https://sheldonyakiwchuk.substack.com/p/things-arent-as-bad-as-i-thought

Calgary Housing Bubble is Already Bursting - nobody is paying attention…

FOR IMMEDIATE RELEASE October 2, 2025

SHELDON YAKIWCHUK SOUNDS ALARM ON CALGARY’S HOUSING MARKET AND REZONING PLANS, WARNING OF HOUSING MARKET INSTABILITY

CALGARY, AB - As advance polling opens across Calgary, Ward 4 independent candidate Sheldon Yakiwchuk is sounding the alarm on the city’s housing direction, warning that political posturing around densification is driving the market and neighborhoods into dangerous territory.

Yakiwchuk says both political parties running candidates this election, Communities First and The Calgary Party, are failing Calgarians by ignoring real data and community voices.

“The two major parties keep pushing top-down densification plans that ignore economic reality,” Yakiwchuk said. “Communities First promises to repeal blanket rezoning, while The Calgary Party wants to keep it another 18 months before adjusting. But Communities First still supports Transit-Oriented Communities - which is just Blanket Rezoning 2.0.”

Yakiwchuk pointed to the proposed TOC project in Dalhousie, where the community faces the loss of 640 parking spaces - despite these lots being full every weekday - to make way for more housing.

“When the community was surveyed, 81% said new developments like this put too much stress on local services and infrastructure, and 79% said TOCs would create more traffic and parking issues,” Yakiwchuk said. “Nearly three-quarters found TOC projects unappealing, and almost half saw no benefit to increased density near transit. The message is clear—residents aren’t being heard.”

Dalhousie Station - Transit-Oriented Community - Preliminary Community Insights.

He added:

“I thought Communities First was about engaging with the community. If they’re pushing ahead despite what residents are saying, they’re no different than the municipal government we’re trying to replace. At least The Calgary Party is being honest, they don’t care what Calgarians want and have no intention of listening when it comes to the densification their party supports.”

Citing recent housing data, Yakiwchuk noted that Calgary is already showing signs of strain: a 7.4% rental vacancy rate, four months of housing supply, and 25,000 new homes in the pipeline, 48% of them rentals.

“We saw what happened in 2016 when vacancy rates peaked at 7% - unfinished developments, declining property values, and empty units,” he said. “History’s about to repeat itself.”

Yakiwchuk also criticized city leadership for neglecting infrastructure while expanding bureaucracy and taxes.

“We’re losing 20% of our water through leaky pipes, only 38% of roads are in good condition, and we’re short hundreds of police and firefighters,” he said. “Yet administration has greatly outpaced population growth while services are on the decline. This is simply not sustainable.”