Calgary New Condo Guide - Dec 11, 2015

DEC 11 , 2015 - JAN 8, 2016 VOLUME 18, ISSUE 13, FREE

CALGARY EDITION

INSIDE THIS ISSUE

CONDO VS APARTMENT: WHAT IS THE DIFFERENCE?

NEIGHBOURHOOD PROFILE ON EAST VILLAGE

WHAT’S HOT & TRENDING IN CANADIAN REAL ESTATE?

Live the lake life at Auburn Walk.

2 BDRM CONDOS

194900

$

BASED ON 5-YEAR RATE OF 2.69%

Future Auburn Station shopping centre (currently under construction) Auburn Lake South Health Campus Citywide transit and more!

52 ST

922

$

2

SALES CENTRE & SHOW SUITE: 105 AUBURN MEADOWS DR SE REILLY LEPAGE: 403.371.6014 MON – THUR: 2 PM – 8 PM WEEKENDS & HOLIDAYS: NOON – 5 PM CLOSED FRIDAYS

201

N BAY DR BUR AU AUBURN MEADOWS DR

AY AV E

B

AS LOW AS

STONEY TRAIL

AU B U R N

MONTHLY PAYMENTS

VISIT OUR SALES CENTRE & SHOW SUITE

AUBURN WALK AUBURN BAY LAKE AUBURN BAY BLVD

CRANSTON AVE

SETON BLVD

SOUTH HEALTH CAMPUS

Monthly payment based on a 5-year rate of 2.69% and 5% down payment. CMHC fees included. Price does not include condo fees. Prices and promotions subject to change without notice.

Subject to availability. For award information and details please visit customerinsight.ca. Copyright © 2015 Cardel Lifestyles. All rights reserved.

Built for real life.

CARDELCONDOS.COM

2015 ALBERTA REGIONAL WINNER Suppor ted by

WINNER OF THE NEW HOMEBUYERS CHOICE AWARD TM

WINNER OF THE HOME OWNER MARK OF EXCELLENCE AWARD TM

52 ST

+ GST

DEERFOOT TRAIL

STARTING FROM

CONSTRUCTION BEGINS !

A TURNING POINT IN PARKFRONT LIVING. The opportunity to own Calgary’s newest urban address on Calgary’s oldest park is closer than ever with construction now underway.

This is the perfect time to buy into this new local landmark – overlook the sparkling city skyline and feel secure by investing in unobstructed views atop rare protected green space.

Walkable, beautiful and central, Park Point is raising the bar on lifestyle and quality in Calgary.

NOW SELLING

VISIT OUR DISCOVERY CENTRE TODAY

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301 11TH AVE SW · OPEN DAILY 12 – 5PM, EXCEPT FRIDAYS · 403 244 2428

QUALEX.CA/PARKPOINT Another original by

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.

12TH AVE SW CENTRAL PARK

N

contents DEC. 11, 2015 - JAN. 8, 2016 | VOLUME 18 ISSUE 13

11 ON THE COVER

Remington Development

Last chance to toast the good life in Champagne trending

+ online NEIGHBOURHOOD

HOME SEARCH

MORE +PHOTOS +VIDEOS +ADVICE +INSPIRATION +TRENDING

MAPS

Celebrating groundbreaking at Sandgate

22 Housing outlook

Economy and housing market to improve in 2016

WITH

DYNAMIC

20 Hopewell Residential

LOOK FOR THE CIRCLE

34 CMHC

Some uncertainty on the horizon in national outlook

42 Homebuying

6 financial homebuying tips

advice

18

Calgaryism

Tips to help you child-proof your new condo

By Cody Battershill

28 Contemplating Condominiums

’Condo’ does not mean ‘apartment’!

By Linda Palfi

PRESIDENT, YELLOW PAGES NEXTHOME

Jacqueline Hill EDITOR-IN-CHIEF / DIRECTOR OF CONTENT

Susan Legge DIRECTOR OF SALES

Moe Lalani SALES MANAGER, ALBERTA

Shelley Balla EDITOR

Wayne Karl Lydia McNutt (on leave) ART DIRECTOR

Daiana Garay CONTRIBUTING EDITORS

Elisa Krovblit Sara Duck (on leave) DESIGN EDITOR

Yanic Simard

32

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Natalie Houghton 587.226.1313 Like us on Facebook: search: CalgaryNewCondoGuide PRODUCTION MANAGER

Bala Gnanapandithan PRODUCTION CO-ORDINATOR

Greg Van Sluytman GRAPHIC DESIGNER

Miguel Cea

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

46 46 Money Matters

Budgeting for holiday shopping

By Gail Vaz-Oxlade

inspiration

38

Designer Gift List

Some top gift ideas for the holidays and beyond

By Jo Alcorn

40 Neighbourhood profile East Village: Condo living with a downtown buzz

49 Advertiser Index district maps

15

Southeast Map

25 Northwest Map

what’s online

30 Southwest Map

48 Trending now

33

Satellite Communities

37

Inner City

More stories, videos and photos

45 Northeast Map in every issue

10

Editors’ Note

ADVERTISING RATES

T 587.226.1313 email natalie.houghton@ypnexthome.ca CIRCULATION 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.

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.

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Editors' Notes

SUSAN LEGGE Editor-in-Chief / Director of Content Yellow Pages NextHome Email: Susan.Legge@ypnexthome.ca Twitter: @SusanLegge

EAST VILLAGE

MORE PHOTOS ONLINE ypnexthome.ca/east-village

Helping you manage life changes The decision to move is often triggered by a life event, such as a new job, a new addition to the family, or simply because you want a change of scenery.

Whatever the reason, it’s important to address what your needs are before you start hunting for a new place, rather than during your search. With all the information available to you these days, it’s easy to get distracted.

To keep you on track and up to date on the latest listings available

across Canada, check out this issue and our new website, ypnexthome.ca.

Not only will you find an easy way to connect with prospective properties, you’ll be able to dig deep on details such as such as costs, neighbourhood information and much more.

Deciding to move is easy – it’s finding the right place that can often be challenging. Let us help.

Drop us a line and let us know if you have any questions or comments.

We’d love to hear from you.

How mobile and tech-savvy are you?

WAYNE KARL Senior Editor

Yellow Pages NextHome Email: Wayne.Karl@ypnexthome.ca Twitter: @WayneKarl

+ get social 10 YPNEXTHOME.CA

There’s an old joke in some home building circles that people spend more time researching a new wireless device than they do a new home.

All laughter aside, this scenario is changing. Prices continue to rise, and even though interest rates currently make homebuying a comfortable transaction, more and more buyers understand the value of thorough, patient research.

It still involves publications such as New Condo Guide, because builders can present their new condo developments in a way that shines in print, and in a medium people can digest over time and at their leisure.

For many homebuyers, the process increasingly begins online – when researching the financial end of the equation – notably mortgages.

How tech-savvy are you?

Interact with us on social media: ypnexthome

Property Profile | CHAMPAGNE

cover story

Buyers’ last chance to toast the good life

in Champagne

By Heather Ryan DISCERNABLE CONDO BUYERS who desire luxury just steps from the natural splendor of the river and a wide range of amenities are getting down to their last chance to toast the good life in Champagne.

Crafted by Remington Development Corporation, this award-winning, luxurious multifamily development consists of five phases – the first four buildings are occupied and homeowners are taking possession of suites in the fifth and final building in JanuaryFebruary 2016.

“Although this is our last phase and the development is 85 per cent sold, there are still suites available in all categories including suites with amazing river views,” says residential sales associate Angie Herback.

“We have one- and two-bedrooms, two-bedrooms plus den, and even penthouses.”

“There are some suites available for immediate occupancy, and some with quick possessions in the January-February time frame,” Herback adds. “But, we can also accommodate those who want a

slightly later possession.”

Remington Development Corporation has a solid reputation for building the highest standards of design, construction and quality workmanship so it’s not surprising that Champagne with its penthouselevel specs and premier location has been a tremendous success.

Champagne is as memorable as its name showcasing a design reminiscent of the French countryside with natural stone and steep pitched rooflines that blend in perfectly with Quarry Park’s DEC 11, 2015 - JAN 8, 2016 | NEW CONDO GUIDE 11

European architectural styling.

“Champagne is one of a kind, that’s why it’s been so popular,” Herback says. “Champagne offers homeowners luxury living, and the French Heritage architecture on the exterior runs right through the gorgeous lobby and into the suites.”

Well-appointed interiors are the standard and consist of upscale features such as engineered hardwood floors, granite countertops, nine-ft. tray ceilings, luxurious oversized bathrooms, gourmet kitchens and air conditioning. As well, there are expansive windows to take advantage of the impressive views of the Bow River and of the impeccable common area landscaping including a garden courtyard, which provides direct access to the river pathway and 90 acres of environmental reserve.

Buyers also enjoy quality construction with insulated pre-cast 12 YPNEXTHOME.CA

“Champagne offers homeowners luxury living, and the French Heritage architecture on the exterior runs right through the gorgeous lobby and into the suites.” to 1,010 sq. ft., two-bedrooms from 1,315 to 1,680 sq. ft. and penthouses upwards of 2,280 sq. ft.

Champagne residents can easily walk to The Market at Quarry Park, which offers a variety of shops, services, restaurants and a Coop grocery and liquor store. The stellar location is serviced by a Bus Rapid Transit line that connects to downtown, as well as other bus routes connecting to both Anderson and Chinook LRT stations; it has easy access to Glenmore and Deerfoot Trails; and it’s only 15 minutes from downtown.

As an added benefit, Quarry Park will be home to a new Remington YMCA opening in fall 2016.

Prices for the remaining suites start from $339,000 for a one-bedroom, $530,000 for two-bedrooms and penthouses starting from $699,000.

Along with Champagne, Remington is also selling The Gates, a gorgeous boutique-style, threestorey condo development featuring just 32 homes, and “we will have more townhome and apartmentstyle condo projects in the coming year, so stay tuned,” Herback says.

concrete. “It’s the best way to build because it offers incredible soundproofing and premium air quality,” Herback adds. Every unit comes with secure underground parking and a storage locker, all larger than

the industry standard. And as a great perk, there is a car-wash bay in the parkade.

Adding to the appeal is Champagne’s generous floorplans that include one-bedrooms from 790

For more information on Champagne and The Gates, visit the award-winning presentation gallery, 350 Quarry Park Blvd. S.E., open Monday to Thursday, noon to 8 p.m., weekends and holidays, noon to 5 p.m., call 403.930.6900 or visit remingtoncorp.com/residential where you can also register for updates on current and upcoming projects.

DEC 11, 2015 - JAN 8, 2016 | NEW CONDO GUIDE 13

CENTRE STREET

F RI

AIRPORT

MCKNIGHT BLVD.

68 STREET

LA UR TRA IE BL VD IL .

14 STREET

WC HIL D

32 Ave

16 AVENUE

16 AVENUE

12 AVENUE

SOUTHEAST COMMUNITIES RIVE RIAL D

MEMO

RIAL D RIVE

36 STREET

MEMO

52 STREET

ELBOW DRI VE

DEERF

M AIL

TR

Mac AIL

07 03

20

05 WALDEN 01 04 24 23

06

279 Copperpond Common S.E.

03 MUSKOKA

BY BROOKFIELD RESIDENTIAL 04 LEGACY GATE

BY CARLISLE GROUP 210 Ave. SE www.legacygate.ca

05 LEGACY STREET TOWNS

BY HOMES BY AVI

COPPERFIELD

TRAIL

MAHOGANY

22

10

AUBURN BAY

16 13

15 LEGACY

65 Auburn Meadows Way

12

W ST. 52

D TR

VITT

McKE

LEO

S JAME

MARQ

CRANSTON

02 COPPERFIELD PARK

BY BRAD REMINGTON HOMES

16 SANDGATE

6 Mahogany Terrace SE

17 E

Corner of Cranford Dr and Cranston Gate SE Register: www.cardellifestyles.com/ cranston-ridge

52 Legacy Gate SE

02 11

16

N F LOR UIS O

01 CRANSTON RIDGE

BY CARDEL LIFESTYLES

15 LIVINGSTONE TOWNES

BY TRICO COMMUNITIES

NEW BRIGHTON

TTO BO

K PA RK

290 Cranford Drive SE

14 BOULEVARD TOWNES

BY BIRCHWOOD 116 Quarry Park Way SE

114 AVE SE

OOT T RAIL

W BO

08 CR21 EE

84 STREET

14

CHAPARRAL

42 Legacy Blvd SE

13 HARVEST MOSAIC CRANSTON

BY BROOKFIELD RESIDENTIAL

52 STREET

18

09

BARLOW TRAIL

19

ANDERSON ROAD

SHAWNESSY BLVD.

646 Copperwood Blvd SE

12 EBONY CONDOS & TOWNHOMES IN MAHOGANY

BY JAYMAN MODUS

GLENMORE TRAIL

SOUTHLAND DRIVE

FISH

11 CHALET NO. 6

BY HOPEWELL

291 Mahogany Way

MacLEOD TRAIL

GLENMORE RESERVOIR

17 Ave

BLACKFOOT TRAIL

17 Ave

N

SETO

D. BLV

17 MOSAIC MIRAGE

BY BROOKFIELD RESIDENTIAL 347 MacKenzie Towne Gate

18 THE GATES

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

19 CHAMPAGNE

BY REMINGTON DEVELOPMENTCORPORATION

25

06 CRANSTON

BY AVALON MASTER BUILDER 442 Cranford Park SE

07 AUBURN WALK

BY CARDEL LIFESTYLES

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

08 THE MORELLO

Quarry Park Blvd SE remingtoncorp.com

20 ORIGINS AT CRANSTON

BY STREETSIDE DEVELOPMENTS 111, 100 Cranfield Common SE NOW SELLING

21 ALTURE MIDCITY

BY ALTURE PROPERTIES 15233 1 Street Southeast midcitymidnapore.ca

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BY HOMES BY AVI

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09 BRISTOL TOWNHOMES

BY BIRCHWOOD NOW SELLING

23 LEGACY PARK

BY BRAD REMINGTON HOMES

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BY AVI URBAN

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Register at: mylegacypark.ca

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 DEC 11, 2015 - JAN 8, 2016 | NEW CONDO GUIDE 15

January 15-17 January 15-17 January 15-17 January 15-17

CONDOMINIUM CONDOMINIUM LIVING101: 101: CONDOMINIUMLIVING LIVING 101: CONDOMINIUM LIVING 101: What EVERY buyer and owner needs to know

What owner needs needsto toknow know WhatEVERY EVERY buyer buyer and and owner What EVERY buyer andKiedrowski owner needs toLaw know Heather Bonnycastle, Q.C. and Laurie of McLeod LLP Heather Bonnycastle, Q.C. and Laurie Kiedrowski of of McLeod Law LLP Heather Bonnycastle, Q.C. and Laurie Kiedrowski McLeod Law LLP

Heather Bonnycastle, Q.C. and Laurie Kiedrowski of McLeod Law LLP will take you through ins and outs of condo ownership. will take you through the insLaurie and outs ofof condo ownership. will take you through the ins and outs of condo ownership.

Heather Bonnycastle, Q.C.the and Kiedrowski of McLeod Law LLP will take you through the ins and outs condo ownership.

Get all your condo questions answered Homexpo.

Get allall your condo questions answered atcondo Homexpo.

Get your condo questions answered at Homexpo. will take you through the ins and outs ofat ownership.

Get all your condo questions answered at Homexpo.

Get all your condo questions answered at Homexpo.

www.homexpo.ca www.homexpo.ca www.homexpo.ca www.homexpo.ca

find your homE todAy At

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P P

sales Centre: 99 Copperstone Park sE | 403.723.0094 2:00-8:00pm Monday-Thursday |12:00-5:00pm Sat-Sun/Holidays

www.copperfieldpark.com

Advice | CALGARYISM

Child-proofing your condo

By Cody Battershill

If you have young children or are expecting some to be visiting sometime soon, it is always a good idea to ensure an accident-free environment by child-proofing your condo.

Here are four basic child-proofing tips that will make your condo as safe as can be for the little ones!

Child-proofing gadgets Heavy objects

There are some very useful applications of technology that

Some of the most hazardous objects for kids around the

help with child-proofing your home.

home are heavy and high up, such as HDTVs, speakers and

A few include:

decor to name a few. These objects are prone to falling down and on top of young children if bumped or climbed

› Cabinet safety locks This plastic, U-shaped lock hooks

upon, therefore it’s best to have any heavy objects out of

around cabinet handles with an easy-to-release pinch

reach, and ensure those that are free-standing are well

mechanism.

secured. › Tip-resistant furniture brackets Electrical outlet covers

These help stabilize furniture that may be unbalanced, and

The curiosity of young children can lead them to putting

are great for small tables and other pieces you may have

their fingers where they don’t belong. While it does take

that a young child could tip over.

a serious prod before the electrical current is transferred from a plug-in, children’s hands can be wet for various

› Safety gates These should be hardware-installed only for

reasons and be more prone to getting a nasty shock as

maximum safety at the top of stairs or other no-go zones

a result. Electrical socket covers are cheap and easy to

in the house. These come in a variety of styles ranging

install, and will give you added peace of mind when the

from hinged and swinging to manual placement.

kids are at play.

Toys R Us, Canadian Tire and Walmart are three department stores with child-proofing sections. Check

Fall-down areas

them out!

Kiddy-gates are very useful in keeping young children

It’s never a bad idea to child-proof your new condo. These

away from areas that they shouldn’t be – with or without

simple steps could prevent a terrible tragedy and make

supervision. That could include the top of a stairwell, a

your home a safe place for not only your own children,

steep step-down from a door, or perhaps a utility room

but those of your friends and family who are visiting as

packed with cleaning substances and other tools that

well.

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 well-secured screen, just in case!

Join Us Looking for more fun facts, local activities and events, best restaurants and more to do with Calgary? If so, we invite you to join us at Calgaryism on Twitter, Instagram and Facebook today.

We hope to see you there!

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

18 YPNEXTHOME.CA

ZenC

CRANSTON DR

CR ANSTON

CRANSTON DR

SETON BLVD DEERFOOT TRAIL

CRANARCH RD

CRANSTON AVE

CRANFORD PARK

ZenCranston CG20151201.indd 1

01/12/2015 11:59

Trending

Hopewell Residential’s Sandgate Development celebrates ground-breaking in Mahogany, Canada’s Community of the Year

LEFT TO RIGHT

Ryan O’Hara (NORR Project Manager); Jeff Rust (Hopewell Residential - VP Multi-Family); Marion Murray (Hopewell Residential Senior VP Sales & Marketing); Paul Taylor (Hopewell Residential - President & COO); Brenda Kelly (Hopewell Residential - Manager, Sales & Marketing Multi-Family); Ken Lee (Hopewell Residential - Executive Director MultiFamily & New Markets); Don Dessario (NORR - Principal)

HOPEWELL RESIDENTIAL’S newest condo development,

Sandgate, is officially under construction, having celebrated its ground-breaking on Nov. 20.

The 306-unit condo development in south Calgary’s Mahogany has already proven to be a popular choice with new home purchasers, due to its excellent location, unparalleled design style, upscale shared spaces, appealing amenities, and prices from the low $200,000s.

“Sandgate demonstrates our commitment to bringing innovation, creativity and affordability together in an unmatched offering, all in Canada’s best new community,” says Jeff Rust, vice-president, multi-family, with Hopewell Residential.

“This development is a new milestone in the journey of Hopewell Residential, and within the community of Mahogany.”

Expertly designed around its homeowners’ lifestyles, Sandgate offers homes with plenty of personalized options, including a choice of floorplan and finishing options.

In addition, the building’s outdoor space and common areas have been carefully planned with both functionality and style in mind.

“Sandgate perfectly blends smart design with style and value,” says Brenda Kelly, sales and marketing manager, multi-family, with Hopewell Residential.

“We offer a wide range of floorplan options, which means homeowners can personalize their interiors to 20 YPNEXTHOME.CA

MORE TRENDING ONLINE ypnexthome.ca/news

create a home perfectly suited to them. In addition, we have so many stylish finishing items to select from that you can truly make your home your own.”

Amenities include guest suites, a fitness centre, lending libraries, a Great Lawn, and a residents’ barbecue patio.

Nearby, homeowners will find Mahogany’s Urban Village, which has recently announced retailers including Sobeys, Nando’s, Tim Hortons, Kinjo Sushi & Grill and more.

“Sandgate offers so much more than meets the eye,” Kelly says.

“Both inside and outside, in terms of design, location and long-term value, Sandgate has been designed to meet the needs of its homeowners in a way that’s convenient, stylish, and inviting.”

Since being released in August, 2015, Sandgate has quickly met its pre-sale goals, with its first building at more than 50 per cent sold out. Building two is set to be released in early 2016.

Building one is slated for completion by early 2017.

For more information, contact Nicole McLaws, marketing manager, housing, at nmclaws@hopewell.com or 403.298.8128.

Trending

Alberta and Calgary economies and housing markets to improve in 2016 AFTER A CHALLENGING 2015, the Alberta and Calgary economies – and housing markets – can look forward to better times next year and 2017.

“Lower oil prices have had an impact on Alberta’s economy this year affecting capital investment, energy exports and consumer spending, and in turn, the province’s housing starts,” says Lai Sing Louie, CMHC’s regional economist for the Prairie and Territories Region. “New construction declined by about 20 per cent in 2015.

However, oil prices are forecasted to rise next year and in 2017 as US crude oil production declines. This will help Alberta’s economy return to growth in 2016 and 2017.”

In Calgary, total housing starts in 2015 are expected to decline by 30 per cent to 11,900 units after reaching a record high in 2014.

The impact of lower oil prices on Calgary’s labour market has weakened employment growth, slowed net migration, and increased uncertainty among prospective homebuyers.

“Housing starts in 2016 are forecast to decline an additional 16 per cent from 2015, but increase slightly in 2017,” says Richard Cho, principal market analyst for Calgary. “Calgary’s labour market conditions, income growth and net migration are not expected to improve in the next two years. Inventories in the new home market

will rise moderately while the resale market will be well supplied. Collectively, this will limit the pace of new construction and keep housing starts from posting a strong rebound.”

“Strength in the multi-family sector will push total housing starts to 16,400 units in 2015 in Edmonton,” says Christina Butchart, CMHC’s principal market analyst for Edmonton.

“However, this strength will dissipate in the closing months of 2015, and throughout 2016 as slower economic growth and reduced net migration lead to softer housing demand.”

SHOWSUITE NOW OPEN!

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Whether you’re an empty nester looking for something smaller, or a renter trading up, it’s time to make your move. Livingstone Townes, offering affordable, low maintenance living so you have time to do the things you really want to do.

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VISIT OUR SALES CENTRE AT 52 LEGACY GATE SE • 403.460.7930 • www.livingstonetownes.com 22 YPNEXTHOME.CA LIV-14334 Condo Guide HP Dec11 v6.indd 1

DATE:

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EVANST O AY N W NW S

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DEC 11, 2015 - JAN 8, 2016 | NEW CONDO GUIDE 25

The Upside of Down Real Estate Markets

“You can’t know where you are going until you know where

repeats itself because of the market’s ability to control

you have been,” is an old proverb often muttered after

new housing construction, which in turn is dictated by the

bad days and roared after good. But while it is common

direction of market prices.

to think that good times will never end, or bad days will never go away, neither situation has ever been the case.

In any case, the best time to purchase is when declines in prices are followed by sustained gains. This last occurred

At Intelligence House, we recognized this as it relates to

between 2009 and 2010 and is likely occurring right now,

Alberta’s real estate market and those times when it is

providing CMHC’s outlook for price growth in 2016 and

poised and bound to change. For us, change represents

2017 are correct.

opportunity. For instance, you may be familiar with another proverb suggesting to “buy low and sell high.” It is

Intelligence House believes this is true, as CMHC’s

a tempting proposition.

outlooks were based on recent and sustained reductions in new construction and a shared opinion that 2016 will

For the average Albertan homeowner, who typically owns

be shaped by greater levels of population, employment

a property a minimum of 5 years, it is difficult to find a

and income growth; all of which will be aided by an outlook

recent time where their investment would have produced

for higher annual energy prices.

a loss. However, provincial prices have contracted in 2015, which might be causing today’s purchasers to

With all of the above considered, this model shows, as

wonder, “is it a good time to buy?” We believe the answer to

theory suggests, that right now is not only a good time

this question is yes. However, we are more than happy to

to buy, but likely the best time in our current cycle. Visit

offer this answer today given Alberta’s current position in

intelligencehouse.ca to read our full extended article.

the “real estate cycle” – illustrated in the included graphic.

BOOM MARKET

If you’re unfamiliar with this notion, the real estate cycle

BOOM MARKET

Extensive Construction

identifies when a market is poised for high or low price growth. Essentially, the path to high price pressure (right side of U-curve) is formed by periods of low market

Over Building Saturated Market

Active Construction

supply relative to demand, which stimulates construction.

Conversely, the most recent period of contraction (left side of U-curve) is identified by moments of high supply relative to demand, which reduces construction. This cycle

Downward Price Growth Pressure

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 / leasing services to the real estate industry.

BUY

Rising Property Values

Recession

intelligencehouse.ca From left to right: Emmett Hartfield Alex Ruffini Michael Melnychuk

FOLLOW US ON

Advice | CONTEMPLATING CONDOMINIUMS

‘Condo’ does not mean ‘apartment’!

By Linda Palfi

THIS IS A MESSAGE TO EVERY editor and news reporter in western Canada.

It may be photocopied and handed out to errant writers. Posting it on your newsroom’s bulletin board is welcome. Reprinting in any newspaper without permission is invited. Please help news writers understand that a condominium is not necessarily an apartment.

In short, the word “condominium” is like the word “rental.” If you have a “rental,” it could be a rented apartment, a townhouse or a singlefamily home. You could also be renting a pad for your manufactured home, or an industrial bay for your business. Beyond real estate, in fact, your “rental” could also be a carpet shampoo machine, a car, a recreational vehicle or an airplane. In other words, reporting that an incident involved a “rental” tells us nothing except that the property or item is not owned by the person involved. The same limitation applies to use of the words “condominium” or “condo,” which mean only that the property or item is owned, with some common property

owned jointly with others. They do not describe the type of property.

If a news story involves a residential complex, it may well be part of the story to specify whether it is rental or condominium-owned. I will debate with editors the validity and fairness of the biases conveyed by repeated use of words such as “rental” and “condo.” But it’s not debatable that news reporting should be clear, and in every news reference the writer should identify the property involved as an apartment, a townhouse, duplex, single-family home or an industrial bay, as the case may be.

Headline writers, of course, can be the worst offenders. But as a former news reporter, editor and headline writer myself, I have little sympathy for their plight. Their job is to convey the essence of the story in just a few words. Their efforts fail when they pick up on a buzzword such as “condo” which leads readers to wrongly equate “condo” with “apartment.”

An example headline: “Reunion held at condo” would be as silly as writing, “Reunion held at rental.” First off,

neither term should give us a mental picture of people meeting in any particular setting, because neither term specifies any housing type. And if we do get a picture of people gathering in an apartment, it could be wrong, as the setting might be a condominiumowned or a rented lakeside camping spot with an RV on it. And who cares about the ownership or nonownership of the property, when the story is about a reunion or whatever other news event is being reported?

If we do care, it is secondary, and not headline material. More pertinent in this example might be, “Reunion draws 150.”

Let’s touch on the buzzword issue and on the biases that news writers convey with the term “condo.”

Any term that becomes a label carries a sense of judgement and is often an unfair simplification. We’ve long since learned this lesson as it applies to people, but reporters and editors still fall into the trap as it applies to people’s homes, be those mobile homes, rental apartments or condominium apartments. But if we label their homes, don’t we label the residents?

The contraction “condo” is used too often because it’s short, because condominium homes are a growing part of the housing market, and because of news incidents which affect rented homes and condominium homes alike. The term’s overuse by the media is cute to the point of being flippant. Writers who use it beyond its relevance do a disservice to readers who want journalism’s unbiased five Ws: who, what, where, when and why.

One last time: condominium and “condo” only mean that a property is owned, not that it’s an apartment.

Linda Palfi is a condominium-specialist 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

28 YPNEXTHOME.CA

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08 THE RANGE

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DEC 11, 2015 - JAN 8, 2016 | NEW CONDO GUIDE 33

12:02

Trending

2016 housing market outlook

By Wayne Karl ATTENTION HOMEOWNERS and prospective homebuyers: the national housing market outlook includes some uncertainty in the economy. Make your decisions carefully.

This doesn’t necessarily mean consumers should “take cover,” but the overriding message at Canada Mortgage and Housing Corp.’s kickoff Housing Market Outlook Conference series recently was that the housing industry – realtors, builders, developers, and of course buyers and sellers – should certainly “take note.”

In language not usually used by CMHC at its outlook conferences, terms such as “overvaluation” were common.

CMHC issued similar warnings in October, when it released its latest Housing Market Assessment, which highlighted that as of October, 11 of the 15 Canadian centres it monitors show at least moderate evidence of overvaluation, up from eight in August. Five of Canada’s largest markets are showing moderate to strong evidence of overvaluation.

“We don’t want to put out the warning of

34 YPNEXTHOME.CA

overvaluation when it’s too late, when the market is bound for a strong correction,” says Bob Dugan, chief economist, CMHC. “We want to get that message out early. We want to get the information out to potential homebuyers, lenders, builders, to give them the tools to make better decisions.”

Looking at the national picture, where there is modest evidence of overvaluation, CMHC says: » Mortgage rates will begin to rise gradually in late 2016. » Canada’s economy is expected to continue to attract a high level of immigrants. The level of net migration will remain above its historical average and help support Canada’s housing market. » Income is expected to increase modestly as economic conditions in Canada improve. Income growth will remain supportive of housing demand over the forecast horizon.

Downside risks to the national outlook include: » Future path of oil prices remains the most significant domestic risk that could limit growth through decreasing exports » Broader slowdown in China’s economic growth will negatively affect the Canadian economy through weaker demand for exports » Household debt levels remaining elevated represent a vulnerability that could amplify an economic shock

from the

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SEARCH ONLINE ypnexthome.ca

DEC 11, 2015 - JAN 8, 2016 | NEW CONDO GUIDE 37

Inspiration

Designer GIFT LIST

By Jo Alcorn For your pooch

I often get asked what my go-to holiday gift ideas are. Not all my gifts are decor pieces – it’s often function that I look for in holiday gifts. Here are my top gift ideas this year that will fit nicely into any decor and, of course, be functional.

So many people have dogs these days. If you’re a dog owner yourself, you know that there is often a stocking plus many presents under the tree for your hound.

My new dog bed collection is reversible and fully washable – not just the cover, the entire bed. I’ve also created throw cushion to match your dog bed – now your puppy can rest and relax in style Available at shop.ca

Baby it’s cold outside

Kitchen party Most holiday parties start or end in the kitchen, so why not make a statement this year with a kitchen gift? I love the idea of giving a set of two dishes, one wrapped and the other with an edible hostess gift in it that the entire party can enjoy.

I am in love with the luxuriously soft comfort of the new Sunbeam heated throw. Its deep colour and soft royal mink plush fabric (faux of course) make it the perfect gift for cold winter nights. It also has a great safety feature – it turns off in three hours, so even if you doze off in its comfort it will automatically turn off.

Available at walmart.ca

kitchenaid.ca

Jo Alcorn is a celebrity designer specializing in savvy spaces and design solutions for all budgets. She is the interior expert on HGTV’s Critical Listing and their new show Home to Win, and shares her expertise regularly on TV. Visit whitewashco.ca

38 YPNEXTHOME.CA

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Neighbourhood Profile

East Village Condo living with a downtown buzz Fast facts Most common housing type

Highrise

Family composition

SINGLES

COUPLES

FAMILIES

86%

14%

0%

Own vs. rent

89% OWNERS

MORE PHOTOS ONLINE ypnexthome.ca/east-village

11%

PEOPLE who like to be a part of the

downtown buzz and enjoy condo living will love East Village. Active residents, downtown urbanites and professionals who value being close to work and the amenities associated with downtown should definitely consider this area. Just remember – you’ll pay for these conveniences Vibe East Village has undergone intense revitalization in the last few years.

Due to once high vacancy rates, this downtown neighbourhood was formerly known as “the wrong side of the tracks,” but in recent years has become one of the residential hot spots. East Village is now home to restored heritage buildings, public art, brand new condominium highrises, parkways and connecting bridges.

Meet the neighbours The convenience of having downtown so close and the influx of new metropolitan inspired condos, complete with rooftop patios and a spectacular view of the river, make this a popular place with the younger 40 YPNEXTHOME.CA

crowd and professionals. You won’t see much for families in the area and many of the residents are renters versus owners.

In the area The Riverwalk is always full of runners, cyclists and outdoor yoga classes. Coined “Eat Village” by locals, there’s Charbar restaurant and patio; Phil and Sebastian coffee and fresh baking from Sidewalk Citizen Cafe – all located in the now restored Simmons Building. You’ll also find an assortment of food trucks.

Planes, trains & automobiles Because this community is so centrally located, this is one part of Calgary where you could go without a vehicle. The city hall C-Train stop is close by and downtown is just a few minutes walk via the Riverwalk. Bike and walking paths also make it easy to cross the river into a number of nearby neighbourhoods.

The good, the bad & the rest With ambitious plans to bring in high-end retail, hotels and other

RENTERS Education levels

46% HIGH SCHOOL

28%

26%

COLLEGE

UNIVERSITY

SOURCE: ENVIRONICS

luxury amenities over the next few years, this is sure to become one of the most posh areas to buy a condo in the city. Revitalization efforts have gone a long way to clean up this part of the downtown.

Real estate If East Village sounds like the place for you, then you should be prepared to pay more than average to rent or own. Living in the heart of the city means you’re paying more for groceries, meals out and retail, which is why it makes for an ideal spot for single people or couples with disposable income.

Trending

6 financial homebuying tips

By Wayne Karl

MORE TRENDING ONLINE ypnexthome.ca/news

PLANNING TO BUY A HOME and not

sure where to begin? Maybe it’s your first home, or it’s been a while and you’re ready to move up to a larger property. Here are six homebuying tips to help you prepare.

1. Get with the programs There are various government programs available to help you buy a home.

Home Buyers’ Plan (HBP): The HBP allows first-time buyers to withdraw up to $25,000 from their RRSP to put toward a down payment on a home.

You have up to 15 years to repay the funds.

Prime Minister Justin Trudeau has promised to modernize the program to allow Canadians to dip into their RRSPs to buy a home more than once, including when impacted by life changes such as job relocation, death of a spouse or marital breakdown.

First-Time Home Buyers’ Tax Credit (HBTC): Eligible first-time buyers can apply for the FTHB to help offset the costs associated with purchasing a home, such as legal fees, disbursements and land transfer taxes. The credit can provide up to $750 in federal tax relief.

42 YPNEXTHOME.CA

4. Become tech savvy Mortgage consumers are becoming very tech savvy. In Canada Mortgage and Housing Corp.’s 2015 Mortgage Consumer Survey, 78 per cent of respondents researched online, with 70 per cent using an mortgage calculator to help determine their payments. And social media is playing a more important role – 20 per cent used sites such as Facebook to learn more, 17 per cent used a mobile device – and of those, 22 per cent used a mortgage related app. All of these figures are growing.

3. Plead with the bank of mom and dad

5. Befriend a broker or banker Like many things in life, it’s all about relationships. And whether you use broker or a banker to secure a mortgage, you’ll likely come to value the relationship. In the same CMHC survey, consumer loyalty strengthened the longer people stayed with their lender. But since we’re talking about money, people are willing to switch lenders to get a better rate and save – a fact which is much more prevalent for bankers than brokers. And because brokers are able to offer products from multiple lenders, as opposed to bankers which offer only the products of their own institution, the market share held by brokers is growing notably, particularly among repeat buyers.

If your parents are baby boomers who have had the good fortune of building equity over the years as they paid down their mortgage while the value of their property multiplied, well… they may be in a position to help. And more buyers are hitting up the bank of mom and dad. In the last two years, 28 per cent of firsttime buyers called on the bank of mom and dad to help finance their purchase; from 2010 to 2014, only 17 per cent did.

6. Research, research, research These days, with prices rising as they are and uncertainty in some markets, thorough research is an absolute must. Everything from your target area, desired housing type, builder or realtor, finances, how much you can afford, who you borrow from and the structure of your mortgage – take your time. Take months. Don’t rush anything.

Anything.

More information on these programs is available at cra.gc.ca 2. Save your a-- off First-time buyers require a minimum five per cent of the purchase price as a down payment. Using the 2014 figure for the average house price in Canada, $451,000, that would amount to $22,500. To put down 20 per cent and thus avoid high-ratio mortgage insurance, you’d have to save $90,200. Ouch. Oh, it gets better – er, worse. In Toronto, 20 per cent of the average price would be $130,000; in Vancouver, $181,000.

METIS TRAIL

NORTHEAST COMMUNITIES

52 STREET

CALGARY INTERNATIONAL AIRPORT

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CENTRE STREET 12 AVENUE

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DEC 11, 2015 - JAN 8, 2016 | NEW CONDO GUIDE 45

Advice | MONEY MATTERS

Budgeting for holiday shopping

By Gail Vaz-Oxlade

THE HOLIDAYS ARE JUST AROUND the

corner and only the most savvy of us have everything under control. That’s one of the problems with our very busy lives… there’s just no time. But if you want to have a happy holiday that doesn’t leave you holding your aching head when the bills roll in come January, you have to start planning early. The longer you wait, the more you’re prone to give in to stress, make impulse purchases, blow your budget or even buy a lame gift.

Look at your holiday spending as you would any other big-ticket item. While you’re splitting the cost among a variety of expenses, the bottom line is still the same – you’re spending a lot of money in a short period of time.

In the best of all worlds, you would have started saving for your holiday spending in January. Yup, you would have made it a budget item and set aside $10, $50, $150 a month so when the season rolled ‘round, you’d be ready. After all, it’s way easier to set aside $100 a month than to come up with $1,200 all at once.

This is how I do it, and come August I start keeping my eyes open for “deals” on things I know my friends and family will love.

Failing that, start here, with Gail’s holiday spending plan » Write down the amount you want to spend in each category of holiday expenses. Gifts are only the beginning – don’t forget to account for travel costs, postage and shipping, decorating, greeting cards, entertainment and photos.

MORE ADVICE ONLINE ypnexthome.ca/news/advice

» List the people you plan to shop for under the gift category, then divide up your budget accordingly. Limit your budget to what you can afford right now and avoid a financial hangover in the New Year. If you spend $500 on a credit card at 18 per cent interest, and pay the minimum each month, it’ll take you seven years – and cost $365 in interest – to pay it off. Consider setting a dollar limit on gifts or drawing names among extended family, roommates or co-workers.

A dash of planning and a dab of creativity can also help you keep your entertainment costs under control » Invite guests to bring something to share at a potluck dinner. » Serve brunch, throw a finger-food party or host a wine and cheese tasting instead of a full-blown turkey dinner.

» Co-host a party with a pal or sibling, and share the cost. » Make sure you set a dollar limit for your soiree. And list the items, ingredients and decor you’ll need and how much each will cost. » Remember, that the best gifts don’t have to cost money. If you’re financially challenged this year, offer up your time babysitting, cooking meals, house cleaning, massaging, sewing, knitting, transporting, or whatever else you’re good at. Clip a picture of the service you’ll provide and be clear on how often, as in “I’ll babysit one weekend a month from February to June.”

Or better yet, make your own coupon book.

There now, you don’t have to worry about starting the New Year with a financial hangover.

Happy holidays!

Gail Vaz-Oxlade is the host of Til Debt Do Us Part and author of Debt Free Forever and blogs daily at gailvazoxlade.com

46 YPNEXTHOME.CA

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DEC 11, 2015 - JAN 8, 2016 | NEW CONDO GUIDE 49