Too much of a good thing

High supply in Calgary’s condo market continues to push down prices

Calgary’s condominium market continues to see the supply of available product overwhelm buyer demand, meaning owners looking to sell need to consider ways to set their unit apart from the crowd.

According to CREB®’s 2017 Economic Outlook & Regional Housing Market Mid-Year Update, the condo market has seen a slight rise in year-to-date sales over 2016, but not enough to keep pace with a rise in listings, up an average of nine per cent over last year.

That increased supply is putting downward pressure on prices, which are expected to continue to decrease during the rest of the year for an annual forecasted decline of three per cent.

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A cut above

In Calgary’s competitive rental market, homeowners looking to make a few extra bucks must set themselves apart

Short-term home renting has been going on for decades, but has now become an entrenched part of the economy, and a popular way to generate a bit of extra income, thanks to rental services and facilitators, such as Airbnb, VRBO, Kijiji and property management companies.

When Angela Casale lost a long-term tenant in the Ramsay property where she runs a wellness clinic on the lower floor and has a rental unit upstairs, it meant adjusting to Calgary’s competitive rental market.

“There are no renters to be had. Apartment buildings are giving people three free months and TVs and all kinds of things,” said Casale.

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Mortgage madness

Making the right decisions during this crucial part of buying a house can set you up for long-term financial success

For anyone buying real estate, arranging a mortgage is a sure sign that you’re about to make your dream home a reality.

But with the all the options that are available, how do you find the mortgage that’s right for you?

Greg Miller, a mortgage professional with SmartCap Inc. in Calgary, says step one for him is “finding out what are the client’s short-term needs and long-term needs, their goals, and what does their budget allow for in terms of a payment?

“After that you can tweak a mortgage to cater it to them.” (more…)

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Community improvement

City invests $200 million in infrastructure upgrades for Inglewood and Ramsay

The historic communities of Inglewood and Ramsay will be bustling with activity as the City of Calgary moves ahead with more than 20 infrastructure projects valued at $200 million-plus in the coming years.

A new Zoo bridge is under construction on 12th Street S.E., another is planned for 9th Avenue, creation of a new bus-only route is underway, river parks and streetscapes will be improved, and major transit projects, including the Green Line LRT, will eventually enter the communities.

“There are many different projects and they’re all kind of happening for different reasons,” said Emma Stevens, a communications spokesperson for transportation infrastructure with the City of Calgary.

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An impermanent park

Higgy’s Bluff project brings Bankview residents together

A chance discovery of a vacant lot in Bankview has led to plans for the creation of a temporary community park.

Local resident Chad Peters had noticed an empty residential lot at the corner of 14th Street and 25th Avenue S.W. during his walks and wondered who owned it and what it was being used for.

Peters says with the help of the Bankview Community Association, the property owner was contacted with a proposal to turn the lot into a new community space, subject to that use ending once the lot was scheduled for development.

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