FEB 3 -MAR 3 , 2017 VOLUME 20, ISSUE 2, FREE
CALGARY EDITION
BUCCI.COM/RADIUS
CONSTRUCTION UNDERWAY | 5% DOWN INVEST IN TOMORROW’S MARKET, TODAY. INSIDE THIS ISSUE
SMALL BUT SWEET: THE HOMEBUYER’S MANTRA OF 2017
WHERE TO? 3 STEPS TO CHOOSING THE BEST LOCATION
CMHC RAISING MORTGAGE INSURANCE PREMIUMS, AGAIN
STILL WAITING FOR THE BOTTOM?
? s l a n g i s e h t s s i m u o y Did GO GO hOW maNY • CMHC STRESS TEST siGNals dO • INCREASING YOU Need? MORTGAGE RATES • TALK OF INCREASING MINIMUM DOWN PAYMENTS •
$60 $50 $30
GO BUY
GO
BUY NOW
BUY NOW
BUY NOW
NOW
OIL
ATE T S E AL RE
CONCRETE AND STEEL TOWERS IN THE NOR THWEST 80% of 2 Bedroom Suites in the $200’s Includes heated underground parking es ! m d o se h a n e w el to r 8 st $ u j OmE
’s 0 9 2
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Immediate Possessions Stunning views
t u e ! o v s e s ! sand lo e a c al us s o th
Sales Centre: 355 Kincora Glen Rd. NW Calgary Hours of Operation: Monday-Thursday 2-8 pm.
EmeraldSky.ca Saturday & Sunday12-5 pm, Closed Fridays
EmeraldSky.ca
FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 3
COME HOME TO THE GUARDIAN Residents are making The Guardian home and transforming the Victoria Park neighbourhood.
1-BEDROOMS
starting at $278,900
2-BEDROOMS
starting at $445,900
PARAMOUNT SUITES
Developed by Hon Developments. Prices subject to change without notice. E&EO.
4 YPNEXTHOME.CA
starting at $1.4 million
PRESENTATION CENTRE 456 -12TH Avenue SE TEL 403 800 3368 Mon – Thurs 12 – 6PM Sat & Sun 12 – 5PM
IN 7 VE 201 O M ING R SP
DESIGNED ESPECIALLY FOR YOU A ONE BEDROOMS FROM $374,900 TWO BEDROOMS FROM $571,900 The CresseyKitchen’s™ efficient, walk-through design makes it the home’s practical and social centrepiece
Enjoy outdoor living spaces for open-air living, grilling and socializing
PANTR Y
MW / WO
BEDROOM
LIVING
Sleek full-sized appliances include gas cooktop and 48 inches of refrigeration
KIT CHEN
Air conditioning for year-round comfort
BA LC ONY DW
DINING
PANTR Y
Marble details, frameless glass showers and in-floor heating elevate your ensuite
WALK -IN CL OSET
WINE
F
F
PANTR Y HP
BATH
W/ D
MASTER BEDROOM
Abundant storage includes full-height pantry space and multiple closets
LINEN
Engineered hardwood flooring
ENSUITE
PLAN A | 1,138 SQ.FT., BALCONY 82 SQ.FT.
ENTR Y
FLOOR 8
A
N
FLOOR 9-22
A B
B
C
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G
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F
E
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LEVEL 9- 22
LEVEL 8
AVENUE
AVENUE
APRIL 22, 2013
MARCH 18 , 2013
REGISTER TODAY
PRESENTATION CENTRE:
1037 5th Avenue, SW, Calgary FOR MORE Dimensions, sizes, specifications, layouts and materials are approximate only and subject to change without notice. E.&O.E.INFORMATION
R IVE
9 ST SW
5 AVE SW 10 ST SW
BO
WR
6 AVE SW
Sat & Sun: 12–5, Mon–Wed: 12–6 Thurs & Fri: Closed 403-530-8455
1037 5th Avenue, SW, Calgary, Alberta
t 403.530.8455f 403.530.8456
AVENUEWESTEND.COM info@avenuewestend.com AVENUE WESTEND .COM
Pricing and finishes are subject to change. This is not an offering for sale. Any such offering can only be made with a Disclosure Statement. E.&.OE.
FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 5
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contents FEB 3 – MAR 3, 2017 | VOLUME 20 ISSUE 2
11 ON THE COVER
Radius by Bucci
trending
+ online NEIGHBOURHOOD
HOME SEARCH
16 MORE +PHOTOS +VIDEOS +ADVICE +INSPIRATION +TRENDING
WITH
DYNAMIC MAPS
Invest in Bridgeland. Invest in Radius. Invest in yourself.
LOOK FOR THE CIRCLE
Battistella Developments
Construction begins on INK in the East Village
20 Mortgage news
CMHC to increase mortgage insurance premiums, again By Wayne Karl
30 Going Green
Alberta sets out energy efficiency vision
8 YPNEXTHOME.CA
38
Avi Urban
Avi Urban launches Maverick at Livingston
42 Housing market
Problematic housing market conditions for second consecutive quarter
44 Mortgage news
Increase in mortgage fraud, “suspicious” applications
46 Mattamy Homes
Celebrating 2,500th homeowner in the Calgary
16
VICE PRESIDENT & CHIEF PUBLISHING OFFICER
Caroline Andrews PUBLISHER & GENERAL MANAGER
Shawn Woodford DIRECTOR OF SALES
Moe Lalani SENIOR MANAGER, CONTENT
Jennifer Reynolds SENIOR SALES MANAGER, WESTERN CANADA
Shelley Balla SENIOR EDITOR
Lydia McNutt ART DIRECTOR
Daiana Garay CONTRIBUTING EDITORS
Sonia Bell Wayne Karl Elisa Krovblit DESIGN EDITOR
Yanic Simard MEDIA CONSULTANT
18
Natalie Houghton 587.226.1313 Like us on Facebook: search: CalgaryNewCondoGuide PRODUCTION MANAGER
Helen Pearce PRODUCTION CO-ORDINATOR
Greg Van Sluytman GRAPHIC DESIGNER
Miguel Cea 2891 Sunridge Way N.E. Calgary, AB T1Y 7K7 ypnexthome.ca
ADVERTISING RATES
advice
in every issue
26 Calgaryism
10
Where to? Three steps to choosing the best location
18
By Cody Battershill
32
Editors’ Note Neighbourhood Profile
Inglewood By Kait Kucy
Contemplating condominiums
48 Mortgage rates
By Linda Palfi
49 What’s online
Who’s in charge?
34 News and views
Small but sweet: the homebuyer’s mantra of 2017? By Lydia McNutt
50 Advertiser Index district maps
15
Inner City
23
Satellite Communities
Inspiration
29
Northwest Map
36
39
Northeast Map
41
Southeast Map
Designer advice
Seven luxe looks that won’t break the bank By Yanic Simard
T 587.226.1313 email natalie.houghton@ypnexthome.ca CIRCULATION
Highly targeted, free distribution system aimed at real estate buyers using street level boxes and racking, plus door-to-door insertions in key audience segments. COPYRIGHT 2017
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. Yellow Pages NextHome is a trademark of Yellow Pages Group Co. in Canada. EDITORIAL
Editorial submissions from interested parties will be considered. Please submit to the editor by email to Lydia.McNutt@ypnexthome.ca. The views and data expressed by columnists do not necessarily represent those of the publication
47 Southwest Map FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 9
Editor’s Note
The early bird gets the worm – or in this case, the better deal YOU’VE DECIDED TO BUY A NEW HOME in 2017. Visions of gleaming
LYDIA MCNUTT Senior Editor Yellow Pages NextHome Email: Lydia.McNutt@ypnexthome.ca Twitter: @LydiasTweets
glass condo towers rising on the skyline are certainly inspiration to get out there and stake your claim. But oftentimes, the real deals are to be found long before the shovels even hit the ground. There are many benefits to buying your condo early in the development process. Purchasing in the pre-construction phase often means you’ll get a lower price, and by the time you move in, your condo will likely have appreciated in value. Beyond the equity you’ll gain simply by virtue of patience, the period between purchase and occupancy date (which can be a few years, in some cases) gives homebuyers a chance to save up a larger down payment. Mortgage interest rates are still ultra low, but we don’t know how long this will last. The larger the down payment you have, the less you’ll need to borrow and the less interest you’ll pay. If you’re a first-time homebuyer, use the waiting period before occupancy to prime yourself for the costs of condo ownership. Set aside the equivalent of your condo maintenance fees every month to get accustomed to paying this bill. Then, put that money toward your down payment. Buying a home is an important milestone and a big commitment – financial, emotional and otherwise. So, when the time is right, make your move. You won’t regret it.
INGLEWOOD
SEE MORE PHOTOS ONLINE
Inglewood is one of Calgary’s most historic communities, located at the convergence of the Bow and Elbow rivers. Lush with parks and greenery, and a bustling local retail scene, Inglewood is a hot neighbourhood for young families wanting a smalltown feel in the big city. Read the full story… ypnexthome.ca/inglewood
+ get social 10 YPNEXTHOME.CA
Interact with us on social media: ypnexthome
Property Profile | BUCCI
cover story
Invest in Bridgeland. Invest in Radius. Invest in Yourself. Construction underway at Radius by Bucci THERE IS PLENTY OF EXCITEMENT surrounding Bucci Developments’ fourth condo offering in up-and-coming Bridgeland, as buyers are thrilled to see construction is now well underway on Radius. “There is a sense of confidence amongst buyers knowing that the project is underway,” says sales and marketing manager Chelsey Marshall. “Many are also excited about the timing of Radius. Bucci was able to secure this exceptional development site in ‘the Bridges’ at
an unbelievably fair price. This means that we can offer the same to our homeowners at Radius – a very competitive price point without compromising on our fit or finish. “This, coupled with the fact that you can put down a five-per-cent deposit today and take possession in 2019, has really been appealing. It’s a great way to leverage the market conditions and make a purchase with strong equity potential at completion.” Radius by Bucci is a seven-storey concrete building
FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 11
that consists of 201 suites offering exceptional features and panoramic downtown views. It’s located in one of the most livable, vibrant and evolving communities in Calgary. “One of the features that makes Bridgeland so great is its proximity to so many amenities: the downtown core, the C-Train, river pathways, parks and green spaces, great dining and boutique-style retail, schools, and access to major arteries like Deerfoot Trail, 16th Avenue and Memorial Drive,” Marshall says. “Radius is also located at the top of the rise and across from the community centre and Murdoch Park, so there are sweeping views of the downtown.” Bucci launched sales last fall and the building is close to 40 per cent sold to young professionals, downsizers and empty-nesters looking for a convenient address. “An interesting thing we’re seeing is a number of our 12 YPNEXTHOME.CA
buyers are people who are actively looking to live a more minimalist lifestyle,” Marshall says. “They’re willing to compromise some space for the lifestyle this location offers, interior features and amenities in the building.” Radius offers a variety of floor plans to suit the needs of today’s buyers including one-bedroom onebathroom, two-bedroom two-bathroom, and twobedroom two-bathroom-plus-den homes ranging from 618 to 1,321 sq. ft. Homes start in the $330,000s for a one-bedroom and go up to $830,000 for a penthouse suite. The majority of homes are the popular junior two-bedroom twobathroom homes, many are priced under $400,000. Well-appointed interiors feature nine- and 10-ft. ceilings, laminate floors, large kitchens with natural gas Bosch cooktops and wall-ovens, stainless steel
Fisher Paykel fridges, quartz countertops, full-height backsplash, full-sized eating bars, contemporary warm wood cabinetry, large private balcony with a gas line, insuite laundry with washer and dryer and air-conditioning. Among the on-site amenities are a concierge, a grocery delivery room, yoga, spinning, cardio and weight-training studios, a ski and bike workshop, bicycle storage, underground car wash, and an underground dog-wash bay. Each home also comes with titled parking – two parking stalls with larger two-bedroom suites – and an assigned storage locker. “Radius also resonates with people who are looking for progressive features,” Marshall says. The building is Leadership in Energy and Environmental Design (LEED) registered with a number of Green features including
solar panels that cover 40 per cent of the surface area of the roof and will power the common areas. An urban garden is included on the rooftop terrace, which will also feature a double-sided fireplace and barbecue centre, not to mention an amazing view of downtown. On the exterior, street-level homes will be highlighted with a brick facade that is common to Bridgeland, and the site will feature lush landscaping. For more information on Radius, visit the sales centre at 102 4th St. N.E., open daily except Friday, noon to 6 p.m. Monday to Thursday, and noon to 5 p.m. on weekends. Call 403.225.0023, email homes@bucci.com or visit the website at bucci.com/radius.
FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 13
6 AVE N
GREYHOUND BUS TERMINAL
23 AVE S
26 AVE S
14 YPNEXTHOME.CA
INNER CITY 12 KENSINGTON BY BUCCI 301 10th St. NW
RILEY PARK
24
6 AVE N
5 AVE N
13 FIRST BY FRAM + SLOKKER
3
VE 4A
VE 2A
N
SUNNYSIDE 20 STATION
East Village Experience Centre 553 Riverfront Ave. SE
ROTARY PARK
PRINCE’S ISLAND PARK
21
14 AVLI ON ATLANTIC BY RED MANAGEMENT
12
1220 9th Ave.
EAU CLAIRE04 MARKET
24
25
16
15 SCOLLEN HOUSE BY 320 MISSION DEVELOPMENTS
01
Corner of 25th & 3rd St. SW
4 AVE S
06
16 STEPS BRIDGELAND BY GIUSTINI BRIDGES IN.
13 18
5 AVE S 6 AVE S
GREYHOUND US TERMINAL
MILLENNIUM PARK
Sales Centre 921 - 1st Ave. NE
19 CONVENTION CENTRE
9 AVE S
17
CITY HALL
26
07
1 ST E
COLONEL BELCHER HOSPITAL MOUNT ROYAL VILLAGE
26 AVE S
08
TALISMAN SPORTS CENTRE
4 ST W
5 ST W
VICTORIA PARK / STAMPEDE STATION
PROSPECT AVE
22
10 ST W
23 AVE S
CLIFF ST
17 AVE S
01 RIVERFRONT POINTE BY CARLISLE GROUP 325 3rd St. SW www.riverfrontpointe.ca
02 PARK POINT BY QUALEX-LANDMARK Coming Soon Register now at Qualex.ca/ ParkPoint
03 43 PARK BY VERICON REAL ESTATE VENTURES 43park.ca
04 WATERFRONT BY ANTHEM PROPERTIES 216 Riverfront Ave. S.W.
05 THE GUARDIAN BY HON TOWERS
12th Ave SE at 3rd St.
15 26 AVE S
05
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 INK BY BATTISTELLA
FORT CALGARY
622-8 Ave. SE
11
18 EVOLUTION BY EMBASSY BOSA INC.
East Village Experience Centre 553 Riverfront Ave. SE
19 VERVE BY FRAM + SLOKKER
Sales Centre Now Open in East Village
CALGARY EXIBITION AND STAMPEDE PARK
20 LIDO BY BATTISTELLA
ERLTON / STAMPEDE STATION
21 V&V BY PROVIDENCE GROUP
Sales Centre 1120 Kensington Rd
Register: einsteincalgary.com
23
06 AVENUE BY GROSVENOR & CRESSEY 1035 5th Ave. SW
07 SMITH BY GROSVENOR
Visit Sales Centre at 850-16th Ave. SW, 2nd Floor
08 DISTRICT BY BOULEVARD INVESTMENTS Sales Centre Now Open 305 18th Ave. SW
09 LiFFT BY VERICON REAL ESTATE VENTURES liveLiFFT.com
10 BRIDGELAND CROSSINGS BY GABLECRAFT HOMES bridgelandcrossings.ca
11 SOBOW BY M2I DEVELOPMENTS CORPORATION
22 ALEX BY ASSURED COMMUNITIES
Presentation Centre: 2719 14th St. SW
23 MISSION 34 BY ASSURED COMMUNITIES
98 Mission Road SW mission34.ca
24 RADIUS BY BUCCI DEVELOPMENTS Coming soon to Bridgeland www.bucci.com/radius
25 BRIDGELAND HILL BY GABLECRAFT HOMES 516 Edmonton Tr. NE
26 THE ROYAL BY EMBASSY BOSA 936 16TH Ave. SW www.theroyallife.ca
1640 17A St.
Starting from the $330’s
FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 15
Trending
Construction begins on Battistella Developments’ newest condo project, INK in the East Village
BATTISTELLA DEVELOPMENTS has started construction
on their 12th multifamily development, INK by Battistella located in Calgary’s East Village. The existing structure on location at 622 8th Ave. SE was removed on Jan. 19. The site is now being prepped to kick off construction. “Nearly two decades ago, we were inspired to create an innovative live/work artist building – Orange Lofts, in the East Village. We are proud to be carrying on the same legacy with INK by Battistella,” says Paul Battistella, of Battistella Developments. “We thank all of our homeowners for sharing our vision. Without you, building INK wouldn’t be possible, and it is because of you that we do what we do.” “Battistella Developments were pioneers of East Village, building Orange Lofts, and their vision has helped the City of Calgary and CMLC build this community. We are continuing to have groundbreakings and ceremonies that are building this incredible neighbourhood,” says Ward 7 Councillor, Druh Farrel. “This is going to be one the coolest neighbourhoods in Canada, and I believe it is setting a tone for development along vacant riverland all across the country.” 16 YPNEXTHOME.CA
INK is a modern, 14-storey vertical community of 119 functional micro condos ranging from 368 to 689 sq. ft. INK features loft-inspired homes with an industrial vibe provided by high ceilings, exposed ducting, and concrete floors. Inspired by sculpture, INK’s artistic design plays with asymmetry and movement. Wrap-around balconies alternate on odd and even floors, twisting the building upward. Angled exterior walls, bold colour, and soaring glass cement INK as a modern architectural landmark. About the developer: Battistella Developments is a multi-family real estate developer based in Calgary. Since 1980, Battistella Developments has been leading the redevelopment of Calgary’s inner-city communities. Always searching for new trends in architecture and design, Battistella brings style and innovation to the table. Battistella has recently completed LIDO in Kensington and is excited to move forward with INK in the East Village.
For more information, visit inkcondoseastvillage.ca.
FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 17
Neighbourhood Profile
Inglewood Small town charm in the big city By Kait Kucy
Fast facts Average household income
$110,985
Most common housing type
Detached
Family composition
FAMILIES
COUPLES
SINGLES
17%
35%
48%
Own vs. rent
MORE PHOTOS ONLINE
67%
ypnexthome.ca/inglewood
INGLEWOOD is one of Calgary’s most historic communities, located at the convergence of the Bow and Elbow rivers. Lush with parks and greenery, and a bustling local retail scene, Inglewood is a hot neighbourhood for young families wanting a small-town feel in the big city.
Lifestyle Inglewood is perfect for those who like to live an active and well-rounded lifestyle. Plenty of outdoor green space encourages walking, biking or running through the neighbourhood. The retail and restaurant scenes are thriving, so you can expect unique boutique finds or delicious dining throughout your travels in Inglewood. The vibe Inglewood is fun and vibrant, welcoming residents and business owners with open arms. The neighbourhood’s close proximity to the railway and rail yards could be perceived as a negative to some, however many residents say it doesn’t bother them. Overall, this is a great spot to make a home. 18 YPNEXTHOME.CA
OWNERS
In the area Inglewood is one of Calgary’s oldest neighbourhoods. Heritage homes, beautiful brick buildings and a creative atmosphere make this an excellent neighbourhood to live and work. Many start-ups, design companies and small businesses are located in Inglewood, making it a busy, vibrant neighbourhood, seven days a week. Green space is not hard to find here, thanks to the close proximity to the two beautiful rivers located in the area. Meet the neighbours Inglewood boasts an eclectic demographic. Live/work properties attract creative types. On weekdays, streets are filled with young professionals. On weekends, families take to the avenue, browsing shops and restaurants, making stops at the local parks along the way. Inglewood also has an established older population who has seen the neighbourhood go through big changes over the past 20 years. Dollars & sense Inglewood is fairly affordable. Here,
33%
RENTERS Education levels
44% UNIVERSITY
27% COLLEGE
29% HIGH SCHOOL SOURCE: ENVIRONICS
you can simultaneously grab both a slice of pizza or across the street, a higher end gourmet slice. Prices here are about average when compared to other inner-city neighbourhoods, and the mix of retail offers something for everyone. Planes, trains & automobiles Inglewood is primarily pedestrian, although 9th Avenue SE sees lots of vehicle traffic during the day. It’s also bike-friendly with easy access to the City of Calgary bike pathways. Public transit is frequent, although the closest C-Train stops are in the East Village and in Bridgeland.
MOVE INTO
& GET all of this TODAY:
103 - 1501 6th St SW Open from Monday - Thursday 12-6pm & Saturday - Sunday 12-5pm
THE BELTLINE NEIGHBOURHOOD: Calgary’s hottest
403.264.1703 Smith17.com
entrepreneur and design district. You’ll skyrocket to best dressed in your office.
THE CITY’S BEST RESTAURANTS: The four blocks around you are home to dozens of brewpubs and chic eateries.
This is not an offering for sale. Any such offering can only be made with the applicable condominium documents. E.&O.E.
15 AVE SW
17 AVE SW
6 ST SW
NEW PRESENTATION CENTRE & SHOW HOMES NOW OPEN!
From the concierge to Grosvenor's 300 years of experience, it's easy to brag about Smith living.
7 ST SW
STUDIO TO THREE-BEDROOM HOMES WITH SERIOUS STYLE:
Trending
CMHC to increase mortgage insurance premiums, again By Wayne Karl
CANADIANS ARE ABOUT TO FACE
yet another potential homebuying hurdle, as Canada Mortgage and Housing Corp. (CMHC) has announced that it is increasing its homeowner mortgage insurance premiums effective March 17, 2017. Unlike the latest changes to mortgage regulations, announced late last year, this newest round is expected to have a minor impact. CMHC says the higher premium will result in an increase of just $5 to the monthly mortgage payment of the average CMHC-insured homebuyer. “We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” says Steven Mennill, senior vice-president, Insurance. “Overall, the changes will preserve competition in the mortgage loan insurance industry and contribute to financial stability.” “The increase in premiums for high ratio mortgages will have a minor effect on the average Canadian,” James Laird, co-founder of RateHub and president of CanWise Financial, told YPNextHome. “Relative to the rule changes that were implemented in late 2016, this is not a major change. Premiums will be increased for all of those Canadians with less than 20 per cent down, but these premiums are added on to the mortgage and paid off over the life of the mortgage, so the cash required on closing does not change. This change specifically will not impact the borrowing habits for the majority of high ratio clients.” Using RateHub’s mortgage payment calculator, based on an average home price of $730,472 with a minimum down payment of 6.6 per cent (or $48,047), the 20 YPNEXTHOME.CA
current premium is 3.6 per cent of the mortgage amount (purchase price less down payment). For that mortgage amount of $682,425, the CMHC premium is $24,567. With the new premium at four per cent of mortgage amount, the CMHC premium becomes $27,297 – an increase of $2,730. This translates to a mortgage payment increase of approximately $12 per month (based on today’s best rate of 2.44 per cent, amortized over 25 years). If that buyer has an 18-per-cent down payment, the total down payment would be $131,485. At the current premium of 1.8 per cent of the mortgage amount, that buyer is paying $10,782 in CMHC insurance. At the new premium of 2.8 per cent of the mortgage amount, the CMHC premium becomes $16,772 – a $5,990 difference for that buyer. This translates to a mortgage payment increase of approximately $27 per month (based on 2.44 per cent amortized over 25 years), RateHub says. Capital requirements are an important factor in determining mortgage insurance premiums.
The changes reflect the Office of the Superintendent of Financial Institutions’ new capital requirements that came into effect on Jan. 1 of this year that require mortgage insurers to hold additional capital. Capital holdings create a buffer against potential losses, helping to ensure the long term stability of the financial system. Prior to the mortgage rule changes... • The average CMHC-insured loan was approximately $245,000. • The average down payment was approximately eight per cent. • The average gross debt service ratio (GDS) was 25.6 per cent. To qualify for CMHC insurance, a homebuyer’s GDS should not exceed 32 per cent of their total monthly household income. Premiums are calculated based on the loan-to-value ratio of the mortgage being insured. The premium can be paid in a single lump sum but more frequently is added to the mortgage principal and repaid over the life of the mortgage as part of regular mortgage payments.
MORE TRENDING ONLINE ypnexthome.ca/news
start your search here. Whether you’re renting or buying, finding your next home has never been so easy.
FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 21
CRANSTON DR
CR ANSTON
CRANSTON DR
SETON BLVD DEERFOOT TRAIL
CRANARCH RD
CRANSTON AVE
CRANFORD PARK
22 YPNEXTHOME.CA
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CALGARY’S SATELLITE COMMUNITIES 21 THE WHITNEY BY LANDMARK HOMES
22 04
1A
02 11 03 01 COCHRANE 08
211 & 215 Fireside Parkway Cochrane, AB
AIRDRIE
22
09
20
AIRDRIE
10 12 15
13 14
06
09 CREEKSIDE VILLAGE BY CARLISLE GROUP
2 21
07
05
2105 403 MacKenzie Way SW Airdrie, Alberta www.creeksidevillagecondos.ca
10 STONEKEEP AT KING’S STRATHMORE HEIGHTS TOWNHOMES BY MERGE 1 DEVELOPMENTS
1
CALGARY
1225 King’s Heights Way SE Airdrie, Alberta
CHESTERMERE
797
11 BRAND BY BIRCHWOOD
LANGDON
BLACK DIAMOND
22X
Coming Soon 169 Clydesdale Way Cochrane, Alberta
22X
22X
17
12 RAVENSWOOD TOWNHOMES BY SLOKKER CANADA WEST
2
2802 Kings Heights Gate
13 BROOKSIDE AT BAYSPRINGS BY MERGE DEVELOPMENTS
OKOTOKS
546
TURNER VALLEY
Yankee Valley Blvd. and 24th St. SW BrooksideAtBaysprings.com
2A
543 22
14 HILLCREST TOWNHOMES BY EXCEL HOMES
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 137 Heartland Way, Cochrane, Alberta
03 THE RISE BY JAYMAN MODUS
04 SUNSET RIDGE STREET TOWNS BY HOMES BY AVI 36 Sun Valley Road Cochrane, Alberta
05 STONECREEK LANDING BY CARLISLE GROUP
625 Glenbow, Cochrane, Alberta www.stonecreekcondos.ca
06 THE VILLAGE BY CALBRIDGE HOMES 3102-15 Sunset Square Cochrane, Alberta
07 RIVERREACH VILLAS & MANORS BY JAYMAN MASTERBUILT 13 Riviera Way Cochrane, Alberta
15 ZEN RAVENSWOOD BY AVALON MASTER LETHBRIDGE BUILDER
1403 - 2400 Ravenswood View SE
08 THE RANGE BY BIRCHWOOD PROPERTIES CORP. 101 Heartland Avenue Cochrane, Alberta
101 Hillcrest Dr. SW Airdrie
22 SUNSETRIDGE TOWNHOMES BY EXCEL HOMES 24 Sunrise View Cochrane, AB
20 SUNSET BY JAYMAN INNOVATIONS
24 Sunset Rd. Cochrane, Alberta
501 Riverheights Dr. Cochrane, AB
SEARCH ONLINE ypnexthome.ca
FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 23
07:37
F LE
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0 1
T
No condo fees.
Enjoy completed landscaping with fence.
Free moving van.
No legal fees, when you use Jayman Financial.
When less really is more.
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SALES CENTRE: 20 & 24 SUNSET ROAD, COCHRANE | (587) 362-2994 SHOW HOME HOURS: MON-THURS 2-8PM, SAT-SUN 12-5PM, FRI CLOSED
24 YPNEXTHOME.CA
$1,200/MTH* *Based on insured 5-year variable closed rate term through Jayman Financial. Terms and Conditions will apply. O.A.C., E&O.E. 5% down payment. 25 year amortization. Rates subject to change without notice.
UNBEATABLE VALUE IN COCHRANE’S ONLY AWARD WINNING COMMUNITY OF RIVERSONG
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1A
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nes
w t l e d ne xt to the b o
FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 25
Advice | CALGARYISM
Where to? 3 steps to choosing the best location By Cody Battershill
MORE ADVICE ONLINE ypnexthome.ca/news/advice
BUYING A NEW HOME in Calgary is as exciting as it gets, especially considering the many different options there are in terms of builders, neighbourhoods and location. Essential to the new-home buying process is finding a community that has everything – or most of everything – that you need to be satisfied to the fullest with your purchase. Here are some simple steps you can take to make sure that the community you end up choosing is the right one for you.
1. Ask lots of questions During the new-home buying process – including the time when you’re saving for a down payment, qualifying for a mortgage and so on – it’s easy to become overwhelmed. Having said that, it’s important that you slow your life down and really consider what you need in a new community without any distractions. One way to do that is to ask lots of questions. Write them down along with your answers for organizational purposes: › Do you want a new community that is family-friendly, for example, with abundant park space, public schools, lots of other children in the area, and an active community centre? › How long and how far are you willing to travel to get to work, and is public transportation an option? › If you need to get groceries or other 26 YPNEXTHOME.CA
day-to-day amenities, how far are you willing to drive? › Are you looking for an area with more than the usual in terms of public amenities, such as an outdoor skating rink, pool, tennis courts, a lake? › Would a walkable lifestyle be of interest to you or anyone else in your family? › Are outdoor parks and paved pathways essential to you and your family’s lifestyle? Answering all of these and any other questions that are important to you will have you well on your way to getting the most satisfaction out of your new home purchase. 2. Do your research Doing research on neighbourhoods could very well be the most relaxing part of the new-home buying process. It’s as easy as grabbing your laptop or smart tablet, laying down on the couch or in bed, and Googling any potential candidates you are considering. Some important things that you’ll want to search include: › Latest crime statistics (if available) – found on the Calgary Police Service’s website. › Community centre information – membership fees (if applicable) and activities offered. › Future plans for development – will there be any strip malls, schools or additional green space built in the future? › Surrounding area development – are there any future amenities planned outside of the community that could possibly increase or decrease your property value, such as a new highway, recreational facility or shopping centre?
These are just a few of the important aspects you’ll want to cover. If there is information about a new community that you are looking for but can’t find, you can also call your real estate agent and they will be happy to help. 3. Hit the streets Seeing a neighbourhood first-hand is, of course, one of the best ways to determine if it could be a good fit for you. While visiting, you may discover some characteristics that you really enjoy, or ones that don’t work for you at all, which is why it is an essential part of the home hunt. If you’re a real keener, you could even ask some locals about what they like and don’t like about the neighbourhood, and if they would recommend moving in. That way, there won’t be any surprises after you’ve signed on the dotted line. Cody Battershill is the founder of Calgaryism and a top producing realtor at ReMax House of Real Estate. Born and raised in Calgary, Cody has a passion for helping his clients accomplish their real estate goals and loves to show off the best Calgary has to offer! He can be reached at 403.370.4180, @Calgaryism on Twitter and calgaryism.ca
FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 27
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FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 29
Trending
Alberta sets out energy efficiency vision ALBERTA NOW HAS A LONG-TERM
energy-efficiency vision, after years of being the only province in Canada without one. A new energy-efficiency report from Energy Efficiency Alberta, a new provincial agency, points to programs like small-scale solar technology and greater use of energysaving appliances as ways to improve the lives of Albertans. These programs will create jobs in construction and energy services, and grow future-ready industries such as solar generation. Revenue from the carbon levy will provide the funds for rebates and incentives for families and communities through energy-saving appliances, solar panels and retrofits of homes and buildings. Individual Albertans, municipalities, non-profit groups, businesses and First Nations all provided input into the report.
The report’s recommendations around small-scale solar and microgeneration are well on the way to implementation. The government has already earmarked $11.5 million toward solar programming for public schools and Indigenous communities. The government is also exploring the possibility of supporting a solar farm to power half of its operations. Programs affecting homeowners: Residential No-Cost Energy Savings Program offers direct, no-charge installation of energy-efficiency products to residences (homeowners and tenants), including assessing household lighting, water and heating components and installing energysaving products. Residential Retail Products Program offers rebates to residential customers
at retail outlets around the province. The initial focus is on lighting, insulation and appliances, with plans for electronics, water-heating products, and more. “With the advice of the expert panel, Energy Efficiency Alberta is well-positioned to launch exciting, new energy-efficiency programs for Albertans that will help us all save energy and money and make Alberta more competitive,” says David Dodge, chair of Energy Efficiency Alberta/ “Programs to encourage energy efficiency significantly educate homebuyers on the importance in choosing an efficient home. Energy efficiency programs not only benefit home owners, but help Avalon reach and exceed 36 per cent energy usage savings every month,” adds Ryan Scott, president and CEO of Avalon Master Builder.
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FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 31
Advice | CONTEMPLATING CONDOMINIUMS
Who’s in charge? Condo Board, manager or owners?
By Linda Palfi
MORE ADVICE ONLINE ypnexthome.ca/news/advice
THERE ARE TIMES in condominium
living when we need to know who’s in charge. An issue might arise that requires a political decision, or a problem looms that requires spending considerable funds which, come to think of it, leads right back to politics. While the property manager employed by the condo corporation administers daily issues, he or she has no deciding authority. It is the condo Board of Directors that must grapple with issues and make tough decisions, just like municipal council does at city hall. The property manager then implements those decisions, just like staff do at city hall. In fact, condominium law parallels municipal law in much of North America, with a few specific differences. Here in Alberta the elected condo Board is the governing body of the condominium corporation, chosen at an annual general meeting. These three to seven people have the duty to make decisions in the best interests of all the owners. They also have considerable authority and discretion in order to get their job done. So the condo Board is in charge, right? Well... Alberta’s Condominium Property Act also specifies that Boards shall take direction from an annual general meeting, or a special general meeting of the condo corporation, which can usually be called by owners who are not on the board. As well, such a meeting could also elect a new condo Board, which might then reverse decisions made by the 32 YPNEXTHOME.CA
previous Board. Such an election or direction, of course, is subject to proper notice having been given to all owners (see your bylaws), while reversing decisions can be hard if contracts have been signed. Some things just can’t be undone. Oh, yes; at city hall the council makes bylaws, while in condominiums it is the owners who approve bylaw changes with a 75 per cent majority vote. Those are the important differences between condominium and city hall, which otherwise are remarkably similar. In short, condo Boards have a large mandate, but can be turned out of office in part or in their entirety, and condo Boards must take direction from general meetings. Add to that the minor item that condo Boards choose their own table officers – the chair, secretary, treasurer and so forth. I wouldn’t want my Mayor chosen that way, but it’s a good and simple system for the smaller world of condominiums. Now an obvious question – does the tail ever wag the dog? Of course! In some condominium corporations the Board is so weak that the property manager ends up running the show. It’s not good, and there’s liability involved for the management company, but what are you going to do when most owners are absentee landlords, or for some other reason can’t or won’t hold meetings and make decisions? Don’t buy into a condo community being run this way, but appreciate that a few condominium developments would have no leadership at all if the manager didn’t take the reigns. Let’s review a make-believe example of some of the above. Pretend that condo townhouse development Sleepy Hollow Condos (100 homes) has always had an outdoor pool, and that members of the Board seem to be among the
few owners who actually use it. At 30 years of age, the pool requires a $250,000 renovation. Lacking an adequate reserve fund, the Board votes to special assess $2,500 on each home to rebuild the pool, which a majority of owners would rather see closed down. A group of objecting owners circulates a petition to all their neighbours calling for a special general meeting, and serving notice that a single motion will be on the agenda. It reads, “The Board is directed to cancel the planned special assessment, close the pool permanently, fill it in, and create a modest rock garden.” The meeting comes to pass, the motion is voted upon, and it passes 93 to seven (the board members). After the meeting, the Board remains in place. It has the same decision-making power as before, but on this issue it can only decide when to close the pool, which contractor to hire to fill it in, and how many cacti to plant. This scenario is fanciful, and reality is usually messier. Yet it shows how the Condo Act and your bylaws provide checks and balances, should you need them. Democracy. It’s a wonderful thing.
Linda Palfi is a condominium specialist realtor with Your Way Real Estate. She sits on multiple condo boards, and is a member of the Inquiry Committee of the Calgary Real Estate Board. Visit condosincalgary.com or call 403.998.7732
Inspiration
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WHITE ON WHITE
Stockholm sofa, Röstånga white $999 ikea.ca
Shaping up to be one of the season’s hottest trends, white on white is clean and elegant. Interest comes from combining pattern, textiles, objects and texture. It’s whimsical, sophisticated, and fills the space with personality. By Elisa Krovblit
Memphis white rug $399-$1,999 crateandbarrel.ca
White hashtag $5.50 chapters.indigo.ca
Klere bookcase $899 eq3.com
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FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 33
Advice | NEWS AND VIEWS
Small but sweet: The homebuyer’s mantra of 2017? By Lydia McNutt
MORE ADVICE ONLINE ypnexthome.ca/news/advice
AS THE SAYING GOES, good things come in small packages. In fact, this may be the mantra for many homebuyers in 2017, given the steady rise in real estate prices. National housing affordability hit an eightyear low in the third quarter of 2016, according to the latest Housing Trends and Affordability Report issued by RBC Economics Research. In Calgary, although the measure inched up by 0.5 percentage points in the third quarter to 33.6 per cent, it still compares favourably to its longrun average of 40.3 per cent. What does this all mean? Home ownership in Calgary will eat up 33.6 per cent of your pre-tax income – providing they earn at least an “average” income. Calgary’s numbers are much more digestible when compared to the hard-to-swallow national measure of 49.4 per cent for single-detached homes and 35.6 per cent for condos. Sound high? Don’t be mistaken, these numbers are sharply skewed upward by the hot housing markets in Vancouver and Toronto. Vancouver scored 92 percentage points across all housing types, while affordability in the Greater Toronto Area reached 63.7 – the steepest erosion of affordability nation-wide. To cool these overheating markets, Ottawa implemented new mortgage rules late last year, requiring that insured mortgages (those with less than 20-per-cent down payment) qualify at the central bank’s posted rate of 4.64 per cent. This is the case, 34 YPNEXTHOME.CA
even if the rate offered by your lender is lower. When rates do eventually rise, the increase in payments will be manageable. Then there’s your Gross Debt Service ratio to think about. When applying for a mortgage, the lender combines your total housing costs (including mortgage, property tax and heating) and calculates what percentage they are of your gross monthly income, known as your GDS ratio. Under the new mortgage rules, your GDS ratio must not exceed 39 per cent of your gross income – 10 percentage points below Canada’s average cost of single-detached home ownership, as per RBC Economics Research. “The new mortgage insurance rules may help affordability over time, but 2017 is likely to see a tug of war between these market-cooling policy measures and rising longer-term interest rates, pulling affordability in opposite directions,” Craig Wright, RBC’s chief economist, noted in the report. “The net effect of this on the costs of owning a home is unclear at this point.” Since Q3 of 2016 marked the sixth consecutive time affordability dropped, let’s err on the side of safety and assume that costs will continue rising in the foreseeable future. Forms
of home ownership are evolving to survive the storm, so to speak. Increasingly common are options like secondary suites as sources of supplementary income to help pay off that hefty mortgage debt, and new housing types that are smaller in scale and price – enter the micro condo. Who says the key to happiness is a 2,500-sq.-ft. detached house, anyway? Perhaps your dream home isn’t a house at all. Condo living can afford you the hottest locations, coolest finishes, and five-star luxuries like concierge service, a gym or a rooftop pool, at an affordable price. How much would you pay for a detached house that offers all that? Perhaps on your scale, amenities rank higher than a little extra square footage. Weigh the pros and cons of each housing type, then decide which best suits your lifestyle and budget. You might be surprised at where you end up!
Lydia McNutt is an award-winning writer and senior editor of New Condo Guide. Lydia’s love of architecture, interior design and the written word have landed her happily at YP NextHome, where real estate rules. Lydia can be reached at Lydia.McNutt@ypnexthome.ca, and follow her on Twitter @LydiasTweets
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FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 35
Advice | DESIGNER ADVICE
7 LUXE LOOKS that won’t break the bank By Yanic Simard
WANT TO ELEVATE your condo look
without having to spend a week living in a hotel — or in a construction zone? I’ve put together some of my top tips for giving your home a major boost without tearing open the walls, for a big decor upgrade at any time.
Area rugs » Don’t want to commit to wallpaper? This is where a large area rug comes in to add that sense of richness and texture in a big way. Even if you have beautiful hardwood floors, a large rug adds a layer of new texture (and optionally, a pop of colour) while defining a seating or dining area, with a softness that adds 36 YPNEXTHOME.CA
a sense of “home.” When it’s time for change, roll up the rug and place it in a new space, or resell it as vintage. » Size your rug to tuck fully under the furniture. For the biggest impact, run a custom sized rug from wall to wall, leaving a 12- to 18-inch border of exposed floor. A custom cut, plain, solid colour carpet can achieve this look without breaking the budget.
MORE ADVICE ONLINE ypnexthome.ca/news/advice
oversized gallery frames. » Using a grid of 10, 20-by-20-inch frames, you can fill an area over three ft. tall and eight inches wide – perfect for livening up a wall in the sitting area or a hallway.
Wallpaper murals » Another way to add the look of wallpaper without the labour is to use a single roll of paper and hang it poster style across one accent wall (for the casual sophistication of a Paris apartment), or cut it to fill
Layered lighting » No amount of pot lights can provide enough even lighting to unlock your space’s full potential. Plug-in sconces with beautiful cords are perfect for flanking a sofa or
cabinet, and will help balance to a heavy furniture piece with some extra light. » Try a long swing-arm sconce to add light over hard-to-reach places, like on a compact desk or over a favourite reading chair.
Headboards » Upgrading to an oversized, upholstered headboard can really fill in the look of a bedroom, especially if you choose an extra-tall style to give some play of height. Many companies supply standalone headboards that can be attached to any bed, so you can make this upgrade without changing your existing frame and mattress. » Choose an oatmeal beige to subtly contrast white walls, or use a royal blue for a restful pop of colour (and leave the sheets clean and white).
Regal mouldings » Whenever possible, now I usually install extra deep baseboards (eight inches plus) in homes to give a highend European look. You can upgrade just your baseboards to give your walls a new look, or for an even easier solution, simply add an extra strip of moulding above the top of your baseboards to stretch the existing boards a little taller. » Consider crown moulding in places like ceiling coves or windowless bathrooms. It finishes the ceiling in a stately way that lends a sense of history.
Mixed and match » Matching furniture can be pleasant, but can lack personality. Mixing materials and textures lends a sense of energy, so try contrasting opposites like wood versus sleek mirror, or stainless steel against
antiqued bronze. This applies to fabrics too, like leather and wool. » A sofa with two chairs is a classic seating configuration, but there’s no rule that says the chairs have to be the same. Try a low lounger for when you feel like sinking in, and a more formal upright seat for reading or conversation. Blending periods and silhouettes will give your home a little edge.
Flowers » A vase of fresh flowers isn’t only for magazine shoots. A few blossoms can add life to your space. One of my favourite clients would keep vivid carnation blossoms in bud vases and this simple touch gave a sense of care to her entire home. » Blooms in the bathroom are extraunexpected. Add a live tropical orchid to your vanity or perched on a stool next to the shower/tub.
Yanic Simard is New Condo Guide’s design editor, principal designer of award-winning interior design firm TIDG (tidg.ca), and regular guest expert on City’s Cityline.
FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 37
Trending
Avi Urban launches
Maverick at Livingston
AVI URBAN HAS LAUNCHED its newest multi-family
development, Maverick at Livingston. Located at 163 Livingston Ave. NE, the prairie-inspired contemporary development will house 177 new condos starting from the high $100’s. The modern, prairie-style elevations of Maverick at Livingston blend perfectly with the innovative stable of units, which cater to today’s contemporary and sophisticated condominium buyer. Spread across a trio of boutique four-storey buildings, Maverick sets a new standard for condominium living in Calgary’s new north. Through Maverick at Livingston, Avi Urban delivers value and quality to price-conscious individuals in Calgary’s real estate market. “Maverick pays tribute to the pioneering spirit and heritage of the city, speaking to our fortitude and commitment of building a better future,” says Charron Ungar, Avi Urban president. “The idea of a Maverick exemplifies what the community is about – stepping outside of the ordinary in an unorthodox manner to create something innovative and bold.” The development features a selection of 13 one- and two-bedroom floor plans, ranging in size from 530 to 974 sq. ft. Thoughtfully designed interiors include spacious
38 YPNEXTHOME.CA
kitchen layouts complete with stainless steel appliance packages, built-in cabinet pantries, quartz countertops, large-format floor tile and luxury vinyl plank flooring, and in-suite laundry. Building amenities, like an underground car wash and underground dog wash, along with buildingspecific lounges encourage connectivity among residents and reflect the vision of Livingston in its entirety. “What really attracted me to Livingston, in addition to the diversity of product available for homebuyers, is the distinctive architectural character of the future neighbourhood. Livingston appeals to a wide demographic of individuals who are seeking a connective lifestyle in an amenity rich area,” Ungar adds. “Brookfield has done an exemplary job planning this community to include considerable retail options, an LRT station, and a future hospital; all in close proximity to amenities already in place, including quick access to the Calgary International Airport, and Deerfoot and Stoney Trails.” Homeowners will enjoy quick access to transit and existing amenities, while benefiting from the price point in the suburban environment. Residents will benefit from immediate access to the major roadways for getting out of town or getting downtown quickly via Centre Street. About Avi Urban: Avi Urban is a Calgary-based builder of quality multi-family homes. Recognizing a demand for innovative multi-family developments, Homes by Avi created Avi Urban in 2000. From the beginning their goal was to offer homeowners the ultimate in comfort and function, while building innovative, thoughtful townhome developments that bring urban aesthetic to a livable product. By redefining multi-family development, Avi Urban has earned its place as an innovative market leader. Avi Urban’s broad range of communities include a highly modern live/work development in the inner city, streetoriented row housing in exclusive neighbourhoods and large scale, multi-phase townhome developments.
More information on Maverick at Livingston can be found by visiting aviurban.com/maverick, or by contacting the Avi Urban sales team by calling 587.349.7820 or by email at maverick@homesbyavi.com. The sales centre is open Monday to Thursday from 2 to 8 p.m.; and weekends and holidays from noon to 5 p.m., at 163 Livingston Ave. NE.
METIS TRAIL
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MacLEOD TRAIL
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FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 39
Discover superior “Resort Style Living” on Fish Creek Park 40+ Adult Community/Steps from Fish Creek Park/Fitness Centre/Movie Theatre Coffee Bar/Bowling Alleys/Swimming Pool/Steam Room/Hot Tub/Wine Cellar/Library/Games Room Woodworking Shop/Craft Room/Sanderson Banquet Facility/Catering Kitchen/Guest Suites Car Wash Stations/Heated Underground Parking and More….
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724,900* + GST
$
Sanderson Ridge, where luxury is the standard. Discover first-hand the quality craftsmanship of these Luxury Condominiums. Visit us today at 2330 Fish Creek Blvd. SW or at www.sanderson-ridge.ca to learn more. 403-460-3771 *Prices are subject to change without notice and do not include GST.
40 YPNEXTHOME.CA
Celebrating 40 Years
CENTRE STREET
F RI
AIRPORT
MCKNIGHT BLVD.
68 STREET
LA UR TRA IE BL VD IL .
14 STREET
WC HIL D
32 Ave
16 AVENUE
16 AVENUE
12 AVENUE
SOUTHEAST COMMUNITIES RIVE RIAL D
MEMO
RIAL D RIVE
36 STREET
MEMO
17 Ave
13 REGATTA BY BROOKFIELD RESIDENTIAL
52 STREET
ELBOW DRI VE
BLACKFOOT TRAIL
17 Ave
109 Auburn Meadows Dr. SE
14 BOULEVARD TOWNES BY BIRCHWOOD
MacLEOD TRAIL
116 Quarry Park Way SE
GLENMORE TRAIL
09
14
ANDERSON ROAD
DEERF
AIL
TR
17
12
COPPERFIELD
LEO AIL
07 03
20
01 CRANSTON RIDGE BY CARDEL LIFESTYLES
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.
N
06
MAHOGANY
13
D. BLV
07 AUBURN WALK BY CARDEL LIFESTYLES
Showsuite and Sales Centre Corner of 52nd Street and Auburn Meadows Dr. SE
08 THE MORELLO 15207 1st SE themorello.ca
04 LEGACY GATE BY CARLISLE GROUP
10 CANOE BY AVI URBAN
05 LEGACY STREET TOWNS BY HOMES BY AVI 42 Legacy Blvd SE
06 CRANSTON BY AVALON MASTER BUILDER
19 CHAMPAGNE BY REMINGTON DEVELOPMENTCORPORATION Quarry Park Blvd SE remingtoncorp.com
20 ORIGINS AT CRANSTON BY STREETSIDE DEVELOPMENTS 21 ALTURE MIDCITY BY ALTURE PROPERTIES
09 BRISTOL TOWNHOMES BY BIRCHWOOD NOW SELLING
210 Ave. SE www.legacygate.ca
Presentation Centre: 350 Quarry Park Blvd SE
111, 100 Cranfield Common SE
25
03 MUSKOKA BY BROOKFIELD RESIDENTIAL 65 Auburn Meadows Way
22
AUBURN BAY
SETO
13
15 LEGACY
10
16
CRANSTON
05 WALDEN 01 04 23 26 24
W ST. 52
D TR
VITT
McKE
IL E TRA
N F LOR UIS O
CHAPARRAL
442 Cranford Park SE
18 THE GATES BY REMINGTON DEVELOPMENT CORPORATION
02 11
16
MARQ
6 Mahogany Terrace SE
347 MacKenzie Towne Gate
NEW BRIGHTON
M
K PA RK
Mac
S JAME
SHAWNESSY BLVD.
114 AVE SE
TTO BO
08 CR21 EE
16 SANDGATE
17 MOSAIC MIRAGE BY BROOKFIELD RESIDENTIAL
OOT T RAIL
W BO
FISH
84 STREET
18
52 STREET
19
SOUTHLAND DRIVE
52 Legacy Gate SE
BARLOW TRAIL
GLENMORE RESERVOIR
15 LIVINGSTONE TOWNES BY TRICO COMMUNITIES
232 Quarry Park Blvd. SE
103 Auburn Meadows Dr.
11 CHALET NO. 6 BY HOPEWELL
15233 1 Street Southeast midcitymidnapore.ca
22 MAHOGANY STREET TOWNS BY HOMES BY AVI 13 Marine Dr SE
23 LEGACY PARK BY BRAD REMINGTON HOMES Register at: mylegacypark.ca
24 JACKSON BY AVI URBAN
Coming soon to Walden
25 RIVERSTONE MOSAIC BY BROOKFIELD RESIDENTIAL 98 Cranbrook Dr. SE
26 WALDEN PLACE BY CARDEL LIFESTYLES Coming Soon
Registration www.cardellifestyles.com
98 Copperstone Common SE
12 EBONY CONDOS & TOWNHOMES IN MAHOGANY BY JAYMAN MODUS 291 Mahogany Way
Move in today!
Condos starting from
$229,900
FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 41
Trending
Problematic housing market conditions for second consecutive quarter • Evidence of problematic conditions has increased in Victoria since the previous assessment due to moderate evidence of price acceleration and overvaluation. • Evidence of problematic conditions has decreased in Calgary since the previous assessment as some housing markets in oil-dependent centres are now rebalancing. • Strong evidence of problematic conditions continue to be detected in Vancouver, Toronto, Regina, Saskatoon and Hamilton.
FOR THE SECOND CONSECUTIVE QUARTER, Canada Mortgage and Housing Corp. (CMHC) is calling attention to problematic housing market conditions nation-wide. The national housing agency attributes the elevated risk rating to overvaluation and price acceleration in Vancouver and Toronto, where strong price growth has been sprawling into neighbouring cities like Hamilton and Victoria. House prices in Canada rose seven per cent year-over-year by the end of the third quarter last year, after adjusting for inflation. Interestingly, removing Ontario from the equation would have resulted in flat prices. This analysis is the result of insight from CMHC’s quarterly Housing Market Assessment (HMA), CMHC’s HMA examines the largest 15 housing markets across Canada, and identifies problematic
conditions based on four key factors: overheating, when sales outpace new listings on the market; the rate of home price growth; overvaluation of homes; and overbuilding when the rental market vacancy rate and/or the inventory of new builds that are unsold is elevated. The HMA serves as an early warning system, alerting Canadians to areas of concern that are developing in our housing markets, so that action can be taken in a way that promotes market stability. Housing Market Assessment Highlights • Overvaluation and overbuilding remain the most prevalent problematic conditions observed across the 15 centres. • Overvaluation and overbuilding are detected in 8 centres.
• Evidence of problematic conditions in Ottawa and Atlantic Canada remains weak. “We continue to detect strong evidence of problematic conditions in Canada,” says Bob Dugan, chief economist at CMHC. “Price acceleration in Vancouver, Victoria, Toronto and Hamilton indicates that home price growth may be driven by speculation as it is outpacing what economic fundamentals like migration, employment and income can support. For this reason, home buyers should ensure that their purchases are aligned with their needs as well as the long-term market outlook.”
MORE TRENDING ONLINE ypnexthome.ca/news
42 YPNEXTHOME.CA
WM
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FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 43
WMV-5299_7.5x10.5_CondoGuide_LyricCalli_Jan20_EO.indd 1
2017-01-20 8:52 AM
Trending
Increase in mortgage fraud, “suspicious” applications THE LATEST DATA FROM credit reporting agency Equifax Canada suggests high-risk and suspected fraudulent mortgage activity is on the rise noting a 52 per cent increase in suspected fraudulent mortgage applications since 2013. According to data from Equifax’s enterprise fraud management solution, ‘Falsified Account Statements’ and ‘Falsified Documents’ were the most prominent application tags, as reported by investigators. The other was ‘Conflicting Information’. Of those applications flagged, 67 per cent were from Ontario while the next highest was 12 per cent from British Columbia. Equifax also conducted a survey to chart the attitudes and perceptions of Canadians with respect to the current housing market. One-infive Canadians, who do not have a mortgage, indicated they are nervous they will never own a home because of rising prices and want to buy a home but can’t because of the down payment. “We’re certainly seeing more mortgage applications being flagged as suspicious by our reporting institutions,” said Tara Zecevic, vice-president, Customer Insight at Equifax Canada. “While we cannot entirely attribute these increases to consumers overstating personal income or falsifying applications, we do want to remind people that there are serious consequences for making false or inaccurate claims on any loan or mortgage applications. Not only will it stretch your finances, it is in breach of your contractual
44 YPNEXTHOME.CA
obligations with the lender, and simply put, it’s against the law.” Little white lies With respect to mortgage fraud, the results of the recent Equifax survey showed: 13% of Canadians indicated they felt it was okay to tell ‘a little white lie’ when applying for a mortgage to get the house they want. 16% said they believe mortgage fraud is a victimless crime
“There are serious consequences for making false or inaccurate claims on any loan or mortgage applications. Not only will it stretch your finances, it is in breach of your contractual obligations with the lender, and simply put, it’s against the law.”
8% admitted to misrepresenting the facts on a credit or loan application The cost of buying a home When asked about housing prices, the results of the recent Equifax survey showed: 84% believe that the cost of home ownership is too high for first-home buyers today Nearly 30% of Canadians cite ‘more demand than supply’ (29 per cent) and ‘foreign buyers’ (27 per cent), as the main factors driving up home prices BC residents (compared to other provinces) were significantly more likely to cite foreign buyers as the top reason for home prices being driven up (75% versus 42% for all other provinces, respectively) Examining trust When asked about who they trust
in the home-buying experience, the survey showed: 44% of Canadians trust real estate agents the least during the homebuying experience About 25% also distrust homeowners (27 per cent) and home inspectors (26 per cent) 20% distrust mortgage brokers, another 16 per cent don’t trust their bank and equally 16 per cent have little trust in their insurance agent 9% said they trust all professionals involved in the home-buying experience
MORE TRENDING ONLINE ypnexthome.ca/news
STILL WAITING FOR THE BOTTOM?
? s l a n g i s e h t s s i m u o y Did GO GO hOW maNY • CMHC STRESS TEST siGNals dO • INCREASING YOU Need? MORTGAGE RATES • TALK OF INCREASING MINIMUM DOWN PAYMENTS •
$60 $50 $30
GO
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OIL
ATE T S E AL RE
2 BEDROOMS • 2 BATHROOMS UNDERGROUND PARKING INCLUDED from
BUY
$180’s
WITH PAYMENTS FROM
$314
BI-WEEKLY*
LegacyGate.ca
close out sale!! saVe tHousaNDs
E
OWNED A
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*OAC based on 5% deposit, 3.19% interest amortized over 25 years.
D
ARTIST’S RENDERINGS ONLY
SALES CENTRE LOCATION: #2137-81 Legacy Blvd. SE SALES CENTRE HOURS: Mon - Thurs 2-8 pm Sat, Sun & Holidays 12- 5 pm
403.460.5206 FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 45
Trending
Mattamy Homes celebrates 2,500th homeowner in the Calgary Region
Members of the Mattamy team recently welcomed the 2,500th homeowner in the Calgary Region. From left to right: Christine Turner, director, Customer Care & Design Studio; Stefen Vavrek, sales consultant; Heather Bears, lead customer care coordinator; Warren Saunders, vice-president, Sales & Marketing; homeowner Blessy Cherian; homeowner Sam Mathew; builder Ryan Prefontaine; and assistant builder Matt Tredinnick. (CNW Group/Mattamy Homes Ltd.)
AWARD-WINNING BUILDER Mattamy Homes recently welcomed the 2,500th homeowner in the Calgary Region to the Mattamy family, celebrating the milestone in the company’s popular master-planned community of Cityscape in northeast Calgary. Mattamy, which is North America’s largest privately owned homebuilder, first entered the Calgary Region market in 2009 with the successful community of Windsong, which is now home to 4,000 residents. Today, Mattamy operates in three communities in the Calgary Region: Cityscape, Southwinds and The 46 YPNEXTHOME.CA
MORE TRENDING ONLINE ypnexthome.ca/news
Gates at Hillcrest, with plans to introduce two new large-scale master-planned communities – Carrington in northwest Calgary, and Yorkville in southwest Calgary. Carrington and Yorkville will encompass more than 7,000 homes at completion. “Mattamy is very proud of our roots in Calgary and the surrounding area, and we are excited to be able to continue our commitment to delivering thoughtfully planned communities and the best homeowner experience,” says Don Barrineau, president of Mattamy’s Calgary Division. “Certainly we’ve all been experiencing a challenging economy and housing market, but we continue to see a bright future in Calgary.” For more information, visit mattamyhomes.com/calgary
D
TR AIL PI NA SH AG AN
DR . HIL L NO SE
AIL EY TR STON
NOSE HILL PARK
JO
HN CR LA OW UR IE CH BLV ILD D. TR AIL
CALGARY INTERNATIONAL AIRPORT
64 Ave
16 AVENUE
SARCEE TRAIL
4
TRA
IL
16
36 STREET
17 Ave
14
02
07
19
08
18
05 15 11
IV E
09
GLENMORE RESERVOIR
DEERF
OOT T
M AIL OF RQUIS
E LORN
MA 17 06
03
04 THE LANDINGS BY STATESMAN
02 BROOKLYN CONDOMINIUMS BY TRICO HOMES
05 OVERTURE ESTATE CONDO LIVING IN CURRIE BARRACKS BY JAYMAN MODUS
1710-28 Ave. SW www.brooklyncondos.ca
03 WALDEN PLACE BY CARDEL LIFESTYLES
Coming Soon Register www.cardellifestyles.com
12 SANDERSON RIDGE ON FISH CREEK PARK BY TELSEC 2330 Fish Creek Blvd. SW www.sanderson-ridge.ca
13 ALTADORE 36 BY BROOKFIELD RESIDENTIAL
36th St. & 16th Ave SW Register Now www.altadore36.com
15 THE ARMORY BY COVE PROPERTIES
01 HUNTER HOUSE BY STREETSIDE DEVELOPMENT 1020 194th Ave S.W. www.hunterhouseliving.com
10 VIVACE BY STREETSIDE DEVELOPMENTS
1605 25 Ave SW
TR
AIL D TR LEO SHERIFF KING ST. SW
VITT
McKE 194 AVE
98 Mission Road SW mission34.ca
14 MAX TOWNHOMES BY ASSURED DEVELOPMENTS
TTO BO
EK P ARK
Mac
S JAME
01
RAIL
W BO
CRE
SHAWNESSY BLVD.
09 MISSION 34 BY ASSURED COMMUNITIES
Sales Centre in Currie Barracks J5, 2953 Battleford Ave. SW
ANDERSON ROAD
12
Presentation Centre: 2719 14th St. SW
11 JUNO BY AVI URBAN
SOUTHLAND DRIVE
FISH
08 ALEX BY ASSURED COMMUNITIES
Presentation Centre: 2118, 8561-8A Ave. SE
BARLOW TRAIL
ORE
13
DR
MacLEOD TRAIL
NM
ME M O R I AL
37 STREET
GLE
69 STREET
85 STREET
10
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
TRAIL
Currie Barracks
16 AXESS BY SLOKKER CANADA WEST
Currie Barracks Sales Centre www.gainaxess.com
17 LEGACY GATE BY CARLISLE GROUP
771 Patrick St. S.W.
#101, 11 Burma Star Road
06 LEGACY PARK BY BRAD REMINGTON
Register at: mylegacypark.ca
07 GLAS BY AVALON MASTER BUILDER 102, 1808 27th Ave. SW
210 Ave. SE. www.legacygate.ca
18 THE HENRY BY BROOKFIELD RESIDENTIAL
Presentation Centre: 3620 - 16 St. SW.
19 KILLARNEY TOWNES BY STREETSIDE DEVELOPMENTS 2432-30 St. SW www.killarneytownes,ca
Condos from the low $100’s www.mylegacypark.com 403.931.8558 FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 47
Homebuyers’ Help
Compare mortgage rates for your best deal CHARTERED BANKS ATB Financial Alterna Bank Bank of Montreal Bank of Nova Scotia
variable 2.5 4.10op 2.6
1 year
2 years
3 years
4 years
5 years
4.1 4.10op 4 6.30op
3.04 4.10op 2.79 6.30op 3.09 6.95op 3.29 6.50op 3.14 6.30op 2.84 6.35op 3.14 3.14 6.35op 2.64 3 3.20op 3.14 6.70op
2.39
2.64
2.69
2.89
2.74
2.59
2.84
2.84
3.19
3.59
4.09
2.89
3.09
3.39
3.89
4.49
3.04
3.65
4.2
4.74
2.79
2.74
4.09
4.79
3.04 2.15
3.65 3.39
4.39 4.09
4.64 2.35
2.64 2.94
2.64 2.84
3.19 2.94
3.29 2.99
3.04
3.39
2.79
2.94
2.79 2.49
3.34 2.74
3.99 2.84
4.44 2.99
2.84
3.44
2.69
2.94
3.24
3.49
3.69
3.79
2.6 2.9
Canadian Western Bank CIBC
6 months
6.95op 4.55 6.45op 4 6.45op
2.7 6.95op
Equitable Bank HSBC Bank Canada
2.35
ICICI Bank Canada Manulife Bank
2.75 2.7
National Bank
n/a
President’s Choice Finan Royal Bank
2.7 2.7
TD Canada Trust
2.6
Tangerine
2.7
4.45 6.20op 4.45 4.4 6.70op
7.00op
2.99 7.00op 3.04 4.00op 3.19
TRUST COMPANIES Community Trust Effort Trust
n/a n/a
Home Trust Investors Group Trust
2.35 n/a
MTCC
2.9
6.5 4.45 6.30op 3.95 4.2 6.50op 4.55 6.45op
3.14 3.35 6.30op 2.69 3.14 6.30op 3.29 6.50op
3.25 3.5
3.95 3.7
4.39 4.3
4.64 4.35
2.14 3.09
2.34 3.39
2.59 3.89
2.79 2.45
3.09
3.39
3.89
4.49
4 6.30op 6.2 6.40op 3.1 4.25 6.50op
2.79 6.30op 2.84 6.30op 2.64 2.89 6.50op 3.25 6.25op 2.84 6.30op 3.04
2.74
2.59
2.84
2.84
2.89
2.95
2.99
2.89
2.64 2.79
2.64 2.89
2.84 2.95
2.94 2.89
3.2
3.65
4
4.5
2.79
2.64
3.89
2.54
2.84
2.89
3.39
3.74
2.8 2.95op 2.39
2.85
2.95
3.05
3.15
2.39
2.49
2.59
2.69
OTHER FINANCIAL INSTITUTIONS Alterna Savings
2.6
Comtech Fire C.U.
2.6
First National Fin. LP IC Savings
2.7
Luminus Financial
3.25
Meridian Credit Union
2.4
PACE Savings & C.U.
5.05
Parama Credit Union
2.65
Steinbach Credit Union
2.25
ONLINE CALCULATOR ypnexthome.ca/mortgage-calculator Notes: **Interest rate charged subject to adjustment during term mortgage. Please consult institution for term of years available. All rates are prime rates and subject to change without notice. R.O.R.= RATES ON REQUEST op= OPEN -----= NOT QUOTING N/A= NOT AVAILABLE January 20, 2017. Prepared by http://www.FiscalAgents.com/mortgage/rates
48 YPNEXTHOME.CA
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Why 2017 is still a good year to buy a home READ THE STORY ONLINE
3 reasons Americans won’t be buying up Canadian homes
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Visit our website: FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 49
Ad Index
ADVERTISERS Albert Park Station - Carlisle Group
45
Avenue - Grosvenor Developments
5
Legacy Park - Brad Remington Homes
47
The Loop - Streetside Homes
28
Brand - Birchwood
27
Mark 101 - Shane Homes
31
Carnaby Heights - JaymanBUILT
35
Maverick - Avi Urban
38
Champagne - Remington Development Corp.
2
Radius - Bucci Developments
1, 11-14
Copperfield Park III - Brad Remington Homes
52
Rise - Jayman Modus
25
Creekside Village - Carlisle Group
45
Sanderson Ridge - Telsec
40
Emerald Sky - Carlisle Group
3
Smith - Grosvenor
19
The Gates - Remington Development Corp.
2
Sunset Ridge - JaymanBUILT
24
The Guardian - Hon Towers Ltd.
4
Verona - Trico Homes
30
Westman Village - JaymanBUILT
43
INK - Battistella Developments
Ivy - Brookfield Residential
Jumping Pound Ridge - Slokker West
16-17
51
7
Kensington - Bucci Developments
14
Legacy Gate - Carlisle Group
45
50 YPNEXTHOME.CA
Zen Redstone - Avalon Master Builder
6
Zen Ravenswood - Avalon Master Builder
22
Zen Cranston Solar - Avalon Master Builder
22
MODERN
YO U R R O O T S
Final Phase launching February 11!
$180
2-bed, 2-bath condos
starting from the
sales Centre: 99 Copperstone Park se | 403.723.0094 2:00-8:00pm Monday-Thursday |12:00-5:00pm Sat-Sun/Holidays
Register today: copperfieldpark.com
’S