urbanization

Buyer’s Market Ahead?

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Ah the Oil business, all at once a booming and busting entity to hang your hat on. As Calgary gets pulled into the gauntlet of another oil price dive, all eyes are on the residual housing market correction threatening to take place.

By January 2015, house sales had slumped 45% since last year’s peaks, with experts predicting a 10% drop is house values this year as the oil prices continue their roller coaster ride with most Albertan’s, directly or indirectly affected, strapped in for the ride.

So what does this mean for home-owners?

If the last crisis of 2008 is any indication, the troubling economic effects of an oil crisis will cause a bit of a hit to home values for the near future. Those who are looking to break into the market and finally purchase a home, the listings will most likely be in their favor. Those who are looking to sell will be facing some stiff competition and harsh truths when it comes to value. For those who are in the position to sit tight and wait out the storm, the act of retaining the inner-city urbanization and building still remains. The high cost of infrastructure and commutes during times of economic strife promote the idea of inner-city living, and with decreasing prices, the option to not only buy inner-city but build inner-city is becoming more available to more people.

While the local economy narrowly avoids a recession, the need to maintain structure within the city is essential. As with before, the market will return to a level place and when that happens, those who arrived or stuck with the inner-infrastructure will see great returns.

Until then, home-owners and home-builders will continue to build up and improve upon the inner neighborhoods to provide a strong core for the city to build upon when times are high again. Stay tuned to see what Van Manna Homes is doing with their newest projects.

 

Inner-City Building a Booming Prospect in Calgary

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Calgary is a city often referenced for its suburban sprawl and accompanying lifestyle; however, urbanization is on the rise with a multi-demographic nod towards more central living as the city begins to cultivate an urban center that boasts increasing levels of arts presence, cultural significance, and lifestyle vitality.

According to the Calgary Herald, data by Canada Mortgage and Housing Corp. suggests by summer 2014, there were 204 single-detached starts in the city’s ‘center’ zone. This marks an increase of over 30% from the previous year. The appeal of building a new home on an inner city lot within a neighborhood with established infrastructure and more readily available amenities has caught the interest of both home owners and builders in Calgary.

Adhering to modern building and design practices while working with large lots in matured communities allows the home owner to take advantage of not only the space but the property value attached to most sought after inner city lots. A house no less impressive than a unit in the suburban communities but with a 5 minute commute (or better yet, a 20 minute walk). Custom builders are taking advantage of the larger lots and established infrastructure afforded to them with inner city properties.

Formerly sleepy wartime neighborhoods like Mount Pleasant are becoming the new neighborhoods on the rise, with an increased presence of new art and lifestyle features and business. What was Rembrandts on 4th street and 23rd Ave NW for years has now become The Block, and is currently one of the most talked about restaurants in central Calgary. This area also boasts 4th Spot, Shigatsu, Sura, Flavours, Velvet Café and John’s Breakfast making it an area rich with density of culture.

Growth for development of the core neighborhoods is expected to increase in the next few years. While the new identity establishes itself, adopters with lots in the area are modernizing their homes to take advantage of the revitalization and re-urbanization of the vibrant center of the city of Calgary. It’s a good time to break ground on your own piece of the cultural shift that is taking place in this fast-growing and evolving city landscape. Van Manna Homes Inc. thrives in this environment and salvages any opportunity to bring modern style to richly proven neighborhoods.