Journal of Property Management

the largest city in Alberta and the fifth largest city in all of Canada. Overall total starts in new construction are projected to hit 22,000 this year, up from 17,950 in 2009, but down from the 29,164 in 2008, according to Canada Mortgage and Housing Corporation. This new growth mirrors a steady population rise in the city in the past five years, from 988,193 in 2006 to 1. 1 million people.

“Calgary’s residential [real estate market] is more active than its commercial [market] and condos have been extremely hot,” said Marlene Swinton of Real Estate Professional Inc., and the former president of Calgary Real Estate Board.

The Southwestern corridor of Calgary is where much of this growth is happening, along with the more blue collar Northeastern section. One example is the Luna, the third of three condominium towers that will stand 218 units high in the west side Beltline neighborhood of Connaught. The Qualex-Landmark property will be built in the Design District of Calgary, a prime urban area that includes a close proximity of restaurants, shops and galleries. Construction is scheduled to commence in March and be completed in September 2011.

Another major project is the Anthem Properties’ Waterfront Calgary, a decade-long project that began in 2006 and will eventually include four towers and 1,000 residential units by the time it is completed. Swinton said over 70 percent of the first complex is sold, with owners taking possession in late spring.

“There have never been condos in Calgary like this,” said Sylvia Yung, vice president of Communications at Anthem Properties. “Ten years ago, you got laughed at if you said you lived in a condo. It’s only been in the last five years that we’ve been building condos here because the business didn’t exist. So it’s a different scope and a different scale of management.”

enerGy reserves

In order to ensure a continued economic recovery in the real estate market, Alberta is also offering property managers unique opportuni-

Scott Ullrich, president of Gateway Property Management with offices in Calgary and Alberta’s capital, Edmonton, said the current softness of the market has compelled property owners to offer performance fees to property managers who are able to reduce vacancies and keep buildings full. As a result, many property managers are finding ways to keep energy costs low, Ullrich said, so they can continue managing a well-maintained property without overspending in the current market. One of the ways property managers are reducing costs is by partnering with service companies that can help them achieve their goals, Ullrich said.

“Property managers who have an energy ser-
vices manager have an edge,” Ullrich said. “We’re
finding a one- to three-year payback with a digi-
tal off-site monitoring service that can monitor
energy usage with real time readouts.”
Given the current economic pitfalls facing real
estate markets around the world, the outlook for
Alberta is encouraging. With steady growth in
the residential sector and a revitalized focus on
energy efficiency, motivated property managers
in Canada’s Rocky Mountain Playground have
many opportunities in 2010. n