Calgary housing market sees a shift to rental

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Developers are deciding to convert buildings from condo ownership to rental either before construction has begun or after construction has started

Renderings of Courtyard 33, a a 56-unit rental project in the inner-city Calgary community of Marda Loop by developer RNDSQR.Calgary’s housing market used to be rock solid, built on a firm foundation, but tectonic shifts are changing the way people choose to live.

“If you think about who I think is probably our highest demographic – Gen Z-ers and Millennials – it’s a lifestyle shift,” he says. There’s no stigma to renting in New York, Paris or London, where high property prices mean home ownership is only for the few.However, the purchase price of homes isn’t the only reason for the shift in attitudes.

“One of the interesting things about this generation is that they’re growing up in a relatively volatile economic setting,” Mr. Devani says. “I actually just think they’re making smarter investment choices, they’re being smarter with their money, especially with volatile markets in volatile times.” Included in the apartment rent will be access to neighbourhood amenities such as a coffee shop, craft-beer seller, high-end ice-cream outlet, a fitness facility or a yoga studio. This aims to meet the lifestyle desires of residents as well as increasing engagement with the community.

 

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When the economy tanks you have to sell your house, then realestate agents buy them up and rent them out. Thanks liberal_party

We rent in Montreal. In our apartment for 9 years now. Instead of buying, we invest the equivalent of a house payment each and every month. Currently looking at buying a reasonably priced oceanfront home in NL for retirement.

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CMHC says housing market stabilizing, moderate vulnerability remainsCanada's federal housing agency says the residential market showed a moderate degree of vulnerability in its latest quarterly report but that imbalances continue to narrow. Homes are for living in, not for investment speculation. Excessive greed in the real-estate game destroys the affordability and causes serious problems to the fabric of society. Politicians are hopeless out of their league understanding this reality.
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