Copied the article over to the Office Conversion thread also. If we had 17 buildings converted we might have to change the thread name to Calgary's Downtown Victory
In all seriousness though, if we did ever convert that many buildings, Calgary could very well become the world leader in office to residential conversion.
From the downtown office supply perspective, this really isn't much as our over-built office sector is so overbuilt - it's really not that noticeable yet. To be clear, it's still definitely good news - it's just we have so many extra millions of square feet it'll be a long go.
But from the downtown housing supply perspective, some 800 units will be created via this program in the short-term. This is actually a real game changer. I am actually surprised the housing side doesn't more airtime as it'll be far more noticeable than the slightly fewer offices.
Today Eau Claire + DTW + Downtown Commercial + DEV + Chinatown = ~12,000 units. If the program keeps up, it's feasible to see a few thousand units coming from conversion in the not too distant future. Easily 10 - 30% unit growth from this program alone.
In addition to housing supply, there's the opportunity is unit diversity. There's already some synergies for affordable housing which we have seen in the first wave of projects, but more generally conversion is creating "weirder" units (e.g. larger, different roof heights etc.). This adds to the mix of multi-family in the core, which is largely a stagnant small 1 bedroom or 2 bedroom market.
Create a few thousand weirder units, in weird buildings. Fast forward a few decades, and these buildings add to the mix of incomes, qualities, styles, and building amenities available of downtown. Diversity means resilience - there's always a building, price point or unit design that allows different people and families to live in the core.
It's not a silver bullet - and there's lots of good arguments for and against subsidization of the conversions - but it's impact will be substantial and noticeable.