“The main reason for that spike in demand is historic migration numbers,” says Cameron Slavik, market analyst with Zonda Urban, which recently published a report on year-end multi-family development for 2022 in Calgary.
Slavik notes the average price for a new wood-frame condo is about $387,000. While still more costly than the average price of a resale condo apartment in Calgary — which was about $278,000 in January — the price tag is significantly less than a single-family home with a benchmark of about $521,000. A recent report from Canada Mortgage and Housing Corp. on Canada’s rental market supports this notion, finding Calgary’s purpose-built rental market vacancy had fallen to 2.7 per cent, a low not seen since the end of the last boom in 2014.Article content
“But purpose-built rental development has really turned around,” he says, adding developers in the past year have added several more purpose-built units to the market.