Calgary Major Rezoning Changes
In May 2024, Calgary’s City Council approved new zoning changes aimed at increasing housing density, allowing duplexes, triplexes, and fourplexes to be built in areas previously limited to single-family homes. The goal is to address housing affordability and supply issues while preventing urban sprawl.
Key Points for Real Estate Investors:
Expanded Development Opportunities: Investors can now develop multi-family housing in previously restricted areas, reducing the need for time-consuming rezoning applications.
Increased Rental Income Potential: Converting single-family homes into multi-unit properties can boost rental yields, particularly in high-demand inner-city areas like Beltline and Kensington.
Redevelopment without Bureaucracy: The new rules streamline redevelopment, making it easier to capitalize on older properties for higher returns.
Impact on Property Values: Property values may rise in certain areas, especially near downtown or transit hubs. However, concerns about neighborhood character and gentrification may also arise.
Opportunities in Affordable Housing: Developing mixed-use or affordable housing in growth areas can provide stable long-term returns, addressing demand while benefiting from government incentives.
Potential Risks: Investors need to consider community concerns about neighborhood changes and potential impacts on property values.
Interested in working with an experienced realtor to navigate these opportunities and risks effectively? Email Me or Book A Call.