CALGARY - It’s one of the most highly anticipated residential urban developments in Calgary and on Thursday sales are expected to begin for a small number of lots at the Currie Barracks. It’s all part of the first phase of a major redevelopment at the former military site that proponents say will create a marquee place to live and work. It’s also a major step in the conversion of the former CFB Calgary.
A small number of upscale “estate” lots for yet-to-be built homes are expected to go on sale Thursday, with another 37 single-family residential lots due to hit the market on Friday, according to Jonathan Allen, vice-president of investments with Unity Builders Group, which has about a third of those lots.
The prices for the properties are expected to range from $700,000 and up with the estate properties starting at about $1.6 million.
The project is also significant because it’s received the gold certification for Leadership in Energy and Environmental Design Neighbourhood Development. The prestigious designation is for sustainable development and the Currie Barracks project was the first to receive the distinction in Canada.
Given time, Allen said the certification will add signifi-cant value to property in the area. But Allen says he believes there is a more basic reason people are attracted to the development
Potential buyers, he said, look to how Canada Lands Company took other parts of the former military base and successfully redeveloped them into Garrison Woods and Garrison Green. The Currie Barracks, Allen said, will be the “piece de resistance.”
“It’s the capstone or the keystone, if you will, for the entire project,” Allen said.
“There are some very significant, very compelling attributes to the master plan for the entire community which I think Calgarians are going to appreciate.”
There also appears to be keen interest from potential purchasers. During four days last week, 800 people visited the sales centre at the Currie Barracks and got access to the array of builders, Allen said.
A representative with Canada Lands Corporation refused to comment on any potential sales, citing confidentiality
All of the 80-hectare Currie Barracks site will be redeveloped during 10 years and will feature offices, 3,200 housing units, a European-style High Street, and a Parade Square, among other amenities.
This first phase of the project will cover about 12.1 hectares and is located at the west corner of the Currie Barracks by Sarcee Road.
The alderman for the area, Brian Pincott, said the development puts special emphasis on public space. It’s the kind of project he wants duplicated in other parts of the city, from the inner parts of Calgary to the outskirts.
“Certainly this is the next wave of urban development that we need to do,” he said. “We’ve been waiting for it and anticipating this for a long time.”
The Currie Barracks development should prove to be a boon for the adjacent community of Rutland Park.
There is a small elementary school in their neighbourhood and more children in the area means that school can be sustained, according to Rutland Park community association president Peter Forte. There’s also talk of expanded public transportation and locals are looking forward to shopping along the High Street that will be built in the Currie Barracks.
“I think it’s been a long time coming,” said Forte, whose community association will represent new Currie Barracks residents. “It’s very creative and very imaginative. It won’t be . . . a cookie-cutter development.”
For more information concerning the new Currie Barracks development please call Lina Horner at 403-923-7237 or contact via email at homes@linahorner.com.
by David Pett
Economy, Market Call, Ian McGugan
For years, policymakers have been warning that things will be different when boomers start retiring in large numbers. You’ve probably heard the phrase so often that it’s lost all impact. But guess what? It’s no longer a matter of “when.” It’s a matter of now that the boomers are retiring in large numbers.
Stephen Gordon, a professor of economics at Laval, has the numbers (as well as a scary chart) on Worthwhile Canadian Initiative, the excellent blog on Canadian economics which he co-authors. His post shows that the working-age population as a percentage of the total population is beginning a sharp decline. Since 2005, the data have been at the extreme bad end of the 13 scenarios imagined by Statistics Canada.
Gordon figures the decline in the size of the labor force is going to cut per-capita GDP growth rates by about 0.4% a year. While Gordon doesn’t go into all the ramifications, it seems safe to assume that an aging population and slower economic growth will put pressure on the government’s deficit projections—not to mention Canada’s booming real estate market.
Marty Hope, Calgary Herald
Published: Saturday, January 23, 2010
Pent-up demand for resale housing that bubbled to the surface midway through 2009 will continue to be a factor this year, says the new president of the Calgary Real Estate Board.
In her inaugural address to the city’s real estate industry, Diane Scott said sales, prices and listings will continue to increase as the local economy and consumer confidence rebounds from the recession.
It’s the “new kids on the block” — the 25-to 34-year-olds who helped fuel the recovery in the latter half of last year — that will continue to fuel the 2010 market, she said.
Scott, who is broker/owner of Royal LePage Solutions Inc., said the average price of detached homes within Calgary’s city limits will likely move up slightly more than six per cent this year to $470,000.
At the same time, Scott predicted there will be 17,000 resale homes changing hands, an increase of 17 per cent — while the number of new listings will likely rise to 25,0000, up from nearly 22,500 in 2009.
The average price of condos will also likely climb this year, going to $296,000 from a year-end average of $283,734 in 2009, said Scott.
Sales will likely grow by 10.6 per cent to 7,000, she said, predicting that listings will likely increase to 10,750 this year, up from 10,323 last year.
“Single-family resale prices will again outpace condos in 2010, as equity gains from pre-2006 will enable move-up buyers to afford more,” said Scott, a 30-year veteran of Calgary’s real estate industry. “Consequently, the price gap between single-family homes and condominiums will continue to widen for the short term.”
For young buyers, low mortgage rates and relatively low prices provided the impetus to get into home ownership, said Scott, who opened her real estate business last February.
“Affordability has been the silver lining in last year’s housing market, even in the face of slowing wage growth,” she said.
For the previous two years, first-timers had been pretty much shunted to the sidelines until the market turnaround in 2009.
From having a maximum buying power of about $250,000, families found that with the mortgage rates slipping to 50-year lows, their buying power went as high as $375,000, said Scott.
“In two years, (the market) has gone from sizzle to fizzle to simmer — and today, the market has entered a more balanced and stable condition,” she said.
Buying a home can be a stressful process but here is a bit of knowledge I’d like to share with you about condo’s so as to keep you better informed when you are making that important decision of buying property.
by Shannon Essington
Source: www.cren.ca
Last week we took an in depth look at some common mortgage terms that will come up time and again. This week we will continue on that path but head in the direction of condominiums, a popular choice for both first time buyers and those who appreciate a maintenance free lifestyle.
When considering purchasing a condominium there is some extra things to be aware of before signing on as an owner. The challenge is that many aspects of condo ownership are not easy to understand, and come complete with a language of their own. This terminology, added with all of the other industry jargon, can often cause confusion and frustration for buyers, in fact even the name “condo” is often misunderstood.
The word “condominium” refers to a form of legal ownership, not a style of construction. While most buyers tend to think of a condominium as a high rise apartment complex, this type of ownership can be extended to low rise buildings, townhouse complexes and believe it or not, some single family homes as well.
The ownership of a condo consists of two parts: firstly, the individual unit, which is owned exclusively by the purchaser, and secondly, a shared ownership in all common areas of the building or complex, such as the lobby, hallways, elevators, fitness facilities, parking and landscaping outdoors.
To cover the ongoing costs involved in managing and maintaining the common areas, a monthly condo fee is charged to all owners. Most condo fees are determined by the square footage of the unit, although some are just a flat rate. As this monthly fee is set by the condo board it is neither optional nor negotiable. Additionally, like most expenses it will most likely increase over time.
Condo fees are used to finance many aspects of ownership within the condominium. Some of these expenses include day-to-day care of the common areas, property management fees, some utilities and an ongoing contribution to the reserve fund.
The reserve fund is set up by the condominium management to cover the cost of major repairs and necessary replacements over time. Costs such as roofing or window replacement would fall under the intended use of the reserve fund. In the event that the reserve fund falls short of covering a necessary expense, each owner could be given a special assessment charge. These special assessments may be payable as a one-time lump fee and depending on the financial need of the condominium, these assessments can be extremely costly. Beware of developments that have significantly lower monthly condo fees than other similar properties, as this can be a sign of poor management and under-funding, which might cost you much more later.
Another challenge when looking to purchase a condo is that mortgage lenders have varying policies surrounding what they will and will not finance. It is not uncommon for a lender to prefer one type of building style over another.
If you are considering purchasing a condo in the near future, it is even more important to have a clear understanding of what you are truly pre-qualified to purchase, beyond just the maximum approval amount. Square footage and property specifics are just two of the points that could come up after you’ve found that perfect condo, which you may wish you had known up front.
To ensure that your condo purchase is a great buying decision, both in the short and long term, it is best to work with a team of professionals who are experienced with the finer details of condos. A great realtor and mortgage broker are certainly key members of that team. Call today to get the information you need to get this process started, especially if you want to take advantage of the deals that inevitably come available during this holiday season.