CREB® PAC meeting Service Minister talks condo consultation provincial A12
Luxury feature a8 – A11
FREE june 28 to july 4 2013 issue 03-25 www.crebnow.com facebook.com/crebnow twitter.com/crebnow
real estate news from industry experts
STILL STANDING kelsey hipkin, Reporter/Photographer
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In wake of Alberta floods, communities coming together, Calgary getting back on its feet
t will take some time to determine the full impact of Alberta’s worst flood ever on the housing market, however, recent history suggests property values in affected areas in the city of Calgary will not take a long-term hit. Although estimates are difficult until the extent of the damage is revealed, this year’s flooding saw far more damage than seen in 2005. “In terms of property values in the impacted communities, if we look back to 2005, there does not appear to be any long-term impacts on property valuations,” said Ann-Marie Lurie, CREB®’s chief economist.
kelsey hipkin
reporter/photographer
SINGLE FAMILY
“While the full extent of the 2013 flood damage is said to be more widespread, the desirability of these neighbourhoods is likely to outweigh concerns regarding future flooding risks, indicating that remediated homes will likely maintain their value over time. “We would expect that listings in (affected) communities would decline, which could impact demand in surrounding areas that were not impacted by the floods, and the already tight rental market,” she said. As floodwaters recede, Calgarians are cleaning up while the city makes its
MLS® AVERAGE DAYS ON MARKET* MAY ‘11 – MAY ‘13
58
60
52 52 49 49 48 41
49
48
43 40
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A 37 31 31
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lberta’s rental vacancy rate was 1.5 per cent this April, a 50 per cent decrease in vacancy compared to the same time last year. “Employment gains and heightened levels of net migration pushed vacancies lower in most of the province’s urban markets between the two survey periods,” said Lai Sing Louie, Canada Mortgage and Housing Corporation economist.
*All statistics based on monthly data compiled by CREB® via MLS® activity.
4229 BRITANNIA LANE SW
$4,985,000
One of Calgary’s significant architectural statements. A modern masterpiece designed from the ground up by celebrated architect Richard Davignon, subtle detail and nuance abound in this one-of-a-kind home on a 95’ x 167’ lot. Extensive use of brick, glass, metal panels, natural woods and marble. Features include; Cable suspended staircases, Ipe wood ceilings, cistern water system, geothermal heating plant and use of solar energy. The 4 car garage and auto-court are a car aficionado’s dream! 4 bdrms (all with ensuites), over 6300 sq. ft. up plus “walkout” lower level, highest-end appliances/fixtures, private sunny west terrace/yard, elevator + more. Style savvy and substantial, bold and brilliant in Britannia. MLS®C3544747
#J500 – 500 EAU CLAIRE AvE SW
$2,500,000
Onlookers survey the flooded streets west of Murdoch Park in the Calgary community of Bridgeland June 21.
community A3
Alberta rental contents vacancy drops news briefs to 1.5 per cent how to in April Apply for disaster relief CREB® STAFF
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way back to business as usual — including the buying and selling of homes. One Calgary lawyer is pleased to see how buyers and sellers are adjusting to the circumstances. “People have been taking really, really good approaches to things, very easy negotiations,” said Jeff Kahane, a lawyer specializing in real estate and wills and estates. “The general rule is when someone buys something and damage occurs before the possession date, the seller is responsible for putting it back into that proper state it was in beforehand,” he said.
This very generously proportioned Eau Claire Estates penthouse has the most sought after features including; Windows that orient in 4 directions with gorgeous views, 400+ sq. ft. private patio with south & west exposure, main floor master bedroom, semi-formal living areas with views of the river & Prince’s Island, vaulted ceilings, fireplace and wet bar. Upper level has private 2 bedroom/2 bath guest quarters with huge office/flex room & loft/library. 4 titled parking stalls + exceptional storage. MLS®C3534838
MARKET A3
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4208 BRITANNIA DRIvE SW
$1,199,000
This lot is big & private. It has DT views, a south backyard and the land is priced at less than $87/sq. ft. An urban woodland oasis, this 13,832 sq. ft. lot offers both the opportunity to live within minutes of the best amenities in the city, curtain of mature trees and foliage afford remarkably quiet and private. The house is solid, well constructed and liveable, however the pricing is based on land value only. MLS®C3574524