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Urban Development and Proposals Discussion

CBBarnett

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Some interesting data from the CMHC who recently released their 2019 Fall Rental report. Link to report, the data tables are also available on their site. Key takeaways:
  • Vacancy in rentals remain unchanged at 3.9%, with 1,122 total units added to the supply, suggesting demand and supply growth are both strong
  • Modest rent price increases
  • Beltline vacancy dropped from 3.9% to 3.2%, now below the city average
 

JonnyCanuck

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A DP application was filed last week for an 81 unit MF project in Bankview (1448 19th Ave SW). Anyone know about this?
I was able to confirm that it is Eaglecrest. That makes several projects they have planned in established neighbourhoods. They have come from nowhere.

p.s The Nimmons site is a different project. Brava Developments were last attached to it.
 

Cowtown

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Some interesting data from the CMHC who recently released their 2019 Fall Rental report. Link to report, the data tables are also available on their site. Key takeaways:
  • Vacancy in rentals remain unchanged at 3.9%, with 1,122 total units added to the supply, suggesting demand and supply growth are both strong
  • Modest rent price increases
  • Beltline vacancy dropped from 3.9% to 3.2%, now below the city average
I feel like more rental project are going to be coming down the pipe.

 

CBBarnett

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I feel like more rental project are going to be coming down the pipe.

Totally agree. I hold the opinion that Calgary is always under pressure to revert to the "Canadian big city mean" whenever we remove the excessive fire hose of oil money from the equation such as the current transition period we are in. I expect:
  • More rentals & less home-ownership: we have a while to go to catch up on this one. Decades of high incomes relative to home costs has given us the most out of whack ratio of rental/owner in the country.
  • Moderate but still positive population growth
  • Densification pressures continue as the city get's larger and larger and commutes continue to climb with ongoing sprawl growth as well.
  • Increased localization of housing/rental markets as areas become self-sustaining (e.g. U of C area, Marda Loop etc.) or more independent from the previous boom-town "tide-rises-all-boats" housing market. With less macro-pressures, the popularity of different areas will wax and wane more distinctly on local factors.
All that is to say, I expect a lot more rentals and a more diverse and interesting city in the future :)
 
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JonnyCanuck

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Totally agree. I hold the opinion that Calgary is always under pressure to revert to the "Canadian big city mean" whenever we remove the excessive fire hose of oil money from the equation such as the current transition period we are in. I expect:
  • More rentals & less home-ownership: we have a while to go to catch up on this one. Decades of high incomes relative to home costs has given us the most out of whack ratio of rental/owner in the country.
  • Moderate but still positive population growth
  • Densification pressures continue as the city get's larger and larger and commutes continue to climb with ongoing sprawl growth as well.
  • Increased localization of housing/rental markets as areas become self-sustaining (e.g. U of C area, Marda Loop etc.) or more independent from the previous boom-town "tide-rises-all-boats" housing market. With less macro-pressures, the popularity of different areas will wax and wane more distinctly on local factors.
All that is to say, I expect a lot more rentals and a more diverse and interesting city in the future :)
Rental projects either under construction or very close to being .... just for downtown/ Beltline:

Park Central - 462 units - 2020 completion
One Tower- 390 units - 2020 completion
The Hat @ East Village - 221 units - 2019-20 completion
The Hat @ 7th Ave - 66 units - 2020 completion
The Hat @ West Village - 512 units - 2021-22 completion (likely)
Curtis Block - 647 units - 2021 completion
Place 10/Residences on 10th - 900 units - 2021-22 completion
11 & 11th SW - 369 units - 2021 completion
Redstone - 137 units - 2020-21 completion
HomeSpace 5th Ave - 58 units - 2020 completion
Arris Ph. 1 - 190 units - 2021 completion
Barron Building - 103 units - 2021 completion

That is over 4000 more residences in the next 2 years. There are at least a dozen more projects announced or planned and the list does not include Inglewood, Bridgeland, Hillhurst Sunnyside or Mission. That is a big bet on the rental market in the core.
 

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