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CALGARY RESALE CONDO MARKET BOOMING AS SALES SOAR

Posted on September 9, 2014, by The Guardian

LINDA LAM, SOTHEBYS
BY MARIO TONEGUZZI, CALGARY HERALD AUGUST 21, 2014
  
Calgary’s resale condo market is booming these days with the annual growth in transactions far outstripping the pace in the single-family sector.
  
That is also sparking what could be a record year for new construction in the multi-family segment of the housing market.
  
“The market for Calgary condos has been strong through 2014. It’s up over 20 per cent year-over-year and we expect demand to continue as buyers and the inventory available becomes more sophisticated,” said Linda Lam, a real estate associate with Sotheby’s International Realty Canada, who has sold condos in both the resale and new condo markets in the city. “We’re seeing more demand from local buyers who are increasingly aware of the benefits of the condo lifestyle: convenience, security, unique amenities and proximity to the city’s downtown.
  
“The Calgary economy is also attracting professionals from cities like Vancouver and Toronto, who regard Calgary condos as affordable and attractive alternatives to the highly-developed condo markets they are coming from. At the same time, pre-sale condo developments like The Guardian are attracting buyers and investors not only locally, but from other major cities, as Calgary’s real estate market becomes renowned as a stable place to invest.”
  

The record year for Calgary condo sales was in 2006 with 8,390 MLS transactions – 4,721 condo apartments and 3,669 condo townhouses.
  
In 2013, there were 7,181 condo sales made up of 4,005 condo apartments and 3,176 condo townhouses.
  
Year-to-date, up to August 20, there have been 3,232 condo apartment sales, up 21 per cent from last year, and 2,565 condo townhouse sales, up 20 per cent.
  
“With the single-family market there has been a lot less listings in the lower price ranges,” said Ann-Marie Lurie, CREB’s chief economist. “So for those people who are looking for product in those lower price ranges, they’re considering their alternatives which include the condo apartment and condo townhouse markets. That’s where a lot of that demand has been because most of the product is in that price range. That doesn’t necessarily exist as much in the single-family.”
  
She said there is also a factor of a tight rental market and high rents existing in the city currently.
  
“A lot of consumers are moving into ownership and typically what they look at is the condo-type product because it’s more affordable,” said Lurie.
  
In July, the city had 2,336 MLS sales, up 3.18 per cent from a year ago. But that was mainly due to a hike in the condo market. Single-family home sales dropped by 1.27 per cent to 1,553 units while condo apartment sales grew by 11.84 per cent to 444 transactions and condo townhouse sales were up by 15.31 per cent to 339 units.
  
That trend is continuing this month as condo apartment sales have increased by 18 per cent from last year and condo townhouse sales are up by nearly 25 per cent. So far this month, the average sale price for a condo apartment has risen by almost 14 per cent to $344,907 while it has jumped by nearly 17 per cent for condo townhouses to $376,305. Meanwhile, single-family home average sale prices are up by more than four per cent to $542,602.
  
The luxury condo market has also been strong this year. Year-to-date, there have been 40 sales of $1-million plus properties – 17 condo apartments and 23 condo townhouses. In 2013, a record year, there were 73 luxury condo sales made up of 35 apartments and 38 townhouses.
  
The demand in the condo market is also being felt in new construction.
  
According to a forecast by Canada Mortgage and Housing Corp., multi-family starts in the Calgary census metropolitan area will reach 9,000 units this year, a hike of 45.6 per cent from last year.
  
The most recent high for multi-family starts was 7,051 units set in 2008. Last year, there were 6,182 multi family starts.
  
“A number of things are prompting construction so far in 2014. First of all we’ve seen some strong demand for housing. Employment has been strong in Calgary along with net migration,” said Richard Cho, senior market analyst in Calgary for the CMHC. “Another factor prompting activity has been inventories. Inventories have come down fairly low historically and that’s also giving opportunities for builders to increase construction this year.”
  
mtoneguzzi@calgaryherald.com

Twitter.com/MTone123

© Copyright (c) The Calgary Herald

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VICTORIA PARK TOWER NEW SHINING STAR ON CITY’S SKYLINE

Posted on August 2, 2014, by The Guardian

 

BY JOSH SKAPIN, CALGARY HERALD
JULY 25, 2014

Induction cooktops, Armony Cucine cabinets and non-porous quartz counters are all part of the treasure chest of high-end standard features in an apartment at The Guardian.

This one-bedroom plan is 545 square feet with a 99-square-foot balcony. It’s part of the second of a two-tower development downtown.

Developer Hon Towers’ kitchen selections make sense for fans of a cooking space with sleek, modern touches. But esthetics is only a small piece of what the company had in mind.

“Part of our design was to choose materials that looked good and performed well,” says Ernest Hon, marketing director for Hon Towers. For example, Hon points to the kitchen’s seamless matte aluminum panel backsplash.

“We thought about smooth surfaces (that are) are easy to wipe down,” he adds. “Spray and wipe rather than with grout lines.”

Adding to the clean look of the kitchen is the tucked-away appeal of its integrated appliances. The cabinets have soft-close buffers and the drawers use a silent-suppression closing system, which takes away the clunkiness of the cooking experience.

Through an open-concept, the kitchen blends with the great room. These spaces are accessed right off the front door of the apartment.

“People who see this is only 545 square feet and are always surprised by it because it feels quite large,” says Hon, adding they purposely avoided using square footage on the front entrance. “There are no jaggedy hallways to waste space as you walk in.”

Adding to its spacious feel are ceilings that measure just less than nine feet. The great room boasts floor-to-ceiling energy efficient windows. This space also steps out to the balcony.

“Calgarians love their outdoor space. They love having barbecues and enjoying the good weather,” says Hon. Not to mention the view.

At 44 storeys, the towers at The Guardian will be the tallest residential towers in Calgary.

“I don’t think there are many buildings in Calgary that will have views quite like this,” says Hon. At its Victoria Park location, many of the units will have premium sight lines of the nightly fireworks during the Calgary Stampede.

The bedroom and full bathroom are on one side of the unit, flanked for space for a front-load washer and dryer. Like the kitchen, cabinets in the bathroom are also by Armony Cucine.

Other bathroom features include Spanish-made micro-mosaic porcelain wall tile. Again, its seamless concept makes it easier to clean. There’s also a soaker tub, expansive bathroom mirrors, chrome faucets and polished shower rods and robe hooks.

 

WHAT YOU NEED TO KNOW

MODEL: A 545-square-foot one bedroom apartment. PROJECT: The Guardian.DEVELOPER: Hon Towers.

PRICE:Mid-$200,000s.HOURS: The sales centre is open noon to 6 p.m. Monday through Thursday and noon to 5 p.m. on weekends.

DIRECTIONS: Take Riverfront Ave. to 4th Street, head on Olympic Way and go left on 12th Ave.

INFORMATION: For more information, visit www.theguardiancalgary.com

 

jskapin@calgaryherald.com

Twitter.com/CalHeraldHomes

Facebook.com/CalHeraldHomes

© Copyright (c) The Calgary Herald

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IN THE NEWS: Sales being launched for new Calgary highrise condo, Calgary Herald, January 24

Posted on January 24, 2014, by guardian

GII_blog-image2

The upcoming sales launch of The Guardian South was recently featured in the Calgary Herald. Writer Mario Toneguzzi met with Ernest Hon, The Guardian’s director of marketing and sales, who had the following to say:

“There was an incredible response for the first tower. We had lineups for the (sales) launch (in March 2012),” said Ernest Hon, director of marketing and sales for The Guardian. “There’s just so much interest in Victoria Park . . . It’s in such a great location. It’s close to the city and we’re really seeing a change in consumer behaviour and preference in lifestyle with more people wanting to be near downtown or close to all the retail and entertainment amenities in the area.”
  
“We have a strong economy in Calgary. The fundamentals are strong. Employment is good and income keeps going up and there’s so many people coming to Calgary, migrating from other provinces and other countries. They’re looking for new homes. When a lot of these people first move to Calgary, the first place they look now is downtown. Victoria Park is one of those hidden gems.”

  
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Latest News

  • THE GUARDIAN SOUTH IS OVER HALFWAY TO FULL HEIGHT
  • CALGARY RESALE CONDO MARKET BOOMING AS SALES SOAR
  • THE GUARDIAN BECOMES THE NEW TALLEST RESIDENTIAL TOWER IN CALGARY
  • VICTORIA PARK TOWER NEW SHINING STAR ON CITY’S SKYLINE
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