The latest data and commentary from the Canada Mortgage and Housing Corp. (CMHC) reveals an optimistic forecast for construction growth through 2015 and beyond. Canada’s housing agency anticipates 189,000 new housing starts in 2015.
Obviously much of this investment and construction will go to Alberta’s leading cities Calgary and Edmonton. The Urban Land Institute states these two destinations hold the best growth for real estate in Canada through 2015.
While Calgary and Edmonton continue fighting to be the most attractive and top performing real estate market in Canada, Edmonton seems to be coming out ahead. With the city’s current value proposition and velocity of growth, it looks to be leaving Calgary behind.
Edmonton has been attracting residents and businesses alike. Where the residential properties and small businesses go, demand for retail space follows. So does better performance of retail properties.
However, recent reports of Calgary’s steaming real estate market, in both new developments and resale tells us, this fight for Canada’s leading real estate market is far from over.