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

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

Calgary region to see MLS sales and prices rising for next two years

CMHC report says average price to hit $434,000 in 2014

CALGARY — The Calgary region can expect to see increases in both sales and average MLS prices for the next two years, according to a housing forecast released Friday by Canada Mortgage and Housing Corp.

The agency said sales in the Calgary census metropolitan area will grow by 1.37 per cent this year to 27,000 units followed by another 2.59 per cent growth in 2014 to 27,700 transactions.

The average sale price is expected to rise by 2.59 per cent this year to $423,000 and by another 2.6 per cent in 2014 to $434,000.

Christina Hagerty, a realtor with Sotheby’s International Realty Canada in Calgary, said she has had a very busy start so far to the year.

“With Calgary’s industries continuing to hire, I see many people coming from other Canadian centres and the U.S,” said Hagerty. “Specializing in the inner-city market, most of the people we meet are either job transfers and want no commute to work, first-time buyers and empty nesters.”

She said rental vacancy rates are at an all-time low and interest rates have remained historically low as well which have been factors in increasing housing demand.

“All the indicators are continuing to confirm our projections last year that Calgary will be leading the nation,” she said. “Affordable mortgages, record low vacancy rates, continued inward migration and low inventory going into the Spring market makes for a year of healthy growth ahead.”

According to the Calgary Real Estate Board, year-to-date until February 21, total MLS sales in the city of 2,498 are up 11.57 per cent compared with the same period last year and the average sale price has risen by 10.63 per cent to $448,635.

For Alberta, the CMHC is forecasting MLS sales to increase from 60,369 in 2012 to 61,000 in 2013 and to 62,400 in 2014.

In the province, the average MLS sale price is forecast to increase from $363,208 in 2012 to $371,200 this year and to $380,700 next year.

The CMHC report also forecast that housing starts in Alberta will fall from 33,396 in 2012 to 31,800 in 2013 but then rise to 32,200 in 2014.

In Calgary, starts are expected to fall from 12,841 in 2012 to 11,800 in 2013 and then rise slightly to 11,900 in 2014.

“The resale market in Calgary is anticipated to remain in balanced territory over the forecast horizon,” said Richard Cho, senior market analyst in Calgary for the CMHC. “Sales in 2013 are forecast to rise for the third consecutive year but at a more tempered pace compared to the previous year. Low mortgage rates, rising incomes and employment growth will continue to help support housing demand. Some sales will also come from renters who migrated to Calgary in the last couple of years.

“The average price has been gradually trending up, and is expected to continue in 2013. Active listings have declined, lowering the selection of available homes and putting pressure on prices.”

2013 CALGARY REAL ESTATE BOARD FORECAST

CREB® forecasts moderate sales, price growth

 The full forecast report is available here.

Calgary, Jan. 16, 2013 – The resale housing market in Calgary and area will see moderate sales and house price growth in 2013, CREB® said today at its annual forecast.

Sales growth in the city is expected to ease to 2.2 per cent this year, with house prices rising by 2.9 per cent.

“Slower growth trends in employment combined with lower migration estimates will impact sales growth across all resale sectors, and, as listings continue to decline, this will further dampen sales growth, particularly in the single-family market,” Ann-Marie Lurie, CREB®’s chief economist, said at the 2013 CREB® Forecast Conference & Tradeshow. “However, as the overall market remains well supplied, prices will continue to grow but not at the levels seen in 2012.”

In 2012, Calgary’s single-family market recorded sales growth of nearly 15 per cent. With a decline in the level of new single-family listings, that is expected to ease to 1.8 per cent this year. Prices are estimated to rise by three per cent.

Becky Walters, president of CREB®’s 2013 board of directors, said the city and surrounding areas are seeing good resale activity.

“We have a nice, balanced market, and it’s expected to see some growth this year,” Walters said. “Although some big markets in Canada are stumbling, Calgary is hot on the heels of a year of recovery, with the forecast saying the market is going to stay in positive territory.”

In the condominium market, sales are expected to increase by three per cent, with a moderate price appreciation of 2.4 per cent for condo apartments and 2.8 per cent for condo townhouses.

Although the prediction is for a “balanced” resale housing market, Lurie said there are numerous risks in the market.

“The largest risk in our market is related to concerns in the oil sector,” she said. “They are facing pipeline constraints and lack of access to more diverse markets, impacting the price they receive for their oil. If the discounts on our oil persist, this clearly could impact the job sector and, ultimately, the housing market.”

WRESTLING UP A DEAL!

15 tactics to win a real estate bidding war
Business Insider
Aug 22, 2012

Canada’s housing market is slowing, but bidding wars are still common in major markets like Toronto.

And as the U.S. housing market shows signs of recovery, homebuyers are flocking to snap up deals on bargain properties across the country.

That means running into competition is par for the course — and the weakest bids will not survive.

“If you are serious about buying, it becomes a bit of a part time job,” says Zillow.com real estate expert Brendon DeSimone. “This is your home and your only investment.”

We asked DeSimone to clue consumers into how they can make their bids stand out.

Don't wait for the open house

DeSimone is quick to advise clients to see as many houses as possible on weekends––whether or not they're invited.

"With the Internet, information moves so quickly. [Sellers] could do a private showing Wednesday [days before a scheduled open house]" he says. "If it looks good online, go see it."

Check email hourly for listing updates from your broker

"If you're a serious buyer, you make it a priority in your life and you're going to get email alerts from your broker every other hour," he says.

"Be in touch with your agent and know about new properties as they hit the market."

Don't be intimidated by higher bidders

These days, investors and average joes alike are flocking to snatch up deals on homes. Don't let them psych you out, DeSimone says.

"Don’t spend too much energy trying to figure out what’s really going on with the other offers. If you love the property, keep moving forward, but at your own pace. Make the offer you’re comfortable with, and only when you’re comfortable making it."

Make sure your broker is local and well-known

That's because 80 percent of business is done by just 20 percent of brokers. The more respected they are within the community, the better shot they have at wooing listing agents.

"My clients (win) because the listing agent knows me," DeSimone says. "In a competitive situation, working with a known broker will make the listing agent feel better and boost your chances, especially if two offers are close."

Get in the listing agent's good graces

Why? Because the listing agent is the only person who meets all the parties involved in a sale.

"Though the seller ultimately decides and signs a contract, the listing agent has a giant say in who gets the property in a competitive situation," DeSimone says. "If you make a good impression with the listing agent, you are in much better shape. Acting like a jerk to the agent tells the sellers to work with another offer."

Line up an appraisal even before making an offer

Per DeSimone:

"One thing I once did was to have the bank try to get an appraiser lined up and on their calendar before an offer was made. That way, the buyer could tell the seller that the appraisal would happen within x days of signing a contract. If you tell the seller two or three weeks, your offer looks weaker."

Look for the WORST house on the block

It may sound counterintuitive, but you're better off looking at a fixer-upper than going for the McMansion next door. Chances are competition won't be as fierce.

Says DeSimone:

"You can always improve the property and therefore increase its value. And because it’s on a great block, improvements you make to the home will be practically guaranteed to give you a top return on your investment. Just don’t get carried away and turn the worst house on the block into the biggest and most expensive one."

Keep tabs on your mortgage lender and rates

Once you've been pre-approved for a loan, have your mortgage broker or lender write a letter saying as much.

"Even reference the property so that the listing agent knows that the lender/mortgage broker is up to speed," DeSimone says.

Keep an eye on current mortgage rates

"Sometimes the rates drop or increase significantly from the time you first spoke to the lender and the time you write an offer," DeSimone says.

"If rates have decreased, maybe you can afford more. You should know this."

Know your neighbors––and what their homes are worth

Getting to know the neighborhood you're hoping to call home one day goes far beyond scoping out local schools and seeing who prowls the streets at night.

"When you are ready to seriously write offers and compete, you should know what is going on with the local neighborhood market," DeSimone says. "Follow what has recently sold, what was competitive and what was not."

Try bending the rules a little

Per DeSimone:

"One thing I did in the past was with a very serious and motivated buyer. The home was vacant [sellers moved out]. So, we went in with an inspector because the home had a lock box. The buyer did their inspections before writing the offer. This way the buyer could make an offer knowing what the issues were, if any. And, for their offer they could waive their inspections contingency. No inspections means no risk for the seller."

Hire an inspector within two days

"Order the inspection before you write the offer. It doesn’t necessarily have to be two days but your offer should show the seller that you are prepared to move quickly," DeSimone says.

"If you wait two weeks and then the inspector finds something and you walk away, the seller is left out to dry. The seller wants to know this is out of the way quickly."

Use cash to put your bid over the edge

More often than not, most homebuyers simply can't afford to plop down $180,000 in cash on a new home.

But when it comes to sweetening your bid, offering to pay at least the deposit in cash could push you over the edge.

"The more you offer, the better," DeSimone says.

Put your passion into words

Once you've had the chance to get to know the current owners, don't be afraid to appeal to their interests the old-fashioned way.

"I've seen buyers Google the owners and see that they have a love for horses, so they wrote them a letter talking about their love for horses, too," DeSimone says. "Sometimes it'll work [to give you an edge]."

Don't get distracted by what you can't afford

As with any bidding war, it's important to be quick on your feet. People slow themselves down when they don't stick to what they can afford, DeSimone says.

"Know your limits on the high and low end. Knowing this will allow you to act fast," he says, as it'll help your broker weed out properties out of your range.

Photo By: Fabbio

DEMOGRAPHICS DEMO

Demographics will take edge off housing downturn: CIBC
Canadian Press
Aug 23, 2012

A senior economist at one of Canada’s major banks says a widely anticipated downturn in the housing market may not be as deep or as long-lasting as some fear.

Benjamin Tal, deputy chief economist at CIBC World Markets, says demographic forces over the next decade will limit the damage.

Tal writes that there will be fewer Canadians under the age of 25 and between the ages of 45 and 54, but those groups account for a small portion of home buyers.

But Tal says the group aged between 25 and 34 — the age group that makes up the vast majority of first-time buyers — will continue to grow, and he says growth in the housing market could be even stronger due to immigration.

Overall, the CIBC economist says the next decade will see an annual population growth of 0.9%, in line with growth seen in the past decade — a period of strong demand for residential real estate and a sharp jump in housing prices.

BECAUSE KNOWLEDGE IS POWER

How to avoid home buyers’ regret
By: Julian Beltrame
Canadian Press, Aug 16, 2012

With Canadians entering the housing market in greater numbers than ever before, it wouldn’t be surprising to find that many suffer buyers’ regrets.

A recent survey commissioned by TD Canada Trust found the two biggest regrets — reported by 60 per cent of the 1,002 respondents — have to do with finances; not making a bigger down payment and not doing enough research into the costs of home ownership.

That’s not surprising, says Farhaneh Haque, director of mortgage advice with TD.

Even though buying a home is the biggest investment the vast majority of Canadians will ever make, many first time buyers still don’t do the necessary homework.

“It’s not the sticker price that shocks first-time home buyers. It’s the costs associated with the sticker,” she explains.

“We see so many home buyers that after the fact feel they could have used information, that they could have had more preparation going into home ownership.”

For instance, 29 per cent of those surveyed said they didn’t budget for ongoing costs, such as maintenance and utilities. One in eight said they overlooked some of the one-time fees associated with buying, such as inspection and legal fees, title insurance, and land transfer taxes, depending on the home price.

These are not minor omissions.

Paying the mortgage is just the most obvious cost of ownership, and not necessarily the biggest in today’s world of super-low interest rates. The combined cost for municipal taxes, fire and theft insurance, utilities, plus regular upkeep, could actually pinch household monthly budgets more.

“If you are renting, you pay that one shelter cost and that’s all you have to think about. But as a homeowner, there’s more,” says Haque, who tells clients to budget at least $500-$700 on average in additional monthly expenses.

Her advice to prospective buyers is get advice, which is easily available to them. Most first-timers know existing homeowners who have acquired wisdom through experience.

And financial institutions, real estate agencies and other market players regularly stage seminars with experts that can offer sage counsel.

Michele Rowe, a sales representative with Keller Willams VIP Realty in Ottawa, tries to arrange one seminar every month, and she typically invites an inspector and a mortgage broker for their input.

She tells attendees the first thing they should do is to get a buyer’s agent to steer them through the process.

“Most first-time buyers don’t know where to start and don’t know the importance of using their buyer agent,” she says.

The other key advice she gives them is that they need to get pre-approval for a mortgage, so buyers know how much they can spend on a home.

“They need to know how much of house they can afford, based on their income, their GDS (gross debt service) and TDS (total debt) ratios, because they might think they can afford $300,000 when they can’t,” she explained.

The ratios calculate monthly home costs, and other debt charges, as a percentage of household income to determine affordability. A ratio of 40 per cent on all commitments (TDS) is usually acceptable to mortgage lenders.

The survey, which was conducted in the spring, found that 54 per cent of first-time buyers want a single, detached home, but Rowe says that is often impractical. That’s because although interest rates may be low, house prices have been rising steadily — the average resale home in Canada now costs close to $370,000.

In Ottawa, most first-time buyers Rowe sees can only qualify for a home of about $250,000. That price range will most likely mean a condo or townhouse, she said.

Which comes to another key finding in the TD Canada Trust survey — Canadians don’t start saving up for a home soon enough.

Haque said it’s critical for Canadians thinking they will want to own a home one day to get informed about what is involved and how much money they will need. The bigger the down payment, the more flexible a household’s ongoing finances will be.

“A bigger down payment reduces monthly payments, but it also gives owner options for a mortgage that is more flexible,” she explains. “For instance, with more than 20 per cent down payment, an owner can obtain a mortgage with a 30 year amortization period, rather than 25 years, which further reduces monthly payment.”

Photo By: Alexandredrachmann

DESIGNER PAPER

Time to update your wall
Textures, patterns, blasts of colour — wallpaper's a trend worth posting
By Amanda Ash
Edmonton Journal
When Kristen Janzen was designing her daughter's nursery, she wasn't interested in the typical cutesy baby themes like jungles and safaris.

The 29-year-old mom-to-be wanted something different. She envisioned a decor that was pretty and timeless, where she wouldn't have to paint over giant images of monkeys and lions later on.

While she was pregnant, Janzen became hooked on HGTV's home design shows. She found many series highlighted the lost art of wallpapering, which no longer boasted of old granny ornamentation and boring hues we all remember.

The contemporary trend of bold, colourful wallpapers stuck with Janzen, and the mom-to-be eventually came across the perfect pattern — light blue and white damask — to create a bright, texturized space for her new baby.

"With wallpaper, you get to be a bit more creative with it, I think," Janzen says, describing how the nursery's feature wall pops against the room's tan paint, dark wood and white furniture.

"I love texture, and I don't really think you can get the same look with paint. I just wanted to have something a little bit different and I wanted it to be beautiful."

Janzen, who is now the proud mother to a five-month-old baby girl, was a bit hesitant to join the growing trend at first. The nightmares associated with wallpapering, such as the laborious scraping and time-intensive icky gluing, didn't really appeal. But thanks to her mom, whom Janzen says has always been adventurous with home decoration, she was convinced to give it a go.

"It was a little bit scary, and it's a little bit more expensive than paint," Janzen explains. "But I'm really glad we took a chance on it. Once it was up, it was perfect and we're thrilled with it."

Interior designer Tracy Fortin, owner of Flawless Interiors, says home and garden television shows and magazines are responsible for reviving wallpaper and showcasing the huge selection of patterns and colours available.

Fortin says the trend has emerged from the accessibility of these home design mediums, which have opened people's eyes to new and creative design possibilities, as well as the ease of wallpapering today.

Most people are still very hesitant to pick up a roll of wallpaper, Fortin observes. But once she started showing her clients the range of pattern and colour choices avail-able, as well how some brands only need water instead of glue for their application, it's been an easy sell.

"I think people are just wanting to personalize their spaces a little more and do something a little different," Fortin says. "For a long time, it was paint your wall a different colour and that was your feature wall. People have seen enough of that and are looking for something new and interesting.

"People are becoming more interested in how their home reflects their personality and what they want to say about themselves," Fortin continues. "With the choices in wallpaper now, you can really make a statement and say what you want to say. And it's really fun."

Fortin says the possibilities are endless when it comes to wallpaper. They can range from grass cloth and natural fibre wallpaper to custom designs made from photo-graphs.

Allison Harris from paint and wall covering store Walls Alive remembers when there wasn't a whole lot of difference in wallpaper. But over the past couple of years, she's seen a huge variety swing into the store.

Many have taken on traditional patterns, vibrant colours and eco-friendly materials rather than the traditional vinyl.

"I think part of (the trend comes) from the decorating shows on HGTV," Harris explains. "I think it's part of a natural cycle of things coming in and out of fashion. And I think it's been a part of wallpaper companies and designers coming up with a lot of new beautiful interesting patterns."

Right now, Walls Alive's most popular sellers are jazzed-up and enlarged damask patterns, as well as geometric and retro patterns.

They have between 60 and 90 types in stock, but also boast an extensive library of wallpaper books for custom orders.

The trend is so popular right now, in fact, that many customers are willing to spend the money for designs they love.

"People don't really seem to be worrying that much right now about how it costs," Harris says.

"Certainly, there are people who do, but I'm blown away almost every day when you figure out how much they need to do a wall of high-end good quality paper and find out that this wall is going to cost them $800." Fortin says there is no real rule for where you can or can't use wallpaper. She's used it in bathrooms behind vanity mirrors, kitchens, bedrooms and entryways. The most popular uses for wallpaper have been for feature walls.

But she also notes how people have found creative ways of using wallpaper to decorate the backs of bookshelves or old, worn furniture.

For beginners, Fortin suggests trying one of the brilliant metallic hues that are great for easing into the trend. They provide texture and shimmer without screaming a big, scary pattern. Or, you can always choose to avoid wallpaper altogether by opting for fun alternatives that include removable wall decals, painting with stencils, or simply hanging artwork.

Janzen, however, recommends giving wallpaper a chance. She's so in love with the trend, in fact, that she's already upped the ante, picking out a vibrant eggplant colour for her bedroom.

"Starting with something small, like a nursery, kind of empowers me to try it all over the house," Janzen says. "It's worth trying, and it makes a huge difference in a room."

MORTGAGE FIX

Flaherty calls on banks to ‘fix’ mortgage market
Reuters
April 4, 2012

Canada’s finance minister said on Wednesday he would rather not tighten mortgage rules again to curb high household debt and that banks themselves are taking on that job by becoming more strict with their lending criteria.

Jim Flaherty said he has seen signs of moderation in the Toronto condominium market and expects to see a similar trend in Vancouver, one of the country’s hottest real estate markets.

“Part of that is based on what I’m being told by people who build condominiums, and also what I’m being told by some of our banks about their standards becoming more stringent with respect to their loans for condominium development,” Flaherty told reporters in Vancouver after making a speech there.

Flaherty said it was up to markets to “fix” the housing and debt problem, not the government.

“I’ve tightened up the mortgage insurance market three times … I really don’t want to do it again,” he said.

“And I’m glad that some of the banks – at least one of the bank executives yesterday indicated that he agreed that actually the banks should exercise prudence and not rely on government to do it for them,” he said.

Bank of Nova Scotia Chief Executive Rick Waugh said on Tuesday that the simmering housing market gives reason for caution, but that it’s up to the country’s banks, rather than the government, to manage the risks of their massive mortgage portfolios.

Several other bank executives – Toronto-Dominion CEO Ed Clark in particular – have said they would welcome further government moves on mortgages.

The government and central bank have been warning Canadians of the dangers of taking on too much debt, particularly through mortgages, at a time of historically low interest rates and high housing prices. The ratio of debt to personal disposable income hit a record high last year and has moderated somewhat since then.

Despite some resemblance to the U.S. housing market prior to the crash, most economists expect a soft landing in Canada.

Flaherty has tightened rules three times since 2008 in the mortgage insurance market but left them untouched in the federal budget last week, to the surprise of many.

The budget did propose enhanced supervision of the federal housing agency that issues mortgage insurance. Flaherty said the banking regulator, the Office of the Superintendent for Financial Institutions, was studying the matter.

TIPS FROM HOLLYWOOD

Tips from Hollywood set decorator: Hang ‘what speaks to you’ on your walls
By Karen Hawthorne
Financial Post Feb 21, 2012

The penthouse living room in Tower Heist includes a 1963 Ferrari 250 GT Lusso replica from Steve McQueen's collection.

Who can afford a Warhol or Picasso for their condo? Or maybe a replica of Steve McQueen’s 1963 Ferrari 250 GT Lusso in lieu of a sculpture for the living room? If you live in a penthouse suite in a famous tower, money is no object, so certain collectibles might just fit the bill.

That was the starting point for set decorator Diane Lederman for the film Tower Heist, now out on Blu-ray. The story, shot in New York on a film stage and on-site at the Trump Towers, is about a group of hardworking guys who find out they’ve fallen victim to a wealthy businessman’s Ponzi scheme. They conspire to rob his high-rise residence. Comedy, special effects and dreamy Casey Affleck — not a bad way to spend 90 minutes.

The penthouse living room has the soft, muted less is more look to showcase the art collection.

Ms. Lederman had the budget go-ahead to go big for the set, and says there are pointers for decor that even flea market shoppers can take away. Here’s our Q&A:

Q: Great cast! Judd Hirsch, Alan Alda, Matthew Broderick, Ben Stiller … How did they react to the penthouse set with the replica of Steve McQueen’s Ferrari smack in the middle of the living room?

A: Everybody was pretty blown away by the set. The car certainly was the centrepiece and it was integral to the story. Actually seeing it in the space was very personally and professionally satisfying because it had such an impact and it was a set much larger than most stage sets get to be. It almost felt like an old Hollywood set, it’s grandeur and size, which was really fun to be a part of.

Alan Alda [who plays rich swindler Arthur Shaw], I had a lot of interaction with because it was his apartment in the story. He would come to the office and have a look at what we were doing and as we were choosing things, mostly the art which was a very important part of the apartment and really helped to show the wealth of the environment. He was very impressed and, walking around on set, I could see him really start to get into his character, which for me was really exciting.

Q: Part of the beauty of your job is how the set enhances the actor’s experience of the role?

A: Exactly. That’s the most important part of it, getting into the mind of the character that you’re trying to create an environment for, and have that reflected so that when they get there, it’s like ‘yes, this feels like my apartment, this is how I would have someone decorate it.’ It really fit, i just saw him settle right into character.

The Tower Heist penthouse set is modeled after the penthouse in the Trump Tower in Columbus Circle, now in construction.

Q: Are you on set during some of the filming, in case the director says, ‘Oh that’s not working, can we change that?’

A: Pretty much standard, when we are opening a new set, shooting for the first time, I will always be there. I always attend the first two hours, give them the chance to shoot part of the room before I move on to my next project in the movie. That will happen, for blocking, this doesn’t quite work, can we switch things around. Film is a very organic medium, so many people, so many ideas, you have to be ready to move and think on your feet, that’s part of the fun.

The morning we were to shoot the Tower’s Security Office set, there was an exterior and then just a few hours later we would come inside to shoot the office. [Director Brett Ratner] first saw it that morning, and even though this was the Trump Towers real security office, Brett felt as if it wasn’t high-tech enough and wasn’t happy. I had only three hours to completely transform this very real existing security office into a high-tech fantasy. I came up with the idea to use sound-proofing insulation foam. We covered all the walls in it, which really helped hide any and all sins. I called a computer friend who showed up with a van-load of high-tech equipment. Then we transformed the room with wire and staple guns.

Q: How did you get into the head of the Arthur Shaw character?

A: You always want to go back to the script. The clues that I was given was the apartment had to exude wealth, and he had this collectible car in the middle of his living room. so he’s a collector. That’s what he is. What would he collect that would show his wealth? Recognizable art, a collection that’s worth millions and millions of dollars.

Q: Which piece is your favourite?

A: Art expresses personality much more than many other things. This collection had to be so powerful, so I picked many of my personal favourites. The Francis Bacon triptych in the hallway. It was very important to Brett that we had a Francis Bacon, we both love his work, and on a reality-based idea, there was a piece that sold a couple years ago at auction for a hundred million dollars, so very highly collectible. He is mysterious and soulful, his work is breathtaking.

The art was a big part of that set, many months of work, clearance rights to use the work, we asked the artist or their estate for high-res images. We made copies and we had to film the works being destroyed, so it’s a long. arduous process.

The kitchen in the Tower Heist penthouse set — modern, muted and fabulous.

Q: Back to the car. Does it actually work and did you get to drive it?

A: No. the prop masters wrangled the cars more than I did. These were all built for us. Because of a lot of the stunts, the guts were taken out of these cars. It had to hang on the side of the building, so special effects, a new challenge for me because I hadn’t had much experience with special effects, that was great. Colour is very important, so there are colours you can’t use because it will interfere with the process — any greens because everything was done with green screen. You have to be really careful with reflective surfaces, and we had a giant wall of glass, so we had to work that out.

Q: For research purposes, have you ever stayed in a penthouse suite? This larger than life feel with the magnificent view — how did you translate that with your set?

A: I have to say I live in one, it’s considerably smaller, and I have a miraculous view of Manhattan. It does make life a little more interesting. That particular apartment was modeled after, when it’s completed, the penthouse suite in the Trump Tower in Columbus Circle.

For me, tasteful choices usually mean less is more. I think we tried to stick to that in creating this apartment … modern, minimalist look, muted tones, dark wood floors, natural textures, stone, metal, beiges, grays, neutral tones are the bones of your environment. Then filing the room, get the colour, get the interest through the furnishings — through the decor, the textiles, rich colour through carpet, throw pillows, then create interest with the collection.

When I work with people in their personal homes, that’s what I try to do as well. To make the space theirs. Pick things that interest you, that express your personality. Don’t worry about the design as much. You can create the design through the walls and floors. When it comes to personal decor, pick things that express who you are. That goes without saying about art as well. You don’t have to be a millionaire to have an interesting art collection. You can go to a flea market and find a $10 painting. If something speaks to you and it’s meaningful to you, it will express that when you hang it on your wall.

Make a statement in the hallway with art, even if you can't afford to shell out the big bucks.

Q: That said, for the film, you did extensive research about how the very elite live?

A: We looked a photographs and we were invited to certain people’s homes. It was exciting to get behind those closed doors. One person had an extensive snow globe collection, like hundreds of them.

Q: What did you love about work on this film?

A: Building these amazing sets made this job different from others, especially when there’s money to recreate- picasso, richard priince, warhol, you don’t often get that opportunity, the size of the set, the complexity, buidlng a facade of the building, building an elevator shaft with two working carriages, the pool, we built the pol and then special effects inserted it in the top of the building.

Q: What’s your next project?

A: A pilot for ABC called The Gilded Lillies, set in 1895 New York.

THE KENSINGTON BY KAROLEENA HOMES

House at show simply pre-fabulous
By Josh Skapin
Calgary Herald February 17, 2012
 
Kurt and Kris Goodjohn will never be accused of being conventional.

The creative Calgary brothers are the brains behind Karoleena Homes, a pre-fab home builder whose latest creation will be showcased Thursday, Feb. 23 to Saturday, Feb. 25 at the Calgary Home and Garden Show.

Rather than building from scratch on a lot, Karoleena constructs components for houses, offices and cabins inside a state-of-the-art facility that accommodates about 12,000 square feet of built projects.

The components or segments are delivered by truck to the lot and quickly assembled together, cutting construction times from months to a matter of days or hours.

The company has brought single- and multi-family housing to Calgary communities such as Erlton, Marda Loop, Ramsay and Capitol Hill.

However, the homes are built to be transported on any North American road and have been moved to locations across Canada.

Karoleena’s latest creation, the Kensington, will be showcased as the dream home at this year’s home and garden show, slated for the BMO Centre on the Stampede grounds.

If Kensington sounds familiar to Calgarians, that’s definitely not by accident.

The builder selects names of neighbourhoods from Canadian cities as titles for its models.

This marks the third year Karoleena has displayed at the Calgary Home and Garden show.

“We love it. It’s a lot of fun,” says Kurt of the show.

Last year, Karoleena showcased its Karo Cabin.

And there will be few similarities between last year’s showing and the Kensington.

“We stepped it up,” says Kurt. The model is 1,750 square feet, about three times the size of the cabin.

The Kensington’s design is the vision of Seattle Balance Associates, an architectural firm that has worked with Karoleena on several occasions.

“We really pushed the envelope on design and showing people what we can do,” says Kurt. “I think that people are going to be blown away.”

Karoleena Homes takes pride in disproving the stereotype of poorly-designed modular homes, he says.

“We’re showing people, ‘Look at what you can do,’” he says.

“It’s an architecturally beautiful home and it’s all built in a controlled building environment.”

The home boasts a layout of two bedrooms, two bathrooms, an ensuite and full guest bathroom. Its eye-catching exterior features an array of fibreglass lift and slide glass walls.

Inside, the home is not short on space, offering an open concept floor plan and ceilings that range in height from eight to 12 feet.

The home has natural stone, hardwood and tile flooring. Its kitchen uses HanStone quartz countertops and stainless-steel appliances.

The closets are European-influenced custom cabinets that are built-in.

There are also large storage spaces throughout the home, along with separate laundry and utility rooms.

The Kensington starts at $525,000, but the Calgary Home and Garden dream home — which includes upgrades — is priced at $650,000.

With green-friendly practices that drive Karoleena’s building practices, the Kensington is no exception to the rule.

“The biggest energy usages is our homes — the heating and the cooling,” says Kurt. “I think as a company, we have taken the stance that we owe it to society to do something a bit better and be cognizant of that.”

The model includes energy-efficient finishes, low-flow plumbing fixtures, no-VOC (volatile organic compound) wood cabinets, an eco-friendly gas fireplace, and spray-foam interior walls and doors.

“Spray foam gets into every nook and cranny,” says Kurt. “It expands and fills the space. It’s a total seal on the house.

People with recreation properties or larger lots are most likely the ones to take interest in this model, says Kurt, adding he thinks it won’t be seen as a starter home.

Karoleena Homes built another dream home that will be displayed at the B.C. Home and Garden Show at BC Place Stadium in Vancouver Wednesday to Sunday.

The home, called the Kitsilano, is two levels with two bathrooms and one bedroom.

Like the Kensington, it includes lift and slide glass doors and a package of eco-friendly features.

Karoleena Homes has grown in leaps and bounds over the past year.

One year ago, it consisted of Kurt, Kris and Kelly Doody, the company’s sales and marketing manager, based out of a home office.

Now, Karoleena has 30 staff and tradespeople, in addition to 12 sales representatives across Canada.

Karoleena opened its 17,000-square-foot factory in southeast Calgary last year after outsourcing its modular designs with factories in Lethbridge and Altona, Man.

WHAT YOU NEED TO KNOW

Project: The Kensington, which is the dream home at this year’s Calgary Home and Garden Show at the BMO Centre.

Builder: Karoleena Homes.

Price: This 1,750-square-foot model starts at $525,000, not including GST.

BRING IT ON HOME

More than 650 home and garden specialists will be showcased at an annual Calgary event.

The Calgary Home and Garden Show returns to the BMO Centre next Thursday to Saturday. Exhibitors will provide insight on everything from renovation to home design.

The show will also feature appearances by Bryan Baeumler and Corbin Tomaszeski.

Baeumler hosts the renovation show Disaster DIY on HGTV, while Tomaszeski serves as a food expert on the Food Network’s Dinner Party Wars.

For more information, visit the website at www.calgaryhgs.com

BROTHERS FORGE AHEAD

Two Calgary brothers haven’t looked back after entering the world of pre-fab homes in 2005.

Kurt and Kris Goodjohn have grown Karoleena Homes from a small three-person operation to 10 full-time employees and up to 30 people on their shop floor in less than a year.

Karoleena constructs system-built homes, cabins and offices inside a facility attached to their southeast Calgary office.

Once built to completion at Karoleena’s shop the home is transported by truck to the owner’s lot. The practice cuts the costs related to weather-related construction delays.

For more information on Karoleena Homes, visit www.karoleena.com

"AN ARTIST IS NOT PAID FOR HIS LABOR BUT FOR HIS VISION." James Whistler

Community unites to transform old Marda Loop school into vibrant new arts hub
Visionary plan for King Edward School
By Stephen Hunt
Calgary Herald February 16, 2012

http://www.calgaryherald.com/news/calgary/1pdnNpMzp4GNQiPi67CVNqQQJu__fGsg/embedstory.html#ooid=1pdnNpMzp4GNQiPi67CVNqQQJu__fGsg

Calgary's arts community just got a sturdier foundation under its feet.

That's how it felt when a jubilant group of arts administrators, philanthropists, politicians and community representatives gathered at King Edward School in Marda Loop on Friday to talk about plans for the transformation of the 100-year-old school into an arts incubator.

"It's a phenomenal plan," says Ald. John Mar. "This is very, very avant-garde in its design and concept, and the community, fortunately, has been very, very positive and welcoming towards the concept of creating an arts hub for the community of Marda Loop."

The ambitious, visionary plan calls for a mixed-use development with a rehabilitated King Edward School at 30th Avenue and 17th Street S.W. as its focal point.

That building will house a mixture of arts groups, community non-profits and social entrepreneurs, in addition to providing rehearsal space and possibly studio space for artists and arts groups.

The goal of an arts incubator is to provide long-term stability for arts organizations, as well as to develop a synergy with the community inside the building, in addition to the community at large.

Evangelos Diavoltsis is involved with two organizations - Quickdraw Animation and the Caravan Dance Company - that have expressed interest in moving into the King Edward School arts incubator when it opens.

"A lot of energy goes into creating stability" for arts groups, he says. "I don't want to always problem solve month to month over how to create it because I think it's a bare bones thing to just have a space - it's kind of like survival. Humans, if they're not surviving, all they're thinking about is surviving - forget about creating."

There will also be a substantial real estate development where the playground now is, in addition to extra space created by knocking down extensions to the school that were built in the 1950s and 1960s.

The sale of the playground to private developers will help finance the anticipated $19-million to $21-million cost of rehabilitating King Edward School. The project hopes to begin the rehabilitation in 2013, with the development taking several years to complete.

It's all part of the vision shared by a group that includes Calgary Arts Development Authority (CADA), cSPACE, the Calgary Foundation and various representatives from the arts community, who are actually daring to dream a little about the day when their organizations can spend less time dealing with surviving and more on creating and thriving.

The excitement over the proposed King Edward arts incubator stems from a partnership forged by the Calgary Foundation and Calgary Arts Development, who teamed up to enable Calgary Arts Development to buy the school site for $8 million.

For Eva Friesen, president and CEO of the Calgary Foundation, the project works three different ways: providing stability for arts groups, engaging the community and preserving a heritage building.

"Triple win," Friesen says. "Four years ago, maybe even five, one of our priority areas was arts and heritage. We were working on, what are the needs of the community? What is something transformational that the Calgary Foundation can put their support behind to make happen for a big impact in this community in that area?

"Parallel to our efforts, CADA was asking the same questions."

The Calgary Foundation was first in, making a $3-million loan to cSPACE, the artspace development arm of Calgary Arts Development, and following that with bridge financing to allow them to purchase the school and adjoining land.

"You always need that trigger investor," says cSPACE president and CEO Reid Henry, "that first organization that's willing to put the risk capital first and they've really stepped up to the plate. They're (the Calgary Foundation) our funder, our partner, our financier and our shareholder in cSPACE.

"That's sort of where we began.

"Long story short," adds Henry, "they (the foundation) really extended themselves, and are trying new things for them as a philanthropic organization, so they're leading the way."

Henry has worked on various arts incubator projects across Canada, most notably Artscape in Toronto, which has rehabilitated several buildings and helped that city's arts community to withstand a long real estate boom.

"We're looking for long-term stability now," Henry says. "This place, this school, this site will be a pretty significant anchor for a big, broad range of the cultural community, whether you're working in the community sector, traditional non-profit stream or doing some sort of enterprise."

They likely won't have a problem finding tenants: 45 members of the arts community responded when Henry put out a request for an expression of interest in the project.

For CADA president and CEO Terry Rock, his organization's successful effort to purchase King Edward School reflects a broader support across every spectrum of the city.

"The thing that I find most interesting about this process since starting CADA in 2005," he says, "is that we have champions all over the place - in elected positions, corporate Calgary and they were really looking for someone that could take on projects like this, that are exciting projects that show the promise of the arts to a city.

"We're really excited," he adds, "that we've got tangible ways to do this now with this new organization (cSPACE)."

When it comes time for the arts groups to move in, it's safe to say they'll be getting a warm welcome from the surrounding community.

"From a personal point of view, it's fantastic," says Marda Loop community association president Marc Doll. "As an association, when it was approached before the entire project had any legs at all, our reaction was, 'Fantastic idea.'

"It provides for access and is going to be something the community can use, on the bottom floor. It brings life back to a dead building."

FUELING DEMAND

Burgeoning Calgary population to fuel demand in housing market
New home construction and MLS sales on upswing
By Mario Toneguzzi
Calgary Herald February 8, 2012

CALGARY — A burgeoning population will spark another real estate cycle in Calgary with increased demand fuelling more MLS sales and more new home construction.

But industry experts don’t expect the next cycle to mirror the boom of a couple of years ago which experienced a frenzy of activity and fast-rising house prices due to a lack of supply.

Instead, a stable, steady growth is expected in Calgary’s real estate market.

On Wednesday, Statistics Canada reported the Calgary census metropolitan area had the highest rate of population growth in the country at 12.6 per cent between 2006 and 2011 and is now more than 1.2 million for the region.

Tim Logel, president and partner of home builder Cardel Lifestyles in Calgary, said the population data supports what the industry believes is happening in the market.

“What’s positive about it is that as more people move to Calgary then more of the inventory or the supply that we’ve been working on reducing gets absorbed,” said Logel. “And it gets absorbed quicker and gets us closer to being in a higher demand environment where we’re being asked to produce more new housing products of all types for the market ... Over the next year with this in-migration, the extra supply will be absorbed.”

Logel said a new real estate cycle has been started in the city. The last one finished in the spring of 2007 in the Calgary market.

Ann-Marie Lurie, chief economist for the Calgary Real Estate Board, said the growing population will help support increased demand for housing in the resale market as well.

“In the resale market, especially moving forward, we think this will also help really take up some of that inventory that is in the market because we had some out-migration in the past few years. 2010 in particular, in-migration levels were extremely slow and so that impacted our housing market as well,” said Lurie.

CREB is forecasting single-family MLS sales activity to increase by 12.2 per cent this year from 2011 levels and condo transactions to jump by 5.9 per cent. Its forecast is also for average sale prices of single-family homes to rise by 2.1 per cent and by 1.7 per cent for condos.

“It’s much more of a stable growth than it was during the last boom. I just don’t see us moving there,” said Lurie. “We’re not moving into that scenario. It’s a much more stable growth and we have a good supply of inventory right now in the resale market and frankly on the new home market they do have some room to improve in some of their construction.

“They’ve got some room to grow and build more to help meet with those household formation numbers.”

Already in January some real estate data, released Wednesday, is indicating support for increased activity in the market as housing starts and residential building permits showed impressive increases compared with a year ago.

According to Canada Mortgage and Housing Corp., housing starts in the Calgary census metropolitan area totalled 786 units in January, up 52 per cent from 518 units a year ago.

In the region, 336 single-detached units broke ground in January, up 14.7 per cent from the 293 units started in January 2011.

“This represents the sixth consecutive month where starts have increased on a year-over-year basis,” said Richard Cho, senior market analyst in Calgary for the CMHC.

Multi-family starts, which include semi-detached units, rows and apartments, increased to 450 units in January, up from 225 units a year earlier.

“As was the case in the last several months, apartment construction continues to be elevated, averaging more than 340 starts per month since August 2011,” said Cho.

Also, the estimated construction value of building permit applications for the residential sector in Calgary rose by 42 per cent in January compared with a year ago.

In releasing its latest data on Wednesday, the City said residential values increased to $153 million compared with $108 million in January 2011. This represents 651 new residential units, a 73 per cent increase compared with the January 2011 total of 376.

“The overall gain in residential value and number of new residential units can be attributed to increases in the apartment and townhouse sectors,” said Kevin Griffiths, chief building official with the city’s department of development and building approvals.

“For the month of January we accepted six apartment applications for 193 new units compared to zero last year, and 20 townhouse applications for 122 new units, compared to only seven townhouse applications totalling 44 units for the same period last year.”

OPEN FOR BUSINESS?

Will An Open House Help Sell Your Home?
Mark Weisleder
Moneyville.ca September 02, 2011

I am often asked whether a seller should agree to open houses when they put their home up for sale. Some say it helps the agent find new clients and does nothing to sell the home. Others say it is necessary to find the largest number of potential buyers. Which is correct?

In practice, there are two kinds of open houses. One is limited to real estate agents, so they can conduct research in the area and be able to recommend the right homes to their buyer clients. The second is open to the general public. This can include nosy neighbours who just want to see your home, buyers who don’t have nearly enough money to consider putting in an offer and even criminals who are there to either steal something from the home during the open house or check out the security system so they can come back later.

Open houses will lead to more exposure for your home and more feedback from potential buyers. On the other hand, since we have so much information available to buyers on the Internet, such as video tours of the entire home, wouldn’t it make more sense to wait for a truly interested buyer to schedule a private appointment to see your home? That shows more commitment.

Still, in a seller’s market, where there are more buyers than available properties, open houses are a good idea so the maximum number of buyers can see the property in a very short time period.

If you do agree to conduct an open house, here are some tips:

• Make sure proper home staging is done in advance so your home appeals to the maximum number of potential buyers.

• Do not stay in the house during the open house. You are more than likely to volunteer too much information, including why you are selling. This will hurt your negotiating position later.

• Make sure your agent will be there the entire time.

• It is not against the law to ask for identification in order to allow someone to enter your home. If they refuse to provide it, tell your agent to refuse them entry.

• Sometimes criminals will come in pairs; while one distracts the salesperson, the other is going through drawers. If a lot of people are expected make sure your agent brings an assistant.

• Ask your agent to check all windows and doors before they leave your home to make sure everything is properly secured.

• Remove all valuables or store them in a safe, if you have one in the home. This includes your laptop and any discs that may have your personal information on them.

• Keep all of your bank and credit card statements out of view, as this could lead to identity theft if someone takes them.

• Take pictures of each room so you can check later if something is missing or damaged during the open house.


Whatever you decide regarding an open house, make sure you are properly prepared in advance.

LOOKING FOR A GOOD TIME?

Why it’s a good time to buy a home
By Mark Weisleder
Toronto Star  Jan 27 2012

I believe there has never been a better time to buy a home. I’ve been in the industry for 28 years as a lawyer and I haven’t seen so many positive signs for housing, whether you are thinking or buying or locking in a mortgage.

Here’s why:

Mortgage rates at historic lows: They can’t get any lower. Four to five-year fixed mortgages at 3 per cent are unheard of. It is lower than the variable rate that most Canadians have been paying for years. Rates have nowhere to go but up, either later this year or next. If you are paying a variable interest rate, lock in now.

Canada’s appeal: This country has everything going for it — a stable banking and political environment, steady real estate market, the natural resources people want and few social tensions. That makes us a safe haven in a volatile world.

Our immigrant draw: Because of the above, we’re a draw for immigrants, often wealthy ones. When they get here, they need a home. So in my view while the real estate market may level off in some areas of Ontario, it should stay strong in most of the GTA and likely Canada’s other large urban centres as well.

Mortgage defaults: According to CMHC, over 99 per cent of Canadians pay their mortgages on time. It quite a different picture in the U.S. where 7 million homes are in foreclosure and perhaps another 7 million homeowners are under water. This represents almost 15 per cent of all homes. So while the American housing market will likely be weak for the next few years, this should not occur in Canada. Our banks are not dumping homes onto the market, so there is no downward pressure on prices.

Recourse Mortgages: In many U.S. states, if you can’t pay your mortgage, the only thing the bank can do is foreclose; they cannot sue you for any shortfall. So when homes go under water, owners give the keys back to the bank. In Canada, loans are almost all Recourse, meaning if you don’t pay and there is a shortfall, the lender can sue you for the difference. This is another reason why, in my opinion, even if times do get tough, Canadian homeowners will find a way to make the payments until things improve.

Income-to-price ratio: Another misleading statistic is that in major markets, like Toronto, the average price of a home is now 4.6 times the income of the average Canadian. This same statistic was found just before the U.S. and UK markets went into the tank. However, if you look at median incomes of Canadians against the median cost of homes, this average comes down to around 3.5, which is not dangerous. Using averages are wrong. A person receiving social assistance will not buy a home, and should not be included in any relevant statistic.

High consumer debt: The warnings about rising debt ratios must be examined carefully. The Governor of the Bank of Canada is worried that the average personal debt ratio is now 156 per cent in Canada. This means a household making $100,000 per year, owes $156,000, two-thirds of which is mortgage debt. Why is this so bad? At an interest rate of 3 or even 5 per cent, the amount needed to service the debt is manageable. Most people do not pay off their mortgages in one year. Still, this is another good reason to consolidate your debt now, at these low interest rates, and lock in.

No guarantees: Nobody can predict the future and there’s always the possibility of a major economic shock. Yet, in a U.S. presidential election year, politicians will do whatever is necessary to prevent it. If the economy goes into the tank, so do re-election chances. The U.S. is already showing signs of economic recovery.

No matter what, do not take on a monthly payment higher than what you can afford. Meet with your lender or mortgage broker in advance to figure out what you can afford before you start looking for a home. It may be the best time to buy, but you need to buy smart.

Photo By: alykat

WANT TO TAKE STOCK IN THE BLOCK?

Chip off The Block for 17th Ave. living
By Marty Hope
Calgary Herald January 23, 2012

It doesn’t look like much now — just a piece of snow-covered, weedy land wrapped in orange fencing.

Sitting a block off trendy 17th Avenue S.W. at 9A Street, and surrounded by apartment buildings, this land will soon host heavy equipment to begin development of The Block.

The 61-unit project is being undertaken by Avi Urban, the multi-family division of Homes by Avi.

“This is the biggest site left in the Lower Mount Royal area and it was just too good to pass up,” says president Charron Ungar of Avi Urban.

The Block will be a courtyard development consisting of 41 one-bedroom and nine two-bedroom flats.

It will also have 11 townhomes, with all the units facing into a central courtyard.

With construction scheduled to begin early this year, first occupancies could start in early 2013.

“I’ve lived in the area for about 20 years now and I’ve always wanted to do a contemporary residential development here — something suitable to the area; something with a Mount Royal look and feel,” says Ungar.

He also wants to build something that people want to live in and watch their families grow, rather than for investors to purchase and rent out. He estimates that 90 per cent of the residences will likely be owner occupied.

“I’ve chosen to build something that will be appreciated by people living there — a community within a community,” says Ungar.

Seeing as how the site is zoned for live/work residences, he expects a solid cross-section of buyers ranging from young professional singles and couples to more mature purchasers.

“I see them as active participants in the 17th Avenue lifestyle, not watchers,” he says. “They will be an integral part of the area’s makeup.”

The one-bedroom units measure 650 square feet and are priced from the mid-$200,000s.

The 850-square-foot two-bedroom residences are priced from the mid-$300,000s. The 1,200-square-foot townhouses are priced from the mid-$400,000s.

The show suite at 1022 17th Ave., which opened in November, is a mock-up of a typical one-bedroom suite in The Block.

The suite has its own patio looking into the courtyard. Inside, the dining area of the suite is finished with built-in cabinets and shelves.

At the living room, a pair of sliding doors open to the suite’s patio and the courtyard beyond.

The kitchen has custom tilt-up cabinets and the countertops are quartz.

An island, also with a quartz top, has a flush eating bar that seats three and holds the dishwasher. The appliances are stainless steel.

The bathroom has a quartz-topped vanity, tile floor and walk-in shower.

Past the kitchen, a barn door rolls open to show the bedroom with a walk-in closet and stacking washer and dryer.

The show suite is open from 2 to 8 p.m. Mondays through Thursdays, noon to 5 p.m. weekends and holidays, and Fridays by appointment by calling 403-536-7238.

WHAT YOU NEED TO KNOW

Project: The Block, which is a courtyard development consisting of 41 one-bedroom and nine two-bedroom flats, along with 11 townhomes.

Developer: Avi Urban, the multi-family division of Homes by Avi.

Location: 1715 9A Street S.W.

Prices: One-bedroom suites measuring 650 square feet are priced from the mid-$200,000s, while 850-square-foot two-bedroom suites start in the mid-$300,000s. The 1,200-square-foot townhomes are priced from the mid-$400,000s.

Directions: The construction site is at 1715 9A St. S.W. The show suite is at 1022 17th Ave. S.W.

Hours: The show suite is open from 2 to 8 p.m., Mondays through Thursdays, noon to 5 p.m. weekends and holidays, and Fridays by appointment by calling 403-536-7238.


GO UPTOWN IN STYLE

Located in the heart of the city in one of Calgary’s oldest communities, Uptown 17th Avenue is a neighbourhood where people come to live, work, dine, shop and to explore one of Canada’s most thriving cosmopolitan areas.

With its unique blend of state-of-the-art, fashionable shops, a sizzling array of eateries and entertainment venues, professional services and historic buildings, the avenue embodies both the charm of old-era small town and all the conveniences of a vibrant city.

There are more than 200 locally-owned and operated boutiques from 14th to Second Street.

For information, visit www.uptown17.ca

AWARD WINNER

Homes by Avi created Avi Urban in 2000.

From the beginning, the goal was to offer homeowners a higher degree of comfort and function through innovative townhome developments.

Avi Urban’s broad range of communities include a highly modern live/work development in the inner-city, multiple examples of street-orientated row housing in exclusive neighbourhoods, and large scale, multi-phase townhome developments.

Headed up by president Charron Ungar, Avi Urban has created notable projects in Calgary such as Victoria Cross in Currie Barracks, Olive in Bridgeland, Wentworth Pointe, and StoneWater at Lake Chaparral.

Named multi-family builder of the year in Calgary in 2008. Avi Urban has received numerous multi-family development and design awards.

SOME LIKE IT HOT!

More mortgage rules planned if housing market gets too hot
Garry Marr
Financial Post Jan 23, 2012

A new round of mortgage rules from Ottawa could include tough new measures for calculating how the self-employed qualify for loans and tighten regulations for condominium buyers, according to two separate sources.

Ottawa remains concerned about the possibility of an inflated housing market and wants to crack down on the practice where consumers self-disclose what they make when applying for a loan. In the case of the condominium buyer, the government continues to consider a proposal that would have 100% of condo fees count when assessing how much debt a consumer could afford.

“None of this is happening just yet. The housing market has slowed down and the government wants to see what will happen next,” said one source. “If the spring market picks up, then we will see more changes to the rules.”

Bank of Canada Governor Mark Carney said Sunday that some parts of the Canadian real estate market are “probably overvalued” and policymakers are monitoring to see if further steps are needed to cool it.

“We see that in a number of real estate markets in Canada, valuations are at a minimum, firm; in others, they’re probably overvalued. So there are risks there. We’re watching it closely. We’re working with our partners, the federal government, the superintendent of financial institutions,” he said in an interview broadcast on Sunday on CTV.

” Measures have been taken. They’ve been effective. We’ll keep up that vigilance. If more needs to be done, I’m sure the appropriate authorities will take those measures.”

Stated-income products have become very popular during this housing boom, allowing more banks to get involved in loaning to the selfemployed.

“These are individuals that are self-employed, have great credit and won’t be able to validate their ability to pay if they are not showing their income on their notice of assessment,” said one source.

He says those people with stated income could have to make an even higher down payment than the normal 20% that exempts consumers from buying expensive mortgage default insurance.

The source said some self-employed are qualifying for loans based on the assumption they have a lot of write offs, like car payments and housing costs associated with home office costs.

“They get to include that based on the assumption that self-employed people have an advantage from a tax perspective,” said the source. “The government is trying to figure how they would present this.”

A source with one of the banks said the government is trying “zoom in” on marginal borrowers so it doesn’t get into a U.S. type of situation where they were not verifying income.

“What banks are doing usually when it comes with self-employment is not dealing with declared income because nobody believes it. What they do is look at their behaviour and put more weight on it,” said the source, referring to how those consumers handle their debt. “With an employer, you can call and verify their income.”

The labour market is roughly about 13% self-employed so new rules could have a major impact but the source indicated it does not mean those people would be shut out of the loan market. “It will be just more difficult for them. You are going to have to prove income in a more precise way,” he said.

The suggestion the government might crack down on condo buyers is not new, having been scrapped last year in favour of tougher new rules on amortization lengths and refinancings. Most people in the real estate sector now believe amortizations will be reduced to 25 years after having been as long as 40 just three years ago.

Brad Lamb, a Toronto real estate broker and condo developer, has heard the government is again considering including 100% of condo fees in calculating debt levels but doesn’t think it will happen.

“The 25 year amortization is a no brainer, they should do it,” said Mr. Lamb. “It’s not smart to have loose lending rules. But the condo market is hot because of investors not speculators. These investors are coming [from around the globe]. This silly [condo fee] change will do nothing. These people are buying with cash.”

Photo By: Todd Klassy

STEADY AS REAL ESTATE GOES!

'Steady' as she goes forecast for resale
By Josh Skapin
Calgary Herald January 21, 2012

For resale house hunters, 2012 is lining up to be a year of stability.

That's the message from this week's annual forecast conference of the Calgary Real Estate Board.

"It's a nice, steady, relaxed atmosphere for buyers and sellers," says incoming president Bob Jablonski in his outlook for the coming year.

CREB's forecast includes an average sale price of $476,000 for resale homes this year, up 2.1 per cent from 2011.

It also predicts sales to reach 14,800, marking a 12.2-per-cent climb over 2010.

"Buyers have time to research and carefully consider their options without needing to be overly concerned about pricing changes," says Jablonski, a 25-year industry veteran.

Employment growth and migration are factors that are expected to help bolster the city's housing sector, says chief economist Ann-Marie Lurie of CREB.

"Calgary's job market has already recovered a lot of the jobs that were lost during the recession," she says, adding that much of the recent job creation is of the business professional variety.

"These are typically good paying jobs, which helps with growth in consumption and in housing."

Many of those who moved to Calgary for work, but lost their job during the economic downturn, left the city, says Lurie. However, people are once again moving to Calgary, she says.

"Those migrants are returning and forecasted levels remain strong relative to the long-term average," says Lurie. "Migrants coming to the city need a place to live and while their first choice is often rentals, in time, they will often move to ownership and cause a rise in demand for housing."

Going forward, Jablonski advised the realtors in attendance to listen, communicate and ask.

"Improve your skills and be the best you can be," he says.

"Build your relationships, your business and be the resource to your clients. There is always a market for wellpriced listings."