Feb 07 - Mar 07, 2014 - Volume 17 Issue 02
BUILDING IT RIGHT
INSIDE THIS ISSUE
001-CCG_Cvr_Feb7.indd 2
TAX TIPS FOR HOMEBUYERS
THE CONVENIENCE OF CONDO LIVING
STYLE FILE: SPLURGE VS. SAVE
2014-01-30 5:35 PM
BUILDING FOUR NOW RELEASED
CHBA - Calgary Region
2012
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newcondoguide.com | VOLUME 17 ISSUE 02 | NEW CONDO GUIDE 05
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newcondoguide.com | VOLUME 17 ISSUE 02 | NEW CONDO GUIDE 07
table of contents
Feb 7 – Mar 7, 2014 volume 17 issue 02
11 Brad
Remington Homes
Copperfield Park II
columns, news & features 010 editor’s note Columnists
016 Industry Update First-time buyers: What they look for by Jim Rivait
018 Saving Space Streamline your home office
by sylvia daoust
030 contemplating condominiums Condo living, the convenient option by linda palfi
042 calgaryism Three reasons to buy a condo in East Village by cody battershill
061 The homebuying process The importance of choosing the right place to live by Donna Moore
Condo features
011 cover story Copperfield Park II launches next phase with stellar views BY heather ryan
032 condo profile einstein2: A smart choice for savvy buyers BY heather ryan
034 condo profile Jayman Modus: Building condos that make sense for buyers BY heather ryan
Homebuyers’ Help
024 In the News Avi Urban breaks ground with homeowners in The Post at Nolan Hill 036 Hot Topic Tax tips for homebuyers 041 Homebuyers’ Help Insurance tips for condo landlords
052 Style File Splurge versus save By Sara Duck
056 Tips & Tricks Packing tips to make your move a little easier 058 Condo Sense A seller’s market to kick off 2014: What to expect, and how to go with the flow By Lydia McNutt
062 Homebuyers’ Help Condo Buyers’ Resource Section 066 INDEX Project Location Maps
015 Southeast Map 023 Northwest Map 029 Inner City 047 Northeast Map 049 Southwest Map 055 Satellite Communities
Vice-president, Wall2Wall media
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Lydia McNutt contributinG editors
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Natalie Houghton 587.226.1313 like us on facebook: search: calgarynewcondoGuide
production manager
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Published By
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this publication and prevents reproduction in whole or in part; offenders will be prosecuted. We reserve the right to refuse any advertising, to make changes or edit advertising as necessary. Care will be taken to ensure copy accuracy but no warranty is implied or given by the publisher. The publication, the publisher and the printers shall not be responsible for any typographical errors, mistakes, misprints, spot colouring or any information or lack of information furnished by the advertisers.
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The views and data expressed by columnists do not necessarily represent those of the publication. Please recycle this magazine! Wall2Wall Media participates in the Partner’s In Growth Reforestation Program through St. Joseph Communications. To date, Partners in Growth has planted over two million trees in parks, recreation and conservation areas, and other public spaces across Canada. Established in 1990, this program was started with Scouts Canada to help replenish the environment.
EDITOR’S NOTE
TAKE ADVANTAGE while you can
SUSAN LEGGE
EDITOR-IN-CHIEF
Wall2Wall Media Susan.Legge@wall2wallmedia.com Follow me on Twitter at Twitter.com/SusanLegge Like us on Facebook Search: Condo Guide
The Bank of Canada’s latest announcement to hold its interest rate target at one per cent does not come as a surprise. The rate has been holding at that level since September 2010, which is good news if you’re in the market for a mortgage. There are many excellent mortgage products available from banks and brokers that will suit your individual needs, and could well be lower than posted bank rates, which are currently hovering around three per cent for a variable rate. With a pre-approval in hand, you’re protected if rates rise; if they go down, you’ll likely get an even lower rate. A pre-approval can be a win-win situation for shoppers, since it means you don’t have to wait to get
financing approval on a home when you put in an offer. This is an especially good tool to have when markets are hot. Removing the “conditional on financing” clause could mean your offer is accepted first since you already have your financing in place. So when will rates rise? It’s anyone’s guess, but most experts agree it’s unlikely there will be any significant movement until mid 2014. However, we can’t assume that will be the case, and you shouldn’t wait too long to get pre-approved for a mortgage. It can take a few days. Many lenders offer online pre-approvals to make the process faster and easier. Start the new year off right by taking advantage, while you still can.
So many reasons to love
CONDO LIVING
LYDIA MCNUTT
EDITOR
Wall2Wall Media Lydia.McNutt@wall2wallmedia.com Follow me on Twitter at Twitter.com/LydiasTweets
There are so many reasons to make a new condo your home. One of them is the sheer variety of condo styles to choose from. Builders today are delivering everything from soaring sky-high suites to intimate midrise building, and more private townhome communities that offer the benefits of detached home living, without having to shovel the snow yourself! Speaking of maintenance, if you cringe at the thought of dragging the trash out to the curb, mowing the lawn and washing your windows, condo living could be the solution. Yes, you pay monthly maintenance fees, but when you consider what you get in return, you’ll see it’s money well spent. Are you a jet-setter or a young professional who spends little time at
10 NEW CONDO GUIDE | VOLUME 17 ISSUE 02 | newcondoguide.com
home? With the maintenance taken care of and no worries about your home’s security while you’re away, condo living offers the freedom to live a life unfettered. Along these same lines, many condo dwellers find it reassuring to know that their neighbour is just a few steps down the hall. A condominium is a vertical community where you’ll get to know like-minded folks who share your fitness facilities, pool, rooftop gardens, games rooms, libraries and lounges, all steps from your front door. Raise your lifestyle to new heights in a new condo. You’re sure to be impressed, and inspired.
COVER STORY
COPPERFIELD PARK II launches next phase with stellar views // BY HEATHER RYAN BRAD REMINGTON HOMES’ IMMENSELY POPULAR COPPERFIELD PARK II,
which gives people the opportunity to “Love It, Live It and Afford It,” is getting even better with the launch of its next phase that adds the “View It” factor into the mix. “We provide high-quality, affordable homes that people love, so we’re very excited to launch our next phase, Building 5, on Feb. 1 that will now also give them some of the best views of the area,” says Bryan Logel, vice-president of sales and marketing for Brad Remington Homes, the creator of Copperfield Park II in southeast Calgary’s Copperfield community. “People have been very interested and eagerly waiting for the launch of Building 5 because of its location,” he says, adding that half the building will offer stellar views of the adjacent five-acre park – one of the
11
The exterior presents an eye-catching look with premium siding and brick accents, and a landscaped linear park will run through the length of the development
largest parks in Copperfield – and the Rockies, while the opposite side of the building provides views of the beautiful landscape courtyard. “So really, every home offers a prime location with fantastic exposures – the park, open space and the Rockies.” Logel notes that Brad Remington Homes’ philosophy of designing top quality homes with designs that suit a variety of lifestyles at obtainable prices “really provides an opportunity for people to exit the rental vacuum, and the response to Copperfield Park II has been out of this world; sales have been incredible.” Logel expects that will continue in Building 5, which will offer all the popular plans of the first three buildings and an amazing starting price in the $130,000s, making it affordable for first-time buyers. Plans range from 525 to 973 sq. ft. with one- and two-bedroom designs available to suit the differing needs and budgets of today’s homebuyers. The well-appointed interiors include full-sized kitchens with expansive counter space, slab or mission-style cabinets that come in three different colour choices, four appliances – fridge, stove, dishwasher and over-the-range microwave – in-suite laundry with the washer and dryer included, and private balconies for outdoor entertaining. Buyers can also customize their home by selecting cabinet colour and style, along with their carpet, countertop and flooring colours. They can
12 NEW Condo Guide | Volume 17 issue 02 | newcondoguide.com
further personalize their home and choose optional upgrades including fireplace, granite countertops, air conditioning and/or hardwood flooring, to name a few. “Copperfield Park II offers something for everyone plus it includes a titled parking stall and storage unit with each suite, our superb level of specifications and high quality construction,� Logel says. When completed, Copperfield Park II will be comprised of six four-storey buildings with 360 apartment-style condos. The exterior presents an eye-catching look with premium siding and brick accents, and a landscaped linear park will run through the length of the development. Residents appreciate the great location situated off McIvor Boulevard near the BRT bus stops, grocery stores, restaurants, shops, services and minutes away from the South Calgary hospital and a wide range of new amenities being developed in Seton. As well, the completion of the 130 Avenue S.E. extension has improved access for residents to Sheppard shopping, and the opening of the Stoney Trail ring road in the fall provides greater accessibility to the community and to points around the city. The location also provides easy connections to Deerfoot Trail and 52 Street S.E. New showsuites in Copperfield Park II are expected to open in the spring, but people can visit the current sales centre and showsuites at Copperfield Park, 279 Copperpond Common S.E., open Monday to Thursday, 2 to 8 p.m.; and weekends, noon to 5 p.m. For more information, visit copperfieldpark.com, or call 403.723.0094.
newcondoguide.com | Volume 17 issue 02 | NEW Condo Guide 13
SOUTHEAST
14
FA L RID C GE
MCKNIGHT BLVD.
EDMONTON TRAIL
14 STREET
CENTRE STREET
INTERNATIONAL AIRPORT
16 AVENUE 12 AVENUE
68 STREET
CRI J PARK OW OHN CH L ILD AURI E TRA BLV IL D.
32 Ave
16 AVENUE
RIVE RIAL D
MEMO
RIAL D RIVE
SOUTHEAST COMMUNITIES 36 STREET
MEMO
52 STREET
ELBOW DRI VE
585 McKenzie Town Drive SE
1797 Copperfield Blvd SE
09
14
W BO
206 Cranford Drive SE
NEW BRIGHTON
116 Quarry Park Way SE
M TR AIL F UIS O
MARQ
AIL
VITT
D TR
McKE
LEO
Mac
S JAME
07
15
05 COPPERFIELD
13
MAHOGANY
20 21
Corner of Cranford Dr and Cranston Gate SE Register: www.cardellifestyles.com/ cranston-ridge
02 COPPERFIELD PARK BY BRAD REMINGTON HOMES 279 Copperpond Common S.E.
03 AUBURN BAY BY BROOKFIELD HOMES 174 Auburn Bay Blvd SE
04 MOSAIC LAKESIDE AUBURN BAY BY BROOKFIELD HOMES
22
03 04 16 06 08
13
01 CRANSTON RIDGE BY CARDEL LIFESTYLES
285 Walden Drive SE aviurban.com
23
12
AUBURN BAY
CRANSTON
01
10
15 EDISON BY AVI URBAN
02 11
16
IL E TRA LORN
CHAPARRAL
27 Auburn Bay Link SE
14 BOULEVARD TOWNES BY BIRCHWOOD
TTO BO
EK P ARK
SHAWNESSY BLVD.
Coming to Mahogany
13 MOSAIC CRANSTON BY BROOKFIELD HOMES
114 AVE SE
DEERF18 OOT T RAIL
CRE
12 EBONY BY JAYMAN MODUS
84 STREET
19
ANDERSON ROAD
52 STREET
BARLOW TRAIL
GLENMORE TRAIL
SOUTHLAND DRIVE
FISH
10 MCKENZIE TOWNE ELGIN BY BROOKFIELD HOMES 11 CHALETS IN COPPERFIELD BY SABAL HOMES
MacLEOD TRAIL
GLENMORE RESERVOIR
17 Ave
BLACKFOOT TRAIL
17 Ave
SETON BLVD.
16 AUBURN BAY BY STONECROFT
Corner of Seton Blvd and Auburn Bay Link SE
17 MOSAIC MIRAGE BY BROOKFIELD HOMES 347 MacKenzie Towne Gate
18 THE GATES BY REMINGTON DEVELOPMENT CORPORATION Presentation Centre: 350 Quarry Park Blvd SE
05 MINT BY JAYMAN MODUS
19 CHAMPAGNE BY REMINGTON DEVELOPMENTCORPORATION
130 New Brighton Way SE thatsmint.ca/live
Quarry Park Blvd SE remingtoncorp.com
06 ZEN BY AVALON MASTER BUILDER
20 CRANSTON PLACE CONDOS BY CARDEL LIFESTYLES
82 Auburn Bay Link SE
07 PRESTWICK PLACE BY CARDEL LIFESTYLES
302 Cranston Road SE
21 CRANSTON PLACE TOWNHOMES BY CARDEL LIFESTYLES
115 Prestwick Villas SE
08 MUSKOKA BY BROOKFIELD HOMES
302 Cranston Road SE
22 MAHOGANY STREET TOWNS BY HOMES BY AVI
27 Auburn Bay Link SE
09 BRISTOL TOWNHOMES BY BIRCHWOOD NOW SELLING
13 Marine Dr SE
23 SYMMETRY AND HARMONY BY STONECROFT
232 Quarry Park Blvd. SE
121 Copperpond Common SE
COPPERFIELD PARK II LOVE IT. LIVE IT. AFFORD IT.
CONDOS* FROM THE $130’S +GST Titled parking stall included.
*
www.copperfieldpark.com 403.723.0094 newcondoguide.com | VOLUME 17 ISSUE 02 | NEW CONDO GUIDE 15
industry update
// by Jim Rivait
First-time buyers:
What they look for
Jim Rivait is executive officer of CHBA Alberta. Starting his career working in government, Jim spent the last decade working in the private sector specializing in government relations, advocacy, strategic communications, policy development/analysis and association management.
I
f you are younger, taking extra time to decide on a home purchase and hungry for more information on the subject, there is a good chance you are an FTB – a first-time buyer. The Canada Mortgage and Housing Corp. (CMHC) recently surveyed 500 first-time buyers online and then followed up with focus group discussions with recent and prospective buyers. What they found tells us a lot about first-time buyers and how their approach to the search for a home compares with repeat buyers. For starters, they found 72 per cent of FTBs searched online for “home buying info,” compared to just 29 per cent of repeat buyers. Their key reasons for wanting to enter the housing market were “not wanting to rent” and “wanting to own their home.” Those explanations will sound familiar to
many potential FTBs in this community, who see people flocking to Edmonton because of good wages and a strong job market. Population growth is driving down the city’s apartment vacancy rate to among the lowest levels in Canada. That tight market will make good apartments harder to find and swing the doors wide open for landlords to raise rents. Besides wanting to start building personal equity and wave goodbye to the landlord, first-time buyers have other things in common. They are young – almost two-thirds are under 35 years of age – and because they are still in the earlier stages of their careers, they have lower incomes than repeat buyers. First-time buyers also need a little more time to complete a purchase, taking an average of 10 months to plan a move instead of the seven-month norm for repeat buyers. But once they have purchased a home, they are 50 per cent more likely to move again within the next five years than repeat buyers. One big question facing FTBs that the survey did not cover was whether to buy a new or a used home. The survey did touch on one factor that should be part of that decision – the need to spend more money to fix problems or improve the property after the purchase is completed. More than half of first-timers expect to make major repairs or improvements within five years of the purchase. The reality is many rookies in the real estate market will find comfort levels are higher with new homes because they can tailor a home to best fit their needs, take advantage of technological advances that will lower utility bills, and enjoy peace of mind knowing they will not face big repair bills.
First-time buyers also need a little more time to complete a purchase, taking an average of 10 months to plan a move instead of the sevenmonth norm for repeat buyers. They can also avoid the stress and hassles of trying to find a resale property that fits both their needs and budget only to then to be forced to make a hurried decision on whether to put in an offer. One excellent source of information on homebuying – and we know FTBs are looking for all the material they can find – is the CHBA Edmonton Region website. It includes a host of tools and resources to help consumers find the right location, style of home and features for them. It’s also where you can find a list of CHBA members with the experience and expertise to satisfy both first-time and repeat buyers. The CHBA – Alberta represents more than 1,500 business members including new home builders, renovators, developers, trade and supply companies, and professional services.
16 NEW Condo Guide | Volume 17 issue 02 | newcondoguide.com
EXCLUSIVE
SHOWHOMES
THE
luxury OF LOW-MAINTENANCE LIVING
VISIT OUR PRESENTATION CENTRE AT
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96 CRANBROOK DRIVE SE
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Saving Space
// by sylvia daoust
Streamline your Home Office whether you prefer open storage or closed. The challenge with “out of sight, out of mind” storage is, well, forgetting what’s behind closed doors. Organizing like items together with specific labels will make retrieving them effortless. Streamline your home office by creating two distinct zones: • Zone 1 is where it all happens. Imagine you are comfortably sitting at
Sylvia Daoust, owner of Niche Small Space reDesign, is one of Calgary’s only professional organizers with expertise in small spaces. She is renowned for simplifying homes and offices with mini-renovations, redesigned rooms and tricky organization projects. Join her blog, nicheredesign.com/blog/ where smart solutions transform challenging spaces every week! Follow Sylvia on Facebook.com/nichedesignsinc and Twitter@SylviaDaoust.
I
f unopened mail is sliding off your desk, paper piles have merged into one small mountain, and the computer screen has become a Post-It haven, entering your home office can be unpleasant. The good news is, you’re not the only person dealing with clutter. We’ve all been there, and many of us are there! The bad news is, this is the space where your taxes need to get done, but who can be productive in surroundings that make you want to run the other way? Lack of appropriate storage is most often the reason office spaces become a cluttered mess. Before you tackle the piles, designate storage spots within close proximity and work your way out. For example, where does the mail go? Where do the receipts for the current tax year go? Now consider
your computer. The phone, the printer, a few desk supplies, and your action files are all within arm’s reach. Having this accessibility does not suggest everything is piled on top of your desk! Your desktop is prime working space, not for storing office supplies. When my desk is cluttered, my head starts to spin and I can’t focus on anything! If you don’t have enough drawer storage, mount wall pockets for active files on the side of the desk, file cabinet or wall space. • Zone 2 is the area where you store additional supplies, the printer, reference books, or anything you don’t need access to on a daily, even weekly, basis. If you are one of the lucky ones, a closet or bookcases provide you with the space you need for these items. Label a few bins or baskets to store electronic equipment, software and printing supplies. If you’ve got an old metal cabinet with files jammed in there from the ’90s, consider using file boxes instead. These are easier to manage and line up nicely on a shelf. Organize the paper piles in creative ways and find storage options that won’t sacrifice the prime real estate on your desktop. Now that your office space screams productivity, you can breathe a little easier when it comes time to tackle your taxes.
18 NEW Condo Guide | Volume 17 issue 02 | newcondoguide.com
Project by:
Niche reDesign
SOUTHEAST
YEARS
newcondoguide.com | VOLUME 17 ISSUE 02 | NEW CONDO GUIDE 19
ZEN GH CondoGuide 201402.indd 1
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NORTHWEST
4 LEFT
10 LEFT
SAGE VALLEY RD.
N
GE VALLEY BLVD. SA
SH A AG PPI TRAIL NW
NA
22
17 LEFT
NORTHWEST COMMUNITIES
ENU
E
14 ST RE ET
19
FO OT TR A ER DE
16 Sage Meadows Circle NW 32 Ave 18 S ONOMA AT SAGE HILL
BY VERTICAL PROPERTIES
881 Sage Valley Boulevard www.sonomasagehill.com 16 AVENUE
19 9 16 BY SABLE DEVELOPMENTS
ME M O R I AL
21
DR
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37th Street and Kincora Glen Road N.W.
06 T RINITY BY JAYMAN MODUS
GLENMORE RESERVOIR
Sage Hill View NW
500 Rocky Vista Gardens N.W.
22 A VIRA BY JAYMAN MODUS Coming Soon
BARLOW TRAIL
04 S WAN LANDING BY SWAN GROUP
Sales Centre 1120 Kensington Rd
MacLEOD TRAIL
9 Nolan Hill Blvd. NW
64 Nolan Hill Gate www.aviurban.com/thepost
21 L IDO BY BATTISTELLA
BLACKFOOT TRAIL
37 STREET
05 E NCORE AT KINCORA BY CARLISLE GROUP
03 V IRIDIAN BY TRICO HOMES
Centre Now Open E IVSales
20 T HE POST (NOLAN HILL) BY AVI URBAN
17 Ave
07 S AGE HILL VILLAGE BY SLOKKER CANADA WEST INC.
Sales Centre Now Open 3503 Sage Hill Drive NW
13001 Coventry Hills Way www.coventrystation.ca
17 B ROWNSTONES BY GENESIS BUILDERS GROUP
ELBOW DRI VE
RE T BY BUCCI RAIL Coming Soon Show Suite 306 10th St. NW
5353 Crowchild Trail NW
16 C OVENTRY STATION BY HUNTER RESIDENTIAL DEVELOPMENTS
CALGARY INTERNATIONAL AIRPORT
02
SARCEE TRAIL
69 STREET
85 STREET
175 Panatella Hill NW GLE 02 VEN NM O
15 T HE GROVES OF VARSITY BY STATESMAN HOMES
W
16 AVENUE
01 P ANORAMA WEST BY CARDEL LIFESTYLES
14 U NIVERSITY CITY BY KNIGHTBRIDGE
IL N
64 Ave
OLD BANFF COACH ROAD
livesagestone.com
IL
01 . BLVD S L IL 05 TRY H N COU BED DIN GTO NT RA
NOSE HILL PARK
JO HN CR LA OW UR 14 IE CH BLV ILD D. T R 08 AIL
13 S AGESTONE BY GREENVIEW DEVELOPMENTS
22
EDMONTON TRAIL
AIL 16 A V
16
Now Open Show suite 175 Panatella Hill NW
STONEY TRAIL NW
HA RV BLVEST H D N ILLS E
AIL TR AP I SH
AG AN N
HIL LD R. NO
Y TR
SE
E STON
15
10 S AGE PLACE BY CARDEL LIFESTYLES
CENTRE STREET
STONEY TRAIL NW
04
3951-46 Avenue NW
CENTRE STREET
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07 13 20 10 18 17 03 SY MO NS VA LLE 06 YR D.
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COUNTRY HILLS BLVD.
85 ST. NW
ROCKY RIDGE BLVD.
144 AVE NW.
08 V ARSITY LANDING BY CARLISLE GROUP
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NW CALGARY TOWNHOMES WITH 3 CAR PARKING FIS M TTO BO
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newcondoguide.com | VOLUME 17 ISSUE 02 | NEW CONDO GUIDE 23
In The News
AVI URBAN
breaks ground with homeowners in The Post at Nolan Hill After much anticipation,
Avi Urban has broken ground at their NW Calgary townhome development, The Post at Nolan Hill. Charron Ungar, president of Avi Urban, and Victor Mutambo, general manager of Avi Urban, recently celebrated this momentous occasion with first-time homeowners Darren Stiles and Stephanie MacGregor. Stiles and MacGregor just purchased a 1,167-sq.-ft. twobedroom home at The Post. “This is our first place, and we bought the two-bedroom Saffron floor plan,” says MacGregor. “We are really excited to move into The Post!” The collection of 59 threestorey townhomes in The Post at Nolan Hill range from 1,100 to 1,400 sq. ft. and feature nine-ft. ceilings, two-car attached garages and driveways for three-car parking, bright colonial exteriors, and incredible interior finishes. With pricing starting in the $300’s, more than 35 new homebuyers have already chosen to call The Post “home.” Located in the popular NW Calgary community of Nolan Hill, The Post sits just steps away from incredible local amenities, including a full retail plaza set to start construction soon. “The Nolan Hill community is one of the most vibrant neighbourhoods in Calgary’s NW,
PICTURED (from left to right): Avi Urban president Charron Ungar; homebuyers Darren
Stiles and Stephanie MacGregor; and Avi Urban general manager Victor Mutambo
and the groundbreaking of Post means our newest Avi Urban homeowners will have the opportunity to experience the benefits of calling this part of our city ‘home’,” says Ungar. “Future residents will enjoy immediate access to shopping and transit in a secure and well-planned master community. This, combined with Avi Urban’s continued commitment to extraordinary design, will translate what was once a dream into one of Calgary’s premier townhome developments.” Pre-construction homes are almost sold out, with more townhomes set to be released later this year. For information about future releases, register at aviurban.com/ThePost, or call 403.536.7290. The sales centre is located at 64 Nolan Hill Gate NW and is open Monday to Thursday from 2 to 8 p.m.; and weekends and holidays from noon to 5 p.m. About Avi Urban Avi Urban is a Calgary-based builder of quality multi-family homes. Recognizing a demand for innovative multi-family developments, Homes by Avi created Avi Urban in 2000. From the beginning, the goal was to offer homeowners the ultimate in comfort and function, while building innovative, thoughtful developments that bring an urban aesthetic to a highly livable product. By redefining multi-family development, Avi Urban has earned its place as an innovative market leader. Avi Urban’s broad range of communities include a highly modern live/work development in the inner city, street-oriented row housing in exclusive neighbourhoods and large scale, multi-phase townhome developments.
24 NEW Condo Guide | Volume 17 issue 02 | newcondoguide.com
NORTHWEST
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2012 CHBA - Calgary Region
Celebrating 2011 25 Years
Awa rd W i n n i ng Co nd o s i n Vars i ty
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From the 290s to 600s 780 Varsity Estates Dr NW Calgary, AB T3A 1W9 Telephone: 403.286.8143 | www.grovesofvarsity.com
25
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DATE: 27 Jan 2013 Produced by
1005 - 11 Ave SW Calgary, AB T2R 0G1 Phone: 403.287.9300 Fax: 403.287.9915
F I L E
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File Name VIR-12085 Condo Guide v2.indd Publication Condo Guide Insertion Feb7 - Mar6, 2014 Issue Client Trico Homes Size 6.75” x 4.625” Fonts used Helvetica Neue LT, Rockwell, Times Picture info Producer GS Revision # Reference #
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newcondoguide.com | VOLUME 17 ISSUE 02 | NEW CONDO GUIDE 27
INNER CITY
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newcondoguide.com | VOLUME 17 ISSUE 02 | NEW CONDO GUIDE 29
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CONTEMPLATING CONDOMINIUMS
// by Linda Palfi
Condo living – the convenient option
Linda Palfi is a condominiumspecialist realtor with Discover Real Estate. She has overseen many condo projects as the chair of her condo board, and is a member of the professional standards committee at the Calgary Real Estate Board. Further articles and her Calgary Condo Directory can be found online at CondosInCalgary.com. Call Linda for more information at 403.998.7732
T
he benefits of condominium living are sometimes overlooked by those unfamiliar with the concept. Simply put, a condominium combines the rights of privateproperty home ownership – including investment value – with the efficient shared responsibility for common services. As well, the price to get into a condo home is considerably less than a singlefamily house. In the case of high-quality apartment living, for example, condominium ownership allows us to own an apartment home, rather than being limited to renting it, as was the case just a few decades ago. And these days, a condo investment appreciates faster than the rate of inflation, giving us a likely future return on investment, as well was a comfortable roof over our heads in the meantime.
A particular convenience of condominium living is the centralized management of all the common-area cleaning, gardening, snow shoveling and maintenance that non-condo house owners must each do themselves, or need to arrange to have done. (Note: It is possible to own houses organized as condos – very convenient!) Obviously, it’s far more costeffective to have 40 or 100 apartment, townhouse, villa or condo house owners do these things as a group than individually. And usually a professional firm even takes care of hiring the help! While people commonly refer to a monthly “condominium fee,” it’s not really a fee at all, but a contribution by neighbours to their shared costs for maintaining their own investments in their homes, and to provide the level of services and recreation they themselves choose to maintain. Calculated by the square foot, condo fees are lower than the realistic cost of heating and maintaining a single-family home in a traditional subdivision. To help people get along – and to maintain investment value – condominium developments have bylaws setting standards of behaviour that often far exceed those of rental apartment buildings. So not only do we see that the buildings, grounds and parking facilities of condominiums are of a high standard, but people living there know what the rules are and for the most part, behave accordingly.
Calculated by the square foot, condo fees are lower than the realistic cost of heating and maintaining a single-family home in a traditional subdivision. If you want, you can become involved in your condo corporation board of directors and help to run your condo development. How many people get to help direct or chair a multi-million-dollar-value corporation? And if you prefer not, stay on the sidelines, watch the janitor/gardener/ plumber do his work, and tell your board when he’s not doing a good job. In other words, condo life can be as involved or as involvement-free as you choose it to be. The demographics of aging baby boomers, smaller families and more singles is creating an increasing switch to condominium living. As well, low rental apartment availability combined with low interest rates is pushing a growing shift to buying quality condominium homes of every style, rather than renting. Whether inner city or suburban, and whether highrise or townhouse-style or even single-family-home style, condominium ownership is increasingly popular. From the modest and surprisingly affordable to the spectacularly luxurious, condos offer choices for every income and lifestyle.
30 NEW Condo Guide | Volume 17 issue 02 | newcondoguide.com
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condo profile
einstein2
A smart choice for savvy buyers // By Heather Ryan
s
mart condo shoppers will be ahead of the class when they choose einstein2 in Bridgeland, one of the most livable, vibrant and evolving communities in Calgary. “Bridgeland is among the most active redevelopment communities in the inner city and we’re really excited to be there,” says Gary Beyer, president of The Providence Group, which is crafting this contemporary condo project similar to its highly successful einstein in Marda Loop. “It has a great history and its close proximity to downtown is a major focus for us, as 75 per cent of our buyers want to be close to the downtown core for work.” At einstein2 residents can leave their vehicle at home and walk, bike or take the nearby C-Train to downtown and to local amenities. From this premium location it’s just a short walk to the neighbourhood’s Bridgeland Market for fresh products, local cafés, trendy breakfast diners, restaurants, shops, services, parks and river valley pathways. einstein2 consists of two, four-storey buildings on the corner of Edmonton Trail and 4th Avenue N.E. The first phase was recently launched in January with sales and prices to be released in mid-February, and it promises to be among the most affordable in the inner city. The first phase will offer 61 suites consisting of one-, two- and three-bedroom floor plans. einstein2 is a smart choice for buyers looking for exceptional interior finishes and features. Interiors are hip and savvy with contemporary European designs and unique smart storage ideas that maximize every square inch of space and make the suites feel much larger than the square footage indicates. There are abundant floor-to-ceiling cabinets in the kitchen, allowing you to store more than just kitchen items, and bedrooms have built-in wardrobes with ingenious organizer systems that use 15 per cent less space and provide
32 NEW Condo Guide | Volume 17 issue 02 | newcondoguide.com
While the interiors are contemporary, the exterior offers an appealing timeless design enhanced by landscaping, an inner courtyard and rooftop patios 50 per cent more storage than typical closets, giving you more effective storage than many larger condos. The kitchens feature a flex-use, multi-functional island that is perfect for food prep, socializing, working from home, or enjoying a meal with friends as it doubles as a dining table. Continuing with the European design, you will find all suites
Beyer says while the interiors are contemporary, the exterior offers an appealing timeless design enhanced by landscaping, an inner courtyard and rooftop patios. “When we surveyed our registrants, the number one thing they wanted was a rooftop patio, and second, an exercise room. We’re offering both,” Beyer says, noting the two sustainable rooftop patios will feature fireplaces, an oversized chess board, barbecue, social spaces, yoga space and fantastic city views. If all of this isn’t enough, techsavvy buyers will love einstein2’s eIntelligence – a cutting-edge living environment management system that allows them to unlock doors, control lighting, set ambient temperatures and more, through the security of their iPhone, Android or tablet. To learn more about einstein2, visit the sales centre at 139 17th Ave. S.W., open Monday to Friday, 11 a.m. to 6 p.m., and weekends, noon to 4 p.m. Call 403.570.5896, or visit einsteincalgary.com.
outfitted with Euro appliances, including a built-in stainless steel oven and gas stove cooktop, integrated fridge and dishwasher, and lift-up bi-fold cabinets. The suites also come with a stacked washer and dryer, as well as a patio with a gas hook-up, a heated underground parking stall and a storage locker. Beyer says when downsizing a two-bedroom into what is often a onebedroom space, “many builders will drop the second bathroom. But it was important to us to have that second bathroom so we’ve created a Euro full three-piece bathroom that is smartly designed to include a tiled open shower, floating sink vanity, and a tankless toilet. The design maximizes the space and allows for functionality and low maintenance.” newcondoguide.com | Volume 17 issue 02 | NEW Condo Guide 33
condo profile
Jayman Modus
Building condos that make sense for buyers // By Heather Ryan
g
oing through a transformation in 2012 gave Jayman’s multi-family division a new modus operandi that included a new brand, a new name, and a new direction with a vision to become Alberta’s leading boutique condo developer and give buyers homes that make sense. Today, Jayman Modus offers a distinct way of doing things to ensure an easy home-buying experience for customers; a distinct way of life by offering design-savvy, affordable condo communities; and a particular approach so the customer is happy from the start and through the entire process. “With our 30 years of building experience we consistently build and
34
view each community as a separate entity based on the end customer,” says Sandi Serr, project marketing specialist for Jayman Modus. “Building based on experience means that quality of the product is consistently above average, even though each community varies based on market.” Since its transformation, Jayman Modus has gone from a two-community builder to offering five to seven different products, from apartment-style condos to two- and three-bedroom townhomes with garage in several communities – all in keeping with the Jayman Modus quality and service. “We have also integrated Focus Group market research into our business,” Serr says. “By doing so we are able to understand our buyer and what type of things they are looking for in a new home – from layouts and interior design features, to services and amenities and community location. We also understand what inspires them and how we can facilitate their needs.
“ Building based on experience means that quality of the product is consistently above average, even though each community varies based on market”
Jayman Modus 02-07-14.indd 1
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LIFE HAPPENS ON THE INSIDE. So you’re looking for a condo or townhome that fits your life. Take a moment to think about this. Modus offers more choice in Alberta than any other multifamily builder. The largest combination of interior options, amenities, models, building styles, communities, cities, pricepoints and services. With choices like this your new home is really only limited by your imagination.
SO BUILD YOUR HOME AROUND YOUR LIFE, NOT THE OTHER WAY AROUND.
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W I T H M O D U S YO U G E T: ■■■
........................................................... a solid and thoughtfully designed product based on 30 plus years of industry experience.
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the best in industry interest rates.
■■■
into your home easier by making an initial downpayment and then monthly installments up until move in date.
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an improved quality of living with included amenities like gyms, courtyards, parks, party rooms and more.
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a smooth transition with our complimentary moving van.
■■■
help selling your home for the best possible market value.
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one year jayman service warranty.
■■■
to save money on legal fees.
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3 bedroom townhomes with garage
Signature Residences + Luxury Penthouses
Be Charmed by a Community that has been Designed for the Ages
Upscale City Living at its Finest
featuring:
featuring:
• 1411 – 1466 sq ft boulevard townhomes • 1578 – 1638 sq ft extra wide ravine homes • Almost all homes have south facing rear decks • Heated double garage • Stainless steel appliance package • Washer & dryer
• 1-3+ bedrooms • 870 sq ft – 2543 sq ft • Airy 10’ ceiling heights • Upscale premium finishes • Air conditioning • Underground heated garage
from low
$300’s+GST
9 Nolan Hill Blvd NW
Jayman Modus 02-07-14.indd 4
$470’s to $1.5m+GST
from
Building J5, 2953 Battleford Avenue SW
2014-01-29 3:19 PM
2 & 3 bedroom townhomes with garage
1 & 2 bedroom condos
The Ultimate in Choice all within a Four Season Lake Community featuring:
featuring:
• 1170 sq ft – 1649 sq ft • 9’ ceilings on main floor • Single, tandem and double heated garage • Stainless steel appliances • 3 interior color palette choices • Washer & dryer
• 7 floor plans • 622 sq ft – 1040 sq ft • 9’ ceilings • Engineered laminate flooring • Ceramic tile flooring • Granite countertops • Stainless steel appliances • Washer & dryer • State of the art fitness gym
from
$298,900+GST
211 Mahogany Way SE
Jayman Modus 02-07-14.indd 5
from
$170’s+GST
211 Mahogany Way SE
2014-01-29 3:19 PM
Move in Now
2 & 3 bedroom townhomes with garage 1 & 2 bedroom condos
Distinctive Townhomes Built on Decades of Experience
Plain and Simple, Homes that Work.
Register online for more information and to be part of the unveiling.
featuring: Coming Spring 2014
Town of Cochrane
• Only 22 remaining • Up to 1213 sq ft • Quartz countertops • Laminate/ceramic tile flooring • Unobstructed mountain views • Heated underground parking • Storage space
Evansridge NW
$170’s to $370’s+GST
from
2 & 3 bedroom townhomes with garage Live the Picturesque Life You Love Coming Spring 2014
207 Sunset Drive, Cochrane
Jayman Modus 02-07-14.indd 6
Cochrane
2014-01-29 3:19 PM
The name Modus stands for how we do things. In the past 30 years we have learned that to improve the quality of our customers’ lives it’s important that we build around their lifestyles and not the other way around. This is how we do things. We are there for you through the entire process and have the experience and connections that no other multifamily builder has. This ensures the smoothest transition possible during your homebuying experience.
It’s just what we do.
Jayman Modus 02-07-14.indd 7
2014-01-29 3:19 PM
Sales Centre Hours: Mon to Thu 2 - 8 pm S a t / S u n 12 - 5 p m
j ay m a n . c o m / m o d u s / j ay m a n m o d u s Jayman Modus Calgary is a Builder of Excellence for providing “An Outstanding Home Ownership Experience� for Multi-Family Homes in Alberta. Based on the J.D. Power and Associates 2013 Alberta Multi-Family New Home Builder Customer Satisfaction StudySM conducted in association with the Professional Home Builders Institute of Alberta. Study measures ANHWP builder members and participating builder members of PHBIA, which represent more than two-thirds of all new single-family homes built in Alberta. For more information, visit jdpower.com
Jayman Modus 02-07-14.indd 8
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“The brand focuses on longevity, pre-existing equity, and consistent aspects of our processes such as Jayman Financial, Jayman Realty, quality control and customer service, while our product side focuses on how we make each community different and exciting,” she says. The communities crafted by Jayman Modus provide various choices to meet the differing needs of today’s buyers in Calgary and in Cochrane. Ebony in Mahogany in southeast Calgary consists of both one- and two-bedroom apartment-style condos starting from the $170,000s plus GST, and two- and three-bedroom townhomes with garages priced from $298,900 plus GST. Another townhome development in the southeast – Mint in New Brighton – has just sold out. Buyers who desire inner-city luxury living are catching on to Overture in Currie Barracks, located southwest Calgary and presenting upscale condos ranging from 870 to 2,543 sq. ft., priced from the $470,000s to $1.5 million.
Three-bedroom townhomes with garages are being offered at Trinity in Nolan Hill in northwest Calgary, priced from the low $300,000s. And another project for northwest Calgary – Avira, which will have two- and three-bedroom townhomes with garages – is coming soon. In Cochrane, Jayman Modus has “Concept” featuring apartmentstyle condos starting from the $170,000s plus GST, and a new project in Riversong at Cochrane, which will have two- and threebedroom townhomes with garages, is coming soon. Buyers are encouraged to visit the Jayman Modus’ Facebook page at facebook.com/JaymanModus for information on these great projects and more. “It is unique as we have consolidated all of our communities into one Facebook page, but you can source out community information with just one click,” Serr says. “So please chose ‘Like’ it for awesome condo and townhome buying advice.” As well, Jayman Modus is dedicating itself to improving its online community participation with the creation of a series of special Modus events. “These events are meant to enrich our audience’s lives through fun, feel-good contests, exciting on-site events, community enrichment, and meaningful charitable donations and efforts. Through our Facebook page, we hope to strengthen our tie with the community in fun and meaningful ways while handing out some pretty cool prizes. We hope to see you all there!” You can also learn more about Jayman Modus and its projects by visiting jayman.com/modus.
newcondoguide.com | Volume 17 issue 02 | NEW Condo Guide 35
hot topic
tax tips for the homebuyer Tax credits to ease the pain of this big-ticket purchase
The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 from your Registered Retirement Savings Plan (RRSP) to buy a qualifying home for yourself or for a related person with a disability. RRSPs aren’t just for retirement anymore. This plan lets first-time homebuyers access their retirement savings tax-free, to increase their down payment and decrease their mortgage amount – and interest paid.
The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 from your Registered Retirement Savings Plan (RRSP) to buy a qualifying home for yourself or for a related person with a disability Buying a home is a big investment
and a financial commitment – especially as a first-time homebuyer. Many first-time homebuyers are generally recovering from the first year of moving into their dream home, and all the associated fees, unanticipated closing costs and expenses to maintain the home. There are a couple of tax credits that homeowners should be aware of when filing their 2013 tax returns. 36 NEW Condo Guide | Volume 17 issue 02 | newcondoguide.com
The HBP withdrawal limit is $25,000 – tax-free – for each you and your spouse, for a combined total of up to $50,000 toward your down payment or other home-purchase related costs. In order to take advantage of this plan, your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the HBP. Generally, you will be required to repay all the withdrawals to your RRSPs within a period 15 years to avoid paying tax on that sum. You will have to repay an amount to your RRSP each year until your HBP balance is zero. If you do not repay the amount due for a year, that amount will have to be included in your income for that year, and you will be taxed. CONTINUE D o n p a g e 3 8 . . .
INNER CITY
that is a first for Calgary – only at Avenue, stunning new river view homes in the desirable West End.
newcondoguide.com | VOLUME 17 ISSUE 02 | NEW CONDO GUIDE 37
hot topic continueD…
the homebuyer’s tax credit (HBTC) is a federal tax credit of up to $750 is available to qualified first-time homebuyers or homeowners who have not owned a home in the previous four years. This tax credit was introduced in 2009 to ease the burden of closing costs for first-time buyers.
The HBTC is a federal tax credit available to qualified first-time homebuyers or homeowners who have not owned a home in the previous four years Do you qualify for the HBTC?
» Neither you, your spouse or common-law partner may have lived in a house that either of you owned in the year of purchase or any of the four preceding years. » If you are a person with a disability or are buying a house for a relative with a disability, you don’t have to be a first-time homebuyer to qualify. However, the home must be purchased to allow the person with a disability to live in a more accessible dwelling or in an environment better suited to their needs and care. » A qualifying home is a housing unit located in Canada that already exists or is being built. » A share in a co-operative housing corporation that entitles you to possess, and that gives you an equity interest in a housing unit located in Canada, also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify. 38 NEW CoNdo GuidE | Volume 17 issue 02 | newcondoguide.com
Why the home buyers’ tax credit is good for canada The federal government introduced the HBTC to give Canadians some much-needed tax relief. As part of the Government of Canada’s $62-billion economic stimulus announced in the Economic Action Plan, first-time homebuyers can get this nonrefundable tax credit to help offset legal fees, disbursements and land transfer taxes. People with disabilities who move to a more accessible home may also qualify for the tax credit. The HBTC makes it a little easier to make one of the largest purchases of our lives – a new home. For more information and tax tips, visit online at cra-arc.gc.ca.
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homebuyers’ help
Insurance tips for
condo landlords If you’re plannIng a condo purchase as an investment property, owning a rental condo is a great investment opportunity, but it comes with a unique set of responsibilities. Condos make landlords vulnerable because of the various parties involved, including tenants, condominium boards and commercial organizations, as well as the nuances of rental legislation. To protect yourself against costly repairs and other major headaches, take the following steps:
• Understand the insurance landscape. The relationship between you, your tenant, and the building itself can complicate matters, especially in regard to insurance. While policies sometimes overlap, certain things inevitably slip through the cracks and could become contentious. Consult a trusted insurance adviser to identify any possible issues or oversights. • Supplement your basic landlord coverage. “Most
traditional policies do not include ‘white goods’ or, in other words, appliances. So, if something goes wrong with your tenant’s stove or fridge, you could be held financially responsible. Avoid this by adding those items to your existing landlord policy,” says Blake Reichert, regional vice-president at Western Financial Group. “You should also determine whether or not upgrades to your unit are covered by your existing policy,” adds Reichert. “Many owners will improve their space without supplementing their coverage. An insurance broker can advise you on the best way to proceed when you make changes, no matter how small.” • Ensure tenants have an individual policy. Before entering a new rental agreement, ask for a copy of your tenant’s policy and share it with your insurance broker. That way, you can find any gaps in coverage. Also, since these policies must be regularly renewed, build a stipulation into the lease that allows you to check it on an annual basis. Remember to talk to a professional insurance adviser, be selective about who you rent to. For more information visit westernfinancialgroup.ca. NC
newcondoguide.com | VOLUME 17 ISSUE 02 | NEW CONDO GUIDE 41
CALGARYISM
3 reasons to buy a
// BY CODY BATTERSHILL
CONDO IN EAST VILLAGE Current EV projects include: » FIRST, RiverHouse, and Verve by FRAM+Slokker » Evolution – Fuse and Pulse by Embassy Bosa When all is said and done, these new condos, as well as a few more unannounced projects by these developing partners, will increase East Village’s current population of 1,500 to approximately 12,000. They will be the pillars of vibrancy that the area will surely be known for when EV is completed. REVITALIZED ST. PATRICK’S ISLAND We are all pleased to hear about the new
Cody Battershill is the founder of Calgaryism and a top-producing realtor at Re/Max House of Real Estate. He also sits on the condominium task force at the Calgary Real Estate Board. He can be reached at 403.370.4180 or calgaryism.ca
N
obody can deny the hype when it comes to East Village (also known as EV), downtown Calgary’s newly redeveloped neighbourhood which is slowly, but surely, coming to life. After all, who wouldn't enjoy all that East Village has to offer? A downtown riverside location, revitalized infrastructure, new condominiums, attractive amenities, and incredible walkability are just the start, and there’s much more to come in the years ahead. Here are some of the top reasons why you should consider buying a condo in East Village: QUALITY NEW CONDOS The most
exciting feature of EV could very well be the new condos by developing partners FRAM+Slokker and Embassy Bosa. These developments will provide people with the opportunity to live in the heart of downtown Calgary and experience an urban lifestyle to its fullest.
changes happening to St. Patrick’s Island. The potential of this outdoor recreational gem has only fully been discovered and is well on its way to becoming much like our beloved Prince’s Island Park across from Eau Claire. A newly designed bridge will connect the Bow River pathways on Memorial (north) and RiverWalk (south) to the island, where visitors will enjoy a full list of new amenities including an outdoor amphitheatre, picnic groves, river raft launch area, and paved pathways to name a few. And the best part is that only a short walk away is the Calgary Zoo. These added amenities and connectivity will make St. Patrick’s Island a recreational hub not only for East Village residents, but for locals and tourists as well. ULTIMATE MASTER PLAN Another awesome characteristic of East Village is that its
developer, Calgary Municipal Land Corporation (CMLC), has carefully articulated every last detail in the master plan to create unique streetscapes unseen ever before in Calgary. The Riff is one of these features; it is an unusually shaped pedestrian way that departs from your typical streetscape where you will find a full line-up of public art and will most likely be a gathering place for festivals and other cultural activities. Verve is one new condo development being built directly on The Riff. Also, EV’s future amenities have been strategically placed to maximize convenience for residents, such as the new urban grocery store proposed on the west side of the community that will allow people to grab fresh ingredients for meals in a matter of minutes. And there’s more… we will just have to wait and see when all developments are announced to completely realize just how grand and all-inclusive EV’s master plan really is! I LOVE EAST VILLAGE Who would have thought that the downtown community
neglected by its city and residents for decades would eventually be the talk of the town? I never would have guessed it, but now, with its impressive line-up of new developments and infrastructure improvements, it's hard to deny that East Village is, and will be, one of the most sought after neighbourhoods in all of Calgary. Join us, and share with us your thoughts, photos, and more to do with Calgary at Calgaryism on Facebook, Instagram, and Twitter today. We hope to see you there!
42 NEW CONDO GUIDE | VOLUME 17 ISSUE 02 | newcondoguide.com
OFF
DEVELOPED BY @BRADJLAMB
WITH THOUSANDS OF CONDOS SOLD
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Prices shown do not include GST and are subject to change without notice. *Ask for details, based OAC. Rendering shown is an artist concept only, actual building details may vary.
NORTHEAST
My 2 Storey nd
“
I love having an open kitchen where the whole family can gather on weekends. And with the bedrooms on a separate floor, there’s privacy too.
”
Build your stories at Kintalla in Redstone, the best townhomes in the northeast.
Visit our sales centre at 150 Redstone Grove NE or call 587.353.9201
3 GREAT STORIES ABOUT 3-STOREY HOMES Own 3 storeys with 2 or 3 bedrooms from $1,421/month*
Register at kintalla.com
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* Based on a mortgage amount of $288,264 with 5% down payment, 5 year term at 2.89% for 25 years with monthly payments. Monthly Condo fees, Property Tax not included. Price and renderings subject to change at developer discretion.
46 NEW CONDO GUIDE | VOLUME 17 ISSUE 02 | newcondoguide.com
METIS TRAIL
NORTHEAST COMMUNITIES 05
SADDLETREE DR.
52 STREET
DE
TR A PI NA
05 C OVENTRY STATION BY HUNTER RESIDENTIAL DEVELOPMENTS
03 09 80 Ave
13007 Coventry Hills Way NE www.coventrystation.ca
10
CALGARY INTERNATIONAL AIRPORT
64 Ave
CENTRE STREET
12 AVENUE
4303 - 1st Street NE
IVE
36 STREET
09 T HE GARDENS OF SADDLESTONE BY GENESIS BUILDERS GROUP
17 Ave
329 Saddlelake Dr. NE
10 I NDIGO SKY AT TARA LAKE BY CARLISLE GROUP Sales Suite 68 Street & 80 Avenue NE
52 STREET
BLACKFOOT TRAIL
IVE ELBOW DR
08 H IGHLAND PARK BY STONECROFT
IAL DR
R MEMO
02 4 3 PARK BY VERICON REAL ESTATE VENTURES
11 K INTALLA BY STREETSIDE DEVELOPEMENTS
43park.ca
MacLEOD TRAIL
150 Redstone Grove NE www.kintalla.com
BARLOW TRAIL
GLENMORE TRAIL
SOUTHLAND DRIVE ANDERSON ROAD
DEERF
12 A RRIVE @ REDSTONE BY PARTNERS DEVELOPEMENT GROUP Coming Soon
13 E INSTEIN2 IN BRIDGELAND BY PROVIDENCE GROUP Coming Soon Register: einsteincalgary.com
114 AVE SE
OOT T RA
IL
W BO
NEW BRIGHTON
IL
Mac TRA
U
MARQ
AIL
NE TR
LOR IS OF
COPPERFIELD
13007 Coventry Hills Way NE
IL
T
VIT McKE
D LEO
S JAME
TRA
EK P ARK
M
TTO BO
CRE
SHAWNESSY BLVD.
Skyview Ranch Rd & Skyview Ranch Dr
16 AVENUE
17 Ave
FISH
07 A RRIVE @ SKYVIEW RANCH BY PARTNERS DEVELOPMENT GROUP
13
04 MEMO 02 01 RIAL D RIVE
GLENMORE RESERVOIR
6 Saddlelake Place NE
68 STREET
32 Ave
52 STREET
14 STREET
16 AVENUE
Coming Soon bridgelandcrossings.com
06 S AFFRON BY GENESIS BUILDER’S GROUP
MCKNIGHT BLVD.
08
01 B RIDGELAND CROSSINGS BY APEX CITY HOMES
06
64 Ave
84 STREET
CRI J OW OHN CH L ILD AUR IE TR BLV AIL D.
FA L RID CON GE
NOSE HILL PARK
EDMONTON TRAIL
SH AG AN
04 S TEPS BRIDGELAND BY GIUSTINI BRIDGES IN. Sales Centre 921 - 1st Ave. NE www.stepsbridgeland.com
ER
IL
CO
68 Street NE & 80 Avenue NE
07
COUNTRY HILLS BLVD.
FO OT TR AIL
VD. LS BL
Y HIL UNTR
03 I NDIGO SKY AT SADDLERIDGE BY CARLISLE GROUP
STONEY TRAIL 12 11
$279,900 CHAPARRAL 2 bed, 2 bath includes GST, granite, hardwood and tile, ABURN BAY plus stainless appliances. CRANSTON Now selling FINAL PHASE! Units in final phase include upper deck, lower patio, walk out to the park and bonus room!
www.CoventryStation.ca
587-896-6107 newcondoguide.com | VOLUME 17 ISSUE 02 | NEW CONDO GUIDE 47
MOVE IN SPRING 2014 Start a new beginning at Sawyer Silverado, Calgary’s greatest SW community.
900 - 1,100 SQ. FT. CORNER CONDOS FROM THE
$290’S
175 Silverado Blvd SW | 403.536.7282 | AVIURBAN.COM/SAWYER
Condos, townhomes & amazing things. aviurban.com CALGARY
CALGARY
SE
1,130 - 1,400 SQ. FT. TOWNHOMES WITH 2 CAR ATTACHED GARAGES MOVE IN SUMMER 2014
FROM THE
CALGARY
NW
$290’S
Possessions subject to availability. Prices subject to change without notice. E&OE.
SW
1,130 - 1,400 SQ. FT. TOWNHOMES WITH 2 CAR ATTACHED GARAGES
FROM THE
$300’S
1,500 - 1,675 SQ. FT. TOWNHOMES ON 17TH AVENUE MOVE IN SPRING 2014
FROM THE
$590’S
BLV GE D.
TR
HIL L NO SE
AIL EY TR STON
SH AG AN
DR .
NA
PI
TR AIL
DE
ER
FO
N COU
NOSE HILL PARK
JO
HN CR LA OW UR IE CH BLV ILD D. TR AIL
CALGARY INTERNATIONAL AIRPORT
64 Ave
16 AVENUE
4
SARCEE TRAIL
TRA
IL
IV E 02 SILVERADO
BY SLOKKER
Silverado Way & Sherrif King Rd
36 STREET
03 17 Ave
07 10
08
16
05 11
09
GLENMORE RESERVOIR
#2105, 99 Spruce Place S.W.
771 Patrick St. S.W.
05 O VERTURE BY JAYMAN MODUS
Sales Centre Now Open in Currie Barracks
06 S AWYER SILVERADO BY AVI URBAN
SOUTHLAND DRIVE ANDERSON ROAD
DEERF
OOT T
AIL
TR
AIL D TR LEO SHERIFF KING ST. SW
VITT
McKE 194 AVE
2712 17th St. SW
08 T HE ALEXANDER BY ASSURED DEVELOPMENTS
09 M ISSION 34 BY ASSURED DEVELOPMENTS
M
EK P ARK
Mac
S JAME
02 01 06
07 G LAS BY AVALON
Presentation Centre: 2719 14th St. SW
TTO BO
CRE
SHAWNESSY BLVD.
RAIL
175 Silverado Blvd S.W.
W BO
FISH
03 O VATION BY INTERGULF CIDEX 04 T HE LANDINGS BY STATESMAN
BARLOW TRAIL
ORE
DR
MacLEOD TRAIL
NM
1020 194th Ave S.W. www.hunterhouseliving.com
ME M O R I AL
37 STREET
GLE
69 STREET
85 STREET
12
01 H UNTER HOUSE BY STREETSIDE DEVELOPMENT 16 AVENUE
BLACKFOOT TRAIL
OLD BANFF COACH ROAD
32 Ave
EDMONTON TRAIL
E
14 STREET
ENU
ELBOW DRI VE
16 A V
CENTRE STREET
SOUTHWEST COMMUNITIES
IS OF
U MARQ
E LORN
TRAIL 10
98 Mission Road SW mission34.ca
ICTORIA CROSS V BY AVI URBAN
132 Victoria Cross Blvd. S.W.
11 C URRIE BARRACKS BY CANADA LANDS COMPANY
J5, 2953 Battleford Ave. S.W.
12 E IGHTY5NINE BY VERTICAL PROPERTIES
882 - 85 Street SW eighty5nine.com
16 E INSTEIN BY PROVIDENCE GROUP 1521-26th Ave. Discovery Centre Now Open 139-17th Ave. SE
newcondoguide.com | VOLUME 17 ISSUE 02 | NEW CONDO GUIDE 49
Alberta Government Introduces Mandatory Home Warranty Protection Owner-builders, who meet certain criteria, are eligible for an exemption from the mandatory coverage and can apply for an owner builder authorization. If it is sold within the warranty period time frame, the owner-builder will be required to provide the remaining warranty to the new home buyer. “It is expected that the new home warranty would cost about $1,700 to $2,000 for an average home, or less than one per cent of the cost of the average house.”
Effective February 1, 2014 all builders are required to provide new home warranty coverage for all new homes built in Alberta. Alberta now has one of the strongest coverage in Canada as mandated under the new Act. Under the Alberta government legislation the New Home Buyer Protection Act, all new detached homes and condominiums would, at minimum, include a warranty for: • One year labour and materials; • Two years for defects in labour and materials related to delivery and distribution systems; • Five years building envelope protection, with a requirement for the warranty provider to offer the consumer the option to purchase additional years of coverage; and, • 10 years coverage for major structural components. “With this new program, Albertans buying new homes will have some of the strongest warranty coverage in the country. This is important, given that a home is the largest purchase most people will ever make,” said Heather Kaszuba, spokesperson for Alberta Municipal Affairs.
50
The new legislation will expand the current coverage to two years on the various systems, such as electrical and plumbing, ten years on major structural and five years on the building envelope. Building envelope refers to the exterior shell of the home, including the roof and walls. The mandatory warranty will offer a greater protection and comprehensive coverage for home buyers. This extension of time is important as many defects, such as improperly installed windows, vapour barrier, or insulation to name a few, can take some time to appear. Currently about 80% of all new homes only have a one year warranty covering the building envelope, fit and finish, delivery and distribution system and major structural covered for five years. Potential buyers will be able to go onto the registry and see how much warranty is available on the home of their interest. The registry will not cover homes that predate the new mandated warranty legislation. Anyone can go online, type in the address, find out if the home has coverage and what remains. Even if the home has had previous owners the coverage transfers to the new buyer as the warranty resides with the home. The public registry will also show current status and who the warranty provider is so you can find out who to contact to make a claim. The Public Registry will be in place Feb 1st. The Act’s additional warranty coverage for new homes will ease home owner’s minds and make their home owning experience one of enjoyment, not of worry. For additional information call Toll Free 310-0000 or visit HomeWarranty.Alberta.ca
Better warranty standards. Built for your new condo.
Now In Effect For the first time ever, all new condos built in Alberta are now covered under one of Canada’s best warranty programs. This ensures even higher quality standards—and better protection for new home buyers like you. Get to know your role at HomeWarranty.Alberta.ca
51
STYLE FILE
SPLURGE vs SAVE If you’re buying a new condo, you’re probably on a tight budget. Don’t fret! With free expert advice from interior stylist Paul Semkuley, we show you where to save and where to splurge for each room in your home.
PAUL SEMKULEY is an interior stylist and principal of Re:Source Lifestyles. His love of art, fashion and design brings a unique aesthetic to everything he touches. Visit online at resourcelifestyles.com and follow him on Twitter at @resourcelifestyles.
// BY SARA DUCK
kitchen SPLURGE
SAVE
FREE-STANDING RANGE APPROX: $2,000 – $5,000
Appliance shopping can be daunting – especially when you are deciding on a big purchase like a free-standing range (hot plate on top, oven underneath). But this important appliance will make your cooking life easier if you spend a little more on a quality piece that is tailored to your needs. “Having a gourmet range will make a huge statement in your kitchen. It will definitely add value to your home while you live there, and especially if you plan to sell your home,” says Semkuley. TIP There are plenty of options when it comes to your range, such as gas, electric and induction. Determine which type of fuel you will use based on what you have available and your personal cooking preference.
Gourmet Settings Non-Stop Flatware. $50 for 20-piece. Visit bedbathandbeyond.ca
Bodum Chambord Four Cup French Press with Locking Lid. $50. Visit thebay.com Royal Doulton Gordon Ramsay Maze White Dinnerware. $100 for 16-piece set. Visit bedbathandbeyond.ca
FACT A study conducted by Visa
Canada suggests 60 per cent of Canadians dine out once or more per week.
52 NEW CONDO GUIDE | VOLUME 17 ISSUE 02 | newcondoguide.com
Hamilton Beach 1.7L Dome Electric Kettle. $60. Visit thebay.com
bedroom SAVE
SPLURGE MATTRESS AND BOX SPRING APPROX: $1,500 – $3,000
Although it is the least glamorous item to buy for the bedroom, your mattress is the most important. “The mattress should last you at least 10 years,” says Semkuley. “Especially when you purchase it with the coordinating box spring, [which] absorbs up to 50 per cent of the body’s impact.” Semkuley suggests getting comfy and cosy in store by laying on the mattress like you would normally sleep, to see if it is the right fit. Whether you prefer one that is firm, made of organic material, or one that comes with a pillow top for extra comfort, buy the best one you can afford.
Emmie Spets Sheet Set in White. $45. Visit ikea.ca
Table Lamp. $70. Visit bouclair.com Seagrass Block Headboard. $200-$390. Visit pier1.ca
bathroom SPLURGE VANITY AND COUNTERTOP APPROX: $2,500 – $4,000
You may think this is an odd pick to invest your money in, but the vanity is a key item for the bathroom. Don’t forget you will be using the vanity every day, multiple times, opening and closing doors and exposing it to moisture. “The most important need of the vanity must be function,” says Semkuley. “Spending more on cabinetry that is made of solid wood will last much longer in a ‘wet’ environment, than those made of a pressed wood compound.” TIP Buy a vanity that is proportionate to your space. You may have room for a big vanity but little room for anything else.
SAVE Simply Fine Lenox Chirp Bath Ensemble. $50. Visit bedbathandbeyond.ca
Heritage Aged Iron Chandelier by Hampton Bay. $99. Visit homedepot.ca The Beverly Mirror by Tangerine Mirror Co. $80 for 24 by 26 in. Visit homedepot.ca
FACT In 1890, the Scott Paper
Company first manufactured toilet paper on a roll, much as we know it today.
Fiona Bath Towels in Coral. $14. Visit bedbathandbeyond.ca
newcondoguide.com | VOLUME 17 ISSUE 02 | NEW CONDO GUIDE 53
SATELLITE COMMUNITY
Our spectacular new showhomes are now open in Airdrie. Tour your home before you decide to move in – what you see is exactly what you get! Our condos in Airdrie start as low as the $205’s, so take the tour today at 604 East Lake Blvd NE. Immediate possessions available.
@StreetsideYYC
condosinairdrie.com
54 NEW CONDO GUIDE | VOLUME 17 ISSUE 02 | newcondoguide.com
403.980.2817
CALGARY’S SATELLITE COMMUNITIES 22
AIRDRIE
03
02
COCHRANE
07
08
10 12
13
06 04
24 Sunset Rd. Cochrane, Alberta
11
09
20
1A
20 SUNSET BY JAYMAN INNOVATIONS
AIRDRIE
2
09 CREEKSIDE VILLAGE BY CARLISLE GROUP
05
8th & MacKenzie Way Airdrie, Alberta
01
10 STONEKEEP AT KING’S STRATHMORE HEIGHTS TOWNHOMES BY MERGE 1DEVELOPMENTS
1
CALGARY
15
CHESTERMERE
797 LANGDON
22X
22X
1225 King’s Heights Way SE Airdrie, Alberta
11 THE EDGE BY STREETSIDE DEVELOPMENTS
604 East Lake Blvd N.E. Airdrie, Alberta
12 RAVENSWOOD TOWNHOMES BY SLOKKER CANADA WEST
22X
17
546
TURNER VALLEY
2802 Kings Heights Gate
2
BLACK DIAMOND
13 BROOKSIDE AT BAYSPRINGS BY MERGE DEVELOPMENTS
OKOTOKS
543
Coming Soon to Yankee Valley Blvd. and 24th St. SW BrooksideAtBaysprings.com
2A
15 CHESTERMERE TOWNHOMES BY SLOKKER CANADA WEST
22 HIGH RIVER
COCHRANE 01 RIVERSTONE AT COCHRANE BY SLOKKER CANADA WEST INC. 240 Riverview Drive in Cochrane
02 HEARTLAND TOWNHOMES BY EXCEL HOMES 1178 Clydesdale Way, Cochrane, Alberta
#300 Marina Drive, Chestemere
03 CONCEPT BY JAYMAN MODUS
06 THE VILLAGE BY CALBRIDGE HOMES
04 SUNSET POINTE BY CALBRIDGE HOMES
07 RIVERREACH VILLAS & MANORS BY JAYMAN MASTERBUILT
201 Sunset Drive, Cochrane, Alberta
302 Sunset Pointe Cochrane, Alberta
05 STONE CREEK LANDING BY CARLISLE GROUP 103 - 5th Avenue, West, Cochrane, Alberta
3102-15 Sunset Square Cochrane, Alberta
17 MOUNTAINVIEW PLACE PHASE II LETHBRIDGE BY SPAN WEST CONSTRUCTION 408 - 1st Ave S.E. Black Diamond, Alberta
13 Riviera Way Cochrane, Alberta
08 THE RANGE BY BIRCHWOOD PROPERTIES CORP. 101 Heartland Avenue Cochrane, Alberta
newcondoguide.com | VOLUME 17 ISSUE 02 | NEW CONDO GUIDE 55
SATELLITE COMMUNITY
Choose the perfect style for you. With an array of home styles and plans, StoneKeep gives you real options. Streetside Series
Backyard Blocks
Courtyard Collection
220’s
TOWNHOMES STARTING IN THE
Charming front porches
Quiet backyard retreat
Spacious single level living
Two and three bedroom townhomes with attached garages and a central landscaped park, all in a great Airdrie neighbourhood. Visit us at 1225 King’s Heights Way SE. From the QE2, take Yankee Valley Blvd. East & follow the King’s Heights signs.
$
NOW OPEN
587-360-2510 | STONEKEEP.CA
tips & tricks
packing tips to make your move a little easier ❏ Gather boxes in all sizes from friends, neighbours and stores.
❏ Collect cushioning material such as bubble wrap, foam
pellets, furniture pads, old blankets, plastic bags, tissue paper, newspapers and small towels to use as padding inside boxes.
❏ Create a “portable packing kit” with marking pens, a tape measure, packing tape, twine and scissors. Carry it with you as you pack up items in your home.
❏ Reinforce the bottom of boxes with extra tape for added strength.
❏ Label each box with the name of the room in your new home where it should be placed.
❏ List the contents of the box on the side of it.
56 NEW CONDO GUIDE | VOLUME 17 ISSUE 02 | newcondoguide.com
❏ Clearly label boxes containing fragile items. ❏ Place china in plastic bags and stack plates upright on their sides, not flat.
❏ Pack your TV, stereo and computer in their original boxes whenever possible.
❏ Keep boxes to 50 pounds or less. ❏ Pack heavy items into their own smaller boxes and place
lighter items together into larger boxes. (Hint: Don’t pack all your books into one box!)
❏ Don’t move flammable, combustible, corrosive or
explosive items such as paint, gasoline and ammunition.
❏ Pack a bag of personal items you’ll need during the move and keep it in an easy-to-find place.
IBJ-CG-FP-- 7.5 x10.5 Sunset 1.24.13.pdf 1 1/24/2014 8:43:35 AM
SATELLITE COMMUNITY
C
M
Y
CM
MY
CY
CMY
K
57
Condo Sense
// by Lydia McNutt
A seller’s market to kick off 2014
Lydia McNutt is an award-winning writer and editor of New Condo Guide. Lydia’s love of architecture, interior design and the written word have landed her happily at home at Wall2Wall Media, where real estate rules. Email Lydia.McNutt@wall2wallmedia.com, and follow her on Twitter @LydiasTweets
I
f you’re considering making a move in 2014, then you’re probably plagued by questions of where the real estate market is heading, and concerns about whether it’ll keep climbing or come to a crashing halt. According to the Royal LePage House Price Survey and Market Survey Forecast released recently, the road looks golden moving forward. The average home price in Canada increased between 1.2 per
2014
What to expect, and how to go with the flow
cent and 3.8 per cent in the fourth quarter of 2013, and real estate experts are expecting much of the same for the first half of 2014 – a projected 3.7-per-cent increase nationally from 2013, and a shift to a seller’s market. “A few short months ago, the country’s housing market emerged from a year-long correctional cycle of dramatically slowed sales volumes. Later 2013 was marked by a transition to buoyant sales volumes and above-average price growth,” says Phil Soper, president and chief executive of Royal LePage. “In the absence of some calamitous event or material increase in mortgage financing costs, we expect this positive momentum to characterize 2014. In fact, we expect a market tipped decidedly in favour of sellers for the first half of the year, after which we project a shift to a more balanced market.” Soper attributes the rising house prices to a few factors – the typically busier spring market, and in addition to normal demand, “housing prices in Canada this year will be influenced by buyers who put off purchase plans in the very soft spring of 2013,” he says. “Talk of a ‘soft landing’ for Canada’s real estate market in the new year is misguided. We expect no landing, no slowdown, and no correction in the near-term. Conditions are ripe for as strong a market as we saw in the post-recessionary rebound of the last decade.” So, what does this mean for you? Buying in a seller’s market: In a seller’s market, demand for homes is greater, which drives prices up. If you’ve found a great home, chances are someone else has too. Regardless of whether you’re buying a brand new home or are delving into the resale market, the same smart strategies apply: Tip #1: Keep your emotions in check. Combine a hot real estate market with a hot head, and you start to lose sight of the goal: to make a smart purchase and a sound investment. Set your budget and stick to it. A home is only worth so much, and it’s up to you to decide what that magic number is. Tip #2: Go with a pro. Your real estate agent, financial adviser and lawyer are the Holy Trinity in the home-buying process, helping you to keep your emotions in check (see Tip #1 above) and make a purchasing decision based on facts and figures, not feelings. Will you be able to afford the mortgage payments, even if (and when) interest rates rise? Tip #3: Get pre-approved for a mortgage. With this in your back pocket, you’ll be locked-in at today’s low rates for up to 90 days, and when you do find a great home and are ready to make an offer, it won’t be conditional on financing since you already have this in order.
You’ve undoubtedly lost some sleep over the decision as to whether now is a good time to buy a home. Do so only when you’re ready for the market, not when the market is ready for you. By sitting on the fence and waiting for conditions to “ripen,” you could be missing out on some sweet opportunities.
58 NEW Condo Guide | Volume 17 issue 02 | newcondoguide.com
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the homebuying process
// by Donna Moore
The importance of choosing
Donna Moore is executive officer of the Calgary Region Home Builders’ Association. Call 403.235.1911 or visit crhba.com
M
any people will likely be thinking about buying a new home or condo this spring, which means venturing out to showhomes to see the latest designs, and driving around the newer communities to check out amenities. Buying a new home is a big decision and an important investment, and there is a lot to consider before you buy. You want to buy with confidence, enjoy the experience, and know that you’ve made the best decision for you and your family. One of the biggest choices you’ll have to make – even before you decide on a particular home style and builder – is determining where you want to live. With so many fabulous new communities being created in the various areas of the city and in the neighbouring municipalities, you’ll have a tough decision ahead while trying to determine what will work best.
the right place to live
Sit down and discuss with everyone in your household what they’d love to have in amenities, both in the building and in the area, and overall location – whether it’s in the city or out of town. If you’re a first-time homebuyer, you may be seeking affordability that a zero-lot line can provide, or you may want a condo or townhouse to enjoy a maintenancefree lifestyle. When looking at the location, think about the community, the distance to work, traffic and availability of public transportation and major transportation routes. Would you be fine with a daily commute into the city or do you want to live closer to work that’s an easy drive or bus ride away? Do you lack a car and need to be close to an LRT or on a major bus route? How important is it to you to choose a community that puts your home within walking or cycling distance from your work?
One of the biggest choices you’ll have to make – even before you decide on a particular home style and builder – is determining where you want to live If you’re a parent, how far do you want to live from schools and child care? And what about places of worship, recreation centres, libraries – are they important to have close by? What about the distance to shops, services, schools, medical centres or hospitals, and other amenities you desire? And how important to you is the distance to greenspaces, pathways, parks, tot lots and sports fields? When you’re driving through new communities, envision yourself and your family living there. Will you enjoy what the community has to offer in years to come? Living in a community that provides an opportunity for your family to connect with neighbours, where you can meet socially in central parks or at community centres, may be a priority for you. In your travels, you’ll also discover that many residential land developers are dedicated to creating mixed-use communities where people can live, work and play, and master-planned communities that offer all types of housing for everyone from first-time buyers to empty nesters. Having proximity to shopping and major routes also factors in when looking to buy. Many newer communities already offer a wide range of shops, services, grocery stores and restaurants. And many also offer convenient access to the Deerfoot Trail or Stoney Trail for ease of getting around the city and commuting to work. No matter what your priorities are, it all comes down to finding a place to live that meets the needs of you and your family. Finding the right community and the right location is just as important as finding the right home and the right builder. newcondoguide.com | Volume 17 issue 02 | NEW Condo Guide 61
homebuyers’ help
Condo hunter’s checklist
When shopping for your dream condo, carry this list with you and take notes to help you remember what you saw, and where! condo #1
condo #2
condo #3
condo #4
Project & address:
Project & address:
Project & address:
Project & address:
Salesperson:
Salesperson:
Salesperson:
Salesperson:
Phone:
Phone:
Phone:
Phone:
Developer/builder:
Developer/builder:
Developer/builder:
Developer/builder:
Type:
Type:
Type:
Type:
2-storey highrise bungalow
detached conversion townhome
2-storey highrise bungalow
detached conversion townhome
2-storey highrise bungalow
detached conversion townhome
2-storey highrise bungalow
detached conversion townhome
Sq. Footage:
Sq. Footage:
Sq. Footage:
Sq. Footage:
# of bedrooms:
# of bedrooms:
# of bedrooms:
# of bedrooms:
# of bathrooms:
# of bathrooms:
# of bathrooms:
# of bathrooms:
Interior appliances:
Interior appliances:
Interior appliances:
Interior appliances:
Options:
Options:
Options:
Options:
Parking facilities:
Parking facilities:
Parking facilities:
Parking facilities:
Special incentives:
Special incentives:
Special incentives:
Special incentives:
Price:
Price:
Price:
Price:
Down payment:
Down payment:
Down payment:
Down payment:
Condo fees:
Condo fees:
Condo fees:
Condo fees:
Financing available:
Financing available:
Financing available:
Financing available:
Other comments:
Other comments:
Other comments:
Other comments:
62 NEW Condo Guide | Volume 17 issue 02 | newcondoguide.com
homebuyers’ help
Condo Buyers’ Resource Section You love the condo, see what you can afford! Compare mortgage rates for your best deal Calculate your mortgage payments using the mortgage payment calculation chart
63
homebuyers’ help
you loVe the conDo, see WHAT you CAn AFFord! Interest rates
calculate Your MortGaGe PaYMents
aMortIZatIon PerIods
% 10 Years
15 Years
20 Years
25 Years
30 Years
5.00%
10.58
7.88
6.57
5.82
5.34
5.25%
10.70
8.01
6.74
5.96
5.49
5.50%
10.82
8.14
6.85
6.10
5.64
5.75%
10.94
8.27
6.98
6.25
5.79
6.00%
11.07
8.40
7.12
6.40
5.95
6.25%
11.19
8.53
7.26
6.55
6.11
6.50%
11.31
8.66
7.41
6.70
6.26
6.75%
11.43
8.80
7.55
6.85
6.42
7.00%
11.56
8.93
7.69
7.00
6.59
7.25%
11.68
9.07
7.84
7.16
6.75
7.50%
11.81
9.21
7.99
7.32
6.91
7.75%
11.94
9.34
8.14
7.47
7.08
8.00%
12.06
9.48
8.28
7.63
7.25
8.25%
12.19
9.62
8.44
7.79
7.42
MonthlY Pre-taX IncoMe
sPouse’s Pre-taX IncoMe
total Pre-taX IncoMe
dIvIde BY three
affordaBle MonthlY PaYMents
aMount of MortGaGe (PrIce-down PaYMent)
chart fIGure
aMount of MortGaGe dIvIded BY 1,000
aMortIZatIon aMount
aMortIZatIon aMount
estIMated MonthlY taXes and heat
MonthlY PaYMents
FoLLoW THese sTePs To see IF you’LL QuALIFy For A MorTGAGe on your DreAm conDo
01
Calculate the combined monthly before-tax income of you and your spouse.
Multiply this figure by the amount you need to borrow. Divide by 1,000.
02
Divide by three. This figure is the monthly payment you can afford to make on your condo.
06
Add to this your estimated monthly heating costs and monthly property taxes.
03
07
Take the total price of the condo and subtract the amount of money you expect to make as a down payment. This is the money you will have to borrow.
04
Refer to the chart on the opposite page. Look down the left column and locate the interest rate you expect to pay. Line this up with the amortization period of your choice. (Most first-time buyers take the 25-year amortization.)
05
If this figure is equal to or less than one-third of your gross monthly income (calculated in Step 2), you’ll qualify for a mortgage on your dream condo. Bear in mind that this is a rough estimate. If you have several other large loans already, you may qualify for less. Also, banks and trust companies vary in their policies. The best way to know what you can afford is to go to the lending institution of your choice and get pre-qualified.
64 NEW CONDO GUIDE | VOLUME 17 ISSUE 02 | newcondoguide.com
compAre mortGAGe rAtes For your BesT deAL varIaBle
ATB Financial
2.700
Bank of Montreal Bank of Nova Scotia
6 Months
1 Year
2 Years
3 Years
4 Years
5 Years
2.890
3.190
3.590
3.790
3.950
4.740
5.340
3.990
4.390
4.990
3.950
4.590
5.340
3.140
3.950
4.740
5.340
3.140
3.950
4.740
5.340
2.890
2.890
3.190
3.390
3.790
4.000
2.940
3.000
4.000
3.140
3.140
3.100
4.550
3.750
3.890
CIBC Mortgages
3.000
4.450
3.090
3.140
Canadian Western Bank
3.200
4.000
3.140
Canadian Western Trust
3.200
4.000
3.140
First Calgary Financial
-
4.000
First National Financial
2.600
3.950
2.990
2.790
3.090
3.390
3.590
HSBC Bank Canada
3.100
4.450
3.600
3.950
4.450
4.990
5.340
ING Direct
3.000
-
3.190
3.240
3.590
3.690
4.090
Investors Group Trust
3.000
4.200
3.140
3.140
3.950
4.740
5.340
Laurentian Bank Canada
3.000
4.400
3.140
3.190
3.950
4.740
5.340
London Life
3.000
4.200
3.140
3.140
3.950
4.740
5.340
Manulife Bank
2.800
4.450
3.000
3.200
3.350
3.450
3.740
Manulife Trust
-
4.450
3.000
3.200
3.350
3.450
3.740
National Bank
3.100
4.400
3.140
3.140
3.950
4.740
5.340
Peace Hills Trust
-
4.500
3.150
3.500
3.950
3.950
4.150
President’s Choice Fin’l
3.000
6.040
3.240
3.240
3.590
3.690
4.090
RMG Mortgages
3.000
-
2.890
2.890
2.990
3.090
3.590
Royal Bank of Canada
3.000
4.000
3.140
3.140
3.850
4.740
5.340
Servus Credit Union
-
4.000
3.140
3.140
3.950
4.740
5.340
Steinbach Credit Union
-
-
2.600
2.800
3.000
3.150
3.350
T-D Mortgage
3.000
4.000
3.090
3.140
3.950
4.740
5.340
Your Neighbourhood C.U.
-
-
3.400
3.500
3.600
3.690
3.590
Rates are subject to change without notice.
mortGAGe options you can choose any of these mortgage options which fit into the two basic mortgage types. Lenders may even customize these options to suit your needs. All mortgages are of two basic types:
conVentionAl
open mortGAGe
Buyer can borrow up to 75 per cent of the purchase price or the value of the property, whichever is less. Buyer has to pay 25 per cent down. A conventional mortgage cannot exceed 75 per cent of the value of the property.
Allows borrowers are to repay all or part of the total amount of their mortgage at any time without penalty. Because of flexibility, this is ideal for borrowers who plan to sell their homes in the near future or who want to switch from a short-term mortgage at high-interest rates to a longer term when mortgage interest rates fall.
insureD or hiGh-rAtio Buyer can borrow up to 95 per cent of the purchase price or the value of the property, whichever is less. The down payment can be as low as five per cent.
closeD mortGAGe This usually has the lowest interest rate available but lacks the flexible features of other mortgage options. It’s a good
choice for those who want the security of knowing their monthly payment is fixed for a longer term. Prepayment options are available but they are subject to conditions.
portAble mortGAGe Offers flexibility if borrowers move. Borrowers can take the mortgage to their new home or can transfer it (usually with the consent of the lender) to the purchaser of their old home. This is an attractive option if the rate on the existing mortgage is lower than current rates.
newcondoguide.com | VOLUME 17 ISSUE 02 | NEW CONDO GUIDE 65
Index of advertisers
read more about our advertisers! 6th and 10th
Brad Lamb Developments
43
Albert Park Station
Carlisle Group
Avenue
Grosvenor & Cressey
44-45 37
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5
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21
Champagne
Remington Developments
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Brad Remington Homes
2
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Hunter Developments
47
Cranston Ridge
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3
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Carlisle Group
District
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41
The Edge
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54
Edison
Avi Urban
67
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Groves of Varsity
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25
Heartland Townhomes
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55
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46
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39
Mark on 10th
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4
Muskoka
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17
The Post
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23
The Range
Birchwood Developments
21
Ravenswood
Slokker Canada West Inc.
7
Riverfront Pointe
Carlisle Group
44-45
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Brookfield Residential
17
SageStone
Greenview Developments
22
Sawyer
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48
Smith
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6
Stone Keep
Merge Developments
Stone Creek Landing
Carlisle Group
Sunset Ridge
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57
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28
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27
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Zen – Garden Homes
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Jayman Group of Companies Avira Overture
Concept Riversong
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66 NEW Condo Guide | Volume 17 issue 02 | newcondoguide.com
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