Calgary

Calgary real estate market buoyed by Toronto and Vancouver developers: analyst

Calgary is still seeing major development applications and developers buying up land, but much of that is coming from Toronto and Vancouver, says real estate analyst Matthew Boukall with Altus Group.
Vancouver and Toronto developers are leading the way in the East Village, says Matthew Boukall with Altus Group.

The real estate market in Calgary's core is being buoyed, in part by outside investors, an analyst says.

Matthew Boukall with Altus Group says Calgary is still seeing major development applications and developers buying up land. But much of that is coming from Toronto and Vancouver, he says.

"Two of the major land transactions in the Beltline and downtown were Toronto developers coming in and getting into our market," says Boukall, who analyzes commercial, retail and residential trends to help advise investors.

"If you look in the East Village, a very successful new development, Vancouver and Toronto developers [are] leading the way."

Boukall was among the more than 1,200 real estate executives who attended the annual Calgary Real Estate Forum at the Telus Convention Centre on Tuesday.

With files from Colleen Underwood

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