Watch out condo owners, there's a new threat to the already saturated downtown housing market. Office tower convertion.
First up, the former Dome Petroleum headquarters in the Sierra Place building.
https://calgaryherald.com/opinion/co...wntown-calgaryBy the fall of 2022, the former oilpatch headquarters will contain a variety of one-, two- and three-bedroom units and be home to about 180 people, including families.
Governments have strong incentive to subsidize these projects because they should increase the property tax, as well as reduce the amount of empty space in other buildings. Having another 500 or 1000 residents downtown, should greatly improve the "vibrancy" of the area too. Restaurants and shops can then get evening and weekend customers, not just m-f 7-7.
Reason #673 why Calgary condos are a sketchy investment. If you own one, I advise you to sell.