As the dust settles after Monday’s municipal election, Calgary’s new mayor and council have many pressing issues to address in the weeks, months and years ahead, particularly in the real estate and housing sector. 

The ambitious master plan and vision for East Village, which was years in the making, is bearing fruit these days with an unprecedented level of construction taking place and more to come.

Two key blocks in the neighbourhood are the next big projects for Calgary Municipal Land Corporation, which is spearheading development in East Village.

Susan Veres, senior vice-president of strategy and business development for CMLC, says COPEZ has plans for the East Village Courtyard, which is before the City right now for permits, and it will include two rental towers of about 600 units, a mid-rise market product with about 100 units, and an office building.

Major infrastructure and landscaping changes pave the way for Currie development

A new, major interchange is in full operation, with infrastructure built and the next stage of the massive Currie mixed-use development ready for launch.

"Last year we were focused on infrastructure. We started and completed the Flanders Avenue interchange," said Chris Elkey, senior director, real estate, Canada Lands Company (CLC), which is overseeing the project. "So that opened last fall. We had a big community event and it was a big success. It's operating. We're going to do the landscaping on it this year but for all intents and purposes it's opening and operating as it was designed to do."

With new home starts down, inventories are stabilizing

New home construction in the Calgary region continues to be negatively affected by a struggling economy that has slowed down the pace of activity in the past two years – and more of the same is expected this year.

Canada Mortgage and Housing Corp's Richard Cho, principal market analyst for Calgary, says the pace of activity was starting to stabilize in the single-detached market as 2016 progressed.

''But on the multi-family side we saw inventory levels steadily rising throughout the year and they're pretty elevated levels for Calgary and they've had an impact on the number of new projects breaking ground last year,'' said Cho.