News   Apr 03, 2020
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Calgary real estate market

Montreal being a majority francophone city doesn't equate to diversity either. Somewhat exotic (to us), possibly. Certainly not equating to "diverse", and certainly not significantly more so than us.
 

"There has been a rising vacancy rate in the city, with downtown Calgary having the largest vacancy increase at 8.8% last year compared to 3.4% in 2019."

Ouff that's not good. Hopefully, it's just a short-term blip, but with people looking to get back into owning thanks to low rates as well, the lagging immigration numbers, I can see there being a slow down in newer rental projects.
 

"There has been a rising vacancy rate in the city, with downtown Calgary having the largest vacancy increase at 8.8% last year compared to 3.4% in 2019."

Ouff that's not good. Hopefully, it's just a short-term blip, but with people looking to get back into owning thanks to low rates as well, the lagging immigration numbers, I can see there being a slow down in newer rental projects.
Home sales, particularly SFH sales have been strong the last half of 2020, and really strong the last three months. The housing market, has quietly taken off, and that could be part of it. I don't have stats handy, but a realtor friend told me for sale housing stock of all types has been dropping. There have been quite a few sales where they went for above listing.
 
This spike in sales is limited to detached/townhouses. There is a glut of condos on the market so we will not see any new high rises planned in the short to medium term.
Condo sales are up by quite a bit across the inner city. It wouldn't surprise me if there were a few starts if sales continue at this pace.
 
It will be so slow that it doesn't exactly matter. In any case, the condo market and rental market have been decoupled for a bit. Need a vacancy squeeze to couple them again. A couple hundred units of non-market rate housing isn't going to change that — and the city WILL NOT be providing subsidy to market rate housing.
 
Bow Tower sells for $1.67BN This is surprising to me. I thought with a high vacancy rate it would be a lot cheaper, but I suppose they still have the original lease agreement which runs to 2038.

 

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