a bright idea
Reno Riches
New bulbs add tech to your lights
Which projects offer best bang for your renovation buck
digital downlow A6
Jim Moore
1985 CREB® President
A7
A4
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real estate news from industry experts
Let’s Make a Deal Illustration courtesy of Qualex-Landmark
Industry spokesperson says construction fund largely going unused Marty Hope for creb®now
P
layers in one of the city’s most active multi-family construction areas have made limited use of a cash-for-density fund established by the City of Calgary, says a spokesperson for the industry. While a number of projects have been brought forward related to the Beltline Community Investment Fund (BCIF), the CHBA-UDI Calgary Region Association, the umbrella organization for the builders and developers in
and around Calgary, is scratching its head about why the fund hasn’t been used more. “We are attempting to answer the question regarding why more people in the industry have not submitted proposals to the BCIF committee,” says Beverly Jarvis, director of policy, projects, and government relations for CHBA-UDI. “We would like to know if the issue is simply awareness, or something else.” Jarvis is the CHBA-UDI representative on the BCIF administrative committee, which is responsible for evaluating and approving applications to the fund.
CITY OF CALGARY
Since 2006 when the fund was created, the City of Calgary has been collecting funds contributed by developers, and in return those developers have been allowed to build more densely within the Beltline. The Beltline area is located directly south of the CPR tracks at 9th Avenue on the shoulder of the city core. Jarvis says that while some developers are aware of and have used the fund, there are still those who have not taken advantage of its availability. She adds that while CHBA-UDI continues to encourage its members to submit proposals and projects there is still room for more accessibility. “But despite our efforts, I would not consider it (the fund and its benefits) well-known to developers,” Jarvis says. To date, the fund has contributed
to projects that include underpass enhancements, signal-box wraps, and pedestrian transit way funding. But there are also opportunities for other projects like park improvements and buying land for future parks, streetscape trees and furniture, conceptual design studies, and consultancy services to support sustainable development within the community. Projects valued at up to $75,000 can be approved by the administrative committee and can take about three months to process. More expensive projects must be approved by city council and must also be identified in the city’s capital budget. One developer taking the opportunity to increase density in its buildings is Qualex-Landmark, a Vancouverbased company with a long and successful history in the Beltline.
Outside of some developments in the Beltiline, cash-for-density fund established by the City is being underutilized by developers.
“The fund has provided us with the chance to increase density over what was originally permitted,” says Parham Mahboubi, the company’s vice-president of planning and marketing. “It’s a good tool, one that other developers who are not using it should consider — I know we will when we embark on future projects.”
Developer Fund A3
Mayor Naheed contents Industry Nenshi announces news briefs re-election bid mortgage rates
MLS® TOTAL SALES* OCT ‘14 – OCT ‘16
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A3
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A5
1644
1483
1567
1923
2028 1746
1588
CREB® STAFF
763
OCT14 NOV14 DEC14 JAN15 FEB15 MAR15 APR15 MAY15 JUN15 JUL15 AUG15 SEP15 OCT15 NOV15 DEC15 JAN16 FEB16 MAR16 APR16 MAY16 JUN16 JUL16 AUG16 SEP16 OCT16
879
1127
1263
1421
1448 1217 880
1082
1764
1995
2184 1643
1782
1779
1957
2145
2190
CREB® 2016 Long Service Recipients
Municipal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A5
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algary’s Mayor is looking for four more years. Having already served two terms as Calgary’s Mayor, Naheed Nenshi has announced he will seek a third term. In a statement posted on the mayor’s website, Nenshi – who took home the World Mayor Prize in 2014 – stated that his “work is not done” and that he would be running for mayor in the next municipal election which is set to take place Oct. 16.
MUNICIPAL A3
*All statistics based on monthly data compiled by CREB® via MLS® activity. Includes detached, attached and apartment.
Cultivating new roots
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Donna Williams $309,900 SOUTHWOOD ATTACHED DUPLEX
MLS®C4072388
• 2 bdrms, 2 baths, no condo fees • Huge 32 x 130 lot • Attached bung w/dev bsmt • Walk to schools, bus, LRT • Mins drive to Southcentre & Southland leisure
$319,900 MCKENZIE TOWNE 18+ TOP FLOOR
MLS®C4079424
• 2 bedroom, 2 bath, almost 1,000 sq. ft. • Quartz counters throughout • Corner gas fireplace • Bus, shopping outside complex • IMMEDIATE POSS
$269,900 PALLISER STUNNING MLS®C4084477 LOCATION • Backing on private greenspace • 2 bedrooms + loft • Trendy 1175 sq ft, end unit • IMMEDIATE POSS • 10 Minute walk to Glenmore Reservoir
$194,500 TEMPLE
403-617-7749 donnawilliamsrealestate.com
MLS®C4085028
• 2 Storey Townhouse, 3 bedrooms, 1 bathroom • New granite counters • Full bsmt w/large family rm • Recent upgrades; windows, shingles, doors • Well run complex, bus right outside complex
SUTTON CANWEST REAL ESTATE