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Understanding Calgary’s Condo Boom

Calgary may be experiencing a recession complete with high unemployment and slow growth but that isn’t stopping developers from going full-steam ahead with new condominium projects. There are currently 88 condo construction sites spread out between the city centre, developed communities, and developing communities which will result in 6,522 new places for people to live.

So why all the new condos when current prospects don’t seem particularly strong? As it turns out, developers have their eyes on the future and according to them, it might be brighter than one would think.

Developers Are Focused On The Future

Condo projects are a marathon, not a sprint. From the initial planning phase to securing financing and finally getting the construction underway, it can take years to see a project through. In the case of some of the existing projects in the works, it’s entirely possible that they were conceived long before the economy took a turn for the worse.

In other cases, developers anticipate that Calgary’s economy is working towards a path of sustained growth which means that there will be a need for homes to house millennials, retirees, and everyone else looking for a place to call their own. According to CBC's Calgary: The Road Ahead, developers are working towards creating supply to fulfill future demand. 

Evolving Communities Attract New Residents

Calgarians know that the last 20 years have brought significant change to the city’s neighbourhoods. From restaurant hot-spots to music destinations, people are attracted to communities that speak to their interests. An added bonus that comes with condo ownership is the ease, convenience, and economic benefits that are often associated with smaller living spaces.

The condo landscape in Calgary is changing, as are the people who call the city home. Navigating the residential real estate market can be difficult, especially when facing economic uncertainty. Having the guidance of an experienced real estate lawyer can go a long way in providing invaluable support and peace of mind.

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