Inner-city homeowners look up, not out

Good things come in threes – or so goes the superstition.

Calgary's homebuilding industry seems to have taken this to heart, with three-storey infill homes emerging as a solution to what experts say is growing demand for "vertical" detached living options in inner-city communities.

"It is very cost effective to build up versus build out," said Ron Butler, president of New West Luxury Estate Homes, which builds about 10 infills per year. "And building out is not an option given the limits of the lot."

The City of Calgary currently limits the amount of land a home can occupy in a given lot, ranging from 40 to 50 per cent, depending on its zoning and size. Three-story homes provide a solution to providing additional living space where that ratio is already being tested, said Butler.

Attached sector reacting similar to others during downturn

Softness in the city's attached housing market is creating opportunities for would-be buyers as increased selection is resulting in more competitive pricing, according to local housing officials.

Sales of row-type housing and semi-detached properties, which make up the city's attached market, decreased last month by 10.5 per cent compared to the same time last year, according to CREB®'s regional housing market report.

Listings also declined, yet by a more moderate 5.2 per cent. When combined with existing listings, year-over-year inventory levels jumped in January by more than 20 per cent.

More product on the market has meant sellers have had to be more competitive with their pricing. According to CREB®, the attached benchmark price was $345,600 last month, a 1.65 per cent decline from last month. Looking back on 2015, it slid 1.29 per cent from the start to the end of the year.

Aging demographic continues to shape Calgary's housing market

As the largest segment of the population in North America, baby boomers have undoubtedly shaped our world more than any other age group. And their impact on housing is profound.

Now, while this generation, born between 1946 and 1964, is becoming increasingly gray, the real estate industry is responding to their needs for housing.

Many developers in Calgary are turning their attention to high-density high-rises in the Beltline and other centrally located neighbourhoods to reflect boomers' demand for stylish, worry-free living, said Parham Mahboubi, vice-president of planning and marketing at Qualex-Landmark—a Vancouver-based development firm which is the force behind Park Point in the Beltline along 12th Avenue S.W.

Zoey Duncan is what you might call an engaged citizen. Having showcased her unique commentary on Calgary life through social media and blog zoeywrites.com, it didn't come as a major surprise when she was chosen as the East Village's first resident ambassador.

Having now added the ability to survey city life from high above, CREB®Now caught up with Duncan to find out what's going on in and around Calgary's "oldest newest neighbourhood."

CREB®Now: ?How exactly did you come to have a rent-free condo in the East Village for a year?

Duncan: The Calgary Municipal Land Corp. (the brains behind East Village) began a competition earlier this year in search of an East Village resident ambassador – someone who could see the revitalized neighbourhood through the eyes of a resident and share it with the rest of the world.

Smaller condos gaining popularity in Calgary

Don't call it a trend. Yet.

Whether you label them micro, shoebox or nano condos, housing units under 500 square feet in size have tested here and proven popular with younger, inner-city buyers — and with savvy investors renting to that same demographic.

But while other cities such as Toronto and Vancouver have already offered condos as compact as 200 square feet, Calgary's smaller living units tend to sit at more than twice that size – and they are included in developments with larger unit offerings.

Historic community offers compelling combinations

The northeast community of Renfrew is steeped in history; built on the remnants of an Air Force training base and Calgary's first airport, Renfrew is experiencing a surge in interest from homebuilders and homebuyers, equally enticed by the neighbourhood's charm and potential.

Surrounded by an abundance of parks, trees and playgrounds, Renfrew is bordered by 16th avenue to the north, Centre Street to the west, and Deerfoot Trail to the west, allowing for quick access to many parts of the city.

"I work in the southeast and it takes me less than 10 minutes to get to work," said Renfrew resident Rosi Hey. Hey has lived in the community for 20 years and currently lives with her family in a house on Renfrew Drive. She appreciates the abundance of schools in the area.

"My youngest daughter went to Stanley Jones from K to 9, and she just graduated from Crescent Heights and never had to take buses," said Hey.

Calgary's inner city has everything at arm's reach

Having recently returned to Calgary after living in London, England, Jon Dola has just commenced his search for a new home.

And despite having been back in the city for less than a month, he's already made up his mind as to where his new home will be located.

"I'm looking in Kensington, Sunnyside and Bridgeland," said Dola, who lived in Calgary for nearly eight years prior to setting off to Jolly Old England.

Two young professionals living in the inner city versus suburbia

Calgarian Crystal Scriven went five years without a car until purchasing one last September.

Her deference to driving came down to her needs at the time, but also personal preference – a sentiment shared by a growing number of young adults, suggests Zipcar's annual Millennial Survey.

The survey, released last month, found 45 per cent of millennials – the most popular definition of which is someone born between the early 1980s and early 2000s – are making a conscious effort to reduce how much they drive.

Plenty of new amenities and features slated for Calgary's downtown and beyond

For Mission resident Michelle Norman, living in the inner city allows for a variety of amenities but also some reprieve from the hustle and bustle of the city.

"There are plenty of running paths along the Elbow River, which is beautiful in the evening, and allows you to feel like you've escaped the city for awhile," she said.

"[Mission has] a variety of unique restaurants, coffee shops, pubs and shopping. You can do anything, from taking a yoga class, spin classes or even go and see a little art gallery. It's walking distance from 17th Avenue and the core. The people are really friendly."