New affordable apartment building to arise in Calgary

Over a hundred new low-cost units will be added to the market

By Ephraim Vecina

28 Nov. 2018

As part of the National Housing Strategy, the Canadian government will be investing $31 million for the construction and maintenance of an affordable apartment high-rise in Calgary’s city centre.

The building, which will be developed by the Kanas Corporation, is slated to offer 121 rental housing units.

“Everyone deserves a safe and affordable place to call home,” Prime Minister Justin Trudeau addressed Calgary earlier this week. “This new building will provide people with housing where kids can learn and grow, and where families have the stability and opportunities they need to thrive in their community.”

Located near Glenmore Park and Rockyview General Hospital, the building will have easy access to vital amenities such as public transit, public service centres, and educational institutions.

Among the primary areas of concern to be addressed by the National Housing Strategy – projected to invest a total of $40 billion over the next decade – is improving the supply of affordable, purpose-built units across the country.

The federal government has estimated that approximately 30% of Canadians currently live in rental housing.

Earlier this year, Calgary Real Estate Board chief economist Ann-Marie Lurie said that the Bank of Canada’s rate hike decisions are significantly affecting would-be buyers’ decisions, and pushing many of them towards more affordable options.

“Rising costs, combined with a slow recovery, are weighing on the demand for resale homes in the city. At the same time, supply remains high and is resulting in an oversupplied market.”