Given the housing crunch we've seen over the last couple of years, the City of Calgary announced a NEW HOUSING initiative Monday, targeting more affordable housing projects which will receive $30.7 million in investment for approximately 480 non-profit, non-market homes for Calgarians (Housing Capital Initiative).
These projects include senior, family and Indigenous housing projects across the city, ranging from one-bedrooms to three-bedrooms.
These projects are located below:
Some of these projects will be using pre-fabricated modular housing units, allowing record build time - 21 days to build a completed module, with achieving 84 homes in 69 days.
The current statistic is that ~275 people move here to Calgary, every single day - which has led to a massive increase in housing demand. With a detached home selling for ~$770K and condos for ~$336K in Calgary, owning a home remains out of reach or a challenge for many.
As many of you expect, this only addresses a very small portion of the underserved population - which is important, however the bigger picture remains challenged on the supply side for now for the general population. The picture is improving, as we're now seeing MUCH more inventory come to market (stats pulled every week at our office); approximately 128% increase in listings across all property types compared to the same time last year!
My recommendation if you're thinking about selling is to hit the market sooner rather than later. We often see slower sellers come to market in late Spring, which sees a build-up of inventory through to the end of summer, where it's typically slower (summer holiday), and your listing won't get the attention it deserves.
If you're thinking about selling your property, give me a call / email, and I'd be happy to drop by to provide some professional advice on how we can sell your home in today's market!