Residential Infill

Residential infill is the development of new housing – suites, apartments, houses – in established neighbourhoods.

The Residential Infill Guidelines for Mature Neighbourhoods provide direction to developers, communities, city administration and City Council about how such development should occur. The Guidelines are an approved City Policy (C551) and were adopted in June 2009. 

Benefits of residential infill

• Neighbourhood revitalization (social and physical renewal)
• Makes better use of existing City infrastructure, public facilities and services
• More housing options and increased affordability
• A more financially and environmentally sustainable city 

The Guidelines address:

• Where different scales and forms of new residential development should be located.
• How buildings and sites should be designed to ensure compatibility with existing housing and the character of the community, and high quality development that enhances the area.

Where the Guidelines apply

The Guidelines apply to all residential infill in Edmonton’s mature neighbourhoods. All residential infill in these neighbourhoods should meet the overall goals of the Guidelines as well as comply with the Guidelines specific to the scale and form of development proposed.

Incorporating the Guidelines into the Zoning Bylaw

A number of changes to the Zoning Bylaw are required to ensure that all new residential development in mature neighbourhoods is located and designed according to the Infill Guidelines. Sustainable Development is working on these in consultation with communities and the development industry. Proposed changes are posted on the City's website as they become available and before they are brought forward to City Council. 

If you are considering infill:

• Review the Residential Infill Guidelines
• Check to see if the development site is affected by an Area Redevelopment Plan or Land Use Plan that guides redevelopment in the neighbourhood.
• Check the Zoning Bylaw to see if the site is zoned for the type of development proposed.
• Check the Infill Guidelines to see if they would support a rezoning of the site.
• Use the Infill Guidelines and appropriate “Overlays” in the Zoning Bylaw to design the building(s) and site.
• Contact and consult with Sustainable Development as needed.
  

http://www.edmonton.ca/city_government/projects_redevelopment/residential-infill.aspx

By: Tara-Nicholle Nelson, Trulia.com

A friend of mine who is generally inclined toward intellectual pursuits recently took a trip out of town on her own. As she recounted her solo hotel stay, she exclaimed that the high point of her trip was being able to watch reality television without her family’s judgment. I told her that when her family gives her guff, she should point out that beyond the pure (albeit debatable) entertainment value, there are lots of lessons and takeaways that can be gleaned from the stars of reality TV, film and the music industry.  

Unfortunately for celebs, when it comes to real estate, the lessons they can teach us tend to be cautionary tales. Behind their ultra-bright veneered smiles, many pararazzi magnets hide housing horrors and real-life real estate dramas.

Here are five Hollywood-inspired lessons to file in your mental rolodex under “Real Estate - What Not to Do:”

Celebrity Real Estate Mistake #1: Overspending. If you’d seen the episode of Real Housewives of New Jersey in which everyone’s favorite “Skinny Italian” table-flipper Teresa Giudice pulled out a fat bankroll of cash to pay for her four kidlets’ every little leopard printed, pink ruffled, pose-striking desire, it probably came to you as no surprise that her home with husband Joe ended up with their home - and all its contents - on the bankruptcy auction block in 2009.  (To be fair, Giudice has always maintained that her home was not in foreclosure.) Nevertheless, the auction listing confirmed the worst overspending suspicions; the Giudice estate was laden with gilt rococo couches, faux marble chess sets, even a suit of armor!

Bottom Line: Los Giudices took lots of heat in the press for their over-the-top spending, but they certainly weren’t the only American family who spent so much at the top of the real estate market that they ended up with debt they couldn’t sustain and mortgage problems when the market crashed.  Spend less than you make. Save up for rainy days. And ask yourself before you buy anything: Do I really need this?  And if it’s a major purchase which could someday come between you and your mortgage payment, ask yourself this, too:  Would I stake my house on it?

Celebrity Real Estate Mistake #2: Assuming the bank will work with you.  Here, again, the Real Housewives are our teachers, but this time, we’re talking about Lisa Wu Hartwell in the ATL and Alexis Bellino in the OC.  From the blogosphere and their own admissions, it seems that they both were in loan workout talks with their banks, having sought assistance with their upside down mortgages, when things went south.

Wu Hartwell (a real estate agent) and her baller hubby Ed were in the middle of negotiating a short sale on their home when the bank sold it at a foreclosure auction.  Bellino and her husband, Jim, tried for months to secure a loan modification and keep their home, but had multiple foreclosure notices filed against their Newport Beach home as well before finally selling the place for nearly $2 million less than they owed on it.

Bottom Line: Many homeowners stop making mortgage payments in the hope it will “encourage” the bank to work with them and grant a short sale or loan mod - and the fact is, sometimes it works.  Some banks even flat out tell their borrowers not to bother applying for help unless they’re behind on their payments. But the fact is, once you start missing payments the snowballing past due amount can quickly get out of hand, and take you from simply wanting a loan mod to the bank’s cooperation being essential to keeping your home.  Before you start missing payments, understand that you could very well end up losing your home if the bank doesn’t play ball.

Celebrity Mistake #3: Knowing nothing about your own finances. Real Housewife of OC Lynn Curtin was shocked to tears when her teenage daughter was handed an eviction notice. She was surprised, but her husband wasn’t - he’d been hiding their deteriorating financial situation for a long, long time.  The end result?  She and her kids had to move out of their luxury waterfront rental home - and into Grandma’s condo.

Bottom Line:   Ignorance ain’t bliss. No one but you is responsible for your awareness of your own finances, no matter what your division of labor with your spouse around paying bills or bringing home the bacon happens to be.  Since homelessness is the most severe, but highly possible, real estate result of willing cluelessness about your financial situation, it behooves you to stay on top of what comes in - and goes out - of your accounts on a monthly basis (and to be certain your housing expenses are paid!).

Celebrity Real Estate Mistake #4:  Flipping a house, expecting a fast fortune.  In 2007, Ricky Martin paid over $16 million for this house, then poured a good deal of cash (and some very good taste I might add) into it, preparing to flip it. He’s made beaucoup bucks using this strategy in the past - but this one was timed all wrong.  The market tanked right around the time he listed the home for sale at $22.5 million in 2007 - and it’s still on the market at $18.5 million!  Given the fact that a mortgage on $16 million would run a mere mortal a cool $100K/month, it’s a good bet he’s losing money faster than his notorious hips can swivel.

Bottom Line: Flipping houses can be high reward, but it can also be high risk.  Even well-connected, well-funded repeat flippers can occasionally take a bath.  If you don’t have the cash to withstand a disastrous flip, don’t even try it.

Celebrity Real Estate Mistake #5:  Not paying your taxes.  In the face of tax liens in the millions of dollars and allegations of fraud by his financial advisor, Nicolas Cage lost at least 3 homes to foreclosure in 2009, and has at least one more still on the market. Comedian Sinbad’s new reality series actually opens up with a stand-up routine devoted, in part, to losing his home due to tax issues.  Chris Tucker’s $11 million tax lien was publicized right before his 6,000-plus square foot Florida home went on the market.

Bottom Line:  Of course, most of us don’t have the millions in income it takes to create millions in income taxes. Yet the IRS says around 10 million Americans - most of whom don’t have Academy Awards - fail to file their returns every year.  Occasionally, late returns cause a domino effect into a tax problem that impacts an individual’s ability to pay their rent or mortgage.  So, pay your taxes.  Get a financial advisor or tax preparer with stellar references from long-time clients, and make sure you understand what’s going on with your taxes - don’t just sign the papers. (See Celebrity Real Estate Mistake #4.) 

CALGARY — The city will allow secondary suites in all new neighbourhoods.

Interest rates are at historic lows: less than 4.5% on a 30-year-fixed and below 4% on 15-year fixed rate loans. And prices are low, too - at or near bottom in most of the country.  Together, these items mean that affordability is near an all-time high.

It's like a massive, pre-holiday sale on real estate!

Nevertheless, home sales are only "gradually" creeping up, according to the most recent data published by the  National Association of Realtors.  And sellers are clearly still feeling price pressures; on Trulia's October price reduction report, an all-time high 27% of American homes listed for sale had had their price cut at least one time!

So, what's stopping buyers from running out to grab up all these affordable homes at affordable rates?  And what can savvy sellers (and listing agents!) do to offset these obstacles?

1.  (Perceived) difficulties in qualifying for a mortgage.  Mortgage guidelines have tightened up significantly over the last few years, now requiring good (but not perfect) credit, documented income, a proven stable job history and cash for down payment and closing costs.  Some buyers find it difficult to scrape the down payment money up; others find that they can qualify, but not for a large enough mortgage to buy any home worth owning (banks have tightened up debt-to-income ratios, too). Many would-be buyers don't even consider themselves serious prospects, disqualifying themselves in their own heads because they heard somewhere that a 20 percent down payment is necessary - in actuality, many buyers can qualify for a 3.5 percent down, FHA loan.  Between actual difficulties qualifying and perceived difficulties that don't actually exist, lots of buyers are not biting because of loan "issues."

Seller Solution:  Ask your agent to have a mortgage broker colleague prepare flyers reflecting various loan options, to give open house attendees a reality check about what it would actually take - including down payment, closing costs and monthly payment - to buy your home. Also, consider offering closing cost credits or being willing to chip in for lender-required repairs to empower buyers who are struggling with mortgage qualifying to close the deal.

2.  Fear of buying a foreclosure. The ongoing robo-signing/foreclosure fraud scandal and the resulting foreclosure freeze is beginning to play a role. If you haven't heard, two of America's largest mortgage servicers have frozen foreclosures and resales of foreclosed homes in 23 states, and Bank of America, the largest lender in the land, has frozen them in all 50 states, all because sweeping fraud and improprieties have been revealed in the way the banks are processing foreclosure documentation.

More and more, buyers are fearful that if they buy a foreclosed home, that sale could be reversed down the road if it comes out that the banks wrongfully foreclosed on the former owner. And that could be stopping buyers from, well, buying foreclosed homes.

Seller Solution: If your home is not a short sale, all of your home's marketing materials should be trumpeting this fact - especially if most of your home's competition (e.g., similar homes in the area and in the same price range) are bank-owned homes and short sales.  Seeing 'Not an REO/Not a Short Sale' on a listing or flyer is quite magnetic to buyers right now.

3.  Waiting for the shadow inventory to come out. The phrase 'shadow inventory' refers to the homes that have been (or will soon be) foreclosed on by the banks, which are not yet on the market; some estimate this inventory to be as high as 7 million homes! Many buyers who are actively house hunting -- and who are disappointed with the homes that are available -- are fearful of pulling the trigger because they believe the banks are going to start releasing their 'shadow inventory' soon, and that those homes will be better than what's out there on the market right now.

Seller Solution:  Work with your agent to strategically stage your home and even do basic, inexpensive repairs, to make it stand out against the competition as a desirable property.  Also, ensure that your pricing is in line - or even slightly below - similar homes on the market right now, to ensure that your home seems like a very strong value for the price.

4.  Waiting for the bottom. Given the trajectory of home prices over the past couple of years, there's a large contingent of buyers who are afraid that after they buy, home price will continue to fall and they will lose their hard-earned investment in the home. These are folks who are still waiting for the bottom (although by some accounts, including that of the Case-Shiller Price Index, the bottom is here or has already passed, in many cities).

Human nature is always to wait too long for the bottom, miss it, and then end up wishing we had bought sooner. The behavioral economics theory of myopic loss aversion explains this phenomenon as being due to the fact that the pain of losing money generates a greater psychological fear and avoidance than the prospect of gaining the same amount of money. Buyers can set themselves up to gain over time, even if they lose equity in the very near term, by making smart decisions about the home they buy and how much they pay for it, and planning to stay in their home for a longer term than previous generations of buyers did.

Seller Solution:  This is a difficult one to counter, because it's really more about the would-be buyer's interpretation of the market than about their reaction to your home.  If you live in a market that has had recent increases in home values, include that data in your marketing - make sure buyers are aware that they may already have missed the very bottom, and create a sense of urgency to buy your home before prices go up even more.

5.  Unemployment/underemployment. Take California, for instance. The national unemployment rate is 9.6%; California's is a whopping 12.8%. But right around the same number of Californians are underemployed, meaning they work part-time, but want full-time work. That's right, a quarter of Californians are unemployed or underemployed, and -- right again! - none of those people are buying homes. On top of that, many people who do have jobs lack job security, the confidence of believing they'll be able to keep their jobs in the future. Interest rates could be zero, and people will not buy homes as long as they have no jobs or job security.

Seller Solution:  If there are major employers in town that are within an easy commute of your home, both you and your agent should consider marketing it directly to employees there.  Share your home's listing with Facebook friends who work there or even send an email out to your own contacts, if you work there yourself!  Major companies' Human Resources Departments might help you get the word out to their employees - especially if you offer some incentive to an employee who buys your home, like a year's worth of subway passes.  If you have universities nearby, there are likely online bulletin boards that offer housing options directly to relocating professors and employees.

6.  Need to keep options open. Because home values are so volatile, currently, there's no guarantee that you can resell today's new home tomorrow without taking a loss. If we've learned anything from this crisis, we all know that it just doesn't pencil, financially, to buy a home on today's market unless you plan to own the home for at least 7 years (give or take a year or so, depending on how your market has fared in the housing recession).

Many Americans don't want to be tied to one location, given the changes in the job market, because they simply don't want to be stuck in one place, geographically speaking. They want to be free to meet someone via online dating and move if the match sticks. They want the freedom to move across the country or even to the next city or state for a job, if that's the direction their career takes them. The more mobile the person, the less likely they are to buy a home.

Seller Solution: Price your home well - if it's been lagging on the market, make sure you get aggressive and cut the price below a common buyer search cut-off price point (see this post for more details: Sellers: 5 Signs It’s Time to Cut the List Price of Your Home).   Even buyers who are seriously in the market, get nervous about buying a home when it seems a bit overpriced, because they fear the price will drop some more in the coming months and years, extending the period of time before they can sell it at a break even or (hope beyond hope) a profit!  Don't let overpricing cause you to lose buyers who otherwise would have bitten the bullet, pulled the trigger and hopped off the fence in order to buy your home.

With the all the doom-and-gloom news recently over rising electricity costs, I thought I was prepared for the worst when my August hydro bill arrived.

With four sons who fancy long showers, a backyard pool — thankfully without an energy-guzzling heater — and a washing machine that runs night and day, dollar signs practically leap from our Smart Meter.

Don't get me wrong: I'm a strong advocate for conserving energy. I'm always nagging my boys to turn off lights when they leave a room, regularly hang laundry outside to dry and keep the a/c unit set at a modest 23 C on the hottest summer day.

So when I ripped open the bill and saw that I owed $637, I was shocked. In a blink of an eye, my hopes of installing a steamy hot tub next the pool were dashed.

To help homeowners like myself slash their mounting electric bills, the October issue of Consumer Reports Canada offers these quick and practical energy-saving tips:

Program your thermostat. By reducing your energy use at night or when you're not home, you can save up to 20 per cent on yearly heating and cooling bills.

Unplug when not in use. According to the magazine, between "five and 10 per cent of residential electricity goes to devices that draw power when they're off or in standby mode." Time to unplug the video games, kids.

Stop pre-rinsing. Running dirty dishes under the tap before throwing them in the dishwasher wastes close to 30,000 litres of water a year — and that doesn't include the cost of heating the water.

Cold water works. Several laundry soap manufacturers offer cold-wash detergent designed to remove stubborn stains and dirt without having to use scalding hot water. To further reduce costs, switch to off-peak hours and only wash/dry full loads.

Fix leaky ducts. Seal and insulate heating and cooling ducts throughout your house to prevent energy loss. It could save you hundreds of dollars a year.

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