Calgary's housing market is hitting record-high prices and soaring demand, driven largely by an influx of out-of-province buyers attracted to Calgary’s comparatively lower costs. With multi-family home sales reaching near-record levels in 2023, new development activity has surged, including an increase in condominium launches. The rental market faces similarly high demand, with vacancy rates dipping below 3%, which has pushed rents upward and intensified affordability challenges for residents.
To meet these challenges, developers are adopting creative approaches, such as converting office spaces into residences and refurbishing aging buildings. One example is Toronto-based Bluevale Capital Group, which recently completed Beltline Terrace, a 16-unit affordable housing project in Calgary’s Beltline district. By retrofitting an underused structure, Bluevale quickly added affordable housing in a fraction of the time and cost required to build from scratch, highlighting the potential for repurposing existing buildings to expand housing supply rapidly.
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Bluevale Capital has been awarded $8.3 million through Calgary’s Downtown Development Incentive Program to convert the underused 18-storey tower at 510 5th St SW into 128 new rental homes, supporting the city’s plan to remove vacant office space and expand housing supply. The project delivers a faster, more cost-effective, and climate-friendly alternative to new construction, with homes intentionally designed for underrepresented renters such as young workers, seniors, veterans, and multigenerational families. Suites will feature in-suite laundry, modern finishes, high ceilings, and dedicated storage, alongside amenities including a work-from-home hub, secure bike storage, an upgraded lobby, and ground-floor retail.
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Bluevale Capital has acquired a former Connecticut hotel for $9 million and is converting the property into a 96-unit multifamily community. The project strengthens Bluevale’s U.S. portfolio, expands its adaptive reuse strategy, and creates a high-value housing asset in a growing market.
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Bluevale Capital Group has transformed 376 Richmond Street into 23 affordable studio and one-bedroom apartments in under a year, marking London’s first office-to-residential conversion.
The Trellis Society Soiree invites Calgary’s community to raise funds for youth and families facing homelessness, poverty, and mental health challenges.
The Calgary Marathon Race Weekend, Canada's longest-running marathon and Alberta's top-rated road race, sold out quickly. Team Trellis jumped on the chance, bringing together an impressive team of 62 participants across various events, from Madhav’s inspiring 60 km run to our youngest racers in the kids' marathon.
Calgary's housing market is experiencing record-high prices and unprecedented demand, largely fueled by out-of-province buyers attracted by lower costs compared to Ontario.
