Calgary's Office-to-Home Conversions Offer New Housing Path Amid Crisis
Frey Gander was scrolling through real estate listings in early 2024, watching his hopes for a decent apartment fade, when a unique opportunity emerged—be among the first residents in a residential complex that was once a Calgary office tower.
A City Transformed by Migration and Housing Pressures
It was a challenging period to secure housing in Calgary. Migrants from across Canada and beyond had been flocking to the city in large numbers, driving population growth in Canada's fastest-growing urban center to over 100,000 people in 2023 alone. The city, which faced a population decline after the 2014 oil crisis, was on track to reach two million residents by the end of the decade.
The vacancy rate for apartments had plummeted to just 1.4 percent in early 2024. Rents had skyrocketed by nearly 20 percent according to some estimates, with the median price for a one-bedroom apartment exceeding $1,800 per month.
Personal Struggles in a Tight Market
Gander, who lived in the Guardian twin towers in downtown Calgary—a high-rise constructed in 2016—saw his monthly rent increase from $1,200 to $1,800 within a single year. As a graphic designer for the real estate investment firm Mainstreet Equity, he had anticipated the financial shock. Yet nothing could prepare him for the profound uncertainty surrounding finding an affordable place to live.
Convinced he "was never going to find a nice apartment" on his own, Gander partnered with a friend's cousin to search for housing options. In February 2024, he inspected a recently converted two-bedroom unit in a building that wasn't yet fully operational.
The Cornerstone Conversion: From Office Tower to Home
The unassuming tower, previously known as the SNC-Lavalin building, had been transformed into the Cornerstone residential complex at 5th Avenue and 8th Street S.W. Wearing a hard hat, Gander walked through carpeted hallways still wrapped in protective plastic. He noted the units were smaller than previous apartments he had viewed, but appreciated their sleek countertops, cabinets, and flooring.
No one had ever lived in these units before, and the rent was slightly more affordable at $2,050 monthly, which Gander would split with his future roommate. The location offered walking distance to all essential amenities, eliminating his need to drive everywhere.
Global Recognition for Innovative Urban Solutions
Gander took the opportunity, becoming a resident in one of the earliest projects that would eventually draw international attention to Calgary's innovative approach. While the city's residential housing pool was shrinking dramatically, numerous office spaces remained vacant, a lingering consequence of pandemic-induced remote work trends.
The vacancy problem traces back to 2014 when the energy crisis triggered an exodus of companies from Calgary. However, the true explosion of empty office units occurred during COVID-19, when vacancy rates reached 33 percent in 2021—a dramatic increase from the 9.8 percent recorded in 2014.
Calgary's office-to-residential conversion program has emerged as a globally recognized solution, breathing new life into abandoned commercial spaces while providing much-needed housing during a critical shortage. This innovative approach not only addresses urban vacancy issues but also creates sustainable living environments for residents like Frey Gander, who found an unexpected path to affordable housing in the heart of downtown.
