What is our outlook on the Calgary residential market?
Recently, we got asked “What is our outlook on the Calgary residential market?”
Calgary is still enjoying positive net migration. The 2019 population growth in the city landed at 1.5%. This growth was mainly comprised of newcomers to Canada.
Newcomers tend to settle in higher density areas initially closer to infrastructure and amenities.
The vacancy rate in Calgary decreased in 2019. The issued building permits decreased as well. The housing affordability index improved. On the flip side the cap rate improved significantly driving more investment interest.
The efforts to diversify the economy are also starting to yield results. The reality is that Calgary is one of the most livable cities in the world. While we may be experiencing short term pains. The long term future continues to be positive.
It is just a matter of time before we start seeing investment dollars flow into the city to support both new and emerging industries as well as to capitalize on the relatively inexpensive real estate compared to any of the top 50 most livable cities in the world.