Crebnow aug7,2015

Page 1

CAR-FREE CALGARY AUTOMATED H20

Airdrie Feature

More Calgarians saying no to autos

A city sets itself apart

MUNICIPAL A7

Setting up a watering system DONNA BALZER A11

A9 FREE aug 7 to aug 13 2015 issue 05-30 editorial 403-781-1324 advertising 403-263-4940 crebnow@creb.ca

real estate news from industry experts

SUITE SHIFT

CMHC change will allow buyers to use more rental revenue as qualifying income CODY STUART

managing editor

A

rule change from Canada’s Crown housing corporation may provide more fuel for Calgary’s long-running debate on secondary suites. Set to take effect Sept. 28, the change will allow homeowners to count 100 per cent of rental income from legal secondary suites as qualifying income applying for a mortgage. Up from the current level of 50 per cent, Canada Mortgage and Housing Corp. said the changes were made after a review of the corporation’s policy for treatment of rental income. “It appears as though CMHC is making these changes to assist with affordable housing,” said Nolan Matthias, broker at Calgary’s Mortgage360. “In the past it could be argued that changes to the rules surrounding investment properties were typically motivated by the housing market in general, these changes appear to be more about encouraging legal secondary suites which, thanks to their low cost in comparison to apartments, are a very effective means of providing affordable housing.” While the changes are expected to have a significant impact in markets such as Vancouver, where the 26,600 legal suites make up nearly 60 per cent of the city’s rental stock, the effect in the Calgary market is less certain. While the number of legal suites in Calgary numbers around just 500, the number of suites deemed illegal – either due to building codes or zoning restrictions – has been estimated as low as 16,000 and as high as 100,000.

SUITES A3

CODY STUART, Managing Editor

REVITALIZED CONTENTS BRIEFS ST. PATRICK’S FIVENEWSTHINGS ISLAND OPENS GARDEN TO PUBLIC

MLS® TOTAL SALES* JUL ‘13 – JUL ‘15

2945

CITY OF CALGARY

1995

2184

2190 1782

1779

1957

2145

2146

2328

2263

2664

2539

2481

A3

...................................

A4

..........................................

A6

Urban yards

1217

JUL13 AUG13 SEP13 OCT13 NOV13 DEC13 JAN14 FEB14 MAR14 APR14 MAY14 JUN14 JUL14 AUG14 SEP14 OCT14 NOV14 DEC14 JAN15 FEB15 MAR15 APR15 MAY15 JUN15 JUL15

880

1082

1172

CREB® STAFF

M

1439

1724

1850

1948

1918

2190

2265

................................

2015 Civic Census

arking the end of a $20-million improvement program that began in 2010, St. Patrick’s Island has reopened to the public. “It’s been five eventful and exciting years since we began master planning for the park’s redevelopment,” said Michael Brown, President & CEO, CMLC, the organization behind the revitalization of East Village and the Rivers District.

*All statistics based on monthly data compiled by CREB via MLS activity. Includes detached, attached and apartment. ®

Mortgage360’s Nolan Matthias says CMHC’s changes could bring more affordable housing.

®

MUNICIPAL A3

EVENT LISTING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A6

WEEKLY FEED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A6 STATISTICS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A8 Relative balance

POP THE QUESTION. . . . . . . . . . . . . . . . . . . . . . A10 Richard Cho, CMHC

MORTGAGE RATES . . . . . . . . . . . . . . . . . . . . . . . . A10 MAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B1 OPEN HOUSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B19 @crebnow

/crebnow

crebnow.com

RARE PROPERTY OVERLOOKING THE RIVER IN BRAGG CREEK

A HOME IN A CLASS OF ITS OWN

OPEN HOUSE

SEE

SATURDAY AUG 8TH & SUNDAY AUG 9TH 12 - 5 PM

A5

4 Yoho Tinda Road, Bragg Creek

Lee Edwards 403-540-0540

CANYON CREEK

PAGE FOR FULL DECK OVERLOOKING THE RIVER

LISTING

lee@braggcreekrealestate.com


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