Close X
Byron Company

Barristers Solicitors Notaries

Free 30-Minute Consultations Schedule Your Appointment
780-715-1002

New residential real estate may be a preferred option for some

The amount of buying and selling of properties in Canada recently has made the country seem as if it's embroiled in a never ending game of Monopoly. Even in Alberta, where the market hasn't kept pace with the hotspots in other regions, home buyers are making a splash. While resale homes are perennial favourites, some buyers may prefer newly built residential real estate. Fortunately, there looks to be no shortage of that, at least in Calgary.

According to the Canada Mortgage and Housing Corporation (CMHC), 862 multi-family dwellings began construction in March 2017, across the census metropolitan area. That's an incredible leap from the 194 units started exactly a year previous. Even in Feb. 2017, there were only 212 multi-family units on the go. 

Many of the units will be condominiums, totalling 442, with the bulk of these under construction in the downtown core and in the Beltline. Townhomes are popping up, too, with 130 units underway in March 2017, nearly double the figure for last March. Duplexes also showed growth, with new starts up by 37 percent year over year.

It certainly appears as if there will be no shortage of newly built multi-family dwellings in Calgary in the coming months. This is good news for people shopping for starter homes, looking to downsize or move closer to a downtown job. Buying a new, multi-family residential real estate unit in Alberta presents unique challenges, and care should be taken when making a decision to purchase. Whether buying a condo, town home or duplex unit, it is always a good idea to work with a real estate lawyer for the greatest peace of mind.

Source: Calgary Herald, "Calgary area's multi-family building starts begin to pick up", Josh Skapin, April 21, 2017

No Comments

Leave a comment
Comment Information

Let Us Review Your Legal Issue

Serving Fort McMurray And Surrounding Communities
10011 Fraser Ave.
Fort McMurray, AB T9H 2C8

Phone: 780-715-1002
Fax: 780-715-1099
Map & Directions

View Full Map View Full Map
Back To Top