A rise in multifamily housing is good news for the City of Calgary, first time home buyers looking to get into the market and even those looking to downsize, experts say.
A new housing project is being built in northwest Calgary around the Alberta Children’s Hospital, near the University of Calgary and it is looking to be much different from other existing communities.
“We are a neighbourhood that has no single family homes, but it’s really creating that urban village, so it’s a key component to not only have the multifamily living but also the retail and office components,” said Travis Oberg with the West Campus Development Trust.
Oberg says that work is underway and the first residents are scheduled to move in next fall.
Urban Analytics, a source for real estate industry data, has released its first quarterly report and it says that sales in the multifamily sector are up.
“We did actually see a five percent increase in sales in the new home multifamily market compared to Q4 2016, so just over the previous quarter, and we saw an 11 percent increase in sales compared to the same time frame last year,” said Kimberly Poffenroth with the firm.
Poffenroth says sales increases in the Beltline and the East Village are showing a bit of renewed confidence in the market.
That same confidence is being seen at the new University District, Oberg says.
“We're actually seeing a lot of activity at our new Discovery Centre of people interested in looking at different type of living as far as the multifamily options, and it's about that community also; that urban living. It's great for us and it's great for Calgary, and it's nice to hear.”
Market analysts say people looking for a multifamily home should prepare for affordable pricing and possibly even cash incentives offered by developers in some of the more competitive sub markets.
(With files from Kevin Fleming)
