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Calgary real estate market

MichaelS said:
I do wonder if we will see Graywood's Eau Claire one move forward. For having sold out a few months ago, it has been pretty quiet. A building permit was submitted on March 7th though, so fingers crossed:
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Forgot about that one. It seems like a decent possibility.
 
Surrealplaces said:
I was wondering of the interest rates are affecting any of the larger projects. We've seen a slew of highrise builds starting over the last 2-3 years, but not much coming down the pipe from what I can see. I get the sense Lofts on 4th could be starting, and maybe the 2nd phase of Park Point, but not much else ready to go after that.
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The vast majority of new multi-family projects in process are still purpose built rentals. There is the odd low rise condo project for sale in the suburbs but other than that, the favourable housing market did not create a spike in hi-rise projects. I doubt higher interest rates are going to change much in this segment.

A couple of projects like Graywood's Eau Claire and Minto's Era were sold out to investors (mostly out of town) for the purpose of rental. I heard that both developers were providing guarantees to buyers for the first two years of rental.
 
The Ontario investor has been big factor in some projects getting off the ground and I recall seeing on one thread about a boom in rental properties. But as this article points out, the Ontario investor buying a condo in Calgary to rent, seems to have slowed in recent months.


As winter sets in, there are signs the trend has started to cool and there is debate about whether it's a temporary slowdown that will pick up again in the spring.

At the outset of 2022, Calgary mortgage broker Josh Higgelke was getting "a ton of calls" from investors in Ontario and B.C. Nowadays, he said, that's changed — he still gets plenty of out-of-province inquiries, but most of them are from people who are actually planning to set up new lives in Alberta.

"With the increase in interest rates that we've seen, the market has somewhat softened for the investor," said Higgelke.

Interest rates are a factor for sure, but I'm wondering with the provincial election looming and sovereignty acts being proposed if that's not causing some investor pause too? People actually moving to Alberta might keep the market going, and the shortage of rentals especially as investors buying condos to rent dwindle would seemingly make purpose-built rental appealing to a developer (at least to me as someone very far on the outside of things).
 
Urban Outdoorsman said:
Wow, I'm shocked to see how close Calgary and Halifax are!
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I had heard that prices in Halifax went up due to a large influx of international immigration (post covid) combined with a number of people moving back from Ontario due to working remotely, and it caused a supply issue.
 
UrbanRED said:
It used to be closer (to the tune of $100K difference) but the gap has expanded in recent years - I'm guessing Ontario buyers
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Could be related to that. Also, I wonder if those prices are median vs average? Calgary has a higher amount of high end properties and it tends to skew the average a bit.

Would be interesting to see a graph over the last 30-50 years. I'm old enough to remember the days when Edmonton prices were actually higher.
 
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