From developments without parking spaces to large condo towers in the Beltline, densification is transforming the face of downtown Calgary.
Changing skyline
Brokers and analysts have witnessed the demand for condo living space accelerate over the past 10 years.
Don Campbell, senior analyst with the Real Estate Investment Network, attributes increased interest in condo living to many factors, including relative affordability and access to public transit. But perhaps the greatest motivator is a change in mind-set provided by an influx of new residents.
“The largest factor [is] in-migration from other regions of the country where condo lifestyle has become more acceptable,” said Mr. Campbell.
“As Calgary continues to grow, the demand for higher density and condo lifestyle will increase further.”
Christina Hagerty, a specialist in downtown loft properties and agent with Re/Max Realty Professionals, has noticed a strong thirst for downtown living among her new clients. Some are investing in rental property with the intent to make it their own home when they are ready to downsize.
“More and more people are tired of the traffic and the commute, and they are looking ahead and realizing that downtown is the right place for them to be,” said Ms. Hagerty.
Some 2,000 new downtown condo units will be ready for occupancy within the next few months, she said.
But Ms. Hagerty notes that the city has a lot of work to do to accommodate Calgary’s expanding downtown urbanization.
“Calgary is on its way to growing more services for downtown residents, but we still have a way to go.”
She would like to see an increased number of grocery markets and other essentials within walking distance for those who choose to live in the city’s centre, particularly near the East Village area.
“It’s all happening, and it’s very exciting,” Ms. Hagerty said.
“When we build infrastructure and services in the inner city, that’s when we’ll really see urbanization take off.”
Urban lifestyle
One of her current clients, Dr. Elaine Bland, owns a unit in the Chocolate Condos by Battistella Developments, located at 1 St. and 15 Ave. S.W.
Looking to upgrade, Dr. Bland purchased another condo in Victoria Place, just three blocks from her Chocolate home.
“I really like this area,” said Dr. Bland. “It’s right in the middle of everything, and I can feel the vibrancy of downtown.”
A Beltline resident of nine years, Dr. Bland is pleased to see the increased interest in Calgary’s downtown and the influx of condo developments.
When she first moved to Calgary’s city centre, hers was the only high-rise condo unit in the immediate area.
“Now there are three other towers on my street alone,” said Dr. Bland. “It’s created a nice atmosphere. Downtown used to be dead on evenings and weekends, and now with so many people living there it’s alive.”
The influx of people who have decided to live, work, and play in Calgary’s downtown has led to one of the city’s most recent – and most innovative – condo developments.
N3 Condos, by Knightsbridge Architecture and Construction, is a 167-unit, 15-storey condominium at 8 Ave. and 4 St. S.E. with one major defining characteristic – no parking spaces.
Each unit is furnished and includes a lifetime membership to Car2Go, $500 in Car2Go mileage credits, a Biria bicycle, and underground storage and bike parking.
“I think Knightsbridge is very forward-thinking,” said Ms. Hagerty.
“The price-point is particularly appealing to people interested in the East Village – $200,000 to $400,000 for a condo within walking distance to downtown is unheard of.”
The condo development reflects a movement toward a new urban lifestyle that Calgary is beginning to embrace, she said.
Mr. Campbell believes that the general trend toward densification of the city’s downtown district is a necessary part of Calgary’s evolution.
“It’s holding back sprawl and providing city planners and developers the opportunity to build for the next large cohort of renters and buyers entering the market while creating walkable lifestyle,” he said.
With more condo developments and interest in apartment-style living, Calgary is sure to witness a city-wide increase in density, he said.
“Absolutely the citizens of Calgary are ready to embrace this new lifestyle, and not just in the downtown core,” said Mr. Campbell.
“We can look at the lifestyle it provides out in the Garrison area of the city, and the growing density down in the southeast, as proof of the walkable lifestyle being embraced with vigour.”
The urbanization movement promises to create a more sustainable lifestyle and culture in Calgary’s core by drawing more residents and increasing demand for amenities.
Ms. Hagerty anticipates significant changes in the Calgary condo market as the number of residents interested in Beltline and downtown living continues to increase.
“Acceptance of the condo market is proof that the city is changing,” said Ms. Hagerty.
“Calgary is growing up, becoming a big city, and people are adjusting to that feel.”