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Cottages, Camps, Cabins and Condos – RE/MAX report sees sunny skies ahead for recreational property sales in Canada

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Today RE/MAX released its annual Recreational Property Report, showing healthy activity across much of the country and forecasts modest increases in sales and prices through the rest of the year. With schools out and the coming Canada Day long weekend marking the unofficial start of summer, national recreational property sales and listings have rebounded from a slow start caused by the late spring and cold winter experienced in many markets throughout the country.
National Trends: While there are nuances and specific attractions that define local markets across the country, a number of broad national trends have been observed.
Buyer Profiles: Two groups of buyers are driving the majority of recreational properties sales in Canada. The first is made up of families with younger children, who have built up equity in their primary residence and are using that money to purchase a vacation property. The second group is made up of near or recent retirees who have purchased a recreational property with a plan to use it as a primary summer residence and launching pad for winter travel.
Residential Spillover: Canada’s hot residential real estate market in urban centres has had a spillover effect on recreational property sales. This is particularly true in markets within a two-hour drive of the country’s large urban centres, where price appreciation has allowed homeowners to use equity gains in their primary residence to purchase a second home for recreational use.
Evolving Use: The way buyers are using their recreational properties is changing. While in the past, properties were largely used for weekend getaways and a week or two of summer vacationing, today many are purchasing a property from which they can work throughout the summer. Furthermore, a majority now see their recreational property as a four-season vacation option, rather than just a summer retreat.
CMHC Insurance Changes: While some potential recreational buyers may have been discouraged by the Canada Mortgage and Housing Corporation’s recent decision to eliminate insurance on second mortgages, little to no material impact has been witnessed from this change. There are many options available for financing and insuring mortgages on a second property and an experienced RE/MAX agent can help buyers find the option that best meets their specific needs.
Read more: 2014 Recreational Property National Press Release
The full RE/MAX Recreational Property Report, with market activity summaries for 41 regions across the country, is available at: http://rem.ax/1lNuH73.
Videos summarizing markets in the Ontario and Atlantic Regions can be found here: http://rem.ax/1lNyFfV and summarizing Western Canada regions can be found here: http://rem.ax/1lOV6TC.

Planned Eau Claire twin ultra-luxury condo towers include $13 million penthouse

Development near Peace Bridge includes more than 200 units

Calgary’s latest luxury condo development project in Eau Claire, along the Bow River, will be the best engineered flood and emergency prepared residential building ever designed in Canada, says the Vancouver-based developer of The Concord.
Concord Pacific announced plans for the development on Tuesday, which has more than 200 luxury homes on two towers, including a $13-million penthouse, at 6th Street and 1st Avenue S.W. near the Peace Bridge.
“The Concord will be the first uncompromised answer to luxury single family living in Calgary,” said Peter Webb, senior vice-president of development for Concord Pacific, adding the site is the best in Canada and one of the best in the world. “It’s everything we could imagine. A water feature in summer to a skating rink in winter, five star amenities, Porsche kitchens designed by the world’s oldest kitchen brand, Poggenpohl, and oversized garages. The high level of detail that has gone into every area of this project is unparalleled to any development in Calgary’s history.
“In the world, there isn’t very many places that you really get sites like this. You’re right on the edge of the city. So there’s an urban backdrop to the development. And the riverfront right in front with Prince’s Island and the (Peace) Bridge. These are world-scale landmarks and features that the City of Calgary has managed to develop on their riverfront. So to actually have a property that was right on the edge to take advantage of that natural landscape is really kind of something you only come across once in awhile.”
Webb did not disclose the total cost of the project but confirmed it would be Concord Pacific’s most expensive project per square foot to build.
Concord Pacific is Canada’s largest urban community developer with more than 20,000 residential units built or currently under development in Canada. This is the privately-held company’s first development in Calgary.
The developer said the site was not affected by last summer’s devastating flood but The Concord will voluntarily put in “robust” infrastructure designed by flood mitigation experts, Associated Engineering.
That includes: a building design engineered to withstand an high waters twice as significant as the 2013 flood; a perimeter system which includes special linked piles that surround the foundation and above-grade fortification walls with floodgates for pedestrian access; waterproof foundation with self-sealing capabilities to prevent underground water seepage; stormwater backup prevention management; and uninterruptable emergency backup power for building and suite systems.
Councillor Druh Farrell said The Concord is inspired by one of Canada’s most celebrated architects Arthur Erickson who did the original design.
“This parcel of vacant land with Prince’s Island just next door and a view of our beautiful river and Peace Bridge is one of the finest in the country,” said Farrell. “Eau Claire is one of Calgary’s most beautiful communities and with a bright future. A complete Eau Claire will be true a mixed-use community with retail and services right next to the downtown.”
She said the flood mitigation by the project will set a benchmark for the rest of Calgary.
The Concord will be a two-tower multi-family luxury development with more than 200 luxury homes.

The project is designed by Nick Milkovich, who worked with Erickson for over 40 years. Their iconic projects include the Museum of Glass in Tacoma, Washington, The Erickson Tower in Vancouver and the Creekside Community Centre and Canada House for the Vancouver 2010 Games.
The Concord’s 105-suite West Tower will be 14 storeys and will be completed by the fall of 2017.
Suites range from 1,061 square feet to 6,161 square feet.
Prices start at $1 million to $2 million with the top Estate Penthouse close to $13 million. There will be a limited selection of two-bedroom premium suites starting from the $700,000’s.
“We do have a perception that Calgary is capable of absorbing this kind of product,” said Webb. “I think what we’ve seen in the past is Calgary can be cyclical. But when Calgary goes in real estate, it goes hard. Prices go up. People aggressively buy. It’s kind of that frontier sort of mentality when people feel good about something they move more aggressively on it.
“Our feeling is that in the last market uptick prior to the fall of 2008 when the market changed, the market went very strong, very quickly and prices went up, and up and up . . . We really believe that the Calgary market is poised right now to take off. When any market moves up, it’s the premier product that escalates in value more rapidly than the rest. We believe the market will be moving and people are very quickly going to be attracted to this project.”
Webb said construction is planned to start on Phase I in about a year’s time. He said both phases are built on top of the same parkade.
“So in all likelihood the project will proceed as one all the way through,” he said. “When we market the second phase, I’m not really certain. That will depend on how quickly the first phase is bought up. But they will be just going in an orderly fashion one right after the other.”
Exterior amenities include a central water garden situated between the two buildings which will act as a pond in the summer and a skating rink in the winter; a fire pit lounge, an outdoor kitchen and a seating area surrounding the water garden; and hose and gas bibs for all terraces and balconies (where applicable)
Interior amenities: include the Grand Room featuring a gourmet kitchen, indoor/outdoor dining area and a bar and lounge; a meeting room; a luxury parkade featuring a heated entrance ramp, automated under-carriage and tire carwash bay, automatic car wash and area, a dedicated manual car wash bay and multiple hose bibs to facilitate parkade cleaning; direct elevator access to all Private Residences and Estate Penthouses; oversized garages ranging from double to double plus storage or extra parking; swimming pool, hot tub, sauna and steam room; and state-of-the-art fitness facility, yoga room and golf simulator.
Gary Beres, executive vice-president for commercial real estate firm CBRE in Calgary, has purchased with his wife a 2,000-square-foot, Private Residence unit for an undisclosed amount.
“We needed a larger unit and we love living down here so this is a natural extension of that,” said Beres, who currently lives next-door to The Concord site at the Princeton condo tower. “I know the Concord Pacific people really well. I deal with them in my business and I just know them because I travel back and forth from Toronto and Vancouver and I see what they’re doing in both those two cities.
“It’s phenomenal. They’re truly world-class developers. So a combination of loving the area, wanting to stay in the area and wanting to move into a project that obviously has a lot of quality and a lot of amenities.”
The Concord is the latest condo development in the current housing boom.
It is reminiscent of the condo boom of a few years ago but today’s real estate construction frenzy has one Nearly half of all proposed or under construction developments in the downtown area are for rental use.
Figures supplied to the Herald from the Altus Group Limited indicate there are 2,184 proposed condo units, 2,038 in the pre-construction stage and 1,762 under construction for a total of 5,984 in the combined area of Eau Claire, West End, East Village, Downtown and the Beltline.
Proposed developments include those publicly announced but not having submitted an application for development approval. Pre-construction consists of projects with development approval submissions.
And under construction refers to projects with a building permit in place and site excavation started.
Planned Eau Claire twin ultra-luxury condo towers include $13 million penthouse

Rendering of The Concord luxury condo development to be built along the Bow River in Calgary’s Eau Claire neighbourhood.

 
By MARIO TONEGUZZI, Calgary Herald June 3, 2014

Sales improve as consumers have more choice

City-wide price gains and better weather support year-over-year gains in new listings

Click Here for the full .pdf of the CALGARY REGIONAL HOUSING MARKET STATISTICS.
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Residential sales in the city of Calgary totaled 2,948 units in May, a 16 per cent increase over the previous year.
Sales last month were well above long-term trends and are the highest May activity on record.
“Strong sales activity is a reflection of improving fundamental conditions such as a growing population, favourable lending rates and rising wages,” says CREB® chief economist Ann-Marie Lurie. “Leading up to May, resale market sales were somewhat restricted by lack of choice.
However, recent price gains have encouraged growth in new listings, helping meet some of the housing demand.”
In May, new listings totaled 4,327, a 16.5 per cent rise over figures reported during the same time last year with gains in new listings nearly matching sales growth. While inventories remain nearly five per cent below levels recorded last year, this is the first time in over two years that year-over-year declines were not in the double digits.
While market conditions continue to favour the seller, improving supply has helped ease some of the tightness in the market.
“Market conditions vary depending on the product type,” says CREB® president Bill Kirk.
“Both condominium apartment and townhouse style products have recorded inventory growth relative to last year.
This is good news for consumers looking for more choice in condominiums priced between $200,000 and $400,000.” Year-to-date condominium apartment sales have totaled 2,020 units, a 21 per cent increase over the first five months of 2013.
Meanwhile, the recent boost in new listings caused inventory levels to rise to 1,051 units, a 13.1 per cent increase compared to last year, representing 23.3 per cent of all city-wide inventories.
Click Here for the full .pdf of the CALGARY REGIONAL HOUSING MARKET STATISTICS.

Just Listed in Mission! #308 208 HOLY CROSS LN SW

$334,900 – A rare opportunity  to own in the   trendy & vibrant inner city neighborhood of Mission. This 1 bedroom + den unit is in pristine condition. You will appreciate numerous special features such as: freshly painted throughout, newer counter tops, stainless steel appliances, new fireplace tiles & mantle, 9ft ceilings,gas BBQ hook up on balcony, views of downtown skyline and relax and enjoy the peaceful sounds of river from, wall length closet space in master, plenty of insuite storage, bright and sunny open concept floor plan, in suite laundry, heated underground parking and much more. This clean and modern building is located just steps to Lindsay Park, Talisman Centre, 4th Street, 17th Avenue, Saddledome, Stampede grounds and walk to work Downtown. Do not miss out on this fabulous opportunity! Click Here for a Virtual Tour.
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Just Listed in Tuxedo – 241 20th Avenue NW

$489,000 – Do not miss this opportunity to own a charming inner-city character home in mint condition! This well-maintained 3 bdrm +den home in the sought after community of Tuxedo includes numerous special features:hardwood throughout, newer front-loading washer/dryer, gas fireplace & gas stove & enclosed front porch. You’ll appreciate your spacious & bright master bdrm retreat with a secluded and relaxing ensuite w/ soaker tub & skylights. Partly finished basement allowing plenty of storage space, workshop &  room to be utilized as your home office if so desired. SOUTH facing yard w/ mature trees is the perfect space for gardening. Perennial filled yard is landscaped w/ a rundle stone patio & large deck. A convenient location — just a 4-minute drive or 25-minute walk downtown, close to 3 different bus routes that will take you downtown, to 17th ave SW, or to the UofC. Walk to Safeway, Lina’s Italian Market, Prince’s Island or Confederation Park to name just a few of the surrounding amenities! Click Here for a Virtual Tour!
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Just Listed in Silver Springs!

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Just Listed in Silver Springs – $479,000
Click Here or on the photo above for a VIRTUAL TOUR!
Pride of ownership is evident in this mint condition 4 bedroom home in the sought after family community of Silver Springs! Many upgrades  including the new flooring & fresh paint throughout, both 4pc bathrooms have been renovated and a newer furnace. Relax and enjoy the summer on your WEST facing deck complete with a Mountain VIEW, gas BBQ hook up,  numerous mature trees and vegetable garden. Lower level includes 2 bedrooms, laundry rm, den, storage and family room with 2nd cozy wood burning fireplace to enjoy in the winter months. Located on a quiet street; you are able walk to school, easy access to transit (C-Train and buses), public swimming pool, Bow River numerous walking paths and parks and all amenities. Do not miss this fabulous opportunity!
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CALGARY REGIONAL HOUSING MARKET STATISTICS for April 2014

Price gains encouraging new listings
New listings improve for all product types in the city

Following a slow start to the year, improved weather and price gains supported new listings growth. New residential listings in April totaled 3,754 units, an eight per cent increase over the previous year. Meanwhile sales activity totaled 2,545 units for the month, a seven per cent increase over April 2013.
“Throughout 2014, the condominium apartment market has recorded new listing gains, while until April, the single-family sector saw a reduction in new listings,” says CREB® president Bill Kirk. “Many single-family homeowners have been waiting for further price gains and the start of the spring market to list their homes.”
Single-family sales in April totalled 1,736 units, representing a year-over-year gain of eight per cent and a year-to-date increase of nine per cent. Meanwhile, single-family new listings totalled 2,584 units in April, a 7.4 per cent increase over April 2013.
As new listing growth outpaced sales growth, inventory levels improved, easing some of the tightness in the market. However, it was not enough to push the market back into balance.
“While we did anticipate the rise in new listings this spring, certain segments of the market will likely remain tight,” says CREB® Chief Economist Ann-Marie Lurie. “The single-family market continues to record declining listings for product priced below $400,000. Meanwhile, the growth in listings in April was mostly due to gains in the $500,000 – $999,999 range.”
Condominium apartment sales totaled 449 units in April, for a year-to-date total of 1,511. April’s year-over-year sales growth of 4.7 per cent was outpaced by the 11.2 per cent rise in new listings. This resulted in a rise in inventory levels to 898 units, three per cent higher than levels recorded in 2013. It’s also the only sector within the city limits to record annual growth in inventory availability. This growth is in part related to more new home product becoming available.
“Improved selection in the market is welcome news,” says Kirk. “Many consumers are interested in entering the market but the lack of choice poses challenges. While we are still early in the season, if this trend continues, it should provide more opportunities for consumers who have been unsuccessful with finding properties.”
Price gains continued across all property types this month. The unadjusted single-family benchmark price totaled $496,700 in April, a 9.67 per cent increase over April 2013 and up 1.24 per cent over March figures. While the price gains are still higher than expected, the pace of growth has slightly eased.
Meanwhile, unadjusted benchmark prices for condominium apartment and townhouse properties totalled a respective $291,700 and $316,700 in April. Despite the year-over-year price gains of 11.6 per cent for apartments and 9.6 per cent for condominiums, prices continue to remain just shy of peak levels recorded in 2007.
“Gains in employment and net migration have supported demand growth in the housing sector,” says Lurie. However, with unadjusted prices only recently recovering in some sectors, it is not a surprise that resale supply has not kept pace. As prices continue to improve and lending rates remain low, this should help support further gains in new listings, easing some of the tightness in the market.”

Click Here to view the full .pdf with more graphs and information!

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New List in Tuxedo – 237 21 AVE. NW

This adorable home exudes character! Well maintained this bright open floor plan features original wood work and charming decorative fireplace. You will appreciate the refinished fur flooring, vaulted ceiling, claw foot tub, kitchen with dbl sinks and built in dishwasher. Exit your master bedroom complete with double closets into your SOUTH facing yard. Lower level includes new carpet and base boards in the rec room and area for a den if so desired, storage & 2pc bathroom with washer dryer. Enjoy the convenience of upgraded electrical, plumbing, sump pump & newer furnace and hot water tank. Excellent location just minutes to downtown or Deerfoot Trail, easy access to bus, close to all amenities, restaurants, shopping, schools & outdoor pool. A character home with a front porch & exceptional curb appeal – shows well – do not miss this fabulous opportunity for inner city living!
$439,000
Virtual Tour: http://www.obeo.com/878670
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Just Listed in Ranchlands!

Fabulous location on a quiet street!This unique 4 bedroom bi-level is in mint condition! You will appreciate numerous special features such as: newer windows, freshly painted, wood burning fireplace, hard wood & ceramic flooring, newer stainless steel “Kitchen Aid” appliances, newer kitchen counter tops, dbl pantry, front loading washer/dryer, plenty of storage space & a spacious master with his and her closets complete with 4pc ensuite. A bright home with large windows throughout allowing lots of natural sunlight. This functional floor plan with wide hallways throughout is perfect for entertaining with French doors from the kitchen exiting into your beautiful back yard including a large deck & relaxing hot tub! You will appreciate the dbl attached garage & work shop rm which could be converted into a 5th bedroom if so desired. Just minutes to LRT, schools, several amenities at Crowfoot, natural green space w/ off leash parks & much more. Just move in -do not miss this outstanding opportunity!
48 Ranchlands Drive NW – $529,900
Virtual Tour: http://www.obeo.com/878669
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RE/MAX Spring Market Trends Report – 2014

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Click Here or follow the link to view the Full .pdf report and province breakdown!

Despite record setting low temperatures and snow storms, housing market activity in Canada during the first quarter of 2014 showed year-over-year resilience in most regions, with some exceptions in atlantic Canada, Manitoba and Ontario. In urban centres, house prices continued to post gains, in large part due to a lack of inventory; price increases were also seen in regions with strong local economies driven by the resource sector and major infrastructure development.

Potential homebuyers in Toronto and Calgary continue to be frustrated by low inventory and low affordability. In Toronto, where inventory has reached a record low, average residential sale prices increased almost 8 per cent year-over-year in march. RE/MAX is predicting a similar increase throughout the remainder of 2014. In Calgary, where a typical home spent only 34 days on the market, inventory levels were 30 per cent below the threshold of a balanced market. House prices in the region increased by over 5 per cent compared to the same period last year.

Vancouver’s balanced market posted a more modest year-over- year gain, but the average selling price of $1.36 million for a single family house has priced many buyers out of the market. Low affordability in this desirable city has prompted some innovative solutions, where we are seeing entire new lines of multipurpose furniture developed for 400 square foot studios that are selling in the $150,000 price range.

Many potential first-time buyers in Calgary and toronto have decided that purchasing a home is now more attractive given the reality of rising rents and a lack of rental selection. Both cities have extremely low vacancy rates with Toronto posting a rate below two per cent and Calgary’s renters struggling with a rate of one per cent. in both markets desirable rental properties are now attracting multiple offers, creating additional frustrations for those waiting to buy.

Harsh winter conditions and power outages delayed market activity across most of Canada, but were most notable in atlantic Canada as well as parts of southern Ontario. Looking ahead, spring sales in these regions are expected to make up for the lack of activity seen during the first two months of the year as new listings help satisfy pent-up buyer demand. For example, despite consumer confidence and a strong local economy, sales in St. John’s decreased 9 per cent year-over-year in February as they experienced one of the harshest winters on record. Southern ontario also suffered from snow storms and power outages. in Windsor, which suffered its heaviest snowfall winter since 1908, total first quarter unit sales declined 15 per cent year-over-year. However, march showed signs of recovery as unit sales were only modestly down one per cent year-over-year. This scenario is being played out in many of the markets that experienced a difficult winter.
Natural resources will continue to play a crucial role in fueling the Canadian housing market in 2014, specifically in Calgary, Saskatoon and St. John’s. in new Brunswick, Saint John buyers are waiting on announcements about pipeline and oil refinery developments that could have a transformative impact on their market.
Foreign buyers looking for investment properties or second homes have been drawn to Canadian cities for a number of years due to close social and economic ties as well as confidence in Canadian real estate. more recently, a weakened Canadian dollar has created another incentive for those buyers to invest in Canada. as the country shakes off the harsh winter, markets across Canada should see healthy activity through the remainder of 2014.
 

Click Here to view the full .pdf report!

2014 RE/MAX Spring Market Trends Report

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