Top Trends for the Calgary Condo Market in 2018

Real Estate Trend

A new year always ushers in new changes, and even though we’re only a month into 2018, we’re already seeing some key trends emerging within the Calgary condo market. Like all trends,

some of these are destined to have impact for years to come, while others, like the great Fidget Spinner Trend of 2017, might be bound to whirl off careening into the sunset. But, we’re not here to predict the future. Instead, let’s dive in, headfirst, and take a look at the way 2018 is shaping up for condominiums in Calgary.

More Ways to Share and Communicate

As our world continues to become more connected, the Calgary condo market isn’t keen to be left behind. That’s why you may have noticed so many boards and condo buildings excitedly announcing roll-out programs for residents to access online platforms such as Condo Communities, GeniePad, HOA, to name a few.

Here at Catalyst, we’ve worked with a number of platforms, and are continually impressed with how positive this sort of online service has impacted interactions between residents, board members, and everybody else with a stake in what’s happening in each individual condo building. Not only do these platforms provide a readily-available means of communication, but they also create a “paper trail” for easy reference to archived conversations, while giving residents an avenue to stay connected and up-to-date at all times. Meaning? No more calls at 10PM from that one resident who just can’t recall when the next AGM is!

If your building is still without one of these helpful communication tools, now’s the time to jump onboard. Encourage your board to take a look at some of the options out there, and get your building online today.

Further Adjustments to the Condominium Property Act

We outlined some of the recent and impending changes to the Condominium Property Act (‘CPA’) in a recent blog, but since then there has been even more movement on this front, with plenty of additional adjustments in the works that we expect to learn more about as the year progresses. If you’re still getting caught up on Phase One of these changes, here’s a quick recap to get you up to speed on the important bits:

  • More info is now disclosed to buyers at time of purchase
  • New options for occupancy date changes or delays
  • Purchasing deposits are better protected
  • Harsher penalties for developers who don’t follow the rules
  • Board members can be removed through an owners’ vote
  • Owners can call special general meetings

These details are really just the tip of the iceberg. If you have a stake in condo ownership, there’s never been a better time to make your voice heard. After all, Phases Two and Three of the CPA changes are now on the not-so-distant horizon. Engagement phases are ongoing right now for everything from voting procedures to dispute resolution, so be sure to take part in the process!

Short-Term Stays Under Scrutiny

The last trend we’d like to outline for 2018 revolves around short-term stays and AirBnB-like rentals. The large majority of condo boards – and most owners – have always been resistant to the notion of short-term rentals. They’re currently still legal in condo buildings, but there’s been increasing conversation churning around the subject. In particular, conversations are focused on safety concerns, insurance requirements, and disruptions to the condo community that these sorts of rental programs can potentially introduce. This is a topic of discussion that will continue to pop up throughout the year, so be sure to educate yourself on both sides of short-terms rentals – for bonus points, feel free to check out our blog post on the topic!

Not sure where to start? Join the Alberta Condo Owners for Change Facebook group, and discover plenty of friendly folks ready to help you drive change for the better. Be involved and take part in the process – start today!

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