There we have it, folks - the City of Calgary has approved city-wide REZONING (currently, at council to process over 40 amendments). 

The decision came by way of a 9-6 vote yesterday, following a 12-day public hearing (the largest in the city's history) that saw 736 Calgarians have their say (which 70% of those who spoke were against the proposal). The hopes, of this proposal is to boost housing supply, and provide a more efficient development process for builders looking to increase density in established neighbourhoods. Whether or not this will actually work to lower prices and rents is still to be determined.. 

In the short term, we think this will dramatically increase prices in single-dwelling unit properties. Why? Providing builders the ability to create multiples of value on the same land will allow them to bid higher for each piece. In the long-run, however, if and when housing supply finds a balance, this will see prices then drop (theoretically).

But the other side of the equation is demand.

If and when rates drop, this will drive more buyers into the market, and therefore price appreciation. Not to mention possible increased inter provincial migration on the mortgage renewal mountain.

Additionally, if you purchase a full sized lot, not everyone will be developing (or can) those units into multi-family residences (need the know-how, trades, experience, etc.).

More details below on the Rezoning Plan:

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