JULY 21 - AUG 18, 2017 VOLUME 20, ISSUE 8, FREE
CALGARY EDITION
URBAN PARKSIDE LIVING in KENSINGTON
Move in this September condos • flats • townhomes More on page 11 | ezraonrileypark.com INSIDE THIS ISSUE
UPS & DOWNS OF A SELF-MANAGED CONDO CORPORATION
5 THINGS TO CONSIDER WHEN BUYING YOUR NEW CONDO
R&R: ALBERTA’S RECREATIONAL REAL ESTATE RECOVERY
Luxury Villa-Style Estate Condominiums It’s not only the expansive walk-out patios and lush garden views that make our prestigious, ground floor Reflection Estate Condos so exceptional. Nor is it simply the unprecedented design and uncompromising finishes and features of the suites. Look beyond the breathtaking landscaping that surrounds you and experience the wealth of indulgent amenities and services, lakeside living and inspired, luxurious lifestyle that awaits you. This exquisite resort-style community is unlike anything you’ve ever seen, but have always dreamt of calling home.
LAST REMAINING SUITES
$729,900
Estate Condominiums 2 Bed 1,527 SQ. FT.
*
*GST not included. Prices subject to change without notice. E.&O.E.
Call 587-350-0237 or register at WESTMANVILLAGE.COM
Visit our new show suites at the PRESENTATION CENTRE 1955 Mahogany Boulevard SE | Ph: 587-350-0237 Mon-Thu: 2pm-8pm, Sat-Sun & Holidays: Noon-5pm, Fri: Closed
AN INSPIRED PERSPECTIVE ON CALGARY
INTRODUCING THE GUARDIAN’S PREMIERE COLLECTION OF SUB-PENTHOUSES IN CALGARY’S TALLEST RESIDENTIAL TOWER
PARAMOUNT SUITES
starting at $1.4 million
1-BEDROOMS
starting at $278,900
2-BEDROOMS
starting at $445,900
PRESENTATION CENTRE Developed by Hon Developments. Prices subject to change without notice. E&EO.
456-12TH AVENUE SE
TEL 403 800 3368
MON – THURS 12 – 6PM
SAT & SUN 12 – 5PM
MOVE IN LATE SUMMER
EXPERTLY DESIGNED HOMES
Stay warm with in-floor radiant “Nu-Heat” in ensuite bathroom
Walk on stylish pure wool-blend carpeting in all bedrooms
UPSTAIRS
Revolutionary CresseyKitchen™ with its walkthrough layout, ample storage and decadent finishes
Over 1,250 square feet of space over two levels
Air conditioning for warm-weather comfort
Wide-plank engineered hardwood flooring in main living areas
Over 250 square feet of outdoor living on a private terrace
TOWNHOMES STARTING FROM $ 703,900 PRESENTATION CENTRE:
1037 5th Avenue, SW, Calgary 9 ST SW
RI
10 ST SW
BOW
VER 5 AVE SW
Sat & Sun: 12–5, Mon–Wed: 12–6 Thurs & Fri: Closed
6 AVE SW
403-530-8455
AVENUEWESTEND.COM
Prices, floorplan layouts and finishes are subject to change. This is not an offering for sale. Any such offering can only be made with a Disclosure Statement. E&OE.
MAIN
contents JULY 21 – AUGUST 18, 2017 | VOLUME 20 ISSUE 8
11
ON THE COVER
Birchwood’s Ezra on Riley Park:
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trending
advice
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20 Calgaryism
21
Construction news
Park Point hits 50 per cent completion
Housing market
Calgary home prices continue to climb in the second quarter of 2017
Five things to consider when buying your new condo By Cody Battershill
26 Contemplating condominiums
The good and bad of a selfmanaged condo corporation
22 Industry news
WITH
DYNAMIC
Excitement is in the air
Builders’ association honours volunteers
LOOK FOR THE CIRCLE
38
Recreation property
Recreational property sales to increase in 2017
By Linda Palfi
32
Mortgage mogul
Payment shock: What is it, and how to avoid it? By Jason Eldridge
16 VICE PRESIDENT & CHIEF PUBLISHING OFFICER
Caroline Andrews PUBLISHER & GENERAL MANAGER
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34 Money matters
The lost art of saving By Gail Vaz-Oxlade
40 News & views
The sunny side of the suburbs By Lydia McNutt
neighbourhood profiles
16
Mount Royal By Greg Donnelly
30 McKenzie Towne By Kait Kucy
inspiration
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Style file
Must-have products for the lazy days of summer
COPYRIGHT 2017
Inner City
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.
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Editors’ Note
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Northeast Map Southeast Map Southwest Map Satellite Communities
Editorial submissions from interested parties will be considered. Please submit to the editor at Lydia.McNutt@ypnexthome.ca. The views and data expressed by columnists do not necessarily represent those of the publication.
Editor’s Note
Mortgage rates on the rise
LYDIA MCNUTT Senior Editor Yellow Pages NextHome Email: Lydia.McNutt@ypnexthome.ca Twitter: @LydiasTweets
WELL, IT’S FINALLY HAPPENED. As expected, the Bank of Canada has raised its benchmark interest rate for the first time in seven years, in anticipation of stronger economic growth this year. Just hours after the central bank broke its news, Canada’s five big banks followed suit and in a mirror move, increased their prime lending rates by 25 basis points. While not a huge hike, this increase could prove too much to handle for some. The prolonged, record-low interest rate environment prompted many Canadians to pile on record levels of debt, leaving little wiggle room when rates finally did rise – and here we are. So, what does this mean? Homeowners with a variable-rate mortgage or a home equity line of credit can expect to pay more toward interest and less toward principal. Those with a fixed-rate mortgage don’t have to worry until it’s time to renew. What should you do in the meantime? If you have a variablerate mortgage, consider switching to a fixed rate. There have been rumblings of another rate increase coming in October. Pay down your debts. These higher interest rates are still low, in the grand scheme of things. According to mortgage rate comparison site RateHub, 30 years ago on August 1, 1987, the prime rate was 10 per cent – a far cry from today’s 2.95. Have an emergency fund. With some money stashed away in the bank, you won’t have to borrow if the need arises. Last but not least, here’s a bit of advice that everyone should follow, regardless of the interest rate – pay attention to where your money’s going.
#TRENDING
READ THE STORY ONLINE
The Bank of Canada’s decision to raise the target for its overnight rate to 0.75 per cent from 0.50 may be cause for concern for some Canadians. But should it be? Are more increases in the offing? What does it all mean? And how will it affect you? Read the full story… nexthome.yp.ca/rising-interest-rates
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Property Profile | EZRA ON RILEY PARK
cover story
EXCITEMENT IN THE AIR AT
BIRCHWOOD’S EZRA ON RILEY PARK IN KENSINGTON
EXCITEMENT IS IN THE AIR AT EZRA ON RILEY PARK in
Kensington – the newest offering crafted by Birchwood Properties, which is looking forward to welcoming residents into the East Tower toward the end of August. “We are so pleased to be able to move in our first Ezra homeowners,” says Adele Kerr, Birchwood’s director of sales and marketing. “It’s perfect timing! Residents will still have plenty of time of enjoy the last bit of summer in Riley Park, and then can look forward to the spectacular views of the park as the leaves turn colour in the fall.”
Kerr adds, “Excitement has certainly been felt through the presentation centre as well. With all of the activity on site and the building’s exterior nearing completion, we have seen quite an increase in the number of visitors and inquiries. “People can see that Ezra is now very real and the suites are selling quickly,” she says. “We’re sold out of threebedroom apartments and only have a few of the large two-bedrooms remaining. For those looking for a threebedroom home, we do have our executive townhomes, which walk out onto Riley Park.” JUL 21 - AUG 18, 2017 | NEW CONDO GUIDE 11
Ezra on Riley Park consists of two, eight-storey towers featuring an exceptional collection of upscale townhomes and apartment-style condos defined by sophisticated, urban architecture and luxury. It offers two-storey townhomes on the first two levels, condos on levels three to six, and two floors of magnificent penthouses. One of the main reasons Ezra is so appealing is because of its incredible location, situated right beside Riley Park. “People really love the location and of course, enjoy the idea of having Riley Park as their backyard – over 20 acres of lush green space and pathways,” Kerr says.
12
“Ezra is also conveniently located between 10th and 14th Street, so you’re only a five-minute walk to the heart of Kensington where you can enjoy boutiques, restaurants, professional services, the LRT and Safeway,” Kerr adds, noting it’s also close to the Hillhurst Community Centre, and just a short walk or drive across the river to downtown. Ezra is attracting variety of buyers, from professionals to young families who want to live in a vibrant community with established amenities. Ezra also appeals to emptynesters and downsizers, who desire a lock-and-leave
lifestyle without compromising on space and luxury. Its appeal starts with the stunning exterior, which presents floor-to-ceiling glass windows and glass wrap-around balconies that create a dynamic streetscape. Meanwhile, high-end interiors feature high-gloss cabinetry, engineered hardwood floors, quartz countertops, European appliances, undercabinet lighting, glass tile backsplash and full-sized in-suite laundry. There is a selection of one- and two-bedrooms, as well as one penthouse remaining in the East Tower.
Apartment prices start from $299,900 plus GST. Executive townhomes are also available ranging from 1,100 to 1,681 sq. ft. and starting at $799,900 plus GST. Possessions in the East Tower will start as early as the beginning of September, while the West Tower will be complete later this fall. For more information, visit the sales centre at #5, 1145 Kensington Cres. NW, open Monday to Thursday, noon to 7 p.m.; and weekends and holidays, noon to 5 p.m. Call 403.561.1911 or visit ezraonrileypark.com.
It’s perfect timing! Residents will still have plenty of time of enjoy the last bit of summer in Riley Park, and then can look forward to the spectacular views of the park as the leaves turn colour in the fall.
JUL 21 - AUG 18, 2017 | NEW CONDO GUIDE 13
MOVE IN
TODAY
6 AVE N
SAVE UP TO $45,000 ON 2 BED + 2 BATH HOMES WITH 2 PARKING STARTING FROM $496,900! GREYHOUND BUS TERMINAL
MASTER BEDROOM
ENSUITE
ENTRY W/D F
BATH WALK-IN CLOSET
KITCHEN
DW
MW
TERRACE LEVEL 3
23 AVE S
26 AVE S
BEDROOM
LIVING
DINING
UNIT C 2 Bedroom, 2 Bathroom: 1,055 sf Balcony: 90 sf Terrace: 86 sf
FEATURE FLOORPLAN
BALCONY LEVEL 4-13
C PLAN - 1,055 SF
6 ST SW
7 ST SW
17 AVE SW
NOVEMBER 29, 2016 0
VISIT OUR IN-BUILDING PRESENTATION CENTRE & SHOW HOMES 15 AVE SW
SMITH
103 - 1501 6th St SW Open from Monday - Thursday 12-6pm & Saturday - Sunday 12-5pm Closed Fridays or by appointment only.
403.264.1703 Smith17.com
The developer reserves the right to make changes to the information contained herein without notice. E.&O.E.
1
2
5
INNER CITY 12 KENSINGTON BY BUCCI 301 10th St. NW
RILEY PARK
24
6 AVE N
5 AVE N
13 FIRST BY FRAM + SLOKKER
3
VE 4A
VE 2A
N
SUNNYSIDE 20 STATION
East Village Experience Centre 553 Riverfront Ave. SE
ROTARY PARK
PRINCE’S ISLAND PARK
21
14 AVLI ON ATLANTIC BY RED MANAGEMENT
12
1220 9th Ave.
EAU CLAIRE04 MARKET
24
25
16
15 SCOLLEN HOUSE BY 320 MISSION DEVELOPMENTS
01
Corner of 25th & 3rd St. SW
4 AVE S
06
16 STEPS BRIDGELAND BY GIUSTINI BRIDGES IN.
13 18
5 AVE S 6 AVE S
REYHOUND US TERMINAL
MILLENNIUM PARK
Sales Centre 921 - 1st Ave. NE
19 CONVENTION CENTRE
9 AVE S
17
CITY HALL
FORT CALGARY
26
07
1 ST E
COLONEL BELCHER HOSPITAL MOUNT ROYAL VILLAGE
23 AVE S
26 AVE S
10 ST W
22
01 RIVERFRONT POINTE BY CARLISLE GROUP www.riverfrontpointe.ca
02 PARK POINT BY QUALEX-LANDMARK Coming Soon Register now at Qualex.ca/ ParkPoint
oom: 1,055 sf
033 LEVEL 1
2
5
VICTORIA PARK / STAMPEDE STATION
08
4 ST W
TALISMAN SPORTS CENTRE
PROSPECT AVE
LEVEL 4-13 325 3rd St. SW
16
5 ST W
CLIFF ST
17 AVE S
43 PARK BY VERICON REAL ESTATE VENTURES 10 43park.ca FEET
04 WATERFRONT BY ANTHEM PROPERTIES 216 Riverfront Ave. S.W.
05 THE GUARDIAN BY HON TOWERS
12th Ave SE at 3rd St.
15 26 AVE S
05
OLYMPIC WY
02
MACLEOD TR
1 ST W
2 ST W
11 AVE S
4 ST W
5 ST W
8 ST W
10 ST W
14
12 AVE S
17 INK BY BATTISTELLA 622-8 Ave. SE
11
18 EVOLUTION BY EMBASSY BOSA INC.
East Village Experience Centre 553 Riverfront Ave. SE
19 VERVE BY FRAM + SLOKKER
Sales Centre Now Open in East Village
CALGARY EXIBITION AND STAMPEDE PARK
20 LIDO BY BATTISTELLA
ERLTON / STAMPEDE STATION
21 V&V BY PROVIDENCE GROUP
Sales Centre 1120 Kensington Rd
Register: einsteincalgary.com
23
06 AVENUE BY GROSVENOR & CRESSEY 1035 5th Ave. SW
07 SMITH BY GROSVENOR
Visit Sales Centre at 850-16th Ave. SW, 2nd Floor
08 DISTRICT BY BOULEVARD INVESTMENTS Sales Centre Now Open 305 18th Ave. SW
09 LiFFT BY VERICON REAL ESTATE VENTURES liveLiFFT.com
10 BRIDGELAND CROSSINGS BY GABLECRAFT HOMES bridgelandcrossings.ca
11 SOBOW BY M2I DEVELOPMENTS CORPORATION
22 ALEX BY ASSURED COMMUNITIES
Presentation Centre: 2719 14th St. SW
23 MISSION 34 BY ASSURED COMMUNITIES
98 Mission Road SW mission34.ca
24 RADIUS BY BUCCI DEVELOPMENTS Coming soon to Bridgeland www.bucci.com/radius
25 BRIDGELAND HILL BY GABLECRAFT HOMES 516 Edmonton Tr. NE
26 THE ROYAL BY EMBASSY BOSA 936 16TH Ave. SW www.theroyallife.ca
1640 17A St.
Starting from the $330’s
JUL 21 - AUG 18, 2017 | NEW CONDO GUIDE 15
Neighbourhood Profile
Mount Royal By Greg Donnelly
Fast facts Average household income
$284,764
Family structure
FAMILIES
COUPLES
SINGLES
21%
29%
50%
Own vs. rent
52% RENTERS
48% OWNERS
MORE PHOTOS ONLINE nexthome.yp.ca/mount-royal Education levels MOUNT ROYAL is made up of two
communities in central Calgary: the upscale homes in Upper Mount Royal, and the business and apartment complexes of Lower Mount Royal. Upper Mount Royal is one of the wealthiest neighbourhoods in Calgary. Large, luxury estates have been built along mature tree-lined streets. Down the escarpment in Lower Mount Royal, there are more upscale condos along with affordable apartments where many renters enjoy life close to downtown and all of the amenities. The Vibe The neighbourhood was once known as American Hill because it was home to the American business elite who lived there in the early 1900s. More than 100 years later, it still attracts an upper-class demographic. Proximity to the downtown core and 17 Avenue’s trendy shops and restaurants makes it a convenient place to live. 16
Meet the neighbours Your neighbours in Mount Royal are dependent on which side of the escarpment you choose to live on. The affluent homes in Upper Mount Royal are more family oriented and residents are likely to frequent the exclusive Glencoe Club nearby. Down the escarpment in Lower Mount Royal, you will find more apartment blocks as renters and students love the proximity to transit, post-secondary education, and downtown entertainment. Planes, trains & automobiles Mount Royal is well-served by Calgary transit, with several bus routes through the community. 17 Avenue provides quick access to downtown or for those heading west to the major commuter freeway of Crowchild Trail. To go north, 14 Street will take you across the Bow River to SAIT and the Jubilee Auditorium. The good, the bad & the rest There’s not much to dislike about
54%
28%
UNIVERSITY HIGH SCHOOL
18% COLLEGE
SOURCE: ENVIRONICS
Mount Royal, as it has something for everyone. The biggest drawback for those wanting a single-family home here is the price. While luxury homes are out of the budget for most Calgarians, there are townhomes or condos that will suit your needs. Real estate When it comes to real estate, Mount Royal’s two communities are quite distinct. Renters and condo seekers will find what they are looking for at a reasonable price the closer they get to 17 Avenue in Lower Mount Royal. Once you make your way up the escarpment, the prices rise with the terrain. Some of the most expensive and expansive homes in Calgary can be found in Upper Mount Royal.
8
LD H O S NT ES O M M O H ST LA
P * U 00 E V 5,0 SA $2 TO
HOM ES
PRESENTS
3 BED 2 BED 1 BED 1 BED 2 BED
105 207 115 323 308
SOLD
$379,900
882 SF
SOLD
577 SF $299,900
633 SF
747 SF
1088 SF $485,900
SQ. FT. TODAY’S PRICE
2 BED 2 BED 3 BED 3 BED 1 BED
419 403 410 610 101
SOLD
SOLD
$449,900
544 SF $279,900
1119 SF $659,900
1119 SF
574 SF
817 SF
SQ. FT. TODAY’S PRICE
403.269.2805
Open Mon to Thu – 12pm - 6pm · Friday – By Appointment Only Sat & Sun – 12pm - 5pm
SALES CENTRE #105 - 46 9TH ST. NE
TYPE
UNIT
HOMES STARTING FROM $279,900
403.456.2329
Open Mon to Thu – 12pm - 6pm · Friday – By Appointment Only Sat & Sun – 12pm - 5pm
SALES CENTRE #5 – 510 EDMONTON TRAIL NE
TYPE
UNIT
HOMES STARTING FROM $299,900
*SEE SALES STAFF FOR DETAILS. LIMITED TIME OFFER ONLY. THE DEVELOPER RESERVES THE RIGHT TO MAKE CHANGES TO THE INFORMATION CONTAINED HEREIN WITHOUT NOTICE. PRICING AND AVAILABILITY IS SUBJECT TO CHANGE WITHOUT NOTICE. RENDERING IS REPRESENTATIONAL. E&O.E.
Choose from two great communities, both offering the best value in the inner city. Find out why we continue to be the best selling homes in Bridgeland. GABLECRAFTHOMES.CA
HILL
BRIDGELAND
BRI D GEL AN D’S BEST S E L L I N G CO M M U N I T I E S M OV E I N TO DAY
GABLECRAFT
Trending
Park Point hits 50 per cent completion as sales improve Iconic architecture is being revealed as tower nears completion
18
Park Point is located in the heart of Calgary’s Beltline and overlooks Central Memorial Park
MORE TRENDING ONLINE ypnexthome.ca/news
work townhomes with an expansive list of sophisticated indoor and outdoor amenities. Located atop the tower podium on the third floor, Park Point will host nearly 9,000 sq. ft. of outstanding building amenities. The outdoor amenity space includes a Zen terrace with seating and water feature, social air lounge seating with fire pit, barbecue area with large harvest table, and a sundeck overlooking Central Memorial Park. Indoor amenities include a fully equipped fitness facility with state-of-the-art exercise equipment, park facing yoga/Pilates studio, steam room, sauna and his/her change rooms with showers. “Park Point is going to be a landmark on Calgary’s skyline,” says Keith Playle, operations manager, Axiom Builders. “As it takes shape and nears completion this is becoming more obvious.” Responsible for the construction of more highrise residential communities in Calgary’s Beltline Community than any other developer, Qualex-Landmark projects account for $400 million in real estate value with more than 1,000 homes in the Beltline over the last 10 years. Previous Calgary projects by Qualex-Landmark include Stella, Nova, Luna, Calla, and Mark on 10th. The developer’s recipe for success includes its ability to innovate, and its dedication to customer satisfaction.
PHOTO CREDIT: QUALEX-LANDMARK
CONSTRUCTION ON PARK POINT
is now 50 per cent complete, according to a recent announcement by Qualex-Landmark Group, the developer of the 34-storey, $110-million Beltline residential condo tower across from Central Memorial Park. Move-ins are slated for summer 2018. This construction milestone comes at a time when Calgary residential sales are once again beginning to climb. According to the Calgary Real Estate Board (CREB), May 2017 saw a total of 2,119 sales, up from the 1,904 in April 2017. “Construction began at Park Point in the fall of 2015 and has been progressing on schedule, with upwards of 75 to 100 workers currently on site and hitting every milestone in its advancement into the Calgary skyline,” says Parham Mahboubi, vice-president, planning and marketing, Qualex-Landmark. Designed by global architecture firm IBI Group, Park Point has a strong vertical presence. As the building rises, the floor-plate grows, creating a stepped effect that’s enhanced with colour. From street level, an elegant double-height lobby with a distinctive canopy will further add to the prestigious nature of the address. “We are thrilled at how smoothly construction is accelerating at Park Point thanks to Axiom Builders. With completion anticipated for summer 2018, we look forward to keeping our promise to homebuyers to deliver yet another iconic and timeless residential condo tower that people will soon call home” says Mohammed Esfahani, president, Qualex-Landmark. Park Point features 289 one-, twoand three-bedroom homes and live/
E
CENTRE STREET
14 ST RE ET
Visit Sales Centre at 64 Nolan Hill Gate
IL FO OT TR A ER
CALGARY INTERNATIONAL AIRPORT
13 THE LOOP BY STREETSIDE DEVELOPMENTS
150 Evanscrest Manor NW
14 MAVERICK BY AVI URBAN
Coming Soon to Livingston 32 Ave
02 19
15 THE GROVES OF VARSITY BY STATESMAN HOMES
5353 Crowchild Trail NW 16 AVENUE
16 DISENO BY LANDMARK HOMES
ME M O R I AL
D
18 SONOMA AT SAGE HILL BY VERTICAL PROPERTIES 36 STREET
21
881 Sage Valley Boulevard www.sonomasagehill.com
17 Ave
37 STREET
05 ARRIVE AT EVANSTON BY PARTNERS DEVELOPMENT GROUP
21 LIDO BY BATTISTELLA
Symons Valley Parkway please call 587-755-1166
06 SYMONS GATE HOMES BY BROOKFIELD RESIDENTIAL 33 Sage Bluff Blvd. NW
Sales Centre 1120 Kensington Rd
22 AVIRA TOWNHOMES IN EVANSRIDGE BY JAYMAN MODUS 470 Evansridge Court
07 THE TIMBERS BY GABLECRAFT HOMES
Sherwood Blvd at GLENMORE Sherwood Way NW RESERVOIR Register Now www.thetimbers.gablecrafthomes.ca
Corner of Shaganappi Trail & Symons Valley Pkwy NW V I R E
23 THE MARK 101 IN SAGE HILL BY NUOVO BY SHANE HOMES 3727 Sage Hill Drive NW 403.536.2388 themark101.com
BARLOW TRAIL
04 WILLOW AT SHERWOOD BY AVI URBAN
355 Kincora Glen Rd. NW www.emeraldsky.ca
W
BLACKFOOT TRAIL
3503 Sage Hill Drive NW
12 EMERALD SKY BY CARLISLE GROUP
MacLEOD TRAIL
03 VIRIDIAN BY TRICO HOMES
Register today: Ezraonrileypark.com
IL N
ELBOW DRI VE
RE T RAIL 2nd Ave and 10th St. NW
BY BUCCI
11
11 EZRA ON RILEY PARK BY BIRCHWOOD PROPERTIES
DE
HA RV BLVEST H D N ILLS E TRA
64 Ave
SARCEE TRAIL
69 STREET
521 Evanston Link NW 02 KENSINGTON GLENM O
10 SAGE PLACE BY CARDEL LIFESTYLES 450 Sage Valley Dr.. NW
16 AVENUE
01 THE LINK AT EVANSTON BY BROOKFIELD RESIDENTIAL
355 Nolan Crest Heights
STONEY TRAIL NW
VD. LS BL
OLD BANFF COACH ROAD
85 STREET
14
EDMONTON TRAIL
AIL ENU
460 Nolan Hill Blvd.
09 NOLAN PARK BY CARDEL LIFESTYLES
22
NOSE HILL PARK
JO HN CR LA OW UR 14 IE CH BLV ILD D. TR AIL
08 CARNABY HEIGHTS TOWNHOMES IN NOLAN HILL BY JAYMAN MODUS
CENTRE STREET
AIL TR NA PI SH AG AN
HIL LD R. NO
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SE
E STON 16 A V
01
05
HIL NTRY COU BED DIN GTO N
STONEY TRAIL NW
15
13
14TH ST NW
06 18 SY 23 03 MO NS VA 08 L 07 LEY RD 12 . 04
85 ST. NW
COUNTRY HILLS BLVD.
10
14 STREET
09 16
SYMONS VALLEY PKWY
144 AVE NW.
ROCKY RIDGE BLVD.
PHOTO CREDIT: QUALEX-LANDMARK
NORTHWEST COMMUNITIES
SOUTHLAND DRIVE ANDERSON ROAD
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OOT T
AIL TR
AIL
VITT
McKE
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Mac
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SEARCH ONLINE
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JUL 21 - AUG 18, 2017 | NEW CONDO GUIDE 19
Advice | CALGARYISM
5 things to consider when buying your new condo By Cody Battershill
MORE ADVICE ONLINE ypnexthome.ca/news/advice
IF YOU’RE IN THE MARKET for a new condo in Calgary, chances are you have a list of features you want included – some must-haves, and a few that you’re more flexible on – before signing on the dotted line. Here are some key things that you should consider and evaluate for yourself when viewing new properties, as they can drastically affect your living experience and resale value down the road.
1. Interior layout Calgary’s new home builders have such a wide variety of builds and floor plans available these days that you really don’t have to settle for a layout that is nearly perfect. What do I mean? It could be that the master bedroom is too small, its bathroom too narrow, or perhaps the kitchen doesn’t have the ideal set-up that you were hoping for. Whatever it is, you will likely find another floor plan or a different builder that has these things you desire. Shop around, and don’t settle.
2. Windows and natural lighting Usually, the more windows a new home has, the better. Windows impact your suite’s natural lighting, but they also create an open feel, when they’re well-placed and properly sized. Windows should also be positioned and sized to allow for privacy from neighbours and passersby. Natural lighting is a huge factor when it comes to getting the most 20
out of your living space and enjoying it to the fullest. A lack of natural light can be a problem in the future when reselling, and can also put a damper on how you feel about being in a particular room.
3. Orientation The way a suite is positioned can greatly affect the amount of natural light it receives during the daytime, and influence your cooling and heating bills. A suite facing east will have a bright and warm morning and evening, with natural light entering the home during these hours. On the other hand, a north-facing suite might not get as much sunlight, making for a cooler living space during hot summer days.
4. Proximity to neighbours Typically, there’s a drastic difference in the space between two new innercity infills compared to two suburban homes, and this can affect how private the space feels. If privacy is a huge factor for you when buying a new home, consider checking the views from each of the windows, both inside and out, to gauge your comfort level.
5. Location Last but not least, location is probably one of the most important factors when buying a new home. For example, buying in a new community with a proposed elementary school is a great opportunity for those planning to have children, although if it were across the city from work, it might cause more headaches than benefits. Choosing the right location comes down to what you’re comfortable with and what area of the city is best for your wants, needs and lifestyle. Taking the time to find the right spot is a must when searching for that perfect new home fit in Calgary. Take your time, do your research, and don’t settle for second-best. Cody Battershill is the founder of Calgaryism and a top producing realtor at ReMax House of Real Estate. Born and raised in Calgary, Cody has a passion for helping his clients accomplish their real estate goals and loves to show off the best Calgary has to offer! He can be reached at 403.370.4180, @Calgaryism on Twitter and calgaryism.ca
Trending
Calgary home prices continue to climb in the second quarter of 2017 Improved consumer confidence leads transition to seller’s market CALGARY HOME PRICES continued on their upward trajectory in the second
quarter of 2017, climbing by 4.4 per cent year over year to $472,798. This is according to the recently released Royal LePage House Price Survey and Market Survey Forecast. When broken out by housing type, the median price of a two-storey home rose by 5.3 per cent year over year to $518,632 in the second quarter of 2017, while the median price of a bungalow rose by 4.1 per cent to $485,953. Over the same period, the median price of a condominium dipped 0.3 per cent year over year to $294,436. “Home prices continue to rise in Calgary, as many areas within the region transition to seller’s markets,” says John Hripko, associate broker, Royal LePage Benchmark. “With oil prices having stabilized around $45, prospective homeowners have increasingly been enticed back into the market, placing a strain on inventory levels across the region.” Looking ahead to the end of the year, Royal LePage forecasts that Calgary’s aggregate home price will rise by five per cent year over year to $482,140, as the region’s improved economic outlook continues to bolster consumer confidence and places upward pressure on market activity.
“With demand already beginning to flood the market, we anticipate that prices will continue to rise throughout the remainder of the year” “With demand already beginning to flood the market, we anticipate that prices will continue to rise throughout the remainder of the year,” Hripko adds. “If interest rates steadily climb over the next couple of years, as anticipated, buyers sitting on the fence will increasingly feel the heat and look to the market before it is too late, boosting sales activity and intensifying market trends across the region.”
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JUL 21 - AUG 18, 2017 | NEW CONDO GUIDE 21
F I L E
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Trending
BUILDERS’ ASSOCIATION honours volunteers BILD CALGARY REGION (the new name for the amalgamated Canadian Home Builders’ Association – Calgary Region and Urban Development Institute – Calgary) saluted those people who help make the organization strong at a Volunteer Recognition and Awards Luncheon recently. “Volunteers are the backbone of any organization and without the help of these dedicated volunteer members the association couldn’t do the valuable work that it does every day,” says CEO Guy Huntingford. “The members are there wherever and whenever the association needs them, whether at city hall lending their expertise, organizing and planning special events, promoting the industry to the general public, or supporting the association’s many activities.” This year, BILD Calgary Region created a new group of awards to recognize a small number of volunteers whose service to the association has been invaluable. “This group of people’s contribution of time, expertise and dedication is truly valued,” Huntingford says. “BILD Calgary Region is incredibly lucky to have many volunteers that work tirelessly for the betterment of the association and the industry, which made paring down the list to only six was a difficult task.”
Winners of the Volunteer Service Awards were: » Nadeem Esmail Volunteered on the Board of Directors for CHBA – Calgary, and a valuable asset to the SAM Awards and Economic Advisory Committee. » Rob Brandrick Volunteered for multiple committees such as Water Management Committee, Stormwater Management Special Task Force and Lot Drainage Improvement Project. 22
CEO Guy Huntingford and Allan Klassen
» Mark Carrier Served as the chair of BILD’s Airdrie Builder Committee. » Joel Tiedemann Worked on a variety of city/industry projects, policy reviews, City/Industry Work Plan initiatives, and the BILD Inner City Advisory Committee. » Gillian Lawrence Active member of the former UDI and later, the BILD Planning Committee for almost 10 years. » Rick Gratton Active participant at the local, provincial and national level. The first recipient of the new Exceptional Service Award was Allan Klassen. “Allan was selected because he has gone above and beyond the call of duty for the association,” Huntingford says. “It was a long and winding process to get BILD Calgary Region up and running and when our newly elected board met for the
first time, Allan put up his hand to volunteer to be chair. “The association owes him a debt of gratitude for his service this past year, as the first year of any new organization requires extra effort and time on behalf of the board and especially the executive,” he adds. “Not only is Allan a great volunteer, but he is also an engaged booster of his community and exemplifies the values which BILD Calgary Region is built on – success, integrity, volunteerism, relationships, fun and community.” BILD Calgary Region also recognized the Milestone Achievements of its volunteers, including longest-serving members Mike Borkristl, 39 years; R.J. (Bob) Nobes, 35 years; Glenn Davies and David Mow, 29 years; and Pat Mandryk, 28 years.
Head east on Redstone Drive and follow the signs
ZenRedstone CG20170706.indd 1
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NORTHEAST COMMUNITIES 08
52 STREET
CALGARY INTERNATIONAL AIRPORT
64 Ave
CENTRE STREET 12 AVENUE
07 ARRIVE AT SKYVIEW RANCH ARBOURS BY PARTNERS DEVELOPMENT GROUP Coming Soon www.arrivehome.ca
08 MAVERICK BY AVI URBAN
Coming Soon to Livingston
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13 V&V BY PROVIDENCE GROUP
Now Open Register: einsteincalgary.com
17 Ave
52 STREET
BLACKFOOT TRAIL
ELBOW DR IVE
104 Redstone View (off Redstone Way)
16 AVENUE
02 43 PARK BY VERICON REAL ESTATE VENTURES
MacLEOD TRAIL
43park.ca
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64 Ave
06 ARRIVE AT REDSTONE BY PARTNERS DEVELOPMENT GROUP
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17 Ave
GLENMORE RESERVOIR
05 MOTIF BY JAYMAN MODUS
32 Ave
03 04 MEMO 02 01 RIAL D RIVE
Coming Soon bridgelandcrossings.com
80 Ave
MCKNIGHT BLVD.
16 AVENUE
01 BRIDGELAND CROSSINGS BY APEX CITY HOMES
Sales Centre 921 - 1st Ave. NE www.stepsbridgeland.com
68 STREET
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04 STEPS BRIDGELAND BY GIUSTINI BRIDGES IN.
52 STREET
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Sales Centre #701, 7th Ave. NE livelifft.com
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JUL 21 - AUG 18, 2017 | NEW CONDO GUIDE 25
09:39
Advice | CONTEMPLATING CONDOMINIUMS
The good and bad of a self-managed condo corporation By Linda Palfi
MORE ADVICE ONLINE ypnexthome.ca/news/advice
MOST ALBERTA condo corporations are professionally managed, but there’s an affordable DIY option that appeals to smaller communities. A “self managed” board of directors – often being all of the owners – personally administers its own development. Remember that a condo can consist of as few as two “units” such as a duplex on a single lot. More commonly, buildings containing from three to six homes are appearing as infill developments near downtown, and owners in these small corporations usually run their own collective affairs without outside help. The cost of professional management is simply not justifiable for so few homeowners. With the cost savings, of course, come risks. The dangers are that informality and trusting attitudes can lead to lack of leadership and financial controls. Let’s compare the money saved versus the risks of possibly mismanaged funds. Money management can be a stumbling block. While a 50-home building will have a professional manager handle its funds in trust, the volunteer chair or treasurer of a five-home building will be running the corporate books and have signing authority for spending. The best protection that the smaller corporation can initiate is telling the bank to require multiple signatures for signing cheques. The five-home condo could also contract a management firm or accountant to handle the financial administration of the corporation. The professional signature could then be 26
required in addition to board members for access to the condo’s funds. On the subject of money, we should note that smaller condo corporations often have disproportionately smaller reserve funds, compared to their larger counterparts. Alberta law allows reduced standards for capital-needs studies for smaller corporations (12 or fewer homes). Regardless of engineered reserve studies, my experience indicates that apartment condos should not fall below $1,000 in reserve per suite. Because of the smaller funding base of self-managed buildings, I’d double that to $2,000 per home, so the five-home community would be wise to build up a $10,000 rainy-day fund. Because most don’t accomplish that, you’d be wise to personally plan for your share of a special assessment for major repairs. On the administrative side, the 50home building’s board will have no involvement with hiring contractors to do the various mechanical and care-taking jobs. Next door at the fivehome building, however, volunteer directors will be hiring (and firing) the roofer, the plumber and the gardening company that might charge too much and work too little. Someone (usually the board’s chair) needs to have the interest and the time to perform these
functions. Small corporations where no one wants this role could soon find roofs leaking, paint peeling and lawns untended. Politics also require more attention in the smaller condo community. While a few naysayers will have little impact at the 50-home building, they can approach a majority in the five-home community. Even one disruptive individual can be a plague among a handful of owners, as there’s no professional person to act as the sounding board and intermediary. Small condo communities are best advised to involve everyone possible, unless they’re disruptive. Up to seven homes, then, can have all owners on their condominium board, although Alberta’s Condominium Property Act allows as few as three directors. Heck, a two-home condo can even have a board of one, if only one owner is interested or has the capacity to serve. Self management is a good low-cost option for small condo corporations, but I suggest having more financial controls, rather than fewer. I also recommend an all-inclusive board, rather than a smaller one. More formality and clear minutes are advised, rather than complete informality and no records of discussion and decisions, in case an disagreement should arise. Clear records and financial control, as well as a larger reserve account, will also impress prospective buyers, bolstering your home’s resale value. Condominium self-management is the cheapest and often the only option, but you have to perform the management.
Linda Palfi is a condominium specialist realtor with Greater Calgary Real Estate. She sits on multiple condo boards, and is a member of the Inquiry Committee of the Calgary Real Estate Board. Visit condosincalgary.com or call 403.998.7732
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CENTRE STREET
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13 REGATTA BY BROOKFIELD RESIDENTIAL
52 STREET
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17 Ave
109 Auburn Meadows Dr. SE
14 BOULEVARD TOWNES BY BIRCHWOOD
MacLEOD TRAIL
116 Quarry Park Way SE
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02 COPPERFIELD PARK BY BRAD REMINGTON HOMES 279 Copperpond Common S.E.
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07 AUBURN WALK BY CARDEL LIFESTYLES
Showsuite and Sales Centre Corner of 52nd Street and Auburn Meadows Dr. SE
08 THE MORELLO 15207 1st SE themorello.ca
04 LEGACY GATE BY CARLISLE GROUP
10 CANOE BY AVI URBAN
05 LEGACY STREET TOWNS BY HOMES BY AVI 42 Legacy Blvd SE
06 CRANSTON BY AVALON MASTER BUILDER 442 Cranford Park SE
19 CHAMPAGNE BY REMINGTON DEVELOPMENTCORPORATION Quarry Park Blvd SE remingtoncorp.com
20 ORIGINS AT CRANSTON BY STREETSIDE DEVELOPMENTS 21 ALTURE MIDCITY BY ALTURE PROPERTIES
09 BRISTOL TOWNHOMES BY BIRCHWOOD NOW SELLING
210 Ave. SE www.legacygate.ca
Presentation Centre: 350 Quarry Park Blvd SE
111, 100 Cranfield Common SE
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03 MUSKOKA BY BROOKFIELD RESIDENTIAL 65 Auburn Meadows Way
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6 Mahogany Terrace SE
347 MacKenzie Towne Gate
NEW BRIGHTON
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114 AVE SE
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84 STREET
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52 Legacy Gate SE
BARLOW TRAIL
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15 LIVINGSTONE TOWNES BY TRICO COMMUNITIES
232 Quarry Park Blvd. SE
103 Auburn Meadows Dr.
11 CHALET NO. 6 BY HOPEWELL
15233 1 Street Southeast midcitymidnapore.ca
22 MAHOGANY STREET TOWNS BY HOMES BY AVI 13 Marine Dr SE
23 LEGACY PARK BY BRAD REMINGTON HOMES Register at: mylegacypark.ca
24 JACKSON BY AVI URBAN
Coming soon to Walden
25 RIVERSTONE MOSAIC BY BROOKFIELD RESIDENTIAL 98 Cranbrook Dr. SE
26 WALDEN PLACE BY CARDEL LIFESTYLES Coming Soon
Registration www.cardellifestyles.com
98 Copperstone Common SE
12 EBONY CONDOS & TOWNHOMES IN MAHOGANY BY JAYMAN MODUS 291 Mahogany Way
Move in today!
Condos starting from
$229,900
JUL 21 - AUG 18, 2017 | NEW CONDO GUIDE 29
Neighbourhood Profile
McKenzie Towne By Kait Kucy
Fast facts Average household income
$118,428
Family structure
FAMILIES
COUPLES
SINGLES
45%
34%
21%
Own vs. rent
82% OWNERS
MORE PHOTOS ONLINE nexthome.yp.ca/mckenzie-towne
18%
RENTERS MCKENZIE TOWNE is a picturesque
neighbourhood in the deep southeast of Calgary. It was one of the first newer developments to introduce the concept of a “new urbanist” community. A hub for young professionals and families, McKenzie Towne is a great community not only because of its affordable prices but also thanks to the variety of homes available here. Lifestyle McKenzie Towne has a great visual presence with the picturesque High Street and wide open park spaces. The neighbourhoods have beautiful variations – one of the most popular spots features rows and rows of Brownstone townhouses complete with a scenic gazebo in the park in the middle. It’s a beautiful neighbourhood that functions as its own tiny town. Vibe Just brimming with youth, McKenzie Towne has been known as a great place to raise a family since its inception in 1995. With plenty of wide open spaces and playgrounds, this is the perfect neighbourhood 30
for anyone who has craved more space and their own backyard. An active community, it is not unusual to see residents jogging, cycling and walking dogs at all hours of the day. Meet the neighbours With plenty of schools, playgrounds and parks, this neighbourhood is full of young families and couples who will likely be planning to start a family in the near future. It is also fairly common for empty-nesters to live in the area, meaning grandparents can be close to their grandchildren. Many have said that the neighbourhood often feels like a little small town due to the friendly atmosphere. Dollars & sense McKenzie Towne presents average suburban living expenses and features the typical array of chain stores such as Starbucks, pubs that are affordable, easy to access and very friendly. You can expect to pay average prices for drop-ins at gyms and yoga studios, which is an added benefit to living in this community. Planes, trains & automobiles Accessed via Deerfoot Trail,
Education Levels
35% HIGH SCHOOL
34%
31%
UNIVERSITY
COLLEGE
SOURCE: ENVIRONICS
commuting from downtown will leave you with quite a drive to and from work. But there are rapid transit commuter buses leaving downtown during rush hour, affording McKenzie Towne residents a swift route home. The neighbourhood also has quick access to Calgary’s bike trail system to ride to Fish Creek Park and beyond. In the area An almost entirely self sufficient neighbourhood, this main street shopping area contains multiple dental and medical offices, banks, grocery stores among many other amenities that help to keep residents satisfied. It is only a quick 11-minute drive to the new hospital in Seton. Plenty of schools in this area, too.
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05 OVERTURE ESTATE CONDO LIVING IN CURRIE BARRACKS BY JAYMAN MODUS
03 WALDEN PLACE BY CARDEL LIFESTYLES
Coming Soon Register www.cardellifestyles.com
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
TRAIL
Currie Barracks
16 AXESS BY SLOKKER CANADA WEST
Currie Barracks Sales Centre www.gainaxess.com
04 THE LANDINGS BY STATESMAN
1710-28 Ave. SW www.brooklyncondos.ca
12 SANDERSON RIDGE ON FISH CREEK PARK BY TELSEC
15 THE ARMORY BY COVE PROPERTIES
01 HUNTER HOUSE BY STREETSIDE DEVELOPMENT 1020 194th Ave S.W. www.hunterhouseliving.com
10 VIVACE BY STREETSIDE DEVELOPMENTS
1605 25 Ave SW
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McKE 194 AVE
98 Mission Road SW mission34.ca
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09 MISSION 34 BY ASSURED COMMUNITIES
Sales Centre in Currie Barracks J5, 2953 Battleford Ave. SW
ANDERSON ROAD
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Presentation Centre: 2719 14th St. SW
11 JUNO BY AVI URBAN
SOUTHLAND DRIVE
FISH
08 ALEX BY ASSURED COMMUNITIES
Presentation Centre: 2118, 8561-8A Ave. SE
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ME M O R I AL
37 STREET
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OLD BANFF COACH ROAD
32 Ave
EDMONTON TRAIL
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SOUTHWEST COMMUNITIES
17 LEGACY GATE BY CARLISLE GROUP
771 Patrick St. S.W.
#101, 11 Burma Star Road
06 LEGACY PARK BY BRAD REMINGTON
Register at: mylegacypark.ca
07 GLAS BY AVALON MASTER BUILDER 102, 1808 27th Ave. SW
210 Ave. SE. www.legacygate.ca
18 THE HENRY BY BROOKFIELD RESIDENTIAL
Presentation Centre: 3620 - 16 St. SW.
19 KILLARNEY TOWNES BY STREETSIDE DEVELOPMENTS 2432-30 St. SW www.killarneytownes,ca
Condos from the low $100’s www.mylegacypark.com 403.931.8558 JUL 21 - AUG 18, 2017 | NEW CONDO GUIDE 31
Advice | MORTGAGE MOGUL
Payment shock: What is it, and how to avoid it? By Jason Eldridge
FOR MOST PEOPLE, purchasing a home is an exciting time, but can also be a source of stress and anxiety. As a mortgage professional, it would be easy for me to just simply qualify my clients for the purchase of their home and arrange their mortgage financing. While we use terminology like “total and gross debt service ratios” when it comes to qualifying, I believe it goes far beyond what the computer or even an underwriter says you are approved for. I like to take into account what I refer to as the “reality test.” The last thing I want is to be contacted by a client regretting their home purchase, because they are struggling with making the mortgage payments. Prior to purchasing a home, I recommend that clients prepare a detailed budget. Even though I am mandated to use two affordability ratio calculations to determine whether a client qualifies for mortgage financing, there are so many variables that these ratios don’t take into account. This may include such things as vehicle, life and home insurance costs, cell phone and Internet bills, clothing and restaurant expenditures, to name a few. Once you have received the keys to your new home and have made a few mortgage payments, there are some other costs that you should be aware of, and budget for moving forward. Whether it’s the purchase of a new vehicle, or the cost of fuel and repairs to maintain an existing one, an increase in condo fees and property taxes, or the purchase of new furniture, these are just some of the financial obligations that you might be dealing with at some point down the road. 32
MORE ADVICE ONLINE ypnexthome.ca/news/advice
In today’s interest rate market, we are enjoying some of the lowest mortgage rates we have ever seen. But as the saying goes, “all good things must come to an end.” This, too, will be the case with interest rates, as they will eventually increase, but when and to what extent, we do not know. Clients who are borrowing money at today’s low rates should be mindful that if rates go up significantly, they might experience what is referred to as “payment shock.” When purchasing a home, don’t necessarily buy based on the maximum mortgage amount that you are qualified for. This way, you will have a bit of a buffer to allow
for any unforeseen expenses or increases to your mortgage payment down the road. At the end of the day, it is exciting to purchase a home and build your own equity instead of contributing to someone else’s by renting a place to live. It’s all about finding balance. The key is to make sure that you are not “house poor” from the get go, and give yourself the flexibility to be able to manage any unforeseen expenses or increases to regular monthly costs.
Jason Eldridge, P.F.P, B. is a mortgage specialist with Axiom Mortgage Solutions. Contact him by calling 403.630.1718, email jason@axiommortgage.ca and visit online at jason.axiommortgage.ca
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33
Advice | MONEY MATTERS
The lost art of saving By Gail Vaz-Oxlade
MORE ADVICE ONLINE nexthome.ca/news/advice
DESPITE ALL MEDIA warnings, financial planners’ tut-tutting and the popularity of books such as David Chilton’s The Wealthy Barber, which made its fame telling a simple story – “Save 10 per cent” – we are a spendthrift bunch. We haven’t always been. We saved 10 per cent or more for 20 years, from 1973 to 1993 – more than enough time to have established the habit. Our savings rate reached a peak of 18.5 per cent in 1982 (in our enthusiasm, did we overdo a good thing?), we bounced around the 10-per-cent mark for about a decade, and then in 1993 we began our great slide. By 1999 we’d hit a low of 3.6 per cent and in April of 2007, we finally made it into negative territory: our savings rate was -1.4 per cent. Yes, we were officially spending more money than we were earning. Negative 1.4 per cent is a long way off 10 per cent, and an even longer way off the RRSP contribution limit calculation, which is based on putting aside 18 per cent of earned income. You could blame our higher taxes and you’d be somewhat justified. Taxes as a percentage of our total incomes rose from 18.43 per cent in 1973 to 23.9 per cent in 1999. But you would also have to take a close look at our spending habits. What we spend on goods and services has gone up steadily since 1982. And we’ve availed ourselves of more credit. Liabilities – what we spend on our credit cards, loans, mortgages and the like – rose from 0.67 per cent of our annual income in 1982 to over 4.9 per cent in 1999. 34
Consumer credit – the money we borrow to feed our passion to consume stuff – makes up a big chunk of that, as it rose from -.06 per cent in 1982 to 1.34 per cent in 1999. And according to a report entitled Canadian Economy: Personal Savings Rate by Industry Canada, in 1998 total accumulated debt per household in Canada was equal to 114 per cent of after tax income. Whew! How could we possibly save anything when we’re spending more than we’re making servicing our debt? These figures seem to fly in the face of most of the predictions for how the baby boomers will behave as they age. In Boom Bust and Echo, David Foot asserted: “When you are young, you are a borrower. In your 40s and 50s, you are trying to build a nest egg for retirement.” Financial advisers are standing by, holding their breath, waiting for the money
to come pouring in as boomers hit their peak earning years. Yet since 1993 as we watched the first of the baby boomers turn the corner to middle age, Canada’s savings rate has plummeted despite a healthy economy, low inflation and more being written about money than ever before in history. So why aren’t we saving? It really doesn’t matter what reason we give – too much debt, high cost of living, taxes – the real reason we aren’t saving is because we’ve forgotten how important it is to save. Perhaps the gloomiest part of the savings picture is the legacy we are leaving our children. Not only are we teaching them how to be avid consumers: spending their money on everything from trading cards at $5 a pop to horrendously expensive video gaming toys; we are, by omission, teaching them not to save. And we’re
work for us. It can be truly rewarding to see substantial sums of money generated solely by our savings. Saving takes us closer to our goals. It also creates a strong sense of independence by putting us squarely in a position of control. We have the resources to cover unexpected expenses without incurring debt at high rates of interest. We have the flexibility to take advantage of investment opportunities as they arise. We can change jobs, change homes, change countries without the sense of anxiety that comes from existing paycheque to paycheque.
willing to allow credit purveyors to entice our children into a world of debt with nary a lesson on how to keep a balanced financial picture. For while credit card companies wouldn’t dream of issuing a credit card without an adult meeting significant credit criteria – they’d have to have a job, for example – students in university are assaulted by easy credit, making it easy for them to dig debt ditches they must subsequently struggle out of. WHY SAVE? Saving gives us a sense of security and mastery over our finances. As our savings grow – be they in a run-ofthe-mill savings account or invested in equities – we can take pride in our sense of discipline and increased ability to weather a storm. The more we’ve accumulated in savings, the harder those savings
HOW TO SAVE This is the area in which we are the most confused. If we sock away $5,000, $10,000 or $15,000 a year in a retirement savings plan, we’re doing a great job of saving, right? Well, not exactly. If we had to borrow the money to make that RRSP contribution, we won’t actually have saved a nickel until that loan is paid off. And if we put $2,500 away in an RESP for Junior and then upped our line of credit balance by a similar amount, we haven’t saved a cent. To actually save a dollar you have to take that dollar out of your cash flow. Putting it in a GIC and then spending it on a credit card doesn’t count. You must make the commitment that current expenditures will not exceed current income. You’ve got to spend less money than you make. The you-don’t-have-to-thinkabout-it way of saving is to use an automatic debit from your chequing account to your savings account, so the temptation to spend the money is removed. Yes, it’s a bit of a headgame to trick yourself into saving. Not everyone is a born saver, after all. Some people must play the game to achieve their goals. Back to David Chilton’s The Wealthy Barber: the advice was sound in this short-but-sweet bestseller. Basically it boiled down to pay yourself first, put savings in a separate account, and be consistent. If you wait to see what’s left over after
your expenses, you’ll be justified in not saving because you won’t have much left. That’s the way it is with money. Smart savers do it the other way around. The take the money they want to save and hide it before they can spend it. Sure, it may mean cutting back a little, but that usually doesn’t hurt as much as most people think it will. This all sounds like pretty basic information – nowhere near as exciting as a discussion of the stock market, technical analysis or long-term projections for the economy. But as simple a concept as saving appears to be, it’s the one that is being missed. And if you’re not talking about saving at home, there’s little to motivate your child to develop this life-long habit. Start talking about it. TEACHING CHILDREN TO SAVE One of the most effective ways of motivating a child to get into the savings habit is with a savingsmatching program. You match every dollar your child saves with a dollar of your own. “Molly, here’s the deal. If you can save $100 by Christmas, I’ll match that amount so you can begin investing.” If watching your money grow in a savings or investment account doesn’t turn you on, you’ll have to find some other motivation for saving. How about this: Just for one moment be a pessimist. What if you lost your job, got sick or smashed up your car? Those are all good reasons to save. So is putting aside enough so you don’t have to depend on anyone else – be it the government or your children – to take care of you when your days of heading into the mines are over. *All figures based on Statistics Canada National Economic and Financial Accounts unless otherwise stated.
Gail Vaz-Oxlade is the host of Til Debt Do Us Part and author of Debt Free Forever and blogs daily at gailvazoxlade.com JUL 21 - AUG 18, 2017 | NEW CONDO GUIDE 35
We’ve freshened up the place. Coming soon: Calgary’s best source of real estate information.
Check out our new look in the upcoming issue!
CALGARY’S SATELLITE COMMUNITIES 21 THE WHITNEY BY LANDMARK HOMES
22 22 04
1A
02 11 03 01 COCHRANE 08
211 & 215 Fireside Parkway Cochrane, AB
AIRDRIE 09
20
AIRDRIE
10 12 15
13 14
06
09 CREEKSIDE VILLAGE BY CARLISLE GROUP
2 21
07
05
2105 403 MacKenzie Way SW Airdrie, Alberta www.creeksidevillagecondos.ca
10 STONEKEEP AT KING’S STRATHMORE HEIGHTS TOWNHOMES BY MERGE 1 DEVELOPMENTS
1
CALGARY
1225 King’s Heights Way SE Airdrie, Alberta
CHESTERMERE
797
11 BRAND BY BIRCHWOOD
LANGDON
BLACK DIAMOND
22X
Coming Soon 169 Clydesdale Way Cochrane, Alberta
22X
22X
17
12 RAVENSWOOD TOWNHOMES BY SLOKKER CANADA WEST
2
2802 Kings Heights Gate
13 BROOKSIDE AT BAYSPRINGS BY MERGE DEVELOPMENTS
OKOTOKS
546
TURNER VALLEY
Yankee Valley Blvd. and 24th St. SW BrooksideAtBaysprings.com
2A
543 22
14 HILLCREST TOWNHOMES BY EXCEL HOMES
HIGH RIVER
COCHRANE 01 TOWNHOMES AT JUMPING POUND RIDGE BY SLOKKER CANADA WEST
Sales Centre on George Fox Trail just past Jumping Pound Terrace www.slokker-west.ca
02 HEARTLAND TOWNHOMES BY EXCEL HOMES 137 Heartland Way, Cochrane, Alberta
03 THE RISE BY JAYMAN MODUS
04 SUNSET RIDGE STREET TOWNS BY HOMES BY AVI 36 Sun Valley Road Cochrane, Alberta
05 STONECREEK LANDING BY CARLISLE GROUP
625 Glenbow, Cochrane, Alberta www.stonecreekcondos.ca
06 THE VILLAGE BY CALBRIDGE HOMES 3102-15 Sunset Square Cochrane, Alberta
07 RIVERREACH VILLAS & MANORS BY JAYMAN MASTERBUILT 13 Riviera Way Cochrane, Alberta
101 Hillcrest Dr. SW Airdrie
15 ZEN RAVENSWOOD BY AVALON MASTER LETHBRIDGE BUILDER
1403 - 2400 Ravenswood View SE
08 THE RANGE BY BIRCHWOOD PROPERTIES CORP. 101 Heartland Avenue Cochrane, Alberta
22 SUNSETRIDGE TOWNHOMES BY EXCEL HOMES 24 Sunrise View Cochrane, AB
20 SUNSET BY JAYMAN INNOVATIONS
24 Sunset Rd. Cochrane, Alberta
501 Riverheights Dr. Cochrane, AB
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JUL 21 - AUG 18, 2017 | NEW CONDO GUIDE 37
Trending
ECONOMIC RECOVERY? It’s time for some R&R! Alberta recreational property sales expected to increase in 2017
ALBERTA’S RECREATIONAL PROPERTY market is primed to
witness a recovery, as sales activity continues to gradually strengthen over the coming year, thanks in part to the improving economy. This is according to the 2017 Royal LePage Canadian Recreational Housing Report. Regions across the province saw mixed results, with some reporting year-over-year price increases, while others noted declines. Particularly, regions closest to the major centres of Calgary and Edmonton are seeing a slight upswing, with year-over-year price increases so far in 2017. Meanwhile, markets closer to harder-hit regions, such as Red Deer, have seen slight depreciation. “Market conditions are favourable to buyers in the province’s recreational property segment, with prices having declined or remained flat for the last couple of years
REGION
LAKE-FRONT
during the economic slowdown,” says John Hripko, sales representative, Royal LePage Benchmark. “Buyers are currently recognizing that they’re in the midst of a very opportune time, cashing in on depressed property values while they can. “There is a transition happening,” Hripko continues. “With the economy improving, and consumer confidence strengthening across the province, we expect to see an upswing in demand for discretionary purchases like recreational properties in the near term, which will ultimately put upward pressure on prices.” Of all regions studied, Alberta recorded the highest provincial aggregate price in Canada at $816,700, as a result of the province’s limited availability of lake-front property near major metropolitan areas and a growing level of demand from buyers electing to stay within the province due to current economic realities. Desired lifestyle and vacationing, as well as purchasing the property as an investment, were the top-cited buyer motivations for purchasing a recreational home. “There is a perception in the Alberta marketplace that recreational properties Albertan willing to s are are undervalued,” Hripko explains. “Buyers two hours drive purchasing recreational homes believe they from the away ir to find th home are making a sound investment that enables eir ideal re c rea them to capture a piece of the good life. property. tional Fou Very little can replace the magnificent is the ma r hours x d istance b imum experiences and memories a recreational uyers are w il li n g to driv sanctuary away from the city can bring.” e.
RIVERSIDE
WOODLAND CABIN
RESORT/CONDO
(NON-WATERFRONT)
Canmore
38
$2,750,000
Pigeon Lake
$450,000
Pine Lake
$600,000
Sylvan Lake
$1,000,000
Wabamun Lake & Lac St. Anne
$516,900
$790,000 $315,000
$242,400
$236,000
CANMORE “With its close proximity to Calgary and stunning Rocky Mountain landscape, Canmore is the ideal recreational property region in Alberta, which is strongly reflected in the area’s high price point,” says Brad Hawker, broker and owner, Royal LePage Rocky Mountain Realty. “The Canmore market remained remarkably resilient through the recent energy downturn. Home prices have increased in the last year and sales activity levels have remained stable, with demand only continuing to rise as both local and international buyers are drawn to the area’s many stunning attributes.”
local economy is now being felt and we are expecting to see an upswing in sales volumes by year-end when compared to 2016 levels.”
SYLVAN LAKE “Property values in Sylvan Lake have decreased slightly year-over-year in the wake of the recent energy sector downturn and additional inventory is coming onto the market,” says Ted Iverson, sales representative, Royal LePage Network Realty. “It is a good opportunity for buyers to explore one of the most sought-after recreational property markets in the country, while market forces are temporarily kept in-check.”
PIGEON LAKE “Sales activity in Pigeon Lake is starting to pick up, driven by the improving Alberta economy and buyers purchasing properties for retirement in what is one of the province’s more affordable recreational markets,” says Barbara Howey, broker and owner, Royal LePage Parkland Agencies. “With each passing year, the ratio between available inventory and interested buyers slightly declines, gradually giving way to stronger market conditions.”
WABAMUN LAKE & LAC ST. ANNE “Property prices in Wabamun Lake and Lac St. Anne have seen year-over-year increases, as demand for the relatively affordable properties in the region continues to outstrip limited supply,” says Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. “Favourable prices have brought a flurry of interest to this market, however, there is very little turnover in the region, as families are holding on to their irreplaceable properties.”
PINE LAKE “Due primarily to economic uncertainty, home prices and sales activity levels in Pine Lake have decreased slightly year-over-year,” says Dusty Smith, associate broker, Royal LePage Network Realty. “However, an improvement in the
MORE TRENDING ONLINE ypnexthome.ca/news
JUL 21 - AUG 18, 2017 | NEW CONDO GUIDE 39
Advice | NEWS & VIEWS
The sunny side of the suburbs By Lydia McNutt
MORE ADVICE ONLINE ypnexthome.ca/news/advice
I BECAME A SUBURBANITE a few years
ago, and I continue to be pleasantly surprised by my community and everything it has to offer. Here are a few things that I didn’t expect, but have happily embraced, by buying new in the ‘burbs. Everything’s new Okay, this one’s obvious, but let me repeat: everything’s new. Your new home comes with a new roof, windows, appliances, heating, plumbing and electrical systems. Nothing requires repair or replacement at your cost, thanks to the warranty that comes with a new build. (Editor’s note: Warranty providers vary by province.) This benefit extends beyond the home itself. The infrastructure all around me is new – I can’t remember the last time I landed in a pothole in my neighbourhood. Highways, streets and sidewalks, retail, public transit stations, sewage, water and electrical systems – all new. The schools, parks and community centres are all state-of-the-art facilities that impress me at every turn. My kid’s skating arena, for example, has three NHLsized ice pads, 20 change rooms, two community rooms, two shooter
pads, theatre-style seating for 1,500, and an upper-level viewing gallery – complete with a Starbucks and a pub. Cheers to that! Greenspace galore! Urban developers do their best to incorporate greenspace wherever and whenever they can, such as rooftop gardens. But you’ll be hard-pressed to find too many urban homes that back onto designated greenspace, let alone afford and actually snag one. Meanwhile in the suburbs, my whole town is planned around a system of pathways, parks and forests, just steps from my door. Park it here – or anywhere A chat with a downtown-dwelling colleague revealed her frustrations at grocery shopping in her neighbourhood, which regularly involves fruitless efforts to find a nearby parking spot, and ultimately lugging bags of groceries to her car that’s parked nowhere in the vicinity. As a suburbanite, I never have trouble finding a parking spot. Ever. However, this also speaks to the fact that a suburban lifestyle is typically a car-dependant one, with two cars parked in virtually every driveway. We’ve got affordability! Prospective homebuyers in hot housing markets are increasingly looking to the suburbs in search of affordability – however, the gap is getting smaller. Canada Mortgage and Housing Corp. recently reported that housing prices in cities such as Vancouver and Toronto are spreading
T
T The infrastructure all around me is new – I can’t remember the last time I landed in a pothole in my neighbourhood well beyond the city borders. That being said, some things are still cheaper in a newer community, such as my property tax, daycare, and home and car insurance. On the down side, my car and commuting expenses have increased in the suburbs, and some argue that groceries and entertainment are also pricier – though I haven’t seen evidence of that myself. Family-minded folks Downtown living has changed to accommodate families seeking urban convenience, but the suburbs continue to be a hot spot for families who still want the square footage, yard and white picket fence. Ultimately, the decision between city and suburbs depends on your needs and preferences, your budget, your current lifestyle and future plans. Suburban living isn’t for everyone, but I’m sure glad I made the move.
Lydia McNutt is an award-winning writer and editor of New Condo Guide. Lydia’s love of architecture, interior design and the written word have landed her happily at YP NextHome, where real estate rules. Email Lydia.McNutt@ypnexthome.ca, and follow her on Twitter @LydiasTweets
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JUL 21 - AUG 18, 2017 | NEW CONDO GUIDE 41
Ad Index
ADVERTISERS Avenue - Grosvenor Developments
6
Axxess - Slokker Homes
3
Bridgeland Crossings - Apex Homes
17
Bridgeland Hill - Gablecraft Homes
17
Canals - Slokker Homes
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The Gates - Remington Development Corp.
2
GeorgeTown @ Reunion - Slokker Homes
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The Guardian - Hon Towers Ltd.
5
Jumping Pound Ridge - Slokker Homes
7
Legacy Park - Brad Remington Homes
44
Mark 101 - Shane Homes
23
Park Point - Qualex Landmark
18
Sanderson Ridge - Telsec
28
Smith - Grosvenor Beltline Holdings
14
Verona - Trico Homes
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Westman Village - JaymanBUILT
42 
3
4
Zen Redstone - Avalon Master Builder
24
Zen Ravenswood - Avalon Master Builder
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