DEC 9, 2016 - JAN 6, 2017 VOLUME 19, ISSUE 13, FREE
CALGARY EDITION
My
NOW OPEN Visit the eight beautiful new show suites! INSIDE THIS ISSUE
DEVELOPERS TALK URBAN GROWTH, INTENSIFICATION AND NIMBY
STYLE FILE: DÉCOR MUSTHAVES THIS HOLIDAY SEASON
YEAR IN REVIEW: LEAP YEAR 2016 AND CANADA’S HISTORICAL PRICE GROWTH
EXPERIENCE QUARRY PARK With a perfect blend of homes, offices, retail amenities and natural green spaces, Quarry Park is everything you need, and more than you could ever want.
For further information, visit the Remington Residential Presentation Gallery located at 350 Quarry Park Blvd SE.
quarrypark.ca
FALL CLOSE OUT SALE
2 BEDROOMS • 2 BATHROOMS UnDerGroUnD PArKinG inCLUDeD from
$180’s
PriCe
ten’s of thousands in price reductions including free furniture, free parking, you choose, even no money down.
11TH AVE. SE 12TH AVE. SE
12TH AVE. SE
27TH ST. SE
5TH AVE. SW
DOWNTOWN
BARLOW TRAIL SE
MEMORIAL DRIVE SE LRT STATION
ProjeCt LoCAtion
SALeS Centre & SHOw SuiTE LOCATiON: #4115, 1317-27 Street Se By appointment only.
403-460-2510
14TH AVE. SE
17TH AVE. SE
AlbertParkStation.ca HIGHWAY 2
MCKENZIE WAY
RAILWAY AVE
MAIN ST
8 ST
AIRDRIE ROAD NE
YANKEE VALLEY BLVD SE
SHOw SuiTE LOCATiON: #7202 - 403 MacKenzie way Sw, Airdrie - east of 8th Street SHOw SuiTE HOuRS: monday & thurs 2-8 pm Saturday & Sunday 12- 5 pm Closed Tuesday, wednesday, Friday
403.980.3334
CreeksideVillageCondos.ca MARQUIS OF LORNE TRAIL SE (22X)
210 AVENUE SE LEGACY BLVD SE
IL RA DT EO CL MA
SALES CENTRE LOCATiON: #2137-81 Legacy Blvd. Se SALES CENTRE HOuRS: mon - thurs 2-8 pm Sat, Sun & Holidays 12- 5 pm
403.460.5206
ARTIST’S RENDERING ONLY
LegacyGate.ca ARTIST’S RENDERINGS ONLY
Canadian Home Builders’ Association
OWNED A
O
D
COME HOME TO THE GUARDIAN Residents are making The Guardian home and transforming the Victoria Park neighbourhood.
1-BEDROOMS
starting at $278,900
2-BEDROOMS
starting at $445,900
PARAMOUNT SUITES
Developed by Hon Developments. Prices subject to change without notice. E&EO.
starting at $1.4 million
PRESENTATION CENTRE 456 -12TH Avenue SE TEL 403 800 3368 Mon – Thurs 12 – 6PM Sat & Sun 12 – 5PM
IN 7 VE 201 O M ING R SP
DESIGNED ESPECIALLY FOR YOU A ONE BEDROOMS FROM $374,900 TWO BEDROOMS FROM $571,900 The CresseyKitchen’s™ efficient, walk-through design makes it the home’s practical and social centrepiece
Enjoy outdoor living spaces for open-air living, grilling and socializing
PANTR Y
MW / WO
BEDROOM
LIVING
Sleek full-sized appliances include gas cooktop and 48 inches of refrigeration
KIT CHEN
Air conditioning for year-round comfort
BA LC ONY DW
DINING
PANTR Y
Marble details, frameless glass showers and in-floor heating elevate your ensuite
WALK -IN CL OSET
WINE
F
F
PANTR Y HP
BATH
W/ D
MASTER BEDROOM
Abundant storage includes full-height pantry space and multiple closets
LINEN
Engineered hardwood flooring
ENSUITE
PLAN A | 1,138 SQ.FT., BALCONY 82 SQ.FT.
ENTR Y
FLOOR 8
A
N
FLOOR 9-22
A B
B
C
C
G
G
D
D F
F
E
E
LEVEL 9- 22
LEVEL 8
AVENUE
AVENUE
APRIL 22, 2013
MARCH 18 , 2013
REGISTER TODAY
PRESENTATION CENTRE:
1037 5th Avenue, SW, Calgary FOR MORE Dimensions, sizes, specifications, layouts and materials are approximate only and subject to change without notice. E.&O.E.INFORMATION
R IVE
R BOW
9 ST SW
10 ST SW
5 AVE SW 6 AVE SW
Sat & Sun: 12–5, Mon–Wed: 12–6 Thurs & Fri: Closed 403-530-8455
1037 5th Avenue, SW, Calgary, Alberta
t 403.530.8455f 403.530.8456
AVENUEWESTEND.COM info@avenuewestend.com AVENUE WESTEND .COM
Pricing 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.
contents DEC 9, 2016 – JAN 6, 2017 | VOLUME 19 ISSUE 13
11 ON THE COVER
My Legacy Park
trending
+ online NEIGHBOURHOOD
HOME SEARCH
20 Urban planning MORE +PHOTOS +VIDEOS +ADVICE +INSPIRATION +TRENDING
WITH
DYNAMIC MAPS
People embracing eight beautiful new showsuites
LOOK FOR THE CIRCLE
Hey NIMBYs, listen up! Because the development industry is listening, too By Lydia McNutt
22 Market news
November brings cooler home sales and prices in Calgary: CREB
28 Building news
Alberta government adopts building code changes to improve energy efficiency of new buildings
38
Year in review
Leap year 2016: Canada’s historical home price growth By Wayne Karl
advice
24 Calgaryism
Top five suburban breakfast restaurants in Calgary By Cody Battershill
26 Contemplating condominiums
Understanding your condo plan By Linda Palfi
PRESIDENT, YELLOW PAGES NEXTHOME
Jacqueline Hill EDITOR-IN-CHIEF / DIRECTOR OF CONTENT
Susan Legge DIRECTOR OF SALES
Moe Lalani SENIOR SALES MANAGER, ALBERTA
Shelley Balla SENIOR EDITOR
Lydia McNutt ART DIRECTOR
Daiana Garay CONTRIBUTING EDITORS
Sonia Bell Elisa Krovblit Wayne Karl DESIGN EDITOR
Yanic Simard MEDIA CONSULTANT
Natalie Houghton 587.226.1313 Like us on Facebook: search: CalgaryNewCondoGuide PRODUCTION MANAGER
Helen Pearce
20 32
PRODUCTION CO-ORDINATOR
Greg Van Sluytman GRAPHIC DESIGNER
Miguel Cea 2891 Sunridge Way N.E. Calgary, AB T1Y 7K7 ypnexthome.ca
ADVERTISING RATES
Money matters
T 587.226.1313 email natalie.houghton@ypnexthome.ca
Budgeting for the holidays By Gail Vaz-Oxlade
inspiration
36
The scoop
Catch up on decor, inspiration, style and more By Elisa Krovblit
in every issue
10
Editors’ Note
16
Neighbourhood Profile
McKenzie Towne By Kait Kucy
32 district maps
15
Southeast Map
19 Southwest Map
40 Mortgage rates
23
Northwest Map
41
31
Satellite Communities
What’s online
More stories, videos and photos
42 Advertiser Index
34 Northeast Map 35 Inner City
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 2016/2017 Copyright covers the contents of this publication and prevents reproduction in whole or in part; offenders will be prosecuted. We reserve the right to refuse any advertising, to make changes or edit advertising as necessary. Care will be taken to ensure copy accuracy but no warranty is implied or given by the publisher. The publication, the publisher and the printers shall not be responsible for any typographical errors, mistakes, misprints, spot colouring or any information or lack of information furnished by the advertisers. Yellow Pages NextHome is a trademark of Yellow Pages Group Co. in Canada. Editorial Submissions from interested parties will be considered. Please submit to Lydia.McNutt@ypnexthome.ca The views and data expressed by columnists do not necessarily represent those of the publication Please recycle this magazine! Yellow Pages NextHome participates in the Partners in Growth Reforestation Program through St. Joseph Communications. To date, Partners in Growth has planted over 2.5 million trees in parks, recreation and conservation areas, and other public spaces across Canada. Established in 1990, this program was started with Scouts Canada to help replenish the environment.
Editors' Notes
MCKENZIE TOWNE
MORE PHOTOS ONLINE nexthome.yp.ca/mckenzie-towne
SUSAN LEGGE Editor-in-Chief / Director of Content Yellow Pages NextHome Email: Susan.Legge@ypnexthome.ca Twitter: @SusanLegge
Buying a new condo in 2017? Planning a new condo purchase in 2017? You’ll be pleasantly surprised by the exceptional value and attention to detail that a brand new home has to offer. You don’t inherit somebody else’s worn carpeting, personal taste in kitchen appliances or paint colour preferences. You get a fresh space that’s waiting for your personal imprint. Start the process by shopping the mortgage market to see what you can afford. Then you can hit the streets. Remember the real estate mantra: location, location, location. At YPNextHome.ca, you’ll find profiles on more than 2,700 neighbourhoods, featuring photos, data, listings, fun facts
and much more. Check out McKenzie Towne, for example. Next, visit sales centres and show suites to get a feel for what you like, and what you don’t like. Don’t be persuaded by high-pressure sales tactics. Determine what options and upgrades you want as part of your offer, and ensure your lender will finance what’s required. Once you’ve zeroed-in on “the one,” find a lawyer to review your offer and help you close the deal. Consider your purchase from every angle to ensure you’re making a smart move that you can live with – in 2017, and for years to come.
“Yes” to new development
LYDIA MCNUTT Senior Editor Yellow Pages NextHome Email: Lydia.McNutt@ypnexthome.ca Twitter: @LydiasTweets
+ get social 10 YPNEXTHOME.CA
It’s easy to say NIMBY, “not in my backyard,” when it comes to new residential development. After all, prolonged periods of construction often bring increased congestion and inconvenience. But as with every story, this one has two sides. Calgary’s population is expected to grow from 1.235 million people in 2016 to 1.313 million in 2021. These 78,000 new Calgarians will have to live somewhere. If “not in my backyard,” then where? When demand for homes rises and supply drops – partially due to NIMBYs opposition to development projects – prices increase and affordability becomes an issue, as is currently the
case in Vancouver and Toronto. Apart from housing Calgary’s growing population, the benefits of new developments also extend to existing residents. New businesses and employment opportunities, services, schools, community centres and hospitals often accompany new housing. And what also comes with more homes? More property tax, collected and used to repair the city’s aging infrastructure. There’s an old adage: if you’re not moving forward, you’re falling behind. Rather than swimming against the current, embrace change, welcome growth, and see Calgary for all that it is – and all that it can be in the future.
Interact with us on social media: ypnexthome
Property Profile | LEGACY PARK
cover story
People embracing
My Legacy Park’s eight beautiful new showsuites SINCE THE DEVELOPMENT BEGAN, people have had the
chance to see the brilliant ads and hear the fun-loving radio spots inviting them to embrace the Love It, Live It, Afford It opportunity offered at My Legacy Park. However, now with the opening of eight beautiful new showsuites, even more people are loving the chance to see, touch and explore all the livable floorplans, stunning features and attractive prices presented by Brad Remington Homes. “We opened our eight beautiful showsuites on Oct.
29 to much fanfare,” says Bryan Logel, vice-president of sales and marketing. “It’s been the best response to the showsuites we have ever had; everyone involved did an incredible job, from construction to design to presentation, the showsuites are incredible. Each of the eight showsuites go beyond the decorating and staging, instead giving each one an individual theme and specific feel. “The feedback from people has been incredible,” he says. “Those who bought a condo at the pre-sale stage are in DEC 9, 2016 - JAN 6, 2017 | NEW CONDO GUIDE 11
awe to finally see to the designs; they’re very excited and proud to own one and have come back again and again to see them and show them off to family and friends. And, for those who are shopping for a condo there is really nothing like looking at these showsuites… they’ll find more than one that will fit their lifestyle.” Among the showsuites only two are the same models, the highly successful F-plan adopted from their Copperfield Park project with a slight modification to enhance its look. They have been decorated completely different – one designed as James Bond’s ultimate flat, while the other gives a glimpse of an ultra-modern look – showing people just how they can live in the space and personalize it to their own taste. Another showsuite is Brad Remington’s SAM award-winning G plan, an outstanding two-bedroom two-bathroom plan at 691sq. ft., starting at $185,900. 12 YPNEXTHOME.CA
“People seeing the showsuites are overwhelmed that they can get the lifestyle they want at an affordable price,” Logel says. “With the new mortgage rules, being affordable is even more important and at My Legacy Park people can own from the low $100,000s.” My Legacy Park consists of four, four-storey buildings providing homeowners with high quality, stylish one-, two- and three-bedroom designs. “We have floor plans that are achievable for every purchaser,” Logel says. “Each home is of the highest quality delivering incredible value with outstanding standards such as 9-ft. ceilings, granite or quartz countertops, and premium made-in-Alberta, soft touch cabinets in a choice of colours so purchasers can choose dual-tone cabinets. An underground parking stall comes with every suite.” The well-appointed interiors also include full-sized
kitchens with a stainless steel appliance package that includes a fridge, stove, dishwasher and over-the-range microwave, in-suite laundry with the washer and dryer, knockdown ceilings and private balconies or patios. Residents can also customize their homes with a full range of options and upgrades. The eye-catching exterior presents a strong curb appeal with premium Hardie plank siding, brick and intricate detailing and the building envelop is mildrew, water and fire resistant. My Legacy Park also offers a great location right across from park space that overlooks a pond with fountain, steps away from the ravine and pathway system and a short walk to future neighbourhood commercial. Located in south Calgary’s Legacy community it’s
minutes from Stoney and Macleod Trails and close to the LRT and a wide variety of shops, services and dining amenities up Macleod Trail and in nearby Shawnessey. Besides the new showsuites, Logel adds they’re also excited to see the first possessions in Building 1 underway and that all possessions will be complete by Christmas. As well, plans are for possessions to begin in Building 2 in March followed by Building 3. For more information on My Legacy Park, visit the showsuites at 215 Legacy Blvd. S.E. open Monday to Thursday, 2-8 p.m., and weekends and holidays, noon-5 p.m., or visit MyLegacyPark.com.
DEC 9, 2016 - JAN 6, 2017 | NEW CONDO GUIDE 13
: HOLIDAY HOURS ed from Showhomes clos January 1 to December 24 nuary 2 Re-opening on Ja
68 STREE
CENTR
14 STREET
32 Ave
16 AVENUE
16 AVENUE
12 AVENUE
SOUTHEAST COMMUNITIES RIVE RIAL D
MEMO
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36 STREET
MEMO
17 Ave
13 REGATTA BY BROOKFIELD RESIDENTIAL
52 STREET
ELBOW DRI VE
BLACKFOOT TRAIL
17 Ave
109 Auburn Meadows Dr. SE
14 BOULEVARD TOWNES BY BIRCHWOOD
MacLEOD TRAIL
116 Quarry Park Way SE
09
14
ANDERSON ROAD
DEERF
114 AVE SE
M AIL
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17
12
COPPERFIELD
LEO
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07 03
20
01 CRANSTON RIDGE BY CARDEL LIFESTYLES
Corner of Cranford Dr and Cranston Gate SE Register: www.cardellifestyles.com/ cranston-ridge
02 COPPERFIELD PARK BY BRAD REMINGTON HOMES 279 Copperpond Common S.E.
N
06
MAHOGANY
13
D. BLV
07 AUBURN WALK BY CARDEL LIFESTYLES
Showsuite and Sales Centre Corner of 52nd Street and Auburn Meadows Dr. SE
08 THE MORELLO 15207 1st SE themorello.ca
04 LEGACY GATE BY CARLISLE GROUP
10 CANOE BY AVI URBAN
05 LEGACY STREET TOWNS BY HOMES BY AVI 42 Legacy Blvd SE
06 CRANSTON BY AVALON MASTER BUILDER
19 CHAMPAGNE BY REMINGTON DEVELOPMENTCORPORATION Quarry Park Blvd SE remingtoncorp.com
20 ORIGINS AT CRANSTON BY STREETSIDE DEVELOPMENTS 21 ALTURE MIDCITY BY ALTURE PROPERTIES
09 BRISTOL TOWNHOMES BY BIRCHWOOD NOW SELLING
210 Ave. SE www.legacygate.ca
Presentation Centre: 350 Quarry Park Blvd SE
111, 100 Cranfield Common SE
25
03 MUSKOKA BY BROOKFIELD RESIDENTIAL 65 Auburn Meadows Way
22
AUBURN BAY
SETO
13
15 LEGACY
10
16
CRANSTON
05 WALDEN 01 04 23 26 24
W ST. 52
D TR
VITT
McKE
RAIL RNE T
CHAPARRAL
442 Cranford Park SE
18 THE GATES BY REMINGTON DEVELOPMENT CORPORATION
02 11
16
MARQ
6 Mahogany Terrace SE
347 MacKenzie Towne Gate
NEW BRIGHTON
TTO BO
K PA RK
Mac
S JAME
SHAWNESSY BLVD.
16 SANDGATE
17 MOSAIC MIRAGE BY BROOKFIELD RESIDENTIAL
OOT T RAIL
W BO
08 CR21 EE
84 STREET
18
52 Legacy Gate SE
52 STREET
19
SOUTHLAND DRIVE
FISH
15 LIVINGSTONE TOWNES BY TRICO COMMUNITIES
GLENMORE TRAIL
BARLOW TRAIL
GLENMORE RESERVOIR
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
646 Copperwood Blvd SE
12 EBONY CONDOS & TOWNHOMES IN MAHOGANY BY JAYMAN MODUS 291 Mahogany Way
Move in today!
Condos starting from
$229,900
DEC 9, 2016 - JAN 6, 2017 | NEW CONDO GUIDE 15
Neighbourhood Profile
McKenzie Towne By Kait Kucy
Fast facts Average household income
$118,428
Family structure
FAMILIES
COUPLES
SINGLES
45%
34%
21%
Own vs. rent MCKENZIE TOWNE is a picturesque
neighbourhood in the deep southeast of Calgary. It was one of the first newer developments to introduce the concept of a “new urbanist” community. A hub for young professionals and families, McKenzie Towne is a great community not only because of its affordable prices but also thanks to the variety of homes available here. Lifestyle McKenzie Towne has a great visual presence with the picturesque High Street and wide open park spaces. The neighbourhoods have beautiful variations – one of the most popular spots features rows and rows of Brownstone townhouses complete with a scenic gazebo in the park in the middle. It’s a beautiful neighbourhood that functions as its own tiny town. Vibe Just brimming with youth, McKenzie Towne has been known as a great place to raise a family since its inception in 1995. With plenty of wide open spaces and playgrounds, this is the perfect neighbourhood for anyone who has craved more space and their own backyard. An active
community, it is not unusual to see residents jogging, cycling and walking dogs at all hours of the day. Meet the neighbours With plenty of schools, playgrounds and parks, this neighbourhood is full of young families and couples who will likely be planning to start a family in the near future. It is also fairly common for empty-nesters to live in the area, meaning grandparents can be close to their grandchildren. Many have said that the neighbourhood often feels like a little small town due to the friendly atmosphere. Dollars & sense Mckenzie Town presents average suburban living expenses and features the typical array of chain stores such as Starbucks, pubs that are affordable, easy to access and very friendly. You can expect to pay average prices for drop-ins at gyms and yoga studios, which is an added benefit to living in this community. Planes, trains & automobiles Accessed via Deerfoot Trail, commuting from downtown will leave you with quite a drive to and from work. But there are rapid transit commuter buses leaving downtown
82% OWNERS
18%
RENTERS Education Levels
35% HIGH SCHOOL
34%
31%
UNIVERSITY
COLLEGE
SOURCE: ENVIRONICS
during rush hour, affording McKenzie Towne residents a swift route home. The neighbourhood also has quick access to Calgary’s bike trail system to ride to Fish Creek Park and beyond. In the area An almost entirely self sufficient neighbourhood, this main street shopping area contains multiple dental and medical offices, banks, grocery stores among many other amenities that help to keep residents satisfied. It is only a quick 11-minute drive to the new hospital in Seton. Plenty of schools in this area, too.
Kait Kucy is a lifestyle and travel writer and blogger for online and print publications in Canada and the U.S.
16 YPNEXTHOME.CA
Discover superior “Resort Style Living” on Fish Creek Park 40+ Adult Community/Steps from Fish Creek Park/Fitness Centre/Movie Theatre Coffee Bar/Bowling Alleys/Swimming Pool/Steam Room/Hot Tub/Wine Cellar/Library/Games Room Woodworking Shop/Craft Room/Sanderson Banquet Facility/Catering Kitchen/Guest Suites Car Wash Stations/Heated Underground Parking and More….
CONDOS
LIMITED SELECTION
Combination of one, two and two bedrooms with den. Now Selling from
Luxury Penthouse Condos Now Selling from
$
339,900 to $724,900* + GST
724,900* + GST
$
Sanderson Ridge, where luxury is the standard. Discover first-hand the quality craftsmanship of these Luxury Condominiums. Visit us today at 2330 Fish Creek Blvd. SW or at www.sanderson-ridge.ca to learn more. 403-460-3771 *Prices are subject to change without notice and do not include GST.
Celebrating 40 Years
YOUR VOYAGE STARTS NOW NOW SELLING
CONDOS FROM THE UPPER $100s
MOVE IN 2017
Regatta in Auburn Bay let’s you set sail with the excitement of four season access to a private 43-acre lake. With stylish floorplans, upgraded kitchens, a choice of interior finishes and amenities, like a dog-wash station and a bocce ball court, you truly get it all at Regatta.
109 AUBURN MEADOWS DR SE
REGATTAAUBURNBAY.COM
REGATTA@BROOKFIELDRP.COM
(403) 462-3792
SH AG AN
D HIL L NO SE
AIL EY TR STON
NOSE HILL PARK
JO
HN CR LA OW UR IE CH BLV ILD D. TR AIL
CALGARY INTERNATIONAL AIRPORT
64 Ave
16 AVENUE
SARCEE TRAIL
4
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16
17 Ave
14
02
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19
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05 15 11
IV E
36 STREET
DR
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DEERF
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MA 17 06
03
02 BROOKLYN CONDOMINIUMS BY TRICO HOMES
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
TR
AIL D TR LEO SHERIFF KING ST. SW
VITT
McKE 194 AVE
98 Mission Road SW mission34.ca
14 MAX TOWNHOMES BY ASSURED DEVELOPMENTS
TTO BO
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Mac
S JAME
01
RAIL
W BO
CRE
SHAWNESSY BLVD.
09 MISSION 34 BY ASSURED COMMUNITIES
Sales Centre in Currie Barracks J5, 2953 Battleford Ave. SW
ANDERSON ROAD
12
Presentation Centre: 2719 14th St. SW
11 JUNO BY AVI URBAN
SOUTHLAND DRIVE
FISH
08 ALEX BY ASSURED COMMUNITIES
Presentation Centre: 2118, 8561-8A Ave. SE
MacLEOD TRAIL
ORE
13
ELBOW DRI VE
NM
ME M O R I AL
37 STREET
GLE
69 STREET
85 STREET
10
16 AVENUE
BLACKFOOT TRAIL
OLD BANFF COACH ROAD
32 Ave
BARLOW TRAIL
E
EDMONTON TRAIL
ENU
14 STREET
16 A V
CENTRE STREET
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 DEC 9, 2016 - JAN 6, 2017 | NEW CONDO GUIDE 19
Trending
Hey NIMBYs, listen up! Because the development industry is listening, too By Lydia McNutt
WE’VE ALL HEARD THE ACRONYM, yet not everyone knows what it means – what it really means. NIMBY, or “not in my back yard,” implies just what it says. “Yes to new housing, schools and community development, just not right where I live, thank you very much.”
Metathesiophobia – the fear of change NIMBYism isn’t just about antidevelopment. It can be viewed as “anti-change,” and its ripple effect is far-reaching. What happens when cities stop attracting new residents and business? Let’s just say that aging populations and infrastructure typically do not support growth. “[Residents] see towers going up around the city, new retail springing up, and they experience the congestion and traffic that comes with, what seems like, constant construction,” says Bob Finnigan, president of the Canadian Home Builders’ Association and COO Acquisitions & Housing at Herity. “Then, when they see a proposal for a building close to home, whether it’s a small infill project or a multi-storey tower, they tend to view it in a negative light.” It’s easy to sympathize with the NIMBYs when residents consider the congestion, traffic and general unrest that typically comes with construction, but Finnigan is quick to point out that once construction ends, life returns to normal and the new developments bring positive change. For example, Finnigan notes that after seeing 15 to 20 years of intensification developments in Toronto, it’s a better place today than it was before change came about. 20 YPNEXTHOME.CA
Get schooled “Developers don’t just build what they want and where they want it,” Bryan Tuckey, president and CEO of the Greater Toronto Area’s Building Industry and Land Development Association (BILD), wrote in a recent column. “There are numerous government policies and plans at all levels that dictate where and how development happens.” Tuckey points to the Ontario government’s Greenbelt and Growth Plan, which has changed how development happens in the GTA by mandating that 40 per cent of all new homes be built within existing communities. As a result, there’s now an equal split of highrise condos and single-family homes under development. Still, there’s little understanding for the provincial plan, and even less support for intensification. Bob de Wit, CEO of the Greater Vancouver Home Builders’ Association, calls NIMBYism a property rights battle between today’s residents, who are numerous, well-organized and fighting to maintain a lifestyle, versus the growth required to house tomorrow’s residents, who are not as organized. “Catering to a perceived majority, the loudest group, NIMBYs slow the
“One positive aspect is that a NIMBY argument fosters the need for public consultation, and many times this engagement alone turns NIMBY to YIMBY.” housing choices can bring new life to established neighbourhoods. With more people come more amenities like shops and restaurants. All this leads to higher property values and means local governments collect more property taxes, which they can invest in things like parks and transit.” In Toronto, Calgary, Vancouver, or any other growing municipality, the issues are very much the same. De Wit says the impact of delaying development has negative ramifications on future homeowners and cities as a whole. “Delays in rezoning and building permits increase the estimated project completion time, and ultimate cost, which gets passed onto the homebuyer,” he says. “At the same time, a lack of housing inventory will continue to drive the price up of available housing stock as Vancouver struggles to deliver appropriate housing supply. It also puts the city in a position of catching up rather than being proactive.” Now, replace “Vancouver” with “Calgary,” “Toronto,” “Montreal” – it still makes sense. Guy Huntingford, CEO of CHBA-UDI Calgary Region Association, says the biggest problem with NIMBYism is the misconceptions on which it is based – namely the belief that change and densification are negative. “In nearly all cases, it is actually a way to revitalize and drive increased property values for existing communities. “A lot of issues are fear-based and founded in hearsay and disinformation. Therefore, a constant and positive education and dialogue on the issues that create NIMBY tendencies is key to success for the city and region.”
Take-aways creation of new supply and needed amenities, often creating a negative impact on the very municipalities they are trying to protect.”
Changing public perception To help educate the public and change the chants from NIMBY to YIMBY, yes in my back yard, CHBAUDI Calgary Region Association and BILD are both running campaigns to promote the benefits and dispel myths surrounding intensification. “New development and neighbourhood renewal can help our communities thrive, which is something we all want,” Tuckey wrote. “Bringing more homes and
Despite the opposing opinions of pro- versus anti-development, the homebuilding industry at large regards NIMBYism as an opportunity to work together, to make the looming urban evolution a smoother ride for all. “In many cases, those who are against the projects bring forward very good ideas, which get incorporated into final approvals,” Finnigan points out. “You have to include constructive criticism and reasoning into any decisions – especially because development decisions can affect a neighbourhood forever.” From this perspective, a NIMBY “win” could be considered a victory for all. “If they win, it implies things like an adjustment to a development proposal, made based on their concern,” Finnigan says – often valid concerns about a development proposal that may have originally been too aggressive in nature. “Whether it be height, coverage, use, architecture or some other item, the fact that their concerns were listened to and acted on allows us to take these concerns into consideration on our next project. This way we can use special care and attention when putting together a new proposal.” Huntingford agrees. “One positive aspect is that a NIMBY argument fosters the need for public consultation, and many times this engagement alone turns NIMBY to YIMBY.” DEC 9, 2016 - JAN 6, 2017 | NEW CONDO GUIDE 21
Trending
November brings cooler home sales and prices in Calgary: CREB
NOVEMBER BROUGHT a cool-down
in Calgary home sales and prices following a boost is sales activity in October, according to the latest release from the Calgary Real Estate Board (CREB). Year-over-year monthly sales totaled 1,227 units, nearly three per cent lower than last year and 17 per cent below long-term averages. CREB attributes the dip, at least in part, to the change in mortgage requirements which took effect on October 17. “November was the first full month with CMHC’s new lending rules,” says CREB chief economist Ann-Marie Lurie. “As suspected, the gains in last month’s sales were temporary. Stringent conditions for borrowers are converging with the current economic climate and weighing on demand.” While supply levels eased in November, the decline in sales resulted in a slight rise in months of supply. This caused benchmark home prices to contract even further. City-wide prices totaled $436,200 in 22 YPNEXTHOME.CA
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“These monthly figures aren’t a big surprise given the dynamics of our market right now” November, a 0.6-per-cent decline over the previous month and nearly 4.1 per cent below last year’s levels. Detached home prices totaled $498,300 in November, making it the first time since early 2014 that the monthly benchmark price dipped below $500,000. Despite this price change, the detached resale sector still fared better than most of the high-density sectors, as it has not faced the same city-wide inventory pressure coming from the new home market. Year-to-date detached sales have declined by three per cent compared to last year, but have also seen some modest improvements in recent months in the high end of the market,
which is likely a byproduct of larger price adjustments. “These monthly figures aren’t a big surprise given the dynamics of our market right now,” says CREB president Cliff Stevenson. “We’ve seen pockets of sales activity in certain areas, but also lots of months where the expectations between buyers and sellers just aren’t matching up. November was one of those months. “Again, it can’t be overstated how important it is for housing consumers to keep asking questions and drilling down on what’s happening in their specific area,” adds Stevenson. “This kind of exploration and learning is how good real estate decisions get made in any market.”
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DEC 9, 2016 - JAN 6, 2017 | NEW CONDO GUIDE 23
Advice | CALGARYISM
Top 5 suburban breakfast restaurants in Calgary By Cody Battershill
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Ace Coffee & Diner ADDRESS: 8244 9th Ave. SW PHONE: 403.475.1788 Ace is a go-to spot for breakfast, brunch and lunch in Calgary’s suburban west-side area, and for good reason. Inside you’ll find a light, cosy dining atmosphere with a cafe-style front where you can walk in and order pastries, drinks and other breakfast items. This is a great spot for people looking to quickly grab something onthe-go in the morning. Try the salmon eggs benedict with mushrooms. The thinly sliced salmon is layered thick and rich in flavour, while the baby potatoes are grilled to perfection and seasoned with just the right amount of herbs.
scrumptious home-made French pastries and breakfast delights. It also may be one of the most affordable suburban breakfast restaurants in Calgary with selections ranging between $6 and $11. Try Nick’s Scrambled Eggs served with sausages, hash browns, sweet peppers, caramelized shallots, cheddar cheese and toast.
Eggs & More ADDRESS: 5441 Falsbridge Dr. NE PHONE: 403.280.9488
Starbelly Open Kitchen & Lounge ADDRESS: #220 - 19489 Seton Cr. SE PHONE: 403.570.0133
Eggs & More is a go-to spot for those in the north-east and east suburban sectors of the city. Boasting a rather large seating area – a good thing, considering its popularity – you’ll get a reasonable serving size for the price. I suggest the classic eggs benny with your choice of side.
This suburban restaurant is a favourite for residents of communities such as Auburn Bay, Mahogany and McKenzie Towne. Starbelly’s menu items are largely made from scratch using local ingredients, while the contemporary and comfortable atmosphere is great for parties of all sizes. I highly recommend the wild boar gnocchi: confit boar shoulder, red pepper, tomato ragu (sauce), local vegetables, pickled apples and Manchego (a Spanish cheese). This dish is one of the best gnocchis I’ve ever had in Calgary!
Patisserie Du Soleil ADDRESS: 2525 Woodview Dr. SW PHONE: 403.452.8833 Deep south-west in Woodbine, this little hidden gem offers up 24 YPNEXTHOME.CA
The Bro’Kin Yolk ADDRESS: #130 – 12580 Symons Valley Rd. NW PHONE: 587.317.5743 In the deep northwest, this suburban restaurant is reminiscent of one of those popular inner city breakfast diners with line-ups around the corner on weekends – it’s just that good! Inside is a very homey space with a handful of large booths, as well as bar seats around the open kitchen. For breakfast poutines, try the truffle, ham and wild mushroom mixed with duck fat hash browns, cheese curds and two soft poached eggs topped by a roasted garlic hollandaise sauce. What are your favourite suburban breakfast restaurants? Stop by online at Calgaryism on Facebook, Twitter or Instagram today and let us know. 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
December 15
4
Advice | CONTEMPLATING CONDOMINIUMS
Understanding your condo plan By Linda Palfi
MORE ADVICE ONLINE ypnexthome.ca/news/advice
LIKE A CITY MAP, a condo plan must
be read in a particular way, in order to be understood. Start by getting a full-sized condo plan from the Land Titles Office. At a cost of only a few dollars, condo plans are a bargain. For that price, you’ll get any number of pages, as one might show the building site, another the basement parking layouts and yet another the suite dimensions. For a few extra dollars you can order the “condominium plan additional sheet,” which details current members of the board of directors and any legal registrations that have been filed against the corporation. Now, get your condo plan, a pen, calculator and highlighter. Studying the site-plan page, you may see that your building lies within a larger bare-land condo development. The development may have been built in stages, and as each lot was split off it was further subdivided into building lots or suites within apartment buildings. If you’re living inner-city, it’s more likely that the site plan will show old house lots that your builder unified into one large condominium building site. Note that not all walls in condo buildings are property lines, and not all property lines will have walls when you actually stand in that location. For example, your building’s commonproperty ground-floor area is not subdivided on the plan, but may in fact house the lobby, a laundry room, exercise and meeting rooms, hallways and elevator shafts. Find your suite by its actual location 26 YPNEXTHOME.CA
on the plan and mark the civicaddress suite number on it. If you’re about to buy the suite, make sure that the legal unit number for the suite matches the legal description of the property you’re buying. Do the same check for the parking stall. Highlight your property on the plan for ease of reference. Note that the plan was surveyed and registered before civic addresses were assigned. Be careful never to confuse your property’s civic address (the number on the door) with its legal unit number. There can easily be a legal unit 101 at the top of a condo tower, as well as a civicaddress suite 101 on the ground floor. Confusion can be disastrous, like buying the wrong suite! On the table of units, their unit factors and their floor areas, highlight your property, and again, write the civic address of the suite. Titled parking stalls, by the way, have no civic address, and should only be numbered as per the condo plan. Now, write on your plan the conversion of your unit factor (1/10,000) to a percentage by moving the decimal left two spaces. So, a unit factor of 236 becomes 2.36 per cent. Your property is responsible for that percentage of revenue raised by condo fees. If you’re reading the plan before buying a unit, ponder the unit factor
table. Unless the plan declares how unit factors were allocated, look for any unfairness in the allocations. A few converting developers have kept some suites or commercial units for themselves, and allocated a unit factor of 1 to each of them. While a court might eventually overturn such an unfair allocation, you don’t need the headache. Most often, unit factors are allocated in approximate proportion to square footage, but some plans give more factors to upper floors. Titled parking stalls are usually given factors on a smaller, non-floor-area basis, and titled storage lockers are often given just a single unit factor. Don’t be scared of your condominium plan. Write and highlight interpretive notes all over it. After all, a replacement condo plan is only a few dollars. Become familiar with it and better understand your condo community. Oh, and correct anyone who refers to a “unit number” when they’re stating a civic suite number.
Linda Palfi is a condominium specialist realtor with Your Way 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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Trending
Building code changes in effect Alberta government adopts seven changes to improve energy efficiency of new buildings
THE GOVERNMENT OF ALBERTA has adopted
seven new building codes aimed at improving energy efficiency and reducing the province’s greenhouse gas emissions when it comes to new construction. These changes affect building, energy, electrical, elevating devices, gas, pressure vessels and private sewage. “A more energy-efficient home is a comfortable home, one that keeps the heat in, the cold out and money in your pocket,” says Danielle Larivee, minister of Municipal Affairs. “These new requirements will ensure that Alberta continues to be a leader in the fight against climate change and a competitor in the carbon-constrained economy.” Emissions from Alberta houses and buildings were responsible for 19 megatonnes – or about seven per cent – of Alberta’s greenhouse gas emissions in 2014. These code changes support the province’s Climate Leadership Plan by reducing greenhouse gas emissions and creating more modern and efficient homes and businesses. “These changes to the building code ensure that the amount of energy used by homeowners and businesses will be permanently reduced and the savings will continue into the future. This is good for the environment and good for anyone who pays for electricity,” says Shannon Phillips, minister of Environment and Parks, and minister responsible for the Climate Change Office. The updated codes include energy efficiency requirements for windows, lighting, building envelope, insulation, heating, service-water heating, ventilation and air-conditioning. “Canadian Home Builders’ Association (CHBA) members are leaders in innovation, with many already meeting and exceeding these new standards. With industry staying at the forefront of new technology, Albertans can be assured the new home they purchase will be increasingly energy efficient. We look forward to continued innovation, while ensuring homes 28 YPNEXTHOME.CA
Did you know? The National Research Council of Canada estimates that switching to energyefficient windows can save homeowners up to 18 per cent on heating costs.
remain affordable,” says Donna Moore, CEO of CHBA – Alberta. The codes also apply to all new buildings, including commercial, industrial and highrise buildings. They allow for the safe use of new technologies that reduce energy waste and combat climate change. For example, elevator device codes now allow for variable speed escalators and moving walks. When the demand or traffic is not present, the device senses this and will slow down to a neutral speed with minimum energy use. The new building codes, which took effect on Nov. 1, require that all new homes and buildings in Alberta are built to meet or exceed the updated codes. Alberta’s Safety Codes Council has been providing training to inspectors across the province to help them transition to the new codes. “The new energy codes are an important step forward for Albertans, and the Safety Codes Council is proud to support them,” says Brian Alford, president and CEO of the Alberta Safety Codes Council. “The Council’s training on the energy codes will help safety codes officers inspect new homes and businesses to these new standards.” These codes align Alberta with energyefficiency standards across the country and position Alberta to be at the forefront of energy efficiency in Canada.
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DEC 9, 2016 - JAN 6, 2017 | NEW CONDO GUIDE 31
Advice | MONEY MATTERS
Budgeting for the holidays 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 likely you are 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 my 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 soirée. And list the items, ingredients and décor 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.
32 YPNEXTHOME.CA
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Trending
Leap year 2016 Canada’s historical home price growth By Wayne Karl
GREATER VANCOUVER
TWO-THOUSAND-SIXTEEN WAS A LEAP YEAR, so we
thought it would be interesting to look at Canadian home price growth over four-year intervals. We’ve gone all the way back to 1984, and the home price growth is, well… You won’t believe it. If you’ve ever heard the axiom, “Don’t wait to buy real estate, buy real estate and wait,” this story defines its meaning. It also underlines the value of real estate over the long term. We show you where — market by major Canadian market — and by how much.
WHAT DRIVES REAL ESTATE? Strong historical home price growth might be expected, given that real estate is a proven performer over the long term. But looking at the growth in these four-year windows shows some pretty staggering appreciation. It’s important, however, to take inflation and other factors into account. Housing market activity can fluctuate greatly over short time frames, Bob Dugan, chief economist, Canada Mortgage and Housing Corp. (CMHC), told New Home Guide. Over the course of a given four-year period, for example, housing market activity will reflect temporary factors such as swings in supply and demand that accompany normal economic ups-and-downs, as well as other macroeconomic factors. CANADA Canada: Average prices, all home types (% growth) 1984 $76,351
1988
1992
1996
2000
2004
2008
2012
2016
$129,702 $149,864 $150,899 $164,374 $226,604 $304,663 $363,606 $442,264 (70%) (16%) (1%) (9%) (38%) (34%) (19%) (21%)
“While it is true that nominal house price growth was very strong in the four-year window of 1984 to 1988, this coincided with a period of strong overall inflation. Similarly, if we calculate house price growth over the entire period of 1984 to the present using nominal measures, it would be surprising not to see spectacular results for growth, since we are not accounting for the impact of overall inflation over that span of time.” It’s also important to note that mortgage rates have declined significantly since 1984, which, combined with income growth, has increased the borrowing capacity of homebuyers. “As a result, homebuyers could increasingly afford more expensive homes, which in turn contributed to the rise in average prices.”
38 YPNEXTHOME.CA
Great Vancouver: Average prices, all home types (% growth) 1984
1988
1992
1996
2000
2004
2008
2012
2016
$113,722 $160,376 $245,260 $288,268 $295,978 $373,877 $593,767 $730,063 $897,158 (41%) (53%) (18%) (3%) (26%) (59%) (23%) (23%)
Sticking with the unadjusted numbers, looking at Greater Vancouver, there was huge growth – 53 per cent – from 1988 to 1992. What happened in this market over that period to contribute to such growth? Hello, Expo 86, the world exposition that showcased the city and the province. “Demand to live in the region picked up in the late 1980s and early 1990s,” thanks to this international event, says Richard K. Sam, principal market analyst for Vancouver at CMHC. “An expanding economy and employment opportunities attracted people to Vancouver and fueled populationbased demand for housing. Migration to the area was high, especially interprovincial migration.” BC recorded a net gain of 125,880 people from other provinces between 1986 and 1991, Sam says. Along with job growth, wages and salaries grew at a faster pace, particular from 1988 to 1990. “With these fundamental drivers in place, the demand for housing increased. Vacancy rates in the rental market were below one per cent from 1988 to 1990, and existing home sales reached relatively high levels. Home prices increased as demand exceeded supply.” So how to explain the 59-per-cent growth in Greater Vancouver from 2004 to 2008, well after Expo 86? “After a period of flat home sales and prices between 1996 and 2000, demand for housing started to pick up during the latter half of 2001,” Sam says. “This coincided with improving economic fundamentals (growth in employment, population and incomes), but also with relatively low interest rates.” Along with low mortgage rates, international and interprovincial migration into the region increased, with the city recording a net population gain of 144,348 from 2004 to 2008. One of the main drivers of economic and job growth was the infrastructure needed to support the 2010 Olympic Games, which led to labour shortages in the construction field. “Resales reached their highest level at 42,222 in 2005, while rental vacancy rates, which had climbed to two per cent in 2003, moved back down below one per cent from 2006 to 2008.”
WESTERN CANADA Vancouver wasn’t the only market in western Canada that was booming from 2004 to 2008. Average home prices in Calgary grew by 82 per cent, and in Edmonton 85 per cent. Even Winnipeg saw 62-per-cent growth. Calgary: Average prices, all home types (% growth) 1984
1988
1992
1996
2000
2004
2008
2012
2016
$86,724 $100,687 $129,506 $134,643 $176,305 $222,860 $405,267 $412,315 $453,936 (16%) (29%) (4%) (31%) (26%) (82%) (2%) (10%)
Edmonton: Average prices, all home types (% growth) 1984
1988
79,215
$82,123 (4%)
1992
1996
2000
2004
2008
2012
2016
$109,602 $109,042 $124,203 $179,203 $332,852 $334,318 $370,010 (33%) (-1%) (14%) (45%) (85%) (0%) (11%)
Strong economic growth in Alberta and Manitoba generated employment opportunities and attracted many migrants to these provinces, according to Lai Sing Louie, regional economist, Prairies and Territories, for CMHC. Winnipeg: Average prices, all home types (% growth) 1984
1988
1992
1996
2000
$58,755
$81,931 (39%)
$81,990 (0%)
$86,142 (5%)
$88,553 (3%)
2004
2008
2012
2016
$121,925 $196,940 $255,058 $279,365 (38%) (62%) (30%) (10%)
“Alberta’s economy generated many jobs in this period, with a peak annual growth rate of five per cent in 2006. In Calgary and Edmonton, the unemployment rates were below four per cent for large periods and temporary foreign workers began to help fill the labour shortage.” As result of strong economic and demographic growth, housing demand increased, lifting housing prices. GREATER TORONTO While Vancouver achieved huge gains from 1988 to 1992, and the rest of Canada saw decent growth, the GTA was the only market in Canada to decline, by four per cent, (and again by three per cent from 1992 to 1996). What happened? Great Toronto: Average prices, all home types (% growth) 1984 $95,423
1988
1992
1996
2000
2004
2012
2016
$212,373 $203,323 $196,476 $243,249 $315,266 $379,943 $498,973 $622,707 (123%) (-4%) (-3%) (24%) (30%) (21%) (31%) (25%)
Hamilton-Burlington: Average prices, all home types (% growth) 1984
1988
1992
1996
2000
2004
EASTERN CANADA Looking across the country, markets in eastern Canada have quietly hummed along nicely over the years. Newfoundland and Labrador, and Halifax-Dartmouth, saw pretty steady though unspectacular growth. What does that say about these markets? Saint John: Average prices, all home types (% growth) 1984
1988
1992
1996
2000
$53,257
$73,502 (38%)
$81,560 (11%)
$82,066 (1%)
$93,697 (14%)
2004
2008
2012
2016
$116,836 $158,117 $168,048 $164,155 (25%) (35%) (6%) (-3%)
Halifax-Dartmouth: Average prices, all home types (% growth) 1984
1988
$78,474
$92,204 (17%)
1992
1996
2000
2004
2008
2012
2016
$99,975 $105,869 $128,003 $175,132 $232,106 $270,742 $280,672 (8%) (6%) (21%) (37%) (33%) (17%) (4%)
Price growth was strongest in Halifax between 1998 and 2008, according to Guillaume Neault, CMHC regional economist, Atlantic, coinciding with a period of residential growth in the resale and new-home markets. Newfoundland & Labrador: Average prices, all home types (% growth)
2008
“All indicators pointed to a bubble in the Toronto housing market during the late 1980s and early 1990s,” says Dana Senagama, principal market analyst for GTA. “The market overheated, which led to an acceleration in house price growth. House prices then became overvalued, and overbuilding was observed before a significant decline in house prices was noted.”
$65,995
Toronto’s housing market faced significant macroeconomic headwinds, from a recession in 1990-91. Mortgage rates were increasing at the same time. “These headwinds resulted in significant job losses, and the subsequent years saw very slow job growth,” says Senagama. “Leading up to the recession, Toronto’s real estate market had gone through a fairly exuberant period that resulted in rapid price growth and home construction. Between 1986 and 1989, home prices were growing at 20 to 30 per cent per year, on average. This encouraged builders to increase supply based on speculation that the previously strong demand would still be there.” But by 1990, Toronto’s new-home market had a large overhang of unsold inventory. The weak recovery in Toronto’s job market and higher mortgage rates led to a lack of buyers, and the market was unable to absorb inventory fast enough to maintain price levels.
2008
2012
1984
1988
1992
1996
2000
$60,629
$76,828 (27%)
$91,590 (19%)
$93,661 (2%)
$99,525 (6%)
2004
2008
2012
2016
$131,499 $178,477 $268,776 $276,302 (32%) (36%) (51%) (3%)
“Between 2008 and today, price growth stabilized,” he says. “(Last year) was the third consecutive year where sales volume and new home starts were 20 per cent less than the 10-year historical average. Construction activity, however, has not subsided. Apartment construction, typically offered in rental tenure, has grown exponentially since 2008. Most of the units cater to households wishing to downsize.”
2016
$135,221 $151,038 $142,267 $164,168 $215,922 $280,790 $360,059 $443,388 (105%) (12%) (-6%) (15%) (32%) (30%) (28%) (23%)
Data provided by Canadian Real Estate Association. 2016 figures are as of Dec. 31, 2015.
DEC 9, 2016 - JAN 6, 2017 | NEW CONDO GUIDE 39
Homebuyers’ Help
Compare mortgage rates for your best deal CHARTERED BANKS ATB Financial Alterna Bank Bank of Montreal Bank of Nova Scotia
variable 2.5 4.10op 2.45
1 year
2 years
3 years
4 years
5 years
4.1 4.10op 4 6.30op
3.04 4.10op 2.79 6.30op 3.09 6.95op 3.29 6.50op 3.14 6.30op 2.84 6.35op 3.14 3.14 6.35op 2.94 3 3.20op 3.14 6.70op
2.39
2.59
2.69
2.79
2.74
2.59
2.74
2.59
3.19
3.59
4.09
2.59
3.09
3.39
3.89
4.49
3.04
3.65
4.2
4.74
2.79
2.49
4.09
4.79
3.04 2.45
3.65 3.39
4.39 4.09
4.64 2.65
2.94 2.94
2.94 2.84
2.99 2.79
2.99 2.89
3.04
3.39
2.79
2.94
2.79 2.59
3.34 2.69
3.99 2.79
4.44 2.94
2.84
3.44
2.44
2.69
3.24
3.49
3.69
3.79
3.25 3.5
3.95 3.7
4.39 4.3
4.64 4.35
2.14 3.09
2.34 3.39
2.59 3.89
2.59 2.45
3.09
3.39
3.89
4.49
2.74
2.59
2.74
2.59
2.89
2.95
2.99
2.89
2.24 2.79
2.39 2.89
2.49 2.95
2.69 2.89
3.09
3.39
3.89
4.64
3.2
3.65
4
4.5
2.79
2.64
3.89
2.44
2.69
3.49
3.99
4.54
2.85
2.95
3.05
3.15
2.39
2.39
2.49
2.49
2.6 2.9
Canadian Western Bank CIBC
6 months
6.95op 4.55 6.45op 4 6.45op
2.7 6.95op
Equitable Bank HSBC Bank Canada
2.65
ICICI Bank Canada Manulife Bank
2.75 2.6
National Bank
n/a
President’s Choice Finan Royal Bank
2.7 2.7
TD Canada Trust
2.6
Tangerine
2.7
4.45 6.20op 4.45 4.4 6.70op
7.00op
2.99 7.00op 3.04 4.00op 3.19
TRUST COMPANIES Community Trust Effort Trust
n/a n/a
Home Trust Investors Group Trust
2.35 n/a
MTCC
2.9
6.5 4.45 6.30op 3.95 4.2 6.50op 4.55 6.45op
3.14 3.35 6.30op 2.69 3.14 6.30op 3.29 6.50op
4 6.30op 6.2 6.40op 3.1 4.25 6.50op 4.2 6.50op
2.79 6.30op 2.84 6.30op 2.29 2.89 6.50op 3.14 6.30op 3.25 6.25op 2.84 6.30op 2.99 6.30op 2.8 2.95op 2.39
OTHER FINANCIAL INSTITUTIONS Alterna Savings
2.45
Comtech Fire C.U.
2.45
First National Fin. LP IC Savings
2.7
London Life
n/a
Luminus Financial
3.25
Meridian Credit Union
2.4
PACE Savings & C.U.
4 5 6.70op
Parama Credit Union
2.65
Steinbach Credit Union
2.25
ONLINE CALCULATOR ypnexthome.ca/mortgage-calculator Notes: **Interest rate charged subject to adjustment during term mortgage. Please consult institution for term of years available. All rates are prime rates and subject to change without notice. R.O.R.= RATES ON REQUEST op= OPEN -----= NOT QUOTING N/A= NOT AVAILABLE NOVEMBER 21, 2016. Prepared by http://www.FiscalAgents.com/mortgage/rates
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