Man­ager leaves firm

Calgary Herald - Calgary Herald New Condos - - Front Page - — Kathy McCormick — Marty Hope — Marty Hope

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.

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