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October 2015 | Issue 190

Trick of threat

As another fall fast approaches, it seems more Calgarians have more scary things on their minds than what costume to wear this Halloween. With the continued slowing of the economy due to the plummeting oil prices, it’s natural to be worried about what the future holds. But as far as the local housing market goes, the Canada Mortgage and Housing Corp. (CMHC) says things may not be as bad as they seem.

According to a CMHC report published in August, Calgary’s housing market is not under threat of a correction despite a downturn in the local economy. And that in fact, Calgary is a “low risk” for a housing correction.

The review considered four factors — overheating; acceleration in house prices; overvaluation; and overbuilding — as of the end of March.

“The low price of oil has affected many different sectors of the economy, affecting employment and income growth, and increasing the unemployment rate. Weaker labour market conditions have also slowed migration to the region,” CMHC says of the Calgary-area market.

But is says acceleration in housing prices and overbuilding were considered stable, while the threat of overheating had decreased, and the risk of overvaluation is moderate. It does offer caution that some unforeseen economic event that causes the fundamentals to change dramatically could affect the assessment.

This has been reflected in the continued stable sales of condos in Calgary, the revitalized East Village has welcomed its first condo dwellers this summer in Embassy BOSA’s Evolution and Fram+Slokker’s FIRST. Our cover feature on ZEN Rvesnwood in Airdrie shows that demand is there even in areas outside of Calgary. Profiles this issue reflect the trend as well. The Royal another offering by Embassy BOSA is doing robust business as it attracts a cosmopolitan set with its cutting-edge design. SoBow by M2i Development is pulling in buyers with the charms of its thriving, historic neighbourhood of Inglewood, as is the case with Bucci’s return to Bridgleand with Radius. There are new townhome projects being introduced as well, like StreetSide’s luxurious inner-city Killarney Townes and Brookfield’s The Link in Evanston Creations by Shane Homes introduces something totally different with its Urbana street towns in Nolan Hill. So as you can see, there is still an appealing range of multi-family options available for all lifestyles and budgets.

And if you’re trying to sell your home to buy into one of these, let Andrea Cox guide you with her feature on home staging that talks about how to bring out the full potential of your home to prospective buyers through a simple re-styling of the home.

 

This Halloween special has so much more inside, including a run down of some of the Halloween fun in Calgary and similarly-themed décor in Focus On.  Just be mindful of the little ghoulies when they’re out trick or treating.

In This Issue

ZEN appeal

ZEN appeal

Like the smart bird of it’s namesake community, Avalon Master Builder and their ZEN Ravenswood…

Read more about ZEN appeal

A link to the good life

A link to the good life

If you are ready to buy your first home and figure the best you can…

Read more about A link to the good life

The plush life

The plush life

The pealing laughter of children is the welcome music of the neighbourhood in Artesia at…

Read more about The plush life

Un-grunge the garage

Un-grunge the garage

When it comes to garages, it’s definitely what’s on the inside that counts. Of course,…

Read more about Un-grunge the garage

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