Why is Calgary #1 in Canada’s real estate market?
We Calgarians know that we live in Canada’s best city, just ask us and we’ll tell you! But the proof, as they say, is in the pudding. In a recent report on emerging trends in real estate conducted by PwC Canada, Calgary was named the top real estate market in the country. For the past several years, Calgary has been an auspicious destination for Canada’s young professionals.
With 15,700 jobs created between December 2013 and December 2014, the demand for commercial and residential development in this city continues to grow. Calgary is currently either under construction or in the design phase for five million square feet of office space in the Beltline and the downtown core. This additional space will only drive the growing need for workers, generating an even larger need for an expansion of residential space within Calgary’s urban center.
This need has created a substantial condo boom in the city’s core and surrounding areas. It isn’t just the condo market growing, but take a walk through any of the inner-city neighbourhoods to see new restaurants, markets and shops to service the growing number of people calling the inner city home. With numerous condo developments underway in the West End, Beltline and East Village, it’s evident that Calgary has taken a noticeable shift towards urbanism.
Click here to access the full Emerging Trends in Real Estate report or for more information on Real Estate Insight and Emerging Trends. You can also get in touch with PwC Calgary’s Real Estate Leader Ian Gun.
Author: Price Waterhouse Coopers LLP