alberta rebound
Inner City Feature
Cycle City A three-part series exploring biking in and around Calgary A13
Province to see economic growth market A6
A9 – A11 FREE may 8 to may 14 2015 issue 05-17 editorial 403-781-1324 advertising 403-263-4940 crebnow@creb.ca
real estate news from industry experts
developing story
Courtesy: great gulf residential
Calgary still the place to be for new developments kelsey hipkin
reporter/photographer
D
espite a dip in the economy, Calgary is still a sought-after destination for
developers, say industry experts. “There’s a western resiliency and an entrepreneurial spirit that [Calgary] rolls with it and looks for a brighter day in the future,” said Christopher Wein, president of Toronto’s Great Gulf Residential, which has submitted a development application to the City to develop a twotower condo development in the East Village at 304 Macleod Trail S.E. across from the Harry Hayes Building. Low oil prices – which have remained close to $50 US a barrel for West Texas Intermediate since midJanuary after topping the $100 mark
MLS® NEW LISTINGS* APR ‘13 – APR ‘15
3,476 APR13 3,714 MAY13 2,998 JUN13 2,725 JUL13 2,773 AUG13 2,794 SEP13 2,521 OCT13 1,825 NOV13 DEC13 971 2,396 JAN14 2,711 FEB14 3,319 MAR14 3,753 APR14 4,327 MAY14 3,817 JUN14 3,219 JUL14 3,147 AUG14 3,259 SEP14 2,919 OCT14 2,093 NOV14 1,381 DEC14 3,288 JAN15 2,950 FEB15 3,136 MAR15 3,064 APR15
CITY OF CALGARY
for much of 2014 – are reflected in decreased sales across the city, but aren’t deterring Great Gulf, said Wein. “We actually see it as an opportunity,” he said. “Our company has been in this business for 40 years, and obviously real estate and real estate development is cyclical. So you always go through cycles. But we think that often the best time to come into a market is during a downward cycle. “It gives you opportunity to source good land. It also gives you opportunity to really take your time and assess the situation around development, permit-
*All statistics based on monthly data compiled by CREB® via MLS® activity. Includes detached, attached and apartment.
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ting, approvals, community engagement, construction management, etc. “We really see it as this great opportunity to come into the city then as the economy turns again and we’ll be very well positioned for the next high point of the economy.” Great Gulf has applied for a development permit and is hoping to secure a building permit for its proposed East Village development by the fall or end of the year, followed by a sales launch. “We think that the downtown, and specifically the East Village and eastern portions of downtown, have tremen-
Toronto’s Great Gulf Residential has applied for a development permit for a twotower condo development in East Village.
dous potential for growth, for modern living, for modern planning,” said Wein. “We love what East Village is doing with its cultural centres, employment centres, retail, residential, etc.”
developing A3
Albertans contents working more news briefs than rest of five things industry Canada
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Urban hens
Millennial math
CREB® STAFF
O
n average, Albertans worked 30 hours per week more in February than the average Canadian, according to new numbers Statistics Canada. Despite “softer labour” conditions in Alberta’s current economic climate, Albertans worked an additional 1.8 hours of overtime, giving the province the longest work week in the country at 31.8 hours, said ATB economist Nick Ford.
employment A3
mortgage rates. . . . . . . . . . . . . . . . . . . . . . . . . A8 mls® Statistics. . . . . . . . . . . . . . . . . . . . . . . . . . . . A12 April 2015
pop the question. . . . . . . . . . . . . . . . . . . . . . . A14 Jillian Kohut
municipal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A14 Changing face of growth
map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B1 open houses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B23 @crebnow
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