Canmore's sizzling real estate market is about to get a welcome influx of new product for interested homebuyers.

Two new proposed phases of the 600-acre Silvertip resort development, perched atop the slopes to the east of the TransCanada Highway, will include more than 100 luxury tourist homes.

You can always go downtown. At least that's what the song says.

Much has been written about the current woes of Calgary's Downtown Commercial Core. Office vacancies are approaching 30 per cent and many businesses and commuters are conspicuous in their absence from the area.

However, there are a significant number of Calgarians who have no intention of going anywhere, even after the workaday crowd goes home.

Ongoing economic challenges, shrinking population growth and a pandemic that won't go away add up to a downtown Calgary office market facing critical vacancy rates.

One solution is adaptive reuse: the conversion of vacant office space into residential projects. The University of Calgary's School of Public Policy recently published a research paper exploring the challenges and opportunities surrounding adaptive reuse and how it could make a major difference in the city's downtown core.

While downtown Calgary struggles with an office vacancy rate nearing 30 per cent, a unique "campus" development in the heart of the Beltline is seeing success.

Calgary's downtown office vacancy rate is going nowhere but up.

By the end of this year, that rate is projected to jump to 29.5 per cent, and it will climb even higher moving into 2021, says Greg Kwong, regional managing director with commercial real estate company CBRE.

Dear Santa,

My oh my, it certainly has been an interesting and challenging year, with the COVID-19 pandemic impacting almost every part of our lives.

At a time when it's common to be shut in, Calgary's business improvement areas (BIAs) are reaching out to help entrepreneurs through the challenges of COVID-19.

Don't be surprised if you notice more action down on Stephen Avenue in the months to come. It's all part of the City of Calgary's innovative plans to reimagine and energize the area.

Much more than a facelift, the revitalization takes a three-pronged approach. Co-spearheaded by the Downtown Calgary Association, each phase will prepare the popular thoroughfare for the future of downtown, encouraging more people to visit, stay longer and increase business.

Alan Tennant - CREB® CEO

There is nothing to indicate a major shift in the current
trajectory. I see cautious optimism among the development sector – they are not overbuilding in any sector – and that is a healthy sign. It comes down to consumer confidence. We have two elections behind us, which could have been destabilizing but weren't.

This past year has been a challenging one for Calgary's economy and real estate market, but amid all that doom and gloom, some positivity might be warranted.