Courtesy Calgary Municipal Land Corporation (CMLC)
Oct. 31, 2018 | Barb Livingstone
Despite recent hiccups, developers remain optimistic about Calgary condo market
Like much of the housing market in Calgary's slowly recovering economy, the condo segment has seen below average sales volumes and higher than average availability so far this year. However, many of the city's developers remain bullish about the condo market's future.
Charron Ungar - CEO, Homes by Avi
" We know jobs push housing demand and multi-family housing is one of the fastest moving product sectors for newcomers to town, the newly employed and downsizers. If job security and a strong resale market take hold, available multi-family product will attract considerable buyer attention. Now is a great time to buy, particularly as interest rates are still low compared to where lending rates are predicted to trend. Calgary's current inventory levels offer great variety and deep incentives, but I recommend keeping an eye on the price of Canadian crude and its ability to get to market – once that starts to rise, today's buyers' market will quickly begin to dry up."
Ryan Bosa - president, Bosa Development
"Bosa set its sights on Calgary a number of years ago because we saw the potential to lead smart growth, creating developments that are urban focal points and change the way people live. Our commitment to Calgary and the communities in which we build is long term, and we respect the city's resilience. We are big-picture thinkers and have immersed ourselves in the city to truly understand the impact of economic cycles – and we prepare and plan accordingly."
Mike Bucci - vice-president, Bucci Developments
"In 2008, prices dropped 20 to 30 per cent, but today's developers are better financed so you won't see those price drops. People are renting longer, but are savvy, realizing there are few new projects. We are seeing a lot of interest in Bridgeland (with Radius). We are very optimistic about Calgary and continue to invest millions of dollars. Migration is strong, job growth is strong, and we believe 2019 is going to be a pretty strong year for condos."
Norah Fraser - director sales/marketing, Minto Communities
"Calgary's community-minded nature is only becoming stronger, and people, more-and-more, want to live in closer proximity, fostering that sense of community. The condo lifestyle is one of the best ways for the urbanist to embrace all aspects of living inner city. While this economic recovery might not be as quick as some prior, it's becoming more stable every day. As we climb out of this downturn together, we are confident and excited to be able to offer the city an affordable way to be a part of a community in a convenient, urban and desirable way."
Chris Pollen - director sales/marketing, Battistella Developments
"Battistella has always believed in Calgary and the potential of the inner city. The market has been challenged over the past few years, but there is opportunity in every market. We believe we are at the start of a new condo construction cycle in Calgary. Projects typically take three to four years from sales launch to possession. In the inner city, we haven't had a concrete condo launch since 2015 – we are excited to include Nude as part of the next wave. There are many buyers who want to buy into a new development and continue to save and wait for completion in a few years."
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