contents A ugust 2 0 1 3
n
volume 5 issue 4 1
8
COVER FEATURE
8 Urban melody
Symphony a masterpiece in the making for homebuyers
Condo Profile
11 Westrich in
Windermere
Southwest highrise leaving its Signature in Ambleside
Show Home Profile
14 The Sofia sings
Cameron Homes’ Albany show home full of form and function
Community Profile
18 A growing concern
Qualico’s SummerWood community still branching out in Sherwood Park
S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R
Design & DÉcor
21 Branching out
Greener pastures ahead by cultivating some life at home
Market view
11
23 Not too late to lock and learn with interest rates
Feature
30 Tales from
the condo zone
50 shades of condominium
items
14
6 Editor’s Message 25 Around Town 26 Maps 27 Ad Index A ugust 2 01 3 E D M O N T O N H O ME & C O ND O L I V IN G • 5
editor’s message
PUBLISHER
August a great month for change
Source Media Group
info@sourcemediagroup.ca
It’s hard to believe it’s not only getting near the end of a season, but also the end of one of my favourite times in my life. I have enjoyed bringing you the latest developments and homes from builders and developers in and around the city, industry news, and some ideas to change your living space. This will be my last editor’s message to you as
A ssociate P U B L I S H E R
Jim Zang
jim.zang@sourcemediagroup.ca E ditor
Shelley Williamson shelley.williamson@sourcemediagroup.ca
I am leaving my post for an opportunity to move back to Calgary. As always, I hope you will enjoy this issue of Edmonton Home & Condo Living, where we bring you scores of useful information, some new ideas, and a little bit of humour. The cover story this month is about a unique
AR T DIRECTOR
Jean Faye Rodriguez
jean.rodriguez@sourcemediagroup.ca G R A P H I C D E S I G N er S
Lama Azhari
high-rise condominium project nestled next to
lama.azhari@sourcemediagroup.ca
the Alberta Legislature that’s sure to get the votes
Dave Macaulay
of many readers. If your condo preferences are a
dave.maucaulay@sourcemediagroup.ca
little less downtown, you will want to check out
megan.sereda@sourcemediagroup.ca
this month’s feature on Westrich’s Windermere
production administrator
Megan Sereda Colleen Leier
project, Signature Condominiums. Those
colleen.leier@sourcemediagroup.ca
shopping for more walls of their own will want to
E ditorial
turn the page to 14, where we take you on a tour
Wesley Gunderson, Kate Hamilton, Rosalyn Lazaruk, Michelle Lindstrom, Heather McIntyre, Jim Zang
of Cameron Homes’ duplex show home in Albany, the Sofia.
photography
Of course, no issue of the magazine would be
Kate Hamilton, Michelle Lindstrom, Heather McIntyre
complete without Wesley Gunderson’s latest on the market, and once again this month it’s good news for buyers. Turn to page 23 for tips on locking in to a mortgage now, while the going is still pretty, well, great. And since we like to add a little light to every issue, once again Associate Publisher Jim Zang shows his humorous side in this instalment of his tongue-in-cheek Tales from the
norma.robertson@sourcemediagroup.ca A dvertising S A L E S
Jennifer Mills
jennifer.mills@sourcemediagroup.ca
Condo Zone. Our go-to design gal Rosalyn Lazaruk gives her best advice in this month’s Design and Décor, this time planting some ideas about adding greenery and blossoms to your living space. Speaking of room to grow, this month’s community feature tells the story of an evolving neighbourhood, as you’re invited to take a trip through the established SummerWood by Qualico Developments, which is still growing strong.
ACCOUNTING
Donna Roberts
accounting@sourcemediagroup.ca DISTRIBUTED BY
Source Media Group, Media Classified I SS N 1918 - 4 4 6 8
Let me take this opportunity to welcome and introduce your next editor of Edmonton Home & Condo Living, who comes to the role highly-recommended with a wealth of experience, knowledge, and talent. I feel the readers will be in excellent hands as I pass on my hard hat to Michelle Lindstrom. Welcome Michelle! Happy reading.
PRINTED IN C ANADA
Copyright 2013 by Source Media Group Corp. Material cannot be reprinted in whole or in part without the expressed written permission of the publishers. Source Media Group Corp. agrees to advertise on behalf of the advertiser without responsibility for claims or misinformation made by the advertiser and acts only as an advertising medium. Source Media Group reserves the right to refuse any advertising at its sole discretion.
Edmonton Home & Condo Living™ is published 12 times per annum and is available free through select distribution points in Edmonton and area. One-year subscriptions are available for $12 in Canada, $48 internationally.
Shelley Williamson Editor shelley.williamson@sourcemediagroup.ca
Follow us on twitter: EdmHomeandCondo
director of S A L E S
Norma Robertson
Like us on facebook: EdmontonHomeandCondoLiving
6 • E D M O N T O N H O ME & C O ND O L I V IN G A ugust 2 01 3
Edmonton Home & Condo Living™ accepts editorial submissions by electronic mail only. Please forward any submissions including all personal information to: enleditor@ sourcemediagroup.ca. Unsolicited submissions will not be returned. Advertising information available only by request.
Source media group 207, 5809 Macleod Trail SW, Calgary, AB T2H 0J9 403.532.3101
Canadian Home Builders’ Association
S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R
| Advertising cover Feature |
Urban melody
Symphony a masterpiece in the making for homebuyers
D
iscerning condo shoppers who don’t mind paying a little extra for the view will find the Alberta Legislature’s future neighbour to be music to their ears and a feast for their eyes. The Symphony is the brainchild condo tower for Rockwood Management, now marketing the future highrise at 9704 106 St. Construction will begin this fall, while first residents will likely take possession by the spring of 2016. So far that has been gaining favour of couples and empty-nesters, says Ed DePrato, a realtor who is selling the 148-suite property. Buildings surrounding the Symphony, Foote House and the Parkview Apartments, have a great deal of history and developers aim to maintain their heritage as they develop the site. The former will
8 • E D M O N T O N H O ME & C O ND O L I V IN G A ugust 2 01 3
become the sales centre for the project, and both have been given Municipal and Historic Resource status by the City of Edmonton. Lower level suites range from 661 to 1,380 square-feet, spanning from one to three bedrooms; the higher you travel up in the building, the larger the unit sizes. Penthouses are 3,210 square-feet, while two sub-penthouses will offer just shy of 2,500 square-feet of living space that will be fully custom designed. Townhomes rounding out the base of the tower will span 1,331 to 1,781 square-feet over two floors, with some offering a ground-floor entrance to the building and street access. Finishing details are high-end, including granite countertops, gas stoves, engineered oak flooring, floor-to-ceiling windows and central air conditioning for the building. And that is just the first 17 floors. “From the 18th floor up is all custom-designed,” explains
S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R
| Advertising cover Feature |
Fast Facts Project: Area: Developer: Style:
The Symphony Legislature/River Valley Rockwood Management Apartment condominiums and townhome condominiums. Size: 611 to 1,381 square-feet for units up to the 17th floor; penthouses and sub-penthouses range from 2,467 square-feet to 3,210 square-feet. Price: $298,000 to $731,000 Address: 9704 106 St. Hours: Monday to Thursday noon to 6 p.m., weekends 9 a.m. to 5 p.m. Web: www.symphonyliving.ca Phone: 780-701-0058 DePrato of the 27-storey structure. And, like most real estate professionals will tell you, the top three features of the Symphony will be the location, location, location. “Location is Number One. The view, a lot of glass and the stunning architecture — we get a lot of comments on the architecture,” says Jessie McCracken, another realtor selling the project. “People coming into the sales centre say it’s the best location for unobstructed views.” The building will not only boast extensive landscaping and a fountain feature on a stepped up central platform when complete in 2016, but the views of the Legislature dome and its historic grounds from Symphony suites will never be disturbed. “On days like this there are children splashing around in the fountains (at the Alberta Legislature),” says Sara Jones Lopetinsky, who is also part of the sales team, adding sights of
the grounds and its 10,000 Christmas lights over the holidays are sure to be equally appealing. In addition to being a stone’s throw from the trappings of downtown, appealing interior amenities will include an amenity or social room and fitness centre for residents and their guests. Speaking of construction, the tower will be built green. Environmentally conscious features include a rain water collection tank, for landscape watering, ultra-low-flow plumbing features, air-to-air heat exchangers, and 99 per cent efficient boilers. Those interested in learning if Symphony is in tune with their lifestyle and home shopping wish list can visit the sales centre Monday through Thursday from noon to 6 p.m. and weekends 9 a.m. to 5 p.m. to see floor plans and a scale model of the high-end tower. n
“Location is Number One. The view, a lot of glass and the stunning architecture ...”
S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R
A ugust 2 01 3 E D M O N T O N H O ME & C O ND O L I V IN G • 9
condo profile
Westrich in Windermere Southwest highrise leaving its Signature in Ambleside Story and photos by Heather McIntyre
P
egged as more than just concrete and steel, The Signature Condominiums in Ambleside by Westrich Pacific Corp. is an iconic project under construction in Edmonton’s southwest neighbourhood of Windermere — and it’s selling fast. According to sales and marketing representative Shannon Speidel, units are 75 per cent sold. “We had a really big boom in the last two months,” she says, noting the show suite grand opening — on site at 5151 Windermere Blvd. — was May 11. Pre-sales started in April 2012 and construction began last summer on the development, which will consist of two towers, an east and a west, connected by a three-storey grand lobby building with curtain-wall glass and marble finishing that will be home to a gym, party room, 16-hour concierge service, double-sided fireplace and infinity water feature overlooking a lake to the south.
There will be eight floors in the east tower and 12 in the west — and something for everyone. “Our larger units definitely cater to the baby boomers who are looking to downsize but still want that high-end feel,” says Speidel. “But we also see a lot of first-time buyers, especially for our smaller units.” “We have a variety — from one bedroom at 625 squarefeet to a penthouse at 2,165 square feet,” she adds. “Then our most common is the two bedroom, two bath 865-square-foot units.”
»
“Our larger units definitely cater to the baby boomers who are looking to downsize but still want that high-end feel ... But we also see a lot of first-time buyers, especially for our smaller units.” Rendering courtesy Westrich
S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R
A ugust 2 01 3 E D M O N T O N H O ME & C O ND O L I V IN G • 11
condo profile
Some of the suites, on the far west side of the development, will be Villas, with private glass elevators, floor to ceiling windows and a 240-degree view; while there will also be two-storey main level condo units along the south side of the building with an attached double garage and walkout basement. “These are two different layouts that really set us apart,” says Speidel. Another noteworthy aspect of the development is that all second floor suites have patios that are 400 squarefeet in size. “They wanted to make the lower floors more attractive — and those are almost sold out in the east tower,” says Speidel. Standard features throughout the units include hardwood floor in the living area, granite countertops and porcelain tile in the kitchen and bathrooms, glass backsplash in the kitchen, five stainless steel appliances, and air conditioning. Upgrades include hardwood throughout, under
cabinet lighting, appliance options, closet organizers, storage options, and the ability to purchase a fully furnished home. “If you want to fully furnish your apartment, we can do that for you,” says Speidel. “We just send you over to Signature Lane Interiors.” Three furnishing packages are available at $7,500, $10,000 to $15,000.
Upgrades include hardwood throughout, under cabinet lighting, appliance options, closet organizers, storage options, and the ability to purchase a fullyfurnished home. 12 • E D M O N T O N H O ME & C O ND O L I V IN G A ugust 2 01 3
S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R
condo profile
The show suite itself is a 1,740-square-foot furnished two-storey main level condo unit on the east end of the east tower. The walkout basement includes a back patio with paving stones and planters, which enters from the south onto an open concept living area, dining area and kitchen. Straight down a hallway is a den with a double French door, as well as a standard half bath. At the end of the hallway, at the north end of the unit, there is a laundry and storage room, as well as access to the double garage on the first level of the parkade. Upstairs is the doorway to enter from through the building, which opens up onto a wide landing with access to a full bath and two bedrooms, including the master, which has a walkthrough closet and full bath. Both bedrooms have doors out to a shared second level terrace. The view from that terrace — and anywhere else in the building — shows a growing yet natural community in Ambleside. Not only are there plenty of water features and walking paths close by, as well as access to the river valley and the nearby River Ridge Golf Club, Currents of Windermere — featuring restaurants, retail shops and the city’s only VIP movie theatre — S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R
is across the street to the north. “Living in a condo across from it means you can walk to it,” says Speidel. “And access to the rest of the city is really good too — Terwillegar Drive, the Henday and the airport. That’s definitely been a draw for sure. “It’s a big city feel in the suburbs.” n
The view from that terrace — and anywhere else in the building — shows a growing yet natural community in Ambleside. Fast Facts Builder: Area:
Westrich Pacific Corp. Ambleside in Windermere, southwest Edmonton Move-in ready: East tower – January 2014 West tower – December 2014 Size: 625 square-feet to 2,165 square- feet Price: $199,000 to $819,000 (two-bed, two-bath units start at $254,000) Show suite address: 5151 Windermere Blvd (across from the Safeway in Ambleside) Hours: Monday to Thursday 3 to 8 p.m., Friday to Saturday 12 to 5 p.m. Web: www.signatureambleside.com A ugust 2 01 3 E D M O N T O N H O ME & C O ND O L I V IN G • 1 3
show home profile
The Sofia sings Cameron Homes’ Albany show home full of form and function Story and photos by Kate Hamilton
S
imple or stylish? Modern or practical? Spacious or comfortable? With Cameron Homes’ Sofia III show home in Albany there is no need to choose. You can have it all. With three bedrooms, a bonus room and flex space, this abode is ideal for professional couples or families. “It’s definitely one of our most popular models, especially in Albany,” says Derrek Keating, area sales manager. “Some features that make it popular are the size, the functionality of the floor plan and the open concept main floor.”
1 4 • E D M O N T O N H O ME & C O ND O L I V IN G A ugust 2 01 3
The main floor boasts a large, living/dining/kitchen area with gas fireplace and loads of windows to let the natural light flow in. The flex space next to the kitchen can be utilized as an open plan playroom or formal dining room, or it can be closed in for use as a den or study. The kitchen — the central and social hub of most homes — has a large island (a recent change to its shape means room for more bar stools), plus copious cupboard space and a walk-in pantry. Upstairs, the master bedroom features his-and-hers
S O U R C E ME D I A G R O U P C E L E B R AT IN G I T S 10 T H Y E A R
show home profile
walk-in closets, and an ensuite with dual sinks, a deep soaker tub and separate water closet. There are two other good-sized bedrooms for the kids or guests, while the bonus room above the double-car garage means lots of space for a separate living area, games room or entertainment zone. Another plus is the second-floor laundry room, which will save countless trips up and down the (unfinished) basement stairs with heavy baskets of washing. The show home, all 2,130 square-feet, is priced at $506,000 including lot, home and GST. And according to Keating, “what you see is what you get.” Standard luxury finishes are used throughout the show home to give potential homeowners a true feel for what their own Sofia III would look and feel like. It is not over-the-top ritzy, but simply the kind of house you’d look forward to coming home to. “Most of what you see on an Albany spec sheet is
what you’ll see in the show home,” says Keating. From designer laminate and porcelain tile flooring to granite countertops throughout, and cultured stone on the exterior of the home, it’s all included in the price. Architectural controls mean every home is constructed to a high standard, which gives the community great curb appeal. “It’s a contemporarymodern design and the high standard will mean high resale values,” says Keating. But once you move in you may never want to move out. With quick access to Anthony Henday Drive and St Albert Trail, Keating says Albany is an especially great location for people who work in St. Albert but don’t want to pay the property taxes to live there. “There are a lot of green spaces, they’re developing a central park, there’s public access to the pond for great walking trails and shopping just two minutes drive from Albany,” says Keating. “There are new schools and lots of opportunity for growth.”
“It’s a contemporarymodern design and the high standard will mean high resale values.”
»
Fast Facts Builder: Cameron Homes Model: Sofia III Area: Albany Style: Two-storey duplex Size: 2,130 square-feet Price: $506,000 including lot, home and GST Hours: Monday to Thursday 3 to 8 p.m., Saturday, Sunday and holidays 12 to 5 p.m. Web: www.cameronhomes.ca S O U R C E ME D I A G R O U P C E L E B R AT IN G I T S 10 T H Y E A R
A ugust 2 01 3 E D M O N T O N H O ME & C O ND O L I V IN G • 15
show home profile
If you swing by for a look at the Sofia III, why not stop in next door for a gander at the Mateo, Cameron Homes’ other Albany show home? Similar in appearance, the Mateo is a little more flexible when it comes to the floor plan because the bonus room can be converted into two large bedrooms, great for larger families wanting four bedrooms. Whichever you prefer, they come with the same quality guarantee Cameron Homes has provided customers for over a decade. Keating says the company’s mantra is “quality versus quantity.” “We’re not a production builder, we keep construction under 100 homes per year so we can ensure we’re building quality homes,” he says. “It’s all about our family building for your family.” n
16 • E D M O N T O N H O ME & C O ND O L I V IN G A ugust 2 01 3
“We keep construction under 100 homes per year so we can ensure we’re building quality homes.”
S O U R C E ME D I A G R O U P C E L E B R AT IN G I T S 10 T H Y E A R
community profile
A growing concern Qualico’s SummerWood community still branching out in Sherwood Park Story and photos by Michelle Lindstrom
N
ot many communities have the space to develop, a continued interest from builders, and popularity with homebuyers, to continue expanding over the course of more than a decade. But the community of SummerWood in Sherwood Park has done just that: surviving the housing market as it cycles to favour buyers, then sellers, then buyers again. Even more surprising is to find an area manager who has seen and sold homes in the community from its beginning stages all the way through to today, 11 years later. “I’ve been there since SummerWood Home parade Number One,” says Carla Weinmeyer, Pacesetter’s SummerWood area manager. “It’s funny because I have people that I’ve sold homes to 11 years ago and they come in with their kids that were in car seats but are now mini-people. These people are coming back to look for something now more for their teenaged kids, not their young, just-starting-out family.” Pacesetter sells two options of single-family homes in the community: double attached front garages, popular designs averaging around 2,500 square-feet, and detached garage options with rear lane access, averaging around 1,500 square-feet. During SummerWood’s growth, the pleasant surprise for Weinmeyer has been the decision Qualico Communities, the developer, made to keep the 13.4-acre urban forest. It’s generally assumed that such wild treed areas will not withstand the entirety of a community development, especially a popular and large community like SummerWood. “It’s almost like a piece of wilderness right there by your home,” Weinmeyer says. “The kids have a blast in it because there are trails to walk through and 18 • E D M O N T O N H O ME & C O ND O L I V IN G A ugust 2 01 3
S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R
community profile
explore.” She adds that one day she even saw a moose checking out the trail, tree and pond-friendly neighbourhood. The natural green space is a major reason homebuyers look in the area to build and buy, agrees Camille Garcia, Qualico Communities marketing co-ordinator. Other crowd-drawing features in SummerWood include a creek, many playgrounds, a storm water management facility and great walking or running trails that weave through the community. Nature isn’t a bad thing to proudly boast about being in tune with, but there are many other amenities successfully drawing people to this northern Sherwood Park area to live and play in. “The commercial site located at Lakeland Drive and Clover Bar Road offers a major grocery chain, a drug store and lots of little shops,” Garcia says. “It is very close to the new hospital site, and it’s just a short drive to the new Wal-Mart.” The area around the new hospital site continually expands and residents can currently enjoy newer chain coffee shops, major banks, a pet supply store and other useful and convenient retail finds. Easy access to major arteries — Highway 16 and 21 and the Anthony Henday — make SummerWood a community to consider for people who work in Fort Saskatchewan, Sherwood Park or Edmonton. Being just outside of Edmonton is also an alluring thought to homebuyers who prefer a quieter, small-town feel for where they reside and plan to raise their families. Surely appealing to families are three designated schools for the community — an elementary, junior high and high school — each less than a 15-minute drive from SummerWood. Family activities can extend past the scholarly type when school is done and
The time is now for buyers to take a hold of their chance to get into SummerWood... before the opportunities to build are all gone.
S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R
Fast Facts Developer: Qualico Communities Community: SummerWood Builders: Pacesetter Homes, Jayman MasterBUILT, Rohit Communities, Streetside and Aspen Woods Estates (coming soon). Prices: Single-family homes with front attached garages start at $390,000; single-family homes with rear detached garages start at $380,000; duplexes with front attached garages start at $300,000; and duplex adult bungalows start at $416,000. Location: Northeast Sherwood Park at Clover Bar Road and Lakeland Drive Hours: Monday to Thursday, 3 p.m. to 8 p.m., weekends and holidays noon to 5 p.m. Web: www.qualicolandedm.com
include swimming, skating and working out at Millennium Place, a popular Sherwood Park facility less than 10 minutes away from the community. Weinmeyer says the community’s various amenities are what her customers rave about, but those moving onto their second or third home are finding an added bonus: great resale value. “Compared to the other communities in Sherwood Park, the builders in SummerWood tend to build a little more of the larger homes ... so if you are building a larger home, you aren’t going to be the biggest house on the block and people building smaller homes are going to be surrounded by a lot more expensive homes,” she says. “So for resale, it’s quite different from a lot of the other areas in Sherwood Park where the builders don’t tend to build that large of homes on a regular basis.” This mature community will not have available land forever, though, so the time is now for buyers to take a hold of their chance to get into SummerWood, Weinmeyer says, before the opportunities to build are all gone. n A ugust 2 01 3 E D M O N T O N H O ME & C O ND O L I V IN G • 19
DESign & DÉcor
Branching out
Greener pastures ahead by cultivating some life at home By Rosalyn Lazaruk
S
omehow I did not inherit the green thumb that comes so easily to my mother. She has always had an amazing knack with gardens, be it vegetables, perennials or beautiful annual pots and planters. Our house growing up always had a variety of house plants, including a Christmas cactus she still has that continues to bloom every year! I love the way a plant can change the way a space feels and I think that comes from growing up with plants all around. It took me a few years to learn, and accept, that I struggle to keep plants alive, let alone get them to bloom from year to year. This has yet to deter me — and with a little research and trial and error behind me, I now have a home that, if the room has a window, it also has a plant! Not only do plants give life and improve air quality in a space, they also create line and movement, almost like a living sculpture of sorts that continues to evolve over time. They are the perfect thing to fill the empty corner of a living room or create a warm welcome on the console at the front door. I have a few favourites that to me are the perfect plant (for non-greenthumbers):
Air Plants (Tillandsia)
• Modern spiky plants that come in several varieties • Do not need soil
• Immerse in water for two or three hours once a week • Thrive on drift wood, stone or in glass bowls • Like to be near a window that does not receive direct sun (not south facing) • If your air plant withers, soak for 24 hours, then resume weekly watering
ZZ Plant (Zamioculcas zamiifolia)
• Grows tall stems with shiny uniform green leaves • Uses regular soil, needs no plant food or fertilizer • Needs watering once every two to three weeks, once soil is dry • Prefers in-direct light but will thrive in all lighting • It is said the only way to kill this plant is to over water!
Snake Plant (Sansevieria trifasciata)
• Long, tall sword-shaped spikes with patterned leaves • Uses regular soil • Needs watering once every two to three weeks, once soil is dry • Loves bright light but will do well in shadier conditions as well • Will develop root rot if over-watered
Rubber Tree (Ficus elastica)
• Large, dark green shiny leaves and as the tree ages the leaves get larger • Can grow to be an eight feet tall tree, or if pruned, can be kept smaller • Needs watering every two to three weeks, once soil is dry • Likes medium to bright light n
Designer Rosalyn Lazaruk has been working in design and décor for seven years, and established her own business, Wicket Blue Interiors, in 2004. She has a broad repertoire in designing personal spaces within the home, as well as in implementing intriguing space and design concepts within the commercial setting. Rosalyn is devoted to developing and implementing unique design ideas that reflect the vision and individuality of her clients. To see more of Rosalyn’s design ideas visit www.wicketblue.com. S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R
A ugust 2 01 3 E D M O N T O N H O ME & C O ND O L I V IN G • 21
market view by Wesley Gunderson
Not too late to lock and learn with interest rates BMO Economics’ First Time Home Buyer’s Report came out with an astonishing statistic this month — 31 per cent of first-time buyers expect interest rates to stay the same over the next five years. While nobody knows for certain what rates will be in the next five years, our view is that they will be higher. More importantly, though, first-time home buyers don’t have to wait for great rates, they are here — and if they do wait the risk is they could end up paying more. Interest Rates at 60 Year Lows Just a few months ago Canadian lenders were providing five year fixed mortgages below three per cent — as low as 2.69 per cent. This was even after the Finance Minister Jim Flaherty expressed his disapproval with BMO offering a special 2.99 per cent rate in March. To put this in historical perspective average residential mortgage lending five-year rates*: Period
Date
Rate (%)
10 Years Ago
July 2003
5.71
20 Years Ago
July 1993
8.68
30 Years Ago
July 1983
13.08
40 Years Ago
July 1973
9.71
50 Years Ago
July 1963
6.91
60 Years Ago
July 1953
5.95
*Source: Bank of Canada
Any way you look at it, today’s rates are better than our not only our parents, but likely our grandparents mortgage rates as well.
Rates More Likely to Rise Most economists will tell you they expect mortgage rates to rise, they just don’t know when and by how much. We have already seen rates come off their lows. The major reason for the recent uptick has been the US Federal reserve chairman Ben Bernanke hinting that the U.S. treasurer could begin scaling back the government program to buy its own bonds. This sent bond rates higher which in turn affects lending rates. Important to remember was that this was just the Fed chairman hinting at a change in policy possibly later this year. Surely when the Federal Reserve actually starts removing stimulus the effects will be more pronounced. Conclusion The incredible opportunity facing homeowners today is when to lock in interest rates that are as good as they have ever been in the last 60 years. Our opinion is that there is no better time than now. Consumers don’t typically get a warning shot that rates are going to change, but it seems this time they may just have. n
Wesley Gunderson is Vice President of Finance for Growth Marketing an Edmonton based real estate consultancy firm providing integrated marketing services to its valued clients. Mr. Gunderson has been with the firm since 1997 and actively involved in economic and market research, marketing and product strategy as well as advertising and sales promotion. S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R
A ugust 2 01 3 E D M O N T O N H O ME & C O ND O L I V IN G • 2 3
AROUND TOWN By Shelley Williamson
Home starts spike in June The latest statistics from Canada Mortgage and Housing Corporation are out, and they reveal a spike in home starts for the month of June. According to CMHC, the multi-family sector fuelled the rise in building activity. “The trend in total housing starts continued to rise in June, largely due to heightened starts in the multi-family market,” says Lai Sing Louie, CMHC’s regional economist for the Prairie and Territories Region. “Edmonton’s recent increase in multifamily construction has been led by the apartment segment, with elevated starts reported for both condominium and rental
tenure,” Louie adds. Overall, starts in the Edmonton Census Metropolitan Area (CMA) were trending at 16,354 units in June versus 14,712 in May, a recent release from CMHC says. CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for swings in monthly estimates. The standalone monthly SAAR was 20,306 units in June, compared to 22,158 in May. Looking further ahead, the projected total starts in the CMA for the year are expected to reach 12,300 in 2013, according to the CMHC’s Spring 2013 Edmonton
Sabal, Carrington tee up for charity Staffers at Sabal Homes and the company’s partners took a swing at raising money for charity recently at the Sabal Homes’ 2013 Golf Tournament. The event, held at the Links at Spruce Grove, during raised more than $9,000 for the Stollery Children’s Hospital, says Nicole McLaws, Sabal marketing manager. “We’re thrilled to donate these funds to such a worthy organization, and are proud to have more than doubled the amount we raised in 2012,” says McLaws. Proceeds will go to specialized equipment, medical education and research toward treatments and cures in child health issues, as well as programs designed to better family and patient outcomes at the Stollery. Meanwhile, Carrington Construction and Bedrock Homes treated their tradespeople to a day on the links, at the same time raising some green for a good cause. The golfers raised more than $10,000 at the 24th Annual Trades Golf Tournament, to support Project Touchdown, a Changing Futures initiative in partnership with Terra Centre for Pregnant Teens. Project Touchdown is a transitional housing four-plex that will be specifically designed to meet the needs of young teen parents working hard to build a brighter future for themselves and their children. S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R
Housing Market Outlook released recently. That means a decrease of four per cent from 12,837 in 2012. Next year is expected to have moderate growth as well, as total starts are projected to reach 11,800 units, the report says. “The reduction over the next two years can be attributed to a slower pace of job growth, moderating net migration, and heightened supply levels, particularly in the multi-family market,” says Louie of the numbers.
Building jobs, employees a click away Home builders looking for workers and folks looking for a job in the industry have a place to connect on a new employment listings site. The Canadian Home Builders Associations – Alberta (CHBA – Alberta) has recently launched the website, at albertabuilderconnect.com, where members of the association can post jobs specific to the building industry. The entire job search database is easily accessible and searchable by keyword or by category and see all the recent jobs posted in Alberta. Users can also learn more about popular career paths in the residential construction industry and access helpful job search skills like resume writing and interview strategies.
Time running out for condo Quest Those looking to get into a certain downtown condominium highrise at 104 Avenue and 105 Street may have only a narrow window left to buy. Quest Condominiums by Regency Developments has just four units left for sale in the Arena District tower. Condo shoppers looking for a one-, two- or three-bedroomand-den suite can visit the sales centre and tour the suites in the 117-unit by appointment by calling (780) 850-1100. Prices range from $305,000 for one-bedroom to $850,000 for the penthouse. For more information, visit qcondos.com. n A ugust 2 01 3 E D M O N T O N H O ME & C O ND O L I V IN G • 25
CITY OF EDMONTON MAP
INNER CITY Legend Shopping Centre
Points of Interest
Hospitals
CONDO PROPERTIES 1. Aurora 2. Serenity 3. Axio Parkland 4. Mosaic Meadows Parkland 5. Windermere Village 6. Macewan Gardens 7. Sandstone at Walkers Lake Station 8. Aspen Meadows 9. Meridian Plaza 10. The Corners 11. Griesbach Wood II 12. Griesbach Wood III 13. Carlton Villas on the Lake 14. Trails of Millcreek 15. The University Brownstones 16. Century Park 17. Hollick Kenyon Pointe 18. Evergreen Community 19. Maple/Oak Ridge Community 20. The Esates of Upper Windermere 21. The Ion 22. Grand Scala 23. Heritage Landing 24. 12th Street Station 25. Mosaic Town Square 26. Mosaic Summerside 27. Axio in Parkland 28. Stone Pointe 29. Aspen Meadows 30. Walker Lake Landing 31. Rutherford Landing 32. Fox One 33. Fuzion
Colleges /Universities
NEW HOME LISTINGS 1. Walker Lake Estates 2. Lewis Estates 3. Secord 4. Parkland 5 The Hamptons 6 Copperwood 7 South Hamptons 8. The Properties of Donsdale 9. Cameron Heights 10. Terwillegar Towne 11. South Terwillegar 12. Palisades 13. Upper Windermere 14. Windermere Ridge 15. Ambleside in Windermere 16 Rutherford 17. Callaghan 18. Walker Lakes Station 19. Lake Summerside 20. Ellerslie Heights 21. Tamarack 22. Griesbach 23. Fields of Summerside 24. Allard in Heritage Valley 25. Tuscany Hills 26. McConachie Landing 27. McConachie 28. Laurel 29. Ravines of Richford 30. Trumpeter at Big Lake 31. Axio Summerside 32. Touchmark 33. Hawks Ridge at Big Lake 34. Woodhaven – Edgemont
2 6 • E D M O N T O N H O ME & C O ND O L I V IN G A ugust 2 01 3
29
S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R
ADVERTISERS INDEX Brookfield Homes Mosaic Townhomes www.buildwithbrookfield.com
Page 31
Carlisle Group Elements II www.elementscondos.ca
Page 10
Hopewell Secord www.liveinsecord.com
Page 7
Lincolnberg Master Builder www.lincolnberg.com
Page 2-3
Sabal www.sabalhomes.com
Page 24
Symphony www.symphonyliving.ca
S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R
Pages 8-9, 20
Walton Development Hawks Ridge www.hawksridge.ca
Page 17
Walton Development McConachie www.mcconachie.ca
Page 32
Walton Development Woodhaven www.woodhavenedgemont.com
Page 22
A ugust 2 01 3 E D M O N T O N H O ME & C O ND O L I V IN G • 27
EDMONTON AND AREA MAP NEW HOMES 1. Northern Lights Estates 2. Erin Ridge 3. North Ridge 4. Tuscany Hills 5. The Crossing at River’s Edge 6. The Manors of Oakmont 7. Regency Heights Estates 8. Kingswood 9. Greystone Manor 10. Pinnacle Ridge Estates 11. Riverstone Pointe 12. The Banks of Sturgeon Valley
CONDOS 1. Lakeview Estates 2. Sierras of Inglewood 3. Grande- Mission Hill 4. Tenor
NEW HOMES 1. Stony Village 2. Brookview 3. Graybriar 4. The Fairways 5. Willow Park 6. Lake Westerra 7. Stellar Homes
CONDOS 1. Laredo On The Park 2. Station 33 3. Stony Village 4. Graywood Terrace 5. Cedar Brae 6. Urbia Place
NEW HOMES 1. Jesperdale 2. Stoneshire 3. Harvest Ridge 4. Deer Park Estates 5. Hilldowns 6. Spruce Village 7. Spruce Ridge 8. Hawthorne at Heatherglen 9. Springate at Spruce Ridge 10. Legacy Park 11. Lakewood
CONDOS 1. Parkland Village 2. Fairway Eight 3. Harvest Ridge 4. Nova Ridge Villas 5. Spruce Ridge Manor 6. The Pointe 7. Kingstreet on Park
2 8 • E D M O N T O N H O ME & C O ND O L I V IN G A ugust 2 01 3
S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R
NEW HOMES 1. 2. 3. 4. 5.
Village Champlain La Rose Grandin Park Close Notre Dame Estates The Lakes
NEW HOMES 1. Valley Pointe Estates 2. Forest Ridge in West Park 3. Westwood Trails 4. West Woodlands 5. Southfort 6. Southpointe 7. Sienna
CONDOS 1. Village Champlain 2. Maple Brooks Villas 3. La Rose
CONDOS 1. Riverview Estates 2. Fort Gardens 3. Walnut Grove
NEW HOMES 1. Strathcona Village 2. Aspen Trail 3. Summerwood 4. Lakeland Ridge 5. Clarkdale Park 6. Foxboro 7. Willow Ridge/The Ridge 8. Sherwood Hill Estates 9. Balmoral Heights 10. Fountain Creek Estates 11. Sherwood Golf & Country Club Estates
CONDOS 1. Pallisades on the Ravine 2. Strathcona Village 3. Crystal Estates 4. Axxess 5. Summerwood Greens 6. Maple Ridge & Oak Ridge
NEW HOMES 1. Deer Valley 2. West Haven 3. Bridgeport 4. Aspen Creek 5. Suntree 6. Windrose 7. Southfork 8. Tribute 9. Meadowiew Park
CONDOS 1. 2. 3. 4. 5.
Brooklands at Bridgeport Ravine Villas Urbia Manor Urbia Green The Springs at Bridgeport
S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R
NEW HOMES 1. Coloniale Estates 2. Montalet 3. Citadel Ridge 4. Eaglemont Heights 5. Montrose Estates 6. Westbrook 7. Four Seasons Estates 8. Goudreau Terrace 9. Triomphe Estates 10. Beaumont Lakes 11. Place Chaleureuse 12. Beau Val
CONDOS 1. Coventry Homes 2. The Village at Beaumont 3. Beausjour 4. Montrose View 5. Giselle Valley Manor
A ugust 2 01 3 E D M O N T O N H O ME & C O ND O L I V IN G • 2 9
Feature
Tales From The Condo Zone 50 shades of condominium
I
By Jim Zang
f you read last month’s column, then you’re familiar with ‘the librarian’ — the octogenarian who treated the condominium library as if it were her own personal book collection. Picture the librarian ghost who turns into the scary monster near the beginning of the classic movie Ghostbusters and you’re getting close. Cruella Deville, only meaner. Anyway, like I was saying, my in-laws lived in an age 45+ condo just a couple of miles from us and we used to visit them all the time. I would borrow books from the library (which I also donated books to, by the way), and on one such occasion had the misfortune to experience a retired librarian’s wrath first hand. I think if she’d had a ruler she would have hit me with it. Unfortunately, that was not my only brush with literary exclusion. Just last year I was denied entry to Oprah’s Book Club for actually liking the Captain Underpants series. Anyway, back to the library, this time with kids in tow. Or, more accurately, dad in tow. The kids and I raced up the stairs, them giggling, me panting, to the library. “Shush!” I heard it before I saw it. “Oh no,” I thought, “not the librarian.”
It was as if she had been waiting for me. As if she’d made it her own personal mission to guard the condo’s book supply. Probably driving a patrol from building to building, library to library. Maybe watching out her condo with binoculars. My first thought was for the safety of the kids. “Dad,” said my son, still young and totally oblivious to the dangers that lurked in condo libraries, “she ‘shushed’ us”. “It’s okay,” I said. “don’t make eye contact. Just hand me your books and slowly back away. Slowly. And I’ll just put these books back. That’s right, just putting the books back and saying goodbye to the nice lady. Now backing away, slowly, backing away. OK, now RUN!” The kids took off but as I tried to leave the cane again blocked my way and I had to quickly side-step her moving wheelchair. As I did, she passed me a book, her fingers lightly, yet unmistakably purposefully, brushing the back of my hand as she did so. Hmm. I thought to myself, that’s the first time she’s ever been nice to me. And she smelled … good. Then I looked at the book and a cold shiver went down my spine. It was Fifty Shades of Grey. n
Illustration by Lama Azhari 3 0 • E D M O N T O N H O ME & C O ND O L I V IN G A ugust 2 01 3
S O U R C E ME D I A G R O U P : C E L E B R AT IN G I T S 10 T H Y E A R