Development Group is one of at least 15 purpose-built rental projects started since 2022 in Alberta's capital city. Comprising 363 luxury apartments in a slim 36-storey tower, the project’s first phase is expected to welcome its first tenants in February, 2025.broke ground between the first quarter of 2022 and the third quarter of 2024 in the prairie province. Roughly 95 per cent of these units are concentrated in Alberta’s largest cities, Calgary and Edmonton.
“Alberta always gets its fair share of the percentage of immigrants coming into the country, and that’s still going to continue,” he says. “Alberta also has the added benefit of interprovincial migration.”Maclab’s vision for The Parks includes an ambitious 1,000 apartments upon the compound’s completion, but the developer won’t be moving onto next phase of the project for at least a year.
Indeed, for Henry Edgar, president of Autograph Group, a real estate developer based in Edmonton, the availability of CMHC-backed financing can make or break a rental project, rather than changes to immigration levels, as low-cost loans and longer amortization periods can mitigate the risks associated with