2024 CALGARY ECONOMIC OUTLOOK

2024 CALGARY ECONOMIC OUTLOOK

We have completed an extensive market research on Calgary economic development in 2023 and 2024 and outlined our major findings in this article.

Calgary, the vibrant city in Alberta, Canada, is poised for a series of positive changes in 2024, reflecting its dynamic and forward-thinking nature. This article will delve into these transformative developments, offering a comprehensive overview of what residents and visitors can expect in the coming year.

1. Economic Growth and Business Success

The Calgary and region business community is entering 2024 with a positive outlook. This optimism stems from various factors, including robust commodity prices, increased consumer spending, and record population growth. These elements are expected to bolster Calgary’s economy, positioning it and Alberta for a prosperous year ahead [6].

2. City of Calgary Approved Updated Off-site Levies Bylaws

City Council approved an updated Off-Site Levies Bylaw, an important measure to support local development and fund growth-related infrastructure required to meet the needs of Calgary’s growing population.

The bylaw will come into effect on March 1, 2024, and will see an 8% increase to the off-site levy rate, from $564,000 per hectare to $609,0000 per hectare. This increase will contribute to the initial expenses of crucial infrastructure, such as water pipes, roads for transit and community access, and emergency service stations to name a few.

3. Housing Market

The Calgary real estate market is showing signs of robust growth as we look towards 2024 and 2025. This growth is underpinned by several key factors, including economic recovery, demographic shifts, and market dynamics.

Calgary’s housing market is expected to witness a significant price increase in 2024. Aggregate home prices are forecasted to jump by 8% year-over-year by the end of 2024. This growth is consistent across various reports, emphasizing the market’s strong recovery and growth trajectory [6], [7]. The projected average price for a home in Calgary is estimated to be around $711,612 to $720,000 by the end of 2024. This indicates a return to the pandemic peak levels, suggesting a strong rebound and investor confidence in the market [8], [9].

4. Government and Budgetary Developments

In November 2023, the Calgary City Council voted in favor of budget adjustments for 2024. These changes reflect the council’s commitment to sustainable financial planning and addressing the city’s evolving needs. The budget adjustments aim to balance fiscal responsibility with strategic investments in public services and infrastructure [2].

5. Salary Increase for City Council Amid Challenges

As Calgary homeowners prepare for a property tax increase in 2024, the city council will receive an automatic 2.41% salary increase. This decision has been made amidst various economic challenges, reflecting the council’s efforts to maintain a balance between fair compensation and the city’s financial health [3].

6. Boost in Film and TV Production

Calgary is set to experience significant growth in its film and TV production industry. After meetings with major Hollywood studios, the city is hopeful for increased production activities in 2024. This growth in the entertainment sector is a testament to Calgary’s appeal as a location for filmmaking and its potential as a cultural hub [4].

MovieMaker Magazine ranked the 25 best places to live and work as a moviemaker(opens in a new tab) for 2024, with Calgary – called an “affordable, thriving and growing film hub” – coming in at number eight on the list.

7. Health Care System Transformation

In a significant move, Alberta’s Premier announced plans to launch health care changes in 2024. The Alberta Health Services (AHS) will be replaced by four agencies, with AHS taking a more focused role in acute care. This restructuring aims to improve the efficiency and effectiveness of health care delivery in the province [5].

In summary, 2024 is shaping up to be a year of positive change and growth for Calgary. From economic development to the arts and health care, the city is embracing transformations that promise to enhance its standing as a dynamic and progressive urban center. These developments not only bode well for Calgary’s future but also demonstrate its resilience and adaptability in a rapidly changing world.

🌐 Sources