Calgary New Condo Guide - Feb 3, 2017

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

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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

C

G

G

D

D F

F

E

E

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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FEB 3 - MAR 3, 2017 | NEW CONDO GUIDE 7

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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

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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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Y L N

0 1

T

No condo fees.

Enjoy completed landscaping with fence.

Free moving van.

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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

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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.

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EDMONTON TRAIL

SH AG AN

NA

PI

DE

TR A

ER

IL

CO

05 128 NE Ave

COUNTRY HILLS BLVD.

FO OT TR AIL

VD. LS BL

Y HIL UNTR

03 LiFFT

BY VERICON REAL ESTATE VENTURES

STONEY TRAIL 06 07

CHAPARRAL CRANSTON

ABURN BAY

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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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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

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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

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BUY

$180’s

WITH PAYMENTS FROM

$314

BI-WEEKLY*

LegacyGate.ca

close out sale!! saVe tHousaNDs

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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

What’s Online

Trending now The latest real estate news from across Canada

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

nexthome.yp.ca/homebuying-2017

READ THE STORY ONLINE nexthome.yp.ca/3-reasons

Top 5 celebrity home sales of 2016 READ THE STORY ONLINE nexthome.yp.ca/2016_celeb_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