New Calgary Infills: Rapid Change in the Inner City

July 7, 2014
By Cody Battershill

New Calgary Infills Are Changing the Face of the Inner City

You see them everywhere in the inner city; more so today than you did five years ago, that’s for sure. Now it is not unusual to drive down an inner city street and see construction underway for one, maybe two or even three brand new Calgary infills.

Reality is that these inner city homes are not only in high demand on today’s local real estate market, but are part of a normal construction cycle where new developments replace old – well, at least in first world countries like Canada that is. We are so lucky!

Inner City Location + Old Homes = New Infills

Almost all of Calgary’s inner city neighbourhoods were established anywhere from 60 to more than 100 years ago.

However, apart from Inglewood (1875), Connaught (1905), Victoria Park (1914) and a few others that had already experienced home construction, most of these communities weren’t considered for residential development until the 1940’s and 50’s.

It was during this post-war era that many of the bungalow style homes seen today in the inner city were built.

Needless to say, the years have taken its toll on many of these properties and now with a rapidly growing population and high demand for inner city living, new Calgary infills are stepping in and changing the face of these neighbourhoods as we know it.

Truth is that change has been happening over the past 10 to 15 years already, but not until the past five years or so has the inner city market really taken off full stride.

Other Factors Leading to Change

Calgary is one of the most downtown focused cities in North America. The downtown core is where about one fifth of its total jobs are found and more than 160,000 citizens travel to work on a regular business day.

With several new skyscrapers underway and some of the lowest downtown office vacancy rates in the country, things are about to get much more dense.

Factor in Calgary’s rapidly increasing population, about 20,000 to 30,000 annually over the past few years and a 12.6 percent increase from 2006 to 2011, and you get an increasing demand for infills from buyers looking to work and live close to downtown.

Calgary’s rapidly expanding suburbs puts downtown workers increasingly far from their jobs meaning more time in dense rush hour traffic and less time doing more important things in life. See more at Suburban vs Urban Living – Pros and Cons today.

But not all infill buyers work in the city centre. Many simply are looking for that convenient inner city lifestyle where a walk to the grocery store, river pathways or perhaps that top-notch restaurant takes only a few minutes.

If we evaluate all the pros of inner city living and consider the price gains that most of these neighbourhoods have seen as of late, new Calgary infills also become a potentially viable investment.

A Great Investment

A comparison of home prices reveals the five fasting appreciating neighbourhoods between 2005 and 2012. Four of them are inner city.

1st – Connaught - $974,000 average sale price in 2012, 83 percent growth

2nd – Altadore – $826,000 average sale price in 2012, 78 percent growth

3rd – Britannia – $2,000,000 average sale price in 2012, 77 percent growth

5th – Cliff Bungalow - $783,000 average sale price in 2012, 72 percent growth

Another consideration are the monthly double-digit increases in the single-family benchmark price occurring over the past several months which are reflective of further price gains in the inner city market since 2012. See more at Calgary Real Estate Market Updates today.

And, as custom infill builders and residential developers continue to snag up inner city properties, the chances of even further price gains is likely as new developments can have a positive effect on the value of nearby real estate.

Buying a new inner city home in Calgary now not only becomes a great alternative to living in the far away suburbs, but is also a great investment over the long-term hoping that all current housing market predictions from CREB® and your local REALTOR® come true.

*Sourced from Downtown Calgary Association, Skyscraper Forum, Calgary Transit, Statistics Canada, American Public Transportation Association

Your Inner City Guide

It is hard to deny all the positives of owning and living in a new infill home in Calgary. Is it time for you to find your dream infill home?

If so, we invite you to make the best, most informed decisions and check out our complete Calgary Inner City Buyers Guide today.

Questions about New Calgary Infills?

…from an experienced inner city REALTOR® today. Call me anytime at 403-370-4180 or message me below, I am looking forward to helping you accomplish your real estate plans!