Real estate investors in Alberta know all-too-well that politics can, and do, influence property values, building, and even rental housing markets.
But there’s a wild card coming in that we haven’t seen before. Naheed Nenshi just became the leader of the Alberta NDP party. For our readers who aren’t from around here, the current party leading the province is led by Danielle Smith, of the United Conservative Party. In very general language, this party leans quite far to the right. In the opposing corner, the previous NDP leader was Rachel Notley; again, in very general language, she led a political philosophy that was leaning to the left. So, this meant that Alberta voters could choose left or far-ish right. There were technically other parties on the ballot boxes, but for most of the province, citizens had 2 choices.
Then Rachel Notley decided to pursue other interests, and stepped down.
Naheed Nenshi was known as the Mayor of Calgary from 2010 to 2021; he is a Harvard grad, well-spoken, and already politically savvy. He was associated with the colour purple: mixing the red (liberals) and the blue (conservatives) –during his tenure as mayor. Mr Nenshi has also stated that, “purple has many shades of meaning and the colour also symbolizes not being defined by one’s tribe during an “extremely divisive” time.” https://calgary.ctvnews.ca/purple-politician-goes-orange-former-mayor-nenshi-vying-for-alberta-ndp-leadership-1.6803175. In addition, he has acknowledged that he has a more “central” political view point. There are already discussions about the Alberta NDP cutting ties with the Federal NDP. Bottom line: the Alberta “orange” party has a new flavour.
What this means is that people who don’t lean as far right as the UCP, might be drawn to Naheed Nenshi’s leadership. AND people who don’t usually lean as far to the left as the traditional NDP, might also be drawn to a more central character. Good or bad as our next Premier? I have no idea. But I strongly suspect the Provincial Legislature may not have the dramatic majority that this province is so well known for.
At this point, the next provincial election is likely October of 2027. We are expecting that in the fall of 2025, Calgary will have its first municipal election with political parties. And federally? Well that election is currently anticipated for the fall of 2025.
What will this all mean to real estate investors? Well, don’t believe the mud-slinging that has already commenced! No one really knows yet.
We keep our heads down, work hard, and control the things we can as builders and real estate investors. This week was about gaining some expertise in soil conditions for our foundations. But … we are also listening for potential shifts in policy and/or the political landscape. We’ll be ready to adapt when the next round of changes emerge.
In the meantime, hope y’all find some beautiful sunrises and/or sunsets on this Canada Day long weekend!
