$1B bid to revive factory district
Homes, offices, shops to be built in Stampede's shadow
Mario Toneguzzi Calgary Herald Saturday, February 10, 2007
CREDIT: Leah Hennel, Calgary Herald Dan Van Leeuwen, President Torode Commercial
A billion-dollar mixed-used redevelopment will redefine the face of a southeast Calgary neighbourhood adjacent to the Stampede grounds. Torode Commercial Ltd. plans to build 3.2 million square feet of commercial, retail and residential development on the Ramsay site, at Spiller Road and 24th Avenue S.E. "Ramsay is a fantastic community," said Torode's president, Dan Van Leeuwen. "It's got a very interesting blend of demographics. It's a very artistic community. It's very close to the downtown," he said, adding construction costs today are pegged at about $1.1 billion. "We also picked this because of its location (near) the downtown core from a walking, cycling, transportation and even driving perspective. "We saw this as a sort of overlooked piece of the near-city. It's rare to get a piece of property this size."
The huge development, which will be unveiled today at a public open house at the site, will include up to 2,000 housing units of various types, 650,000 square feet of office space, 275,000 square feet of retail and an 80,000-square-foot boutique hotel. The phased-in project is expected to start construction in 2008, pending city approvals, and take five to seven years to complete. Van Leeuwen told the Herald on Friday the 8.4-hectare Ramsay Exchange site will comprise a number of buildings -- with three main nodes where there will be office buildings. The office towers will be between 11 and 14 storeys high.
"It is an old industrial site (home to Plains Fabrication and F&D Scene Changes) so we figured it was a good plan for us to convert it into something more compatible with the current uses in the community. Ramsay has got a great history . . . ," said Van Leeuwen. "We're not chewing up more greenfield land to convert a large piece of property into something a little more dense and compatible with what's going on here." Adam Legge, director of research and business information at Calgary Economic Development, said it's exciting to see a project of this scale east of the Stampede and into the Ramsay area. "What that signifies is you're starting to see when a city gets to be our size and so much demand and so much activity, you're starting to see these sites that have typically been under-utilized and in previously less desirable areas all of a sudden becoming ripe for redevelopment because they're so close to the inner city," said Legge. "You've got a really, really dynamic area there. "That whole east side (of downtown Calgary) in 10, 15, 20 years is going to be such a dynamic, vibrant place. Torode has really become very much a visionary for redevelopment in the east side . . . . It signifies you have a developer in the community that sees vision and opportunity in an underdeveloped and prime location and the potential for significant development based on the resurgence in the area."
The residential component of the project will be a mix between townhomes, loft and high-rise condos and some rental units as well. "We're just going in for our land-use so there's still quite a bit of planning that needs to be done," said Van Leeuwen. "The site's primarily residential. "We have been in discussions with the community about three high-rise condominium towers that will take advantage of the views mainly and those may be as high as 32 to 36 storeys. The plan is still somewhat in fluctuation and those are just proposals at the moment."
Van Leeuwen said the developer has had a pre-application meeting with the City of Calgary over the project. "We are preparing to continue with the land-use process after our open house . . . That may get us to a (Calgary Planning Commission) hearing in late spring, early summer at which point we're hoping to get into city council late summer or early fall," said Van Leeuwen. "And then we'll start the (development permit) process . . . Given the size and scale of the process, it's going to be phased over several years. I would expect us to be going in for (development permit) and working through the process in early 2008. I doubt very much we'd see much construction going on here until the end of 2008 and beginning of 2009."
The project will incorporate some of the site's heritage including the preservation of the Dominion Bridge Building (1926). Eileen Stan, development manager for Torode Commercial, said the project "fits in well with the city's larger agenda of developing socially, economical, environmentally-responsible communities. "Due to its location, the type of community . . . and the fact that we can re-use an industrial site that's in the inner city I think is a big advantage to what we're trying to do here."
She added that the site is close to existing transit and a proposed new transit line for the southeast.
mtoneguzzi@theherald.canwest.com
© The Calgary Herald 2007
City needs more staff to track boom
Calgary Herald Saturday, February 10, 2007
Calgary's booming growth has drawn so many new residents, the city clerk's office is still searching for more workers to count them. This year's deadline to hire people to conduct the annual three-week survey was supposed to be Friday, but an extension was granted because another 150 to 200 counters are still needed to tally the additional census districts.
"It's the economy out there," said city returning officer Barb Clifford. "Last year, the city grew so much, we have close to 1,000 census districts now."
The annual census survey starts April 1. Clifford said interested applicants should contact the city's election services office at 221-3850.
© The Calgary Herald 2007
Council OK's downtown water, sewer levy
Calgary Herald Saturday, February 10, 2007
City council has approved a levy to make improvements to water and sewer lines for any new project built downtown or in the Beltline. But the decision on whether to charge the levies for transit buses, fire stations and public parks has been put off until April, when an administrative report on the issue is expected. Aldermen asked for the delay to deal with concerns raised by developers who build in the inner city.
The utilities levy amounts to $1,823 for each metre of property -- or $27,000 for a 15-metre lot -- along the street. In addition, the city wants to charge a levy of between $50 and $1,500 for police stations, libraries and public parks -- similar to the community infrastructure levy that added between $2,500 and $3,500 to every new home built in the suburbs -- to pay for nearly $100 million in projects. The so-called community infrastructure levy would add $78,000 for a 15-metre lot.
© The Calgary Herald 2007
Jobless rate near all-time low
Province's January rate holds at 3.3%
Geoffrey Scotton The Canadian Press Saturday, February 10, 2007
Alberta's economic brawn was front and centre in January as 23,000 people decided to look for work that month in Wild Rose Country -- and Canada's strongest economy found jobs for even more, 24,000. The difference was small enough that Statistics Canada reported Friday the provincial unemployment rate was left unchanged from December at 3.3 per cent, but that figure is close to an all-time low, and by far the lowest jobless rate of any province in Canada. "You can get a job pretty quickly right now in Alberta," commented Vincent Ferrao, a senior analyst with the federal agency's labour market survey group.
In the last 12 months Alberta has created more than 121,700 jobs, or 30 per cent of the national total. The latest results pushed the employment rate in this province -- the proportion of those of working age who are working -- to a record 71.5 per cent. It's the highest of any province, ever. "This is a remarkable performance by Alberta," said Ali Abdelrahman, senor economist with Employment, Immigration and Industry Alberta in Edmonton.
He noted that while Alberta accounted for 30 per cent of Canada's new jobs over the past year, it has just 10 per cent of the country's population. In the past year Alberta has enjoyed employment growth of 6.5 per cent, more than double the national result of 2.4 per cent. "It's very strong employment growth," said StatsCan's assistant chief statistician, Phil Smith, from Ottawa. That growth and ongoing tightness in the labour market pushed the average hourly wage here ahead 4.1 per cent in January from January 2006 versus 2.2 per cent nationally. In 2006, the Alberta average hourly wage rose an average 6.9 per cent, more than doubling the national result of 3.3 per cent.
Calgary's unemployment rate was also unchanged in January but that's where any ordinariness ends. At 2.6 per cent, Calgary's jobless rate in January was the lowest among Canadians cities, as it has been for months, and is down sharply from the 4.4 per cent recorded in January, 2006. Since January 2006 the Calgary economy has produced 54,000 jobs for a growth rate of 8.7 per cent. "Usually if the unemployment rate is less than three per cent it's a clear indication of a skills shortage. So, Calgary is in a real skills shortage problem," said Abdelrahman.
Nationally, the Canadian economy stunned experts by cranking out as many as seven times the number of new jobs expected in the first month of 2007, with payrolls across Canada swelling by a remarkable 89,000 people. Nonetheless, an even larger surge of people entering the labour force and looking for a job caused the national unemployment rate to be nudged up to 6.2 per cent from the 6.1 per cent rate seen in December 2006. The bulk of the new jobs came in British Columbia and in Alberta and in the areas of information, culture and recreation; professional, scientific and technical; accommodation and food services and in natural resources.
In Alberta, manufacturing was a strong performer, running counter to the bleak manufacturing results nationally that reflect manufacturing weakness in Central Canada including Ontario, where 13,000 manufacturing jobs were lost.
The national unemployment rate remains close to the 31-year low record of 6.1 it hit during several months last year. The national employment rate hit a record high of 63.4 per cent and new standards were set, along with Alberta, in B.C., Manitoba and Saskatchewan.
UNEMPLOYMENT
The national unemployment rate was 6.2 per cent in January. Here's what happened provincially (previous month in brackets):
- Alberta 3.3 (3.3)
- Saskatchewan 4.1 (4.0)
- British Columbia 4.3 (5.2)
- Manitoba 4.6 (4.1)
- Ontario 6.4 (6.1)
- Quebec 7.7 (7.5)
- Nova Scotia 7.8 (7.3)
- New Brunswick 8.1 (8.5)
- Prince Edward Island 10.7 (12.4)
- Newfoundland 15.4 (13.8)
gscotton@theherald.canwest.com
© The Calgary Herald 2007
Brookfield nets 'premier' downtown site
Buys $45M interest in Herald block
Mario Toneguzzi Calgary Herald Saturday, February 10, 2007
CREDIT: Ted Rhodes, Calgary Herald
Brookfield Properties has acquired 100 per cent interest in the downtown Herald block for $45 million.One of North America's largest commercial real estate companies has purchased half a block in the heart of the city -- including the old Calgary Herald building -- calling it "one of Calgary's premier downtown development sites." Brookfield Properties has acquired 100 per cent interest in the Herald block for $45 million and the company says the property is nearly 66,000 square feet in area with development density for about 1.1 million square feet of office space. The site contains four small buildings totalling 130,000 square feet of rentable area as well as underground parking and a small surface parking lot.
Tom Farley, President & COO of Canadian commercial operations for Brookfield, told the Herald on Friday the company hasn't decided what it will do with the site at 7th Avenue and 1st Street S.W. Brookfield owns about eight million square feet of office buildings in Calgary, including Fifth Avenue Place, the Petro-Canada Centre and Bankers Hall. "By acquiring the Herald block, it allows us some flexibility going forward to respond to our tenants' needs and to provide space for tenants that are not already in Brookfield's buildings," said Farley.
"We're in the process of evaluating the site in terms of the type of buildings that we will put up, the uses that we'll put in place and we also have the flexibility of holding onto the site . . . and wait. Or it gives us the flexibility as well if we want to respond immediately to some of our tenants' expansion requirements, we're able to do that. So it gives us optimum flexibility for additional density in our Calgary portfolio." Farley said the company is "extremely excited" about the site's location. "As us Canadian real estate people say, it's right at centre ice," he said. "When you can control half of a block at that location, proximity to the light rail transit and centre of the business district, we think it's a wonderful site with excellent opportunities."
Adam Legge, director of research and business information at Calgary Economic Development, said the purchase of the property by Brookfield in the heart of downtown Calgary is an indication of the city's economic strength. "It's a building that's really underdeveloped for the potential in the downtown core and in a prime location with shopping and office," said Legge of the old Calgary Herald building. "(With) the crunch on office space (with a vacancy rate of less than one per cent downtown) right now people are just looking for ways in which they can find some redevelopment opportunities and rents are getting to the point where it can make economic sense. . . . A really prime corner for redevelopment and a building that's really not maximized to its full potential and they can put in something really big and significant in there."
Legge said there is continued demand from business for additional space and companies are looking for options. "And rents are at a point where you can make some returns on new development," said Legge. "You're just seeing the outcome and the result of the city's economy still forging ahead. When that happens, you just need to start to put some shovels in the ground and get some new buildings up. It's as simple as that." Brookfield Properties owns, develops and manages premier office properties and its portfolio is comprised of interests in 116 properties totalling 76 million square feet in the downtown cores of New York, Boston, Washington, D.C., Los Angeles, Houston, Toronto, Calgary and Ottawa.
Meanwhile, EnCana on Friday officially announced the sale of the proposed The Bow office tower project assets -- including the 59-storey building -- to a wholly-owned subsidiary of H&R Real Estate Investment Trust.
As part of the transaction, EnCana, as a tenant, has signed a 25-year tenant lease agreement with H&R REIT for 100 per cent of the office tower at an initial rental rate of approximately $36 per square foot and has received about $70 million, which largely represents EnCana's investment to date in the project. EnCana said the project's completion is scheduled for 2011 and it has been previously pegged at about $1 billion to build.
EnCana transferred ownership of The Bow project's property on portions of both the north and south blocks between 5th and 7th Avenues between Centre and 1st Street S.E. This sale also includes the development plans for the approximately 1.9-million-square-foot building on the north block and the 200,000 square foot development on the south block with H&R assuming all design and building contracts.
mtoneguzzi@theherald.canwest.com
© The Calgary Herald 2007
Smart move: Investors buy inner-city condo
Kathy McCormick Calgary Herald Saturday, February 10, 2007
CREDIT: Leah Hennel, Calgary Herald
Condo buyers Heath and Helen Kenyon near a model of the Xenex on 12th project.
Resale condos are expected to rise in value more than single-family homes this year, says the buyer of an inner-city condo. "If people come to Calgary now, they're often looking at moving closer to the downtown core -- and that means condos," says Heath Kenyon. Along with his wife, Helen, he recently bought a one-bedroom unit in the new Xenex on Twelfth project. The 18-story tower is being undertaken by Bucci Developments in the Beltline area. "At the moment, condo market values are going up faster than (single-family homes) -- and from what I've seen and heard, that will continue for the next two to three years, so I think condos are the way to go," says Kenyon.
Resale condos sold at an average price of $260,711 last year. That's expected to rise nine per cent to $284,175 this year, says the Calgary Real Estate Board. Canada Mortgage and Housing Corp. expects an even steeper increase to $286,500. By contrast, single-family resale homes averaged $384,998 last year. Depending on who you talk to, they're expected to climb at least seven per cent to an average of $412,000 to $421,500 this year -- although both CREB's and CMHC's estimates could be low. "The average is almost there already," says Lai Sing Louie, senior market analyst for CMHC. Single-family resale home averaged $419,324 in January.
"If that holds, and it looks like it's getting stronger, our forecast of a 10 per cent overall hike in resale single-family housing for the year could be conservative," he says. "But it's early, so we'll see." At any rate, condos will remain a big part of the market because they are generally lower priced, he says. "There's a lot of demand for the more affordable product -- and that builds confidence in investors as well, as they see that there's a good chance condos will go up as fast, or faster, than single-family homes," says Louie.
Kenyon agrees. "We could have bought a single-family home somewhere in a new neighbourhood or out of town somewhere, but we think condos are the way to go," he says. He and his wife already own another condo in McKenzie Towne and live in their own single-family house in Tuscany.
They're not alone in buying condos for investment, says Louie, adding that's a good thing. About 18 per cent of condo buyers are renting out their units, he says. "If that wasn't happening, renters would need to find other places to live and that would tighten up the 0.5 per cent vacancy rate even more."
Some buyers in Xenex are astute investors, says Fred Bucci, president of Bucci Developments. "Most who buy as an investment are here for the long term and plan to rent the units and hold them," he says. "They believe, as I do, that Calgary housing is still a good price." The Vancouver developer knows prices. After all, he's been building high-rise condos and communities since 1953, expanding into the Calgary market a decade ago.
"I still believe Calgary prices, in a North American context, are very reasonable," says Bucci. "In Vancouver, for example, we're now at $800 to $1,000 a square foot for condos, while here it's below $500 now. San Francisco is $1,000 and New York is $3,500."
But prices remain a concern of his. He had to take Xenex off the market for a while, readjusting prices to keep the project viable as labour and supply costs increased rapidly last year. "One issue that I'm still concerned about is the cost of construction, which continues even today," says Bucci. Even so, "we have taken a leap of faith" with the re-marketing of Xenex," says the developer. "We have said to our buyers that there will be no further price adjustments and now we are taking the risk -- and if we're wrong, we will absorb it. We have committed to the price even though we haven't got all of our costs in 100 per cent." The company's commitment has resonated well with buyers, he says. Nearly 65 per cent of the 150 units in the tower (the penthouses have yet to be released) are sold, says Brenda Kelly, who heads up marketing for Bucci.
Construction has already started on the building, which will be on the northeast corner of 7th Street and 12th Avenue S.W., where the majority of the units have views of downtown or surrounding neighbourhoods.
Things like the higher security and lower maintenance compared to single-family homes is another reason people have gravitated to condo living, says Kenyon.
He and his wife may end up living in the condo they recently purchased, instead of keeping it as an investment. The couple are both age 40. "We don't have children and our jobs are such that we could live anywhere," he says. "We like the location and the whole idea of Xenex, and the layout is far more attractive than a lot of other ones we were looking at." The modern, clean lines of the building include panoramic windows in suites to capture views, public art on the corner of the street, and aluminum rails with glass panels on balconies. Inside, most units have nine-foot ceilings, woodgrain laminate wrap cupboards and stainless steel appliances.
Heated, underground parking, assigned storage lockers that includes bike storage, and video camera surveillance are some of the other features.
Condos range from studio units to three bedrooms, as well as townhouses and penthouses.
Prices start at $229,788 to $657,788, not including penthouses or GST.
Meanwhile, says Bucci, "we will continue to explore the Calgary market for opportunities, and we're in a big subdivision in Edmonton and have assets in Red Deer. We're here to stay in Alberta." Xenex on 12th is located on the Northeast corner of 12th Avenue and 7th Street S.W. However, the presentation centre is at 1226 8th St. Open daily from noon to 6 p.m.
Visit the website at
www.xenexon12th.com.
© The Calgary Herald 2007
Calgary has its own 'big urbanism' trend
Richard White For The Calgary Herald Saturday, February 10, 2007
Each December, the New York Times magazine publishes its annual Year In Ideas edition. It characterizes a year through the new or big ideas that occurred during that year. One of the "big ideas" that caught my attention on the list for 2006 was "big urbanism." I am not convinced this is truly a new or big idea, but rather, like most things, is just a recycled idea.
In the 1960s and '70s, "urban renewal" was the buzzword of city developers and planners across North America.
The term referred to mega projects that linked several blocks in tired, older areas of a city centre. In Calgary, our urban renewal projects created a legacy of "east-end concrete bunkers." The convention centre, Glenbow Museum, Calgary Board of Education building, Workers Compensation Board building, Palliser Square and Bow Valley College (Alberta Vocational College at that time) were built during this time.
The New York Times' "Big Urbanism" article highlighted the current wave of massive urban development projects taking place across the United States -- such as the 8.8-hectare, Atlantic Yards project in Brooklyn worth $4.2 billion US, or the $3.6 billion plans for the revitalization of downtown Yonkers, N.Y. As well, Denver, Colo., continues to implement its cultural district master plan. It includes the now-completed Michael Graves post-modern addition to its central library, as well as the new wing of the Denver Art Museum. Designed by Daniel Libeskind, the project cost $110-million US. Denver's plan has been the catalyst for the construction of thousands of new condos in the city's cultural district.
In Los Angeles, the Grand Avenue plan -- which is to cost more than $1 billion US -- is currently being implemented. It will involve 3.6 million square feet of new development, including the new Frank Gehry Theatre and a 6.4-hectare park. The big urbanism article talks of a "new confidence amongst designers, developers and public officials for re-shaping the cities we live in." It concludes with a comment that Tax Increment Financing (TIF) is contributing to the new-found money, leading in turn to new optimism in the public sector. Sound familiar?
Big urbanism also caught my attention when I was surfing the Internet. I found an article documenting skyscraper development in other cities and what they will look like in 2012.
The article identified the world's big urbanism cities by how many new skyscrapers (defined as 500 feet, or about 50 floors) will be built in each city between 1999 and 2012. In the United Arab Emirates near Saudi Arabia, the Persian Gulf city of Dubai was ranked No. 1. It is expected to grow to 90 skyscrapers by 2012, up from six skyscrapers in 1999. Second on the list was Miami. As the Florida city evolves into a new banking and financial hub, it is expected to grow to 71 towers by 2012, up from five in 1999.
Third was Las Vegas, which had only two skyscrapers in 1999, but is predicted to have 27 by 2012. London was fourth, growing from two to 24, while Tel Aviv was fifth, increasing from two to 16 towers during the same period. Not to be left out, Alberta's two major cities both have big urbanism projects of their own.
Edmonton has the Century Park project (the new name for the old Heritage Mall site in south Edmonton). Westbank Project Corp. and Procura Urban Development Properties plan to convert the 17-hectare site (the size of Calgary's Prince's Island) from a shopping mall and parking lot to an urban village. The project is to include 2,800 residential units, 200,000 square feet of offices (the size of a 15-floor office building), and 160,000 square feet of retail/restaurant space (about the size of Calgary's Eaton Centre). It will also feature 35,000 square feet of indoor recreational facilities, a new LRT station and about seven hectares of open space -- all to be built over the next 10 years.
Not to be outdone, Calgary has three new big urbanism projects: Quarry Park, East Village and Currie Barracks. Quarry Park is an 125-hectare development by one of Calgary's premier developers, Remington Development Corp. Located on the site of an old quarry just east of Deerfoot Trail near IKEA, it will be converted into a work/live/play community. It will include about 1.7 million square feet of campus-style office and retail space (three and four floors high). Other features include 2,300 housing units, a 20-hectare natural area and six hectares of recreational space.
Remington Development is committed to the use of best practices in creating new urban communities, including pedestrian-friendly streets.
Meanwhile, plans are also in the works for the East Village area, which includes Fort Calgary, that involves the billion-dollar redevelopment of the 45-hectare area, which is located in downtown's east side. It will include housing for as many as 10,000 people, as well as office and retail space to be determined by the market. It may also include a new post-secondary campus involving the University of Calgary and the already-started Bow Valley College renovation and expansion.
Calgary's largest big urbanism project is the federal government's Canada Lands redevelopment of the former Canadian Forces Base just off Crowchild Trail. Phase One was the incredibly successful, 64-hectare Garrison Woods project, which involved 70,000 square feet of retail, 1,600 residential units, two private schools and nearly five hectares of parkland.
Phase Two is the 29-hectare Garrison Green project, with 1,000 housing units and about three hectares of parks and open space. Currie Barracks is the name of the final 80-hectare phase. It will include about 200,000 square feet of retail, 300,000 square feet of office (180,000 square feet in heritage buildings to be preserved), up to 3,200 housing units, and about nine hectares of park and open space. This development will incorporate several mixed-use projects (main floor retail with office and residential above), with a density of nine to 16 units per acre (with one acre equal to about 0.4 hectares, and Garrison Woods about 10 units per acre). It will also include many sustainable development practices, such as storm water management and green roofs (ones that are partially or wholly covered with vegetation).
It will create a new self-sustaining work, live and play community in Calgary's inner city. These are interesting times -- not only in Calgary, but around the world. Cities have hopefully learned from the many failed big urbanism projects of the '60s and '70s. This time around, here's hoping politicians, planners, architects and developers heed the words of Jane Jacobs, the guru of creating urban villages, who said: "Gradual change is better than cataclysmic development. If change comes too quickly, it will generate buildings of the same scale, design and use which will generate little real diversity in the present and in the future."
Richard White is the director of operations and communications at Riddell Kurczaba Architecture
Skyscraper Construction Around the World*
City Skyscrapers in 1999 Skyscrapers in 2012
- Dubai 2 90
- Miami 5 71
- Las Vegas 2 27
- London 2 24
- Tel Aviv 2 16
- Calgary 8 13
- Edmonton 0 0
*Buildings more than 500-feet tall
Source for Calgary and Edmonton information: skyscraper.com; source for other cities: Wire magazine
This story features a factbox "Skyscraper Construction Around the World".
© The Calgary Herald 2007
Condo price pace reflects 'new reality'
Resale unit increase outstrips used homes
Marty Hope Calgary Herald Saturday, February 10, 2007
Although still considered an affordable option for homebuyers, the average selling price of resale condos is climbing faster than that of single-family houses, says the Calgary Real Estate Board. Used condos fetched about $285,918 in January, up more than 42 per cent from the same month a year ago, it says. But resale single-family homes averaged $419,324, up less than 30 per cent.
"I think more than anything, the price of single-family homes is driving more people into the condo market," says board president Ron Stanners. "A lot of people have faced the new realization that they can't afford a detached home, it's just the new reality." In terms of the median price, used condos sold for $265,000 last month -- an increase of just under 49 per cent. The median is the middle number of all sale prices. It is considered to be a truer read of the marketplace than average prices.
The median price for single-family homes was $373,000, up less than 29 per cent compared to a year ago.
But while the price gap narrowed in January, demand for resale condos remained strong, says Stanners. "Condo sales were way up -- 33 per cent above where they were a year ago," he said following the release of January's activity report. Sales of detached or single-family homes climbed less than two per cent. For the month, 834 condos changed hands compared to 624 a year ago. Single-family homes totalled 1,787 -- 25 more than were sold in the same month last year.
Besides affordability compared to single-family homes, condos are popular for another reason, says Stanners. Many people want the condo lifestyle freedom from considerations like yardwork or home security. "They want to be able to lock and leave," says Stanners. The most active price category last month was for condos selling between $300,000 and $350,000, accounting for 18.6 per cent of January sales. In terms of single-family homes, the most active category was from $400,000 to $500,000, which made up nearly 24 per cent of all detached sales.
"The $400,000-plus range has become the new entry level price, particularly in the northwest and southwest," says Stanners.
While retaining a small percentage of total sales, the high end of the market continues to be strong. During January, 95 homes were sold at $700,000 or more, up from 44 a year ago. Forty homes sold for more than $1 million last month, up from 24 in January 2006, says Stanners.
While sales activity turned in a strong performance, potential buyers continue to have a good selection of homes to choose from. The number of new listings in January reached 4,010, up from less than 3,000 a year ago -- and the highest total since September of last year. With the increased choice, it's taking longer for consumers to buy a home. Condos and single-family homes were on the market about 40 days before selling, about a week longer than it took a year ago, says the board.
© The Calgary Herald 2007
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