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Short films are becoming popular amongst ambitious realtors looking for a competitive edge to stand out in the city’s housing market.

Published

6 years ago

7 minute read

Forget the gimmicks, fridge magnets, or free home evaluations, short films are becoming popular amongst ambitious realtors looking for a competitive edge to stand out in the city’s housing market.

A successful woman driving a Telsa pulls up and parks in the two car garage, she struts confidently through her back yard. She’s obsessed with a song by a trendy Soundcloud famous DJ, Mallrat https://www.facebook.com/lilmallrat/, from which she switches from her Model 3 electric car, to iPhone, then to her house Sonos system, seamlessly, to which she starts to dance. We’re given a cinematic tour of the smart home, from room to room has the dancer, performed by professional dancer, and successful Edmonton business woman, Larissa Kovelanko, as she rhythmically moves her body throughout the entire home. The home located at 8617 108A Street, Edmonton, Alberta, Canada.

While the beautifully shot film could be advertising any number of things – electric cars, dance classes, new religion for adults seeking meaning – it’s actually an ad for a home. The home, a brand new custom infill home built by Vrabel Homes in the core of Edmonton, near 109st, and Saskchawean drive, blocks south of Whyte Avenue. Edmonton’s bustling market place is prime location for people to shop, or hang out with friends at the local coffee shops within a short radius.

The film is the brainchild of realtor Nikita Gylander with Core Real Estate Group (corerealestategroup.ca), who sold Edmonton cinematographer Raoul Bhatt (https://www.facebook.com/raoulbhatt) his home which was built by the same builder. Nikita, the social and well connected Edmonton realtor who’s kept tight relationships with all her clients, approached Bhatt for a video, whom she was aware was in the movie business. The movie’s uniqueness shines throughout this 4min and 20second video, which we discover the three-storey house, visually and emotionally.

“The price point was much higher than what was common in the neighbourhood, because it’s a brand new home, an infill, and it has a unique layout, high end finishing’s and ability to generate an income with it’s basement suite, ideal for someone who wants a new home, but is investment savvy, ie the two bedroom legal basement suite could rent for $1800 a month, which would cover $350,000 of the mortgage. With university students at UofA just blocks away, and anyone that may enjoy flavourful foods and sips of chai at hip local indian fusion ‘coffee shop’ Remedy. So I knew the exposure [of the listing] needed to be greater than usual,” she explains.

With that in mind, Raoul suggested a short video that would appeal to her perceived prospective buyer… Nikita, an outside the box thinker, thought it would appeal to a young family looking for a quiet property in an attractive neighbourhood, or a professional that wants to be in the mix of it all. And it worked. The video has been viewed thousands of times, and the house with increasing inquiries for viewing, which was listed just last week, for the asking price at $1.1 million.

In Edmonton, real estate videos – from fanciful creations like straightforward virtual tours – are becoming more popular among realtors looking for a competitive edge in a saturated market.

According to the Edmonton Real Estate Board, there are some 3000 real estate agents working in the Edmonton and surrounding area. Forget fridge magnets. Some realtors are now doing anything to attract new clients, from throwing “wine and cheese night” open houses to branding ice cream bicycles that pedal around local fairs, this just shows how far agents are willing to go for their clients, in this case the builder of this infill.

Raoul Bhatt, After 22 years of running a software company, who initially got into film to create cinematic stories of his softwares, which have been used by NHL, Superbowl, WWE Wrestlemania, Fall Out Boy. Which also produced a short web series for Booster Juice in 2017. Has been increasingly been approached to produce docs and tv shows by national Canadian brands. Bhatt, still a CEO of his software company, has ventured into the movie business, being featured by Jetset Parking which got 1/2 million views (https://www.youtube.com/watch?v=7AtsFUKho98), and Swimco.com (https://www.swimco.com/2018/06/meet-our-swimsuitmodel-raoul-bhatt/). Early into his new career, Raoul has realized, it’s doing things differently that makes his business stand out, and storytelling through cinema compliments his other ventures.

“The typical Realestate video, they’re definitely cheesy, but the films do to job, but when you make a movie, those are never forgotten, doesn’t matter what you’re offering” says Raoul Bhatt, who advocates anything he does be like a movie.

His film isn’t just showing off the space’s amenities, they’re also meant to be aspirational. For Nikita Gylander and Vrabel Homes, he tailored this video to who he imagines is the prospective buyer, whether it’s a professor, or a young successful career woman.

“These films show what life could be like if you lived in this home,” says Bhatt. “Instead of just some beauty shots where you can turn off the video halfway through, [lifestyle films] work because people want to see the beginning, middle and the end.”

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Alberta

Alberta’s fiscal update projects budget surplus, but fiscal fortunes could quickly turn

Published on November 21, 2024

By

From the Fraser Institute

By Tegan Hill

According to the recent mid-year update tabled Thursday, the Smith government projects a $4.6 billion surplus in 2024/25, up from the $2.9 billion surplus projected just a few months ago. Despite the good news, Premier Smith must reduce spending to avoid budget deficits.

The fiscal update projects resource revenue of $20.3 billion in 2024/25. Today’s relatively high—but very volatile—resource revenue (including oil and gas royalties) is helping finance today’s spending and maintain a balanced budget. But it will not last forever.

For perspective, in just the last decade the Alberta government’s annual resource revenue has been as low as $2.8 billion (2015/16) and as high as $25.2 billion (2022/23).

And while the resource revenue rollercoaster is currently in Alberta’s favor, Finance Minister Nate Horner acknowledges that “risks are on the rise” as oil prices have dropped considerably and forecasters are projecting downward pressure on prices—all of which impacts resource revenue.

In fact, the government’s own estimates show a $1 change in oil prices results in an estimated $630 million revenue swing. So while the Smith government plans to maintain a surplus in 2024/25, a small change in oil prices could quickly plunge Alberta back into deficit. Premier Smith has warned that her government may fall into a budget deficit this fiscal year.

This should come as no surprise. Alberta’s been on the resource revenue rollercoaster for decades. Successive governments have increased spending during the good times of high resource revenue, but failed to rein in spending when resource revenues fell.

Previous research has shown that, in Alberta, a $1 increase in resource revenue is associated with an estimated 56-cent increase in program spending the following fiscal year (on a per-person, inflation-adjusted basis). However, a decline in resource revenue is not similarly associated with a reduction in program spending. This pattern has led to historically high levels of government spending—and budget deficits—even in more recent years.

Consider this: If this fiscal year the Smith government received an average level of resource revenue (based on levels over the last 10 years), it would receive approximately $13,000 per Albertan. Yet the government plans to spend nearly $15,000 per Albertan this fiscal year (after adjusting for inflation). That’s a huge gap of roughly $2,000—and it means the government is continuing to take big risks with the provincial budget.

Of course, if the government falls back into deficit there are implications for everyday Albertans.

When the government runs a deficit, it accumulates debt, which Albertans must pay to service. In 2024/25, the government’s debt interest payments will cost each Albertan nearly $650. That’s largely because, despite running surpluses over the last few years, Albertans are still paying for debt accumulated during the most recent string of deficits from 2008/09 to 2020/21 (excluding 2014/15), which only ended when the government enjoyed an unexpected windfall in resource revenue in 2021/22.

According to Thursday’s mid-year fiscal update, Alberta’s finances continue to be at risk. To avoid deficits, the Smith government should meaningfully reduce spending so that it’s aligned with more reliable, stable levels of revenue.

Author:

Tegan Hill
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Alberta

Alberta fiscal update: second quarter is outstanding, challenges ahead

Published on November 21, 2024

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Alberta maintains a balanced budget while ensuring pressures from population growth are being addressed.

Alberta faces rising risks, including ongoing resource volatility, geopolitical instability and rising pressures at home. With more than 450,000 people moving to Alberta in the last three years, the province has allocated hundreds of millions of dollars to address these pressures and ensure Albertans continue to be supported. Alberta’s government is determined to make every dollar go further with targeted and responsible spending on the priorities of Albertans.

The province is forecasting a $4.6 billion surplus at the end of 2024-25, up from the $2.9 billion first quarter forecast and $355 million from budget, due mainly to higher revenue from personal income taxes and non-renewable resources.

Given the current significant uncertainty in global geopolitics and energy markets, Alberta’s government must continue to make prudent choices to meet its responsibilities, including ongoing bargaining for thousands of public sector workers, fast-tracking school construction, cutting personal income taxes and ensuring Alberta’s surging population has access to high-quality health care, education and other public services.

“These are challenging times, but I believe Alberta is up to the challenge. By being intentional with every dollar, we can boost our prosperity and quality of life now and in the future.”

Nate Horner, President of Treasury Board and Minister of Finance

Midway through 2024-25, the province has stepped up to boost support to Albertans this fiscal year through key investments, including:

  • $716 million to Health for physician compensation incentives and to help Alberta Health Services provide services to a growing and aging population.
  • $125 million to address enrollment growth pressures in Alberta schools.
  • $847 million for disaster and emergency assistance, including:
    • $647 million to fight the Jasper wildfires
    • $163 million for the Wildfire Disaster Recovery Program
    • $5 million to support the municipality of Jasper (half to help with tourism recovery)
    • $12 million to match donations to the Canadian Red Cross
    • $20 million for emergency evacuation payments to evacuees in communities impacted by wildfires
  • $240 million more for Seniors, Community and Social Services to support social support programs.

Looking forward, the province has adjusted its forecast for the price of oil to US$74 per barrel of West Texas Intermediate. It expects to earn more for its crude oil, with a narrowing of the light-heavy differential around US$14 per barrel, higher demand for heavier crude grades and a growing export capacity through the Trans Mountain pipeline. Despite these changes, Alberta still risks running a deficit in the coming fiscal year should oil prices continue to drop below $70 per barrel.

After a 4.4 per cent surge in the 2024 census year, Alberta’s population growth is expected to slow to 2.5 per cent in 2025, lower than the first quarter forecast of 3.2 per cent growth because of reduced immigration and non-permanent residents targets by the federal government.

Revenue

Revenue for 2024-25 is forecast at $77.9 billion, an increase of $4.4 billion from Budget 2024, including:

  • $16.6 billion forecast from personal income taxes, up from $15.6 billion at budget.
  • $20.3 billion forecast from non-renewable resource revenue, up from $17.3 billion at budget.

Expense

Expense for 2024-25 is forecast at $73.3 billion, an increase of $143 million from Budget 2024.

Surplus cash

After calculations and adjustments, $2.9 billion in surplus cash is forecast.

  • $1.4 billion or half will pay debt coming due.
  • The other half, or $1.4 billion, will be put into the Alberta Fund, which can be spent on further debt repayment, deposited into the Alberta Heritage Savings Trust Fund and/or spent on one-time initiatives.

Contingency

Of the $2 billion contingency included in Budget 2024, a preliminary allocation of $1.7 billion is forecast.

Alberta Heritage Savings Trust Fund

The Alberta Heritage Savings Trust Fund grew in the second quarter to a market value of $24.3 billion as of Sept. 30, 2024, up from $23.4 billion at the end of the first quarter.

  • The fund earned a 3.7 per cent return from July to September with a net investment income of $616 million, up from the 2.1 per cent return during the first quarter.

Debt

Taxpayer-supported debt is forecast at $84 billion as of March 31, 2025, $3.8 billion less than estimated in the budget because the higher surplus has lowered borrowing requirements.

  • Debt servicing costs are forecast at $3.2 billion, down $216 million from budget.

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