Blog Interview: Colin Bosa, President of Bosa Properties Ltd.

Colin Bosa, President of Bosa Properties Ltd. has agreed to answer some questions about the 2007 real estate market. This will be the first of a few blog interviews to come with real estate power players. Thanks to Colin for agreeing to participate! www.bosaproperties.com

Q. How did you get into the real estate business?
A. I was fortunate to be exposed to the real estate business at a very young age. I can remember listening to my father and my uncles talk about the projects they were working on. I could sit and listen to them for hours I knew then that real estate would always be apart of my life. I started working my summer job at the age of 11. I, along with my cousins would work on site, sweeping, and cleaning up suites, and over the years progressed to carpenter, and then helping out the superintendents. After graduating from BCIT I joined the family business full time, first spending a couple of years in the construction department mostly doing estimation. I got my start in development after that, when I developed some houses on Parksville.

Q. What are your thoughts about the 2007 real estate market?
A. I believe that 2007 is going to be another strong year for the real estate market in BC. The year has already gotten off to a good start, as we have seen good sales across all our projects this year. My sense is that interest rates will stay where they are and probably will come down, projects are taking longer and longer to get to market, which is limiting supply and incomes are rising in the Province. If you add up these factors, consumer confidence is still strong which will mean another good year.

Q. What do you think the real estate market will be like in 2012? (2 years after the Olympics)
A. This is a tough question to answer. Where the market will be in any given year is any bodies guess, I couldn’t tell you. There are so many factors that affect real estate in the short run. However and more importantly in the long run, I can tell you that real estate prices will go up. British Columbia is too desirable of a province for prices not to go up.

Q. The Environment and Energy Efficiency seem to be a big topics these days, is Bosa doing anything unique in these areas? (ie. using rainwater within a building, etc)
A. This is something that is very important to our industry and something that as developers we need to understand. We can choose to be reactive or proactive, but in either case we will be building energy efficient and sustainable developments, because this is the future. We are choosing to be proactive, and we our in the process of designing a LEED Certified building. In addition I do think the nature of our mixed-use projects our sustainable. For example, we are building homes close to where people work, and close to public transit, promoting less car travel. We are building retail next to our condominiums, and building higher densities, allows for more park space and green space. However, we understand that we can and will do more.

Q. What is your favorite source of real estate news? why?
A. My favorite source for real estate info is word of mouth. I stay in close contact with the Realtor network, as well as all my friends who also happen to be my competition.

Q. Any new projects coming up that we should know about?
A. We are very excited to launch the third phase of our Westwood Village development, called Edgemont, this February. This is just a spectacular project nestled in the beautiful area of Coquitlam town centre. We are very proud of the way our Westwood Village community is coming together.

Q. What was your favorite project you worked on? why?
A. I am very proud of all our projects. Everyone is unique and special in its own way. Some of the projects that stand out our Mondrian, and Highgate Village, both for the same reason. At the time we started both projects they were in parts of town, which weren’t developed (Mondrian in Yaletown [pictured above], and Highgate in Edmonds town centre), and as a result of our developments both areas changed almost over night. It is gratifying to drive by these projects today and see what the areas have become, both lively livable neighborhoods.

Q. What area within BC do you think is the next “hot” area? why?
A. I believe within the lower mainland, projects which have a close proximity to rapid transit are going to become more and more popular. Also, as attractive as downtown is, I think the suburbs are becoming more and more attractive, simply because of the price differential between downtown condominiums, and what someone could buy in Burnaby or Coquitlam.