Calgary building record number of purpose-built rental units

Calgary is experiencing a surge in rental property construction, with the Canada Mortgage and Housing Corporation (CMHC) reporting significant rental increases across the city. Factors contributing to this trend include downtown office conversions, boosts to secondary suites, and upcoming rezoning. CMHC anticipates around 24,000 housing starts this year, with a notable increase in completions. Despite the demand, rental prices in Calgary are expected to remain lower than in cities like Vancouver or Toronto due to more available land for development.