AGE AND CONDO DEMAND

Condo demand stronger among older Canadians: BMO
Business News Network May 30, 2013

Think the condo market is a young man's game? Think again, a report from BMO says the demand among potential homebuyers for purchasing a condo is greater for Canadians over the age of 50.

Among prospective buyers over the age 50, about 30 percent said they were willing to buy a condo over the next five years, compared to just 17 percent for Canadians under the age 50, the survey said.

The condo market in Canada's cities is also being divided into the haves and have nots, the survey noted.

In both Toronto and Calgary the appetite for buying a condo is on the rise, while demand is falling in Montreal and Vancouver.

About one-third of prospective buyers surveyed in Toronto said they were planning to buy a condo in the next five years, an increase of 11 points from a survey conducted in the fall.

In Calgary, 33 percent of buyers said they were considering purchasing a condo in that time period, up 8 percent from a previous survey.

But the story in Vancouver and Montreal is the complete opposite, with the percentage of buyers thinking of purchasing a condo falling to 28 percent from 33 percent in Vancouver and down 3 points to 24 percent in Montreal.

"Condos remain an affordable alternative to the pricey detached market in some major cities," said Sal Guatieri, senior economist at BMO Capital Markets. "For example, a typical Toronto condo today requires just 22 percent of a median family's income to service; Vancouver condos - while more expensive - are still affordable at 28 percent of income.

The report from BMO comes amid a debate among economists and other investors whether the country's housing market is headed for a U.S.-style crash. While many economists on Bay Street say the country is moving towards a "soft landing," a number of investors say that call is too optimistic.

The condo market in major cities such as Toronto and Vancouver, has attracted significant negative attention.

On Wednesday, the Organization for Economic Cooperation and Development (OECD) in its twice-yearly Economic Outlook warned of a potential for a pullback in housing prices in Canada. The OECD said Canada is one of three countries in the 34-member group where "houses appear overvalued but prices are still rising." The Toronto condominium market is the agency's "number one concern."

While a dramatic collapse in the housing market is unlikely, Jarrey said it can't be ruled out completely.

"Nobody saw the huge decline in the United State coming either five or six years ago – not nobody, but very few – and we could be having something very similar but it's not a very likely outcome," he said.

KEEP CALM AND BOOM

‘It’s boom time in Alberta’: New home construction at a five-year high (graphic)
By Mario Toneguzzi
Calgary Herald June 10, 2013

CALGARY — New home construction picked up in the Calgary region in May with Alberta’s level at a five-year high.

It’s a sign that the housing market is heating up.

Canada Mortgage and Housing Corp. reported Monday that total starts in the Calgary census metropolitan area reached 1,078 units during the month, which was an increase from 949 in May 2012.

“The trend of total housing starts increased slightly in May, due to strong construction in both the single-detached and multi-family markets,” said Richard Cho, CMHC’s senior market analyst for Calgary.

Multi-family starts rose to 519 in May from 466 a year ago while the single-detached market saw starts jump to 559 from 483 last year.

“While softer energy prices may be moderating overall economic growth this year, it appears that home builders didn’t receive the memo. Judging by the most recent statistics, it’s boom time in Alberta,” said Todd Hirsch, chief economist at ATB Financial.

Builders started construction on 41,438 new homes in Alberta in May — the highest this year and the first time since early 2008 that the figure has risen above the 40,000 mark.

“What’s more, the trend over the last several months clearly suggests that the housing market is heating up,” added Hirsch. “Between May 2012 and May of this year, housing starts are 14.1 per cent higher than they were in the previous 12-month period.

“What’s causing this boom in home construction isn’t any big mystery: population growth. Even if overall economic growth has slowed somewhat, the inflow of people into our province hasn’t.”

The latest Labour Force Survey, released last week, points to a surge in the labour force, which has grown by 59,400, or 2.6 per cent, over the last 12-months.

“Interprovincial and international migration to Alberta is driving some of the demand for new homes. High wages, low unemployment and a younger population are also contributing factors,” said Hirsch.

“The strong housing starts number ... is supported by another figure from Friday’s employment report — the number of construction jobs is also rising. Even if jobs in the energy patch and manufacturing have eased back a bit, employment in construction continues to provide some great work opportunities.”

Robert Kavcic, senior economist with BMO Capital Markets, said multi-unit housing starts in Canada came storming back in May “after falling precipitously through the winter months.”

“Still, the six-month trend in overall Canadian housing starts sits very close to demographic demand, further hinting at a soft landing,” he said.

Total Canadian housing starts rose by 13.8 per cent in May to 200,178 annualized units, the strongest pace in six months, added Kavcic.

The multi-unit segment rose by 22 per cent.

He said Alberta posted a modest gain, and activity in the province now sits at the highest level in five years.

“With the six-month moving average now more in line with the rate of household formation, May’s sharp jump in the pace of new home construction is unlikely to be sustained,” said Dina Ignjatovic, economist with TD Economics, about the national picture. “Indeed, slower price growth in the housing market could lead to lower homebuilding activity in the coming quarters. Moreover, the overbuilding that has taken place over the last 10 years could lead to new home construction falling below this demographic need for a period of time. This should, however, help to prevent further overbuilding and a consequential sharp correction in the housing market.

“Overall, we expect new home starts to gradually trend down over the next 12-18 months, suggesting that the Canadian economy will not be able to count on residential investment to prop up growth over that time frame.”

For Graphs:
http://www.calgaryherald.com/business/Calgary+region+housing+starts+trend+upwards/8503723/story.html

EASY GROW GRASSES

Ornamental grasses easy to grow
Bring containers inside for fall colour
By Gerald Filipski
Edmonton Journal May 21, 2013  

I have been getting a few requests to repeat a column that ran a few years ago on grasses. It seems more and more gardeners are discovering the joys of maintenance-free gardening that grasses can offer.

Grasses are efficient, versatile and beautiful and can be used in many applications.

Containers

The right container can make or break a grass. If your grass is gold edged in green, a high gloss, black container will look great. If the grass is a rusty brown, a bright yellow container will do the trick. Choose from today’s wonderful variety of containers to best complement and contrast the grass. If you are going to bring the grasses indoors in the fall, choose a container that is light enough to transport. Many of the cast-resin types look like much heavier ceramic or terra cotta, but weigh a fraction of the real thing.

Decisions, decisions

Ornamental grasses come in a wide range of heights and colours that include shades of green, gold, brown, red, purple and white. They easily hold their own when it comes to landscape design; you won’t need to add anything else to achieve an appealing and very interesting container garden. A single tall grass in the background, with two or three medium-height grasses and three to five short varieties in front can turn a dull corner of a deck or balcony into a thing of beauty.

Care and feeding

These undemanding plants prefer a well-drained, good-quality potting soil, with no need to fertilize during the first year of growth. After the first year you can add some slow-release fertilizer pellets made for containers. This way, each time you water the plant gets fertilized. The pellets can last for up to three monthst. Grasses like to be watered on a regular basis, but many are drought tolerant and can go for longer without water— sometimes a couple of days, or longer if they are not in direct sun — than most annuals.

In the fall, it’s easy to bring your grass arrangement inside and enjoy it right through the winter.

Try some of these newer varieties of grass in your containers:

Golden Japanese forest grass (hakonechloa macra Aureola): Leaves bright yellow with narrow green stripes. Full sun to part shade. This spectacular plant has a habit of cascading over the sides of a container. 35 cm tall, 41 cm wide.

Carex Prairie Fire: Partial to full shade. Leaves green/bronze that erupt into a gorgeous red colour. Upright growth and an excellent container plant. 30 — 46 cm high and wide.

Carex Bronco: Leaves medium-brown/bronze. Habit is a cascading one. Full sun. 25 cm tall, 35 cm wide.

Festuca glauca Boulder Blue (Boulder Blue fescue): Spiky, clump-forming habit. One of the bluest grasses on the market. Striking in a dark black pot. 15 — 30 cm high and wide.

Calamagrostis x acutiflora Karl Foerster (Karl Foerster Reed Grass): My favourite background grass; leaves are green, often turning tan in fall. Plumes of rose-coloured flowers rise above foliage in midsummer, carrying tan seed heads from late summer through late winter. You can leave the seed heads on when bringing indoors, or cut them off. Grows to 1.5 m tall and 76 cm in width, but it won’t get that large in a container.

MAY, OUI

Calgary condo sales in May see upward trend
May 28, 2013

As the month of May nears its end, Calgary’s resale condo market has seen a healthy upward movement in sales and prices.

According to the Calgary Real Estate Board, month-to-date until May 27, there have been 346 MLS sales in the condo apartment category, up 5.17 per cent from the same period last year.

The median price has risen by 4.56 per cent to $261,500 while the average sale price is up by 12.39 per cent to $310,871.

In the condo townhouse category, sales of 311 are 25.91 per cent higher than a year ago; the median price has increased by 7.63 per cent to $317,500; and the average sale price is up 3.54 per cent to $342,638.

Source: Calgary Herald Blog

SUP?

Calgary homes selling quicker
May 27, 2013

It’s interesting to see how the age-old dynamic of supply and demand is playing itself out in today’s Calgary real estate market.

When supply is down and demand is up, that’s going to impact prices and it’s also going to impact the length of time it takes to sell a property.

Well, supply is down these days in Calgary’s housing market while sales continue to grow. That’s pushing prices upwards – near record levels. And homes are selling quicker.

Here’s the numbers.

According to the Calgary Real Estate Board, month-to-date until May 26, there have been 2,049 MLS sales in the city, up 2.71 per cent from the same period last year.

Days on the market to sell a property have dropped from 39 last year to currently 31, which is a drop of 20.51 per cent.

New listings of 3,091 so far this month are down 4.83 per cent from last year and active listings are off 18.16 per cent to 4,821.

All those numbers are sure to impact prices.

So far this month the median price is up 3.87 per cent from last year to $405,000 and the average price has risen by 3.26 per cent to $459,951 for all MLS property sales in the city.

VERTICAL THINKING

Garden living in Taipei
Thursday 07 Mar 2013

Vincent Callebaut Architectures shares exclusive identity of 100m-high Agora Garden residential tower now under construction


Agora Garden, an inhabited and cultivated vertical garden in the Xinyin District of Taipei, is currently under construction. A competition for the project was won by Vincent Callebaut Architectures in 2010 with a design inspired by two encircling hands clasped together and the helical structure of DNA. Once completed the 42,335 sq m luxury residential building will incorporate nanotechnologies and vertical gardening into the residents’ everyday life to make this one of the most eco-friendly structures in the city.

One of the more visually arresting aspects of this ambitious project is the 90 degree twist of the tower, the sinuosity of which, the practice explains, ‘corresponds to the universal musical symbol of harmonic revealing the notion of ultimate balance praised by the project’. The result is such that the shape of the structure morphs depending on where the onlooker is standing, for example its east/west elevations draw a rhomboidal pyramid whereas the north/south elevation is a reverse pyramid.

Vincent Callebaut Architectures says of the design: “Neither single tower, nor twin towers, the project arises towards the sky with two helicoidal towers gathering themselves around a central core. This architectural party offers a hyper-compacted core and a maximal flexibility of the housing storeys (with the possibility to unify two apartment units in one without any footbridge). It brings a multiplication of view angles towards the urban landscape and a hyper-abundance of suspended gardens.”

These suspended gardens not only bring an aesthetic appeal to the Agora Garden project but will provide the building’s residents with orchards, organic vegetable gardens, aromatic gardens and medicinal plants. The vertically-wide planted balconies will be accessible for all residents and will also include rain water tanks for the irrigation of the suspended gardens, nests for birdlife, composting facilities for converting waste into fertilizer and garden furniture for their own enjoyment. The planting beds are to be covered by a layer of white natural stone to protect the foliage from excess heat.

To enter the Agora Garden property, users will pass through a cluster of mature trees and cross a mineral moat which will be installed to enhance the privacy of residents. In the Conceptual Design Proposal, the architects explain: “In the heart of the vegetable lung, the pedestrian square opens itself on a mineral and aquatic glade.” Plants that cascade into the lower basements are provided with sunlight which penetrates through a circular light well that also illuminates the car parks, swimming pool and fitness centre.

The location of these luxury 'sky houses' means that residents will have exquisite views of the C. Y. Lee & Partners and Thornton Tomasetti-designed 101 Taipei tower and the city’s Central Business District. Once the project is completed in 2016, the residential units on offer will give much flexibility to potential inhabitants. The fixed central core separates the vertical circulations with the towers rotated storey by storey at 4.5 degrees. Each 540 sq m apartment is entirely free of columns as the levels are connected at both ends by two spiralling mega-columns coated in green walls, ensuring optimum living conditions for residents.

Source: worldarchitecturenews.com

A MAGIC MOMENT

Parisian flat containing €2.1 million painting lay untouched for 70 years
By: Henry Samuel
The Telegraph, October 2010

For 70 years the Parisian apartment had been left uninhabited, under lock and key, the rent faithfully paid but no hint of what was inside.

Behind the door, under a thick layer of dusk lay a treasure trove of turn-of-the-century objects including a painting by the 19th century Italian artist Giovanni Boldini.

The woman who owned the flat had left for the south of France before the Second World War and never returned.

But when she died recently aged 91, experts were tasked with drawing up an inventory of her possessions and homed in on the flat near the Trinité church in Paris between the Pigalle red light district and Opera.

Entering the untouched, cobweb-filled flat in Paris' 9th arrondissement, one expert said it was like stumbling into the castle of Sleeping Beauty, where time had stood still since 1900.

"There was a smell of old dust," said Olivier Choppin-Janvry, who made the discovery. Walking under high wooden ceilings, past an old wood stove and stone sink in the kitchen, he spotted a stuffed ostrich and a Mickey Mouse toy dating from before the war, as well as an exquisite dressing table.

But he said his heart missed a beat when he caught sight of a stunning tableau of a woman in a pink muslin evening dress.

The painting was by Boldini and the subject a beautiful Frenchwoman who turned out to be the artist's former muse and whose granddaughter it was who had left the flat uninhabited for more than half a century.

The muse was Marthe de Florian, an actress with a long list of ardent admirers, whose fervent love letters she kept wrapped neatly in ribbon and were still on the premises. Among the admirers was the 72nd prime minister of France, George Clemenceau, but also Boldini.

The expert had a hunch the painting was by Boldini, but could find no record of the painting. "No reference book dedicated to Boldini mentioned the tableau, which was never exhibited," said Marc Ottavi, the art specialist he consulted about the work.

When Mr Choppin-Janvry found a visiting card with a scribbled love note from Boldini, he knew he had struck gold. "We had the link and I was sure at that moment that it was indeed a very fine Boldini".

He finally found a reference to the work in a book by the artist's widow, which said it was painted in 1898 when Miss de Florian was 24.

The starting price for the painting was €300,000 but it rocketed as ten bidders vyed for the historic work. Finally it went under the hammer for €2.1 million, a world record for the artist.

"It was a magic moment. One could see that the buyer loved the painting; he paid the price of passion," said Mr Ottavi.