APR 28 - MAY 26 , 2017 VOLUME 20, ISSUE 5, FREE
CALGARY EDITION
CALGARY’S FIRST EVER
CresseyKitchenTM Design at AVENUE West End
INSIDE THIS ISSUE
CALGARY CONDO MARKET SHOWING SIGNS OF RECOVERY
GET A “CONDO CHECK” BEFORE YOU BUY
HOW TO AVOID A MOVING HORROR STORY
Mon-Thu: 2pm-8pm, Fri: Closed, Sat-Sun & Holidays: Noon-5pm
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MAIN MAIN MAINMAIN MAIN
start your search here. Whether you’re renting or buying, finding your next home has never been so easy.
contents APRIL 28 – MAY 26, 2017 | VOLUME 20 ISSUE 5
11 ON THE COVER
Avenue:
Luxury and a prized location in Calgary’s West End
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property profile MORE +PHOTOS +VIDEOS +ADVICE +INSPIRATION +TRENDING
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Experts see signs of recovery in condo market
24 The Link at Symons Gate
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30 Housing market
Honouring the finest in the home-building industry
LOOK FOR THE CIRCLE
By Heather Ryan
27
Economic update
Alberta forecast to top economic growth among provinces in 2017
By Heather Ryan
advice
16
Calgaryism
The best spring and summer festivals in Calgary By Cody Battershill
26 Contemplating condominiums
Get a “condo check” before you buy By Linda Palfi
24 VICE PRESIDENT & CHIEF PUBLISHING OFFICER
Caroline Andrews PUBLISHER & GENERAL MANAGER
Shawn Woodford DIRECTOR OF SALES
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40 Fundamentally speaking
How to avoid your own moving horror story By Wayne Karl
What’s online
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Inner City
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in every issue
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Editors’ Note
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Neighbourhood Profile
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Satellite Communities
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
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Editor’s Note
A little forethought goes a long way IS IT A BUYER’S OR SELLER’S MARKET? Will prices fall or rise in the
LYDIA MCNUTT Senior Editor Yellow Pages NextHome Email: Lydia.McNutt@YPNextHome.ca Twitter: @LydiasTweets
foreseeable future? What will happen to mortgage interest rates, and when? If you’re in the market to buy a home, these questions could be keeping you up at night as you search for one over-arching answer – is this a good time to buy? While it’s a good idea to pay attention to news headlines and all the accompanying advice – professional and otherwise – take it all with a grain of salt. Nobody can predict with certainty what the future of Calgary’s housing market holds. While the picture may look a certain way from a national, provincial or city-wide perspective, what happens from one street to the next, from one price range to the next, and in your specific circumstances can impact whether you should buy now, or wait. So, back to the million-dollar question: is now a good time to buy? Take an honest look at your financial situation. Review your assets and debts, including mortgage (current and expected payments on your new place), car loans, lines of credit, student loans and other bills. Are you secure in your job? Are you planning a family? What’s your five-year plan? Buying a home is a big decision and a huge commitment. Your first step is to figure out your reality, and where your comfort level lies. With a little forethought, you’ll be better equipped to make the right decision.
HOW TO SPOT A GOOD (AND BAD) HOME BUILDER
READ IT ONLINE
The popularity of condominium living has given rise to a new breed of home builders, and they’re all vying for your attention. But how do you know which one has what you’re looking for? There are seven key questions you’ll want to ask before you sign on the dotted line. Read the full story online! nexthome.yp.ca/choosing-a-builder
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Property Profile | AVENUE
cover story
Avenue
offers luxury, prized location in Calgary’s West End DISCERNING CONDO BUYERS who are looking for a cut
above the rest are choosing Avenue for its luxury interiors, stunning views of the Bow River, downtown and mountains, but most importantly, its prized location in Calgary’s prominent and established West End. Being built in partnership by Grosvenor Americas and Cressey Development Corporation, Avenue is a twin-tower project at 5th Avenue and 10th Street SW, with construction nearing completion on the 192-suite east tower.
For Avenue, these two experienced developers focused on creating a world-class residence with impressive contemporary features and finishes. “We have had an overwhelmingly positive response to Avenue; we’re over 75 per cent sold in the first tower,” says Robert Duteau, senior vice-president of Development at Grosvenor Americas. “Our homeowners are excited to move into their new homes, as possessions will commence in the upcoming months, and are eager
APR 28 - MAY 26, 2017 | NEW CONDO GUIDE 11
to utilize all of the upgrades that come standard at Avenue, including a hotel-inspired grand lobby, solid walnut suite entry doors, and Calgary’s first-ever CresseyKitchen.” “One of the biggest draws for our homeowners is the superior location,” Duteau says. “Avenue’s location within the mature West End riverside community offers two different living experiences. There is an unmistakable urban feel to the area, given its closeness to the nightlife, wine bars and trendy boutiques of Kensington and the downtown core,” he says, noting that the C-Train is two blocks away and access to the Plus15 is within short walking distance. “Yet the area also has a distinctly residential feel. With direct access to the Bow River pathway system and close proximity to the greenery of Prince’s Island Park, 12 YPNEXTHOME.CA
you can find serenity while still enjoying big city life.” With architectural design by James Cheng and interiors by Scott Trepp, Avenue presents a new standard of design and luxury, with extensive use of glass on the exterior and elegant interiors with exceptional finishings such as real hardwood, wideplank flooring throughout the main living areas, overheight ceilings, porcelain tile, marble countertops and impressive terraces. Topping the outstanding interior features is the CresseyKitchen – a revolutionary walk-through design that creates a larger kitchen and a highly efficient workspace that is stylish, yet functional. It features a sleek chef’s wall of integrated appliances (five-burner gas cooktop, 48-inch refrigerator, microwave, wall oven and dishwasher), a pantry wall and ample storage.
Avenue also offers terrific amenities, such as a stateof-the-art fitness facility, a concierge, hallway garbage chutes, a dog-washing station, and secured parking stalls and storage lockers included with each suite. Suites in Avenue range from approximately 600 to 2,300 sq. ft. with one-bedroom, one-bedroom-andden, two-bedroom and executive penthouse suites. Prices start at $374,900. There are also street-level, two-storey townhomes designed to emphasize the feeling of neighbourhood, with private terraces and a front door on 5th Avenue. “At Avenue, we are noticing a trend of young professionals beginning to purchase real estate with the help of their parents,” Duteau says. “Avenue appeals to first-time buyers, but we also have many moveup buyers and downsizers looking for a larger square
footage without having to sacrifice the time to maintain the exterior of a large property; Avenue’s townhomes are of great interest to these demographics. “Calgary remains a very affordable alternative, and in this context, the Alberta Advantage is still very much alive and well,” he notes. “Whether they’re a first-time buyer, investor or a move-up buyer, more people are recognizing that now is a very good time to buy.”
For more information on Avenue, visit the presentation centre and its two display suites at 1037 5th Ave. S.W., open Monday to Wednesday from noon to 6 p.m.; and weekends from noon to 5 p.m. Call 403.530.8455, email info@ avenuewestend.com or visit avenuewestend.com. APR 28 - MAY 26, 2017 | NEW CONDO GUIDE 13
CO N O N W ST U RU ND CT ER IO N
6 AVE N
GREYHOUND BUS TERMINAL
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26 AVE S
SOMETHING WICKED THIS WAY COMES EAST VILLAGE CONDOS FROM THE $220’S LEARN MORE AT OUR PRESENTATION CENTRE - UNIT 108 - 535 8TH AVE SE 403.452.9268 | REGISTER AT INKBYBATTISTELLA.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
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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
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01
Corner of 25th & 3rd St. SW
4 AVE S
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16 STEPS BRIDGELAND BY GIUSTINI BRIDGES IN.
13 18
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MILLENNIUM PARK
Sales Centre 921 - 1st Ave. NE
19 CONVENTION CENTRE
9 AVE S
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CITY HALL
FORT CALGARY
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COLONEL BELCHER HOSPITAL MOUNT ROYAL VILLAGE
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4 ST W
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PROSPECT AVE
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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
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17 INK BY BATTISTELLA 622-8 Ave. SE
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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
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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
APR 28 - MAY 26, 2017 | NEW CONDO GUIDE 15
Advice | CALGARYISM
The best spring and summer festivals in Calgary
By Cody Battershill
MORE ADVICE ONLINE ypnexthome.ca/news/advice
CALGARY’S SPRING AND SUMMER
seasons are embraced with open arms, not only because of the warm, sunny weather, but also because of the arrival of some of our city’s best annual festivals. These events play a large role in promoting community, heritage and multiculturalism while also being a staple of arts and culture in our city. If you’re looking to get out to some of the best spring and summer festivals in Calgary this year, you’ll want to check out one or all of the following events:
Lilac Festival » When: Early June » Where: 420, 1711 4th St. SW » Cost: Free The 4th Street Lilac Festival is one of the biggest one-day festival events in Calgary all year – and one of the most exciting! Spanning along 4th Street between 13th Avenue and Elbow Drive SW, this massive celebration of arts and culture exposes visitors to an eclectic mix of musical genres, street buskers and live performances that will leave your entertainment quotas filled, to say the least. You’ll also get to shop around at more than 500 artisan vendors and do a bit (or a lot) of snacking at one of the several food
trucks and restaurants lining the streetscapes. The best part about Lilac Festival is that you never know what to expect. From tobacco pipes and office pens made from bullets, to live acrobatic and fire-breathing performances, there’s a little bit of something for every single one of the 100,000 plus people who attend annually.
Sled Island Music Festival » When: Mid- to late-June » Where: various venues » Cost: $15 and up Every year that Calgary’s annual Sled Island Music Festival comes around, it’s bigger and better than before. What makes this event so cool is
the fact that it’s not held just at one location but at several (more than 25 last year!) across the city. That makes every Sled Island Music Festival event a unique experience on its own. Some events are much more affordable while others cost upwards of $50, making the entire experience customizable to suit your budget and taste. With more than 200 artists and bands performing during the four-day fest, it’ll be hard not to find something you like. The Sled Island Music Festival was recently voted as one of the top 10 festivals in Canada by CBC Radio 3 listeners. Find out what all the hype is about this summer at one of the Sled Island Music Festival events. …continued on page 18
16 YPNEXTHOME.CA
AN INSPIRED PERSPECTIVE ON CALGARY
INTRODUCING THE GUARDIAN’S PREMIERE COLLECTION OF SUB-PENTHOUSES IN CALGARY’S TALLEST RESIDENTIAL TOWER
PARAMOUNT SUITES
starting at $1.4 million
1-BEDROOMS
starting at $278,900
2-BEDROOMS
starting at $445,900
PRESENTATION CENTRE Developed by Hon Developments. Prices subject to change without notice. E&EO.
456-12TH AVENUE SE
TEL 403 800 3368
MON – THURS 12 – 6PM
SAT & SUN 12 – 5PM
…continued from page 16
MORE ADVICE ONLINE ypnexthome.ca/news/advice
and C-Train terminals, makes it an ideal summer activity for the whole family to enjoy. Last years’ stage performances were phenomenal – you don’t want to miss this one!
GlobalFest
Calgary Folk Music Festival » When: Mid- to late-July » Where: Prince’s Island Park » Cost: $15 and up There are few music festivals in Western Canada that will expose you to such a diversity of musical genres and raw talent other than the Calgary Folk Music Festival. Every year, this event, hosted in the beautiful downtown recreational area of Prince’s Island Park, brings more than 70 artists from over a dozen different countries to perform on nine different stages. Apart from the live performances, the island is completely transformed to include an interactive family area, several culinary vendors, adult beer garden 18 YPNEXTHOME.CA
and international craft market. Join more than 10,000 people onthe-daily to watch this celebration of culture and music unfold in one of our city’s acclaimed green spaces!
Fiestaval » When: Mid- to late-July » Where: Calgary Olympic Plaza » Cost: Free Things get spicy in the downtown core during Fiestaval, one of our city’s finest celebrations of Latin culture. This family-orientated event is completely free, and includes artisan shops, food vendors and live music, dancing and entertainment of all sorts. Its downtown location, accessible by public transportation
» When: Mid- to late-August » Where: 285, 2323 32nd Ave. NE » Cost: $15 and up There are few festivals in Calgary that deliver as much bang for your buck than GlobalFest. This festival’s nightly firework shows light up the night sky while reflecting on the ponds at Elliston Park, creating a magnificent display of color and beauty for all to enjoy. What’s cool about GlobalFest is that the firework shows are themed to represent different nations of the world, so you can choose which night you want to check out. Apart from the show, you will find several cultural booths where you can learn about different cultures and eat some of their cuisines. There are also a variety of artisan shops and family activity areas, making GlobalFest one of the most family-friendly and all-inclusive festivals year-round! Join Us Want to know more about local activities, events and everything else to do with YYC? If so, we invite you to join us at Calgaryism on Twitter, Facebook and Instagram today – have a great spring and summer! 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
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
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NEW PRESENTATION CENTRE & SHOW HOMES NOW OPEN!
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Trending
SAM Awards honour finest in home-building industry By Heather Ryan
Remington Development’s two-time award-winner, Champagne
IT WAS A NIGHT OF EXCITEMENT
as more than 1,300 industry representatives celebrated the Building Industry Land Development Calgary Region’s 30th Annual SAM (Sales and Marketing) Awards on April 8. The SAM Awards recognize the outstanding achievements by the home-building industry’s finest, from builders and developers to marketing and sales professionals. This year, there were 800 entries with finalists competing for 60 awards in 10 different categories. It was a special night for Brookfield 20 YPNEXTHOME.CA
Residential, which won the Grand SAM Award for Builder of the Year and was second runner up for MultiFamily Builder of the Year. “Winning the Builder of the Year award is a real capstone to what has been a challenging yet successful and rewarding year,” says Brookfield COO Trent Edwards. “We are grateful, humbled and excited to win this award on behalf of our customers, trades, partners, and of course our amazing employees.” In the multi-family category, Brookfield won Best Villa/Duplex –
Up To $374,999, for the Linden in Fireside in Cochrane; and Best New Design Apartment Style Condo 700 sq. ft. to 899 sq. ft. for The Kingston at Regatta. “We’re thrilled to see the Regatta recognized with an award for best new design for the Kingston floor plan and for the Linden,” says Allan Klassen, senior vice-president, Homes, Brookfield Residential. “These awards are also a recognition of the Brookfield Residential team – we are always striving for excellence in creating a great customer
experience with top-quality homes in well-designed, well-connected communities, complemented by a personal and meaningful sales experience.” Hopewell Residential Management won the Grand SAM Award for MultiFamily Builder of the Year, and also took the award for Best Town Home – Up To $349,999. Jayman BUILT was first runner up for the Multi-Family Builder of the Year award, and won the Best Apartment Style Condo – Up To One Bedroom + Den award for Overture – Unit E. Remington Development won two multi-family awards for Champagne: Best Apartment Style Condo – Two Bedrooms & Up and Best New Design Apartment Style Condo 900 sq. ft. and Over.
“The SAM Awards is such an exciting event for Remington as we get to recognize and applaud our industry’s best,” says Julie Seidel, residential sales manager for Remington. “Once again this year did not disappoint! We feel honoured to have won two multi-family awards this year, and we offer our congratulations to all the finalists and winners.” Brad Remington Homes won the Best New Design Apartment Style Condo Up To 699 sq. ft. for Super E at My Legacy Park, and won the Sales Team of the Year – Multi-Family award. “Receiving SAM nominations and awards in multiple categories is validation for The Brad Remington Team, our marketing reps and all of our trade partners and suppliers that all their hard work and dedication has paid off,” says Bryan Logel, vice-president of sales and marketing for Brad Remington Homes. “We are especially proud of what we have been able to accomplish with My Legacy Park, becoming the best-selling development in Calgary in just its first year and receiving so many nominations for excellence in sales, design, and marketing,” Logel says. “We strive to be the best we can be and when you receive confirmation in the way of a SAM award, it verifies you are on the right track.” Other Grand SAM Award winners were: Riverview Custom Homes, Builder of Merit; Renova Luxury Renovations, Renovator of the Year; and Timber Tech Truss, Partner of the Year.
Remington Development’s two-time award-winner, Champagne
APR 28 - MAY 26, 2017 | NEW CONDO GUIDE 21
TOWNHOMES STARTING FROM THE $310’S LUX U R I O U S LY AP P O IN TED 2 & 3 BEDROOM TOW NS PHASE 3 NOW RELEASED 2 MOVE IN READY HOMES AVAILABLE HOMES BACKING ONTO THE PARK VISIT US TODAY
402 Nolancrest Heights NW jayman.com/carnaby-heights
Discover our best townhomes in the community you love with custom floorplan options, over 100 interior finishes and 3 finishing levels to choose from.
E
04 WILLOW AT SHERWOOD BY AVI URBAN Visit Sales Centre at 64 Nolan Hill Gate
IL FO OT TR A ER
355 Kincora Glen Rd. NW www.emeraldsky.ca
W
CALGARY INTERNATIONAL AIRPORT
13 THE LOOP BY STREETSIDE DEVELOPMENTS
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14 MAVERICK BY AVI URBAN
Coming Soon to Livingston 32 Ave
02 19
15 THE GROVES OF VARSITY BY STATESMAN HOMES
5353 Crowchild Trail NW 16 AVENUE
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ME M O R I AL
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18 SONOMA AT SAGE HILL BY VERTICAL PROPERTIES 36 STREET
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Symons Valley Parkway please call 587-755-1166
06 SYMONS GATE HOMES BY BROOKFIELD RESIDENTIAL 33 Sage Bluff Blvd. NW
Sales Centre 1120 Kensington Rd
22 AVIRA TOWNHOMES IN EVANSRIDGE BY JAYMAN MODUS 470 Evansridge Court
07 THE TIMBERS BY GABLECRAFT HOMES
Sherwood Blvd at GLENMORE Sherwood Way NW RESERVOIR Register Now www.thetimbers.gablecrafthomes.ca
Corner of Shaganappi Trail & Symons Valley Pkwy NW V I R E
23 THE MARK 101 IN SAGE HILL BY NUOVO BY SHANE HOMES 3727 Sage Hill Drive NW 403.536.2388 themark101.com
BARLOW TRAIL
3503 Sage Hill Drive NW
12 EMERALD SKY BY CARLISLE GROUP
BLACKFOOT TRAIL
03 VIRIDIAN BY TRICO HOMES
Register today: Ezraonrileypark.com
IL N
ELBOW DRI VE
RE T RAIL 2nd Ave and 10th St. NW
BY BUCCI
11
11 EZRA ON RILEY PARK BY BIRCHWOOD PROPERTIES
DE
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64 Ave
SARCEE TRAIL
69 STREET
85 STREET
CENTRE STREET
14 ST RE ET
16 AVENUE
521 Evanston Link NW 02 KENSINGTON GLENM O
10 SAGE PLACE BY CARDEL LIFESTYLES 450 Sage Valley Dr.. NW
VD. LS BL
OLD BANFF COACH ROAD
01 THE LINK AT EVANSTON BY BROOKFIELD RESIDENTIAL
355 Nolan Crest Heights
STONEY TRAIL NW
EDMONTON TRAIL
AIL ENU
14
22
NOSE HILL PARK
JO HN CR LA OW UR 14 IE CH BLV ILD D. TR AIL
460 Nolan Hill Blvd.
09 NOLAN PARK BY CARDEL LIFESTYLES
CENTRE STREET
AIL TR NA PI SH AG AN
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01
05
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15
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14TH ST NW
06 18 SY 23 03 MO NS VA 08 L 07 LEY RD 12 . 04
08 CARNABY HEIGHTS TOWNHOMES IN NOLAN HILL BY JAYMAN MODUS
MacLEOD TRAIL
COUNTRY HILLS BLVD.
10
14 STREET
09 16
85 ST. NW
ROCKY RIDGE BLVD.
144 AVE NW.
SYMONS VALLEY PKWY
NORTHWEST COMMUNITIES
SOUTHLAND DRIVE ANDERSON ROAD
DEERF
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AIL TR
AIL
VITT
McKE
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SHAWNESSY BLVD.
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ypnexthome.ca
APR 28 - MAY 26, 2017 | NEW CONDO GUIDE 23
Property Profile | THE LINK
Buyers connect to Brookfield’s
The Link at Symons Gate PRESENTING STYLISH DESIGNS, great features and
exceptional affordability, it’s no wonder that condo buyers have been eager to link up with Brookfield Residential’s latest offering at Symons Gate in northwest Calgary. Brookfield Residential launched The Link at Symons Gate last fall, and this outstanding selection of 165 townhomes has quickly garnered the attention of buyers. “The response we’ve received from buyers has been really positive,” says Justin Castelino, marketing manager for Brookfield Residential. “People are attracted to the smaller, boutique feel of Symons Gate and its mix of housing styles that are more integrated into the community, giving it a very connected feel. “As well, because it’s smaller, everyone lives within 350 metres to green space so they can enjoy parks, playgrounds and pathways that are already established, including the connection to the Rotary/Mattamy Greenway path system and an environmental reserve and pond,” he says. “And, from an affordability standpoint, what 24 YPNEXTHOME.CA
we’re offering (starting in the low to mid-$200,000s) is resonating with buyers and we’re already almost 20 per cent sold. With Symons Gate being a smaller community, buyers like that they have quick access in and out to Symon’s Valley Road/Beddington Trail and Sage Hill Drive. “This location is really close to everything,” Castelino says, noting that Stoney Trail is just minutes away so it’s very easy to head downtown, to the mountains or the airport and major shopping is right nearby including a Walmart Supercentre and Loblaw’s City Market in Sage Hill and various shops, services, groceries and eateries at Creekside. Comprised of two- and three-storey townhomes, The Link presents 10 floor plans that are appealing to a broad range of people, from first-time buyers to downsizers and right-sizers. The homes range from 744 to 1,475 sq. ft., and depending on the model, they include a single-, tandem-
The eye-catching exteriors feature Hardie board siding and bold colours to complement the neighbourhood, and the site offers plenty of green space, pathways and gathering places, “allowing people to connect and giving it more of a residential feel” or double-car garage with additional space for a workshop or storage. Some models have front patios, and some have balconies off the main or second levels. Castelino explains that the smaller models feature single-floor living and an attractive open design with two bedrooms and a shared bathroom, while the larger townhomes present two-storey living with three bedrooms and 2.5 bathrooms, or dual master bedrooms each with ensuites and walk-in closets. The various townhome models offer well-appointed interiors with over-sized triple-pane windows and vaulted
ceilings that up the “wow” factor, and all come standard with luxury plank vinyl floors, stainless steel appliances, pantries, islands, full-height tile backsplashes, and laundries with washer and dryer. Depending on the model, the garage level provides additional space for storage, an office, workshop, workout room, or whatever the buyer chooses to use it for. Buyers can also personalize their homes with an opportunity to mix and match colours and fixtures to really define their own style. The eye-catching exteriors feature Hardie board siding and bold colours to complement the neighbourhood, and the site offers plenty of green space, pathways and gathering places, “allowing people to connect and giving it more of a residential feel.” Brookfield plans to open four showhomes this summer, with the first possessions set for this summer as well. Buyers can learn more about The Link at Symons Gate by visiting the presentation centre at 55 Sage Bluff Gate, N.W., open Monday to Thursday 2 to 8 p.m.; and Friday, weekends and holidays from noon to 5 p.m. Call 403.455.5343 or visit TheLinkatSymonsGate.com. APR 28 - MAY 26, 2017 | NEW CONDO GUIDE 25
Advice | CONTEMPLATING CONDOMINIUMS
Get a “condo check” before you buy By Linda Palfi
MORE ADVICE ONLINE ypnexthome.ca/news/advice
PEACE OF MIND is a wonderful thing
when making a major purchase. If you’re buying a used car, you have a mechanic check it out before you finalize the deal. And if it’s a 40-yearold house, you’re well advised to have a professional home inspector go through it before you sign on the dotted line. But how do you ensure that all is well with a pre-owned or even a brand-new condominium. It has taken years of growth in condominium construction and ownership for the Calgary condo marketplace to mature. But there are qualified people who are in the business of inspecting condominium projects. For a fee of $300 to $400, the “condo check” service is a terrific investment for buyers who want a professional opinion before making their final decision on whether to buy into a particular project. And here’s the best part – some realtors are including the “condo check” analysis and report as part of their service to purchasing clients! With this arrangement there is no cost to you, and it’s entirely to your benefit as a condominium home shopper. So, what should a condo check cover? Compared to the physical inspection of a house, a condo-check analyzes the operational, bylaw, administrative and budgeting aspects of a condominium corporation. As part of that, there may well be engineers’ reports on the physical structures. Rather than challenging 26 YPNEXTHOME.CA
those reports, a condo check analyzes them and reports to you whether adequate funding is being set aside to perform recommended work. From the condo corporation’s bylaws to its minutes of annual general meetings, a good condocheck report will summarize all important information, translating mumbo-jumbo into layman’s terms and highlighting any area of concern. You will receive a binder with the analysis and summary, followed by the condominium corporation’s actual documents. Finally, a personal presentation will see finer points explained and give you an opportunity to ask questions.
Condominium living can offer peace of mind in terms of convenience and professional management. But before buying, you should have the further peace of mind that your selected development is well run, is budgeting adequate reserves, and has bylaws that suit your lifestyle.
Linda Palfi is a condominium specialist realtor with Greater Calgary 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
Trending
Alberta forecast to top economic growth among provinces in 2017 ALBERTA IS POISED to have the strongest economic growth in 2017, mainly due to fast-rising oil production, according to The Conference Board of Canada’s Provincial Outlook. Former leaders, British Columbia and Ontario, will see the pace of economic growth ease this year, but they will still deliver a solid performance. “Following two tough years stemming from widespread weakness in the energy sector, Alberta’s economy finds itself with the strongest economic growth this year,” says Marie-Christine Bernard, associate director, provincial forecast, The Conference Board of Canada. “Along with a big increase in oil production, some of the growth in Alberta will come from the rebuilding efforts in Fort McMurray. However,
MORE TRENDING ONLINE ypnexthome.ca/news
we expect more subdued economic growth next year as oil prices are not expected to increase very much. Beyond Alberta, all provinces are forecast to see positive economic growth in 2017, with the exception of Newfoundland and Labrador.” Alberta’s real GDP (gross domestic product) is forecast to grow by 2.8 per cent this year, the fastest among the provinces, with 0.4 percentage point coming from the rebuilding efforts in Fort McMurray. Also contributing to the province’s growth is a more stable outlook for the energy sector following the
SAVE $15-$25K
recent OPEC agreement to cut oil production, which will allow oil prices to average almost US $60 a barrel for the West Texas Intermediate by the end of 2018. Although investment in the energy sector will not be increasing at a fast pace, total exports are expected to increase this year due to robust oil production gains as new oil sands projects come online. Another positive development for Alberta down the road is the federal government’s conditional approval of the Enbridge Line 3 Replacement project and Kinder Morgan pipeline.
IF YOU PURCHASE IN BUILDING 6 THIS MONTH!
Monthly Payments Starting From
• 1 & 2 Bedrooms Available
$
• Heated Underground Parking Available
890
00* Includes PI & GST
FREE Down Payment Program
• 9’ Ceilings, Stainless Steel Appliances, Laminate Flooring • Granite Countertops & In-Floor Heating *Some conditions apply. E&OE.
Visit our sales centre at 101 & 103, 12 Sage Hill Terrace NW or viridiancondos.ca APR 28 - MAY 26, 2017 | NEW CONDO GUIDE 27
DATE: 06 Apr 2017
VIR-16621 Condo Guide HP Apr28 v1.indd 1
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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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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.
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
LEO AIL
07 03
20
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 442 Cranford Park SE
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
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10
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CRANSTON
05 WALDEN 01 04 23 26 24
W ST. 52
D TR
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01 CRANSTON RIDGE BY CARDEL LIFESTYLES
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
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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
APR 28 - MAY 26, 2017 | NEW CONDO GUIDE 29
Trending
Experts see signs of recovery in condo market By Heather Ryan
FORECASTS OF EMPLOYMENT GROWTH and renewed optimism in
the economy are among the factors helping to boost Calgary’s condo market, according to several industry experts. “We are seeing gradual signs of recovery,” says Robert Duteau, senior vice-president of Development at Grosvenor Americas, which is currently building two apartmentstyle condo projects (Avenue and Smith) in downtown Calgary. “According to the Calgary Real Estate Board (CREB), Calgary’s total real estate sales numbers in 2017 have increased 20 per cent over the same period in 2016. Furthermore, CREB forecasts employment growth for 2017. These signs seem promising for the rest of the year ahead.” These positive signs, Duteau notes, are promoting movement in the 30 YPNEXTHOME.CA
market and consumer confidence is on the rise. “People are buying because they have an opportunity to lock in with historically low interest rates, while others are seeing this time as a great investment opportunity before home prices start to rise again. “Since January, we have noticed an increase of inquiries from prospective buyers and additional foot traffic through both the Avenue and Smith presentation centres,” he adds. Grosvenor has been operating in Calgary for more than 20 years. “We’ve seen several economic cycles over this time period,” Duteau says. “Even with a slow rebound, we remain committed, optimistic and confident that our developments will deliver on our ‘living cities’ philosophy, which supports our strategy to create and develop properties like Avenue and Smith that contribute to and
respond to the trend of urbanization happening in Calgary.” In agreement is Bryan Logel, vicepresident of sales and marketing for Brad Remington Homes, which is developing apartment-style condos at My Legacy Park in south Calgary. Logel says sales have been growing this year and recently, foot traffic at the development’s eight showsuites has increased. “At My Legacy Park, we have been able to create a home that is at a price that people who are looking to enter the market can afford. It has amazing, high-quality standards with everything the purchaser wants. We offer something in every budget, starting from the low $100,000s. This is a big reason why My Legacy Park has been so successful. “In 2015/2016, market conditions indicated that Calgary had a real need
“Right now, we see that there is a real sense of optimism that we are at the beginning of the next real estate cycle, and people want to be a part of it!”
for high-quality affordable homes. My Legacy Park was born from that and the response has been amazing.” Logel points out that 2016 was an improvement over 2015 in terms of sales, “and this year we are on track or trending to have one of our best years ever! We believe demand for our homes will continue as the market strengthens in 2017 and beyond,” Logel says. “Right now, we see that there is a real sense of optimism that we are at the beginning of the next real estate cycle, and people want to be a part of it!” There are increasing signs pointing to a recovery, says Charron Ungar, president of Avi Urban, which is building several townhouse projects around Calgary. “From increased building permits, to positive news from the Bank of Canada, including stabilization in the energy sector and greater media attention on upward trends in the market, buyers are noticing the signs and reacting to the shift with greater interest in new home product. “There has been a noticeable increase in demand for our multifamily product over the last quarter, which leads me to believe that we are making our way back to a more balanced market,” Ungar adds. Ungar is cautiously optimistic on the future trend of the marketplace. But, while there are increased signs of recovery and greater demand, “the market still retains some volatility both on the value of a barrel of oil, but also on the potential of a considerable volume of new housing product flooding the market. We will continue to be diligent in our value statement and product offering to
ensure we maximize our appeal to buyers and position ourselves as a leading provider of multi-family homes in our market.” Duteau notes that “a big part of the ‘Alberta Advantage’ has always been the ability to afford to own real estate as opposed to spending a lifetime renting with no equity creation. In comparison to what is happening in the real estate markets in both Vancouver and Toronto, Calgary remains a very affordable alternative and in this context the Alberta Advantage is still very much alive and well and more people are recognizing now is a very good time to buy.”
APR 28 - MAY 26, 2017 | NEW CONDO GUIDE 31
Neighbourhood Profile
McKenzie Towne By Kait Kucy
Fast facts Average household income
$118,428
Family structure
FAMILIES
COUPLES
SINGLES
45%
34%
21%
Own vs. rent MCKENZIE TOWNE is a picturesque
neighbourhood in the deep southeast of Calgary. It was one of the first newer developments to introduce the concept of a “new urbanist” community. A hub for young professionals and families, McKenzie Towne is a great community not only because of its affordable prices but also thanks to the variety of homes available here. Lifestyle McKenzie Towne has a great visual presence with the picturesque High Street and wide open park spaces. The neighbourhoods have beautiful variations – one of the most popular spots features rows and rows of Brownstone townhouses complete with a scenic gazebo in the park in the middle. It’s a beautiful neighbourhood that functions as its own tiny town. Vibe Just brimming with youth, McKenzie Towne has been known as a great place to raise a family since its inception in 1995. With plenty of wide open spaces and playgrounds, this is the perfect neighbourhood for anyone who has craved more space and their own backyard. An active
community, it is not unusual to see residents jogging, cycling and walking dogs at all hours of the day. Meet the neighbours With plenty of schools, playgrounds and parks, this neighbourhood is full of young families and couples who will likely be planning to start a family in the near future. It is also fairly common for empty-nesters to live in the area, meaning grandparents can be close to their grandchildren. Many have said that the neighbourhood often feels like a little small town due to the friendly atmosphere. Dollars & sense Mckenzie Town presents average suburban living expenses and features the typical array of chain stores such as Starbucks, pubs that are affordable, easy to access and very friendly. You can expect to pay average prices for drop-ins at gyms and yoga studios, which is an added benefit to living in this community. Planes, trains & automobiles Accessed via Deerfoot Trail, commuting from downtown will leave you with quite a drive to and from work. But there are rapid transit commuter buses leaving downtown
82% OWNERS
18%
RENTERS Education Levels
35% HIGH SCHOOL
34%
31%
UNIVERSITY
COLLEGE
SOURCE: ENVIRONICS
during rush hour, affording McKenzie Towne residents a swift route home. The neighbourhood also has quick access to Calgary’s bike trail system to ride to Fish Creek Park and beyond. In the area An almost entirely self sufficient neighbourhood, this main street shopping area contains multiple dental and medical offices, banks, grocery stores among many other amenities that help to keep residents satisfied. It is only a quick 11-minute drive to the new hospital in Seton. Plenty of schools in this area, too.
Kait Kucy is a lifestyle and travel writer and blogger for online and print publications in Canada and the U.S.
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METIS TRAIL
NORTHEAST COMMUNITIES 08
52 STREET
CALGARY INTERNATIONAL AIRPORT
64 Ave
CENTRE STREET 12 AVENUE
07 ARRIVE AT SKYVIEW RANCH ARBOURS BY PARTNERS DEVELOPMENT GROUP Coming Soon www.arrivehome.ca
08 MAVERICK BY AVI URBAN
Coming Soon to Livingston
RIVE
RIAL D
MEMO
36 STREET
13 V&V BY PROVIDENCE GROUP
Now Open Register: einsteincalgary.com
17 Ave
52 STREET
BLACKFOOT TRAIL
ELBOW DR IVE
104 Redstone View (off Redstone Way)
16 AVENUE
02 43 PARK BY VERICON REAL ESTATE VENTURES
MacLEOD TRAIL
43park.ca
ANDERSON ROAD
DEERF
114 AVE SE
OOT T RA
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W BO M IL
Mac
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MARQ
RNE OF LO
TRAIL
COPPERFIELD
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VIT McKE
D LEO
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SHAWNESSY BLVD.
NEW BRIGHTON
TTO BO
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84 STREET
BARLOW TRAIL
GLENMORE TRAIL
SOUTHLAND DRIVE
FISH
64 Ave
06 ARRIVE AT REDSTONE BY PARTNERS DEVELOPMENT GROUP
13
17 Ave
GLENMORE RESERVOIR
05 MOTIF BY JAYMAN MODUS
32 Ave
03 04 MEMO 02 01 RIAL D RIVE
Coming Soon bridgelandcrossings.com
80 Ave
MCKNIGHT BLVD.
16 AVENUE
01 BRIDGELAND CROSSINGS BY APEX CITY HOMES
Sales Centre 921 - 1st Ave. NE www.stepsbridgeland.com
68 STREET
14 STREET
.
04 STEPS BRIDGELAND BY GIUSTINI BRIDGES IN.
52 STREET
CRI J OW OHN CH L ILD AUR IE TR BLV AIL D
Sales Centre #701, 7th Ave. NE livelifft.com
SADDLETREE DR.
FA L RID CON GE
NOSE HILL PARK
EDMONTON TRAIL
SH AG AN
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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
SEARCH ONLINE ypnexthome.ca
APR 28 - MAY 26, 2017 | NEW CONDO GUIDE 35
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CALGARY INTERNATIONAL AIRPORT
64 Ave
16 AVENUE
SARCEE TRAIL
4
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16
36 STREET
17 Ave
14
02
07
19
08
18
05 15 11
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09
GLENMORE RESERVOIR
DEERF
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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 36 YPNEXTHOME.CA
CALGARY’S SATELLITE COMMUNITIES 21 THE WHITNEY BY LANDMARK HOMES
22 22 04
1A
02 11 03 01 COCHRANE 08
211 & 215 Fireside Parkway Cochrane, AB
AIRDRIE 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
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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
101 Hillcrest Dr. SW Airdrie
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
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
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APR 28 - MAY 26, 2017 | NEW CONDO GUIDE 37
Trending
Investors, take the road most travelled By Yan Gurevich
MORE ADVICE ONLINE ypnexthome.ca/news/advice
SO YOU’RE GETTING cracking on your
“nest egg,” ready to put it to good use before your financial planner gets wind of your intentions and tries to reel you back in. Your friends are filling your head with all their success stories of flips, renovations and long-term rental conversions, and some of their ideas are starting to appeal to you. You have a real estate agent sending you listings, optimistic local market reports, and newspaper clippings prognosticating a tight rental market. You are ready to jump into investment properties. Now what? There are proven steps investors can take that will save a lot of money and help avoid disastrous consequences. When starting out, try to take the road most travelled. It’s not a TV show Television shows are for entertainment. Segments are edited to make even the protracted, tedious renovations and sale process appealing. We forget how some of the homeowners got on these shows in the first place. How many properties did they lose money on? How long did it take to find the one property that may turn a profit? How long did they have to rent out a property instead of flipping it, before they recovered their initial investment? We are told about, but never observe, the great screw-ups with a contractor, or lack of a quality 38 YPNEXTHOME.CA
inspection that landed them on the show in the first place. Surround yourself with experienced professionals who are knowledgeable in the area and type of home you are considering investing in, before you start shopping. If renovating the property, allow for longer time periods at each stage of acquisition, planning, permitting and completion. Budget at least 15 per cent for overages. Get your financing options locked in. Comparatively speaking... Investors use ratios like “cap rates” to compare and contrast one investment opportunity with another. Cap rates are an attempt to compare similar and dissimilar properties based on their income potential versus purchase price. On occasion, it is an attempt to compare apples to oranges. Beware – comparing a condominium with a six-
plex may yield similar cap rates, but capital investment and management efforts are very different. Try to use these calculations on similar types of properties. Cap rates will vary greatly from one city and region to another. Owners are willing to pay more for a similar property in a larger metropolitan area where prices are stable and security of the investment is more assured. If your investment is easily comparable to others that sold in the same area, then a straight price-toprice comparison may be very useful. In a large, very developed pocket compare builders, home styles, size of lot and home, and types of finishes. Cooler heads prevail Before purchasing any investment property, get it professionally appraised. If you are planning to resell within a year or so, get the appraiser
within easy driving distance from you. Few individuals can afford an investment property that generates so much income that they can hire a management company to maintain that investment for them. But even if a manager is involved, be prepared to make the midnight dash to your property – or at least have a trusted handyman on speed dial – in case a bathroom floods, or a washing machine stops working in mid-cycle.
Surround yourself with experienced professionals who are knowledgeable in the area and type of home you are considering investing in to estimate the resale value, taking into consideration the improvements you are planning to make. Even if you believe that your property will sell for more than the appraised value, ask yourself if the appraised value is enough to make a profit. If you can’t make money with the appraiser’s evaluation, rethink the improvements, or the purchase altogether. Where the big kids play Which would you prefer: to be the nicest, biggest house on the block, or a nice but “typical” home in the community? As an investor, you rarely want to be the one to try to buck the trend in a community. The adjective “typical” should be your most trusted term. If major developers are putting up new 3,000-sq.-ft. homes in this pocket, look for the “typical” underachiever, do a “typical” renovation or upgrade for the area, and expect typical rents. Benefits of this effort is that you
will not be waiting for the market you enter to catch up. However, in contrast to the bigger players, your home will appear to be a good deal to the next buyer and they may pay a premium for it at a later date. Tenants may pay a premium for a unit that is in an up-and-coming neighbourhood. Be a scrooge, even on Christmas Investment properties are all about realistic numbers. The more costs you shave off the acquisition, renovation and maintenance of the property, the more you’ll profit. In a flip (a quick resale after acquisition) study your potential resale price very carefully. The word “typical” comes up again. Expect a typical sale price but hope for a higher one. If you can profit from “typical,” you will live long enough to do this again. Shut up and drive Investment properties should be
Absentee landowner If you spend all your time in Canada but your investment condos are in Arizona or Florida, you must have faith in a management company to handle your properties at least as carefully and cost-effectively as you would yourself. Beware guaranteed returns, maintenance costs and sale prices. If your property is abroad, the laws of that land may not protect you from local suppliers guaranteeing or promising you certain things they cannot deliver. If I had a dime for every story of a vacant condo in Turks and Caicos or Jamaica where certain promises from now-bankrupt developers left investors with overpriced vacation homes… Home of the brave Tenants are a breed unlike any other. Most landlords I know are just happy to get some tenants out after months of non-payment of rents and hundreds of dollars in damage never to be recovered. You can spend days checking the background of potential tenants, only to face a very different beast once they take possession. Be brave. Do your homework, but set aside a reserve fund for unexpected loss of rents or renovations. For longterm investments you must factor in larger upgrade expenditures and set up a larger reserve.
A real estate sales representative with Harvey Kalles Real Estate, Yan Gurevich shares his creativity, sales, finance and negotiating skills with his colleagues and clients. Email yan@harveykalles.com; call 647.209.4004; and follow him on Twitter @brokeryan APR 28 - MAY 26, 2017 | NEW CONDO GUIDE 39
Advice | FUNDAMENTALLY SPEAKING
How to avoid your own moving horror story By Wayne Karl
MORE ADVICE ONLINE ypnexthome.ca/news/advice WHEN BUYING A HOME, you likely will consult with a team of trusted professionals – a mortgage broker, lawyer, perhaps a realtor or builder sales associate, and maybe a home inspector. Then, assuming you move ahead with your purchase, eventually you will likely need a mover. People often don’t consider a mover as an important member of their team of professionals. However, given the critical role they perform – taking possession, at least temporarily, of all your worldly goods and moving them without loss or damage – it’s a function not to be taken for granted. Not doing your due diligence and taking the time to select a reputable mover can invite untold problems. Case in point: the following example, which admittedly doesn’t involve a new-home move, is all too common. So is the lesson learned – unfortunately, the hard way. I contracted a “professional” moving company to carry out a last-minute move of five pieces of furniture on behalf of my son, a university student. For a variety of reasons, we decided to hire movers rather than rent a truck. After calling several firms – including large, well-known companies and smaller, independent ones. We confirmed the place of pick-up, and drop-off. 40 YPNEXTHOME.CA
We agreed on a price ($350) and time (9 a.m.) – after I was very clear the move would involve an out-oftown destination. All the details were confirmed in a “contract” exchanged via email. The crew was on time for the move the next morning, but almost immediately began talking about a higher rate – $360. Not a huge difference, but it immediately raised my suspicions. I’ll spare you all the gory details, but it’s important to share the lowlights of what happened next: » The company I originally contracted the job to the night before was inexplicably unavailable to actually do the move the next morning, and apparently passed it off to another firm. » My original contact, who was easily available on cell phone repeatedly the night before, suddenly was nowhere to be found. » Once the truck was loaded, the fee increased to $450. » Upon arrival at our destination, the movers said the fee was now $500. “It’s taking longer than we thought, and the furniture is heavier,” they said. » “Sure,” I replied, “right after I call the police.” With that, the sordid tale ended. The job not complete, left for us to move the furniture indoors, now the victims of one of the top 10 scams monitored by the Better Business Bureau (BBB). “I could write a thesis on this,” John Levi, president of the Canadian Association of Movers (CAM) told me. CAM offers consumers the
following tips on how to avoid being scammed by unscrupulous movers: » Find reputable movers through the CAM, BBB or provincial government consumer protection agencies » Ask three movers for estimates in writing » Get the terms and conditions in writing » Ensure your goods will be protected for loss or damage » Read customer reviews on movers’ websites and other forums “Consumers have recourse with their provincial government’s consumer affairs department and with the BBB,” says Levi. “Both of these avenues are fraught with difficulties and often take many months to come to some form of resolution – satisfactory or otherwise. And often, the mover simply out-waits the consumer. “It’s far simpler and more effective to engage a reputable mover in advance rather than trying to fix a bad situation after-the-fact.” My example, though painful and infuriating, is minor compared to other common horror stories involving similarly unsuspecting clients. Make sure you take the proper steps – and the time – to protect yourself.
Wayne Karl is an award-winning writer and editor with experience in real estate and business. In Fundamentally Speaking, Wayne explores the basics – such as economic fundamentals – you need to examine when buying property. He can be reached at wayne.karl@ypnexthome.ca or follow him on Twitter at Twitter.com/ WayneKarl
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