Office space vacancy continues to recover for Calgary, Edmonton markets

Calgary and Edmonton experienced improvements in office space vacancy in 2023. Calgary had its strongest performance since 2014, with 677,000 sq ft of positive net absorption. The vacancy rate in Calgary was 27.9%. Edmonton had a cumulative 171,173 sq ft of positive net absorption and a vacancy rate of 21.4%. Both cities saw landlords improving their properties to attract tenants. Office space repurposing has been increasing in Canada, with 2.5 million sq ft converted in 2023. The City of Calgary has plans to convert vacant office space into residential properties.

Continue to full article

Mid-Q4 Homes Go Fast, Prices Climb in Calgary

In Mid-Q4, Calgary experienced a home sales ↑ 8.8% yearly to 1,787 sales.
↑ Apartment condominium sales due to affordability, contrasting with ↓ detached home sales.
The unadjusted home benchmark price ↑ 10.7% yearly to $572,700.

Calgary Is Now A Different Kind Of Outlier When It Comes To Affordability

Calgary is now an outlier in terms of housing affordability, as it is the only major Canadian city where buying a home has become more difficult. While housing prices decreased in other cities, Calgary saw an increase of $2,000. Mortgage rates also increased slightly, resulting in an income increase of $660 required for Calgarians. On the other hand, Hamilton and Toronto experienced relief in housing affordability, with home prices dropping significantly. Economists predict that the Bank of Canada may decrease its policy interest rate in the coming year, which could provide further relief.

Continue to full article

Calgary’s 2024 Budget: Tax Hikes

Calgary council passes 2024 budget adjustments, ↑ 7.8% residential property taxes.
This translates to an avg↑ $16 per month for a single-family home.
Non-residential property owners face a ↑ 3.5% for tax, ~ $277 more monthly.

Hot Calgary Real Estate Market Has Buyers Getting Creative

Emotional strategies, such as attaching heartfelt letters to offers, are becoming prominent in Calgary's competitive market.
The emotional touch can create a personal connection between buyers and sellers, potentially influencing the outcome of a deal.Calgary's market is described as hot and fast-paced, with buyers facing exhaustion in competing for properties in a low-inventory market.

Calgary’s Housing Market Continues to Thrive Despite Rising Affordability

Calgary's housing market has seen significant growth, but its affordability advantage is decreasing as the share of household income dedicated to home ownership has risen to 47.6%. Affordability issues are more severe in Vancouver and Toronto. By 2023, less than half of Canadian households will be able to afford a home. However, affordability is expected to improve slowly into 2025, and Calgary's housing market is predicted to continue thriving.

Continue to full article