Park Point | 106.98m | 34s | Qualex-Landmark | IBI Group

General rating for this project

  • Great

    Votes: 1 2.6%
  • Very Good

    Votes: 18 47.4%
  • Good

    Votes: 18 47.4%
  • So So

    Votes: 1 2.6%
  • Not Very Good

    Votes: 0 0.0%
  • Terrible

    Votes: 0 0.0%

  • Total voters
    38

Urb

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Yikes - not loving it from that angle^ Too many spandrel colours going on
 

kora

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33 apartments available on Rentfaster. Is that a new record for most apartments available in one building at one time? I know most of these condo buildings are 50% rental anyway.
 

JonnyCanuck

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Yes that is a lot for one building that is was recently occupied. Boy, the competition for renters is becoming fierce. A large percentage (50% is a good starting place) of the condos built in the inner city in the last 10 years, were purchased with the intent of renting out. Add to this, hundreds of purpose built rentals that are hitting the market. What is going to attract renters to the inner city? It is not good paying jobs because those are still lacking.
 

CBBarnett

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Yes that is a lot for one building that is was recently occupied. Boy, the competition for renters is becoming fierce. A large percentage (50% is a good starting place) of the condos built in the inner city in the last 10 years, were purchased with the intent of renting out. Add to this, hundreds of purpose built rentals that are hitting the market. What is going to attract renters to the inner city? It is not good paying jobs because those are still lacking.
Goes back to Beltline's record growth (and the wider inner city for that matter). Most inner city communities are at or near peak population, despite downtown's job downturn. Could be a variety of things that are keeping demand high:
  • Pent up demand for higher quality rental units after 3 decades of near zero (or negative) growth in number of units
  • Renting is cheaper than owning, it may follow that as incomes have decreased in some industries, more people willing to rent that would have been buyers in 2006 Calgary so the amount of renters actually increased
  • General trend of more people interested in urban living, largely driven by the younger demographics
It's a lot all at once so absorption may be challenged, but demand (at least what we can glean from reading the census data) seems to remain strong. Many people involved on this site have spoken to unexpectedly low vacancy rates in new builds despite concerns of overbuilding. More people than ever are living in the core and that trend doesn't show signs of slowing, regardless of the high paying jobs.

Calgary is likely to remain a weird outlier in the renter v. owner ratio given our 3 decade long boom of the highest relative wages in Canadian city history (i.e. our CMA is the lowest % renters in Canada by a significant amount, translating into thousands or tens of thousands of fewer rental units here than if we had the same renter % of Vancouver, Ottawa, Winnipeg, Victoria, Montreal, Quebec City or Toronto), but I find it hard to believe we won't eventually revert to the "big city" average.
 
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Urb

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This^ There is still a major supply gap for purpose built rental in Calgary. Don't quote me on this, but I remember hearing that Calgary has a ratio of 3 purpose-built rental/100 residential units. The average for the other major Canadian cities is 8-10%.
 

Beltline_B

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33 units actually isn't that many in the grand scheme of things. Rental towers are filling up, not instantly, but they are filling. IIRC the vacancy rate in the Beltline for new gen buildings (built after 2000) is ~2% and it's actually being going down.
 

maestro

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It's a large building with nearly 300 suites. 33 is much lower than I would expect.
 

kora

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They turned the fountain off some time yesterday as the snow kept falling and they realized things would freeze pretty badly overnight. Usually the fountain goes until October 31st. I think it's off for good now this year around.
 

JonnyCanuck

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According to Condo Living, 20% of the building (approx. 60) is unsold. Of the 230 units sold, 80% are owner occupied. No definite start date for selling the second tower.
 

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