April 2015| Issue 184 Cover

April 2015| Issue 184

Spring is in the air

Aahh… spring, finally. Not that it’s been a bad winter. Actually, the weather’s been pretty kind to Calgary this past season, and if it wasn’t the constant threat that the sky was going to fall on the city because of plunging oil prices, I’d say this past winter was really good.

But with regards to those news articles looking at the dark side of things, how about we put some perspective in the current economic situation. The Canadian Home Builders Association (CHBA) ompares Calgary’s economic standing in 2005 when its housing market was booming, to today when it is perceived to be on the way to a crash. Here’s what they reveal:
In February 2005, oil prices were $47.96 US per barrel, the Canadian dollar was at US$.805, the Bank of Canada’s overnight rate was 2.5 per cent, the prime rate was 4.25 per cent, a five year fixed rate mortgage was 5.59 per cent and it cost $1,846.92 per month for a $300,000 at 5.59 per cent rate and a 25 year amortization. The population of workers in Fort McMurray camps was about 10,000. We were in an economic BOOM!!!

Now fast forward to February 2015. Oil prices are $52 US per barrel, the Canadian dollar is US $.8033, the Bank of Canada’s overnight rate is 0.75 per cent, the prime rate is 2.85 per cent, a five year fixed mortgage rate is 2.79 per cent and it costs $1,387.31 per month for a $300,000 mortgage at 2.79 per cent rate and a 25 year amortization. The population of workers in Fort McMurray camps is about 44,000. Now, we’re told we’re in a downward spiral.

Right? All the doom-and-gloom talk needs to be balanced out, and this puts some perspective on things. Thank you, Allan Klassen, Albi Homes president, for brining this to our attention.

The six condo developments we feature this month certainly haven’t seen any sharp drops in sales. Streetside Development’s Hunter House has been busy, as our cover story tells us for this final Silverado townhome complex.

Hopewell Residential is moving to the sixth iteration of their enormously successful Chalet townhomes in Copperfield. Even as Partners also launch their latest ARRIVE development in Evanston. The Orchard by Lamb Developments say they are 40 per cent sold, while Villas at Watermark are down to their final handful of units. SoBow continues to attract an exuberant crowd drawn to Inglewood’s vibrant lifestyle.

We have even more special features inside that talk about Calgary’s uniqueness and underlying beauty and the strength of the community, which ultimately is the biggest asset against all the gloomy talk.

Pepper Rodriguez
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In This Issue

Complete compatibility

Complete compatibility

From move-up homebuyers looking for stylish practicality and affordability, to downsizers and empty nesters looking…

Read more about Complete compatibility

Victoria’s garden

Victoria’s garden

Unique is the best and, perhaps, only way to describe The Orchard condos by Lamb…

Read more about Victoria’s garden

Mahogany’s warmth

Mahogany’s warmth

With Calgary’s population and geographic footprint continuing to grow and inner-city real estate prices out-of-reach…

Read more about Mahogany’s warmth

The Beltline beauty

The Beltline beauty

Green space is a premium when you live anywhere near the downtown, and in this…

Read more about The Beltline beauty


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