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New condo sales in Calgary plunge from year ago level
Calgary’s new condo market has been facing huge headwinds since the start of 2015 with sales plunging by 61 per cent in the first quarter compared with the same period a year ago, says a new report by Altus Group Limited.
The report said there have been 523 transactions in the first three months of 2015, which is also 53 per cent lower than the average of the past five years. But sales remain higher than the 2008-2010 period.
“Consumer confidence took a beating over Q1 as the impact of the oil prices downturn sunk into the market mentality,” said Ian Meredith, residential advisory consultant with Altus Group in Calgary. “The drop in absorption resulted from a combination of the investor segment disappearing, owner-occupiers without a need to buy opting to stay on the fence, and the increased MLS inventory eroding the competitive position of the new condo market.”
The report said several new projects were launched in the first quarter to mixed results.
“Sales launch activity is substantially weaker than the past few years, with investors having effectively exited the market for the time being,” it said.
The report said projects not finding the same levels of success at launch, combined with weakened absorption at existing projects, resulted in the available inventory of new condominium supplies increasing to over 2,700 units, the highest level since 2008.
“Whether or not the trend continues is reliant on some positive employment and oil-price messages permeating the market so as to push buyers off the fence and entice the investor segment back in,” said Meredith. “The seasonal effect almost always pushes Q2 numbers above Q1, but the extent to which this occurs is reliant on some positive macro-economic news. Based on Q1 results, the market is on track for 2,000 sales in 2015, in-line with 2010 but still less than half the average volume of the past four years.”
Felicia Mutheardy, acting principal market analyst for Calgary for Canada Mortgage and Housing Corp., said the city has seen a decline in multiple family starts this year.
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The decline in starts in the first quarter is attributed to fewer condominium apartment starts, which were 28 per cent lower year-over-year,” she said. “It is important to note that in 2014, multi-family starts reached a record high, supported by strong net migration and employment growth. Multi-family starts for 2015 and 2016 were not expected to surpass this record due to slower in-flows of migration and moderating employment growth. In addition, since the latter half of 2014, low oil prices have introduced a high degree of economic uncertainty, which has eased housing demand further.
“Buyers in the market may be taking a bit more time to make their purchasing decision due to this uncertainty. For some, they may choose to purchase an existing home instead of a new unit, particularly given the recent increases in supply on the existing home market.
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According to CMHC, multi-family starts in Calgary were down by 29.1 per cent in the first quarter of 2015 compared with the same period in 2014.
“CMHC is forecasting lower multi-family starts in 2015 and 2016 due to reduced net migration and weaker employment growth,” said Mutheardy. “Given current economic conditions and outlooks, risks to the forecast are currently weighted on the downside. In 2015, CMHC expects multi-family starts to decline 30 per cent year-over-year to 7,500 units, followed by a further reduction to 6,200 in 2016.”
Waterfront condo development launching new phase with Parkside
302 units in four buildings on Eau Claire site along Bow River
A growing appetite for the condo lifestyle in Calgary has a major development launching its next phase of construction in the Eau Claire neighbourhood along the Bow River.
Anthem Properties Group will open sales to the public on November 15 for its Parkside project, encompassing four buildings and 302 units, in the Waterfront development, the Herald has learned.
“The biggest thing is obviously location. That’s a huge help. You look around us and we’re set right against a vibrant downtown, with plenty of successful people seeing the value of living and working close by. And you continue to see more amenities show up in the neighbourhood,” said Greg Zayadi, vice-president of sales and marketing for Anthem Properties Group based out of Vancouver, with properties and operations throughout Western Canada, and sister company to United Communities.
He said a growing number of restaurants, coffee shops and grocery stores coming to the downtown of Calgary will support that growing condo lifestyle in the heart of the city.
The Parkside phase will be directly adjacent to Sien Lok Park and consist of four buildings of 17, nine, nine and six storeys. Prices range from $289,900 to $2.3 million.
The company bought the current land just east of the Eau Claire Market in 2004 and started construction on the first building in 2007.
The first two buildings of Waterfront, 22 and 24 storeys, brought to the market 450 condo units. All are sold and occupied today with the exception of five penthouses still for sale.
“We fought through what was the tough market in the downturn and got it completed,” said Zayadi.
“Because of the amount of inventory we’ve already sold, the amount of owners we have in the buildings, we have huge demand from our existing owners.”
He said construction on Parkside will begin in the spring 2015 and all four buildings will be built at once with spring/summer 2018 completion.
Waterfront is also building its Outlook phase of 175 condo units in two buildings of 16 and four storeys. All units have been sold with completion expected in April 2015.
Zayadi said the final phase of the overall Waterfront project will probably launch next year. It will be located directly at the entrance to Prince’s Island Park, on the north side of the site, and consist of a nine and a four storey building with another 77 units.
A coffee shop and liquor store have opened on the site and a new Brazilian steakhouse is under construction.
When fully complete by 2018, Waterfront will have just over 1,000 condo units.
Zayadi said the market for condos is getting more robust in Calgary and that is evident in both the resale and new condo sectors this year.
According to the Calgary Real Estate Board, year-to-date until Wednesday, there have been 4,248 MLS condo apartment sales in the city, up 20.14 per cent from the same period a year ago. The median price has risen by 9.09 per cent to $285,000 while the average sale price is up by 8.37 per cent to $324,405.
In the Eau Claire neighbourhood, there have been 64 condo apartment sales this year until the end of October with the median price of $519,950 and the average sale price of $724,886. Last year, for the entire year, there were 81 condo apartment sales in the neighbourhood with a median price of $561,750 and an average sale price of $738,906.
“Parkside is the newest addition to the hugely successful Waterfront project which is located in one of the best locations in Calgary,” said Cody Battershill, a realtor with RE/MAX House of Real Estate in Calgary. “Sales in the previous towers have been strong, a testament to the desirability of the location and the overall strong demand for condominiums in Eau Claire and downtown Calgary.
“This new project has a variety of floor plans and price points for all buyers. This is another exciting new addition to the skyline and I’m very excited for my clients that are purchasing in the building. The Eau Claire area commands a lot of interest along with some of the highest priced condo sales in Calgary.”
A report by the Altus Group said standing inventories of condo apartment units have been low in Calgary for some time, in both the new and existing stock. This has resulted in buoyant pre-sales of new condo apartment starts here in the first nine months of this year which were almost 3.5 times that of last year and 2014 is on track to surpass the previous record set in 2008. While apartment sales are expected to moderate only slightly next year, starts are expected to post a more significant decline after the heady 2014 level.
Condo starts from January to September of 5,250 were up from 1,537 a year ago. Those under construction of 6,986 are up from 4,237 and sales of 2,225 have increased from 1,939.
Council OKs sale of part of 5th Street S.W. to developer…
Council has given final approval to a developer’s bid to buy a block of 5th Street S.W. in Eau Claire as part of its six-tower residential project on the two blocks straddling that quiet road.
The site owner plans to keep the roadway between 2nd Avenue and Eau Claire Avenue as a publicly accessible road, but give it a curvy redesign that complements its massive project and is more pedestrian-friendly than other blocks, planners have told council.
“They had a much higher quality of street in their mind than we would normally put in,” said Druh Farrell, councillor for Eau Claire.
It’s highly unusual for city hall to sell active public roadway to a private developer. The city will disclose terms of the roadway sale once it has closed, council records show. Farrell, who calls the sale “exceptional,” said the company will cover maintenance costs for the street.
The project will rise on two of the last remaining block-long surface parking lots in Eau Claire. Developer GWL Realty is planning 1,000 dwelling units in the towers, plus retail, including a proposed grocery store.
“It will finally complete a community that has been in transition for decades,” the councillor said.
By Jason Markusoff, Calgary Herald
Condo sales outpace single-family sector
Condo sales growth in Calgary continues to outstrip the singlefamily sector while helping to drive what could be a record year for new multi-family construction.
To date this year, 3,232 condo apartments (up 21 per cent from Aug. 20, 2013) and 2,565 condo townhouses (up 20 per cent) have sold as buyers seek out affordable options.
“With the single-family market there has been a lot less listings in the lower price ranges,” said Ann-Marie Lurie, CREB’s chief economist. “So for those people who are looking for product in those lower price ranges, they’re considering their alternatives which include the condo apartment and condo townhouse markets.
“That’s where a lot of that demand has been because most of the product is in that price range. That doesn’t necessarily exist as much in the single-family.”
Lurie said the city’s tight rental market and increasing rents are also leading people to buy.
“A lot of consumers are moving into ownership and typically what they look at is the condo-type product because it’s more affordable,” she said.
Total MLS sales in July were 3.2 per cent ahead of last year due to rising condo sales.
While single-family home sales fell 1.3 per cent last month, sales of condo apartments (up 11.8 per cent) and condo townhouses (up 15.3 per cent) both increased. That trend is continuing in August as condo apartment sales are up 18 per cent over last year and condo townhouse sales have grown 25 per cent.
“We’re seeing more demand from local buyers who are increasingly aware of the benefits of the condo lifestyle: convenience, security, unique amenities and proximity to the city’s downtown,” said Linda Lam, a real estate associate with Sotheby’s International Realty Canada.
Pre-sale condo developments are attracting not only local buyers and investors but many from other major cities as well “as Calgary’s real estate market becomes renowned as a stable place to invest,” she said.
The luxury condo market has also been strong with 40 sales of at least $1 million – 17 condo apartments and 23 condo townhouses. In 2013, a record 73 luxury condos were sold.
The record year for all Calgary condo transactions was 2006 when 8,390 MLS properties – 4,721 condo apartments and 3,669 condo townhouses – were sold. Last year, 7,181 condos were sold.
According to Canada Mortgage and Housing Corp., multi-family starts in the Calgary area will reach 9,000 units this year, a 45.6 per cent increase from last year.
The most recent high for multifamily starts was 7,051 units in 2008. Last year, there were 6,182 multifamily starts.
“A number of things are prompting construction so far in 2014. First of all we’ve seen some strong demand for housing. Employment has been strong in Calgary along with net migration,” said CMHC analyst Richard Cho. “Another factor prompting activity has been inventories. Inventories have come down fairly low historically and that’s also giving opportunities for builders to increase construction this year.”
Mario Toneguzzi, Calgary Herald
Published: Friday, August 22, 2014
Bazinga! launches at Calgary’s Tribeca, coming soon to Ven condos
Bazinga!, the community-building app for condo dwellers, is available for the first time in Alberta.
Bucci Group is the first developer to offer the service in Wild Rose Country, launching it today at their sold out Tribeca development in Calgary’s Mission neighbourhood. But don’t fret Calgary homebuyers, you have another opportunity to live in a bazinga!-ready building as Bucci will also make the app available at Ven condos once that Kensington Village development is completed.
As we’ve reported in the past, bazinga! is a game-changer for the way homeowners and tenants interact with their homes. Bazinga! allows residents to access important home information, receive building updates, communicate with building staff, and connect with neighbours.
“We want to help build community and simplify the lives of our homeowners,” says Bucci Group vice president Mike Bucci. “Aside from building necessities, our residents can use bazinga! for social uses like organizing carpools, sharing restaurant recommendations and posting notices for your lost keys”
Bazinga! will only add to the convenient and community-minded lifestyle offered at Ven. The four-storey development is within easy walking distance of dozens of restaurants, cafes, recreational facilities, parks and schools. To learn more about the remaining Ven homes, visit the presentation centre at 306 10th Street NW in Calgary (second floor) between 12pm and 6pm Saturday through Thursday.
For more information call 403 225 0023, email admin@bucci.com or visit their website here.
Two-tower condo project a 'landmark development'
A two-tower condo project with 319 residential units is coming to the west end of downtown Calgary.
Grosvenor and Cressey Development Group plan to build the towers – one 24 storeys, the other 18 storeys – at the corner of 5th Avenue and 10th Street S.W., with construction expected to start late this year or in early 2014.
Sales for the Avenue project will be launched in the coming weeks, said Michael Ward, vice-president of Grosvenor in Calgary.
The latest downtown condo development was revealed as construction on another – Qualex Landmark’s MARK on 10th project – began blocks away with a ceremonial ground breaking on Tuesday.
MARK on 10th, located at 10th Avenue and 8th Street S.W., will be a 35-storey building.
The Calgary Real Estate Board said year-to-date sales in the condo apartment category, to March 18, are up almost 10 per cent from the same period a year ago. The average sale price has risen by 6.5 per cent to $290,048.
Grosvenor is also building the 17-storey, 135-unit Drake tower in the Beltline neighbourhood, at 15th Avenue and 7th Street S.W. Construction will be completed there in October.
“Watching Drake and watching the sales there it’s been quite good,” said Ward.
“That project is almost sold out now and that sort of gave us the confidence to move with the next project which is Avenue,” he said.
The Avenue partnership between Grosvenor, a privately owned property investment and development group, and Cressey, a residential and commercial development company, will redevelop the corner of 5th Avenue and 10th Street S.W. into what it calls a “landmark development.”
Ward said the development will be located on one of the few remaining parcels of land in Calgary’s west end.
Work has also started on Smith, a new multi-family project located adjacent to Drake.
Mario Toneguzzi, Calgary Herald
Published: Wednesday, March 20, 2013