Calgary's commercial sector still among nation's busiest markets

With cranes a seemingly permanent fixture of Calgary's growing skyline, it's of little surprise the city's commercial market has been one of Canada's busiest.

According to a report from commercial real estate services and investment firm CBRE Ltd., demand for office space in Calgary and Toronto has contributed to a decline in the national office vacancy rate, which fell for the first time in two years during the third quarter of 2014.

"The Canadian economy may not be firing on all cylinders, but the Toronto and Calgary office markets turned out quite a performance last quarter," said CBRE chairman John O'Bryan.

Calgary's housing market continues to come of age

* Part two of three in the CREB®Now real estate news' latest series Growing Up

Calgary's increasingly sophisticated housing market is crossing a vital threshold following RioCan Investment Trust and Embassy BOSA's recent announcement of a $300-million 500-unit condo project for the burgeoning East Village, according to industry experts.

"Calgary is on the tipping point right now, with condo living becoming a more sought after alternative to suburban life," said Embassy BOSA president Ryan Bosa in announcing the new development at Sixth Avenue and Third Street. S.E. "The future of Calgary is up not out, and developments like the East Village showcase how Calgary is creating vibrant, sustainable communities."

Expert says Calgary home inspections should be mandatory

When first-time homeowner Mario DeMarco made the "largest purchase" of his life, he wanted to ensure there were no surprises – that there would not be any major issues with the property before he signed on the dotted line.

DeMarco quickly turned to a home inspector – a move he credits as key in contributing to what turned out to be a smooth buying process.

"[It was] one of the few times in the process that I had the ability to control the situation," he said of purchasing his condo in Lower Mount Royal. "It is no different than getting an inspection on a used car before purchasing it. I wanted to know if there was water damage, electrical issues, plumbing issues..."

Report finds Canada trails only Hong Kong as ideal spot for Chinese immigrants

This is the second of a four-part homebuying series for new Canadians in partnership with the Epoch Times. Each month, the series will explore hot-topic issues such as understanding market trends, processes for buying a home, determining factors that influence house prices and more.

The lure of future employment, particularly in oil-and-gas-rich Alberta, has made Canada
a top destination for Chinese citizens, a new report found.

In a release from global financial services provider Barclays titled The Rise of the Global Citizen, Canada is the second-most popular place Chinese citizens to call home, preceded by Hong Kong and just ahead of the United States.

New Central Library design highlights Calgary's increasing stature

Calgary's transition into architectural adulthood continued this week with the public getting its first look at the newly announced Central Library.

Replacing the 1960s-era bunker-like WR Castell Library, the new library, to be located at Third Street and Seventh Avenue S.E., will feature a four-storey "chinook arch-esque" atrium built over top of a section of LRT line.

Not only will the building bring 240,000 square feet of usable library space to Calgary's East Village, its ambitious design represents another step forward for a city that many believe is finally growing up.

An additional $300 million in development and as many 500 new condos are slated for East Village after a partnership announcement between RioCan Investment Trust and Embassy BOSA including a Loblaws grocery store.

"Calgary is on the tipping point right now, with condo living becoming a more sought after alternative to suburban life," said Ryan Bosa, president of Embassy BOSA. "The future of Calgary is up not out, and developments like the East Village showcase how Calgary is creating vibrant, sustainable communities."

*CREB®Now real estate news luxury feature*

Calgary's prosperity driving demand for high-end housing

While the final tally won't be in for a few more months, it appears Calgary's luxury homes market is on the verge of the best year in the city's history.

According to CREB®, 611 homes priced at $1 million or more have sold through the first eight months of 2013. That number includes a record-setting 69 properties sold in August alone, which broke the previous record of 64 .

New development to bring restaurants, retail to RiverWalk

East Village's historic Simmons Building will soon have a fashionable new neighbour.

A fitting mix of Calgary's past and future, the new project will bring 17,000 to 20,000 square feet of retail and office space to M2 – a quarter-acre lot alongside the Bow River in downtown Calgary.

"M2 is a highly visible site and, even though it's small, it will have a huge presence in East Village," said Kate MacGregor, president of Calgary's XYC Design + Development.

When it comes to Calgary City Council, a tie on a specific vote equals defeat.

At a Sept. 10 Standing Policy Committee meeting, a proposal by city planners looking to streamline Calgary's secondary suite approval process was voted down 4-4.

"First thing, I want to make a point of is enforcement is not a housing policy," said the City's General Manager Rollin Stanley. "If a person remains homeless, we fail as a city. If a suite is made safe, we succeed."

Calgary's multi-family sector continues to surpass single-family growth

It's déjà vu for Calgary's condominium market, which is on pace to outperform the city's single-family homes sector in sales growth for the second consecutive year.

After the first eight months of the year, condominium apartment and townhouse sales have totaled 3,388 and 2,685 units respectively, representing a combined jump of nearly 20 per cent. Single-family sales, meanwhile, have increased by a more modest 6.9 per cent.