An article in the Calgary Herald today speculated that there may be another residential condo boom on the horizon for the city.

Two high-profile projects — Keynote Urban Village and University City — are about to launch sales initiatives on the next phases of their developments over the weekend.

University City is holding a VIP launch on Saturday and Sunday for its Building 3 project at the Brentwood LRT Station while Saturday will also see Keynote Urban Village open its doors to a new show suite for its Residential Tower Two project in the east Beltline area.

Speaking to the Herald, Richard Cho, a senior market analyst in Calgary for the CMHC, cited gains in employment, favourable mortgage rates, and price reductions, as reasons why buyers are attracted to the city’s condo market.

“A majority of the condo sales in the city of Calgary were for units less than $300,000,” he said, noting that first time buyers made up a large portion of the activity in the condo market.

There has also been an increase in the number of apartment permits being issued and more new projects are expected to break ground in the next few months. CMHC stats for August indicated that it had the highest number of monthly apartment starts since May 2008, as 451 units broke ground in the Calgary CMA.

Will the Calgary condo market supplant Toronto’s as the country’s hottest? We’re not placing bets just yet, but one never knows!

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