Mar 7 - Apr 4, 2014 Volume 17 Issue 03 Feb 6 - Mar 6, 2015 Volume 18 Issue 2
THE MOST ANTICIPATED HOMES IN VICTORIA PARK THEGUARDIANCALGARY.COM
INSIDE THISINSIDE ISSUE THIS ISSUE
CALGARY HOUSING OUTLOOK: THEGROWTH CONDOMINIUM SOLID AHEAD
RESERVE FUND
3 THINGS TO WATCH IN
CALGARY’S DELECTABLE CANADA’S HOUSING MARKET FOODIE SCENE
THE MORTGAGE RATE STYLE FILE: WARS RAGE ONLIGHTEN
UP FOR SPRING
BUILDING FOUR NOW RELEASED
CHBA - Calgary Region
2012
Building One is sold out, few units remain in Building Two and Building Three is selling fast. Make your move today and make your dream a reality at Champagne – Calgary’s only pre-cast concrete residences with exceptional designer finishings and premium riverside location.
790 - 1125 SQ. FT. ONE BEDROOMS FROM THE LOW $300S 1220 - 1695 SQ. FT. TWO BEDROOMS FROM THE LOW $500S Presentation Gallery - 350 Quarry Park Blvd SE Mon. to Thur. - Noon to 8pm • Fri - Closed • Sat & Sun - Noon to 5pm
re m i n gt on c or p. c om • 403 . 930. 6900 How did engineering protect Quarry Park from the Flood of 2013? Visit our Presentation Gallery to learn more.
Make your move with Cardel Lifestyles CALGARY’S BEST CONDO + TOWNHOME VALUE
CONDOS STARTING FROM
209,900
GRAND OPENING
$
5 NEW SHOW SUITES SAT, FEB 28 | NOON - 5 PM
+ GST
QUICK POSSESSIONS
NOW SELLING
Close to Fish Creek Park | Bigger windows for brighter living | 9' ceilings on every floor | Close to hospital Register today for community updates and VIP selection status. 522 Cranford Dr SE | 403.457.2670
SALES CENTRE AND SHOW SUITE NOW OPEN
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$
+ GST
BACKS ONTO PARK
7 CONDO FLOORPLANS
(Pre-selling from Panorama West)
1+2 BDRM CONDOS GREAT NW LOCATION
105 Auburn Meadows Dr SE 403.371.6014
3 BDRM TOWNHOMES WITH DOUBLE GARAGE
175 Panatella Hill NW 403.241.8975
OPENING SOON! Register today! 403.241.8975
Visit cardelcondos.com for all our current and upcoming projects. *Prices subject to change without notice. Subject to availability. Rendering is artist’s concept only. Subject to change without notice.
CONDOS + TOWNS
Built for real life. CARDELCONDOS.COM
Sales Centre Hours: Mon-Thur: 2 pm-8 pm Sat, Sun + Holidays: Noon-5 pm Closed Fridays
3
SOUTHWEST
4
A NEW PERSPECTIVE ON URBAN LIVING
The Guardian’s two-bedroom, two-bathroom suites offer panoramic double-exposure views of the city, rivers and mountains from Calgary’s tallest residential tower.
SUITE 02
814 SQ FT + 79 SQ FT Balcony
Starting at $455,900
SUITE 04
809 SQ FT + 139 SQ FT Balcony
Starting at $436,900
SUITE 07
904 SQ FT + 115 SQ FT Balcony*
Starting at $535,900
SUITE 09
979 SQ FT + 133 SQ FT Balcony*
Starting at $578,900
*Includes parking space for two vehicles
Developed by Hon Developments. Renderings are artist’s interpretation. Prices subject to change without notice. E&EO.
PRESENTATION CENTRE 456 -12TH AVENUE SE MON – THURS 12 – 6PM TEL 403 800 3368 SAT & SUN 12 – 5PM
FEATURES
• Imported Italian Armony Cucine cabinetry and professional-grade induction cooktops by AEG • Optimized floor plans and open concept interior design • First-class amenities: Fitness centre and yoga studio, workshop, social lounge and garden terrace
THEGUARDIANCALGARY.COM
PRESENTATION CENTRE NOW OPEN | WEST 85th in West Springs | #2118, 8561 - 8A Avenue SW | 403.474.4875
7
CONTENTS
FEB 6 – MAR 6, 2015
VOLUME 18
ISSUE 02
COVER STORY
11
Residences at The Guardian
A coveted address in Calgary’s tallest residential towers by Heather Ryan
COLUMNS / NEWS / HOMEBUYERS’ HELP 10
Editor’s note
18 Qualex-Landmark Capitalizing on Calgary’s demand for inner-city urban living 20 Calgaryism Pet policies and your new condo by Cody Battershill
22 In The News Bank of Canada drops key lending rate to 3/4 per cent 26
Finances Think beyond rates when mortgage shopping
30
In The News Home prices strolling versus bounding
32 Housing Outlook Record years give way to solid growth by Wayne Karl
38
Homes by Avi Homes by Avi Group of Companies finalist for 2014 National SAM Awards
40 Marketplace Trend watch 2015 by Sara Duck
46 Contemplating condominiums You and your condominium community by Linda Palfi
52 Mortgage Advice Why you should pay attention to the Bank of Canada by Alyssa Richard
54 Homebuyers’ Help Three things to watch in Canada’s housing market this year by Wayne Karl
56 Investor Advice The mortgage rate wars rage on by Andrew la Fleu r 58 The Homebuying Process Some bright ideas to light up your new home by Donna Moore
PRESIDENT, WALL2WALL MEDIA
Jacqueline Hill
60 In The News Luxury homes selling like hotcakes; sales see doubledigit increases by Lydia McNutt
62
Condo Buyer’s Checklist
63
Condo Buyer’s Resource Section You love the condo, see what you can afford!
66 Advertiser Index
PROJECT LOCATION MAPS
EDITOR-IN-CHIEF / DIRECTOR OF CONTENT
15
Inner City
Josh Heppner
25 Northwest Map
Edwin Rizarri
37
Daiana Garay
Susan Legge DIRECTOR OF SALES, NATIONAL SENIOR SALES MANAGER, WESTERN CANADA
Southwest Map
ART DIRECTOR EDITOR
43 Satellite Communities
Lydia McNutt
49 Southeast Map
Sara Duck Wayne Karl Elisa Krovblit
61 Northeast Map
CONTRIBUTING EDITORS
DESIGN EDITOR
Yanic Simard
Media Consultant
Natalie Houghton 587.226.1313 Like us on Facebook:
CONDO PROFILES
search: CalgaryNewCondoGuide
PRODUCTION MANAGER
Bala Gnanapandithan PRODUCTION CO-ORDINATOR
Greg Van Sluytman GRAPHIC DESIGNER
Viosa Barileva
Published By
newhomeandcondoguide.ca 2891 Sunridge Way N.E. Calgary, AB T1Y 7K7
28
ARRIVE AT EVANSTON by Partners Development Group New townhome enclave “Arrive”-ing — By Heather Ryan
COPYRIGHT 2015 Copyright covers the contents of 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. Wall2Wall Media is a trademark of Yellow Pages Group Co. in Canada. ADVERTISING RATES
T 587.226.1313 email natalie.houghton@wall2wallmedia.com CIRCULATION Copyright covers the contents of 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.
EDITORIAL Submissions from interested parties will be considered. Please submit to susan.legge@wall2wallmedia.com
50
BRISTOL TOWNHOMES by Birchwood Properties Last chance to purchase in Bristol Townhomes in Quarry Park — By Heather Ryan
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
HOW LOW CAN RATES GO? TIME WILL TELL!
SUSAN LEGGE Editor-in-chief
Susan.Legge@wall2wallmedia.com Follow me on Twitter at Twitter.com/SusanLegge Like us on Facebook Search: Condo Guide
Just when we thought interest rates couldn’t get any lower, the Bank of Canada’s decision to drop its key lending rate to 0.75 per cent came as a shock, and the big banks followed suit by reducing their mortgage rates. The old adage, “expect the unexpected” has never been more true. To prepare for the unexpected, get pre-approved for a mortgage. With a pre-approval in hand, you’re protected if rates rise; if they go down (and TD has reportedly predicted that another drop in the Bank rate is coming!), then you’ll likely get an even lower rate. A pre-approval can be a win-win situation for home shoppers, since it means you don’t have to wait to get financing approval 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 it in place. So when will rates rise? It’s anyone’s guess, but most experts agree it’s unlikely there will be any significant upward movement in 2015. However, we can’t just 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. Take advantage, while you still can!
THE “NEW” DREAM HOME
LYDIA MCNUTT Editor
Lydia.McNutt@wall2wallmedia.com Follow me on Twitter at Twitter.com/LydiasTweets
There’s a new dream home on the market! With a growing population, increasing demand for homes and rising prices, there are two places for homebuyers to go – out (out of town, that is) and up! Condominiums have risen in popularity among buyers looking for convenience and cost-effectiveness – and not just first-time homebuyers, either. More and more, we’re seeing condos become the home of choice for families, thanks to their prime locations, convenient lifestyle and the affordability they offer. Home builders today are designing condos with efficient layouts and smart features, and they’re not just “small but sweet” spaces anymore either. The rising trend of three-bedroom suites across Canada welcomes those who choose to call condos “home” as their family grows and their needs change through the years. When hunting for your next home, think about what’s most important to you – now, and in the future. A successful home search will balance price, location and amenities. Do your research, explore all avenues – downtown and out-of-town – and see what your budget can buy. Take your time, know what’s important to you, and you’re sure to find happiness and a new home that you’ll love!
10 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
COVER STORY
A coveted address in Calgary’s tallest residential towers By Heather Ryan
RISING HIGH INTO CALGARY’S skyline, the two towers of The Guardian are quickly becoming a recognizable landmark as the city’s tallest residential towers in the coveted, up-and-coming Victoria Park neighbourhood. Residences at The Guardian are proving to be a hit with savvy buyers, who are drawn by the modern design, exceptional finishes, stellar location and outstanding value.
The Guardian North, which sold out quickly, already soars to 44 storeys and is completed to its full height with possessions expected to begin this spring. Its twin, The Guardian South, is not far behind in construction, still rising at 35 storeys and more than 50 per cent sold. “With the first tower sold out, sales are going extremely well in Guardian South,” says Ernest Hon, director of sales and marketing at Hon Developments. “We are getting a great response from Calgary homebuyers who appreciate that not all square feet are made equal.” “Our floor plans are designed with the resident in mind; living spaces are generously proportioned to allow flexibility in furniture layout and we’ve carefully optimized the suites to avoid any wasted space,” Hon explains.
The appliances are sleekly integrated into the cabinetry and include a professional-grade induction cooktop by Germany’s AEG The Guardian South has a variety of plans available with one-bedrooms ranging from 441 to 572 sq. ft., two-bedrooms from 809 sq. ft. to 979 sq. ft., and the remarkable Paramount Suites, which have interior spaces of up to 2,619 sq. ft. And while The Guardian itself is soaring to new heights, its prices remain affordable, with one-bedrooms starting at $264,900 and two-bedrooms at $445,900. The luxurious Paramount Suites start at $1.4 million. Each of the homes at The Guardian has floor-to-ceiling windows including expansive windows in every bedroom and oversized balconies, so residents can enjoy sweeping panoramic views, says Hon. “The Guardian’s unique vantage point amongst the lowrise buildings of the historic warehouse district in Victoria Park means that these units will always have magnificent and largely unobstructed views of the city skyline, rivers and mountains.” The modern open-concept interiors feature highquality finishes than span throughout the suite like the wide-plank laminate hardwood flooring. The kitchens are gorgeous, featuring high-end cabinetry manufactured in Italy by Armony Cucine, polished quartz countertops and 12 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
linear aluminum or glass backsplashes. The appliances are sleekly integrated into the cabinetry and include a professional-grade induction cooktop by Germany’s AEG. Armony Cucine cabinetry can also be found in the elegant bathrooms that feature sleek polished chrome fixtures, frameless glass showers and a unique micro-mosaic tile feature wall. The Guardian also presents distinctive modern architecture highlighted by glass window walls and metal panels that, combined with its remarkable height, make a dramatic impact on the skyline and a coveted address by its residents. Hon notes that with construction ahead of schedule, purchasers can be confident that their homes will be completed on time with possessions beginning this spring in The Guardian North and next spring in The Guardian South. The towers are comprised of 620 condo units with a mixed-use podium that will contain parking, residential amenities, retail and live/work units. The Guardian features an impressive set of on-site amenities, including a fully equipped fitness centre, yoga studio, workshop, residents’ social lounge and rooftop garden terrace. Of course, one of The Guardian’s major appeals is the Victoria Park neighbourhood, which has seen a dramatic transformation with many of the historic warehouses being converted into creative studios, innovative small businesses and hip new restaurants and cafes. Savvy homebuyers are certain to appreciate the value of buying into a neighbourhood that is now welcoming an influx of new residents, businesses, and new cultural amenities such as the nearby National Music Centre. Strategically located across from Stampede Park, The Guardian is central to a wide range of conveniences. “The Guardian embraces urban living with easy access to downtown, the rivers, East Village, 17th Avenue and Inglewood.”
For more information, visit The Guardian’s award-winning presentation centre in the historic Victoria Park Bungalow Schoolhouse at 456 12th Ave. S.E, open Monday to Thursday, noon to 6 p.m.; and weekends, noon to 5 p.m. Call 403.800.3368 or visit theguardiancalgary.com. NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 02 | NEW CONDO GUIDE 13
CON UND STR ER UCT ION
INNER CITY
6 AVE N
“Let me get
GREYHOUND BUS TERMINAL
that for you.” Welcome to Smith: a boutique collection of homes in the Beltline with an on-duty concierge who signs for packages, lets friends into your home and
23 AVE S
finds countless other ways to make life easier. Add in a stylish home built 26 AVE S
by Grosvenor, a world leader in crafting special homes, and suddenly, deciding why to buy just got easier too.
HOMES BELOW $300,000 STILL AVAILABLE.
15 AVE SW
17 AVE SW
6 ST SW
16 AVE SW
7 ST SW
Presentation Centre 2nd Floor 850 16th Ave SW M–TH 12–6pm. S+S 12–5pm 403.264.1703 smith17.com
8 ST SW
NOW SELLING:
THE BELTLINE
This is not an offering for sale. Such offering can only be made with a disclosure statement. E.& O.E.
14 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
Living cities
INNER CITY 11 SOBOW BY M2I DEVELOPMENTS CORPORATION 1640 17A St.
RILEY PARK
24
6 AVE N
5 AVE N
VE 4A
3
EN
12 KENSINGTON BY BUCCI
V 2A
SUNNYSIDE 20 STATION
ROTARY PARK
PRINCE’S ISLAND PARK
301 10th St. NW
21
13 FIRST BY FRAM + SLOKKER
17
12
EAU CLAIRE04 MARKET
East Village Experience Centre 553 Riverfront Ave. SE
16
25
14 AVLI ON ATLANTIC BY RED MANAGEMENT
01
1220 9th Ave.
4 AVE S
06
16 STEPS BRIDGELAND BY GIUSTINI BRIDGES IN.
13 18
5 AVE S 6 AVE S
REYHOUND US TERMINAL
MILLENNIUM PARK
Sales Centre 921 - 1st Ave. NE
19 CONVENTION CENTRE
9 AVE S
07
MOUNT ROYAL VILLAGE
26 AVE S
TALISMAN SPORTS CENTRE
10 ST W
PROSPECT AVE
22
26 AVE S
05
21 V&V BY PROVIDENCE GROUP
04 WATERFRONT BY ANTHEM PROPERTIES 216 Riverfront Ave. S.W.
05 THE GUARDIAN BY HON TOWERS
12th Ave SE at 3rd St.
Sales Centre 1120 Kensington Rd
Register: einsteincalgary.com
23
07 SMITH BY GROSVENOR
43park.ca
Sales Centre Now Open in East Village
ERLTON / STAMPEDE STATION
02 PARK POINT BY QUALEX-LANDMARK
03 43 PARK BY VERICON REAL ESTATE VENTURES
19 VERVE BY FRAM + SLOKKER
20 LIDO BY BATTISTELLA
06 AVENUE BY GROSVENOR & CRESSEY
Coming Soon Register now at Qualex.ca/ ParkPoint
916 Memorial Drive
18 EVOLUTION BY EMBASSY BOSA INC.
CALGARY EXIBITION AND STAMPEDE PARK
01 RIVERFRONT POINTE BY CARLISLE GROUP
101 Riverfront Avenue S.E.
11
East Village Experience Centre 553 Riverfront Ave. SE
VICTORIA PARK / STAMPEDE STATION
08
4 ST W
5 ST W
CLIFF ST
17 AVE S
23 AVE S
1 ST E
COLONEL BELCHER HOSPITAL
OLYMPIC WY
02
MACLEOD TR
1 ST W
2 ST W
11 AVE S
4 ST W
5 ST W
8 ST W
10 ST W
14
12 AVE S
17 916 BY SABLE DEVELOPMENTS
FORT CALGARY
CITY HALL
22 ALEX BY ASSURED COMMUNITIES
Presentation Centre: 2719 14th St. SW
1035 5th Ave. SW
23 MISSION 34 BY ASSURED COMMUNITIES
Visit Sales Centre at 850-16th Ave. SW, 2nd Floor
08 DISTRICT BY BOULEVARD INVESTMENTS Sales Centre Now Open 305 18th Ave. SW
98 Mission Road SW mission34.ca
25 BRIDGELAND HILL BY GABLECRAFT HOMES 516 Edmonton Tr. NE
09 LiFFT BY VERICON REAL ESTATE VENTURES
Coming soon to Renfrew-Bridgeland liveLiFFT.com
10 BRIDGELAND CROSSINGS BY GABLECRAFT HOMES bridgelandcrossings.ca
NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 02 | NEW CONDO GUIDE 15
ALBERTA’s #1 CONDO BUILDER
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unit 5117, 2715 12 ave se. sales centre hours: mon - thurs 12-6 pm sat, sun & holidays 12- 5 pm, closed Fridays
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IN THE NEWS
The Qualex-Landmark Group capitalizes on Calgary’s demand for inner-city urban living
Q
ualex-Landmark Group of Companies, the most active condominium developer in Calgary’s Beltline Community, is adding another residential community in the Beltline with the acquisition of the 0.7acre site at the corner of 11th Avenue and 12th Street SW. It will be Qualex-Landmark Group’s seventh condominium building within the Beltline. With $370 million in real estate sales and more than 1,000 homes built (or under construction) in the Beltline in the last 10 years, the developer continues to show enormous faith in the Calgary market. “The urban lifestyle is becoming increasingly attractive, with walkability and the convenience of access to amenities. We are achieving success by tapping into the growing trend of ‘new urbanism’ as an increasing number of Albertans opt for downtown living,” says Mohammed Esfahani, president of Qualex-Landmark. “The acquisition of this seventh site is another testament to Qualex-Landmark Group’s commitment to Calgary and long-term presence in the Beltline. The response to our communities has been phenomenal and we are pleased to be in a position to provide more firstclass residential offerings to Calgary’s urbanites, as the appeal of an active, urban lifestyle continues to grow.” The purchase of this new site further affirms QualexLandmark Group’s reputation as the Beltline’s most active condo developer and its continued focus on building in the heart of amenity-rich, mixed-use, high-density communities. Most recently, 274 one- and two-bedroom homes sold out at the Mark on 10th residential tower, and residents are expected to move in early 2016. For Qualex-Landmark, the priority remains focused on its newest community, Park Point, located at 12th Avenue and 2nd Street SW. Further contributing to the vibrancy of Calgary’s Beltline, Park Point’s two towers, rising 34 and 27 floors, will create approximately 500 new residences overlooking Central Memorial Park, one of the oldest and most historic parks in Canada. Tower One will represent another $110 million in downtown Calgary real estate sales. Situated on the former CIBC Operations Centre building site, Park Point will offer a modern interpretation of downtown living with a strong, sophisticated architectural vision and contemporary style. The elegant and innovative mixed-use residential tower will consist of a wide selection of one- and two-bedroom suites with
18 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
Park Point’s strikingly unique architectural façade will be a landmark of the neighbourhood. Image courtesy of Qualex-Landmark Union Inc.
optional den / flex space, street-level live-work townhomes and penthouses. Buyers will have the flexibility to choose tailored floor plan options. The first release of Park Point condos is anticipated for March 2015. The Park Point Discovery Centre will be located on site at 301 11th Ave. SW, corner of 11th Avenue and 2nd Street SW, across from Central Memorial Park. Qualex-Landmark Group of Companies has created of more highrise residential communities in Calgary’s Beltline than any other developer. Designed by award-winning architectural firms like IBI Group, Rafii Architect and Zeidler BKDI Architects, projects in Calgary include Stella, Nova, Luna, Calla, Mark on 10th and Park Point. Qualex-Landmark Group’s success is attributed to its ability to innovate and its dedication to quality and customer satisfaction. Those who register now at qualex.ca/parkpoint/ will be first to receive priority information on Park Point’s progress, early purchase opportunities and access to the widest range of available homes Qualex-Landmark Group of Companies has an extensive track record of both residential and commercial real estate success in the highly competitive Vancouver and Calgary markets. The Qualex-Landmark Group has built its success on its ability to innovate and its dedication to customer satisfaction. Previous projects in Calgary include Stella, Nova, Luna, Calla and Mark on 10th. Visit online at qualex.ca for more information.
Calgary’s Oldest Park Calgary’s Newest Urban Address
D IS CO OPE VERY NIN CEN G S T RE OON
Own a new local landmark. Overlook the sparkling Calgary skyline from Park Point’s unique setting and feel secure by investing in unobstructed views atop rare protected green space. At night, enjoy starlight from your iconic urban tower. By day, soak in the natural sunlight and blue skies while contemplating the gardens and places to venture to below.
CALGARY · PARKSIDE LIVING ON CENTRAL MEMORIAL PARK
2ND ST SW
COMING SOON · REGISTER NOW
12TH AVE SW CENTRAL PARK
N
QUALEX.CA/PARKPOINT Another original development by
Artist rendering only. TM denotes one or more trade-marks of Qualex-Landmark Management Inc. used under license by Qualex-Landmark Union Inc. This is not an offering for sale. E.&O.E.
19
CALGARYISM
Pet policies AND YOUR NEW CALGARY CONDO By Cody Battershill
There are a number of options when searching for a new condominium that will also accommodate your pet
W
e love our pets. Where they go, we go, and that’s that! If this sentence describes you at all, and you find yourself in the market for a new condominium, it’s crucial to know what the pet bylaws are at any development you’re considering. A majority of Calgary condos have specific restrictions, such as a limitation on how much your pet can weigh, how many are allowed, and what type of breeds are accepted. Sometimes there will be a condo-wide restriction on pets all together. This can obviously be a deal-breaker for any pet lover. All the details you need to know about the proposed bylaws will be available for your review, and you must review them! Verify the pet policies If you would like to know what the pet policies are for any new Calgary condo, simply refer to the disclosure documents and proposed condominium bylaws to find out. In some instances, the documents will stipulate that you have to fill out a pet registration form so the new condominium board is familiar with the who, what, when, where and why when it comes to your pet. If you have found a desirable unit and are thinking of making a move, be sure to include in your offer that your pet is coming with you so that there are no surprises when moving in a few years down the road. Written confirmation is a must! Get the pet policy in writing so there are no surprises when it’s time to move in. If in doubt, research, read and understand the exact terms of pet ownership in the new condo.
20 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
Your pet-friendly condo search There are a number of options when searching for a new condominium that will also accommodate your pet. Contacting a new condo expert or experienced real estate agent is the best and easiest way to verify any pet policies if you don’t know how to do so yourself. This will prevent you from writing an offer on a new condo that won’t allow your pet in the first place. After all, home would not be quite the same without our cute and lovable pet(s)!
Cody Battershill is the founder of Calgaryism and a top producing realtor at Re/Max House of Real Estate. Cody has a passion for helping his clients reach their real estate goals and showing off the best Calgary has to offer! He can be reached at 403.370.4180, on Twitter @Calgaryism and Calgaryism.ca
CO N UN STR DE UC RW TI AY ON
LUXURY BEGINS AT THE DOOR
Begin your Avenue experience with a greeting from your concierge at the porte cochere – a five-star entryway that creates an unforgettable arrival for you and your guests. From there, the luxury continues within the grand reception with its soaring ceilings and statement chandelier, a finely appointed lounge, connecting sky bridges and state-of-the-art gym. At Avenue, you can leave to travel the world and then return to a secure home that offers the same sophisticated living experience as the boutique hotels abroad.
ONE BEDROOM HOMES STARTING FROM $374,900 TWO BEDROOM HOMES STARTING FROM $571,900 PRESENTATION CENTRE: 1037 5th Avenue, SW, Calgary
10 ST SW
5th AVE SW
Saturday & Sunday: 12pm–5pm Monday–Thursday: 12pm–6pm Closed Fridays
403-530-8455
This is not an offering for sale. Such an offering can only be made with a disclosure statement. E.&O.E.
AVENUEWESTEND.COM NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 02 | NEW CONDO GUIDE 21
IN THE NEWS
Bank of Canada drops key lending rate to 3/4 per cent
T
he Bank of Canada made a surprise move by cutting its overnight rate by one-quarter of one percentage point to 0.75 per cent. Most economists expected the Bank, if anything, to increase the rate, which has been sitting at one per cent since September 2010. Instead, it lowered the rate in response to the sharp drop in oil prices, which is acting as a drag on economic growth. The bank is now forecasting real GDP growth will slow to about 1.5 per cent in the first half of 2015, before
Canada’s economy gradually strengthens in the second half of the year. The Bank is projecting real GDP growth will average 2.1 per cent in 2015 and 2.4 per cent in 2016. The economy is expected to return to full capacity around the end of 2016. Although there is considerable uncertainty around the Bank’s outlook, the negative impact of lower oil prices will gradually be mitigated by a stronger U.S. economy, a weaker Canadian dollar, and the Bank’s monetary policy response. The oil price shock is occurring against a backdrop of solid and more broadly based growth in Canada in recent quarters, the Bank says. “Outside the energy sector, we are beginning to see the anticipated sequence of increased foreign demand, stronger exports, improved business confidence and investment and employment growth.” The Bank’s next rate announcement is March 4.
22 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
INNER CITY
23
NORTHWEST
24
NORTHWEST COMMUNITIES
AIL
DIN GTO N
JO HN CR LA OW UR 14 IE CH BLV ILD D. TR AIL
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5353 Crowchild Trail NW
18 SONOMA AT SAGE HILL 16 AVENUE BY VERTICAL PROPERTIES 881 Sage Valley Boulevard www.sonomasagehill.com R IV E
D19 916
BY SABLE DEVELOPMENTS
36 STREET
Sales Centre Now Open
17 Ave
21 LIDO BY BATTISTELLA
04 WILLOW AT SHERWOOD BY AVI URBAN Visit Sales Centre at 64 Nolan Hill Gate
05 ARRIVE AT EVANSTON BY PARTNERS DEVELOPMENT GROUP Symons Valley Parkway please call 587-755-1166
06 TRINITY BY JAYMAN MODUS 44 Nolan Hill Blvd. NW GLENMORE RESERVOIR
Sales Centre 1120 Kensington Rd
22 AVIRA BY JAYMAN MODUS Sales Centre located on Evanspark Blvd. NW
BARLOW TRAIL
Sales Centre Now Open 3503 Sage Hill Drive NW
BY STATESMAN HOMES
BLACKFOOT TRAIL
03 VIRIDIAN BY TRICO HOMES
Coming Soon Register today: Ezraonrileypark.com
AveTHE GROVES OF VARSITY 3215
ME M O R I AL
ELBOW DRI VE
RE T BY BUCCI RAIL Presentation Centre opening soon at 2nd Ave and 10th St. NW
02 19
21
37 STREET
175 Panatella Hill NW 02 KENSINGTON GLENM O
SARCEE TRAIL
69 STREET
85 STREET
01 PANORAMA WEST BY CARDEL LIFESTYLES
11 EZRA ON RILEY PARK BY BIRCHWOOD PROPERTIES
14 UNIVERSITY CITY BY KNIGHTBRIDGE
16 AVENUE 11
Now Open Show suite 175 Panatella Hill NW
CALGARY INTERNATIONAL AIRPORT
64 Ave
OLD BANFF COACH ROAD
10 SAGE PLACE BY CARDEL LIFESTYLES
W
CENTRE STREET
E
NOSE HILL PARK
Coming Soon Register: cardelcondos.com
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Coming Spring 2015 Register: jayman.com/carnaby
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08 CARNABY HEIGHTS BY JAYMAN MODUS
STONEY TRAIL NW
EDMONTON TRAIL
D.
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HA RV BLVEST H D N ILLS E
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14TH ST NW
10 18 03 SY MO NS VA 08 06 07 LLE
Sherwood Blvd at Sherwood Way NW Register Now www.thetimbers.gablecrafthomes.ca
MacLEOD TRAIL
COUNTRY HILLS BLVD.
SYMONS VALLEY PKWY
09
85 ST. NW
ROCKY RIDGE BLVD.
144 AVE NW.
07 THE TIMBERS BY GABLECRAFT HOMES
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NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 02 | NEW CONDO GUIDE 25
FINANCES
Think beyond rates when mortgage shopping
T
here’s more to your mortgage than the interest rate. Consider all the options. “Too many Canadians focus solely on the mortgage rate when the real secret to saving money is to consider term, amortization, and payment frequency,” says Erica Nielsen, vice-president of home equity financing at RBC Royal Bank. Rates have been at record lows for some time, but be mindful that a future rate change may impact your budget and lifestyle. Your comfort level with fluctuating interest rates may help you decide whether to go with a fixed or variable interest rate.
Here are three ways to help you save on interest rate costs and become mortgage-free faster: 1. Up your frequency: Most people think of a mortgage payment as a monthly expense. Consider switching it to a bi-weekly accelerated payment schedule. You’ll end up making one extra monthly payment every year. 2. Flexible payment options: Some mortgages offer a low rate, but contain lots of restrictive fine print. Secure a mortgage that offers both a great rate and flexibility, with features such as double-up payments, deferral options, and prepayment privileges. 3. Talk to a mortgage professional: Everyone’s mortgage needs are unique. A mortgage specialist can provide expert advice and help you with customized payment strategies, rate inquiries, moving your mortgage, or setting up the appropriate amortization period and term to help you achieve your personal financial goals. More information is available at rbcroyalbank.com/mortgages. NC
V is for Vive I’independance! ´ The freedom to be yourself. To do your thing. Your way. The charm of modern urban living with a farmer’s market at your doorstep. Total independence from renting and paying someone else’s mortgage.
Condos in Sage Hill From The Low
200
$
’s
* Condos
Plus GST
*Pricing subject to change without notice. E.&.O.E.
BY TRICO COMMUNITIES
2 SHOWSUI TES N OW O PEN !
Visit our sales centre at 3503 Sage Hill Drive NW or viridiancondos.ca 26 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
F I L E
N A M E S
A R E
F O R
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U S E
O N LY
CALL US TODAY! 587-755-1166 AT EVANSTON
FOR PRE-CONSTRUCTION INCENTIVES
HOME TO EVERYTHING YOU LOVE UD
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Take pride in owning an ARRIVE townhome because it’s built environmentally responsible – and love it because it is certified BuiltGreen to save you money. Our townhomes feature spacious floor plans with 2 to 4 bedrooms, all include laminate flooring, 2.5 baths, and an essential heated attached garage, with a full depth driveway.
104 REDSTONE VIEW N.E. (OFF REDSTONE WAY)
PHONE 403-264-8963
ARRIVE AT EVANSTON LOCATION
ARRIVEHOME.CA
REDSTONE WAY 128 AVE
COUNTRY HILLS BLVD
STONEY TRAIL
REDSTONE DRIVE
REDSTONE STREET
METIS TRAIL
MONDAY TO THURSDAY 4PM TO 8PM SATURDAY AND SUNDAY 12PM TO 5PM
FO
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STONEY TRAIL
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OVER 60% SOLD! VISIT OUR SHOWHOME TODAY
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CONDO PROFILE
ARRIVE AT EVANSTON
Partners Development Group launches new townhome enclave By Heather Ryan
F
ollowing on the success of the hugely popular developments of Arrive at SkyView Ranch and Arrive at Redstone, Partners Development Group is thrilled to unveil its next townhome community Arrive-ing soon in northwest Calgary. Arrive at Evanston presents an enclave of 173 townhomes in 29 buildings that focuses on eco-friendly living, great style and sought-after finishes. It offers buyers a choice of two- and threestorey designs with heated single or double attached garages and full-depth driveways at an affordable price point starting at $339,900.
“We are really excited to launch the much-anticipated Arrive at Evanston,” says Jade Mahon, vice-president of sales and marketing. “We received such a great response from purchasers with our Arrive townhome product, both at SkyView (which sold out in 2013) and at Redstone (currently 60 per cent sold) that we’re pleased to offer another Arrive townhome community in Calgary’s north.” She notes the Evanston townhomes will present many sought-after features like cement board siding, granite countertops and designer finishes, “so buyers are getting a complete package with very little left to upgrade.” A key feature that has made the Arrive townhomes so popular with homebuyers is the Green element that gives their purchasers built-in value and energy-saving benefits. Arrive offers energy-efficient and water-conscious homes with a minimum Gold rating from BuiltGreen Canada and a New Home EnerGuide rating between 80 and 83. Every home has water-saver faucets and toilets, low-E windows, LED and CFL lighting, a 96-per-cent highefficiency furnace, electric water heater, spray foam insulation, and a heat recovery ventilation system creating a clean, healthy environment in the home. “We’ve found that our purchasers are more educated towards energy efficiency and are quite proud to be environmentally responsible,” Mahon
28 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
Arrive at Evanston also presents an aesthetically pleasing streetscape which includes a private central park with a playground, seating and gathering gazebos to host larger barbecues and outdoor celebrations amongst the abundant landscaping. says. “They appreciate the BuiltGreen factor because of the long-term money savings involved, the added appreciation of the development’s overall value and the low impact on the environment.” Arrive at Evanston offers buyers four different building designs with townhome models ranging from 1,200 to 1,575 sq. ft. in two-, three- and fourbedroom layouts including a dual master bedroom plan and a limited number of three-bedroom walkouts. Partners Development Group is constructing the townhomes with thoughtful designs that make efficient use of space and fine interior features such as kitchen islands with eating bars, Energy Star-rated stainless steel appliances, laminate floors throughout the main floor, tile floors in the entry and bathrooms and a two-inch blind package. All of the homes have a large balcony area, 2.5 bathrooms, and laundry with front-loading washer and dryer included. Purchasers can also choose from professionally designed colour palettes. Arrive at Evanston also presents an aesthetically pleasing streetscape which includes a private central park with a playground, seating and gathering gazebos to host larger barbecues and outdoor celebrations amongst the abundant landscaping. Residents with young children or who are planning a family, will certainly appreciate having an on-site child care centre by award-winning Kids & Company, which will provide free registration and priority enrolment exclusively to all families in the Arrive at Evanston community.
Mahon says the townhomes will appeal to a wide range of purchasers – first-time buyers, young professionals, young families, and empty nesters who desire spacious floor plans and a maintenance-free lifestyle. Buyers will also love the convenient location just off the newly opened 14th Street N.W. and Symons Valley Parkway, with quick connections to Stoney Trail and Deerfoot Trail. Residents can also walk to shops and services at Evanston Towne Centre, and are mere minutes away from a wide range of shops, services, eateries and more at Creekside, Beacon Hill and Cross Iron shopping centres, as well as having the convenience of the Cardel Place recreation complex less than 10 minutes away.
To learn more about this latest northwest development, Arrive at Evanston, and the preconstruction purchase incentives, call 587.755.1166 or register online at ArriveHome.ca.
NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 02 | NEW CONDO GUIDE 29
IN THE NEWS
Sonoma is where I want to be.
Home prices strolling versus bounding By Wayne Karl
C
2&3 BEDROOM TOWNHOMES FROM THE
$330s
TEMPORARY SHOWHOMES NOW OPEN
SALES CENTRE
SonomaNolanHill.com Another great project built by Morrison Homes.
30 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
algary will be among the leading markets in terms of home price growth this year, according to the latest Royal LePage House Price Survey and Market Survey Forecast. The average price of a home in Canada increased between 4.5 and 6.7 per cent year-over-year. Against the backdrop of a decidedly mixed macroeconomic environment at home and abroad, Royal LePage expects home prices to rise moderately in 2015, forecasting a 2.9-per-cent national increase for the year ahead. In Calgary, the housing market in the fourth quarter of 2014 continued to be among the strongest across the country. Demand was strong for homes across all housing types, and continued to outstrip supply. Average prices for detached bungalows jumped 9.1 per cent year-over-year to $511,889 and standard two-storey homes increased 8.5 per cent to $500,320. Standard condominiums also experienced robust growth, rising 9.1 per cent to $311,644. For 2015, Royal LePage forecasts average home price growth of 2.4 per cent to $472,000, up from $461,000 in 2014. This compares to a 5.4-per-cent increase from $437,036 for 2013. “While some markets have continued to defy gravity, notably the economically robust, supply constrained cities of Vancouver, Calgary and Toronto, by and large, house prices across the country are now strolling versus bounding forward,” Phil Soper, president and chief executive officer of Royal LePage, told New Condo Guide. “We believe this moderating trend will characterize the 2015 market, and that in normal course, even our hottest markets will see eroding affordability ease overheated demand, bringing balance and more rational price increases.” The recent free-fall in the value of oil is impacting the national and provincial economies, he adds, acting as a drag in some regions of the country. “Specifically, the natural slowing of home price appreciation should be accelerated in Alberta, Saskatchewan, and Newfoundland, and delayed in Central Canada.” And what should homeowners and buyers make of statements by Deutsche Bank and the Bank of Canada, that Canada’s house prices are seriously inflated? “Will prices collapse, as a few foreign investment banks have prophesized? That seems highly unlikely in a future characterized by low interest rates and a healthy economy, which is what we see,” says Soper.
NORTHWEST
! D L O 80% S Calgary’s Fastest-Selling Villa Community is now in its Final Phase VISIT OUR SALES CENTRE TODAY 1 Watermark Villas, Calgary (Just off 12 Mile Coulee Rd. NW)
VillasAtWatermark.com 403.474.5985
CHBA - Calgary Region
2013
This is not an offering for sale. Such an offering can only be made with a disclosure statement. E.&O.E.
Community of the Year Calgary Region
31
IN THE NEWS
Calgary housing outlook: record years give way to solid growth By Wayne Karl
T
he Calgary housing market has had it good in recent years. Strong economic, employment and wage growth and increasing net migration all led to a booming real estate sector – including what were record housing starts last year. So spectacular was this performance, however, that it would be impossible to maintain. It should come as no surprise, then, that in 2015, some of the “boom” may come off the rose somewhat in this part of Wild Rose Country. Total housing starts in the Calgary Census Metropolitan Area (CMA) are on pace to reach a record high of 17,200 units in 2014, according the Canada Mortgage and Housing Corp. (CMHC). This represents a huge 37-per-cent increase from 12,584 in 2013. This year, however, total housing starts are forecast to decrease to 14,400 units and 12,800 in 2016. “Housing demand in the Calgary CMA continues to be supported by positive employment growth and heightened net migration,” Felicia Mutheardy, CMHC’s senior market analyst for Calgary, told New Condo Guide. “However, while remaining positive, the rate of employment growth is expected to move lower in both 2015 and 2016. Following a record year in 2013, net migration is expected to decline in 2014 through 2016 while mortgage rates are expected to move higher in the next two years.
32 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
These factors will contribute to a moderation in the demand for housing, resulting in a reduced rate of growth for sales in the existing home market and lower housing starts for both single-detached and multi-family units.” In 2015, existing home sales are forecast to increase 2.1 per cent to 34,200 units, and 1.8 per cent to 34,800 in 2016, she adds. Over the next two years in the Calgary housing market, both singledetached and multi-family starts are expected to decline. There will be 6,400 single-detached housing starts in 2015 and 6,300 in 2016, Mutheardy says. For multi-family starts, there will be 8,000 units in 2015 and 6,500 in 2016. A slower pace of construction for condominiums will contribute to a pronounced reduction in multi-family starts in the next two years. For the new home market in Alberta overall, single-detached starts are projected to rise by nearly four per cent to 19,300 in 2014 and then remain relatively stable at 19,200 units in 2015 and 19,000 in 2016. “Strong economic and employment growth are expected to help Alberta’s housing market conditions remain robust by historical standards over the next two years,” says Lai Sing Louie, CMHC’s regional economist for the Prairie and Territories Region.
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33
The Pinnacle of
LUXURY A Brand New Magazine Dedicated to High-End Properties in Calgary and Area The only magazine of its kind in Calgary, Luxury Living showcases high-end homes, condos and properties. This is your exclusive opportunity to establish your property as the pinnacle of affluent living. Pick up your FREE copy.
LINE AT BLE ON m AVAILA gary.co LivingCal Luxury
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Building Condos and Townhomes from $230’s to $1.7m
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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 multi family builder. The largest combination of interior options, amenities, models, building styles, communities, cities, price points 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.
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.
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into your home easier with our down payment savings program.
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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.
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help selling your home for the best possible market value.
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one year jayman service warranty.
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to save money on legal fees.
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a true community experience Join Modus as we show you our world and interact with yours. Through fun contests, silly videos, unique ideas, community initiatives and our product showcases we genuinely would like your feedback, insight and participation. Feel free to ask us questions and tell us what you’d like to see from a homebuilder. While we are the builder you are ultimately the inspiration for what we do. So feel free to “like” us and dive right in. We’re looking forward to hearing from you!
Get social with us: facebook.com/jaymanmodus
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PRECONSTRUCTION
PRICING
2 & 3 bedroom townhomes with garage THE HEIGHT OF LIVING WITH HILLTOP PANORAMIC VIEWS 2 bedrooms from mid $350’s (INC GST) Monthly Payment from $1700 Qualifying Income from $73,499 3 bedrooms from $380’s (INC GST) Monthly Payment from $1805 Qualifying Income from $77,849 FEATURING: • 1267 sq ft – 1593 sq ft • Single and tandem heated garage • 9’ ceilings on main floor • Huge kitchen island • Stainless steel appliances: • Designer lighting package • Full size laundry centre with washer & dryer • Dual Pane Low-E windows • BBQ/Fire pit area • Community garden • Air conditioning rough-in
501 River Heights Drive jayman.com/rise Riversong, Cochrane
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MOVE IN SPRING 2015
2 & 3 bedroom townhomes with single, tandem and double car garage AND NOW FOR SOMETHING DIFFERENT 2 bedrooms from high $340’s (INC GST) Monthly Payment from $1620 Qualifying Income from $70,301 3 bedrooms from $390’s (INC GST) Monthly Payment from $1810 Qualifying Income from $78,217 FEATURING: • 1229 sq ft – 1698 sq ft • 9’ ceilings on main floor • Single, tandem and double heated garage • Flex room on select homes • Stainless steel appliances • Laminate and ceramic tile flooring • Granite countertops • AC RI • Upper level laundry with washer & dryer
Located on Evanspark Blvd NW jayman.com/avira Evansridge NW
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MOVE IN NOW
3 bedroom Xtra wide townhomes with double car garage up to 1638 sq ft RAVINE LIVING ONLY 7 LEFT
3 bedrooms from 470’s (INC GST) Monthly Payment from $2105 Qualifying Income from $90,905
FEATURING: • Ravine living in a unique cul de sac • Central courtyard greenspace • Playground • Quartz countertops • Hardwood, ceramic tile, laminate flooring • Linear wall fireplace • Stainless steel appliances • Upper level laundry centre • Lower level flex room “mancave”
60 Nolan Hill Blvd NW jayman.com/trinity
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MOVE IN
MOVE IN
NOW 30 DAYS
END OF FEBRUARY
2 & 3 bedroom townhomes with single, tandem & double heated garage
1 + den and 2 bedroom condos 5 floor plans
THE ULTIMATE IN CHOICE ALL WITHIN A FOUR SEASON LAKE COMMUNITY TOWNHOMES 2 bedrooms Starting from $340’s (INC GST) Monthly Payment from $1538 Qualifying Income from $67,231
CONDOS 1 bedroom + den from $230’s (INC GST)
3 bedrooms from $360’s (INC GST) Monthly Payment from $1631 Qualifying Income from $71,120
2 bedrooms from $300’s (INC GST) Monthly Payment from $1395 Qualifying Income from $61,236
FEATURING:
FEATURING:
• 5 floor plans • 1170 sq ft – 1649 sq ft • 9’ ceilings • Beautiful courtyard with water feature & tot lot • Laminate & ceramic tile flooring • Granite countertops • Stainless steel appliances • Upper level laundry centre
• State of the art fitness gym • 622 sq ft 1040 sq ft • Stainless steel appliances • Engineered laminate flooring • Ceramic tile flooring • Granite countertops • Premium features on select suites: Maple cabinets, quartz waterfall countertops, shag carpeting, full height glass tile kitchen backsplash
263 Mahogany Way SE jayman.com/ebony
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EXPERIENCE THESE NEW TECHNOLOGICAL A D VA N C E S I N T H I S M O D U S C O M M U N I T Y:
Modus_Sun_Booklet February issue.indd 8
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Modus is again revolutionizing the industry with the most incredible technologies. Experience the ultimate in Augmented Reality with Modus Matrix. Matrix gives you the power to build a digital model of one of our projects wherever you go with a simple, easy to use phone or tablet app. Imagine doing a showhome tour in the comfort of your own home. This is something that must truly be seen to be believed. Just download the Modus Matrix app and visit a glimpse of tomorrow; today on our site plan page. If that wasn’t enough experience the future of homebuying in our Avira sales centre with our new touchscreen systems that not only deliver the latest product info at the touch of your fingers but even integrates with your cell phone so you can take it with you.
DOWNLOAD THE MODUS MATRIX APP HERE:
OR VISIT WWW.MODUSMATRIX.COM
DOWNLOAD THE APP TO YOUR PHONE OR TABLET
THEN SCAN THIS AD FOR THE ULTIMATE 3D HOMEBUYING EXPERIENCE IN AVIRA EVANSRIDGE NW.
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AT HOME, AWAY FROM HOME. Moving into a community or considering a move into a new community can be a challenge. It can be difficult to reorient yourself and find all of the things and places that provide comfort. So at Modus we’ve developed a simple solution. A mobile amenities application that allows you to find what you want, complete with phone number and GPS locator to take you straight there. So enter one of the community URLs or download our Modus Matrix app on your Android phone or iPhone and scan this page to give it a try!
DOWNLOA D MODUS MATRIX APP & SCAN THIS PAGE Modus_Sun_Booklet February issue.indd 10
1/27/2015 10:01:04 AM
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4 AM
MOVE IN SUMMER
Executive single level living 1- 3+ bedroom Residence and Penthouse Condos (3 buildings – 4 floors) UPSCALE CITY LIVING AT ITS FINEST
from $470’s - $1.7m FEATURING: • 870 sq ft – 2543 sq ft • Airy 10’ ceiling heights • Upscale premium finishes; quartz waterfall countertops, 5” hardwood flooring, tile flooring, KitchenAid stainless steel high end appliances • AC • up to 512 sq ft decks on floors 1-3; up to 1347 sq ft decks on 4th floor • Underground heated garage
BUILDING 1 70% SOLD OUT BUILDING 2 40% SOLD OUT BUILDING 3 TO BE RELEASED SOON
2953 Battleford Ave SW SHOWSUITE IN CURRIE BARRACKS SALES CENTRE jayman.com/overture
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2 & 3 bedroom townhomes with garage A LITTLE OLD WORLD STYLE IN THE HEART OF ALBERTA.
Opening April
FOR INFO PRE-REGISTER TODAY jayman.com/carnaby Nolan Hill NW
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2 & 3 bedroom townhomes with garage YOU SPOKE. WE’VE LISTENED. A COMMUNITY DESIGNED FOR YOU, BY YOU.
Opening Late Summer
FOR INFO PRE-REGISTER TODAY jayman.com/harana Redstone NE
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Buying a home is possible! ASK US ABOUT THE JAYMAN MODUS DOWN PAYMENT SAVINGS PROGRAM The Jayman Modus Down Payment Savings Program is an opportunity to continue saving money towards your down payment while your home is being built. Program suitable for Pre-Sale homes and homes with 6 month + occupancy. Example. Purchase February with occupancy September Purchase Price
Payment Structure
330,000 plus GST 16,500 (GST) 5,940 (Rebate if applicable) 340,560 5% down $17,028 1000 7,514
Deposit Hold February 2.5% (consolidation - approximately 10 days)
Remaining 8,514 staggered monthly until last payment 45 days prior to possession March 1702.80 April 1702.80 May 1702.80 June 1702.80 July 1702.80
jayman.com/modus
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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 multi family builder has. This ensures the smoothest transition possible during your home buying experience.
It’s just what we do.
Modus_Sun_Booklet February issue.indd 15
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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
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m
discover why we’re the 2014 MORTGAGE BROKERAGE OF THE YEAR and how we can help you purchase your dream home.
WINNER 2014 35
SOUTHWEST
The maintenance free lifestyle at Hunter House makes getting out of town a breeze – but with all these great features, it’s hard to imagine staying away! Picture yourself in an established community, with quick access to all amenities and a home with all the high-end finishings you’ve been dreaming of. Stacked Bungalow features worth coming home to: • 10’ ceilings • Hardwood flooring in living & dining room • Quartz or granite countertops • Office/flex area • Double car garage with driveway • Stainless steel appliances including chimney style hood fan and gas range
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CONDOMINIUMS BY TRICO HOMES
03
13
36 STREET
SARCEE TRAIL
TRA
IV E 02 BROOKLYN
17 Ave
02 07
08
05 11
09
GLENMORE RESERVOIR
771 Patrick St. S.W.
05 OVERTURE BY JAYMAN MODUS
Sales Centre Now Open in Currie Barracks
ANDERSON ROAD
DEERF
OOT T
175 Silverado Blvd S.W.
07 GLAS BY AVALON
2712 17th St. SW
08 ALEX BY ASSURED COMMUNITIES
09 MISSION 34 BY ASSURED COMMUNITIES
M AIL
TR
AIL D TR LEO SHERIFF KING ST. SW
194 AVE
Mac
VITT
McKE 01 06
06 SAWYER SILVERADO BY AVI URBAN
Presentation Centre: 2719 14th St. SW
TTO BO
EK P ARK
SHAWNESSY BLVD.
RAIL
W BO
CRE
03 OVATION BY INTERGULF CIDEX
#2105, 99 Spruce Place S.W.
SOUTHLAND DRIVE
FISH
1710-28 Ave. SW www.brooklyncondos.ca
04 THE 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 10
01 HUNTER 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
S JAME
e
AIL EY TR STON
g d d ll
NOSE HILL PARK
UIS
MARQ
RNE OF LO
TRAIL
98 Mission Road SW mission34.ca
10 VIVACE BY STREETSIDE DEVELOPMENTS
Presentation Centre: 2118, 8561-8A Ave. SE
11 JUNO BY AVI URBAN
Sales Centre in Currie Barracks J5, 2953 Battleford Ave. SW
12 EIGHTY5NINE BY VERTICAL PROPERTIES
882 - 85 Street SW eighty5nine.com
13 ALTADORE 36 BY BROOKFIELD RESIDENTIAL
36th St. & 16th Ave SW Register Now www.altadore36.com
NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 02 | NEW CONDO GUIDE 37
IN THE NEWS
Homes by Avi Group of Companies FINALIST FOR 2014 NATIONAL SAM AWARDS
T
he Canadian Home Builders’ Association (CHBA) has announced the finalists for the 2014 CHBA National SAM Awards, with the Homes by Avi Group of Companies being named in several categories. “We’re thrilled to be recognized by our peers across the country,” says Alice Mateyko, president of Homes by Avi Alberta’s singlefamily division. “Being judged as one of the top contenders in Canada’s home building industry speaks to the talent and dedication of our entire team.” The National SAM Awards celebrate excellence in new home design, renovation, community development and marketing across Canada. Homes by Avi’s single-family division is a finalist for Best Single Attached Home for the JV3 in Richmond Park, and Best Print Ad for “Maple Crest,” which ran in the Edmonton market.
Avi Urban, Homes by Avi’s multifamily division, is vying for top honours in Community Development for The Block (pictured below). “We are thrilled by our nomination for national finalist for Community Development,” says Avi Urban president Charron Ungar. “The Block is an extremely unique building and one that we hope shall be considered an innovative example of wood frame apartment construction for some time. It is an honor to be recognized by our peers in the home-building industry, and we congratulate all other nominees on their achievement.” The CHBA National SAM Awards will be handed out at the Association’s 72st National Conference being held in March in Halifax, Nova Scotia.
Image courtesy of Avi Urban
38 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
SOUTHWEST
INNOVATIVE SOUTH CALGARY TOWNHOMES
WITH 2 CAR GARAGES
FROM THE $300’S
NW
39
MARKETPLACE
1
2
TRENDWATCH
2015
This season’s hottest trends are a real mash-up! You can see influences of the ’70s, Scandinavian style and mid-century modern mixed with tons of pattern. It’s an interesting time in design! Here are 11 pieces currently on our wish list. By Sara Duck
4 3 1 Kate Spade Saturday Floral Print Anders Chair. $719. Visit westelm.com 2 SMEG Mixer in Pastel Blue. $550. Visit westelm.com 3 Underline Dinnerware. $5-$7. Visit cb2.com 4 Oslo Five-Piece Cutlery Set in Black. $75. Visit chapters.indigo.ca 40 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
6
7
5 8
9
10 11
5 Eve Pendant. $249. Visit crateandbarrel.ca 6 Sillerup Rug in Black and White. $149. Visit ikea.ca 7 Graciosa Drum Accent Table in Brown. $170. Visit pier1.ca 8 Canyon Vase. $60. Visit cb2.com 9 Silk Bauble Pillow in Forest. $69. Visit chapters.indigo.ca 10 Double-Sided Throw in Celery. $49. Visit chapters.indigo.ca 11 Paradigm Dining Table. $999.
NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 02 | NEW CONDO GUIDE 41
SATELLITE COMMUNITY
42
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CALGARY’S SATELLITE COMMUNITIES 22
AIRDRIE 04
1A
20
10 12 15
13 14
06
24 Sunset Rd. Cochrane, Alberta
11
09
21 THE WHITNEY BY LANDMARK HOMES
2
02
03 01 COCHRANE 08
20 SUNSET BY JAYMAN INNOVATIONS
21
07
211 & 215 Fireside Parkway Cochrane, AB
05
AIRDRIE 09 CREEKSIDE VILLAGE STRATHMORE BY CARLISLE GROUP
1
8th & MacKenzie Way
1 Airdrie, Alberta
CALGARY
CHESTERMERE
797 LANGDON
22X
22X
BLACK DIAMOND
22X
17
TURNER VALLEY
543
604 East Lake Blvd N.E. Airdrie, Alberta
2
12 RAVENSWOOD TOWNHOMES BY SLOKKER CANADA WEST 2802 Kings Heights Gate
13 BROOKSIDE AT BAYSPRINGS BY MERGE DEVELOPMENTS
2A
22
Yankee Valley Blvd. and 24th St. SW BrooksideAtBaysprings.com
HIGH RIVER
COCHRANE 01 TOWNHOMES AT JUMPING POUND RIDGE BY SLOKKER CANADA WEST
Sales Centre on George Fox Trail just past Jumping Pound Terrace www.slokker-west.ca
02 HEARTLAND TOWNHOMES BY EXCEL HOMES 1178 Clydesdale Way, Cochrane, Alberta
03 THE RISE BY JAYMAN MODUS
06 THE VILLAGE BY CALBRIDGE HOMES
04 SUNSET RIDGE STREET TOWNS BY HOMES BY AVI
07 RIVERREACH VILLAS & MANORS BY JAYMAN MASTERBUILT
501 Riverheights Dr. Cochrane, AB
36 Sun Valley Road Cochrane, Alberta
05 STONE CREEK LANDING BY CARLISLE GROUP 103 - 5th Avenue, West, Cochrane, Alberta
1225 King’s Heights Way SE Airdrie, Alberta
11 THE EDGE BY STREETSIDE DEVELOPMENTS
OKOTOKS
546
10 STONEKEEP AT KING’S HEIGHTS TOWNHOMES BY MERGE DEVELOPMENTS
3102-15 Sunset Square Cochrane, Alberta
13 Riviera Way Cochrane, Alberta
08 THE RANGE BY BIRCHWOOD PROPERTIES CORP. 101 Heartland Avenue Cochrane, Alberta
14 HEARTLAND TOWNHOMES BY EXCEL HOMES 101 Hillcrest Dr. SW
LETHBRIDGE Airdrie
15 ZEN RAVENSWOOD BY AVALON MASTERBUILDER
Coming Soon Register: www.zenravenswood.com
17 ZEN OKOTOKS BY AVALON MASTERBUILDER
www.zeninbalance.com
NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 02 | NEW CONDO GUIDE 43
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SATELLITE COMMUNITY
Here’s what you can do to Recycle, Renew and Reuse • Keep your car in good working order. Tune-ups and filter changes cut down on exhaust emissions, and you’ll get better gas mileage. When you change your oil, take your used motor oil to a recycling centre. • Use available transit alternatives. • Separate your garbage. Glass, aluminum, paper and even plastic can be recycled. If a recycling program is not directly available to you, contact your municipal sanitation department. • Donate reusable clothing and linens to charity. Most pick-up regularly in your area. • Become environmentally active in your community. You can make the world a better place to live... now and for future generations.
Recycle girl(19/9)-ja/ah
NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 02 | NEW CONDO GUIDE 45
CONTEMPLATING CONDOMINIUMS
You and your condominium community By Linda Palfi
A
true sense of community is enjoyed in many condominium projects, be they highrise apartments, townhouses, retirement bungalows or even bare-land build-your-own house projects. Beyond that, the greatest sense of belonging and involvement comes to those who serve as members of the condominium Board of Managers. It is they who act as the project’s miniature city council, setting the budget, hiring the management company and addressing concerns. Condominium owners are brought together by numerous common interests. Unlike renters, they share an investment which they all want to see protected. Second, they tend to be long-term residents. Third, they share responsibility and expenses for common services, so working together can, to some extent, reduce costs and make the project more attractive, cheaper to run, and generally a more enjoyable place to live. At my 40-unit condominium highrise near downtown, for example, we produce an in-house newsletter every couple of months. In between, informative notices are posted in the mail room, so there’s lots of information flow among resident owners and to/from the management company. At Christmas we held a party in our lobby, getting to know each other and enjoying a glass of cheer. Some floors even have “floor parties” in which one or another condo owner hosts a pot-luck get-together with adjacent neighbours. If you own or plan to own a condominium apartment, townhouse or villa, consider standing for election or acclamation (which is common) to the Board of Managers for a year. It’s not a big job, as your management company does the real administration and employs tradespeople on your
behalf. But you’ll find a satisfying role dealing with your project’s issues and concerns, which simply need sensible people to consider them and to make decisions. The monthly meetings (sometimes bi-monthly or bi-weekly) are usually held over coffee or wine in a board member’s home right on site, so you don’t need to drive to City Hall! You’ll make friends while helping run your own little community. Once yearly, every condominium corporation holds a general meeting for all the owners within the development, at which time a new Board of Managers is elected. You and your neighbours review the budget, give policy direction to the new Board, and review the past year’s operation of your little condominium “village.” Refreshments and socializing are almost always part of the mix. If they’re not, get on the Board and make it so!
Linda Palfi is a condominiumspecialist realtor with Discover Real Estate, is the chair of her condo board, and is a member of the professional standards committee of the Calgary Real Estate Board. Visit CondosInCalgary.com or call 403.998.7732
46 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
ZEN
SATELLITE COMMUNITY
NORTHRIDGE DR
CALGARY
2A
OKOTOKS SHEEP RIVER
ST
LA
ND
RD
SOUTHRIDGE DR
BIG ROCK TR
WE
WESTRIDGE DR
7
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19/12/14 10:12:32
SOUTHEAST
48
IE
BLV
D.
MCKNIGHT BLVD.
68 STREET
IL
CENTRE STREE
UR
TRA
14 STREET
32 Ave
16 AVENUE
16 AVENUE
12 AVENUE
RIVE RIAL D
MEMO
RIAL D RIVE
SOUTHEAST COMMUNITIES 36 STREET
MEMO
1797 Copperfield Blvd SE
09
14
W BO
206 Cranford Drive SE
NEW BRIGHTON
14 BOULEVARD TOWNES BY BIRCHWOOD
M TTO BO AIL
IL E TRA
RN OF LO
CHAPARRAL CRANSTON
20
05 01
23
MAHOGANY
07 AUBURN BAY 03 04 10
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 MUSKOKA BY BROOKFIELD HOMES 65 Auburn Meadows Way
04 MOSAIC LAKESIDE AUBURN BAY BY BROOKFIELD HOMES
22
16 06 08
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
13
13
01 CRANSTON RIDGE BY CARDEL LIFESTYLES
16 AUBURN BAY BY STONECROFT
COPPERFIELD
12
W ST. 52
AIL
VITT
D TR
McKE
UIS MARQ
116 Quarry Park Way SE
02 11
16
LEO
Mac
S JAME
TR
EK P ARK
27 Auburn Bay Link SE
211 Mahogany Way
13 MOSAIC CRANSTON BY BROOKFIELD HOMES
114 AVE SE
DEERF18 OOT T RAIL
CRE
12 EBONY BY JAYMAN MODUS
84 STREET
52 STREET
19
BARLOW TRAIL
GLENMORE TRAIL
ANDERSON ROAD
SHAWNESSY BLVD.
Coming Soon 25 Auburn Meadows Ave SE
11 CHALETS IN COPPERFIELD BY SABAL HOMES
SOUTHLAND DRIVE
FISH
10 CANOE BY AVI URBAN
52 STREET
ELBOW DRI VE GLENMORE RESERVOIR
17 Ave
BLACKFOOT TRAIL
17 Ave
MacLEOD TRAIL
ILD
SETON BLVD.
Presentation Centre: 350 Quarry Park Blvd SE
19 CHAMPAGNE BY REMINGTON DEVELOPMENTCORPORATION
05 LEGACY STREET TOWNS BY HOMES BY AVI
Quarry Park Blvd SE remingtoncorp.com
Now Open 42 Legacy Blvd SE
20 CRANSTON PLACE BY CARDEL LIFESTYLES
06 ZEN BY AVALON MASTER BUILDER
302 Cranston Road SE
22 MAHOGANY STREET TOWNS BY HOMES BY AVI
82 Auburn Bay Link SE
07 AUBURN WALK BY CARDEL LIFESTYLES
13 Marine Dr SE
23 SYMMETRY AND HARMONY BY STONECROFT
Showsuite and Sales Centre Corner of 52nd Street and Auburn Meadows Dr. SE
121 Copperpond Common SE
08 MUSKOKA BY BROOKFIELD HOMES 27 Auburn Bay Link SE
09 BRISTOL TOWNHOMES BY BIRCHWOOD NOW SELLING 232 Quarry Park Blvd. SE
COPPERFIELD PARK III LOVE IT. LIVE IT. AFFORD IT.
CONDOS* FROM THE $130’S +GST Titled parking stall included.
*
www.copperfieldpark.com 403.723.0094 NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 02 | NEW CONDO GUIDE 49
CONDO PROFILE
LAST CHANCE TO PURCHASE in Bristol Townhomes in Quarry Park By Heather Ryan
W
ith just a few townhomes remaining, buyers who desire upscale townhome living in Quarry Park are down to their last opportunity to make a home in Bristol Townhomes by Birchwood Properties. Bristol Townhomes presents a fabulous collection of 35 modern, three-storey townhomes that have been so well received, there are just nine remaining. “With our Boulevard Townes now sold out and just nine of our Bristol Townhomes remaining, this is really the last chance for people to purchase a new townhome in Quarry Park,” says Birchwood’s sales and marketing manager Adele Kerr. “All of the remaining townhomes will be available to move into this spring, so we can provide the opportunity for a quick possession for people looking to move in the next few months.” The final nine townhomes available are all facing the green belt, and come with single-attached garages. There are two different models offering 1,330 sq. ft. of living space with two bedrooms, 2.5 bathrooms and an upperfloor laundry. “These townhomes all offer the dual master bedroom design, so each has its own private ensuite and walk-in closet,” Kerr says. “For these
50 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
remaining homes, we’ve chosen our most popular colour palettes and added fireplaces, quartz countertops to all the bathrooms, as well as upgraded appliance packages to make them very well appointed.” Kerr notes that two of the townhomes offer special pricing at $424,900 plus GST, which is a $20,000 savings. The remaining homes are priced at $445,900 plus GST. The Bristol Townhomes feature beautiful exteriors with extensive stucco and stone detailing, and being three-storeys “they create a grand streetscape,” she says. The townhomes showcase sought-after features like a main-floor flex-room ideal for a home office,
The townhomes showcase soughtafter features like a main-floor flexroom ideal for a home office, hobby room or TV room, main-floor patio plus a second-floor balcony hobby room or TV room, main-floor patio plus a second-floor balcony. Buyers appreciate the well-appointed interiors that include hardwood floors, nine-ft. ceilings on the main and second floors, quartz countertops, stainless steel appliances, under-cabinet lighting in the kitchen, vessel sinks in the main bathroom, and ensuite and ceramic tile floors in the bathrooms. The townhomes also feature several environmental initiatives such as Energy Star-rated appliances, high-efficiency furnace, low-E Solar Gain windows, water-saving toilets, and shower heads and Green Guard-certified or formaldehyde-free insulation. Kerr says a major attraction for buyers is that Quarry Park has the feel of an established inner-city community because it offers a multitude of amenities all within walking distance. The community offers a perfect balance of residential, office, retail and natural green space all nestled alongside the Bow River, making it an ideal place for people to live, work and play. Residents will enjoy walking to The Market in Quarry Park, which serves as the central plaza and gathering place, featuring intricate landscaping, wide sidewalks and site furnishings, and offers a variety shops, services, restaurants, and a Co-op grocery and liquor store. As well, Bristol Townhomes is located across from a walking path that leads to the river and is a short walk to Carburn Park. Residents can enjoy
more than 80 acres of parkland along with a new recreation centre that is scheduled to open this year. As an added benefit, Quarry Park is serviced by a Bus Rapid Transit line that connects to the downtown, as well as numerous other bus routes connecting to both Anderson and Chinook LRT stations. It also has easy access to Glenmore and Deerfoot Trails, and it’s only 15 minutes from downtown.
To learn more about Bristol, visit the new suite/sales centre at 426 Quarry Way S.E., open Monday to Thursday, 2 to 8 p.m.; and weekends and holidays, noon to 5 p.m. Call 403.561.1911 or visit birchwoodproperties.ca.
NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 02 | NEW CONDO GUIDE 51
MORTGAGE ADVICE
Why you should pay attention to the Bank of Canada By Alyssa Richard
cent (so you’d be up to 3.50 per cent). At that rate, your monthly mortgage payment would be $1,841, which is an additional $190 per month or $2,280 per year you’d need to find in your budget to pay for. Before this latest BoC rate announcement, the overnight lending rate sat at one per cent for four years straight. Economists don’t predict any major upward movement in the near future, so you may not need to worry about this for a while. However, its a good idea pay attention to what the BoC says in its announcements, and prepare your budget for what’s to come.
Y
ou’ve probably seen a few headlines about the Bank of Canada’s (BoC) recent surprise decision to drop its key interest rate to 0.75 per cent. Related reading includes how the economy has shaped the central bank’s decision to change the rate, and how the monetary policy has been updated. It’s a lot of information packed into one article, so don’t feel bad if some of it goes over your head at first. However, if you have a mortgage – particularly a variable-rate mortgage – you may want to add a calendar reminder for each BoC announcement, released every six weeks. Why? Well, because if the overnight lending rate goes up, so could your monthly mortgage payment. To explain how this works, let’s start with some background information. The overnight lending rate is the interest rate at which banks borrow and lend money to one another, to cover the transactions they make each day. Changes to this interest rate can directly result in changes to other interest rates, such as for consumer loans and, you guessed it – mortgages! This is because each bank’s prime rate is attached to the overnight lending rate. So, as an example, if the overnight lending rate goes up by 0.50 per cent, your bank’s prime rate will also go up by 0.50 per cent. And if you have a variablerate mortgage, which is attached to prime rate, your mortgage rate and payment will follow suit. Let’s assume you bought a home for $400,000, put down 10 per cent and amortized your mortgage loan over 25 years. If your bank gave you a five-year variable-rate mortgage of prime minus 0.50 per cent (say, at 2.50 per cent), your monthly mortgage payment would be $1,651. If, at any time during that five-year term, the overnight lending rate went up by one per cent, your bank’s prime rate – and therefore your mortgage rate – would also go up by one per 52 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
Alyssa Richard is the founder and CEO of ratehub.ca, a mortgage rate comparison site that aims to empower Canadians to make smart financial decisions.
A Fresh Collection of
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NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 02 | NEW CONDO GUIDE 53
HOMEBUYERS’ HELP
Three things to watch in Canadian real estate in 2015 By Wayne Karl
B
y all accounts, 2014 was a good year in Canadian real estate – and in some areas a great year. Here are five things to watch in Canadian real estate in 2015.
‘Overheating’ in the housing market Bank of Canada Governor Stephen Poloz spooked many Canadians in December when, in releasing the Bank’s semi-annual Financial System Review, he said that home prices could be overvalued by as much as 30 per cent. Only weeks before, the chief economist for Canada Mortgage and Housing Corp. reassured Canadians that overheating wasn’t a serious concern. “The housing market does have a fairly bright outlook,” Bob Dugan said. “We don’t see overheating as being a problem in any of the markets across Canada,” he said. “Some markets are stronger than others, particularly in western Canada.” We also sought insight and reaction from a leading mortgage broker, Calum Ross. “Respectfully, the Bank of Canada is no more qualified to talk about the specifics of the housing markets than the Canadian Real Estate Association is qualified to comment on monetary policy,” he said. “Saying there is a Canadian housing market is not that dissimilar from saying there is a Canadian temperature – the term itself is irrelevant.” Mortgage rates In its most recent interest rate announcement, the Bank of Canada once again held its influential overnight target rate at one per cent – where it has sat since September 2010. Most economists don’t expect any notable rate increase in 2015, including BMO’s chief economist Douglas Porter. But if rates do begin to inch up, the impact will be interesting to watch. “The chances of a two percentage point rise in rates in any year these days is remote, and I would peg it as extremely unlikely in 2015,” Porter said. “We do believe that at long last rates will begin to creep higher, but we are only looking at a quarter-point hike by the Bank of Canada.” Calgary, Toronto and Vancouver – which have seen significant price gains in the last few years – are among the markets most vulnerable, he says. Oil and gas Canadians are loving the cheap gas at the pumps these days – freeing up coin for us to spend on other consumer goods – but falling oil prices could cause a farther reaching economic shake-up. 54 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
Is it a short-term blip or a more prolonged development that could lead to dramatic change? TD Economics, for one, forecasts downgrades in economic growth in the oil-rich economies of Alberta, Newfoundland and Labrador, and Saskatchewan. In its latest Provincial Economic Forecast in December, TD said real GDP growth in Alberta is expected to fall from its recent trend rate of more than four per cent to 2.3 per cent in 2015-16. Accordingly, after topping the 2014 growth charts by a wide margin, Alberta is expected to trail Ontario (2.5 per cent) and BC (2.4 per cent), where activity is expected to gain a step relative to 2014. A prolonged oil and gas slump could also affect the real estate markets in Alberta – but experts say any slowdown will only bring the province more in line with growth in the rest of Canada.
SOUTHEAST
55
INVESTOR ADVICE
Mortgage rate wars rage on COMPETITION GREAT FOR CONDO INVESTORS By Andrew La Fleur
T
he Bank of Canada’s recent decision to drop its overnight lending rate to 0.75 per cent has prompted some of the big banks to follow suit and lower their mortgage lending rate. TD has even reportedly predicted another rate cut by the BoC in the future. What does this mean for mortgage holders and condo investors? The mortgage rate wars are all good news, that’s for sure. 1. Low interest rates are great for your bottom line. Low interest rates make a big difference to your bottom line as an investor. How? By paying down your principal faster, you’ll also pay less interest. Consider this: on a $300,000 investment condo with 20 per cent down, at a three-per-cent interest rate, you will pay off $34,860 in principal in the first five years of your mortgage and $33,287 in interest. At a six-per-cent interest rate, you would pay down only $24,391 in principal and a whopping $67,739 in interest over the first five years of your mortgage. Buying the right condo, with the right mortgage rate, is a great move. 2. Low interest rates are here to stay. For the last five years it’s been the same old song from the skeptics: “Yes interest rates are low, but what happens to everyone when rates jump back up to normal?” The reality is that the interest rates are not going anywhere any time soon. The Bank of Canada has recently come out and admitted that rates aren’t going anywhere. The U.S. federal reserve is saying the same thing. No civilized country on earth is raising interest rates, so why would Canada? The U.S. economy, and therefore the world’s economy, is still sputtering along at a snail’s pace. It’s time to accept the fact that we will be in a low interest rate environment perhaps for the next decade or more. Are you going to sit on the sidelines and wait for higher rates or are you going to take advantage and act now?
3. When interest rates start to rise, don’t worry. Here’s why: The fears that people have about rising interest rates and a subsequent falling real estate market are irrational. Here’s why: if and when the Bank of Canada raises interest rates, that will mean that the economy is doing better than it is now, not worse. A better economy means more jobs and higher wages which means more demand for real estate, and thus prices will rise, not fall. Prices fall during recessions, not during times of growth. Rental rate increases may slow down as more people shift from renting to buying in the future, but as a landlord you win either way. Interest rates stay the same and more people will rent driving up your income from rents. Interest rates start to go up and more people will buy, driving up your property’s value.
Andrew la Fleur is an awardwinning realtor with Re/Max. Visit TrueCondos.com/ NewCondoGuide for email andrew@truecondos.com
56 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
57
THE HOMEBUYING PROCESS
Some bright ideas to light up your new home By Donna Moore
C
hoosing the right lighting is key to the comfort and appeal of your new home. When you purchase a brand new condo, it often comes with a standard lighting package, and there are usually options for upgrades or sometimes the builder will give you a set allowance to spend on the lighting fixtures and features you want. When it comes to making these lighting choices, homebuyers can get plenty of assistance from their builder, the salesperson or the interior decorator at the company’s decor centre. Alternately, they may be referred to the company’s chosen supplier, who will typically have a showroom and lighting experts on-hand to help with selections. Before making your choices, do a little homework. Flip through magazines, browse the Internet, visit a few stores for general information and ideas, and most importantly, tour some show suites that showcase a variety of lighting styles. You could also ask your builder or the lighting centre if they have any written information or product catalogues they can lend you. It’s a good idea to make sure you understand exactly what your builder is offering in a standard lighting package, so that you know what is already included in the price of the condo. Keep in mind that there could be an additional installation cost for some of your selections. If you decide to upgrade the lighting beyond the builder’s standard specifications, you should set an overall budget. Tell your builder or expert how much you want to spend, and what areas in the home are most important to you, and they will be able to help you allocate your budget wisely. Also verify with the builder that your choices can be accommodated within the plans and construction schedule. When making your lighting selection, bring samples of the interior finishings like paint colour, carpeting, countertops and cabinets, because different colours and textures absorb or reflect light differently. Consider going through the entire home plan, room by room, to determine what each will be used for, so that you can decide on the furniture and any special features you want highlighted, and the mood you want to create with your lighting. Another feature to think about is lighting controls. Dimmers, two-, three- or four-way switches, hand-held controls, motion sensors and timers all give you more convenience, safety and security than plain switches. And with smart systems, you can control your lights remotely with your cell phone or tablet. Ask your builder or lighting expert for recommendations best suited to how you want the lights set up. Give some thought to the extra little touches such as door-activated closet lighting, built-in night lights in hallways, LED lights on stairs, under-cabinet
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lighting in the kitchen, and spotlights for bookcases and shelves. Today’s wide range of lighting and control options provide you with a great opportunity to make your new home just right for comfort, convenience and aesthetic effect.
Donna Moore Executive Officer, Calgary Region Home Builders’ Association 403.235.1911 crhba.com
IN THE NEWS
High-end homes selling like hotcakes LUXURY HOMES SALES SEE DOUBLE-DIGIT INCREASES By Lydia McNutt
L
uxury homes are selling like hotcakes in Canada’s major markets, according to Sotheby’s International Realty Canada‘s latest Top-Tier Real Estate Report. That upward trend is expected to continue well into 2015, with historically low mortgage lending rates, a solid Canadian economy and an ongoing flow of immigration, migration and foreign investment into Calgary, Vancouver, the Greater Toronto Area and Montreal. The report examined properties sold in the $1 million-plus range between Jan. 1 and Dec. 31, 2014, analyzing sales volume, the number of days on market, and the percentage of homes that sold over asking price. Canada’s big four all saw double-digit gains in the sale of luxury homes. The GTA led the pack with a 38-per-cent increase over 2013 – head and shoulders above Canada’s priciest market of Vancouver, which saw gains of 25 per cent, and Montreal’s 21 per cent. Calgary’s more modest increase of 16 per cent is attributed to fluctuations in the oil market, which introduced uncertainty to the luxury market. With demand up and inventory down, luxury homes favored sellers in 2014, showing a drop in days on market and a rise in the number of homes sold over asking price in the GTA and Vancouver. The steady rise
That upward trend is expected to continue well into 2015, with historically low mortgage lending rates, a solid Canadian economy and an ongoing flow of immigration, migration and foreign investment into Canada’s major markets 60 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
in the benchmark price of a typical, detached single-family home (now well beyond the $1 million mark in what are considered “conventional” neighbourhoods) has propelled the price of luxury homes upward in these cities as well. According to Sotheby’s International Realty Canada president and CEO Ross McCredie, “2014 was another benchmark year for high-end real estate in Canada, as demand continued to be fueled by historically low lending rates, a strong economy and steady immigration and migration into Canada’s major cities. We expect the market to remain strong in the GTA and Vancouver well into 2015, and for demand to outweigh available inventory, especially when it comes to detached single-family homes. The outlook for Montreal and Calgary is positive, but more conservative – both cities are heading into the year positioned to maintain balance.”
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NewHomeAndCondoGuide.ca | VOLUME 18 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:
midrise highrise
townhome conversion
midrise highrise
townhome conversion
midrise highrise
townhome conversion
midrise highrise
townhome conversion
Sq. ft.:
Sq. ft.:
Sq. ft.:
Sq. ft.:
# 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 18 ISSUE 02 | NewHomeAndCondoGuide.ca
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
NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 02 | NEW CONDO GUIDE 63
HOMEBUYERS’ HELP
You love the condo, see what you can afford!
INTEREST RATES
Calculate your mortgage payments
Amortization Periods
% 5 YEARS
10 YEARS
15 YEARS
20 YEARS
25 YEARS
3.00
17.96
9.65
6.91
5.54
4.73
3.25
18.07
9.76
7.02
5.66
4.86
3.50
18.18
9.88
7.14
5.79
4.99
3.75
18.29
9.99
7.26
5.91
5.13
4.00
18.40
10.41
7.38
6.04
5.26
4.25
18.51
10.23
7.50
6.17
5.40
4.50
18.62
10.34
7.63
6.30
5.53
4.75
18.72
10.46
7.75
6.44
5.67
5.00
18.85
10.59
7.89
6.58
5.82
5.25
18.97
10.71
8.01
6.71
5.96
5.50
19.08
10.83
8.14
6.85
6.11
5.75
19.19
10.95
8.27
6.99
6.26
6.00
19.30
11.07
8.40
7.13
6.40
6.25
19.42
11.19
8.54
7.27
6.55
6.50
19.53
11.32
8.67
7.41
6.70
6.75
19.64
11.44
8.80
7.55
6.86
MONTHLY PRE-TAX INCOME
SPOUSE’S PRE-TAX INCOME
TOTAL PRE-TAX INCOME
DIVIDE BY THREE
AFFORDABLE MONTHLY PAYMENTS DIVIDED BY 12
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 beforetax income of you and your spouse. 02 Divide by three. This figure is the monthly payment you can afford to make on your condo. 03 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 above. 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.)
64 NEW CONDO GUIDE | VOLUME 18 ISSUE 02 | NewHomeAndCondoGuide.ca
05 Multiply this figure by the amount you need to borrow. Divide by 1,000. 06 Add to this your estimated monthly heating costs and monthly property taxes. 07 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.
Compare mortgage rates for your best deal VARIABLE
6 MONTHS
1 YEAR
2 YEARS
3 YEARS
4 YEARS
5 YEARS
ATB Financial
2.700
4.000
2.940
2.890
2.990
3.040
3.240
Bank of Montreal / BMO
3.000
4.000
3.140
3.040
3.850
4.390
4.990
Bank of Nova Scotia
3.100
4.550
3.290
3.140
3.440
3.940
4.790
CIBC Mortgages
3.000
4.450
2.990
2.940
3.650
4.240
4.990
Canadian Western Bank
3.200
4.000
3.140
3.040
3.650
4.200
4.990
Canadian Western Trust
3.200
4.000
3.140
3.040
3.650
4.200
4.990
Effort Trust
-
4.450
3.450
3.600
3.700
4.600
4.950
Equitable Bank
-
-
3.140
3.140
3.950
4.540
4.940
First Calgary Financial
-
4.000
2.890
2.890
3.190
3.390
3.290
First National Financial
2.450
3.950
2.990
2.590
2.690
2.890
3.090
FirstOntario Credit Un.
2.600
4.240
3.090
3.140
3.290
2.940
3.090
HSBC Bank Canada
3.100
4.450
3.540
3.040
3.540
4.240
4.940
Home Trust Company
2.500
3.950
2.890
2.890
2.790
2.940
2.950
ICICI Bank Canada
3.050
-
3.150
3.650
3.640
3.690
3.890
Investors Group Trust
3.000
4.200
3.140
3.140
3.750
4.640
4.990
Laurentian Bank Canada
3.000
4.400
3.140
3.140
3.500
4.390
4.790
League Svgs & Mortgage
-
4.000
3.140
3.040
3.100
3.140
3.190 3.250
Libro Credit Union
-
3.900
3.150
3.150
3.150
3.200
London Life
3.000
4.200
3.140
3.140
3.750
4.640
4.990
Manulife Bank
2.700
4.450
3.000
3.040
3.040
3.090
3.090
Manulife Trust
-
4.450
3.000
3.040
3.040
3.090
3.090
Meridian Credit Union
2.750
4.000
3.090
2.650
3.650
3.290
3.190
National Bank
3.000
4.400
3.140
3.040
3.750
4.390
4.790
-
4.500
3.150
3.500
3.750
3.850
3.950
President’s Choice Fin’l
3.000
6.190
3.190
2.940
3.590
4.040
4.440
Royal Bank of Canada
3.000
3.140
3.140
3.140
3.950
4.540
4.940
Servus Credit Union
-
4.000
3.090
3.040
3.440
3.940
4.790
Steinbach Credit Union
-
-
2.750
2.850
2.950
3.050
3.100
Peace Hills Trust
T-D Mortgage
3.000
3.140
2.990
2.940
3.440
3.940
4.790
Tangerine
3.000
-
3.190
3.240
3.490
3.690
3.790
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
INSURED OR HIGH-RATIO
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.
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.
This usually has the lowest interest rate available but lacks the flexible features of other mortgage options.
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.
CLOSED MORTGAGE
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.
NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 02 | NEW CONDO GUIDE 65
INDEX OF ADVERTISERS
READ MORE ABOUT OUR ADVERTISERS! Albert Park Station
Carlisle Group
Altadore 36
Brookfield Residential
Arrive at Evanston
Partners Developments
Auburn Walk
Cardel Lifestyles
16-17 4 27-29 3
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Grosvenor
Bristol
Birchwood Properties
50-51, 53
Brookside at Baysprings
Merge Developments
45
Canoe
Avi Urban
67
Champagne
Remington Development Corp.
2
Copperfield Park III
Brad Remington Homes
Cranston Ridge
Cardel Lifestyles
Creekside Village
Carlisle Group
Edison
Avi Urban
33
Ezra
Birchwood Properties
24
The Gates
Remington Development Corp.
48
The Guardian
Hon Towers ltd.
Harvest Mosaic
Brookfield Residential
55
Heartland Townhomes
Excel Homes
43
Hunter House
Streetside Developments
36
Jumping Pound Ridge
Slokker West
5
LIDO
Battistella
22
LiFFT
Vericon
23
Mosaic Mirage
Brookfield Residential
55
Mosaic Riverstone
Brookfield Residential
55
Muskoka
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55
Nolan Park
Cardel Lifestyles
3
Park Point
Qualex Landmark
19
Riverfront Pointe
Carlisle Group
16-17
Sabal Homes
Sabal Homes
57
Sage Place
Cardel Lifestyles
3
Smith
Grosvenor
14
StreetTowns
Homes by Avi
59
Veridian
Trico Homes
26
Vivace
Streetside Developments
7
Zen
Avalon Master Builder
47
Zen Ravenswood
Avalon Master Builder
42
Jayman Group of Companies
PULLOUT INSERT
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68 3 16-17
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