A massive urban village is planned for two city blocks in the southwest Eau Claire neighbourhood that will include about 1,100 residences, a hotel, a supermarket, restaurants, retail space and a public plaza.


A development permit has been submitted for the blocks, currently two surface parking lots, between 2nd Avenue to the south, Eau Claire Avenue to the north, 4th Street to the east, and 6th Street to the west.


The project is expected to break ground in 2015, subject to all necessary approvals, with the first residents in place in 2018. The entire project is expected to be completed over a five to seven year time frame, depending on market conditions.


GWL Realty Advisors Inc. is the advisor and development manager on behalf of bcIMC (British Columbia Investment Management Corporation) which owns the land for the Eau Claire Lands project - six residential towers ranging from 19 to 33 storeys, 30 two-storey ground-oriented townhomes mainly facing Eau Claire Avenue, a 350-room hotel, 65,000 square feet of retail space as well as a public plaza and pedestrian walkway.

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Last year’s devastating flood had a huge impact on Calgary’s residential real estate market that lingers to this day.

 

Not so much on the overall city market, which has been one of the hottest in the country, but on the flood-affected areas where sales dropped after the natural disaster — as did house prices.

 

But now since the prices have gone down, there’s people (wanting to buy).

 

Prices in flood-affected neighbourhoods dropped anywhere from 10 to 25 per cent post flood but a year later they have slowly climbed.

 

And people with means are also starting to look beyond river properties for luxury homes.

Flood-affected properties would not influence citywide aggregate figures. The prices were going up. Market conditions were outweighed by what happened in those areas. There has been some adjustments in those areas but it wasn’t a large portion. Not enough to alter anything on citywide numbers.

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The Real Estate Council of Alberta is introducing a new regulation that will affect how consumers buy homes through a licenced real estate professional in the province.

Effective July 1, consumers who are buying or selling residential property and are clients of Alberta real estate professionals will be asked by their real estate professional to sign a written service agreement. While this has long been the standard practice for sellers of residential real estate, it will mark a significant change for buyers who have not often been asked to sign a Buyer Representation Agreement, said the council, which says the new rule will enhance consumer protection.

The written service agreement will define the relationship between the parties; explain the services to be provided by the brokerage; explain the obligations and responsibilities of the parties; provide consent for the collection, use and distribution of personal information of the client; and outline the method of calculation of renumeration or how the industry professional will be compensated.

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Sales activity in Canada’s recreational property market is beginning to pick up after a slow start to the year due to a harsh winter and delayed spring.

 

The 2014 Recreational Property Report said a long and severe winter delayed the traditional spring buying season, but the arrival of waterfront-friendly weather has increased interest, is generating higher inventory levels and is driving sales activity.

 

Economic factors such as a stable job market, inexpensive mortgage financing and steadily improving consumer confidence remain supportive for purchasers considering recreational properties. Many Canadians dream of owning a country retreat to get away from the pressures of life in the city and the daily grind.

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An all-time record has been set this month for the most sales ever for $1-million plus MLS properties in Calgary.

There have been 85 single-family homes and three condos sold at the luxury level this month.


The most expensive sale was at $4.85 million in the Bel-Aire neighbourhood.

The neighbourhoods of Altadore/River Park and Aspen Woods are leading the way with nine luxury sales each for the month.


The Calgary residential real estate market set an annual record last year for most sales ever at that price point and it is on pace this year to break that mark.


In 2013, there were 732 MLS luxury transactions, eclipsing the previous record of 544 in 2012.

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