Edmonton Home & Condo Living Sept 2013 by Source Media Group

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contents S eptember 2 0 1 3

volume 5 issue 4 2

COVER FEATURE

Market view

8 Rosenthal has it all

Stop to smell the roses Melcor has based its community theme on

23 CMHC policy

Condo Profile

Feature

Location: this condo has it in spades

10 Iconic living

Show home Profile

Get attached to Hawks Ridge’s homes

Community Profile

Edmonton’s community of Secord is a crowd pleaser

14 Stable Sabal

18 Go West

most likely means higher rates

30 Tales from

the condo zone

Mr. Melonhead’s wild ride

items

6 Editor’s Message 25 Around Town 26 Maps 27 Ad Index

News

20 Everyone wins!

The best of the best in the industry are recognized for their efforts over the past year

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

S eptember 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

Back into a regular routine

PUBLISHER

Source Media Group

September is the beginning and the end for many things; school starting and summer

info@sourcemediagroup.ca

vacation ending are key ones that come to mind. But it is also a time when developers

A ssociate P U B L I S H E R

and builders make their estimations of sales and future plans of where and what to build. Potential homebuyers also take in the almost-fall season as a good time to visit show homes and take inventory of what is out there to possibly build or buy.

Jim Zang

jim.zang@sourcemediagroup.ca E ditor

Michelle Lindstrom michelle.lindstrom@sourcemediagroup.ca

Our cover story about the west community of

AR T DIRECTOR

Rosenthal by Melcor Developments, found on page 8,

Jean Faye Rodriguez

jean.rodriguez@sourcemediagroup.ca

may help you discover a new Edmonton community

G R A P H I C D E S I G N er S

you hadn’t considered living in before. Also in the

Lama Azhari

west, is the tucked-away community of Secord that is

lama.azhari@sourcemediagroup.ca

profiled on page 18. Both communities boast natural

dave.maucaulay@sourcemediagroup.ca

Dave Macaulay

amenities many wouldn’t consider possible to have

Megan Sereda

megan.sereda@sourcemediagroup.ca

so close to their home, but turn the pages to see

production administrator

for yourselves! Or even better, follow the Fast Facts

Colleen Leier

information to get you there in person.

colleen.leier@sourcemediagroup.ca

Wesley Gunderson’s Market View column provides

E ditorial

a bit of insight for those seriously considering buying a new home. On page 23, you will learn a bit more about what the CMHC’s National Housing Act Mortgage-backed Securities Program actually is and how it affects you and your purchase plans.

photography

Condo buyers will have to move fast to snap up the few remaining units left in the Icon II — our featured condo by Langham Developments Limited. If it’s too much pressure to move so quickly, Langham teases our readers with its next project: Fox Towers, also in downtown Edmonton.

Kate Hamilton, Heather McIntyre director of S A L E S

Norma Robertson norma.robertson@sourcemediagroup.ca A dvertising S A L E S

Sabal brings a new home building approach to Edmonton in the northwest

Jennifer Mills

community of Hawks Ridge. See what the developer has had success with in Calgary

jennifer.mills@sourcemediagroup.ca ACCOUNTING

and is attempting here in this city on page 14. And to offer a pat on the backs of the city’s many reputable builders, developers and renovators, we’ve previewed the Awards of Excellence in Housing event, which will take place in Jasper on September 13. The CHBA – Alberta recently announced the finalists and Edmonton proudly represents the highest number of potential winners overall in the province. See on page 20 if your favourite Edmonton home builder is on the list. I look forward to this new role as editor of Edmonton Home & Condo Living and wish the best to Shelley Williamson who passed the torch on to me so I could start fresh in September: my own new beginning.

Donna Roberts

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Source Media Group, Media Classified I SS N 1918 - 4 4 6 8 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.

Michelle Lindstrom Editor michelle.lindstrom@sourcemediagroup.ca

@EdmHomeandCondo

Wesley Gunderson, Kate Hamilton, Michelle Lindstrom, Heather McIntyre, Pamela Roth, Jim Zang

EdmontonHomeandCondoLiving

6 • E D M O N T O N H O ME & C O ND O L I V IN G S eptember 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.

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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 |

Rosenthal has Stop to smell the roses Melcor has based its community

magine a community designed with an active lifestyle in mind. Numerous multi-use trails loop through a maze of vibrant homes, linking surrounding communities and a smorgasbord of amenities nearby. The laughter of children echoes throughout a large playground and spray park on a hot summer day, while fountains dance on storm ponds with a boardwalk bridge crossing over streams. The smell of roses wafts through the air. Welcome to Rosenthal by Melcor Developments — where everything you need in life is easily within reach. Conveniently located off 215 Street and Whitemud Drive in the city’s west end, Rosenthal is one of Edmonton’s newest communities in bloom. Its handy location makes it close to shopping, schools, golf courses and other attractions such as West Edmonton Mall, Costco, and the internationally acclaimed River Cree Resort and Casino that features world-class entertainment. But aside from the active lifestyle and great location, what really sets this community apart, says Melcor Senior Development Manager Susan Monson, is the elevated architectural standards. According to Monson, the neighbourhood calls for premium siding colours. This adds to Rosenthal’s vibrancy, giving the community a fresh look and feel. “We believe this will be a wonderful community for first-time homebuyers and young families,” Monson says. “There is a great mix of housing products: single-family homes, duplexes, townhouses and condos.” Development of the 450-acre community began in 2012 and is expected to continue for the next five to 10 years.

The community will boast landscaped amenities such as a large playground and spray park, multi-use trails, and storm ponds while incorporating a rose theme amongst its floral establishments. Among the homes is a constructed wetlands area that was built to enhance bird and waterfowl habitats, inviting the sounds of nature into your backyard. The ponds also slow down and filter storm water before it enters the local drainage system. In addition, the city has slated two school sites for the community — an elementary school and a district campus site that will accommodate two high schools and a recreation centre. So far, seven new show homes have been constructed in Rosenthal and additional single-family show homes are on the way and expect to be open in spring 2014. Look Homes Master Builder, Daytona, Western Living and ReidBuilt are building single-family homes with front attached garages. Lincolnberg, Encore Master Builder and Landmark Legacy are building duplexes and single-family homes with a back lane. Carrington Communities, Daytona Homes, Parkwood Master Builder, and Homes by Avi are building a variety of multi-family products and should have show homes open in 2014. The prices range, depending on size and location of the home. On this hot summer afternoon, the community is buzzing with activity. Birds chirp above the construc-

Among the homes is a constructed wetlands area that was built to enhance bird and waterfowl habitats.

8 • E D M O N T O N H O ME & C O ND O L I V IN G S eptember 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

| Advertising cover Feature |

it all theme on tion crews crafting homes for future residents and flags along the main entrance to the community softly flap in the gentle breeze. Although Rosenthal has just started to bloom, Monson says the response to the community has been great so far. She has no doubt it will be a sought-after area, if it isn’t already. “The community is really starting to come together and the heightened architectural controls really make it stand out,” she says. Homes are now available and lots can be purchased through one of Rosenthal’s builders. More products will be brought on this year. Melcor Developments is a family-owned business that has more than 80 years of experience in Alberta. For more information about the community visit www.liverosenthal.com. n

Fast Facts Area: Rosenthal in west Edmonton Developer: Melcor Developments Builders & Prices: Laned – Encore Master Builder, Landmark Group, Lincolnberg Master Builder with prices starting at $383,500 Single-family – Daytona Homes, Western Living Homes, Look Homes Master Builder Inc., ReidBuilt Homes, Dolce Vita with prices starting in the low $400,000s Duplex – Encore Master Builder, Landmark Group, Lincolnberg Master Builder, Daytona Homes, Look Homes Master Builder, Dolce Vita with prices starting in the low $300,000s Multi-family – Carrington Communities, Parkwood Communities, Daytona Homes, Homes by Avi with prices starting in the $180,000s Hours: Monday to Thursday from 3 to 8 p.m., weekends and holidays noon to 5 p.m. Web: www.LiveRosenthal.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

S eptember 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

Location: This condo has it in spades

Iconic

10 • E D M O N T O N H O ME & C O ND O L I V IN G S eptember 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

living By Kate Hamilton

ituated on 104 Street, just north of Jasper Avenue, the Icon II’s 147-unit condominium complex looms 35-storeys above the heart of downtown Edmonton. On the outside, its modern façade juxtaposes the oldworld charm of the streets below. Inside, spacious suites offer the ultimate in comfortable living. The Icon II, which makes up one half of the Icon Towers project as the Icon I is located next door, is a chic choice for homebuyers in Edmonton. A spokesperson from Langham Developments Limited says a large percentage of the units were sold even before construction commenced in 2007. Now, just a few units remain available (approximately seven at press time), waiting for discerning buyers with city living in mind. Each suite has either one or two bedrooms (some of the twobedroom units also have the option of a den) ranging in size from 780- to 2,000-square-feet. There are no new one-bedroom units still on the market, but the remaining two-bedroom units are priced from the low $400,000s (from there, the price climbs with condo elevation, all the way up to the penthouse). Larger suite sizes and a central location mean the Icon II has attracted purchasers from all walks of life — young professionals and families to investors. “Prices are quite reasonable for the location,” Langham’s spokesperson says. “It’s an attractive option for young people, on a hip street.” Every unit features luxury finishes as standard, including granite countertops, stainless steel appliances (including in-suite laundry), and engineered hardwood throughout. 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

The standard package is very attractive in itself but purchasers also have the option to pay for finish upgrades. Indisputably, one of the Icon II’s defining features is the view. Every suite has one balcony, some have two, and they’re designed with the view in mind. Residents can enjoy the sunset, observe the river valley or spot the northern lights from their living room, depending on the outlook. Each unit is also assigned at least one titled and heated underground parking stall. For those who don’t have a car (or just don’t want to use it), will find easy access to the Bay Street LRT station directly across the street for a convenient commute to work or the University of Alberta. The suites have everything you could need in a home and Langham Developments has made an effort to keep costs as low as possible, both purchase prices and monthly condo fees. The units are built efficiently and sustainably and because of the location there is no need for additional amenities within the complex, which would require costly cleaning and maintenance. “It’s close to local community amenities,” says Langham Developments’ spokesperson. Some of those “community amenities” include, the Don Wheaton Family YMCA, Beaver Hills House Park and City Centre Mall, all minutes away by foot! Not to mention the countless restaurants, cafes and independent retailers nearby.

The units are built efficiently and sustainably and because of the location there is no need for additional amenities within the complex ...

S eptember 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

The Icon towers in downtown Edmonton

Fast Facts Developer: Project: Style: Size: Price:

Langham Developments Limited Icon II Apartment-style condominiums 780 to 2,000 sq. ft. Two bedrooms from low $400,000s Hours: By appointment only (call 780-461-4266) Address: Jasper Ave. N.W. and 104 St. N.W. Web: www.theicon.ca

The Icon II’s doorstep comes to life on Saturdays in the summer as local vendors and shoppers flock to 104 Street for the downtown Farmers’ Market. And in the not too distant future, the new arena will be built just a few blocks to the north as part of the city’s plan to revitalize the downtown core. Langham Developments prides itself on being a reputable, local builder with a presence in the Edmonton community since 2003. The popularity of the Icon Towers has led to the creation of Fox Towers one block north. Sales have launched and construction has commenced on the 142-suite Fox One, featuring one, two and three bedroom units. The price point will be slightly lower than the Icon II, with two-bedroom suites starting in the mid $300,000s, and completion is expected in 2015. n

... the new arena will be built just a few blocks to the north as part of the city’s plan to revitalize the downtown core. 12 • E D M O N T O N H O ME & C O ND O L I V IN G S eptember 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

show home profile

Stable Sabal Get attached to Hawks Ridge’s homes By Heather McIntyre

ne commonality found throughout the Sabal Homes’ attached show home in Hawks Ridge is just how uncommon so much of it is. “Our attached homes are unique in that they’re so well-planned, open and bright that they feel like an upscale singlefamily home,” says Nicole McLaws, marketing manager for Sabal Homes. The builder has had success with this style of home in Calgary for years, and brought it to Edmonton’s northwest community of Hawks Ridge in 2012. Area manager Micah Dueck says the homes are the “newest revelation” of the product. “The use of space is cleverly refreshing in comparison to the traditional idea of an attached home,” Dueck says. “This is a complete departure from what has become the norm, especially here in Edmonton.” Located in a natural area north of Yellowhead Trail on 215 Street, just west of Anthony Henday Drive, the “mountain retreat” design

1 4 • E D M O N T O N H O ME & C O ND O L I V IN G S eptember 2 01 3

of the Atwood show home definitely provides a cottage feel from the outside in. Its curb appeal is obvious with stone-and-shake detailing, natural colours, staggered roof lines and an oversized, covered front porch. Inside, the focus is on autumn colours — chocolate brown, burnt orange, evergreen and deep red — alongside materials such as slate, tweed, distressed wood and leather. Walking into the 1,464-square-foot show home, one comes across an open-concept floor plan with nine-foot ceilings that’s perfect for both family life and entertaining. There is a separate foyer, which is spacious and private, followed by a living room, dining room and kitchen that flow into one another. There is also an L-shaped built-in desk and cabinetry off the living room that shows as a perfect home office.

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

Fast Facts Builder: Sabal Homes Area: Hawks Ridge Size: 1,181 to 1,464 sq. ft. Price: Starting in the $300,000s Show home address: 147 Hawks Ridge Blvd. Hours: Monday to Thursday 2 to 8 p.m., Saturday, Sunday and holidays noon to 5 p.m. Web: www.sabalhomes.com At the back of the home there is a half bath and walk-in pantry off the kitchen, and a mudroom that leads out to a back deck. Getting a good view of outside will not be an issue considering the home is chock-full of windows of all sizes. “We rarely allow one window to create the light in the space,” Dueck says. “We enjoy a communication between windows. So regardless of time of day, one can appreciate the glow of natural light.” Two bedrooms, approximately nine feet by 10 feet each, are found at the top of a staircase, complete with bi-fold closet doors. Further down the hall, second-floor laundry is on offer next to the bathroom. Inside the master suite, a tray ceiling gives the room a grand feel, Dueck says. Other standard features of the show home include a highefficiency hot water tank and furnace, full-height kitchen tile backsplash, window blinds, stainless steel Whirlpool appliances and more. But there are “virtually limitless” ways to upgrade and personalize the homes, Dueck says.

“This is a complete departure from what has become the norm, especially here in Edmonton.” 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

S eptember 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 “We have the opportunity to help our clients create something very personalized, dedicated to their sense of style,” he says. The show home opened last fall, and those coming through it are a mix. “The thought process was that we were going to be seeing a younger demographic out here and first-time homebuyers, and we’re certainly seeing them and they’re an excitable group,” Dueck says. “But we’re also seeing a lot of people who are enjoying the idea of downsizing in a naturalistic and serene location. Our attached homes here are being appreciated by a much broader demographic than was expected; we love to see that.” Up next for the area are single-family, front-attached garage homes, for which lots and floor plans will be released later this summer. “Needless to say, these single-family homes will offer the same thoughtful design, contemporary floor plans and upscale appeal Sabal Homes is known for,” McLaws says. n

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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

Go West Edmonton’s community of Secord is a crowd pleaser By Michelle Lindstrom

he tucked-away west Edmonton community of Secord has a home for every type of buyer, including duplexes, townhomes, lane homes with detached garages and larger single-family homes with front garages. “Secord is a little bit of everything. It has a range,” says Scott Hamilton, Hopewell Residential Communities’ senior manager of marketing and community relations. The community launched in 2007 and Hamilton expects two to three years worth of development left for the area that is set just off of Anthony Henday Drive — a feature that appeals to anyone in need of commuting around the city, or out of it. Hopewell’s communities stay true to architectural styles and the developer has asked builders within Secord for nothing less than authentic design. Hamilton cites prairie, craftsman, classical and arts & crafts as home styles buyers can expect to see. “We try and create a streetscape that honours all those styles and there’s a good mix so that you don’t have much repetition on your street or on any one block.” Hamilton believes that people buy within Secord because of the great aesthetics and architectural controls. Compared to other communities, he says, homebuyers will really feel the difference of how well the styles work together in Secord. He also stresses how much personal

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choice and definition is available to those considering a home and just how well the community meshes together with the set styles all on one street. “Secord really has a timeless quality to it in both the designs and the materials that are used,” he says, adding that the designs complement the natural elements surrounding the homes. The community boasts three ponds, including a large, natural wetlands area with pathways along its perimeter that actually interconnect all the neighbourhood’s ponds. There are many playfields, as well, and a baseball diamond adjacent to Secord. “It is in close proximity to Winterburn School (kindergarten to Grade 9),” Hamilton says, therefore providing nearby education for your children for many consecutive years. There are no commercial structures within the community

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

but Secord is right off of Winterburn Road (215 Street), which is adjacent to Whitemud Drive and Stony Plain Road, therefore Costco, Safeway and any of the restaurants and shopping in The Grange area (just off of Whitemud) are only minutes away, Hamilton explains. Secord really is meant for buyers who are looking for a place that is separate from the city while also having close proximity to all the amenities mentioned above. That’s what seems to have struck a chord with buyers. “We’ve seen everything from a new buyer coming out of downtown Edmonton, looking for their first start with home ownership to families that are looking for an established home — their forever home,” Hamilton says. “I think Secord is the place to do that and everything else in between.” He says there has been a huge range of buyers coming not only from Edmonton but also Stony Plain, Spruce Grove and west of the city. “They’re looking for that place that still honours that sense of nature, but is closer to the city,” he says. The area really provides a sense of place, Hamilton says, and there is a strong community league and there is an honest, neighbourly feel to the area. “We’ll often see residents getting together for barbecues and kids playing in the park,” he says. “When you drive in there, you get a good sense of community. It’s about access. It’s about nature. It’s about the home styles. A bit of, something for everybody, if there is such a thing.” n

Fast Facts Developer: Hopewell Residential Communities Community: Secord Builders: Footprint Developments, Daytona Homes, Innovations by Jayman, Sabal Homes, Jayman MasterBUILT and Prominent Homes Prices: Townhomes and duplex homes from $280,000s; laned homes from $300,000s; front garage homes from $400,000s Location: West Edmonton between Whitemud Drive and Stony Plain Road, just off of Winterburn Road (215 Street) Hours: Monday to Thursday 2 to 8 p.m. (townhomes are 3 to 8 p.m.), weekends and holidays from noon to 5 p.m. Web: www.liveinsecord.ca

The area really provides a sense of place ... and there is a strong community league and there is an honest, neighbourly feel to the area. 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

S eptember 2 01 3 E D M O N T O N H O ME & C O ND O L I V IN G • 19

NEWS

Everyone wins! The best of the best in the industry are recognized for their efforts over the past year By Michelle Lindstrom

he 2013 Canadian Home Builders’ Association (CHBA) – Alberta announced the Awards of Excellence in Housing finalists and we’re here to spread the word, and brag a little, because Edmonton leads the charge with 36 finalists. The battle of Alberta continues as Calgary comes in second with 24 total finalists. These annual awards honour leading builders and renovators throughout Alberta based on the entries submitted by those in the industry who are eligible to win. The total number of entries this year — 412 — was record-breaking and Jim Rivait, CHBA – Alberta chief executive officer, is thrilled to see so many builders participate in the awards. “Consumers have a wide variety of options from our builder and renovator members; and we encourage you to visit these builders’ show homes to see many of them for yourselves,” Rivait says. “We

look forward to celebrating their achievements in Jasper when the winners are revealed.” This year’s winners will be announced in Jasper on September 13 as part of the BUILD 2013 CHBA – Alberta Conference. Adding to the excitement is the change to the Builder of the Year Awards: the categories of large-volume, small-volume and multi-family will be recognized each with a separate award. As always, safe practices are celebrated via the Safety Leadership Award finalists, as well. Submissions were reviewed by a cost-review committee before the 137 judges chose finalists. Those with an Edmonton-base are included in the summary of category finalists below:

Single Family Under $250,000 Sponsored by Canada Mortgage & Housing Corporation

Sterling Homes, Trista, Edmonton Single Family $250,000 - $280,000 Sponsored by CustomerInsight

Daytona Homes Master Builder, Austyn II, Edmonton Homes by Avi, Yorkdale, Edmonton Single Family $280,000 - $310,000 Sponsored by Travelers Canada

Homes by Avi, Donovan, Edmonton Homes by Avi, Hawthorne, Edmonton Single Family $310,000 - $350,000 Sponsored by Huntwood Custom Cabinets

Homes by Avi, Rosedale, Edmonton White Eagle Homes, Limestone, Edmonton Single Family $350,000 - $400,000

Single Family Under $250,000 Sterling Homes – Trista

Single Family $450,000 - $525,000

Sponsored by Lennox Industries

Jayman MasterBUILT, Nitro O, Edmonton Renovation Under $200,000 Sponsored by Alberta Hardwood Flooring

Ackard Contractors Parkview West Residence Edmonton Aquarian Renovations Laurier Heights Residence Edmonton Renovation $200,000 - $500,000 Sponsored by JELD-WEN Windows & Doors

Ackard Contractors, Ramsay Heights Residence, Edmonton Caliber Master Builder, High Park Residence, Edmonton Renovation Over $500,000 Sponsored by Carrier Enterprise Canada

Ackard Contractors, Riverpark Drive Residence, Edmonton Aquarian Renovations, Grand Isle Residence, Edmonton Green Home Sponsored by Built Green Canada

Habitat Studio, Windsor Park NetZero, Edmonton Landmark Group of Builders, Chopin, Edmonton

Multi-family Apartment Over $325,000 Rohit Communities – Duke * Note: Prices for the Single Family & Estate Categories do not include land or GST

Safety Leadership Awards Sponsored by ATCO Gas

Green Home Habitat Studio – Windsor Park NetZero 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

Small Employer Builder Member Parkwood Master Builder, Edmonton Region Large Employer General Member A & B Concrete Pumping, Edmonton Region Large Employer Builder Member Daytona Homes Master Builder, Edmonton Region Qualico Communities West, Edmonton Region n S eptember 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

CMHC Policy most likely means higher rates Low interest rates have been great for home buyers and home builders. The federal government, through the Bank of Canada, has its right foot on the gas pedal keeping interest rates low to stimulate economic growth. At the same time, it is using its other foot to apply the brakes to the housing market through the Canadian Mortgage and Housing Corporation (CMHC). At the beginning of this year, the CMHC set a limit of $85 billion in mortgages that banks could guarantee through the CMHC’s National Housing Act Mortgage-backed Securities (NHA MBS) Program. In essence, this takes the risk of a mortgage and transfers it from the bank to the CMHC, a crown corporation. The government, worried about too much debt and too much exposure to federal coffers, is trying to limit the amount of exposure it will take on. Running Out of Room Not surprisingly, low interest rates mean people will still want to buy homes and to the end of July, banks had already used $66 billion (or 77 per cent) of the annual CMHC-set limit. It should be noted that this is an improvement from 2012, which had guaranteed $76 billion by the end of July that year. Now, the CMHC is determined to ration the remaining amount and is in the process of determining which banks get how much, and in the meantime, imposed a one-size-fits-all cap of $350 million per bank. Part of the problem is that banks use this space to insure mortgages that aren’t required by law to carry insurance. If you put 20 per cent down there is no insurance required. Still, risk-adverse banks package these mortgages together and insure them as well.

What Does This All Mean? You still want to buy that home. The bank still wants to give you a mortgage. The government may not want to guarantee the mortgage so the banks will look outside insurers to guarantee mortgages. This outside insurance is likely going to cost more. It is expected these costs will be passed onto mortgagors. Early estimates from mortgage analysts and specialists suggest that the impact, just from this policy, could be a 15 to 60 basis-point increase in rates. On a typical $300,000 mortgage, this could mean $450 to $1,800 more in cost every year; over a five-year mortgage, that equates to $2,250 to $9,000. Conclusion Homebuyers in the market may want to act sooner than later. It is unknown where everything will land when limits are met and banks look to outside insurers. The expectation is that this will lead to higher cost of borrowing. Acting now could save you thousands. 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

S eptember 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 Michelle Lindstrom

Moderation is key

Back to school

This year’s third-quarter housing market outlook came in from the Canada Mortgage and Housing Corporation (CMHC). The main theme found was that a moderation in housing starts is expected this year due to last year’s supply levels being lifted. “By 2014, lower inventories along with economic and demographic growth will support a higher level of starts in the Prairie Region,” says Richard Cho, CMHC’s Senior Analyst for Calgary. An increase in full-time employment and migration to Alberta were key factors determining the optimistic outlook that housing starts will jump from 33,800 this year to 34,400 units in 2014. Average MLS prices in the province are expected to rise 3.6 per cent to $385,300 in 2014. Projected sales are set to rise from 2013’s 62,700 units to 64,200 units in 2014.

Ripple Patel and Raylene Boake used six weeks of their summer break to hang out in a University of Alberta engineering lab instead. The Women in Scholarship, Engineering, Science and Technology (WISEST) is what brought the two girls, who will be entering Grade 12 this fall, into Dr. Mohamed Al-Hussein’s research lab. Al-Hussein is known for his expertise on modular construction: a system meant to eliminate waste as buildings and homes are manufactured in one location and then assembled in another. Patel spent some of her lab time translating a house plan that was originally drawn in 2-D software to a 3-D modelling software for Igloo Prebuilt Homes — a modularized homebuilder in Edmonton. Boake worked on reorganizing Igloo’s warehouse facility, with 3-D modelling, to improve the company’s productivity. Patel says her work helped the construction industry, Igloo specifically, because the ability to walk-through a home using the 3-D software allows builders to fix any errors before they are on site, saving time, materials and money. “It would be such a headache to find out those errors later on,” she says. Patel and Boake visited Igloo’s warehouse and a job site to see a prefabricated home delivered and assembled to see how simple it was. “Making an entire house in a controlled factory setting, it’s just a matter of lifting the finished product using a crane and putting it on site, I’ve never thought about that,” Patel says. “It’s just so much more efficient.” The average time she was told it takes to order and place a prefabricated house on site is one and a half months.

Get cosy Cohousing is not a new idea, especially in Denmark where the first attempt was made in 1964. Canada formed its own organization — Canadian Cohousing Network (CNN) — in B.C. in 1992 to address the idea of cohousing communities and encourage sustainable development across Canada. Calgary has one completed cohousing project, another underway and Edmonton is soon to follow with Urban Green Cohousing: a society set up by a group of “dreamers” with a set vision of healthy and sustainable living, comprised of 12 households as of January 2013. Urban Green Cohousing has a central-Edmonton location in mind that will accommodate 25 units. The final steps and securing of the property are currently underway. Ronaye Matthew, director of Canadian 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

Ripple Patel

Photo courtesy CNN

Cohousing Network, says, “the individual homes are completely self contained with their own kitchens, but also share extensive common amenities, which support connection with neighbours and contribute to the homes being smaller without negatively impacting lifestyle.” Cohousing residents help plan, design, manage and mainten the community. North America currently has more than 100 new cohousing communities that are in various stages of development.

Keep your feet grounded Edmonton’s downtown core was the launch pad, for three “base” jumpers (those who jump off a fixed item, like a building, and use a parachute to break their fall). Early this August, as three people and their parachutes were seen in silhouette by on-lookers around the 36-storey Pearl Tower condo complex on Jasper Avenue. The tower is under construction with plans to open late in 2014, and therefore was not open for the general public to wander. This stunt has become a police investigation due to the lack of permission to enter the site. The event resembles one back in 2011 when three men did a base jump off of the new Epcor building that was still under construction at the time. n

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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

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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

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

ATCO Gas www.atcogas.com

Page 16

Brookfield Homes Mosaic Townhomes www.buildwithbrookfield.com

Page 17

Carlisle Group Elements II www.elementscondos.ca

Page 13

Hunter Douglas www.hunterdouglas.ca

Page 22

Lincolnberg Master Builder www.lincolnberg.com

Page 2-3

Sabal www.sabalhomes.com

Page 32

Tamani Communities Southfork Leduc www.symphonyliving.ca

Page 4

Walton Development Hawks Ridge www.hawksridge.ca

Page 7

Walton Development McConachie www.mcconachie.ca

Page 31

Walton Development Woodhaven www.woodhavenedgemont.com

Page 24

S E P T E MB E R 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

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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

S E P T E MB E R 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 Mr. Melonhead’s wild ride

By Jim Zang

f you’ve lived in a condo, or know someone who has, then you’ve probably either seen or heard your fare share of amusing stories about living in a condominium in Alberta. Being in charge of Calgary Condo Living magazine for the past nine years, I’ve heard a few good ones myself. And, of course, a couple of my key industry contacts with their own condo management companies have heard and seen it all. The names have been changed to protect the guilty, and my sources wish to remain anonymous for both professional and personal reasons, but the stories are true. So, without further adieu, here it is, this month’s edition of ‘Tales From the Condo Zone’. This time out, I’m not so sure. Call me skeptical. It’s the journalist in me. My source swears it’s true, and it sounds plausible, although extremely silly, but I’ll let you be the judge. This tale comes from the developer of a downtown condo that was home to some to some high-rise hijinx. Seems the building was finished but a couple of the upper floors remained vacant while the finishing touches were

put on some of the suites. Security cameras had not yet been installed in the hallways on those floors. Which, after a couple of wobbly pops, was all the invitation, apparently, some person or persons needed to commit their heinous act of meloncide. I don’t know how else to describe it. “They had taped a wig and sunglasses on a watermelon, drawn a face on it, and put it down the garbage chute from the 23rd or 24th floor.” “And they would have gotten away with it, too,” says my friend. Except, like many doers of dastardly deeds, they stuck around to watch the fruits of their efforts. In this case pun intended. They went downstairs to the dumpster to see what damage poor Mr. Melonhead had incurred after his impromptu turn as some kind of garbage chute crash test dummy. As it turns out, the security cameras in the dumpster area were working just fine and all three melonheads, two of the human variety, were captured on camera. The result? A stern talking to by the developer, a memo to all residents from the condo board about appropriate use of the garbage disposal chute … and the beginnings of a great fruit salad. n

Illustration by Ainsley Ashby-Snyder