Calgary’s land advantage could keep housing prices in check, says “A-Team’s” Tom Albrecht

• Calgary's abundant farmland could help moderate housing prices compared to Toronto and Vancouver.
• Real estate expert Tom Albrecht believes increased land supply will meet growing migration demands.
• The federal government is repurposing public land, including the Currie Barracks, to address housing needs.
• Experts caution that private land development will have a more significant impact than government initiatives.

As Canada grapples with a nationwide housing crisis, Calgary stands out for its potential to moderate soaring housing prices. Unlike Toronto and Vancouver, where limited land availability has driven costs to record highs, Calgary has a unique advantage: an abundance of saleable farmland surrounding the city, according to local experts.

“While housing costs have surged dramatically over the past three years, Calgary is uniquely positioned with an abundance of saleable, usable farmland surrounding it,” said Tom Albrecht of The A-Team at RE/MAX First in Calgary, Alberta. “This availability of land will likely help moderate housing prices in the long term, keeping them below those in Toronto and Vancouver, as increased supply can meet the demands of growing net migration to our city.”

Addressing housing needs: Albrecht's remarks come in the wake of a new federal initiative to tackle the housing crisis by repurposing government-owned land for residential development. The Canada Public Land Bank, announced last week by Canada Economic Development for Quebec Regions (CED), aims to make 56 federal properties available for housing projects, including several in Calgary. Among the notable properties listed is the Currie Barracks, a former military site with significant potential for redevelopment. The government hopes that by unlocking public land, they can accelerate the construction of affordable housing and ease the pressure on the market.

However, Albrecht also cautioned against overly optimistic expectations about the role of government land in solving the housing crisis.

“The Government of Canada owns valuable land in Calgary, such as the Currie Barracks, and making it available could contribute modestly to increasing overall supply,” he said. “However, I believe that the more significant impact on housing availability will come from the rapid development of privately held land on the city's outskirts.”

He pointed to the experience in the UK, where, “despite promises, there has been little progress in developing housing on former military bases."

A balanced approach to growth: As Calgary experiences increasing net migration and housing demand, experts like Albrecht see the city’s ample land as a key factor in keeping prices more stable than in other Canadian cities.

With a balanced approach that includes both public and private initiatives, Calgary could serve as a model for other cities struggling with similar issues. The city’s unique position, with its abundant land resources, may offer a solution to Canada’s broader housing woes.