Drilling rig on site this morning:
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Love it!
  • No parking
  • As direct as possible LRT connection
  • On a highly functional bike-path network
  • 3 blocks from a grocery store
  • full lot utilization (and an anticipation for further adjacent development by limiting windows on the west frontage).
  • Not 50 storeys tall which would soak up a huge amounts of multi-family demand on a single site and be destined to deaden the area around it with monster shadows and cold winds.
If we treated most of our inner city with similar buildings that check those boxes - perhaps make them a bit prettier that this one on occasion - we got a sustainable, vibrant and dense city on our hands... after we build 500 more of this scale over the next century.
 
It would be nice if the project that went in beside this one had retail on 7th and 11th. a nice little mixed use development would be perfect.

Something like one of these.... Or the George on 17th.

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I predict 75% Airbnb. I don't mean that as a criticism, but it's going to be the most profitable use most a lot of central flats in the future.
 
RyLucky said:
I predict 75% Airbnb. I don't mean that as a criticism, but it's going to be the most profitable use most a lot of central flats in the future.
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Long term tenants have far less overhead. Where are they supposed to live if three quarters are Airbnb? There's a 1000 plus hotel rooms recently completed and under construction and a Residence Inn is direct competition for Airbnb and other short term rentals.
 
maestro said:
Long term tenants have far less overhead. Where are they supposed to live if three quarters are Airbnb? There's a 1000 plus hotel rooms recently completed and under construction and a Residence Inn is direct competition for Airbnb and other short term rentals.
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I know a few people who live alone in a 1 or 2 br and rent out their flats constantly when they go out of town, a few times per month. It's probably a sample bias, but it seems to me that this there is a ton of demand for this - even more than there is for hotels, at least for personal travel.
 
A few people renting out their living spaces while they are out of town is what AirBNB is right now. It's very niche, insignificant to the overall rental/hospitality market. I understood AirBNB becoming a dominant force in the central core. That would take many hotels and rental buildings operating under the AirBNB banner.
 
Not everywhere. High tourist European cities are having issues where owners are buying up multiple properties for the pure purpose of AirBNB and it is affecting both property availability for residents and their hotel industry. There was a documentary on a recent Aer Lingus flight but can't seem to find out what it was.

https://www.economist.com/europe/2018/07/19/charlemagne-the-backlash-against-airbnb

maestro said:
A few people renting out their living spaces while they are out of town is what AirBNB is right now. It's very niche, insignificant to the overall rental/hospitality market. I understood AirBNB becoming a dominant force in the central core. That would take many hotels and rental buildings operating under the AirBNB banner.
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I never implied everywhere. Calgary is not a resort town and I suspect it never will be. A far greater probability down the road would be units left vacant by investors in a tight rental market because that didn't buy to generate income but to profit from reselling.
 
Left unregulated those issues will continue to hit other centers. In high demand areas, once you're likely to consistently earn more off your property as an AirBnb than a long term rental I could see many people doing so, even in Calgary.

maestro said:
I never implied everywhere. Calgary is not a resort town and I suspect it never will be. A far greater probability down the road would be units left vacant by investors in a tight rental market because that didn't buy to generate income but to profit from reselling.
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maestro said:
I never implied everywhere. Calgary is not a resort town and I suspect it never will be. A far greater probability down the road would be units left vacant by investors in a tight rental market because that didn't buy to generate income but to profit from reselling.
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Respectfully, you never implied only in Calgary either. You said "overall rental/hospitality market," which could mean Calgary's market, Alberta's market, Canada's market, the global market, etc and it's anyone's guess which one you meant.

I haven't noticed a ton of AirBNB activity in Calgary specifically either, but it's huge in other cities and is an issue for their respective markets. Like the Uber vs Taxis thing, there's either going to be government regulation that restricts AirBNB-type companies, or a massive paradigm shift that sees hotels falling out of favor and AirBNB becoming the new norm. It's hard to compete with something that has both cheaper overhead costs and cheaper rates for customers, so if AirBNB did happen to get super popular here, the government would have to help hotels out.

I don't think it'll affect Calgary very much either, but it definitely could. Either way, it's not like 1 small building will tip the scales.
 
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