Genesis Land Development Corp. has just closed a deal for another huge parcel of residential land in Calgary, buying 460 acres in southwest Calgary for $25.8 million.
Calgary-based Genesis will provide a non-refundable $1-million deposit with an additional $6.8 million due on the transaction’s November 20, 2023 closing date. The remaining balance will be paid in equal installments over the next four years, starting in 2024.
“This acquisition is a continuation of Genesis’ growth strategy and illustrates the company’s long-term commitment to the Calgary residential housing market,” said Iain Stewart, the company’s president and CEO in a statement.
This follows the purchase of 230 acres in northwest end of the city in 2019, where Genesis broke ground this June on its Lewisburg subdivision, with more than 1,000 homes, in a joint venture with two Calgary homebuilders.
The recent purchase in the southwest, announced September 20, 2023, is within the City of Calgary’s Future Urban Development (FUD) zone, where land is awaiting development.
Calgary currently has 41,500 acres in FUD zones—enough land, potentially, for tens of thousands of homes, based on the city’s recent strategy to expand multi-unit residential zoning.
The Calgary housing market is currently on a roll with August sales hitting a record high of 2,729 transactions during the month, according to the Calgary Real Estate Board. However, inventory levels are also dropping, according to the board data.
Calgary council approved a Home is Here strategy this September that, among other changes, will allow near-blanket zoning for higher-density housing on residential land right across the city.