Promising 2023 Outlook for Calgary

"The creation of well-paid jobs coupled with our relatively affordable housing market compared to cities like Toronto and Vancouver is helping attract talent to our city.  While our city is not immune to the challenges caused by inflation and higher lending rates, the positive momentum experienced over the past year is expected to support conditions that are far better then they were prior to the pandemic."

It has been a series of extreme highs and lows for Calgarians since 2016.  However, the consensus emerging is that the city will fair relatively well compared to other major Canadian cities as inflation and interest rates surge upwards.  One of our significant advantages is affordable housing.  


Transforming Calgary's Downtown

MAY 2022:  Since the collapse of world energy markets in 2014, downtown Calgary has been in transition.  During the peak times, rates of parking downtown were some of the highest in North Amercica.  Those rates plummeted, in tandem with sharp increases of vacant prime office space.  The pandemic further exacerbated the decline in activity in Calgary's core. "Downtown office vacancy rates sat at 29.7 per cent in the final months of 2021". 

To reverse the blight and utilise empty buildings, Calgary is transforming commercial buildings into residential space.  The City of Calgary embarked on a plan and financial contribution for retrofitting three towers, providing 401 residential units.  Faced with a challenge, Calgary is being proactive to revitalise its downtown.  The method developed for Calgary to identity buildings suitable for retofits, is now being applied to convert commerical space in several US cities.   READ MORE 

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