Going to condo college: Canadian Condominium Institute educates builders and buyers

This month, our quest for expert commentary on what’s happening in the local market takes us to the Southern Alberta chapter of the Canadian Condominium Institute (CCI) and its current president, Ryan Coles.

CCI advocates for condominium industry stakeholders through consultation with the government and other jurisdictional authorities on an as-needed basis. “We strive to be a source of information through our courses, luncheons, newsletters, press releases, and more,” says Coles, an associate with the Building Science and Restoration team at Read Jones Christoffersen (RJC) Ltd. Engineers in Calgary.

CCI offers a membership list of companies that provide services in the condominium industry, but where they really make an impact is in education. Check out what they have to offer at www.ccisouthalberta.com.

Coles says Calgary may be one market where condo apartments aren’t necessarily viewed as a starter home, as single-family homes in the suburbs are still relatively affordable. “If people do buy a condo as a starter home, we hope a first time property buyer educates themselves on what a condo is and how it operates. Many condo owners are unaware of how community living works and there can be a rude awakening when things don’t go the way they expect.”

He did notice though that there seems to be more developers building rental apartment buildings recently. “There seems to be an oversupply in the Calgary market at the moment as condo values have remained flat or negative in recent years.”

Housing starts take a leap in February

Housing starts took a giant leap ahead this February. Not only were total starts up compared to last month but they were up more than seven per cent compared to February 2019.

In fact, starts were up across all dwelling types except for apartment style, which makes perfect sense as condo builders respond to an oversaturated market by concentrating on clearing out existing inventory before launching new projects.

It’s a great start but dark clouds are ahead with the continuing troubles in the oil industry and the COVID-19 pandemic sure to take a bite. Hang tight, Calgary.