Busy Downtown Construction Includes Both Sales and Rental Units
It's easy to see all of the construction that's occurring in the Calgary downtown core these days. Just drive around and you'll be amazed at the flurry of construction activity that's underway. As these buildings go up, you may be wondering who's going to be buying all of the units. Some of these units will be sold as condos but others are going to be rented out.
It's about a 50-50 split when it comes to the rental and sales construction developments that are taking place in downtown Calgary. Both apartments for rent and condos for sale are desperately needed right now in the city. As the net migration into Alberta and Calgary continues to grow, so does the need for more units.
Many people that are making their way into Calgary are high income professionals. These new migrants are often looking for inner-city housing to be close to their jobs. Others want to live downtown due to the type of lifestyle it provides. Last year there were 45,168 people that migrated into the city, which was a record number.
Many new arrivals are looking for a rental for temporary housing while they are getting set up on their jobs. Newcomers often want to get settled and used to the city before taking a look at their permanent real estate options.
With the rental and resale market so tight right now in Calgary, this new construction will add some relief to the housing demand. It may also help with the issue of rising rents that are due mainly to the extremely low vacancy rates for apartments.
Both rental and condominium developers are investing in the Calgary real estate market based on the optimistic growth potential of the city and the demand for downtown housing.Posted by on