A Closer Look at Calgary's Booming Pre-Construction Property Sector

Calgary is amongst Canada's most rapidly growing cities, and with that growth comes a flourishing pre-construction property sector. For investors and working professionals, pre-construction properties are a reliable way to invest in real estate while also obtaining a fantastic return on investment (ROI). This guide will examine why the Calgary pre-construction sector is booming and why property prospects throughout the city are so attractive.

Firstly, let's talk about rental rates in Calgary. As a direct consequence of the city's growth, rental rates have significantly increased, with recent data indicating that Calgary has the second-highest rental prices in Canada. Furthermore, rental units in the city are in high demand, with a mere 1.5% vacancy rate reported over the previous year. Those numbers may seem daunting for renters, but for real estate investors, they indicate that pre-construction properties in Calgary are a valuable investment opportunity.

Secondly, the city's government is currently investing heavily in infrastructure. In 2021, the city spent $4.28 billion on various capital projects. The busiest among these projects include transport, including transit buses, the construction of the Green Line light rail transit system, airport renovation, and several public facility constructions. All of this development and expansion contribute to the city's incredible growth rate. As more people migrate to Calgary, there will be a continuously expanding need for affordable housing and a rise in property investment opportunities.

Next, we have to talk about Westman Village, an expansion project by Jayman BUILT that is the first of its kind in Canada. Westman Village is located in Mahogany, an ideal location recognized as one of Calgary's best new suburbs. The project is a mixed-use community that includes residential, retail, dining, and wellness, among other amenities. A second building in the community, Jayman BUILT's Calligraphy, began construction in 2021 and features a variety of stunning condo units.

Finally, there's the excitement over the Calgary Stampede's planned BMO Convention and Trade Centre expansion. The Stampede's plan is to incorporate East Victoria Park's overall design, transforming it into Calgary's newest restaurant and entertainment destination. With numerous well-known establishments becoming interested in the area, condo developers are likely to take advantage of the expansion with plans to construct exciting pre-construction residential buildings, making it an attractive investment opportunity for buyers.

The pre-construction property sector in Calgary is booming, and for excellent reason. With increasingly rising rental rates, infrastructure investments, Westman Village, Calligraphy, and other upcoming development projects, the city is experiencing significant growth. New pre-construction projects offer investors a chance to get in on the ground floor of a lucrative and thriving real estate market, making Calgary an ideal destination for investment. With an expanding and prosperous economy, high demand for residential units, and numerous construction projects in the works, Calgary is renowned for being an excellent location