Manager leaves firm
Naum Shteinbah has left Streetside Development Corp., where he has been general manager of the multi-family division of the Qualico Group of Companies since 1999. “I’ll be looking for opportunities to work with the design and visioning of new communities in the city and land acquisitions,” he says. Shteinbah has been with Qualico for nearly a dozen years. Qualico is currently looking for a replacement. After four years of increases, the apartment vacancy rate in Calgary is forecast to drop in 2010, says a federal agency. The average citywide vacancy rate will likely decline to 3.5 per cent by next fall, down from four per cent this year, says Canada Mortgage and Housing Corp. At the same time, the average rent rate for a two-bedroom apartment will likely climb by next fall to $1,100 — up $25, — returning the vacancy rate to near the level it was in 2007. Condo prices in Calgary declined almost $20,000 from the third quarter of last year to the same period in 2009, says a national real estate chain. In its most recent house price survey, Royal Lepage says the average price for condos from July to September was $249,500, down from $269,156 a year ago. At the end of the April to June period, the average price stood at $252,344. The 7.3-per-cent loss from the second to third quarter was the steepest of all Canadian markets surveyed by Royal LePage.