Over 100 years, Alberta-based Melcor has become a fully integrated real estate development and asset management company
Many companies held Christmas parties, but none were as celebratory as the one held by Melcor for its staff at the Fairmont Hotel Macdonald in Edmonton to commemorate the end of its 100th year in business.
The company was launched by Louis Timothy Melton in 1923 as Stanley Investment Co., named after his son. Records of that time show sales of land in the Jasper Place area for $100, with $5 down and $5 per month in payments.
Stan died from a heart attack in 1973 while attending an Edmonton Eskimos Western Final game and his son, Timothy, was appointed president. To concentrate on land assets, the real estate brokerage business was sold, the company was renamed Melcor Developments Ltd., and a number of new offices were opened. It currently has staff in Edmonton, Calgary, Red Deer, Lethbridge, Kelowna, B.C., and Phoenix.
The recession of the 1980s had a lasting effect on Alberta and took many years to recover from but, by the late 90s, Melcor was rebuilding and today can boast of $2 billion of real estate assets — it owns 10,000 acres of developable land and has 4.7 million square feet of properties under management.
Edmonton is still home to the head office where Tim Melton has transitioned into the role of executive chair and CEO, and Naomi Stefura completes the executive team as COO and CFO.
But Calgary continues to be an active market for Melcor and for the first time has surpassed the Edmonton area in number of residential lots.
Now under the leadership of Andy’s son, Graeme Melton — who is vice-president of community development for the Calgary region and also responsible for the company’s operations in the U.S. — its first forays into Calgary were in developing whole communities such as Dalhousie and Hawkwood.
Today, active single-family residential developments in the Calgary region are Sunset Ridge in Cochrane and Lanark Landing and Cobblestone Creek in Airdrie. Newer developments underway are Sora, to the north of Marquis of Lorne Trail at 104th Street S.E., and Goldwyn, a prairie estates community on the east side of the QE2 close to CrossIron Mills shopping centre.
Most impressive is Melcor’s long awaited Greenwich 59-acre master-planned community in the northwest along the Trans-Canada just before Stoney Trail, where the new Calgary Farmers’ Market has become a huge attraction. A multi-family residential district, two more commercial retail buildings are in the final stages of construction and enjoying good leasing interest.
From a young man’s dream to more than four generations of his family’s leadership, Melcor has become a fully integrated real estate development and asset management company that has helped shape much of Alberta’s high-growth landscape. Specializing in transforming real estate from raw land into high-quality finished product in both residential and commercial built form, its future looks bright, with lots of land in its portfolio.
Notes:
The start of a new year means organizing a new desk diary — yes, I still like to write down appointments — and wondering which events will reach new significant milestones. Renfrew Educational Services has already announced the date of its 25th annual Helping Kids Soar Gala at The Westin hotel on March 13. This year will mark the 50th anniversary of the organization founded by executive director Janice McTighe in a community kindergarten classroom. It has grown to an innovative, internationally recognized approach to teaching children with physical and cognitive special needs. Featuring singer Tom Jackson, it will be a sellout. Book early.
David Parker appears regularly in the Herald. Read his columns online at calgaryherald.com/business. He can be reached at 403-830-4622 or by email at info@davidparker.ca
TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.
The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.
The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.
“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”
The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.
New listings last month totalled 15,328, up 4.3 per cent from a year earlier.
In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.
The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.
“I thought they’d be up for sure, but not necessarily that much,” said Forbes.
“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”
He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.
“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.
“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”
All property types saw more sales in October compared with a year ago throughout the GTA.
Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.
“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”
This report by The Canadian Press was first published Nov. 6, 2024.
The Canadian Press. All rights reserved.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
The Canadian Press. All rights reserved.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
The Canadian Press. All rights reserved.
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