LIVING FOR THE INNER CITY

From the history of Inglewood to the dining and patio options of Kensington to the walkability of the East Village, Calgary’s inner city has a little something for everyone.

With a mix of single-family, condominium, apartment homes and more, those who hail from the inner city range from young professionals starting their careers, families taking advantage of the many schools and parks and retirees utilizing the handy pathway systems.

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CALGARY CONDOS

In a bustling Calgary real estate market, condos have become the talk of the town.

Compared to February 2012, combined condo apartment and condo townhouse sales in Calgary this February increased by 11 per cent. The boost in condo sales, in part, can be attributed to a tightening market on homes $500,000 and less available in the city.

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RAISING A VILLAGE

East Village is on its way to becoming one of Calgary’s most sought after neighbourhoods.

“Starting this year it’s fast forward again, it hasn’t slowed down at all actually which is really great,” said Susan Veres, vice president marketing and communications for the Calgary Municipal Land Corporation (CMLC).

“We finished the year last year (and) interest in the remaining parcels of land was really quite high so our focus last year and this year will be on commercial development, less on the multifamily side.”

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Expect more big moves among tenants in Calgary’s downtown in 2013

The past year proved a year of major moves, both present and future.

Imperial Oil and Canadian Pacific Railway announced they will be moving their corporate head offices out of the downtown in the coming years; Imperial to Quarry Park in the city’s southeast and CPR to its Ogden facility.

Meanwhile, the Bow tower in recent months saw its first tenants from Encana and Cenovus begin moving in.

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BURSTING AT THE SEAMS

With no new supply forecasted for 2013, Calgary’s currently continually thriving commercial market might have to look beyond downtown for real estate.

According to a 2013 market outlook by CB Richard Ellis (CBRE), Calgary’s sq. ft. absorption for the end of the year is a forecasted 2.13 million sq. ft. with an expectation of decreasing to 0.04 million sq. ft. in 2013 because of the lack of new product.

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