There’s a condo boom in Calgary but it may not be the best news for mortgages and why ‘transformable’ is a growing buzz word in condo development.
Drop In Level of Mortgage Insurance
The Canadian Mortgage and Housing Agency has announced that there will be around a 2.2. per cent decrease in its mortgage underwriting. This is part of the government’s response to the threat of a housing bubble. The CMHC expects to underwrite $545 billion this year, down from $557bn last year. The CMHC has also recently added extra rules for qualification and raised insurance rates from the beginning of this month. Read the full story.
Condo Boom In Calgary - But Not Good News for Mortgages
We saw a condo boom in Calgary a few years ago, but this time it’s different. Almost half of nearly 6000 proposed and under construction units in the City are for the rental market. This is being driven by the large numbers of high earning professionals moving to Calgary but not yet ready to start a family or at least to settle into suburban life. Read the full story.
The Swiss Army Condo?
With prices rising, demand for affordable condos is high. Developers are using smarter planning to ensure you get more space for your bucks. Micro-condos are one solution with space around 300sq.ft but another clever way to rethink the condo is by making them ‘transformable’. Vancouver’s Bosa Properties began work last week on its development in the University District tower in Surrey and its condos called BosaSpace will allow reconfiguration of internal walls and furnishings. They say “The entire home is responsive, dynamic, and multi-dimensional. Just like your life.” Read the full story.
Industrial Space Plentiful in Calgary
Last year was a productive one for the construction of industrial units in Calgary and it means that the vacancy rate has gone up despite a buoyant leasing market. With 3.5m sq.ft of inventory coming to the market in 2013, the vacancy rate is up to 5.3 per cent from 3.4 per cent a year before. Big players continue to take up industrial real estate in Calgary though, with Sears, Walmart and Home Depot Canada just some of the major names investing in the city. Read the full story.
Condo Builders Compared To Rob Ford
There are more condos being built in Toronto than any other North American city, but developers say they get bad press from people who judge them out of context. Barry Fenton, CEO of Lanterra Developments said Tuesday at the Bloomberg Canada Economic Summit that he almost knows what Toronto Mayor Rob Ford feels like with people too quick to criticize. Although the perception is that property in Toronto is being snapped up by foreign investors, developers say this is on the decrease with the slack being taken up by domestic buyers. Read the full story.
Canmore Resales Looking Good
A report by Sotherbys shows that the resales market in Canmore is doing well with 64 properties sold in April this year, the third highest ever and the best month since 2008. The report says that there’s renewed confidence and great value properties in the area. The hottest thing on the market? Single family homes under $900,000 Read the full story.
Too Many Realtors?
Prices may not be the only ‘bubble’ in Canada’s real estate market; there may be too many realtors too! Figures from the Canadian Real Estate Association show that there are now 108,000 realtors nationwide, almost as many as the number of carpenters (131,000). Those employed in construction are also at a high and its all down to the rising real estate prices. Read the full story.
Pop Up Shops Mean Residents Get Businesses They Want
An experiment in Vancouver could transform the way commercial businesses set up shop. The mixed-use Living Midtown development will invite businesses to ‘pop up’ for a week to allow them to gauge the reaction of local residents. Developers will then be able to decide exactly what businesses are wanted and needed in the neighbourhood and construct appropriate property. Read the full story.
Ski Resort Back in Business By Next Summer
The bankrupt Talisman Mountain Resort could be back in business by next summer although with a change of focus. The ski lifts aren’t likely to return as the Toronto development team behind the purchase are planning a luxury hotel and spa. The resort in the Beaver Valley area closed in 2011 owing millions including taxes. Read the full story.
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