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FREE june 6 to june 12 2014 issue 04-22 www.crebnow.com facebook.com/crebnow twitter.com/crebnow
real estate news from industry experts
a tale of two cities
Secondary Suites created through municipal grant programs
Calgary vs. Edmonton Approved
pending
Approved
2009 – 2012
2006 – 2011
Contrasting secondary suite acceptance in Alberta’s two major centres Cody Stuart
managing editor
O
nce restricted to hockey rinks and football fields, the Battle of Alberta is now playing out on the streets of the province’s two major cities. While the final score is not in yet, Edmonton has jumped out as the early leader in its acceptance of legal secondary suites. In fact, while Calgary has been embroiled in debate over the suites for years – even before Mayor Naheed Nenshi made it a priority during his first campaign in 2010 – Edmonton’s acceptance has been virtually text book. “As far as the negative impacts in Edmonton, I haven’t seen really any to speak of,” said Daryl Kreuzer, senior planner with the City of Edmonton. “If anything, I think the illegality of these suites, in the absence of legal methods to make them work, probably has a more negative effect on everyone concerned.” Between 2006 and 2011, Edmonton’s
Cornerstones plan – designed to increase safe, affordable housing options for lower income households in the city – helped create and upgrade 553 secondary suites in the city. Under the program, homeowners could receive up to $20,000 (up to 50 per cent) toward construction costs of upgrading or developing a secondary suite. Edmonton has since extended the project, launching Cornerstones II last year with a goal of creating or upgrading an additional 450 secondary suites. In total, the number of approved development permits in the city between 2010 and 2013 numbered 1,396. Calgary’s biggest stumbling block to approving more secondary suites is sourced to zoning restrictions. A recent study by the Calgary Journal showed just eight of the 20 zoning appeals for secondary suites filed during Nenshi’s first term were approved by the City.
secondary suites A3
three part secondary suites series this week: city by city comparison
$520,686
$527,764
$516,447
$516,244
$512,359
$517,234
$524,900
$527,162
$521,887
$510,834
$518,392
$518,452 $496,579
$496,636
$488,311
$492,777 $468,360
$475,272
$478,528
$489,271
MAY12 JUN12 JUL12 AUG12 SEP12 OCT12 NOV12 DEC12 JAN13 FEB13 MAR13 APR13 MAY13 JUN13 JUL13 AUG13 SEP13 OCT13 NOV13 DEC13 JAN14 FEB14 MAR14 APR14 MAY14
$502,065
$554,652
MLS® AVERAGE PRICE* MAY ‘12 – MAY ‘14
$550,312
SINGLE FAMILY
Sources: C ity of Calgary and City of Edmonton
$547,871
last week: Update from city hall
$556,402
may 23: Financial Impact
First-time buyers entering market in ‘substantial’ numbers
AnnA ZAjAc
403.650.5062 am.zajac@hotmail.com
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Calgary a star performer
mortgage rates
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CREB® STAFF
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hanks to low interest rates and “favourable economic circumstances,” first-time buyers continue to enter the Canadian market at a steady pace, according to a report by the Canadian Association of Accredited Mortgage Professionals (CAAMP).
*All statistics based on monthly data compiled by CREB® via MLS® activity.
LifestyLe Homes
contents
executive bungAlow Mls®c3595232 109 lott creek landing size: 3535 sq. ft. style: bungalow with loft beds: 3 | baths: 2f 1H
market A3
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lAke front 1/4 Acre lot
225 cove rd size: 2050 / 3730 sq. ft. style: bungalow beds: 3 | baths: 2f 2H