Calgary Condo Talk

[RyLucky]

Thanks! I don't remember seeing it before, but that could be because it looks almost the same as Drake. Here's to the continuing catchment growth of Analog Coffee house!

[Full Mountain]

Originally Posted by RyLucky

Thanks! I don't remember seeing it before, but that could be because it looks almost the same as Drake. Here's to the continuing catchment growth of Analog Coffee house!

As long as it doesn't turn out pink like Drake, I'm good with it

[MasterG]

Originally Posted by Full Mountain

As long as it doesn't turn out pink like Drake, I'm good with it

They should build 100 of these in all the colours of the rainbow just scattered throughout the inner city. Simple and agreeable design for some good density but not an aggressive amount of height that it would look out of place in most areas. A great addition to an already great area.

[RyLucky]

Pink would be better than a duller shade of paley-grey, but I agree that we need more developments like Drake (same inoffensive scale) all over the city - everywhere from Aspen Landing to Marlborough. What's the progress on Avenue?

[Spring2008]

Calgary region experiencing a condo boom

New construction at elevated levels

By Mario Toneguzzi, Calgary Herald May 8, 2014 8:02 AM

Multi-family construction in Calgary was up 84.3 per cent in April, according to the CMHC. Pictured is a rendering of Embassy Bosa's Evolution condo development in East Village.
Photograph by: Courtesy Embassy Bosa , For Inner-city Living

CALGARY - The Calgary region is experiencing a boom in condo construction this year.

New data released Thursday by Canada Mortgage and Housing Corp. shows that housing starts in the Calgary census metropolitan area have soared this year.

The CMHC reported that in April total starts in the region of 1,592 in April were up by 49.2 per cent from last year. The single-detached market has seen a hike of 15.6 per cent to 630 units while the multi-family sector is up 84.3 per cent to 962 units.

On a year-to-date basis, total starts in the Calgary CMA have risen by 64 per cent to 5,857. That consists of a 135.4 per cent hike in the multi-family sector to 3,767 units and a 6.0 per cent jump in the single-detached market to 2,090 units.

The CMHC said housing starts were trending at 17,239 units in April compared with 16,662 in March. The trend is a six-month moving average of the monthly seasonally-adjusted annual rates of total housing starts.

“The trend in total housing starts continued to increase in April, due largely to elevated multi-family construction in recent months,” said Pichu Kalyniuk, the CMHC’s market analyst for the Prairie and Territories Region, in a news release. “The increase in construction has been supported by strong net migration, continued job growth, and a decline in new home inventories.”

Robert Kavcic, senior economist with BMO Capital Markets, said Canadian homebuilding activity is stable and running at levels supported by demographic demand as national housing starts in April rebounded sharply to a higher-than-expected 194,800 annualized units, up from 156,600 in the prior month

http://www.calgaryherald.com/business/Calgary+region+experiencing+condo+boom/9818720/story.html

[MasterG]

Originally Posted by RyLucky

Pink would be better than a duller shade of paley-grey, but I agree that we need more developments like Drake (same inoffensive scale) all over the city - everywhere from Aspen Landing to Marlborough. What's the progress on Avenue?

The city should look to St. John's or Nuuk, Greenland for inspiration. All bright all the time. None of this Vancouver-seafoam green and transparency nonsense. They don't need any colour to buildings because it is green and blue there all the time. We are brown and white. Let's pump up the colour and get crazy!

[Spring2008]

Apparently Smith sold over 40 units on opening weekend. Market's ridiculous considering what appears to be a high $psf selling price for these units. Need more affordable supply, or any supply for that matter.

[Spring2008]

The Orchard Registration:
http://theorchardcalgary.com/

[Spring2008]

Whoa here comes more density. Numbers don't even include surrounding Kensington, Mission, Bridgeland etc.

Calgary downtown condo boom includes rental market


By Mario Toneguzzi, Calgary Herald May 13, 2014

CALGARY - It is reminiscent of the condo boom of a few years ago but today’s real estate construction frenzy has one major difference.

Nearly half of all proposed or under construction developments in the downtown area are for rental use.

Figures supplied to the Herald from the Altus Group Limited indicate there are 2,184 proposed condo units, 2,038 in the pre-construction stage and 1,762 under construction for a total of 5,984 in the combined area of Eau Claire, West End, East Village, Downtown and the Beltline.

Proposed developments include those publicly announced but not having submitted an application for development approval. Pre-construction consists of projects with development approval submissions.

And under construction refers to projects with a building permit in place and site excavation started.

For rental units, there are 2,116 in the proposed stage, 2,638 in the pre-construction stage, and 828 under construction for a total of 5,582 units.

The Altus report also said there are 575 units under pre-construction and 306 under construction that have yet to be determined as to their use.

Ian Meredith, consultant with residential advisory services with the Altus Group, said that with a total of 12,447 units, and assuming an average of two people per unit, it would be equivalent of the population of Okotoks in an area basically between the Bow River and 17th Avenue.

“It’s a significant number no doubt,” said Meredith. “Basically what it’s telling us is that Calgary is a strong growth market nationally and an excellent place to invest and there’s a mix of condominium developers looking to capitalize on the current market and rental developers looking to capitalize on the long-term growth position of the market.

“The rental segment has been a growing segment . . . (Construction) is comparative to the peak of the last development cycle around late 2006, 2007. The difference though is that this time around we’re seeing half of those 12,500 units made up of rentals. We saw no rentals during the last cycle.”

He said a large portion of the net migration numbers to Calgary are made up of professionals, earning high incomes, moving to the inner-city. Another factor is that the decision to purchase a home is being delayed along with family formation. And people born after 1981 appear to be less accepting of a suburban lifestyle than the generations that preceeded them.

Lai Sing Louie, regional economist for the Prairies and Territories region with Canada Mortgage and Housing Corp., said net migration to the Calgary census metropolitan area in 2013 was a record 45,168.

“Net migration is a key driver of housing demand. Rental market conditions usually tighten when migration is on the rise,” he said. “Due to the large influx of people over the past two years, Calgary has been experiencing low vacancy rates and rising rents.

“Most people have a plan or very good idea of where they will live when they get to Calgary. A key segment of the housing market is the rental market. Most people rent before purchasing a home. Over time, migrants tend to have a similar homeownership profile as those born here. When Calgary experiences high levels of migration, this tends to impact the rental market immediately and supports housing demand in the resale and new home market. When looking to buy, condominium apartments tend to have a price advantage over single-detached homes. For some, it is also about location and lifestyle. Combined, these factors make condominium ownership an attractive choice.”

According to the CMHC, net migration in the Calgary region was 31,996 in 2012. Previous to the past two years, the biggest net migration figure was in 2006 at 25,120 people.

[Spring2008]

Another 100+unit project about to start in Bridgeland.

YOU'RE INVITED! That's right we mean you!

Come celebrate with us as we take the first STEP to the start of construction. Enjoy an array of local Bridgeland food and wine while we toast Calgary's most architecturally unique new development that is sure to become a landmark.

STEPS Bridgeland Ground Breaking Event
Wednesday, May 28th, 2014
5pm to 8pm
STEPS Bridgeland Discovery Centre
Located at 921 1st Ave. N.E.

Please RSVP to [email protected] or 403.460.1382

https://scontent-a-ord.xx.fbcdn.net/hpho...45750872114118_5090180715228238508_n.jpg

[waichuntull]

Are the building permit BP and development permit DP released for the "6th And Tenth"? May 30 is approaching......

[Spring2008]

Originally Posted by waichuntull

Are the building permit BP and development permit DP released for the "6th And Tenth"? May 30 is approaching......

May 30 is the ground breaking ceremony for 6th and 10th, likely not the actual beginning of construction. Who knows when/if that'll ever happen

[waichuntull]

Originally Posted by MichaelS

According to The City's interactive map, DP2012-0285 is still pending release. The only building permit in the past 3 years was for the temporary sales centre.

BP needs DP.

Commencement of construction needs BP.

What is the definition of "commencement of construction"?

[waichuntull]

Originally Posted by fusili

May 28th and the DP isn't even released. If they are starting construction on May 31st, that is the fastest DP release and BP review and approval in the history of Calgary.

Originally Posted by H.E.Pennypacker

Regard 6th and 10th I get the feeling there will be an official ground breaking ceremony on the 31st but actual construction won't start for a few weeks after

Originally Posted by Canucklehead

Considering 6th and 10th is what, 18 months delayed now? They promised May 31 start date, but still don't have DP? This is always an issue when you have a fee driven developer who puts no equity into the deal and uses other people's money, in this case a really weird structure offered by Fortress in a syndicate mortgage offering that is incredibly fee heavy. Check out this report on how they intend to finance winnipeg. It is incredibly sketchy and I am sure Calgary is similar. http://www.baystreet.ca/articles/research_reports/fundamental_research/Liveworkplay-Dec-2013.pdf

I'm not on the Lamb hype train at all.

Originally Posted by O-tacular

I'm not really wowed by Lamb's projects so far. 6th and 10th is ok but it's like they didn't push it far enough. This looks really safe and boring. Agreed about the odd orchard plantings. Could be nice but it could also be awful depending how it's done. Also, based on how slow 6th and 10th has been I don't know how anyone who's in need of an actual home would want to wait the next 5 years for it to get built. Maybe Lamb is counting on foreign investors or something like in Toronto?

A very interesting document by Canucklehead. Suggest to read.
This talks about risks related to this kind of project funding with respect to market situation.

What is/are the holding up the DP and BP????????

With several delay incidents, how would the purchasers and potential purchasers response?

What can the purchasers (already signed) do?

It is very interesting to find out.....

[waichuntull]

Does anyone know who is doing the break ground ceremony, 6th And Tenth?

[red_179]

Originally Posted by waichuntull

With several delay incidents, how would the purchasers and potential purchasers response?

What can the purchasers (already signed) do?

It is very interesting to find out.....

Unfortunately, a purchaser probably doesn't have much recourse but to wait it out. I don't think I've ever seen a pre-build contract that didn't state that the completion date could be delayed and that the builder is not making any guarantee as to the date of possession. Also, often these contracts contain conditions precedent in favour of the builder with respect to pre-sales and financing. It really depends on the wording of the contract (which I have not seen), but in my experience typically the builders' protect themselves well in the standard form contracts they have drafted, to limit the recourse of the purchasers.

Ultimately, a purchaser could try and take the builder to court on the basis that the delay in construction is of such a degree that the builder has fundamentally breached the contract and therefore the deposit is refundable and the contract is rescinded, however I highly doubt the delay on this project would meet that criteria.

[Jimby]

The 8th floor of Lido is sold out.

[waichuntull]

Originally Posted by red_179

Unfortunately, a purchaser probably doesn't have much recourse but to wait it out. I don't think I've ever seen a pre-build contract that didn't state that the completion date could be delayed and that the builder is not making any guarantee as to the date of possession. Also, often these contracts contain conditions precedent in favour of the builder with respect to pre-sales and financing. It really depends on the wording of the contract (which I have not seen), but in my experience typically the builders' protect themselves well in the standard form contracts they have drafted, to limit the recourse of the purchasers.

Ultimately, a purchaser could try and take the builder to court on the basis that the delay in construction is of such a degree that the builder has fundamentally breached the contract and therefore the deposit is refundable and the contract is rescinded, however I highly doubt the delay on this project would meet that criteria.

Does anyone know how long of such delay would meet that criteria?
So, this was the reason for the date amendment.

Does anyone know what is "Early Possession Date"?

[waichuntull]

Originally Posted by jmb

There is usually an inside date (liberal guess at construction completion) and an outside (drop dead date). Unless the developer extends the outside date, which the purchaser would have to agree to, if the original outside date is missed, the contract is void. Anyone that put money into that project clearly did not do their research. 18 month delay is clean evidence that the initial dates were bullsh-t and only used to get people to buy. Lamb knew all along that the project wasnt going to break ground 18 months ago.

Good info for sharing.

If the purchaser(s) have not agreed to amend these 2 dates, the contract will be voided.

The question is, "can the contract be voided before the drop dead date?or Has to wait until closer to the drop dead date?"

[red_179]

Originally Posted by waichuntull

Does anyone know how long of such delay would meet that criteria?

There is no hard and fast answer to that, you would have to look at past court precedents in similar situations to determine what kind of delay would constitute a fundamental breach. However, unless your deposit was under $25,000 you wouldn't be able to go to Small Claims Court to advance a claim and, if above $25,000, it would likely take you a year and a half before you could ever get a trial date and you be spending lots of money on lawyers in the meantime. So not really a great option, unless the builder is willing to let you walk away from the purchase contract which would be unlikely.