Issuu

June 26 - July 24, 2015 Volume 18 Issue 7

INSIDE THIS ISSUE

WHY BUYING A CONDO BEATS RENTING

CALGARY HOUSING MARKET SHIFTS INTO BALANCE

6 THINGS HOMEBUYERS AND SELLERS SHOULD WATCH

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NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 07 | NEW CONDO GUIDE 7

CONTENTS

JUNE 26 – JULY 24, 2015

VOLUME 18

ISSUE 07

COVER STORY

Grosvenor confident in Calgary market, focused on vibrant Beltline

by Heather Ryan

COLUMNS / NEWS / FEATURES 10 Editor’s Note 18 In The News Luxurious rooftop fitness club and lounge launches in Calgary 20 CMHC Report Regional swings forecast for Canada’s housing market by Lydia McNutt

22 Calgaryism Five reasons why owning a condo beats renting by Cody Battershill

30 Contemplating Condominiums The Condominium Act better protects us all by Linda Palfi

34 In The News Streetside launches highly anticipated final phase of Origins at Cranston 38 In The News Calgary housing market moves into balanced territory 42 Style File Three mistakes people make when choosing paint colour 44 Homebuyers’ Help Six things homebuyers and sellers in Calgary should pay attention to by Don R. Campbell

48 In The News Cardel Lifestyles awarded for its customer service 50 Homebuyers’ Help Five tips for condo buyers 54

Advertiser Index

Condo Buyer’s Resource Section You love the condo, see what you can afford!

PRESIDENT, YELLOW PAGES NEXTHOME

Jacqueline Hill EDITOR-IN-CHIEF / DIRECTOR OF CONTENT

Susan Legge DIRECTOR OF SALES

PROJECT LOCATION MAPS

Moe Lalani SENIOR SALES MANAGER, WESTERN CANADA

15 Inner City

33 SE Map

25 Northeast Map

41 Satellite Communities

27 Southwest Map

47 Northwest Map

Edwin Rizarri ART DIRECTOR

Daiana Garay EDITOR

Lydia McNutt CONTRIBUTING EDITORS

Wayne Karl Elisa Krovblit Sara Duck (on leave) DESIGN EDITOR

Yanic Simard

Media Consultant

Natalie Houghton 587.226.1313 Like us on Facebook: search: CalgaryNewCondoGuide

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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. COPYRIGHT 2015 Copyright covers the contents of this publication and prevents reproduction in whole or in part; offenders will be prosecuted. We reserve the right to refuse any advertising, to make changes or edit advertising as necessary. Care will be taken to ensure copy accuracy but no warranty is implied or given by the publisher. The publication, the publisher and the printers shall not be responsible for any typographical errors, mistakes, misprints, spot colouring or any information or lack of information furnished by the advertisers. Yellow Pages NextHome is a trademark of Yellow Pages Group Co. in Canada. EDITORIAL Submissions from interested parties will be considered. Please submit to Susan.Legge@ypnexthome.ca The views and data expressed by columnists do not necessarily represent those of the publication

Please recycle this magazine! Yellow Pages NextHome participates in the Partnerâ€™s In Growth Reforestation Program through St. Joseph Communications. To date, Partners in Growth has planted over two million trees in parks, recreation and conservation areas, and other public spaces across Canada. Established in 1990, this program was started with Scouts Canada to help replenish the environment.

EDITORS’ NOTE

SHOPPING FOR A CONDO BUILDER

SUSAN LEGGE Editor-in-chief

Susan.Legge@ypnexthome.ca Follow me on Twitter at Twitter.com/SusanLegge Like us on Facebook Search: Condo Guide

You’ve decided that a new condo is the way to go and you’re making headway, but you still have another big decision to make – choosing your home builder. It pays to check the reputation of the builder/ developer before you sign on the dotted line. Start by finding out how long the company has been in business. Ask a sales representative or visit the company’s website. Next, find out if previous purchasers are happy with their homes. Drive around an existing community built by the company and talk to anyone you run into during your tour. Naturally, you should spend some time visiting several different sales offices and model suites. Get a feel for each company and the staff employed there. Ask a lot of questions and expect to be treated with consideration and respect. No question is too “dumb.” Think twice about any development where the salespeople push you to make a decision you’re not ready for, or where they are not happy to provide you with the information you request. There are many other builders and salespeople out there who pride themselves on putting the customer first. When you do find the right home and the right builder, making that big decision will be a whole lot easier and more enjoyable.

WHY BUY? LOTS OF REASONS.

LYDIA MCNUTT Editor

Lydia.McNutt@ypnexthome.ca Follow me on Twitter at Twitter.com/LydiasTweets

Of the 620,000 homes sold annually in Canada, almost half of them (45 per cent) are bought by first-time homebuyers, according to a report by the Canadian Association of Accredited Mortgage Professionals (CAAMP). This speaks to Canadians’ keen interest in getting into the housing market and the value of real estate – financial, as well as the pride of ownership. There’s no doubt that owning a home is one of life’s most rewarding experiences, emotionally and financially speaking. At the same time, it can also be taxing in both respects. But as they say, nothing worth having comes easy. In its consumer survey, CAAMP asked first-time homebuyers why they purchased their property. Fifty-one per cent said it was to stop renting. Other reasons cited include a change in lifestyle or improved financial circumstances, for pride of ownership, and to build financial security. Real estate happens to be one of life’s necessities that actually pays off in the long run. While no one can guarantee what the value of your home will be in 20 years, ask your parents what they paid for their place and compare that to current market values. Odds are that you’ll be pleasantly surprised. And what other investment vehicle out there allows you to purchase and use something, then sell it for a profit, and not have to pay any tax on that earned income? This, in a nutshell, is what happens when you sell your principal residence. Home ownership is a way of forced savings, and that equity is how many Canadians can afford to move up into their million-dollar dream home, or head to the sunny south to enjoy a worry-free retirement. Buy now, while mortgage lending rates are still low, and the pickings are plentiful.

10 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

COVER STORY

Grosvenor conﬁdent in Calgary market; focused on the vibrant Beltline By Heather Ryan

DESPITE A SLOWDOWN IN CALGARY’S

economy, experienced developer Grosvenor remains confident in the market with two signature condo projects under construction and more on the horizon. Grosvenor, who has been a property investor in Calgary for over

20 years, has a tremendous history of success behind it – more than 300 years combined, in fact – giving the company a competitive advantage and a solid reputation for delivering on its commitments. “I’ve been in the city for 25 years and seen the oil price cycle play out a few times. Each time the housing market lag going in and coming out is shorter, so we have confidence in the Calgary market,” says Robert Duteau, senior vice-president of development, Grosvenor Americas. “It takes two to three years to build a project and of our two projects under construction, Smith is NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 07 | NEW CONDO GUIDE 11

With Smith, Grosvenor has improved on the floor plans and interior finishing package, but kept some of the most popular features and designs from Drake scheduled to complete in late 2016, and Avenue is scheduled to complete in early 2017, so between now and completion, we have plenty of time to sell any remaining inventory.” “This is also a fantastic time to get positioned for our next big project,” Duteau says. “We’ve secured another premier site in the central Beltline, which is where we’re focused and will continue to build because a vibrant community that offers a tremendous urban lifestyle.” In addition, Grosvenor has a site at 1520 4th St. S.W., which will also be redeveloped in the future.

12 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

The company’s first condo project in the Beltline was Drake, a 17-storey highrise located just off trendy 17th Avenue on the corner of 15th Avenue and 7th Street S.W. After enjoying huge success with Drake, Grosvenor launched Smith, an 18-storey highrise just one block away on 15th Avenue and 6th Street S.W. This location allows Smith residents to leave the car at home, as they are just steps away from 17th Avenue’s

popular restaurants, nightlife, boutiques and services. From here, residents can also easily walk, bike or drive to work downtown. The Beltline appeals to young people moving into the city as well as urban professionals, empty nesters and downsizers. Smith therefore offers buyers a variety of home styles starting at $284,900 including studios ranging from 449 to 479 sq. ft.; one-bedroom plans from 498 to 678 sq. ft.; one-bedroom plus dens from 749 to 765 sq. ft.; spacious twobedroom/two-bathroom suites from 855 to 1,055 sq. ft.; and two fabulous penthouse suites at over 1,500 sq. ft. each. There are also two-storey, ground-level City Homes sized from 1,040 to 1,680 sq. ft. With Smith, Grosvenor has improved on the floor plans and interior finishing package, but kept some of the most popular features and designs from Drake. Wellappointed interiors include features

such as wide-plank, laminate hardwood flooring; in-suite washer and dryer; generous balconies, patios or terraces with views of greenspace, the city or mountains; stainless steel appliances including a built-in wall oven, integrated dishwasher, quartz countertops; and in-floor heating in bathrooms. Buyers can also personalize their suite with their choice of three contemporary colour palettes. Smith also offers secured underground parking and amenities such as a bike-share program, tool library, social space and a concierge service. Residents will also appreciate that Smith is set back from 6th Street to give room for a landscaped plaza, providing residents a pathway, benches, blossoms and greenery to enjoy. Grosvenor, in collaboration with Cressey Development Group, is also crafting Avenue, an upscale luxury condo development at 5th Avenue and 10th Street S.W., ideal for residents seeking a downtown urban lifestyle.

For more information on Smith, visit the presentation centre on the second floor at 850 16th Ave. S.W., open Monday to Wednesday, noon to 6 p.m.; and Saturdays and Sundays, noon to 5 p.m. Call 403.264.1703 or visit smith17.com

NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 07 | NEW CONDO GUIDE 13

INNER CITY

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GREYHOUND BUS TERMINAL

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14 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

INNER CITY 11 SOBOW BY M2I DEVELOPMENTS CORPORATION 1640 17A St.

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13 FIRST BY FRAM + SLOKKER

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East Village Experience Centre 553 Riverfront Ave. SE

14 AVLI ON ATLANTIC BY RED MANAGEMENT

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15 SCOLLEN HOUSE BY 320 MISSION DEVELOPMENTS

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REYHOUND US TERMINAL

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19 CONVENTION CENTRE

9 AVE S

12 AVE S

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COLONEL BELCHER HOSPITAL MOUNT ROYAL VILLAGE

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TALISMAN SPORTS CENTRE

4 ST W

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02 PARK POINT BY QUALEX-LANDMARK

07 SMITH BY GROSVENOR

03 43 PARK BY VERICON REAL ESTATE VENTURES 43park.ca

20 LIDO BY BATTISTELLA

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21 V&V BY PROVIDENCE GROUP Register: einsteincalgary.com

22 ALEX BY ASSURED COMMUNITIES

Presentation Centre: 2719 14th St. SW

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

05 THE GUARDIAN BY HON TOWERS

10 BRIDGELAND CROSSINGS BY GABLECRAFT HOMES

12th Ave SE at 3rd St.

Sales Centre Now Open in East Village

1035 5th Ave. SW

04 WATERFRONT BY ANTHEM PROPERTIES 216 Riverfront Ave. S.W.

19 VERVE BY FRAM + SLOKKER

06 AVENUE BY GROSVENOR & CRESSEY

Coming Soon Register now at Qualex.ca/ ParkPoint

East Village Experience Centre 553 Riverfront Ave. SE

CALGARY EXIBITION AND STAMPEDE PARK

01 RIVERFRONT POINTE BY CARLISLE GROUP

101 Riverfront Avenue S.E.

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16 STEPS BRIDGELAND BY GIUSTINI BRIDGES IN. 17 916 BY SABLE DEVELOPMENTS

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NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 07 | NEW CONDO GUIDE 15

EDMONTON’S NEW RENTAL UNIT CONSTRUCTION SOARS IN 2015 (PART 1)

In the first four months of 2015, housing unit starts in

terms of sales and price growth, with the resale side of

the Edmonton region have grown 136% on an annual

this market experiencing continued price growth thus

basis*. While owner-intended starts have nearly

far in 2015.

doubled by this measure, today’s construction is being heavily bolstered by an insurgence in apartment rental

Given the above, one might ask why there is a need

starts – 981 since January 2015*.

to build new rentals when we can just promote further homeownership in the new condo market.

One obvious driver of this trend has been the region’s consistently thin vacancy rates within professionally

The answer to this is an unforeseen real estate market

managed rental buildings. For those looking to rent,

trend and an appearing, if not now apparent, consumer

finding an apartment in this market can be daunting,

trend. In past articles, we have written about the

with many settling outside of desired areas, or for less

opportunities for investment in Edmonton’s secondary

desirable options. This situation has caused average

markets, as highlighted by the fact that while the city of

rents in the region to grow faster than anywhere else

Edmonton’s entire stock of apartments grew by over

in Canada*.

7000 units from 2012 to 2014, occupancy rental rates remained stagnant at roughly 30 percent. All of this

Many real estate agents and new condo developers

occurred while the professionally managed stock of

now note that today’s rental costs closely resemble

rental apartments remained stagnant*.

the mortgage payment one might pay on a condo. This point should seemingly hold close sentiment with

It seems that developers of these new primary rental

Edmontonians who maintain one of the highest housing

projects have tuned into an emerging trend that was

homeownership rates of all major Canadian regions*.

previously being serviced primarily by secondary rental market investors. What is this trend?

Local values like this may also help explain the success of the region’s many apartment rental condo conversion

More on this next time…

projects that took place between 2005 and 2011 – a time when the primary rental market was reduced by over 8,000 apartment units*. Furthermore, condos for

*Statistical figures and trends are based on public publications

sale have experienced great successnewest in recent years in Intelligence House is Edmonton’s and most innovative Real Estate Marketing Agency with a focus on strategic market intelligence which includes full research, marketing and sales services to the real is estate industry.newest and most Intelligence House Edmonton’s

provided by the CMHC.

innovative Real Estate Marketing Agency with a focus on strategic market intelligence which includes full research, marketing and sales services to the real estate industry. 16 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

From left to right: Michael Melnychuk Alex Ruffini Emmett Hartfield

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IN THE NEWS

Luxurious rooftop fitness club and lounge launches in Calgary 34TH/35TH FLOOR PRIVATE RESIDENCE CLUB AT MARK ON 10TH INCLUDES FITNESS CENTRE, SAUNA, WET BAR AND LOUNGE

n June 5th, the Qualex-Landmark group held a roof-topping celebration in honour of the final concrete pour atop the Mark on 10th tower. With spectacular views of the Calgary skyline, residents of the sold-out project are looking forward to enjoying all the elevated amenities offered by Mark on 10th. Qualex-Landmark is building Calgary’s ultra-luxurious rooftop fitness club and lounge atop its 35-storey downtown Calgary condo project, Mark on 10th. Mark is located in Calgary’s emerging Design District on 10th Avenue and 8th Street SW. Mark’s rooftop residents’ club includes lounge with wet bar and Wi-Fi Internet, media centre, fully equipped fitness centre, billiards table, seating for small or large gatherings, and a cantilevered enclosed glass mezzanine above it all that offers panoramic views of Calgary’s downtown, surrounding Rocky Mountains and Bow River. The rooftop’s fully equipped fitness centre features state-of-the-art cardio equipment, a yoga/Pilates studio, infrared sauna, steam room, private changing rooms, lockers and shower facilities. Outside, the rooftop is outfitted with an elevated hot tub with views of the Rocky Mountains, a sunbathing patio with seating, lounge area with barbecue and raised fire pit. The private club

18 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

is reserved exclusively for all Mark residents and their invited guests. “Mark on 10th is designed for those who want to experience the perks of urban living,” says Mohammed Esfahani, president, Qualex-Landmark, developers of Mark on 10th. “Creating Calgary’s most luxurious rooftop fitness club and lounge provides an amazing amenity for our residents and their guests.” Mark on 10th also features an expansive outdoor urban garden on the third floor. Inspired by traditional and contemporary landscape design from east and west, it will be one of the largest residential highrise gardens in the city. It includes open lawn areas for relaxed recreation, overhead shade trees and a fully accessible pedestrian pathway network with lounge seating. Available in two designer palettes, Dawn and Dusk, the one- and two-bedroom homes at Mark provide the finest in quality and finishing, and feature over-height doors and ceilings, expansive windows, wide-plank wood-laminate flooring, broadloom carpet in bedrooms, elegant porcelain tiles, and individually controlled heating and cooling. The remaining one- and two-bedroom homes start from the low $300’s. “Mark on 10th is the fifth downtown condo project in the Qualex-Landmark group’s portfolio in Calgary, and we’ve found that our buyers want a great location and outstanding amenities by a highly qualified and experienced developer with a solid track record,” says Esfahani. “Residents will love the spectacular panoramic views of Calgary’s downtown and the surrounding mountains from Mark’s rooftop lounge.” Mark is a mixed-use highrise tower being developed by Qualex-Landmark. Architects are award-winning designers Rafii Architect in partnership with BKDI Architects Inc. and Durante-Kreuk Landscape Architects. More information on Mark on 10th, visit online at qualex.ca/mark

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This is not an offering for sale. Any such offer can only be made by way of condominium documents and/or disclosure statement (where applicable). E. & O.E. ™ denotes one or more trade-marks of Qualex-Landmark Management Inc. used under license by Qualex-Landmark Union Inc.

CMHC REPORT

Regional swings forecast for Canada’s housing market

By Lydia McNutt

ower oil prices are a key contributor to different tales being told of the housing market by Canada Mortgage and Housing Corp. (CMHC) in its second quarter 2015 Housing Market Outlook. From a national view, eroding market conditions in the Prairies will be stabilized by activity in Ontario and BC, bringing the overall picture into more balanced territory. CMHC predicts national housing starts will decline in 2015 and 2016, but with some regional disparities. While oil-producing provinces like Alberta are seeing a slowdown in starts and sales, Ontario and BC are enjoying an upswing from some notable downs – lower energy prices, a lower Canadian dollar and low mortgage rates, according to Bob Dugan, chief economist, CMHC. “Moreover, since the inventory of completed and unabsorbed units remains above the historical average, we expect the pace of new home construction to moderate over the next couple of years as builders focus on managing the existing inventory,” Dugan adds. In the Prairies, starts are continuing on their downward trend, numbering 55,067 units in 2014, with a

20 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

forecast of 43,400 to 49,500 units in 2015, and between 38,900 and 46,300 units in 2016. Canada wide, CMHC expects between 166,540 and 188,580 housing starts in 2015 with a point forecast of 181,618 units. In 2016, starts are forecast between 162,840 to 190,830 units, with a point forecast of 181,800 units. In its latest release of May housing starts data, CMHC saw a slight uptick in May, due to an increase in multiple-unit construction starts in Ontario, the Atlantic region and Québec. The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. The standalone monthly SAAR was 201,705 units in May, up from 183,329 units in April. The SAAR of urban starts increased by 10.8 per cent in May to 185,235 units. Multi-unit urban starts increased by 16.9 per cent to 126,367 units in May, while the single-detached urban starts segment essentially held steady at 58,868 units. In May, the seasonally adjusted annual rate of urban starts increased in Atlantic Canada, Ontario and Québec, while it decreased in British Columbia and the Prairies.

CO N UN STR DE UC RW TI AY ON

LUXURY BEGINS AT THE DOOR

Begin your Avenue experience with a greeting from your concierge at the porte cochere – a five-star entryway that creates an unforgettable arrival for you and your guests. From there, the luxury continues within the grand reception with its soaring ceilings and statement chandelier, a finely appointed lounge, connecting sky bridges and state-of-the-art gym. At Avenue, you can leave to travel the world and then return to a secure home that offers the same sophisticated living experience as the boutique hotels abroad.

ONE BEDROOM HOMES STARTING FROM $374,900 TWO BEDROOM HOMES STARTING FROM $571,900 PRESENTATION CENTRE: 1037 5th Avenue, SW, Calgary

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5th AVE SW

Monday–Wednesday: 12pm–6pm Saturday & Sunday: 12pm–5pm Closed Thursdays & Fridays

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This is not an offering for sale. Such an offering can only be made with a disclosure statement. E.&O.E.

AVENUEWESTEND.COM NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 07 | NEW CONDO GUIDE 21

CALGARYISM

5 reasons why owning a condo beats renting By Cody Battershill

algary’s real estate market has had its fair share of ups and downs over the past decade. As a first-time homebuyer looking to make the jump from renting to owning, you might be wondering, when is the best time to buy? Will the market go up? Will the market go down? No one really knows for certain, not even real estate agents who have been at it for 30 years or more. However, factors that contribute to the direction of the real estate market and the overall economic health of Calgary’s economy should be considered in their own respects. As a real estate agent with over 12 years of experience, I believe the long-term prospects for Calgary’s residential market are very bright. One reason for my optimistic forecast is that Canada and Alberta specifically have the world’s largest investable oil reserves and the world’s third largest total oil reserves after Saudi Arabia and Venezuela. Without a doubt, our natural resources are directly tied to the health of not only our economy, but also the local housing market. So that brings us back to our original question: should you rent or buy? Here are five reasons why owning is better than renting: #1. Be your own landlord As a first-time buyer, you will have the security of knowing that only the bank can only kick you out of your home if you don’t pay your mortgage. In a rental scenario, landlords can be much less dependable, deciding to sell (at which point you could have people coming into your place every day to look at it). They could

also renovate, raise your rent, or sometimes actually move in to live there themselves. Owning provides the peace of mind and security of knowing you control where you live and no one can take that away from you! #2. Build wealth Yes, the real estate market will have its ups and downs, but if the past is indicative of the future for Calgary’s residential sector, prices should rise like they have throughout history. It’s possible that home prices will fall in the near term, but it is also possible that your RRSP will lose value as well. The big difference between an RRSP / TFSA and condo ownership is the former don’t provide any material physical benefit to your day to day life. Your account statements do have a number value on them, but even then your investment accounts are still only a “paper gain” until you sell and put that money in your bank account. Over the long haul, both are likely to enjoy positive growth (based on the historical trends over the long term); however, the benefit of owning a condo is building wealth while providing for all of your basic needs. #3. Build equity What you pay toward the principal on your mortgage (monthly or bi-weekly) increases your equity in the condo. Wouldn’t you rather become a homeowner and pay yourself first!? In essence, your home acts like a piggy-bank in saving the amount of principal you pay off the mortgage with each and every payment. Then over the years, as the value of the property increases, your equity also increases. When renting,

22 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

all of the money you pay to your landlord is his or hers, providing you with no long-term benefit. #4. Retirement Mortgage rates go up and down but typically are quite reasonable. Over time you pay off that mortgage. That, coupled with longterm price appreciation, can provide you with a nice lump sum for later on in life. I know it might be a long ways off from when you buy your first new condo, but nevertheless, homeownership and the equity built from it is a pillar of retirement. #5. Pride of ownership When you own a condo it gives you a sense of pride and accomplishment. That also means you can decorate and do other custom jobs – the latter with approval from the condo board, of course. You can do whatever you want because you own it. It’s your property! What do you think – is it time to stop renting and buy a new condo?

Cody Battershill is the founder of Calgaryism and a top producing realtor at Re/Max House of Real Estate. Cody has a passion for helping his clients reach their real estate goals and showing off the best Calgary has to offer! He can be reached at 403.370.4180, on Twitter @Calgaryism and Calgaryism.ca

INNER CITY

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Coming Soon www.arrivehome.ca

13 V&V BY PROVIDENCE GROUP

IVE

Now Open Register: einsteincalgary.com

36 STREET

17 Ave

52 STREET

BLACKFOOT TRAIL

ELBOW DR IVE

07 ARRIVE AT SKYVIEW RANCH ARBOURS BY PARTNERS DEVELOPMENT GROUP

IAL DR

R MEMO

02 43 PARK BY VERICON REAL ESTATE VENTURES

MacLEOD TRAIL

43park.ca

DEERF

52 STREET

BARLOW TRAIL

GLENMORE TRAIL

ANDERSON ROAD

114 AVE SE

OOT T RA

W BO

NEW BRIGHTON

AIL

D TR

VITT

McKE

LEO

Mac

S JAME

IL TRA

EK P ARK

TTO BO

CRE

SHAWNESSY BLVD.

104 Redstone View (off Redstone Way)

16 AVENUE

SOUTHLAND DRIVE

FISH

06 ARRIVE AT REDSTONE BY PARTNERS DEVELOPMENT GROUP

17 Ave

GLENMORE RESERVOIR

Coming Summer 2015 Register: jayman.com/harana

64 Ave

32 Ave

03 04 MEMO 02 01 RIAL D RIVE

Coming Soon bridgelandcrossings.com

05 HARANA TOWNHOMES BY JAYMAN MODUS

80 Ave

MCKNIGHT BLVD.

16 AVENUE

01 BRIDGELAND CROSSINGS BY APEX CITY HOMES

Sales Centre 921 - 1st Ave. NE www.stepsbridgeland.com

84 STREET

14 STREET

04 STEPS BRIDGELAND BY GIUSTINI BRIDGES IN.

68 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

TR A

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

MARQ

CHAPARRAL CRANSTON

AIL

NE TR

LOR IS OF

COPPERFIELD

ABURN BAY

NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 07 | NEW CONDO GUIDE 25

SOUTHWEST

CHBA - Calgary Region

- 2014 -

*Limited time offer. Only on new home purchases at Hunter House. Subject to change without notice.

STACKED BUNGALOWS FROM 1406 - 1622 SQ. FT. Get more from your home with an exceptionally large Hunter House stacked bungalow. Picture yourself with more space, an already established community, a maintenance free lifestyle, all the premium features you’ve dreamed of and more.

PREMIUM STACKED BUNGALOW FEATURES:

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• 2 bedrooms plus den • Hardwood flooring in living & dining room • Quartz or granite countertops with spacious eating bar • Full size double car garage with driveway

• Stainless steel appliances including chimney style hood fan and gas range • 10’ ceilings • Large terraces and patios • Separate dining area

Stacked Bungalows from the $500’s (incl. GST)

220 Silverado Plains Park SW Mon - Thurs 1pm - 7pm | Sat - Sun 12pm - 5pm

HunterHouseLiving.com | 403.240.4664 26 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

TR AIL PI NA SH AG AN

DR . HIL L NO SE

AIL EY TR STON

HN CR LA OW UR IE CH BLV ILD D. TR AIL

CALGARY INTERNATIONAL AIRPORT

64 Ave

16 AVENUE

ORE

TRA

36 STREET

17 Ave

05 15 11

GLENMORE RESERVOIR

Presentation Centre: 2719 14th St. SW

DEERF

OOT T

98 Mission Road SW mission34.ca

10 VIVACE BY STREETSIDE DEVELOPMENTS

Presentation Centre: 2118, 8561-8A Ave. SE

Sales Centre in Currie Barracks J5, 2953 Battleford Ave. SW

TR AIL

AIL D TR LEO SHERIFF KING ST. SW

VITT

McKE 194 AVE

09 MISSION 34 BY ASSURED COMMUNITIES

11 JUNO BY AVI URBAN

EK P ARK

Mac

S JAME

RAIL

TTO BO

CRE

SHAWNESSY BLVD.

08 ALEX BY ASSURED COMMUNITIES

ANDERSON ROAD

06 LEGACY PARK BY BRAD REMINGTON

2712 17th St. SW

SOUTHLAND DRIVE

FISH

Sales Centre Now Open in Currie Barracks

07 GLAS BY AVALON

BARLOW TRAIL

771 Patrick St. S.W.

04 THE LANDINGS BY STATESMAN

05 OVERTURE IV E BY JAYMAN MODUS DR

ME M O R I AL

37 STREET

GLE

69 STREET

85 STREET

16 AVENUE

MacLEOD TRAIL

SARCEE TRAIL

BLACKFOOT TRAIL

OLD BANFF COACH ROAD

32 Ave

EDMONTON TRAIL

14 STREET

ENU

ELBOW DRI VE

16 A V

CENTRE STREET

SOUTHWEST COMMUNITIES

W BO

e. e.

NOSE HILL PARK

NE F LOR UIS O

MARQ 06

01 HUNTER HOUSE BY STREETSIDE DEVELOPMENT

1020 194th Ave S.W. www.hunterhouseliving.com

02 BROOKLYN CONDOMINIUMS BY TRICO HOMES

1710-28 Ave. SW www.brooklyncondos.ca

03 OVATION BY INTERGULF CIDEX

TRAIL

12 SANDERSON RIDGE OF 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

14 MAX TOWNHOMES BY ASSURED DEVELOPMENTS 1605 25 Ave SW

15 THE ARMORY BY COVE PROPERTIES Currie Barracks

#2105, 99 Spruce Place S.W.

COMING SOON! Register today! www.mylegacypark.com 403.931.8558 NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 07 | NEW CONDO GUIDE 27

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2015-06-09 1:20 PM

CONTEMPLATING CONDOMINIUMS

The Condominium Act better protects us all By Linda Palfi

xpanded consumer protection seems to be the catchphrase that best sums up the condominium law in Alberta. Improvements include increased disclosure to buyers by the developers of new condo projects, mandatory reserve funds, expanded power for condominium corporation boards, and new options to resolve disputes. Yet in many instances the provision of new or additional information will not serve a public that cannot interpret it. When buying new residential condominium homes, for example, few prospective buyers will know what they should watch for, or understand much of the expanded information that must be included in a developer’s purchase agreement. Professional guidance to buyers will be more valuable than ever. A professional condominium realtor, for example, will be paid by most developers out of their marketing budget, so there is no additional cost to you for informed representation during your purchase. Otherwise, there are condominium consulting companies that, for a few hundred dollars, will analyse your proposed purchase and advise you of any potential issues. With that assistance, if you choose, you’ll find a cornucopia of information in the developer’s purchase agreement that you intend to sign for your condo dream home. Details will include: the basis for the unit factors that allocate budget expenses; most development details, from common-area and exterior finishes to where major utilities will be located; whether the project is a phased development, and how it will look and be run when all phases are complete. Protection for the public also includes extensive trust provisions that require new-condo purchase funds to be held pending completion of the project. And when buyers move in, the builder must show an occupancy permit under Alberta’s Safety Codes Act. This means we’ll see fewer people moving into projects where scaffolding looms overhead and workers are still required to wear hard hats! Most people have never needed these extensive protective provisions. Alberta’s major condo developers are reputable – and some award-winning! Those companies will likely take advantage of the new law’s provisions allowing creation of in-house buyer protection programs approved by the provincial minister. These will lay out what happens to your purchase money, how buyers are protected, and under what circumstances refunds may be issued. Whether good builder or bad, however, Alberta’s condominium law imposes on builders and buyers alike a duty to deal fairly with each other, as per another a law called the Fair Trading Act. While we talk mainly of problems with developers, not all buyers are angels! The knife of fair dealing cuts both ways, so don’t go buying condos with rubber cheques or meddlesome intentions. If trouble arises, remember that there is no “condo cop” in Alberta. There is no agency or office that specifically handles complaints or presses charges for infractions. The legislation is what they call “self-policing.” If you don’t know what the rules are, you won’t know if any are being broken. If you find yourself in a problem, the government could technically sue on your behalf, but it’s most likely going to be up to you. 30 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

Let’s close on one specific caution regarding buying a new condo. It’s commonly believed that when you sign a new condo home purchase agreement, you have 10 clear days to rescind your purchase without cause, although that must be done in writing. Not quite so! You have 10 days to back out from the time you receive the condominium documents. In other words, if you go to a show suite one Saturday and take home the documents, then go back the subsequent Saturday and agree to purchase, you only have three days left to change your mind. Alberta’s Condominium Property Act further focuses on improvements in condo governance, management, required reserve funds and reserve fund studies. All in all, condominium living continues to provide Albertans with more and better housing that is often affordable, well built, well run and well maintained.

Linda Palfi is a condominiumspecialist realtor with Discover Real Estate. She is the chair of her condo board, and a member of the professional standards committee of the Calgary Real Estate Board. Visit CondosInCalgary.com or call 403.998.7732

HOMEBUYERS’ HELP

Condo hunter’s checklist WHEN SHOPPING FOR YOUR DREAM CONDO, CARRY THIS LIST WITH YOU AND TAKE NOTES TO HELP YOU REMEMBER WHAT YOU SAW, AND WHERE!

CONDO #1

CONDO #2

CONDO #3

CONDO #4

Project & address:

Salesperson:

Phone:

Developer/builder:

Type:

midrise highrise

townhome conversion

midrise highrise

townhome conversion

midrise highrise

townhome conversion

midrise highrise

townhome conversion

Sq. ft.:

# of bedrooms:

# of bathrooms:

Interior appliances:

Options:

Parking facilities:

Special incentives:

Price:

Down payment:

Condo fees:

Financing available:

Other comments:

NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 07 | NEW CONDO GUIDE 31

SOUTHEAST

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

12 AVENUE

SOUTHEAST COMMUNITIES RIVE RIAL D

MEMO

RIAL D RIVE

36 STREET

MEMO

52 STREET

ELBOW DRI VE

DEERF

114 AVE SE

AIL

Mac 23 15

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.

03 MUSKOKA BY BROOKFIELD RESIDENTIAL 65 Auburn Meadows Way

05 LEGACY STREET TOWNS BY HOMES BY AVI

07 03

CRANSTON WALDEN 01

MAHOGANY

16 06

AUBURN BAY

N SETO

COPPERFIELD

TRAIL

W ST. 52

AIL

MARQ

CHAPARRAL

LEGACY

D TR

VITT

McKE

LEO

S JAME

17 N F LOR UIS O

16 SANDGATE BY SABAL HOMES

02 11

PAR K

116 Quarry Park Way SE

52 Legacy Gate SE

NEW BRIGHTON

TTO BO

EEK

290 Cranford Drive SE

14 BOULEVARD TOWNES BY BIRCHWOOD 15 LIVINGSTONE TOWNES BY TRICO COMMUNITIES

OOT T RAIL

W BO

08 CR21

84 STREET

ANDERSON ROAD

42 Legacy Blvd SE

13 HARVEST MOSAIC CRANSTON BY BROOKFIELD RESIDENTIAL

52 STREET

BARLOW TRAIL

19 18

SHAWNESSY BLVD.

646 Copperwood Blvd SE

12 EBONY BY JAYMAN MODUS

GLENMORE TRAIL

SOUTHLAND DRIVE

FISH

11 CHALET NO. 6 BY SABAL HOMES

211 Mahogany Way

MacLEOD TRAIL

GLENMORE RESERVOIR

17 Ave

BLACKFOOT TRAIL

17 Ave

BLV

Coming Soon 6 Mahogany Terrace SE

17 MOSAIC MIRAGE BY BROOKFIELD RESIDENTIAL 347 MacKenzie Towne Gate

18 THE GATES BY REMINGTON DEVELOPMENT CORPORATION Presentation Centre: 350 Quarry Park Blvd SE

19 CHAMPAGNE BY REMINGTON DEVELOPMENTCORPORATION

06 ZEN BY AVALON MASTER BUILDER 82 Auburn Bay Link SE

07 AUBURN WALK BY CARDEL LIFESTYLES

Showsuite and Sales Centre Corner of 52nd Street and Auburn Meadows Dr. SE

08 THE MORELLO

Quarry Park Blvd SE remingtoncorp.com

20 CRANSTON PLACE BY CARDEL LIFESTYLES 302 Cranston Road SE

21 ALTURE MIDCITY BY ALTURE PROPERTIES 15233 1 Street Southeast midcitymidnapore.ca

22 MAHOGANY STREET TOWNS BY HOMES BY AVI

15207 1st SE themorello.ca

13 Marine Dr SE

09 BRISTOL TOWNHOMES BY BIRCHWOOD NOW SELLING

23 LEGACY PARK BY BRAD REMINGTON HOMES

10 CANOE BY AVI URBAN

24 JACKSON BY AVI URBAN

232 Quarry Park Blvd. SE

103 Auburn Meadows Dr.

Coming soon to Walden

25 RIVERSTONE MOSAIC BY BROOKFIELD RESIDENTIAL 98 Cranbrook Dr. SE

$100’s

CONDOS FROM THE MID

www.copperfieldpark.com 403.723.0094 NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 07 | NEW CONDO GUIDE 33

IN THE NEWS

Streetside launches highly anticipated final phase of Origins at Cranston GROUND-BREAKING CEREMONY AND GRAND OPENING EVENT CELEBRATE THE RELEASE OF THE FINAL PHASE OF APARTMENT CONDOMINIUMS!

n June 17, Streetside Developments held a ground-breaking ceremony to kick off the start of construction on the final building in the Origins at Cranston project. Streetside acquired this remaining site last year from Unity Builders Group. Presently, the Origins at Cranston site consists of one lowrise apartment condominium complex and two phases of street-accessible townhomes. In attendance at the ground breaking ceremony were Glynn Hendry, regional vice-president for Qualico Developments, Richard Daley, vice-president for Streetside Developments, and representatives from Brookfield Residential, FirstService Residential and Streetside Developments. The event took place on the construction site at the already existing Origins at Cranston multi-family project, located at 308 Cranfield Common SE. The ground breaking kick off was followed by the grand opening sales event, celebrating the release of 68 one-, two-, and three-bedroom apartment condominiums for sale to the public. The Bento Burrito food truck was on site along with mortgage and realtor specialists, providing assistance to homebuyers for their financing and comparative market analysis needs. The project will offer buyers homeownership at extremely affordable prices in the well-established and popular community of Cranston. Condos will be priced from the $170,000s to $340,000s (plus GST) with stylish interior appointments. Highlights include stainless steel appliances, full-height tile backsplash, luxury vinyl plank floors, designer lighting packages, Moen faucets and window coverings. The open-concept suites will range in size from 615 to 1,255 sq. ft including a generous exterior deck.

34 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

â€œThis project will be extremely attractive to first-time homebuyers as they will have an opportunity to enter the market at very affordable prices with appealing and stylish standard features, and floor plans that are functional and generous in size. With interest rates still remaining at historically low rates, homeownership is still within reach for many buyers out there,â€? says Richard Daley, vice-president, Streetside Developments. For more information, visit originscondos.ca

Se No lli w ng !

SOUTHEAST

Stylishly affordable. OWN FROM ONLY

$878

(plus GST)

monthly*

*Based on purchase price of $180,500 (incl. GST) with 5% down plus CMHC premiums on a 4 year closed term at a 3.39% interest rate for 25 years. Purchase price and interest rate subject to change without notice.

Located in the established southeast community of Cranston, Origins offers thoughtfully designed 1, 2 and 3 bedroom condos at a price that’s stylishly affordable. Presentation Centre Now Open· 111, 100 Cranfield Common SE Hours ∙ Mon - Thurs: 1pm - 7pm ∙ Sat - Sun: 12pm - 5pm ∙ ph. 403-475-2181

The ‘Baby-on-the-way’ Stage. If this is where you’re at in life, the Servus Life Stage Mortgage can give you a little extra money to go towards car seats, clothes, toys and the endless list of things a growing family needs. See how you can own a home in any stage of life. Visit servus.ca/mortgages. MORTGAGE RATE

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SOUTHEAST

IN THE NEWS

Calgary housing market moves into balanced territory

algarians are anticipating the return of a balanced market with home prices up and new listings down, according to the latest figures from the Calgary Real Estate Board (CREB). CREB reports home prices have improved month-over-month for the first time since December 2014, to an average of $454,100 in May – a monthly increase of 0.55 per cent, and up 0.96 per cent year-over-year. Meanwhile, homes coming on the market have dropped. “For the third month in the row, new listings have eased compared to last year, helping push the market toward more balanced conditions, despite the current environment of slower sales activity,” says CREB chief economist Ann-Marie Lurie. “This has helped prevent further declines in the unadjusted benchmark price.” New listings in the city of Calgary totaled 3,161 units in May, a 27-per-cent decrease over last year. Meanwhile, total inventory levels for the month were 5,342 units, 16 per cent higher than last year, but eight per cent lower than May levels recorded over the past five years and three per cent lower than average levels over the past 10 years.

Two measures of balance are the months of supply and the sales-tonew-listings ratio. In May, the months of supply decreased to 2.43, while the sales to new listings ratio was 69 per cent, both within the norms for balanced conditions. “Back in January, higher inventory levels relative to sales activity caused months of supply to rise above five months,” says CREB president Corinne Lyall. “While some challenges continue to exist for sellers, depending on the property type, price and location, the decline in the months of supply points toward more stability for both buyers and sellers.” Year-to-date the detached sector recorded the largest decline in new listings at eight per cent. While overall inventory levels are 12 per cent higher than last year’s levels, they remain below the five- and 10-year averages for May. Detached sales activity in May totaled 1,366 units, with the majority of transactions occurring below $500,000. While conditions are not as tight as last year’s market conditions, which favoured the seller, over the first five months of this year activity in this price range has remained relatively balanced. “This segment of the detached market continues to have a good amount of consumer activity, as many have taken advantage of the improved selection compared to last year,” says Lyall. “While some have waited for steeper price declines, to this point it just hasn’t happened across all areas of the market. This is partly related to activity in the under $500,000 segment.” Meanwhile, year-to-date apartment sales and new listings totaled 1,383 and 3,229 units respectively. The May apartment benchmark price of $294,800 increased by 1.20 per cent compared to last month, but remains 0.2 per cent below May 2014 figures. The apartment sector continues to remain the only sector where prices have contracted relative to last year’s figures. “While the resale market has recorded an easing of upward inventory pressures, the new-home sector has started to record some gains in inventory,” says Lurie. “Current newhome inventories remain relatively low. However, the overall impact on Calgary’s housing prices will ultimately depend on the duration of the economic slowdown and the amount of inventory build-up in the new home sector.”

38 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

SOUTHEAST

STO N

Cranston Market

CRANBROOK DRIVE SE

TR OOT ERF DE

E CRANSTO N AV E S

ZEN Okotoks CG 20150612.indd 1

11/6/15 11:36:52

:36:52

CALGARY’S SATELLITE COMMUNITIES 22

AIRDRIE 04

10 12 15

13 14

24 Sunset Rd. Cochrane, Alberta

21 THE WHITNEY BY LANDMARK HOMES

03 01 COCHRANE 08

20 SUNSET BY JAYMAN INNOVATIONS

211 & 215 Fireside Parkway Cochrane, AB

AIRDRIE 09 CREEKSIDE VILLAGE STRATHMORE BY CARLISLE GROUP

8th & MacKenzie Way

1 Airdrie, Alberta

CALGARY

CHESTERMERE

797 LANGDON

22X

BLACK DIAMOND

22X

TURNER VALLEY

543

604 East Lake Blvd N.E. Airdrie, Alberta

12 RAVENSWOOD TOWNHOMES BY SLOKKER CANADA WEST 2802 Kings Heights Gate

13 BROOKSIDE AT BAYSPRINGS BY MERGE DEVELOPMENTS

Yankee Valley Blvd. and 24th St. SW BrooksideAtBaysprings.com

HIGH RIVER

COCHRANE 01 TOWNHOMES AT JUMPING POUND RIDGE BY SLOKKER CANADA WEST

Sales Centre on George Fox Trail just past Jumping Pound Terrace www.slokker-west.ca

02 HEARTLAND TOWNHOMES BY EXCEL HOMES 1178 Clydesdale Way, Cochrane, Alberta

03 THE RISE BY JAYMAN MODUS

06 THE VILLAGE BY CALBRIDGE HOMES

04 SUNSET RIDGE STREET TOWNS BY HOMES BY AVI

07 RIVERREACH VILLAS & MANORS BY JAYMAN MASTERBUILT

501 Riverheights Dr. Cochrane, AB

36 Sun Valley Road Cochrane, Alberta

05 STONE CREEK LANDING BY CARLISLE GROUP 103 - 5th Avenue, West, Cochrane, Alberta

1225 King’s Heights Way SE Airdrie, Alberta

11 THE EDGE BY STREETSIDE DEVELOPMENTS

OKOTOKS

546

10 STONEKEEP AT KING’S HEIGHTS TOWNHOMES BY MERGE DEVELOPMENTS

3102-15 Sunset Square Cochrane, Alberta

13 Riviera Way Cochrane, Alberta

08 THE RANGE BY BIRCHWOOD PROPERTIES CORP. 101 Heartland Avenue Cochrane, Alberta

14 HEARTLAND TOWNHOMES BY EXCEL HOMES 101 Hillcrest Dr. SW

LETHBRIDGE Airdrie

15 ZEN RAVENSWOOD BY AVALON MASTERBUILDER

Coming Soon Register: www.zenravenswood.com

17 ZEN OKOTOKS BY AVALON MASTERBUILDER

www.zeninbalance.com

NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 07 | NEW CONDO GUIDE 41

STYLE FILE

3 mistakes people make when choosing paint colour

oes the thought of choosing a paint colour turn you yellow with fear? “When it comes to paint colour, many people are so afraid of change that they end up sticking with the same colours for years,” says Martin Tustin-Fuchs, brand manager, Dulux Paints. “Yet, all they often need is a bit of guidance to get out of their colour rut and adopt a more current look for their living spaces.” Here are three common mistakes people make when choosing paint colour and how to avoid them:

1. Choosing a paint colour out of context. Taping a small paint swatch to a wall won’t help you choose the right colour for your room. Instead, examine paint chips against furniture, rugs and countertops, making sure to test the colours in direct, indirect and artificial light at all times of day. 2. Playing it safe with neutrals. Neutral paint colours are a popular choice, yet there are times when a more saturated colour may bring out the best in a room. Introduce colour to your walls with “new neutrals” – whites, beiges or greys that are infused with a small amount of colour such as lilac, sage or blue. Take a neutral room up a notch by painting an accent wall a deeper shade of the wall colour or a more vibrant, coordinating colour.

3. Failing to consider a room’s function. Will you be playing, sleeping, eating or relaxing in the space to be painted? Make sure you choose your colour accordingly. Yellow, red, orange, soft grey, violet, blue and green are known to be more conducive to appetite-building, entertaining and conversation, making them good choices for the kitchen and any main-floor living space. Bright red will energize and stimulate kids in a playroom, while cooler blues have a calming, serene effect ideal for a bedroom. Golden yellows and warm apricots tend to flatter any skin tone in a bathroom. For more tips, visit dulux.ca

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42 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

ZenR

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11/6/15 10:41:40

HOMEBUYERS’ HELP

6 things homebuyers and sellers in Calgary should pay attention to By Don R. Campbell

algary real estate has had more than its share of detractors lately. Some are hoping for a dramatic fall, others hope it just survives. The truth, however, lies in six factors that provide a much clearer picture on the health of the market. When looking at past oil cycles versus real estate markets, the Calgary real estate market was performing exactly as expected at the end of May – nine to 12 months after the price of oil price dropped from its peak. Given the recent release of numbers for the Calgary real estate market, here are six significant points that observers, buyers and sellers should pay attention to: 1. Price stubbornness Average sale prices (year-over-year) are still flat. This is to be expected. Why? Because those who listed in a panic when oil began to drop (especially in December and January), have been refusing to lower their expected prices. They weren’t willing to budge even when a willing buyer came along. In fact, they even held their prices as competition heated up and the number of active listings skyrocketed. This stubbornness has so far helped to protect the downside of average sale prices.

2. Buyer patience The number of sales is down significantly from the year before, as buyers have sat back waiting for two key occurrences. The first is for sellers to get a little more desperate, and therefore dramatically lower their expected sale prices. This desperation has yet to occur, except in a small segment of the market, especially luxury. The second occurrence buyers are looking for is stability in the oil and gas industry; to date this hasn’t occurred. Buyers have traditionally been more patient than sellers, and so the waiting game continues, and sales should continue to be lower than last year even in the traditionally busy summer season.

3. Low vacancy rates Another component that is protecting the downside of the Calgary real estate market, and one most are ignoring, is the impact of Calgary’s low vacancy rates and high rents on the resale market. Sellers, no matter how desperate, still need an affordable and available place to move their family to. The majority of sellers are not leaving the Calgary region – they just want to reduce their exposure to the housing market. What’s holding some back from selling quickly is that appropriate rentals are not available. The housing market is not like the stock market where you get in and out. The housing market is just that – housing – so the move post-sell comes into play for sellers. 44 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

2015

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2015-06-06-RiverReach Condo Guide Ad.indd 1

6/19/2015 12:33:09 PM

4. New listings drop We are witnessing the reality of the three previously mentioned components. New listings have dropped significantly, an indication that the panicked sellers listed early (December to February), and the rest of the market is just sitting back and looking for clarity. This, combined with buyers sitting on the sidelines, are reflected in the May and April numbers of “current listings,” which are significantly higher than historic levels because they reflect two key facts: panic listers are continuing their price stubbornness; and there’s a lack of rental accommodations. 5. Listings to begin to expire and reappear We can expect those December and January panic listings to begin to expire (as many are six-month listing contracts) in June and July. This will lead to what later in the year will seem like a large increase in “new listings,” as many of these properties are re-priced and re-listed. The re-listing moment is also the trigger for lower average sale prices. So, watch for the reappearance of these properties as an indicator of future lower average sale prices for the Calgary real estate market as a whole. 6. Provincial election results We are also witnessing the reluctance buyers entering the market after the NDP election victory. A whole new government sets a whole new tone – eventually. The election campaign and the result have thrown a wrench into the system, and the “number of sales” shows it. This is also to be expected because, on top of sellers not willing to make significant price concessions, the election campaign added more confusion to the market. As is true in all market conditions, a confused mind prefers to say “no.” The next six months will continue to be filled with political confusion as the new government sets policy, especially in important industries. This confusion will not boost buyer confidence, thus further delaying their entry into the market. WHAT TO WATCH FOR

» Oil price instability When will oil prices find their foundation, and at what level? Price and time are the important economic issues that underpin the strong in-migration to Alberta, which supports a strong and vital Calgary real estate market. Right now, confusion exists.

Post-election confidence is low, and therefore buyers continue to sit and wait. » Potential strategic investor opportunity in Wards 7, 8, 9 and 11 There is potential opportunity for strategic investors in the Calgary real estate market. The proposed secondary suite bylaws for Wards 7, 8, 9 and 11 could be a catalyst to boost sales. Properties in these zones that fit the criteria for addition of secondary suites will resurge in demand, as rental income allows buyers to afford homes in these wards. It will also assist to relieve pressure on the vacancy rate in the city, which will have a ripple effect on resale housing.

» The first six months of NDP government Everyone is looking for clarity on what policies and announcements the new government will make in its first six months. The more clear the government gets, the less influence rumour-mongers will have on the confidence of Albertans. When confidence increases, potential buyers can decide when to enter the Calgary real estate market and therefore prop up the demand side.

When will oil prices find their foundation, and at what level? Price and time are the important economic issues that underpin the strong in-migration to Alberta, which supports a strong and vital Calgary real estate market. Right now, confusion exists. 46 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

Don R. Campbell is a real estate investor, researcher, best-selling author and educator. He is a Founding Partner and Senior Analyst of the Real Estate Investment Network, and owner of Cutting Edge Research Inc. Email Don at donrcampbell.com

NORTHWEST COMMUNITIES

AIL

IL FO OT TR A

32 AveBY KNIGHTBRIDGE

15 THE GROVES OF VARSITY BY STATESMAN HOMES

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18 SONOMA AT SAGE HILL BY VERTICAL PROPERTIES

E Sage Valley Boulevard IV881 D R www.sonomasagehill.com

ME M O R I AL

36 STREET

21 LIDO BY BATTISTELLA

17 Ave

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05 ARRIVE AT EVANSTON BY PARTNERS DEVELOPMENT GROUP Symons Valley Parkway please call 587-755-1166

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BARLOW TRAIL

06 TRINITY BY JAYMAN MODUS 44 Nolan Hill Blvd. NW GLENMORE RESERVOIR

22 AVIRA BY JAYMAN MODUS

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ELBOW DRI VE

03 VIRIDIAN BY TRICO HOMES

SARCEE TRAIL

69 STREET

85 STREET

RE T BY BUCCI RAIL 2nd Ave and 10th St. NW

12 EMERALD SKY BY CARLISLE GROUP 14 UNIVERSITY CITY

355 Kincora Glen Rd. NW www.emeraldsky.ca

16 AVENUE

01 PANORAMA WEST BY CARDEL LIFESTYLES 175 Panatella Hill NW 02 KENSINGTON GLENM O

CALGARY INTERNATIONAL AIRPORT

64 Ave

OLD BANFF COACH ROAD

11 EZRA ON RILEY PARK BY BIRCHWOOD PROPERTIES

EDMONTON TRAIL

JO HN CR LA OW UR 14 IE CH BLV ILD D. TR AIL

Now Open Show suite 175 Panatella Hill NW

CENTRE STREET

NOSE HILL PARK

TRA

IL N

14 STREET

AIL ENU

14 ST RE ET

10 SAGE PLACE BY CARDEL LIFESTYLES

DIN GTO N

09 NOLAN PARK BY CARDEL LIFESTYLES

BED

TR AG AN SH

SE NO

Y TR

16 A V

CENTRE STREET

01 . BLVD

LS Y HIL UNTR

NA PI

R. LD HIL

E STON

08 CARNABY HEIGHTS BY JAYMAN MODUS

STONEY TRAIL NW

HA RV BLVEST H D N ILLS E

STONEY TRAIL NW

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DEERF

OOT T

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IS OF

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NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 07 | NEW CONDO GUIDE 47

IN THE NEWS

CARDEL LIFESTYLES AWARDED FOR ITS CUSTOMER SERVICE By Heather Ryan

ince its inception Cardel Lifestyles’ goal has been to build quality condos and townhomes that offer liveable designs, great features and exceptional locations, but more importantly the multi-family builder made customer service and satisfaction a priority. This dedication to customer service was recognized recently as Cardel Lifestyles’ Panorama West development received The New Homebuyers Choice Award in the category of 50-149 Possessions, MultiFamily, and another of its projects, Cranston Place, finished second in the category.

48 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

However, what’s even more outstanding is that as the 2015 Winner, Cardel Lifestyles had the highest Overall Experience score of any builder in Alberta. “Winning this award really means a lot to everyone at our company because it was a team effort that required a tremendous amount of work and dedication,” says Brayden Logel, business development manager and customer service manager. “My dad (Cardel Lifestyles’ president Tim Logel) has always told me that in the life of a builder, exceeding your customers’ expectations is everything.” The New Homebuyers Choice Awards are held in conjunction with CustomerInsight and the Professional Home Builders Institute, and were presented at this year’s SAM Awards gala on April 18. These awards are based entirely on customer reviews collected by CustomerInsight, an independent customer research

organization. Reviews are collected for all 615 builders registered under the Alberta New Home Warranty Program. “This award program is relatively new and we’ve really used it as a way to improve our customer service,” says Brad Logel, sales and marketing manager. “When someone buys a condo and takes possession, the Alberta New Home Warranty sends their information to CustomerInsight, which in turn surveys the homeowner about everything from working with our sales team and picking selections to taking possession, and how we handle any deficiencies. “At any time, a builder can review the surveys to see what their customers are saying, and for us we looked at where we can improve and made that our main focus. We’re constantly striving to improve because we want our customers to be happy.” Last year, Brayden says, Cardel Lifestyles set a lofty goal to achieve a customer satisfaction rating of 90 per cent or higher. “We were able to achieve that goal by following a detailed customer service plan that was focused around a key part of our company’s mission statement, ‘to treat our customers as we would wish to be treated.’ “The benchmarks produced through the survey also gave us some really powerful insights into what we needed to improve upon in terms of both our product and process. So I guess to sum it all up, this achievement was a combination of really listening to what our customers were looking for in their experience and making the end goal of 90 per cent or higher a central focus of our organization.” Brayden adds that in today’s market place, “the customer has far more power than they did 10 years as they now have ability to quickly share their experience (often through social media) with hundreds if not thousands of people.

“We were able to achieve that goal by following a detailed customer service plan that was focused around a key part of our company’s mission statement, ‘to treat our customers as we would wish to be treated.” “Focusing on your customers’ experience means more today than it ever has in the past, I just wish that this award and others like it played a greater role at the annual SAMs Award gala. We feel that winning the New Home Buyers Choice Award is the best award of all, because it is an award that is voted on by your customers.” The construction of condominium buildings that include common areas can be a challenging scope of work in comparison to other building forms like singles, semis and townhomes, he notes. Cardel Lifestyles’ award for its Panorama West condo development “is a testament to our company’s expertise, across the board and we want to send a huge ‘thank you’ to our customers for making us #1.”

NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 07 | NEW CONDO GUIDE 49

HOMEBUYERS’ HELP

5 tips for condo buyers

ou’ve decided to purchase a condo and have begun your search. Now some well-timed tips will help you on your condo-buying journey. “Condos are a great option for people who don’t want the hassle of maintaining a house,” says Alan Stewart, broker-manager with Royal LePage Sussex in North Vancouver. “Condos are also ideal for downsizers and for first-timers looking to break into the real estate market. Armed with the right information, you can make choices to ensure that the condo you purchase today is marketable to buyers tomorrow.” For example, to preserve the resale value in your condo, Stewart recommends researching locations thoroughly, and consider how the ambiance of the neighbourhood might be different between daytime, evening and weekend hours. He also offers these guidelines: » Opt for the highest square footage you can afford. Smaller units are more

difficult to resell.

buyers will appreciate the availability of parking. » Likewise, a locker is highly recommended since storage in a condo usually comes at a premium. » Find out if occupants of the building are primarily owners. A higher ratio of renters could make resale more difficult. As selection within the condo market is ample, this presents plenty of opportunity to ensure the choices you make add up to a good investment.

» A stately view will help make your day-to-day living more enjoyable and

serve to impress future buyers. » Even if you don’t use a parking space, you can rent it out and future

More information is available at royallepage.ca NC

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*Price shown include GST. Monthly payment is based on a starting price of $205,000. Payments are based on 5% down, with a 5-year fixed 2.49% interest rate, amortized over 25 years, OAC, payments do not include CMHC insurance fees or monthly condo fees. Price is subject to change without notice. E&OE. Some conditions apply.

Visit our sales centre at 3503 Sage Hill Drive NW or viridiancondos.ca 50 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

F I L E

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INDEX OF ADVERTISERS

READ MORE ABOUT OUR ADVERTISERS! Albert Park Station

Carlisle Group

Arrive at Evanston

Partners Developments

Arrive at Redstone

Partners Developments

Avenue

Grosvenor

Chalet No. 6

Sabal Homes

Champagne

Remington Development Corp.

Copperfield Park III

Brad Remington Homes

Emerald Sky

Carlisle Group

The Gates

Remington Development Corp.

The Guardian

Hon Towers Ltd.

Harvest Mosaic

Brookfield Residential

Heartland Townhomes

Excel Homes

Hunter House

Streetside Developments

INK

Battistella

Jackson

Avi Urban

58-59

Jumping Pound Ridge

Slokker West

Legacy Gate

Carlisle Group

52-53

Legacy Park

Brad Remington Homes

LIDO

Battistella

Mosaic Riverstone

Brookfield Residential

Muskoka

Brookfield Residential

Origins

Streetside Develoment

34-35

Ovation

Intergulf Cidex

Park Point

Qualex Landmark

Sage Park

Cardel Lifestyles

SandGate

Sabal Homes

Scollen House

320 Mission

Smith

Grosvenor

Stonekeep

Merge Developments

V&V

Providence Developments

Viridian

Trico Homes

Vivace

Streetside Developments

Zen Okotoks

Avalon Master Builder

Zen Ravenswood

Avalon Master Builder

54 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

52-53

60 52-53

1, 11-14

HOMEBUYERS’ HELP

condo buyers’ resource section YOU LOVE THE CONDO, SEE WHAT YOU CAN AFFORD! Compare mortgage rates for your best deal Calculate your mortgage payments

NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 07 | NEW CONDO GUIDE 55

HOMEBUYERS’ HELP

You love the condo, see what you can afford!

INTEREST RATES

Calculate your mortgage payments

Amortization Periods

% 5 YEARS

10 YEARS

15 YEARS

20 YEARS

25 YEARS

3.00

17.96

9.65

6.91

5.54

4.73

3.25

18.07

9.76

7.02

5.66

4.86

3.50

18.18

9.88

7.14

5.79

4.99

3.75

18.29

9.99

7.26

5.91

5.13

4.00

18.40

10.41

7.38

6.04

5.26

4.25

18.51

10.23

7.50

6.17

5.40

4.50

18.62

10.34

7.63

6.30

5.53

4.75

18.72

10.46

7.75

6.44

5.67

5.00

18.85

10.59

7.89

6.58

5.82

5.25

18.97

10.71

8.01

6.71

5.96

5.50

19.08

10.83

8.14

6.85

6.11

5.75

19.19

10.95

8.27

6.99

6.26

6.00

19.30

11.07

8.40

7.13

6.40

6.25

19.42

11.19

8.54

7.27

6.55

6.50

19.53

11.32

8.67

7.41

6.70

6.75

19.64

11.44

8.80

7.55

6.86

MONTHLY PRE-TAX INCOME

SPOUSE’S PRE-TAX INCOME

TOTAL PRE-TAX INCOME

DIVIDE BY THREE

AFFORDABLE MONTHLY PAYMENTS DIVIDED BY 12

AMOUNT OF MORTGAGE (PRICE-DOWN PAYMENT)

CHART FIGURE

AMOUNT OF MORTGAGE DIVIDED BY 1,000

AMORTIZATION AMOUNT

ESTIMATED MONTHLY TAXES AND HEAT

MONTHLY PAYMENTS

Follow these steps to see if you’ll qualify for a mortgage on your dream condo 01 Calculate the combined monthly beforetax income of you and your spouse. 02 Divide by three. This figure is the monthly payment you can afford to make on your condo. 03 Take the total price of the condo and subtract the amount of money you expect to make as a down payment. This is the money you will have to borrow. 04 Refer to the chart above. Look down the left column and locate the interest rate you expect to pay. Line this up with the amortization period of your choice. (Most first-time buyers take the 25-year amortization.)

56 NEW CONDO GUIDE | VOLUME 18 ISSUE 07 | NewHomeAndCondoGuide.ca

05 Multiply this figure by the amount you need to borrow. Divide by 1,000. 06 Add to this your estimated monthly heating costs and monthly property taxes. 07 If this figure is equal to or less than one-third of your gross monthly income (calculated in Step 2), you’ll qualify for a mortgage on your dream condo. Bear in mind that this is a rough estimate. If you have several other large loans already, you may qualify for less. Also, banks and trust companies vary in their policies. The best way to know what you can afford is to go to the lending institution of your choice and get pre-qualified.

Compare mortgage rates for your best deal VARIABLE

ATB Financial Bank of Montreal - BMO Bank of Nova Scotia CIBC Mortgages Caisses Desjardins Canadian Western Bank Canadian Western Trust Comtech Credit Union DUCA Financial Services Effort Trust Equitable Bank First Calgary Financial First National Financial FirstOntario Credit Un. HSBC Bank Canada Home Trust Company ICICI Bank Canada Investors Group Trust Laurentian Bank Canada League Svgs & Mortgage Libro Credit Union London Life Manulife Bank Manulife Trust Meridian Credit Union National Bank PACE Savings & Credit Un Parama Credit Union Peace Hills Trust President’s Choice Fin’l Royal Bank of Canada Servus Credit Union Steinbach Credit Union T-D Mortgage Tangerine

2.350 2.850 2.850 2.850 2.850 3.050 3.050 2.650 2.200 2.850 2.850 2.500 3.050 2.850 2.850 2.850 2.550 2.650 2.850 2.650 2.850 2.850 2.850 2.850

6 MONTHS

4.000 4.000 4.550 4.450 4.400 4.000 4.000 6.200 4.450 4.000 3.100 4.240 4.450 3.950 4.200 4.400 4.000 3.750 4.200 4.450 4.450 4.000 4.400 5.000 4.500 6.190 3.140 4.000 3.140 -

1 YEAR

2 YEARS

2.940 2.890 3.290 2.890 2.890 3.140 3.140 2.890 3.090 3.350 3.140 2.890 2.290 2.890 3.140 2.690 3.150 3.140 2.890 2.990 2.850 3.140 3.000 3.000 3.090 2.890 2.890 2.800 3.150 3.190 3.140 2.890 2.450 2.890 3.190

2.640 2.840 3.090 2.840 2.990 3.040 3.040 2.890 3.000 3.500 3.040 2.890 2.190 2.590 3.140 2.350 3.650 3.090 2.840 2.250 2.850 3.090 2.940 2.940 3.090 2.840 2.590 2.850 3.500 2.840 3.040 2.840 2.550 2.840 3.240

3 YEARS

2.540 3.390 3.390 3.550 3.390 3.650 3.650 2.950 2.990 3.700 3.650 2.490 2.340 2.690 3.540 2.390 3.640 3.390 3.390 2.990 2.890 3.390 2.840 2.840 3.550 3.390 3.390 2.950 3.750 3.490 3.650 3.390 2.550 3.390 3.490

4 YEARS

2.690 3.890 3.890 4.140 3.890 4.200 4.200 2.990 3.090 4.300 4.390 3.090 2.540 2.840 4.240 2.590 3.690 3.890 3.890 2.990 2.890 3.890 2.790 2.790 3.290 3.890 3.890 3.050 3.850 4.040 4.390 3.890 2.650 3.890 3.690

5 YEARS

2.740 4.740 4.490 4.790 4.740 4.740 4.740 2.690 2.690 4.350 4.640 2.650 2.690 2.690 4.740 2.590 3.690 4.740 4.740 2.790 2.890 4.740 2.790 2.790 2.690 4.740 4.640 3.150 3.950 4.440 4.640 4.640 2.650 4.640 3.790

Rates are subject to change without notice.

Mortgage options You can choose any of these mortgage options which fit into the two basic mortgage types. Lenders may even customize these options to suit your needs.

All mortgages are of two basic types: CONVENTIONAL

OPEN MORTGAGE

INSURED OR HIGH-RATIO

Allows borrowers are to repay all or part of the total amount of their mortgage at any time without penalty. Because of flexibility, this is ideal for borrowers who plan to sell their homes in the near future or who want to switch from a short-term mortgage at high-interest rates to a longer term when mortgage interest rates fall.

Buyer can borrow up to 95 per cent of the purchase price or the value of the property, whichever is less. The down payment can be as low as five per cent.

This usually has the lowest interest rate available but lacks the flexible features of other mortgage options.

Buyer can borrow up to 75 per cent of the purchase price or the value of the property, whichever is less. Buyer has to pay 25 per cent down. A conventional mortgage cannot exceed 75 per cent of the value of the property.

CLOSED MORTGAGE

It’s a good choice for those who want the security of knowing their monthly payment is fixed for a longer term. Prepayment options are available but they are subject to conditions.

PORTABLE MORTGAGE Offers flexibility if borrowers move. Borrowers can take the mortgage to their new home or can transfer it (usually with the consent of the lender) to the purchaser of their old home. This is an attractive option if the rate on the existing mortgage is lower than current rates.

NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 07 | NEW CONDO GUIDE 57

check out the views at

amazing Plans amazing Prices

sales Centre: 755 copperpond Blvd. se | 403.723.0094 2:00-8:00pm Monday-Thursday |12:00-5:00pm Sat-Sun/Holidays