CALGARY, Nov. 15, 2014 /CNW/ - Canada's hottest housing market marked a milestone not seen in Calgary since 2008. Market analysts say it is an environment where demand is currently outpacing supply. As of Saturday, Anthem Properties Group had sold 252 condominiums at Waterfront, the most units sold during a grand opening period since the recession.
"With 1,800 people registered for a chance to buy one of 288 available condos, people lined up before doors opened on Thursday," said Greg Zayadi, Anthem Properties, VP Sales & Marketing. "We built on the success of Waterfront's first two phases. Even without a show suite, people bought condos based on location, floor plans and price points."
Chris Brook showed up at 6 a.m. on Thursday. He was the first in line and says waiting in the cold was worth it. "People have been known to line up for a cell phone," said Brook, who works in emergency medical services. "I don't think it is unreasonable to wait in minus 20 degrees for a beautiful home."
Independent market analysts at Altus Group say there are approximately 6,200 condo units in pre-construction or construction phases in downtown Calgary and the Beltline, adjacent to downtown.
"Currently most units are sold before completion, as Calgarians – young and old – look to urbanize their lifestyles," said Matthew Boukall, Altus Group, Director of Residential Advisory Services. "Unlike prior to the recession, in today's market we are seeing much more sustained success, as we saw this weekend with Waterfront.
Calgary has become one of Canada's most active real estate markets, following other major cities around the world in creating a livable downtown. With Statistics Canada reporting that 77 people move to the city daily, the City of Calgary projects that by the year 2035, the downtown population will grow from 35,000 to 75,000. The boom is spurring a new downtown economy, with four million square feet of office space under construction.
"More office space and more jobs in the downtown mean more demand for housing," said Boukall.
"The downtown condo market is a segment of housing that never existed before in Calgary," said Zayadi. "The city's skyline will be completely transformed in the coming years. We look forward to releasing more condos early next year."
Anthem's development, Waterfront, is in Eau Claire along the Bow River. It is a collection of 10 buildings – some complete and occupied, some under construction, and others breaking ground next year. The entire project is expected to be complete in 2018, delivering more than 1,000 units to downtown Calgary.
Anthem Properties Group is a Western Canadian developer headquartered in Vancouver. Earlier this year, Anthem purchased United Communities, a notable development company in Alberta.
Anthem Properties Group
Anthem Properties Group was founded more than 20 years ago and has since invested in, developed or managed more than 210 projects with an historical value of approximately $2.5 billion. Anthem is headquartered in Vancouver and operates throughout Western Canada. In February 2014, Anthem purchased Alberta-based development company United Communities.
Image with caption: "Approximately 1,800 registered for a chance to own one of 288 homes being released at Waterfront by Anthem Properties Group. More condos will be released early next year. (CNW Group/Anthem Properties Group)". Image available at: http://photos.newswire.ca/images/download/20141115_C4928_PHOTO_EN_8090.jpg
Image with caption: "Among the first buyers at Waterfront is Chris Brook of Calgary. (CNW Group/Anthem Properties Group)". Image available at: http://photos.newswire.ca/images/download/20141115_C4928_PHOTO_EN_8091.jpg
Image with caption: "Waterfront on the Bow River in Downtown Calgary is a collection of 10 buildings that will deliver more than 1,000 condos by the year 2018. (CNW Group/Anthem Properties Group)". Image available at: http://photos.newswire.ca/images/download/20141115_C4928_PHOTO_EN_8092.jpg
Image with caption: "Chris Brook lined up at 6am on Thursday for a chance to own a condo at Waterfront by Anthem Properties Group. (CNW Group/Anthem Properties Group)". Image available at: http://photos.newswire.ca/images/download/20141115_C4928_PHOTO_EN_8093.jpg
SOURCE: Anthem Properties Group
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