Tag Archives: condo

Condo permits spike

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AIRDRIE – Nearly $3.5 million in revenue was pumped into Airdrie’s economy last year on the heels of a spectacular year for construction growth in 2012.

The City of Airdrie reports that the number of building permits increased 42 per cent over 2011, which translated into $3.4 in revenue and $365 in construction value.

It was a strong year in the multifamily housing construction industry, especially duplexes and multi-family units (apartments), which accounted for 582 permits (126 and 456 permits respectively).

Read more: http://tinyurl.com/a7p4kav

 

Condo foreclosure traumatic for surprised renter

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A shocked Red Deer tenant arrived home recently to find the locks changed on her rental condo and foreclosure notices slapped on the door.

As her cats mewed helplessly from inside, Bailey Coltman tried to text her two daughters not to come home from school until she could explain the problem. But the teens were still “traumatized” when they discovered they had been locked out of their home.

Read more: http://tinyurl.com/al47lp5  

Condo market stronger than all of 2011

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The condo apartment and townhouse resale market is experiencing strong sales, says the Calgary Real Estate Board’s monthly report on sales activity.

“Sales have been quite strong in the townhouse side, without a lot of additions to the inventory. That has made the market a little tighter,” says chief economist Ann-Marie Lurie of CREB.

Read more:  http://tinyurl.com/bqj58z6  

River Heights to see new 100-unit condo building

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Council approved a land-use amendment on Nov. 26 to allow the development of multi-family dwellings in River Heights to move forward.

Despite opposing votes from Mayor Truper McBride and councillor Jeff Toews, the amendment redesignated a 2.43 hectare parcel of land from urban reserve to R-3.

The plan is to construct a multi-family residential condominium that will hold a total of 100 units, townhouse style with front-loaded garages.

Read more:  http://tinyurl.com/d2quj3w  

SoBow Inglewood condo development resurrected

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CALGARY — A residential condo project in Inglewood has been resurrected and rebranded under a new developer as the Calgary housing market experiences a spike in new multi-family construction starts this year.

The SoBow development is a mixed-use venture of M2i Development Corp. with its residential building, 1912 Cross, comprising 120 units, of both condominiums and town houses.

Read more:  http://tinyurl.com/cp57do7

WHY CDN HOUSES/CONDOS ARE COLD & APT. BUILDINGS ARE HOT

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Why houses/condos may fall in value but apartment buildings do not.

There is a common misperception that all real estate classes are created equal. House prices are falling in some cities in Canada, primarily because the rules to get mortgages have changed, such as increased debt-coverage ratios, higher down payments and shorter amortization. This allowed our Finance Minister Hon. Jim Flaherty to tighten consumer debt without raising interest rates! This leads some to believe that those (modestly) falling house prices will also affect other real estate classes, such as apartment buildings. Nothing could be further from the truth.

Read more: http://tinyurl.com/8b2dv9b  

REITs beat condos every time

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Looking for an investment with skyscraper-high returns? Forget condominiums in Toronto or Calgary and think about real estate investment trusts that own apartments.

That’s the conclusion of Michael Smith, a real estate analyst at Macquarie Equities Research, in the fourth annual installment of his study comparing a REIT investment in the apartment sector to a condo investment. The REITs are still way ahead.

Read more: http://tinyurl.com/934jwf3