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Tuscany Community Association
By John Neufeld

In December 2016 the TCA received a letter from the Lutheran Church, saying they will no longer be building a church, and plan to sell the land. It may be some time before we know what will be built on the site, which is to the west of the homes on Tuscany Summit Heath and to the north of some of the homes on Tuscany Summit Terrace.

At about the same time, Rockford Group applied for a Development Permit, as they wish to proceed with building the 85 townhouses to the north of Tuscany Summit Heath. 

The Calgary Herald

Calgary Real Estate Board tempers January home sales spike

A sharp jump in local home sales last month does not signal a sudden market turnaround, the Calgary Real Estate Board cautioned Wednesday as it released January data.

It said 947 total units sold last month, a 24 per cent improvement from a year earlier but still 21 per cent below long-term January averages. Sales of detached homes rose by 25 per cent, to 584 units. 

"Conditions have improved over last year, but people need to remember that last year's market was one of the weakest on record," CREB chief economist Ann-Marie Lurie said in a news release. "Despite the appearance of a major shift in activity, the transition in the housing market is going to be a slow process."

The overall benchmark price of $437,400 was almost three per cent lower than January 2016. The benchmark price is used by CREB to reflect the sale of a "typical" city home. The average price of all homes sold last month rose two per cent, to $466,574. 

New listings were down 13 per cent from a year earlier, at 2,385 units.
"The market isn't expected to be as unpredictable in 2017, but it's early in the year and there are still lots of unknowns that will shape decision-making for consumers," CREB president David P. Brown said in the statement.





There is hope recommendations to lower duties will lead to lower cost for industry, consumers

Recent recommendations by a federal trade tribunal have the homebuilding industry hopeful that high duties on U.S. drywall imports will soon come to an end.

The Canadian International Trade Tribunal issued its Statement of Reasons Jan. 19 outlining why it found drywall duties on U.S. imports are negatively impacting Western Canada's housing industry. Yet it also found U.S. manufacturers were indeed dumping drywall into the Canadian market, an unfair advantage over domestic manufacturers.

Both homebuilders - including related industries - and the gypsum board manufacturing industry in Canada see the recommendations as potentially beneficial.


Below are some great links to some useful mortgage calculators.



Residential sales activity reported through the MLS® Systems of real estate boards in Alberta numbered 2,612 units in December 2016, rising 3.2 per cent from a year earlier. The increase marked a rebound following a drop in November.

Across Alberta, monthly residential average prices were up from year-ago levels only in Calgary (+6.4 per cent). By contrast, average prices declined year-over-year in Lethbridge (-1.7 per cent), Edmonton Board (-2 per cent), Central Alberta (-5.7 per cent), Medicine Hat (-6.5 per cent), Grande Prairie (-9.1 per cent), Lloydminster AB (-13 per cent), Fort McMurray (-14 per cent), South Central Alberta (-14.4 per cent), Alberta West (-15.4 per cent).

By Victoria Harrison 

Travel back to the '60s Space Age with a rare glimpse inside an original House of the Future

The Futuro House was designed in the swinging 1960s by Finnish architect Matti Suuronen as an easy-to-assemble vacation house. Its fresh look and modern shape reflected the spirit of optimism & experimentation that characterized the decade. Futuro homes were built around the world.


When people ask me what I am seeing in the market right now, my answer is "cautious optimism".  This time last year and into the spring, buyers were looking at homes but were taking a long time to actually write an offer.  Buyers were wary about purchasing a home in a market that might see a dramatic drop.  That didn't happen.  While we certainly did see slight reductions in prices, they weren't as major as everyone feared.
And the good news is that while the market still favours buyers, the market is improving.  Indeed, it is only February 9th as I write this, and I have had competing offers on two of our listings.
Although Calgary is still in the midst of very challenging economic times, I am cautiously optimistic that we will continue to see a slight improvement going forward into the year.

Best regards,

Kelly McKelvie
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Located in Mission, The River represents the highest priced luxury condo on the market. 
Photo courtesy The River


Calgary's luxury market showing staying power, say experts

A high-end fitness centre and kitchen to cater private events; a concierge service or tranquility room; a car wash and, yes, even a pet wash.

These are among the amenities today's buyers can expect with the purchase of a luxury condo in Calgary, a sector real estate experts say is showing some staying power despite soft economic conditions.

A Sotheby's International Realty Canada report released this month noted 19 condos priced at more than $1 million sold in 2016, which was consistent when compared year-over-year.

Twelve condos sold between $1 million and $2 million in 2016, down 14 per cent from 14 units in 2015; five condos were sold between $2 million and $4 million in 2016 and 2015, while two condos sold for more than $4 million.

One of the latest additions to the luxury condo circuit is The River, a 38-unit project on the north bank of the Elbow River where the average price runs around $3 million.

Click on the photos below to view


January market improves over last year

At 4,112 total units, January's inventory was 18 per cent below last year's levels, according to CREB®, which released its monthly housing summary today.

"While housing conditions continue to favour buyers, a slow transition toward more balanced conditions is helping to ease downward pressure on home prices," said CREB® chief economist Ann-Marie Lurie. "Conditions have improved over last year, but people need to remember that last year's market was one of the weakest on record. Despite the appearance of a major shift in activity, the transition in the housing market is going to be a slow process."

January sales totaled 947 units, 24 per cent above last year, but 21 per cent below 10-year averages for the month. Sales activity improved across all product types, but only when compared to the near record lows that occurred in January 2016.

CALGARY REAL ESTATE SALES RISE 24% IN JANUARY but still below long-term averages

Activity up from same month last year, which was 'one of the weakest on record,' CREB economist notes

The city's real estate market showed signs of increased activity in January compared to the year before, according to numbers released Wednesday by the Calgary Real Estate Board.

A total of 947 units sold in January, marking a 24 per cent increase over the same month in 2016.


What you should know about the year ahead for Calgary's housing market

CREB® has released its annual economic outlook and regional housing forecast. But what does it all mean? CREB®Now takes readers through the numbers.

After posting successive sales declines in 2014 (25,552), 2015 (18,839) and 2016 (17,809), CREB® is forecasting MLS® activity in Calgary to rebound slightly in 2017. Citywide sales are expected to total 18,335 units, a three per cent gain over 2016, but 12 per cent below long-term averages. By category, detached sales are predicted to hit 11,550 in 2016, while attached and apartment sales will reach 4,002 and 2,783, respectively.

Small as it may seem, CREB® projected 0.3 per cent price growth for 2017 follows a much more significant decline in 2016 (3.84 per cent). CREB® credits overall growth to Calgary's detached sector, where prices are expected to grow by 0.8 per cent. Prices in the city's attached sector are predicted to increase by 0.3 per cent. Following a decline of 5.99 per cent in 2016, price declines in Calgary's apartment sector are expected to moderate to just two per cent for the year.

With the relative health of Calgary's economy dependant on the price of oil, much of what's in store for the city's real estate market hinges on where a barrel of crude is selling 2017 and beyond. Having started 2016 at $29.01 US, prices spent the rest of the year hovering between $40 and $50. Looking into 2017, CREB® expects prices to show more stability, fluctuating between the $50-to-$55 mark.

Calgary's unemployment rate is predicted to decline in 2017 to 7.8 per cent after topping 10 per cent in the later stages of 2016. While this will not compensate for all the losses in the past year, softer unemployment rates should help prevent any further contractions in housing demand, said CREB®.

Job losses and higher unemployment levels mitigated the number of newcomers to the city last year. Following a five-year period that saw annual net migration numbers in excess of 20,000, net migration posted a net loss of 6,527 people in 2016, according to the City of Calgary. In 2017, net migration is expected to post a modest increase of 1,600.

Walkable spaces with retail located moments from your door, Melcor's newest development, Greenwich, is expected to be a draw for young urban professionals and those looking to downsize. Photo courtesy Melcor Development

Calgary's "new" northwest will have a familiar face touting a popular concept starting this year.

Industry veteran Melcor Development has announced pre-sales for its new community of Greenwich will start this March. The 16-hectare live/work/play development to be located just off Highway 1 toward Banff will see a mix of residential, retail and commercial offerings.

It is a mix Graeme Melton, vice-president of community development for Calgary, believes will be a big draw for not only Greenwich residents, but those in neighbouring communities.

"In the last 20 years we've seen communities being developed, often with no retail component - or very little," he said.

Infrastructure construction is currently underway on the site just east of Stoney Trail, across from Canada Olympic Park. The property sits about a 15-minute drive from downtown Calgary, and close to the University of Calgary and both Foothills and Alberta Children's hospitals.




No new downtown office towers for at least five years, say experts

Despite the number of construction projects currently on the go, it is unlikely Calgary's downtown office market will see any new towers for quite some time.

Todd Throndson, managing director and principal for Avison Young in Calgary, says the millions of square feet of recently created new space, three new towers coming on line and a soaring vacancy rate will sideline any plans for more towers.

He says it will take several years - at least five - before the existing vacancy will be absorbed and a landlord will be prepared to take on the risk of constructing a new tower. Today, Calgary's vacancy rate is about 25 per cent.

Recipes You Should Try This Month

BY Kathleen Renne

Local designers offer advice on how to create personal spaces

One could describe Calgary-based interior designer Amanda Hamilton as trend averse.

"Focusing on trends is a sure way to date your home," she said, pointing to dwellings from the 1980s that show their vintage via their yellow-oak interiors and brass details. "We don't follow trends. Trends are interesting for people who are into fast design."

Hamilton added current economic conditions can also further influence trends' relevance.

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