Issuu

Aug 21 - Sept 18, 2015 Volume 18 Issue 9

INSIDE THIS ISSUE

WHAT THE BANK OF CANADA’S RATE CUT MEANS FOR YOU

CLG-CMP-2502-Condo Cover-Sept2015-OL.indd 1 001-CCG_Cvr_08-21-15.indd 1

THE SHOW SUITE: WHERE FLOOR PLANS COME TO LIFE

CHILD-PROOFING YOUR CONDO 2015-08-10 2:58 PM 8/13/15 11:30 AM

SALE ENDS SOON!

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ON QUICK-POSSESSION CONDOS IN CRANSTON RIDGE

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and the Bow River

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natural light • Walk to Fish Creek Park

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CRANSTON RD

FULLY UPGRADED MOVE-IN READY CONDOS

• Spacious 2 brdm/2 bath

SOUTH HEALTH CAMPUS

CRANSTON RIDGE

* Based on a 5-year mortgage at 2.69% with only 5% deposit. Condo fees not included. Prices and rates subject to change without notice. Subject to availability. Copyright © 2015 Cardel Lifestyles. All rights reserved. New Homebuyers Choice Award, 50-149 Possessions, Multi-Family, as awarded by CustomerInsight and the Professional Home Builders Institute, presented at the 2014 SAM Awards.

Built for real life. CARDELCONDOS.COM

2015 ALBERTA REGIONAL WINNER Suppor ted by

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403.456.2328 Artistic rendering only. Pricing and availability are subject to change without notice. The developer reserve the right to make changes to the information contained herein. E.&O.E

4 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | NewHomeAndCondoGuide.ca

INNER CITY

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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.

CONTENTS

AUGUST 21 – SEPTEMBER 18, 2015

VOLUME 18

ISSUE 09

COVER STORY

Cardel Lifestyles’ Cranston Ridge

offers immediate possessions, new townhomes by Heather Ryan

COLUMNS / NEWS / FEATURES 10 Editor’s Note 16 Designer Advice Trend talk with Tommy Smythe by Salina Yara Halabi

20 Contemplating Condominiums Use a qualified realtor to buy that new condo by Linda Palfi

22 In The News Housing starts slip in July 30 Finances Two-thirds of Canadians fear an interest rate hike

32 Calgaryism Child-proofing your condo by Cody Battershill

38 In The News Live-work townhomes offer ideal lifestyle for Calgary’s urbanites 44 Style File Get the look by Elisa Krovblit

54 Make Your Move DIY, or go with a pro? by Chuck Resnick

56 Mortgage Advice What will the Bank of Canada’s interest rate cut mean for the economy, housing, and you? by Alyssa Richard

58 Homebuyers’ Help Show suites bring floor plans to life by Donna Moore

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

Moe Lalani SENIOR SALES MANAGER, WESTERN CANADA

Edwin Rizarri ART DIRECTOR

Daiana Garay EDITOR

Lydia McNutt CONTRIBUTING EDITORS

Wayne Karl Elisa Krovblit Sara Duck (on leave)

PROJECT LOCATION MAPS

DESIGN EDITOR

Yanic Simard

15 Southeast Map

49 Southwest Map

25 Inner City

53 Satellite Communities

43 Northwest Map

61 Northeast Map

Media Consultant

Natalie Houghton 587.226.1313 Like us on Facebook: search: CalgaryNewCondoGuide

PRODUCTION MANAGER

Bala Gnanapandithan PRODUCTION CO-ORDINATOR

Greg Van Sluytman GRAPHIC DESIGNER

Viosa Barileva Published by

2891 Sunridge Way N.E. Calgary, AB T1Y 7K7

YPNextHome.ca ADVERTISING RATES

T 587.226.1313 email natalie.houghton@ypnexthome.ca CIRCULATION Copyright covers the contents of this

28 AVENUE by Grosvenor Americas & Cressey Development Corp. Avenue offers luxury, prized location in Calgary’s West End By Heather Ryan

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 Partner’s In Growth Reforestation Program through St. Joseph Communications. To date, Partners in Growth has planted over two million trees in parks, recreation and conservation areas, and other public spaces across Canada. Established in 1990, this program was started with Scouts Canada to help replenish the environment.

EDITORS’ NOTE

THINK YOU CAN’T AFFORD A HOME? THINK AGAIN.

SUSAN LEGGE Editor-in-chief

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

Much like that bank commercial that says, “You’re richer than you think,” a new home may be more affordable than you originally thought. Perhaps you need only to change your definition of “home” to get into the market. While a detached home is the traditional choice for many, highrise and lowrise suites, lofts and townhomes have become a prime choice among first-time buyers and empty nesters in the market for a new place to call “home.” Not only do townhomes and condos afford you the opportunity to live in a prime neighbourhood at a great starting price, but when it’s time to up-size your home, you can often opt to remain in the same neighbourhood, which isn’t always the case for buyers in the single-detached market. Today’s communities generally have a range of sizes and prices that start at the “affordable” end of the spectrum. Many builders and developers are celebrating grand openings and have new communities available for quick occupancy. It’s an exciting time to be shopping for a new place, so don’t miss this excellent buying opportunity. Have a look through this issue and see what you think. The home of your dreams is waiting.

MANAGING STRESS – AND MONEY

LYDIA MCNUTT Editor

Today’s unprecedented low lending rates are leaving many wondering what will happen when interest rates eventually rise. Indeed, a recent study by BMO revealed that almost two-thirds of Canadians carrying debt (64 per cent) would be stressed if interest rates increased by just two percentage points. One-quarter (25 per cent) said they would be “very stressed.” Yet, despite the distress, almost half of those surveyed plan to increase their debt in the coming year. People see the record-low rate environment as an opportunity to spend, as opposed to save. But know that what goes down must come up, and rates will rise again. What can you do to insulate yourself from that looming threat? Here are some tips:

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

• Stress-test your mortgage against a higher rate before you commit to the purchase of a home, or any big-ticket item for that matter. • Don’t spend the maximum you can afford. With the current five-year fixed rate as low as 2.39 per cent, your dream home may be a reality today, but can you still afford it at a mortgage rate of 5.5 per cent, or more? • Consider all your expenses, including other debts and your lifestyle. You should plan to live in your home, not live for your home. The Bank’s next rate announcement is Sept. 9, so stay tuned for what will happen next. In the meantime, rather than piling on the debt, take this low rate environment as your opportunity to pay down your existing debt faster, so when rates do rise, you won’t break a sweat.

10 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | NewHomeAndCondoGuide.ca

COVER STORY

Cranston Ridge oﬀers immediate possessions, new townhomes By Heather Ryan

BUYERS WHO DESIRE A QUICK

possession condo or seek the spaciousness of a townhome can find it all at Cranston Ridge in southeast Calgary. Crafted by Cardel Lifestyles, Cranston Ridge offers stunning views of the Rockies and Bow River Valley, a great location steps away from Fish

Creek Park, and amazing designs at affordable prices. And, with Building 1 and 2 complete, there are immediate and quick possessions available. “We’re currently framing the third of our five, four-storey apartment-style condo buildings that make up Cranston Ridge, so we’ll also have some possessions coming up later this year in Building 3, and many of these suites will have mountain views,” says sales and marketing manager Brad Logel, noting that there is a great selection of plans available in the second building that you can move into now. The most popular plan is the 897-sq.-ft. twobedroom, two-bathroom design. NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 09 | NEW CONDO GUIDE 11

“We think it’s the perfect suburban condo plan because it offers a large ensuite with dual sinks, a big kitchen that you can extend with a three-ft. wide pantry, a laundry room and an optional wall oven package,” Logel says. “These condos are finished the way you want to live, with a completely upgraded 897-sq.-ft. plan for $285,900, which is amazing.” 12 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | NewHomeAndCondoGuide.ca

For buyers who desire townhome living, Cardel Lifestyles is releasing eight of the 15 three-storey townhomes available at Cranston Ridge in September. These townhomes include double-attached garages, 1,550 sq. ft. of space with three-bedroom or dual-master bedroom designs, 2.5 bathrooms, flex space on the garage level, a full-width front porch and a covered rear deck priced in the mid-$300,000s. Inside, terrific features abound with nine-ft. ceilings on the garage and main levels, upstairs laundry with washer and dryer included, master bedroom with walk-in closet and

“These condos are finished the way you want to live with a completely upgraded 897-sq.-ft. plan for $285,900, which is amazing” ensuite, and kitchen with a pantry, island and a complete appliance package. “The main floor of the kitchen, dining and living room has been designed so that you can have a separate dining area, which you don’t often see in a townhome,” Logel says. “We designed and built this plan in Ottawa and when we built the show suite, we sold out in a day. The plan also won a Sam Award. So, we’re excited to offer it here with some tweaks to fit Calgary’s style. “It has everything you want in a townhome, and we expect it will appeal to a broad range of buyers – professionals, couples, small families and downsizers, all in a completed master-planned community.” Cardel has also recently completed the courtyard park between Buildings 1 and 2, “which offers more than 17,000 sq. ft. of greenspace so residents can go out

and kick a ball around or socialize, and we’ve designed it to include some community garden space. It’s really a beautiful, landscaped area,” Logel says. He notes there is “no shortage of open greenspace around Cranston Ridge.” It has tot-lot parks on the west and east sides, with the west site providing access to pathways that link to the ridge and the river pathways that lead to Fish Creek Park. As an added bonus, residents can enjoy Cranston’s Century Hall which includes banquet facilities and a gymnasium, and its seven-acre park featuring an outdoor hockey rink, splash park, tennis and basketball courts, and playground. The location of Cranston Ridge means residents can enjoy a variety of existing shops, groceries, coffee shops, services, restaurants and more just minutes away right in Cranston and nearby Seton, and easy access to the new South Calgary Hospital, Deerfoot Trail and Stoney Trail.

To learn more about Cranston Ridge, visit the five show suites at 522 Cranford Dr. S.E., open Monday to Thursday from 2 to 8 p.m.; and weekends and holidays from noon to 5 p.m. Call 403.457.2670, or visit cardelcondos.com. NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 09 | NEW CONDO GUIDE 13

SOUTHEAST

403.930.6900 remingtoncorp.com 14

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

13 HARVEST MOSAIC CRANSTON BY BROOKFIELD RESIDENTIAL

ANDERSON ROAD

DEERF

114 AVE SE

AIL

LEO

AIL

23 15

07 03

CRANSTON 13

WALDEN 01

AUBURN BAY

SETO

17 MOSAIC MIRAGE BY BROOKFIELD RESIDENTIAL 347 MacKenzie Towne Gate

MAHOGANY

COPPERFIELD

IL E TRA

W ST. 52

D TR

VITT

McKE

6 Mahogany Terrace SE

Mac

S JAME

17 RN OF LO RQUIS

CHAPARRAL

LEGACY

16 SANDGATE

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

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 HOPEWELL

211 Mahogany Way

MacLEOD TRAIL

GLENMORE RESERVOIR

17 Ave

BLACKFOOT TRAIL

17 Ave

D. BLV

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

19 CHAMPAGNE BY REMINGTON DEVELOPMENTCORPORATION

Quarry Park Blvd SE remingtoncorp.com

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 42 Legacy Blvd SE

06 CRANSTON BY AVALON MASTER BUILDER

20 CRANSTON PLACE BY CARDEL LIFESTYLES

07 AUBURN WALK BY CARDEL LIFESTYLES

21 ALTURE MIDCITY BY ALTURE PROPERTIES

08 THE MORELLO

22 MAHOGANY STREET TOWNS BY HOMES BY AVI

442 Cranford Park SE

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

09 BRISTOL TOWNHOMES BY BIRCHWOOD NOW SELLING 232 Quarry Park Blvd. SE

103 Auburn Meadows Dr.

15233 1 Street Southeast midcitymidnapore.ca 13 Marine Dr SE

15207 1st SE themorello.ca

10 CANOE BY AVI URBAN

302 Cranston Road 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

$100’s

CONDOS FROM THE MID

www.copperfieldpark.com 403.723.0094 NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 09 | NEW CONDO GUIDE 15

SOUTHEAST

DESIGNER ADVICE

Trend talk with Tommy Smythe By Salina Yara Halabi

M ON ES LY RE 5 M AI

LAST CHANCE TO OWN A

Stylish Townhome ◆ Three Storey Open Concept Designs ◆ 1313 sq. ft., 2 Bedrooms 2.5 Bathrooms ◆ 9’ Main & Second Floor Ceilings ◆ Luxury Interior Finishings ◆ Fully Landscaped with Single Attached Garages ◆ Homes Fronting onto Green Space

MOVE IN TODAY! Contact Us: Carlos Martins 28 Quarry Lane SE Ph: 587.284.6466

hen it comes to home decor trends, Tommy Smythe is the dream consultant. His illustrious sense of style and distinctive approach to design make him a guru of unique, harmonious spaces. Tommy gives us his take on the hottest home trends du jour. Kitchen Lately we’ve been noticing a trend toward furniture in the kitchen. Built in cabinetry isn’t altogether gone by any means but designers have been adding tables, antique shelving, consoles, butcher blocks and various creative alternatives to the all-built in look. This is a look that’s extremely well suited to the casual, assembled look of recent years. Think “Brooklyn hipster.” Master bedroom The principal bedroom is getting a tech-savvy makeover these days. More and more, we’re discussing prewiring the main bedroom for flat screens, surround sound, layered lighting and in-wall speakers. It’s the information age and we don’t want to miss a thing! Ensuite bath In the ensuite we’re getting down to brass taps! This warm, golden-hued metal of the moment has made the trip from the living room and kitchen to the principal bath. The chrome and nickel age has given way to a softer, more easy-on-the-eye metallic tone. Proceed with caution though – the bright, shiny version can look... well, brassy. Instead, opt for a brushed or matte version or an authentic unlacquered finish for a more on-trend result.

Quarr

SHOWSUITE

ay yW

carlos@birchwoodproperties.ca

16 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | NewHomeAndCondoGuide.ca

Want more advice from Tommy? He’ll be at the Edmonton Home and Renovation Show, September 18 to 20. You can also catch him on Sarah’s House, Sarah’s Cottage and Sarah 101 on HGTV.

SOUTHEAST

EDMONTON’S NEW RENTAL UNIT CONSTRUCTION SOARS IN 2015 (PART 3)

So far in this series of articles we have been discussing the recent surge in the construction of new premium rental units with new condo-like features and finishes across the city of Edmonton. To date, the success of these projects – at reaching high occupancy rates upon completion – has been a testament to consumer demands for high-quality living spaces when compared to Edmonton’s current primary rental universe, which is vastly over represented by units built prior to 1980. At the end of our last article, we noted our expectation that more of these new high-end rental projects will begin pre-leasing in Edmonton’s market in the near future, and we wondered how long this trend would continue and how it might affect the demand for Edmonton’s standing rental properties in its maturity. The answers to these questions will mainly depend on the continued success of current new condo builders leasing their buildings at rental premiums that justify their investment – through the achievement of capitalization rates that are equal to or above current market capitalization rates in the city of Edmonton – 4% to 5%.* Adjacently, any long-lasting adverse effects that these new rental stocks have on existing apartment rentals in maintaining their current capitalization Intelligence is Edmonton’s newest and rates – sayHouse through higher vacancies and most less 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. Intelligence House is Alberta’s newest 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 estate industry. 18 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | NewHomeAndCondoGuide.ca

total rents – should eventually be met by actions within these buildings to re-raise these rates (most likely in the form of investments to upgrade their buildings to achieve higher appeal, rents and building value). Eventually, these two forces will meet in the middle and, at that point, the construction of new rental buildings should begin to slow. Intelligence House believes this process is now underway, as many older buildings have recently started upgrading their suites as they become available. A simple search of any primary rental website can shed light on this emerging trend, as many ads for older buildings now read “condolike” or “newly updated”. For the city of Edmonton, the situation could not be better, or more timely, from an economic point of view as the construction of new apartment buildings is driving the renovations of old rental stock.

*Colliers International *Note: The economics of apartment building rentals is typically described using a “capitalization rate,” which is the annual rate of return a building earns as measured by the difference in that building’s revenues (total rents) and expenses divided by the building’s market value of sale.

From left to right: Michael Melnychuk Alex Ruffini Emmett Hartfield

SOUTHEAST

CONTEMPLATING CONDOMINIUMS

Use a qualified realtor to buy that new condo! By Linda Palfi

t’s easy to buy a new condominium home. Drop by a show suite, choose a floor plan, write a deposit cheque and sign the purchase agreement. Voila! But when people buy that way, a few questions remain unanswered. Did you obtain the best-possible price? Was there a comparable new or near-new condo on the resale market, perhaps at a lower price? Is this particular builder creating the quality of buildings and the type of social setting that you want to live in? Was your offer to purchase made with the conditions you need to protect you in case a problem arises? Did you truly understand the stack of condominium documents you were handed, and which you were likely too intimidated to really read before the 10-day deadline passed? These doubts – and some big mistakes – could largely be eliminated if new condo shoppers would realize that most builders welcome professional realtor representation for their customers. In fact, most builders allocate a portion of their marketing budget to pay a modest commission to realtors for their service to buyers. In other words, it costs the buyer nothing more to have a condominiumspecialist realtor at their elbow when making that offer to purchase! First and foremost, the buyers will have a licensed realtor whose professional duty is to work in the interest of the buyer. Remember, sales staff can be entirely courteous and professional, but their duty is to work for the builder who employs them, not for the buyers. Don’t blame them, that’s their job. But it’s the realtor’s job to work for and protect you. Not only that, but the realtor carries an errors and omissions insurance policy that, in difficult circumstances, provides a deep pocket to help solve a problem. It might be the same problem you would have faced alone, but this way you have that additional protection. Realtors also have access to a vast databank of absolutely current market information. We use the comprehensive Multiple Listing Service (MLS), not the very limited MLS available on the internet. Buyers sometimes are shopping at a new-home show suite in a project’s Phase Two, when across the driveway there are resale suites available at a discount for a variety of reasons in Phase One. Some of those are estate sales. In some cases, a suite was substantially upgraded and expensive window coverings were installed, all just in time for the situation of the new owners to change, and they have to sell. Sure, you may still choose to buy new. But a good realtor will ensure that you buy new with no regrets, and with no doubts that perhaps there was a better deal to be found across the driveway, if only you’d looked. Sheer market familiarity on the part of your realtor can be invaluable, as well. Some of us see more condos in a month than most condo shoppers will see in their lifetime. We buy ‘em, we sell ‘em, we market value ‘em, and we read condominium documents over breakfast. Some of us own several condos as investments, and many are members of, or even chair, our own condominium corporation Board of Directors. In many cases, condo-specialist realtors know the various builders out there, and the types of projects they build. I’m not boasting, but stating facts that could serve to protect and reassure many future condominium buyers. And what about those “condominium documents”? Did you really want to interpret those all by yourself? Sure, your lawyer could read them for you, but most lawyers don’t deal much with condominium issues, which tend to be as 20 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | NewHomeAndCondoGuide.ca

much governmental as legal. And at $300 per hour, how much legal analysis can a buyer afford? A legal review is always well advised, but equally necessary is an overview of what the documents mean in a practical sense, and a summary of what kind of condominium community you’re buying into. Condominiums offer a great lifestyle that I and other condospecialist realtors personally enjoy, along with a fast-growing portion of the home-owning public. Shopping for your condo home can be exciting and fulfilling. It can also be less stressful if you have professional market guidance, value advice, and a full-time condominium-specialist realtor’s insights into the vast range of condominium homes being built new, and available on the resale market. Don’t shop alone.

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

SOUTHEAST

CRANSTON DR

CR A N S TO N

SETON BLVD DEERFOOT TRAIL

CRANARCH RD

CRANSTON AVE

CRANSTON DR

CRANFORD PARK

IN THE NEWS

Housing starts slip in July: CMHC

he trend measure of housing starts in Canada was 185,586 units in July compared to 184,035 in June, according to Canada Mortgage and Housing Corp. (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. “Housing starts in Canada have been trending higher over the past three months, with gains in multiple starts offsetting declines in single starts,” says Bob Dugan, CMHC’s chief economist. “The decline in single starts is in line with CMHC’s expectations of buyers shifting demand away from higher priced new single-detached homes

towards lower-priced alternatives. Gains in multiple starts are largely due to higher rental apartment starts, a substantial portion of which are seniors’ residences.” CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of Canada’s housing market. In some situations analyzing only SAAR data can be misleading, as they are largely driven by the multi-unit segment of the market which can vary significantly from one month to the next. The standalone monthly SAAR was 193,032 units in July, down from 202,338 units in June. The SAAR of urban starts decreased by 5.9 per cent in July to 176,998 units. Multi-unit urban starts decreased by 8.2 per cent to 119,478 units in July, and the single-detached urban starts segment decreased slightly, by 0.8 per cent to 57,520 units. In July, the seasonally adjusted annual rate of urban starts decreased in Ontario, the Prairies, Atlantic Canada and Québec, while it increased in British Columbia. Rural starts were estimated at a seasonally adjusted annual rate of 16,034 units.

GARAGE FOR SALE! { HOME INCLUDED }

Behind every Livingstone Townhome is a fully insulated & drywalled double garage, perfect for keeping your car in the style it’s become accustomed to. But it’s not just your car we’re spoiling, these turnkey townhomes come fully loaded.

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NO CONDO FEES *Rendering is artist’s concept only and may be subject to change. Prices subject to change without notice. E.&.O.E.

This is the opportunity you’ve been waiting for. You CAN have it all.

VISIT OUR SALES CENTRE AT 52 LEGACY GATE SE • 403.460.7930 • www.livingstonetownes.com 22 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | NewHomeAndCondoGuide.ca

DATE:

F I L E

N A M E S

A R E

F O R

I N T E R N A L

U S E

O N LY

INNER CITY

6 AVE N

GREYHOUND BUS TERMINAL

23 AVE S

26 AVE S

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

RILEY PARK

6 AVE N

5 AVE N

VE 4A

12 KENSINGTON BY BUCCI

V 2A

SUNNYSIDE 20 STATION

ROTARY PARK

PRINCE’S ISLAND PARK

301 10th St. NW

13 FIRST BY FRAM + SLOKKER

EAU CLAIRE04 MARKET

East Village Experience Centre 553 Riverfront Ave. SE

14 AVLI ON ATLANTIC BY RED MANAGEMENT

1220 9th Ave.

4 AVE S

15 SCOLLEN HOUSE BY 320 MISSION DEVELOPMENTS

13 18

5 AVE S 6 AVE S

REYHOUND US TERMINAL

MILLENNIUM PARK

19 CONVENTION CENTRE

9 AVE S

12 AVE S

1 ST E

COLONEL BELCHER HOSPITAL MOUNT ROYAL VILLAGE

26 AVE S

TALISMAN SPORTS CENTRE

4 ST W

5 ST W

02 PARK POINT BY QUALEX-LANDMARK

07 SMITH BY GROSVENOR

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

20 LIDO BY BATTISTELLA

Sales Centre 1120 Kensington Rd

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.

18 EVOLUTION BY EMBASSY BOSA INC.

ERLTON / STAMPEDE STATION

15 26 AVE S

liveLiFFT.com

bridgelandcrossings.ca

Sales Centre 921 - 1st Ave. NE

916 Memorial Drive

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

OLYMPIC WY

MACLEOD TR

1 ST W

2 ST W

4 ST W

5 ST W

8 ST W

10 ST W

14 11 AVE S

Corner of 25th & 3rd St. SW

FORT CALGARY

CITY HALL

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

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NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 09 | NEW CONDO GUIDE 25

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CONDO PROFILE

AVENUE OFFERS LUXURY, PRIZED LOCATION IN CALGARY’S WEST END By Heather Ryan

iscerning condo buyers looking for a cut above the rest are choosing Avenue for its luxury interiors, stunning views of the Bow River, downtown and mountains, and a prized location in Calgary’s prominent and established West End. Built in partnership by two experienced and trusted developers – Grosvenor Americas and Cressey Development Corp. – construction began on Avenue in June 2014, presenting an exceptional and innovative design from the inside out. “Avenue is a beautiful building with a fabulous location in the wellestablished West End,” says Robert Duteau, senior vice-president of development, Grosvenor Americas.

28 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | NewHomeAndCondoGuide.ca

“It offers a great location just steps to downtown, the river pathway and charming Kensington, combining urban convenience with serene residential living – not typically found in downtown communities.” As well, the C-Train is two blocks away and access to the Plus15 is within short walking distance. Avenue is a two-tower, 319-suite project at 5th Avenue and 10th Street S.W., and sales have taken off on the 24-storey, 195-home East Tower, which includes a mix of townhomes, smaller flats, larger tower suites and two levels of penthouse suites. “The real good news for our Calgary projects is that sales are doing very well. We’re over 70 per cent sold despite the slowdown,” Duteau says. “We’re seeing a lot of traffic and renewed confidence in the economy. We sold two penthouses in the last quarter, and that’s a good indication that there is still a strong market in Calgary. Still remaining, we have our two-level penthouse plan boasting 180-degree unobstructed river views and approximately 2,000 sq. ft. of private rooftop terrace.

“Avenue separates itself from other Calgary developments with higher end finishings and flexible interiors, so it appeals to a more mature buyer”

“Avenue separates itself from other Calgary developments with higher end finishings and flexible interiors, so it appeals to a more mature buyer,” he adds. “We really brought a new standard of design and luxury to Calgary with Avenue.” Many of the buyers are up-sizers, right-sizers and downsizers who are drawn by Avenue’s larger suites, spectacular views, and exceptional access to amenities such as restaurants, shops, coffee shops and services in downtown and the Kensington area. Avenue also appeals to active Calgarians wanting to be close to the outdoors, with the Bow River pathway for running, walking and biking just steps from the front door. With architectural design by James Cheng and interiors by Scott Trepp, Avenue features extensive use of glass on the exterior and elegant interiors with exceptional finishings such as real hardwood wide-plank flooring throughout the main living areas, over-height ceilings, porcelain tile, marble countertops and impressive terraces. Avenue also presents Calgary’s first CresseyKitchen – a revolutionary walk-through design that creates a larger kitchen by creating a highly efficient workspace that is stylish yet functional, and can be identified by its sleek chef’s wall featuring integrated appliances (including a five-burner gas cooktop, 48 inches of refrigeration, microwave, wall oven and a dishwasher), pantry wall and ample storage, in every home. Suites in Avenue range from approximately 600 to 1,800 sq. ft. and come in one-bedroom, one-bedroomand-den and two-bedroom layouts, as well as executive penthouses. Prices start from the low $300,000s. Avenue will also include street-oriented, two-storey townhomes designed to emphasize the feeling of “neighbourhood” with private terraces and a front door on 5th Avenue. Buyers will also appreciate Avenue’s terrific amenities that include a state-of-the-art fitness facility, an onsite concierge, hallway garbage chutes for added convenience, a dog-washing station for pet-lovers, and secured parking stalls and storage lockers included with each suite.

For more information on Avenue, visit the presentation centre and the two full-sized display suites at 1037 5th Ave. S.W. open Monday to Wednesday, noon to 6 p.m.; and weekends, noon to 5 p.m. Call 403.530.8455, email info@ avenuewestend.com or visit avenuewestend.com NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 09 | NEW CONDO GUIDE 29

FINANCES

Two-thirds of Canadians fear an interest rate hike

ith the Bank of Canada’s recent move to lower its benchmark interest rate, rate increases and ballooning debt may be the furthest thing from many Canadians’ minds. But as they say, what goes down must come up. Indeed, when rates do rise, the majority of Canadians fear they’ll feel the strain. According to BMO’s Annual Debt Report, 64 per cent of Canadians carrying debt would be stressed if interest rates rose two percentage points. Onequarter would be “very stressed.” Yet despite the distress, Canadians remain optimistic about the pace at which they can pay off their debt, and almost half plan to increase their debt in the coming year. The hard numbers…

⊲ $92,699 The average household debt in Canada ⊲ 46% Canadians who feel some stress about their current debt load, down

side effect of a prolonged period of low interest rates and needs to be closely monitored, especially if rates continue to fall.” “Interest rates have been hovering around historic lows over the past few years, so many Canadians may have become more comfortable over time with managing their debt,” says Christine Canning, head of Everyday Banking, BMO Bank of Montreal. “That said, rates will inevitably rise to normal levels, so it’s becoming increasingly important that Canadians stresstest their ability to afford the debt they currently have so they can effectively manage their finances in a higher rate environment.”

from the past two years (54 per cent in 2014, and 57 per cent in 2013). ⊲ 5 years The amount of time expected to pay off debt ⊲ 46% The number of debt-holders who plan to take on more debt this year

“The sizeable number of indebted households that would feel very strained by a relatively moderate increase in interest rates is concerning,” notes Sal Guatieri, senior economist, BMO Capital Markets. “This is a worrisome

30 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | NewHomeAndCondoGuide.ca

Canning says managing debt is a simple concept but challenging in practice. Working with a financial planner to assess spending patterns and determine priorities can make the process easier.

INNER CITY

WELCOME TO THE NEIGHBOURHOOD RESIDENTS ARE MOVING INTO THIS REAL AND VIBRANT COMMUNITY. JOIN THEM.

1-BEDROOMS

starting at $264,900

2-BEDROOMS

starting at $445,900

PARAMOUNT SUITES

starting at $1.4 million

Developed by Hon Developments. Renderings are artist’s interpretation. Prices subject to change without notice. E&EO.

PRESENTATION CENTRE 456 -12TH Avenue SE TEL 403 800 3368 Mon – Thurs 12 – 6PM Sat & Sun 12 – 5PM

CALGARYISM

Child-prooﬁng your condo By Cody Battershill

f you have young children or are expecting some to be visiting sometime soon, it is always a good idea to ensure an accidentfree environment by child-proofing your condo. Here are four basic childproofing tips that will make your condo as safe as can be for the little ones! Heavy objects Some of the most hazardous objects for kids around the home are heavy and high up, such as HDTVs, speakers and decor to name a few. These objects are prone to falling down and on top of young children if bumped or climbed upon, therefore it’s best to have any heavy objects out of reach, and ensure those that are free-standing are well secured. Electrical outlet covers The curiosity of young children can lead them to putting their fingers where they don’t belong. While it does take a serious prod before the electrical current is transferred from a plug-in, children’s hands can be wet for various reasons and be more prone to getting a nasty shock as a result. Electrical socket covers are cheap and easy to install, and will give you added peace of mind when the kids are at play.

Fall-down areas Kiddy-gates are very useful in keeping young children away from areas that they shouldn’t be – with or without supervision. That could include the top of a stairwell, a steep step-down from a door, or perhaps a utility room packed with cleaning substances and other tools that could be potentially harmful. Other areas to watch out for are windows located near furniture that children could use to climb-up on – and possibly out. Make sure if the window is open that there is a wellsecured screen, just in case!

be hardware-installed only for maximum safety at the top of stairs or other no-go zones in the house. These come in a variety of styles ranging from hinged and swinging to manual placement. Toys R Us, Canadian Tire and Walmart are three department stores with child-proofing sections. Check them out! It’s never a bad idea to childproof your new condo. These simple steps could prevent a terrible tragedy and make your home a safe place for not only your own children, but those of your friends and family who are visiting as well.

Child-prooﬁ ng gadgets There are some very useful applications of technology that help with child-proofing your home. A few include: › Cabinet safety locks This plastic, U-shaped lock hooks around cabinet handles with an easy-to-release pinch mechanism. › Tip-resistant furniture brackets These help stabilize furniture that may be unbalanced, and are great for small tables and other pieces you may have that a young child could tip over. › Safety gates These should

32 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | NewHomeAndCondoGuide.ca

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

WINNER 2014 34

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INNER CITY

IN THE NEWS

Live-work townhomes offer ideal lifestyle for Calgary’s urbanites

Eight live-work townhomes will be located at street level of Park Point

ith an increasing number of Canadians opting to work from home, QualexLandmark has introduced live-work townhomes at its latest community, Park Point. While catering to the rising demand of people working from home, the Beltline developer is setting a new standard for inner-city living with its practical and innovative live-work townhome design. Park Point will feature eight street-level live-work townhomes. Designed with flexibility for use as a home or combined home/office in the traditional sense, the limited selection of live-work zoned townhomes provide a comfortable setting to work and live in Calgary’s rapidly evolving, amenity rich, centralized and diverse urban city centre. Geared toward a wide range of uses such as a small law or accounting firm, an artist or art gallery and more, these homes offer street-level frontage and signage opportunities, intermingling seamlessly with the residential tower and neighbourhood. “We’re confident that our livework townhomes meet the needs of

those who work from home,” says Mohammed Esfahani, president of QualexLandmark. “We envision residents setting up a private office on the second floor of the live-work unit. These work spaces will look out onto Central Memorial Park and open onto a private patio and communal landscaped courtyard on the third floor.” Statistics Canada recently reported that 1.1 million Canadians worked from home in 2011. Results from a General Social Survey indicate that the number of employees working at home in 2008 was 1,748,600, compared with 1,425,700 in 2000. “The moderately paced upward trend of Canadians working from home suggests there is demand for live-work units. These homes are ideal for working professionals seeking enhanced working conditions, with less distractions translating to increased productivity. It is very convenient to literally walk downstairs and be at work. You save time and money,” says Esfahani. “We’re offering those trying to juggle the demands of family life and their professional goals a work-life balance.” All live-work townhomes at Park Point feature two bedrooms on the upper floor, two bathrooms and a spacious patio for outdoor living with spectacular views of Calgary’s urban centre. Spanning 12th Ave. S.W. and 2nd Street S.W., the two-storey live-work townhomes come in six different floor plans, starting at 1,025 sq. ft. Prices for the live-work townhomes start from the $680’s. The benefits of live-work townhomes can be enjoyed by those both selfemployed and employed. Employers that recognize the advantages of their employees working from home may enjoy savings associated with a smaller head office. Residents may be entitled to claiming home office expenses, which may translate into tax savings. Appealing to parents with young children, living and working within a home environment reduces the need for day care and also frees up time for recreational activities. In cities like Calgary, where fluctuations in the economy are not uncommon, homebuyers will have the added piece of mind and security that a live-work home will provide more accessible employment options should the need arise. Live-work homes also offer a safe investment for homebuyers. “Real estate properties in central locations that allow multiple uses command greater future resale potential and make for a very solid investment,” says Esfahani. Park Point’s uniquely designed, 34-storey, mixed-use residential tower consists of 289 homes. Buyers have a choice of one-, two- and threebedrooms (plus den/flex) designs, street-level live-work townhomes and penthouses. Residents at Park Point will enjoy living across from the historic Central Memorial Park, one of Canada’s oldest urban parks. The Park Point Discovery Centre is located at 301 11 Ave. SW, Calgary and is open daily from noon to 5 p.m., closed on Fridays.

38 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | NewHomeAndCondoGuide.ca

AWARDS OF EXCELLENCE IN HOUSING

FINALISTS ANNOUNCED The Canadian Home Builders’ Association – Alberta is pleased to announce the 75 finalists for the 2015 Awards of Excellence in Housing presented by RBC Royal Bank. More than 400 entries were submitted for judging by over 140 industry members. Winners in the 25 individual categories plus three prestigious Builder of the Year Awards will be announced September 18 at BUILD 2015 in Jasper. “This year we have finalists from all six of the local home builder associations from across the province. That demonstrates the tremendous pride our builders, renovators and developers take in their work. Our Members are competing to be named Alberta’s best in a range of categories that reflect the options available in today’s marketplace. The single family home award categories start with homes priced at under $250,000 without lot or GST and go up to beautiful estate homes selling for more than $1.5 million. Other sectors of the housing market are well represented with awards for the best multi-family, green home, community developments and renovations,” said Tally Hutchinson, President, CHBA – Alberta. The Calgary Region leads this year’s competition with 34 finalists, followed by Edmonton Region with 29, Lethbridge with 8, two for Central Alberta and one each for Grande Prairie and Medicine Hat. The highlight of the evening is the announcement of the Builder of the Year Awards for the best overall scores in the competition. CHBA – Alberta will present awards to the top multi-family, small-volume and the Ralph Scurfield Award to the large-volume builder. The finalists and winners will be at the awards ceremony. “Alberta builders are always looking for new and innovative ways to satisfy consumer demand for attractive homes that suit their individual lifestyles and budgets. This year’s award finalists are wonderful examples of the projects produced by the province’s highly competitive residential construction industry. Whether you are looking to buy or renovate a home, you will find lots of great choices by starting with a visit to the show homes and websites of this year’s finalists,” said Jim Rivait, CEO, CHBA – Alberta. CHBA – Alberta is also thrilled to announce the finalists for the Safety Leadership Awards. Nine companies are finalists for the awards sponsored by ATCO Gas. The awards will also be presented at BUILD 2015, CHBA – Alberta’s annual conference.

C CH H BB A A -- A A LL BB EE RR TT A A

SINGLE FAMILY $250,000 - $280,000 SPONSORED BY BLANKET HOME WARRANTY

URBANAGE HOMES

SINGLE FAMILY $280,000 - $310,000 SPONSORED BY ROBINSON LIGHTING & BATH CENTRE

SINGLE FAMILY $310,000 - $340,000 SPONSORED BY HUNTWOOD CUSTOM CABINETS

SINGLE FAMILY $340,000 - $380,000 SPONSORED BY EMPIRE DRYWALL MORRISON HOMES

SINGLE FAMILY $380,000 - $425,000 SPONSORED BY APRILAIRE

SINGLE FAMILY $425,000 - $475,000 SPONSORED BY CALGARY HERALD & EDMONTON JOURNAL

ASHCROFT MASTER BUILDER

SINGLE FAMILY $475,000 - $525,000 SPONSORED BY MASCO CANADA

SINGLE FAMILY $525,000 - $600,000 SPONSORED BY AVIVA CANADA/NATIONAL HOME WARRANTY GROUP

ESTATE HOME $600,000 - $800,000 SPONSORED BY PROFORM CONTRUCTION PRODUCTS & HARRISTONE

WHITE EAGLE HOMES

ESTATE HOME $800,000 - $1,000,000

SPONSORED BY ICON FLOORING

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*Note: Prices for Single Family & Estate Categories do not include land or GST

COMMUNITY DEVELOPMENT SPONSORED BY CHRISTENSON GROUP OF COMPANIES

GREEN HOME

HABITAT STUDIO

RENOVATION UNDER $200,000 SPONSORED BY ALBERTA HARDWOOD FLOORING

RENOVATION $200,000-$500,000 SPONSORED BY JELD-WEN WINDOWS & DOORS

RENOVATION OVER $500,000 SPONSORED BY CARRIER ENTERPRISE CANADA

ALBI RENOVA

SAFETY LEADERSHIP AWARDS SPONSORED BY ATCO GAS

LARGE EMPLOYER GENERAL MEMBER A & B Concrete Pumping | Edmonton Bruin's Plumbing & Heating | Central Alberta Giusti Group | Calgary

SMALL EMPLOYER BUILDER MEMBER Averton Homes | Edmonton Broadview Homes | Calgary Morrison Homes | Edmonton

LARGE EMPLOYER BUILDER MEMBER EMPIRE CUSTOM HOMES

Avonlea Homes | Lethbridge Brookfield Residential | Alberta Galko Homes | Lethbridge

C CH H BB A A -- A A LL BB EE RR TT A A

The Canadian Home Builders' Association - Alberta (CHBA - Alberta) is the voice of the residential construction industry in the province. It represents over 1,500 business members including new home builders, renovators, developers, trade and supply companies, and professional services.

NORTHWEST COMMUNITIES

AIL

IL FO OT TR A

32 AveBY KNIGHTBRIDGE

15 THE GROVES OF VARSITY BY STATESMAN HOMES

5353 Crowchild Trail NW 16 AVENUE

18 SONOMA AT SAGE HILL BY VERTICAL PROPERTIES

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

ME M O R I AL

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21 LIDO BY BATTISTELLA

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37 STREET

04 WILLOW AT SHERWOOD BY AVI URBAN Visit Sales Centre at 64 Nolan Hill Gate

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

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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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3503 Sage Hill Drive NW

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

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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

Sherwood Blvd at Sherwood Way NW Register Now www.thetimbers.gablecrafthomes.ca

MacLEOD TRAIL

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14TH ST NW

10 18 03 SY MO NS VA 08 06 07 LLEY RD 12 . 04

SYMONS VALLEY PKWY

85 ST. NW

ROCKY RIDGE BLVD.

144 AVE NW.

07 THE TIMBERS BY GABLECRAFT HOMES

SOUTHLAND DRIVE ANDERSON ROAD

DEERF

OOT T

W BO

CRE

M AIL TR

AIL

VITT

McKE

TR OD

LE Mac

S JAME

SHAWNESSY BLVD.

EK P ARK

TTO BO

FISH

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IS OF

U MARQ

E LORN

TRAIL

NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 09 | NEW CONDO GUIDE 43

STYLE FILE

get the look

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By Elisa Krovblit Ektorp Tullsta Armchair, Blekinge White. $149. ikea.ca

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ONLY 8 UNITS REMAIN IN BUILDING 2 & 3! One & Two Bedroom Units Available F o n t : J e l l y k a - E s t r y a â€™s H a n d w r i t i n g - R e g u l a r ) Colors:

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Ask About Our Flexible Down Payment Plan Condos in Sage Hill Monthly Payments Starting From

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* Price shown include GST. Monthly payment is based on a starting price of $270,900. Payments are based on 5% down, with a 5-year fi xed 2.43% 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 44 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | NewHomeAndCondoGuide.ca

F I L E

N A M E S

A R E

F O R

I N T E R N A L

U S E

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128 AVE

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Take pride in owning an Arrive townhome because it’s built environmentally responsible – and love it because it is certified BuiltGreen™ to save you money. Our townhomes feature spacious floor plans with 2 to 4 bedrooms, 2.5 baths, and an essential heated attached garage, with a full depth driveway.

EVANSTON SALES CENTRE AND REDSTONE SHOWHOMES OPEN: MON TO THURS 2PM TO 8PM SAT AND SUN 12PM TO 5PM

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up to 12 MontH doWn payMent plan, StartinG FroM $1,116 per MontH.

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NOW SELLING IN 14 LOCATIONS ACROSS ALBERTA FROM ThE

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IL RA DT EO CL MA

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inquire about immediate occupancies

FOR MORE INFORMATION VISIT:

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Sometimes you can get a double car garage in a townhome , but it’s tandem — we were really happy with a side-by-side garage! – Shayley J.-V. Hunter House Townhome Owner

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BEDROOM

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10'-2" x 12'-6"

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10'-3" x 8'-11"

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14-0" x 10'-10"

104 ft²

W.I.C.

PANTRY LINEN

GARAGE 19'-4" x 20'-0"

W/D

W/C

ENTRY

6'-0" x 6'-0"

6'-11" x 4'-5"

UNDEVELOPED

W.I.C.

12'-0" x 12'-0"

LIVING

MASTER BEDROOM 12'-0" x 10'-6"

MASTER BEDROOM DN

12'-0" x 13'-4"

OPTIONAL FIREPLACE

BALCONY

Main Floor

LINEN

12'-0" x 12'-0"

Second Floor

Townhome B2 floor plan shown

• Sought-after southwest address in the established community of Silverado • Immediate possessions available

9'-0" x 10'-6"

MECH DN

ENSUITE

W.I.C.

ENSUITE

KITCHEN

W/C

ENSUITE

• Stunning HardiePlank clad exteriors with Tudor-inspired architectural details

BALCONY

Third Floor

(3 Bedroom option)

(Double master option)

220 Silverado Plains Park SW | Mon - Thurs 2pm - 8pm | Sat - Sun 12pm - 5pm HunterHouseLiving.com | 403.240.4664

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

M TR AIL

AIL D TR LEO SHERIFF KING ST. SW

194 AVE

09 MISSION 34 BY ASSURED COMMUNITIES

11 JUNO BY AVI URBAN

TTO BO

EK P ARK

Mac

VITT

McKE 01

RAIL

W 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

S JAME

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 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

14 MAX TOWNHOMES BY ASSURED DEVELOPMENTS 1605 25 Ave SW

15 THE ARMORY BY COVE PROPERTIES Currie Barracks

#2105, 99 Spruce Place S.W.

Now open! Register today! www.mylegacypark.com 403.931.8558 NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 09 | NEW CONDO GUIDE 49

looking for a new home? We can help! The New Home & Condo Guide app is now

Brand new name, same great app. Everything you need to know to buy your next home.

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LiMiTED SELECTion

Luxury Penthouse Condos Now Selling from

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Shawnessy

LRT

Evergreen

Millrise Shawnessy Blvd SW

162

Blvd SE

Midnapore 162 Ave SE

n Dr SW

Somerset

Medical Park

il Tra

Bridlewood

Sundance

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Fish Creek Provincial Park

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Everstone Dr SW

Discover first-hand the quality craftsmanship of these Luxury Condominiums. Visit us today at 2330 Fish Creek Blvd. SE or at www.sanderson-ridge.ca to learn more. 403-460-3771

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Sanderson Ridge caters to the Discriminating Buyer.

Macleod Trail Stony Trail SE

Stony Trail SE

Shawnigan Dr SW

Se No lli w ng ! Starting from the $170’s

(plus GST)

MONTHLY PAYMENTS FROM $878*

*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

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

f 3

a NewHomeAndCondoGuide.ca | VOLUME 18 ISSUE 09 | NEW CONDO GUIDE 53

MAKE YOUR MOVE

DIY, or go with a pro?

ith moving comes packing, and with packing come decisions. Some people want to pack their own items, while others prefer to leave the task to a pro. Weigh the pros and cons before you decide.

The Professional Packer DIY packing only saves money if your items make it from Point A to B in one piece. Moving companies will not be responsible for items damaged due to your poor packing skills. The most critical element in packing is taking into consideration how far and long the items will remain in the boxes during transit. Consumers often underestimate just how much jostling their items will endure on the road. Accessories like lamps may seem to be packed well, but may shift inside the carton and break or chip as a result. Professional packers make it their business to know what is best for various categories of items, depending on the size and distance of the move, and they pack accordingly. Having your mover pack your stuff also offers the peace of mind in knowing that if damage occurs, your possessions will be repaired or replaced. The DIY Packer When done properly, the DIY method is more economical. If youâ€™re willing and able to pack yourself, ensure you have the proper materials. Your list of must-haves will include tape dispensers, packing paper, markers, pads/blankets and bubble wrap. Of course, there are many sizes and strengths of boxes available. Know what you need in advance.

By Chuck Resnick

Whether you choose to pack your own items or have your mover do it, be sure you choose a company with a solid track record for providing topnotch service.

Chuck Resnick is vice-president of marketing and operations, Two Men and a Truck Canada. twomenandatruck.ca

54 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | NewHomeAndCondoGuide.ca

ZenR

SATELLITE COMMUNITY

ZenRavens CG20150803.indd 1

30/7/15 00:13:27

MORTGAGE ADVICE

What will Bank of Canada’s interest rate cut mean for the economy, housing and you? By Alyssa Richard

n July 15, the Bank of Canada (BoC) cut the target for the overnight lending rate from 0.75 per cent to 0.50 per cent. This was just the second such rate cut since 2010, with the BoC most recently cutting rates from one per cent to 0.75 per cent in January. January’s rate cut came as a surprise, but this latest move had been anticipated in the weeks leading up to the announcement. Lower oil prices have led the Canadian economy into a slump, prompting debates over whether we are in a recession. That argument has mostly come down to the definition of the word – a recession is technically defined as two consecutive quarters of negative GDP growth. The BoC was careful not to use the “R” word in its announcement, but acknowledged the economy is under-performing and an interest rate cut was necessary to “help return the economy to full capacity and inflation sustainably to target.” The rate cut has mixed effects, however. BoC Governor Stephen Poloz recently compared January’s rate cut to “life-saving surgery,” noting that the positive benefits outweighed any side effects such as increased levels of consumer debt. Since mortgage rates are closely tied to the BoC’s overnight rate, the housing market will also be affected. In areas where home prices have been skyrocketing, a rate cut may only make the situation worse, putting ownership further out of reach of first-time homebuyers. Prior to the announcement, it was unclear what a rate cut would mean for an already overstimulated housing market. But in the hours following the announcement, it became clear that homebuyers were eager to take advantage of lower mortgage rates. Traffic to ratehub.ca surged 300 per cent as Canadians searched for better mortgage deals in the hours following the announcement. Mortgage brokerage Butler Mortgage lowered its fiveyear variable mortgage rate by 0.10 per cent almost immediately, to 1.88 from 1.99 per cent. The drop translates to $1,320 savings in mortgage payments over a five-year term. TD was the first of the major banks to lower their prime rate, cutting it by 0.10 per cent. Within a day, many banks had lowered their prime rate by to 2.70 per cent. Some remain unconvinced the cut will do enough for the average Canadian to save any money, or to stimulate the economy. Others worry the impact on the Toronto and Vancouver housing markets would increase disparity between those hot markets and the rest of the country, where real estate has been relatively stable. So what does BoC’s latest announcement mean for you? If you have a variable rate mortgage, you can expect to save a few dollars a month when your interest rate drops. Interest rates on other variable-rate loans (such as lines of credit) are also likely to drop, freeing up some cash. If you’re

shopping for a house, your overall affordability will likely increase due to lower mortgage rates, but you may find that higher house prices quickly negate any advantage you might have had. We’ll have the summer to find out what effect the cut has on the housing market and the economy as a whole. The next rate announcement is Sept. 9.

Alyssa Richard is the founder and CEO of ratehub.ca, a mortgage rate comparison site that aims to empower Canadians to make smart financial decisions.

56 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | NewHomeAndCondoGuide.ca

2015

HOMES SO GORGEOUS YOU WON’T BELIEVE THE PRICE

LIFE ON THE RIVER FROM

$594,900

A Limited Number of Bungalow and two-storey Opportunities remaining • • •

2,020 Square Feet of Living Space Walkout Basement His & Her Ensuite

• • • •

Granite Throughout Immediate Possession 3 Bedrooms Home Gourmet Kitchen

INCLUDING GST

ALSO RECEIVE A

2.00%

FINANCING RATE* WHEN YOU USE JAYMAN FINANCIAL ON YOUR NEW HOME PURCHASE.

*Based on a five year variable rate mortgage. Some conditions apply. E & O.E. Subject to change without notice.

12 Riviera Way, Cochrane (403) 932-6065 Monday to Thursday 2pm - 8pm

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2015-07-15-RiverReach Condo Guide Ad.indd 1

8/6/2015 2:00:56 PM

HOMEBUYERS’ HELP

Show suites bring the floor plans to life By Donna Moore

any new-home buyers are taking advantage of the sunny summer weather to visit the various show homes and suites around Calgary and in surrounding communities to see the new features, finishes and trends, and get a feel for the latest and greatest. Dramatic entrances, sweeping vistas, soaring ceilings, gleaming floors and bold colours that have been chosen with flair and creativity are bound to delight visitors. Homebuyers are looking for the home that is just right for them, so builders spend a good deal of time creating designs that capture the imagination and pump up the wow factor. They develop homes that combine style and functionality, reflect today’s lifestyles and new trends, and are comfortable to live in. With the incredible selection of styles and designs available, it can be a challenge for people to narrow their choice. So during your tour, look beyond the pizzazz and examine the design to consider how it would work for you and your family. One of the best ways to get a feel for the plan is to imagine living in it. Think about your daily routines and priorities, and how the layout will suit you. Is everyone rushing out the door at the same time in the morning? Are there places for the children to play, study and watch TV? Do you need a private space to work? Do you want a formal dining space or a large eating bar? What if you love a particular home, but the kitchen simply won’t work for you? This is not necessarily a problem. Many builders offer various optional layouts and other models that may have what you’re looking for. Also, you may be able to customize a plan and the builder can advise you on cost and construction implications. One aspect to consider is the potential traffic flow in and out of the home. Ask yourself how easy is it to get grocery bags into the kitchen, and how the design limits privacy and furniture placement? Can everyone get around the whole place safely and easily? Many new home and condo designs emphasize spaciousness rather than square footage. High ceilings open up the space and allow for larger windows, which extend your home visually and bring in more natural light. The open concept, which combines the living room, dining room and kitchen in one open space, has been a design trend for many years but it can present challenges such as how to distinguish different living and working areas without diminishing the sense of space. However, many builders offer solutions such as bulkheads and other ceiling treatments that provide visual interest and delineate spaces. Incorporating a mixture of ambient, task and accent lighting lets you create distinct atmospheres.

58 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | NewHomeAndCondoGuide.ca

Your choice of flooring can also have a big impact. Installing hardwood or tile floors throughout much of main area and then using plush carpet in the living room can create a different atmosphere for that space. Columns, partial walls or glass-block walls, or two- and threeway fireplaces can also define living areas while maintaining openness. When you walk through a show home, also consider how your furniture will fit and ensure there is sufficient storage for all the things you and your family have collected. Shopping for a new home is an exciting process, and visiting show homes is a good way to narrow down a design that will uniquely suit to your lifestyle.

Donna Moore is executive officer at the Calgary Region Home Builders’ Association. Call 403.235.1911 or visit crhba.com

Snacks, family fun, and your chance to win a $500 CrossIron Mills Gift Card

METIS TRAIL

NORTHEAST COMMUNITIES

52 STREET

CALGARY INTERNATIONAL AIRPORT

64 Ave

CENTRE STREET 12 AVENUE

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 09 | NEW CONDO GUIDE 61

INDEX OF ADVERTISERS

READ MORE ABOUT OUR ADVERTISERS! Albert Park Station

Carlisle Group

Arrive at Evanston

Partners Developments

Arrive at Redstone

Partners Developments

Auburn Bay

Brookfield Residential

Avenue

Grosvenor

Avli on Atlantic

Red Management

Bayside at Brooksprings

Merge Developments

Bristol

Birchwood Properties

Chalet No. 6

Hopewell

Champagne

Remington Development Corp.

Copperfield Park III

Brad Remington Homes

Cranston Ridge

Cardel Lifestyles

Emerald Sky

Carlisle Group

The Gates

Remington Development Corp.

The Guardian

Hon Towers Ltd.

Heartland Townhomes

Excel Homes

Hunter House

Streetside Developments

INK

Battistella

Jackson

Homes by Avi â€“ Avi Urban

Jumping Pound Ridge

Slokker West

Legacy Gate

Carlisle Group

46-47

Legacy Park

Brad Remington Homes

49, 68

LIDO

Battistella

Livingstone

Trico Homes

Origins

Streetside Develoment

Park Point

Qualex Landmark

Radius

Bucci Developments

Sanderson Ridge on Fish Creek

Telsec

Sandgate

Hopewell

Scollen House

320 Mission

Smith

Grosvenor

Stone Keep

Merge Developments

Street Towns

Homes by Avi

The Timbers

GableCraft Homes

V&V

Providence Developments

Viridian

Trico Homes

Zen Cranston

Avalon Master Builder

Zen Ravenswood

Avalon Master Builder

62 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | NewHomeAndCondoGuide.ca

46-47

27-29

1, 3, 11-13 46-47

66-67

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 09 | NEW CONDO GUIDE 63

HOMEBUYERS’ HELP

You love the condo, see what you can afford!

INTEREST RATES

Calculate your mortgage payments

Amortization Periods

% 5 YEARS

10 YEARS

15 YEARS

20 YEARS

25 YEARS

3.00

17.96

9.65

6.91

5.54

4.73

3.25

18.07

9.76

7.02

5.66

4.86

3.50

18.18

9.88

7.14

5.79

4.99

3.75

18.29

9.99

7.26

5.91

5.13

4.00

18.40

10.41

7.38

6.04

5.26

4.25

18.51

10.23

7.50

6.17

5.40

4.50

18.62

10.34

7.63

6.30

5.53

4.75

18.72

10.46

7.75

6.44

5.67

5.00

18.85

10.59

7.89

6.58

5.82

5.25

18.97

10.71

8.01

6.71

5.96

5.50

19.08

10.83

8.14

6.85

6.11

5.75

19.19

10.95

8.27

6.99

6.26

6.00

19.30

11.07

8.40

7.13

6.40

6.25

19.42

11.19

8.54

7.27

6.55

6.50

19.53

11.32

8.67

7.41

6.70

6.75

19.64

11.44

8.80

7.55

6.86

MONTHLY PRE-TAX INCOME

SPOUSE’S PRE-TAX INCOME

TOTAL PRE-TAX INCOME

DIVIDE BY THREE

AFFORDABLE MONTHLY PAYMENTS DIVIDED BY 12

AMOUNT OF MORTGAGE (PRICE-DOWN PAYMENT)

CHART FIGURE

AMOUNT OF MORTGAGE DIVIDED BY 1,000

AMORTIZATION AMOUNT

ESTIMATED MONTHLY TAXES AND HEAT

MONTHLY PAYMENTS

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

64 NEW CONDO GUIDE | VOLUME 18 ISSUE 09 | 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 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 London Life Manulife Bank Manulife Trust Meridian Credit Union National Bank Peace Hills Trust President’s Choice Fin’l Rapport Credit Union Royal Bank of Canada Servus Credit Union Steinbach Credit Union T-D Mortgage Tangerine Windsor Family C.U. Your Neighbourhood C.U.

2.200 2.700 2.700 2.700 2.900 2.900 2.500 2.200 2.700 2.850 2.500 3.050 2.700 2.700 2.400 2.650 2.700 2.700 2.850 2.700 2.700 2.700 -

6 MONTHS

1 YEAR

4.000 4.000 4.550 4.450 4.000 4.000 6.200 4.450 4.000 3.100 4.240 4.450 3.950 4.200 4.200 4.450 4.450 4.000 4.400 4.500 6.190 6.000 3.140 4.000 3.140 4.450 -

2.940 2.890 3.290 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 3.140 3.000 3.000 3.090 2.890 3.150 3.190 3.090 3.140 2.890 2.450 2.890 3.190 3.000 2.990

2 YEARS

2.640 2.840 3.090 2.840 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 3.090 2.940 2.940 3.090 2.840 3.500 2.840 3.040 3.040 2.840 2.550 2.840 3.240 3.000 3.000

3 YEARS

4 YEARS

5 YEARS

2.590 3.390 3.390 3.400 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 2.840 2.840 3.550 3.390 3.750 3.340 3.500 3.650 3.390 2.550 3.390 3.490 3.050 3.190

2.690 3.890 3.890 4.140 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 2.790 2.790 3.290 3.890 3.850 4.040 3.040 4.390 3.890 2.650 3.890 3.690 3.050 3.300

2.790 4.740 4.490 4.790 4.740 4.740 2.690 2.790 4.350 4.640 2.650 2.690 2.690 4.740 2.590 3.690 4.740 4.740 2.690 2.690 2.690 4.740 3.950 4.440 2.990 4.640 4.640 2.650 4.640 3.790 3.100 3.090

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 09 | NEW CONDO GUIDE 65

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