Alberta developers switch to rental housing

Some developers that have been focused on Alberta’s commercial sector are turning their attention to the rental housing market. Strategic Group’s Riaz Mamdani is hoping that half of his firm’s revenue will come from rental housing in the next three years, increasing from its current 20 per cent. He told The Globe and Mail: “We see an opportunity that we couldn’t have otherwise been pursuing but for the fact that the more lucrative opportunity, which has always been office buildings in our portfolio, doesn’t make sense today.” Meanwhile the CMHC’s Edmonton market analyst said that the agency is expecting a record-breaking year for the rental market in the city. The market is a popular choice for investors who see growth in the sector amid lower construction costs due to interest rates.

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