are not for the faint of heart.  Anyone taking on a variable mortgage needs to be able to handle changes to their monthly payments not only financially, but psychologically as well.  If the thought of paying an extra $200 per month in mortgage payments causes you to lose sleep, a variable rate may not be for you.  I would work with you to manage this risk.

Then And Now

In the past there has been a huge discrepancy between fixed and variable rates.  Five years ago fixed rates were around 4.8% and prime was around 4%.  We had large discounts off prime of around 0.9% so you could get 3.1% variable vs. 4.8% fixed.  Going with a variable rate was an easy choice for most people, especially if they thought that interest rates were moving downward in the coming years.

Today the best five-year fixed rate is around 2.89% and variables are around 2.6%, so the gap has reduced significantly.  Prime has been around 3% for over 2 ½ years and most experts believe it will remain steady for some time, but that it will go up eventually.

Which Is Best For You?

If you are planning on moving in less than five years, a variable may be the best way to go.  If you are staying put I would definitely look at a five-year fixed or even a 10-year fixed at a slightly higher rate.  On 10-year terms the penalty to pay out after the fifth anniversary is only three months interest, so you get the best of both worlds — stability over a decade and the ability to renegotiate or payout in the last five years for a relatively low penalty.

Everyone’s situation is unique to them, and Mortgage Dave is here to provide a mortgage solution that is customized to meet your specific needs.

As always, I would be happy to review your personal situation and make my recommendations for you.  Feel free to call me at 604-315-DAVE (3283) or email me at [email protected].

 

 

April 28, 2013 in Blog, Merchant Mentions, Real Estate News

Mark Sager given mandate to gather public planning views

Last fall, Canada Safeway and Bosa Development sent North Vancouver District some preliminary applications for a newly imagined Lynn Valley Mall area. Their plans called for high-rise towers that got the ‘thumbs-up’ from some residents, but also resulted in an immediate outcry from many people who were concerned about traffic, densification and a change in neighbourhood character. 

There was enough concern, in fact, that North Vancouver District Council voted to re-engage the public in a discussion about redevelopment options for the Lynn Valley town centre area.

Now we’ve learned that Mark Sager, founding partner of Sager LLP and former mayor of West Vancouver, has been given the mandate to be the sounding board for the residents of Lynn Valley. He’ll gather feedback, engage in conversations, listen to questions and concerns, and help Bosa come up with a new proposal that is in line with what the neighbourhood wants while being economically feasible for the developer.

“I am really, really honoured to be given this opportunity,” he said over a coffee in Delany’s. “Bosa is one of the most respected builders in Western Canada. They’ve said to me ‘Go out, and then tell us what’s the right thing to do here.'”

Nat Bosa, he says, lives on the North Shore. While leasing the old Zellers space to Target might be an easy economic answer, Mark says that Nat wants to build something with more neighbourhood appeal.

Mark and a team of students are inviting local residents to visit them in the mall, where they will be setting up a storefront where the pet store used to be (across from CIBC). From Saturday, May 4 to 25, hours will be Monday to Wednesday 11 a.m. to 4 p.m., Thursday and Friday 11 a.m. to 7 p.m., Saturday 10 a.m. to 5 p.m., and Sunday 1 p.m. to  4 p.m.

 

You’ll also find them at Lynn Valley Day on Saturday, May 25, and Mark is also hoping to snag some tickets for the virtually sold-out May 24 Gala Dinner.”At the end of the day, we have to do something that makes economic sense,” says Mark. “But Nat is completely open to hearing a range of ideas.”

Mark has introduced himself to the neighbourhood via this letter that was mailed out to 7,000 Lynn Valley homes this week. If you’re not able to pop into the mall, he invites you to email your comments to him at mark[at]sagerllp.com. (We’ll also be sure to post any of his team’s feedback forms or community information here on LynnValleyLife, so keep an eye on our Front Porch blog’s Town Planning section.)

Mark says that since his letter hit the streets, the response has been fantastic. “I’ve had many very thoughtful emails in just the first two days,” he said.

While Mark doesn’t want to give his own opinion regarding the best direction for Lynn Valley’s future development – he’s keeping an open mind as well – he does say that many residents seem to want more of a ‘village centre’ feel than a ‘town centre’ feel, one in keeping with our mountainside location. He’s very familiar with our community, he says, having lots of friends here and a penchant for our YYoga studio, and he knows it’s a place where a great many people choose to raise their families.

Mark himself was born and raised above the family shop in Dundarave, where he says his father planted flowers down the middle of the street. “I grew up always being aware of the things that make a community,” he says. He enjoys the challenge of consensus-building, loves listening, and has a reputation as someone who is patient and thoughtful – all qualities that stood him in good stead when he was the West Van mayor, and will no doubt play a major role in his new post as Lynn Valley town planning confidante!

 

April 26, 2013 in Blog, Current News, Development and Town Planning, Getting Involved, Merchant Mentions, Real Estate News

Coach Janet’s Top 5 Procrastination-Busters

Procrastination eats away at our ability to achieve the success we want in our business and personal lives. It steals hours, days, months and years, and delays the benefits associated with completing our actions. Practice these five tips to start taking action today!

1.     Find Your Motivation

Think about the goals you are trying to attain. Spend a few moments visualizing what could be achieved and what you could gain if you take action. Then think about the consequences of NOT taking action. What fears could motivate you to take action today? Often the task that has the most negative consequences of NOT doing it is often the MOST important task to complete.

2.     Do The Worst First

Often the biggest, worst thing you need to accomplish will be the thing that causes you to procrastinate on it and everything else on your list. By procrastinating on the least enjoyable, most troublesome, or fearful activity you will only have it waiting there tomorrow, possibly even bigger and messier than it is today. Get the worst thing over with early so you free yourself mentally and emotionally to do other things more effectively.

3.     Start Small

Often just looking at a large task is enough to cause us to look in the other direction. The more apparent complexity there is to a task, the more likely we will procrastinate. Just as you would never try to drive across the country in one stretch, don’t try to take on all of a job from the start.

Sometimes the best way to stop procrastinating and complete a major task is to take a small slice and complete just that piece. In order to do this, you may first need to spend some time breaking down the larger project into smaller individual tasks so that you can see your progress and stay motivated. Completing one task motivates you to complete another. It’s a snowball effect. Commit to doing one thing today and you will find you will accomplish even more.

4.     Become Action-Oriented

Often once you take a step to complete a task, you find the momentum builds and you are able to continue. Get into the habit of not even having to think about getting started; build action into your routine every day so that you begin your day with the momentum needed to complete your tasks.

5.     Remove Distraction

We all have habits we revert to when we don’t want to begin a task: organizing our desks, going out for coffee, cleaning the house. If you know that you get distracted easily then schedule short burst of time, 30 to 60 minutes, to focus on an important task. Remove yourself from environments that pose distraction, shut your door, turn your phone off, turn off the TV/radio and focus for that short period of time.

“A journey of 1,000 leagues begins with a single step.’’ – Confucius

Janet Bonaguro is a Certified Business Coach with FocalPoint Coaching. She works with business owners and executives in order to improve revenue, profitability, productivity and teamwork. For more information please visit her website; for more of her coaching tips see her Merchant Profile
on LynnValleyLife.

March 29, 2013 in Blog, Guest Voices, Merchant Mentions

LV Optometry employee plans Mexican aid trip

April showers bring May flowers, and for Krista Phillips at Lynn Valley Optometry, May is the month her dreamed-about non-profit endeavour will finally blossom.

Krista is part of a team of young people who are travelling to an impoverished area of Mexico to  work with small communities and help meet some of their needs. Krista is hoping people who are interested in promoting this kind of work will consider donating towards the group’s trip (donations must be collected by April 14). Read on to hear more about the project, in Krista’s words:

 

Tell us about the project!

For two weeks in May, I will be going to the Copper Canyon in Mexico with a team of young people from Coquitlam Alliance Church. While in the canyon, we will be spending time with the Tarahumara Indians and bringing food and supplies to them in their very small, impoverished communities. We will spend some time in the orphanage in Guacayvo, help to build a church, and be hiking into other remote areas of the canyon. We plan to bring food and clothes, and I’m hoping to bring some glasses as well.

What inspired you to get involved?

It broke my heart when I heard that the people had been collectively jumping off the cliffs as families in order to avoid dying from starvation. I really felt called to go do what I could to help, even if it’s only for a short time.

What is your biggest hope for the trip?

That’s a tough one, mostly because I really don’t know what to expect. I know it’s going to be a huge leap out of my comfort zone to be in a completely different country with different culture and way of life, but my hope is that I can make a difference to the people there.

What kind of support are you looking for? Be specific as you can.

Thoughts and prayers are a huge one. Mostly for health and safety while we’re away. I do have to raise funds for my portion of the trip as well, and donations would be immensely appreciated. We can offer tax receipts as well.

What do you do at Lynn Valley Optometry?

I get to be the one who helps people pick out a fabulous pair of frames and match the best type of lens for them to see. I love it. The patients and customers we have are the best I’ve ever worked with, and at Lynn Valley Optometry, we really are a work family, not just co-workers.

Have you been involved in community projects before?

Over the past two years, in the winter months, I’ve collected warm articles of clothing, blankets, socks, etc. for people in need in Vancouver, as well as the Coquitlam area. I am currently trying to get involved with Habitat for Humanity as well, but my schedule hasn’t co-ordinated with their orientations yet. I’d love to find other projects to get involved with though, because I am really discovering my passion for outreach!

 

Thank you, everyone, for your help. The support I’ve already received has been overwhelming!

 

March 24, 2013 in Blog, Current News, Merchant Mentions, Notable Neighbours