Calgary Flash Report 2019

Getting below the surface in Calgary’s commercial and residential real estate market

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Report Highlights

Key findings from Altus Group’s annual review of the Calgary Market Area real estate markets.

COMMERCIAL INVESTMENT & LAND MARKET

  • Total investment volumes in the Calgary Market Area increased to $3.68 billion in 2018, the highest annual total since 2012.
  • Investment property sales quieter in first half of 2019.
  • Residential Land sales fall back in the first half of 2019 after improvement last year.
  • Minto Apartment GP Inc.’s acquisition of The Quarters accounted for almost one-third of Apartment investment in the first half of 2019.

INDUSTRIAL & OFFICE MARKETS

  • The industrial vacancy rate is up again on the back of additional new supply.
  • Calgary continues to be the most oversupplied major office market in Canada.
  • Suburban office market faring slightly better.

RESIDENTIAL DEVELOPMENT MARKET

  • New condominium apartment sales in the first half of 2019 dropped to their lowest level since 2010.
  • Unsold new condominium apartment inventory represents about 2 years of supply at the pace of recent sales.
  • The new home market in the central area continues to under perform.

HOMEBUYERS

  • Homebuying intentions up among key first-time buyer group.
  • Buyers under 35 years – who are mostly first-time buyers – account for more than half of Calgary home sales.
  • Many first-time buyers in Calgary are getting help from their parents for their downpayment.

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