Spotlight: Canadian Condos: Looking Up
The Canadian cities of Vancouver, Calgary, and Toronto are soaring with several promising high-rise condo developments.
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VANCOUVERVancouver consistently ranks in the top three of the world’s most desirable places to live, which is hardly a surprise, considering its location and atmosphere. Set on Canada’s west coast, the country’s third largest city offers a mild climate, a diverse cultural mix, a booming economy, and easy access to a postcard-perfect sea and mountain range, where outdoor enthusiasts enjoy hiking and biking trails, kayaking and sailing, and, of course, skiing in nearby Whistler. "Vancouver has a fantastic skyline," says Christa Frosch of Sotheby’s International Realty Canada. "The downtown view consists of mountains, ocean, and North America’s largest urban park."
One of the fastest-growing cities in North America, Vancouver has seen constant growth in its real estate market over the past decade. And thanks in part to the upcoming 2010 Winter Olympics, the construction boom that began in the late 1990s shows no signs of slowing down. The city’s modern architectural style emphasizes expanses of glass to capture the ocean and mountain views. "Our style also has an emphasis on wood features, as our architects and designers are inspired by the evergreen forests around Vancouver," says Frosch. Her buyers—an international mix mainly from the United States, Asia, Australia, and England—often seek waterfront properties in the neighborhoods of Point Grey, West Vancouver, and downtown. Currently being developed downtown, within blocks of each other, are high-rise residential projects Jameson House, L’Hermitage En Ville, the Private Residences at Hotel Georgia, the Residences at the Ritz-Carlton, and Living Shangri-La.
Popular neighborhoods for single-family homes are the tree-lined streets of Kerrisdale, Shaughnessy, and the immediate area surrounding the University of British Columbia. When completed, the Olympic Village will be the city’s newest urban hub, with restaurants and shops, and it will link the entire downtown with a public access seawall for walking, biking, and rollerblading. "Vancouver is in the midst of an incredible stage of growth on the international market," says Ben Kielb, sales associate at Sotheby’s International Realty Canada. "Vancouver is set to be a world leader in development. The city will only become more and more desired as more people discover it." [ Celeste Moure ]
CALGARY
No longer just the gateway to the Canadian Rockies, Calgary has
grown into a vibrant cultural center of its own, earning the nickname "the heart
of the new West." Its more than one million residents enjoy the Alberta Ballet,
the Calgary Opera, five major sports teams, and numerous theaters, museums, and
parks. The area receives more than 2,300 hours of sunshine annually, and the
economy has been relatively stable due to its major economic base: oil. When oil
prices rose, Calgary benefited. "Calgary boomed from the second half of 2005 to
June of last year," says Jim Sparrow, a Calgary-based Realtor who specializes in
luxury properties. "On average, housing prices shot up by 20 to 30 percent."
Until recently, the city grew out more than up, but now skyscrapers are rising,
and the level of luxury is approaching that of Vancouver and Toronto.
Calgary is divided into four quadrants. The northeastern section remains fairly blue-collar, with less development, while the southwest, which includes downtown and the bulk of the condo developments, is the highest in desirability and quality. "Anything close to the downtown core is in big demand," confirms Sparrow.
Within the southwest lie many choices, with entire new neighborhoods springing up as the city expands. Ginger Park, a collection of townhomes set among a grove of old aspen trees, is especially appealing to younger buyers. London at Heritage Station is working to become the first residential project in Alberta to be LEED certified, with green roofs and energy-efficient appliances. Some buyers are attracted to developments in a bucolic setting, such as those located at the far reaches of the city, where new pastureland has been annexed. Others are drawn to areas such as Uptown 17th, a chic shopping district, or to train lines, as parking in the urban core can be difficult.
Despite North America’s widespread real estate decline,
development in Calgary continues at an astounding pace. There were 4,208 new
condo listings in the first quarter of 2008—a 33.9 percent increase from the
same period last year—and prices are holding firm. The average condo was priced
at $306,900 in March 2008, just a 0.1 percent decrease from the year before. The
bloom may be off the rose, say brokers, but they are hardly worried about a
devastating crash. "The last three years in Calgary have been out of control,"
says Patricia Saks, an associate broker with Calgary’s Westcorp Properties. "I
see the recent leveling off as a correction. The market is back to a little bit
more normal pace." [ Lisa Selin Davis ]
