Category: Uncategorized

Edmonton is experiencing increased demand for new purpose-built rentals due to migration and population growth. Rising rents have contributed to the growth in the rental market. In Calgary, both the rental and ownership markets for multi-family housing are seeing strong growth, with rising rents and lower vacancy rates. Demand for new multi-family homes in Calgary has led to increased sales and higher average prices. In comparison, Edmonton has seen stronger demand for new rentals but less demand for new multi-family homes for ownership.

In October 2023, Calgary Real Estate Board (CREB) reported a 17% increase in home sales compared to the same month last year and the highest level ever reported for October. New listings also rose, reaching 2,684 units, while inventory levels remained more than 40% lower than traditionally available for the month. The unadjusted residential benchmark price was $571,600, nearly 10% higher than October 2022. CREB chief economist Ann-Marie Lurie noted that it will take time to see a shift toward more balanced conditions and price stability. Apartment condominiums also saw record high sales due to big gains in new

UCalgary and the City of Calgary have launched a public consultation to better understand the issues and opportunities related to short-term rentals (STRs) in Calgary. This initiative is part of a multi-year collaboration between the two parties, to develop an evidence-based policy framework for STRs. The first phase of the study involves a survey from October 2023 to December 2023, asking Calgarians about their experiences with STRs and what they see as current and future concerns. Representatives from the tourism, business and housing sectors will also participate in focus groups in the second phase of the study, with the final report being delivered

In October 2023, Calgary has become a leader in North America with its Downtown Development Incentive Program (DDIP). Launched in 2021, the program aims to convert six million square feet of vacant office space to residential by 2031. Already, 1.3 million square feet of office space has been converted, with up to $15 million in grants provided. The 10 projects so far will add over 1,200 housing units, including affordable units, and increase the downtown population by up to 20%.

On Monday, October 2023, the City of Calgary announced that it had sold three parcels of city-owned land to non-profit housing providers for below market value in order to create an estimated 100 new affordable homes. This sale is part of the city's housing strategy to increase the offerings from non-profit housing providers in order to help address the housing crisis in Calgary.