Real Estate Indicators Summary

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Real Estate Indicators Summary Housing Starts Date Value Change/Rate (%) Year-to-Date Year-Over-Year C hange; YTD September 2018 Geography 8,919 6.3% Calgary CMA Total Monthly Value of Building Permits Thousands; Year-Over-Year % C hange August 2018 $462,722 7.7% Calgary CMA Major Calgary Projects Billions; Month-Over-Month C hange September 2018 $23.3-0.8% City of Calgary Benchmark Detached Calgary House Price Year-Over-Year C hange September 2018 $493,100-2.97% City of Calgary Downtown Office Vacancy Rate Q3 2018 27.3% City of Calgary Suburban Office Vacancy Rate Q3 2018 22.9% City of Calgary Industrial Real Estate Vacancy Rate Q3 2018 6.5% City of Calgary * Seasonally adjusted, 3 month moving average Sources: City of Calgary Corporate Economics, Statistics Canada, Conference Board of Canada, CMHC, CB Richard Ellis, Calgary Real Estate Board, Alberta Enterprise and Advanced Education, Alberta Major Projects 111

Major Canadian City Comparison Vancouver Edmonton Calgary Saskatoon Toronto Ottawa Montreal Canada Housing Starts YTD August 2018 16,813 7,314 8,085 921 26,508 5,776 14,506 117,458 Total Value of Building Permits (Billions) YTD August 2018 $7.60 $3.44 $3.77 $0.55 $12.03 $2.58 $7.31 $65.46 Downtown Office Vacancy Rate Q3 2018 4.4% 16.5% 27.3% N/A 3.1% 7.5% 9.5% 10.6% MLS Single Detached Benchmark Housing Price August 2018 $1,564,100 $382,400 $477,500 $312,200 $863,900 $429,400 $364,400 $678,600 MLS Composite Benchmark Housing Price Growth 5.2% -2.1% -2.2% -7.2% 1.2% 7.1% 5.9% 3.8% August 2017 August 2018 Source: Canada Mortgage and Housing Corporation, Canadian Real Estate Association, CBRE Limited, Statistics Canada 112

Total Value of Building Permits ($ Billions) Total Value of Building Permits Across Canada $25 43.0% 50% 40% $20 $19.1 23.8% 24.0% 25.3% 30% 20% $15 $10 $9.47 $7.60-6.4% $12.0 $9.60 $7.31 10% 0% -10% Five-Year Growth Rate $5 $5.16 $5.43-24.0% $3.44 $3.77-31.4% $3.40 $2.58-20% -30% $0 $0.95 $0.55 Vancouver Edmonton Calgary Saskatoon Toronto Ottawa Montreal -40% 2017 Total Value 2018 Year-to-Date Total Value Five-Year Growth Rate (2013-2017) Source: Table 026-0021, Seasonally Adjusted, Statistics Canada, August 2018 113

Total Value of Permits ($ Billions) City of Calgary Annual Building Permit Values $7 $6 Note: Number of permits does not include demolition permits. $6.05 (17,944 permits) 35.3% $6.50 (18,350 permits) $6.30 (15,630 permits) 44% 32% $5 $4 $3 $2 $1 $4.47 (16,592 permits) $1.88-1.3% $2.59 $2.61 $3.43 $2.48 7.5% $4.02 $2.62-3.2% $3.67 $4.66 (14,683 permits) $1.85 $2.81 $4.58 (8,119 permits) $2.24-1.8% $2.34 $3.45 (12,350 permits) $1.28-9.3% $2.17 20% 8% -4% -16% Growth Rate Over Previous Year -26.0% $0 2012 2013 2014 2015 2016 2017 2018-28% Residential Non-Residential Growth Rate Over Previous Year (YTD) Source: City of Calgary, September 2018 114

28% Commercial Real Estate Vacancy Rates 27.3% Across Canada High quality space available to lease 24% 22.9% 20% 18.7% 18.1% 16.5% 16% 13.8% 14.7% 12% 10.8% 10.4% 9.9% 9.5% 10.6% 8% 7.0% 7.6% 7.0% 7.5% 4% 4.4% 2.3% 3.0% 3.1% 1.6% 3.4% 4.6% 3.3% 0% Vancouver Edmonton Calgary Winnipeg Toronto Ottawa Montreal Canada Downtown Office Vacancy Rate Suburban Office Vacancy Rate Industrial Availability Rate Source: CBRE Limited, Q3 2018 115

Overall Power SC Enclosed SC Community SC Street Front Neighbourhood SC Big Box Retailer Calgary Retail Vacancy 45,000,000 40,000,000 41,065,241 7.7% 8.0% 9.0% 8.0% 35,000,000 7.0% 30,000,000 6.0% 25,000,000 20,000,000 4.5% 4.1% 3.5% 4.9% 5.0% 4.0% 15,000,000 3.0% 10,000,000 5,000,000 10,452,180 0.7% 8,025,025 8,148,182 6,244,363 4,874,791 3,320,700 2.0% 1.0% 0 0.0% Total Area (SF) Vacancy Rate (%) Source: Barclay Street, Q3 2018, *Shopping Centre (SC) 116

Average Rental Rate (per square foot per year) Commercial Real Estate Net Rental Rates $40.00 $35.00 $34.99 Across Canada $32.91 Lowest downtown office Class A net rental rates compared to other markets $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $23.64 $21.11 N/A $11.74 $10.01 $16.28 $19.02 $7.34 $23.83 $22.10 $21.36 $17.64 $17.55 $16.25 $15.06 $9.40 $6.68 $7.48 $5.64 $0.00 Vancouver Edmonton Calgary Toronto Ottawa Montreal Canada Downtown Office Average Class A Net Rent Suburban Office Average Class A Net Rent Industrial Average Net Rent Source: CBRE Limited, Q3 2018 117

Square Feet Office Space Absorption Across Canada 1,000,000 905,107 800,000 600,000 598,458 400,000 200,000 59,854 121,135 193,640 119,614 58,099 85,971 264,952 230,368 209,941 53,070 0-39,272-39,075-200,000-133,700-142,388 Vancouver Edmonton Calgary Winnipeg Toronto Ottawa Montreal Canada Downtown Office Absorption Suburban Office Absorption Source: CBRE Limited, Q3 2018 118

Square Feet 16,000,000 Industrial Space Absorption Across Canada 14,000,000 13,718,685 12,000,000 10,000,000 8,000,000 6,000,000 6,170,514 4,000,000 2,000,000 1,459,405 1,860,208 2,393,315 0 285,598 164,557 195,366 Vancouver Edmonton Calgary Winnipeg Toronto Ottawa Montreal Canada Source: CBRE Limited, Q3 2018 119

Square Feet Under Construction Downtown Office Space Under 12,000,000 Construction Across Canada 9% 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 8.0% 1,916,693 4.1% 650,000 1.0% 430,000 6.9% 6,046,938 2.5% 1,104,701 10,340,095 4.0% 8% 7% 6% 5% 4% 3% 2% 1% Percentage of Inventory Construction Represents 0 Vancouver Edmonton Calgary Toronto Montreal Canada 0% Downtown Office Under Construction Percentage of Downtown Inventory Construction Represents Source: CBRE Limited, Q3 2018 120

Square Feet Under Construction Suburban Office Space Under Construction Across Canada 4,000,000 5% 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 3.4% 822,531 1.6% 0.8% 0.2% 81,758 39,495 58,000 1.0% 744,366 3.4% 1,026,440 3,633,254 1.7% 4% 3% 2% 1% Percentage of Inventory Construction Represents 0 Vancouver Edmonton Calgary Winnipeg Toronto Montreal Canada 0% Suburban Office Under Construction Percentage of Suburban Inventory Construction Represents Source: CBRE Limited, Q3 2018 121

Square Feet Under Construction Industrial Space Under Construction Across Canada 25,000,000 3.5% 20,000,000 15,000,000 10,000,000 5,000,000 2.5% 4,758,636 1.1% 1,549,322 2.9% 3,914,442 0.1% 0.7% 5,646,457 0.5% 1,522,000 19,512,099 1.1% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% Percentage of Inventory Construction Represents 0 88,200 Vancouver Edmonton Calgary Winnipeg Toronto Montreal Canada 0.0% Industrial Under Construction Percentage of Industrial Inventory Construction Represents Source: CBRE Limited, Q3 2018 122

$12.00 $10.00 Estimated Residential Property Taxes per $1,000 of Assessment FIGURES IN THIS CHART ARE CALCULATED BY MULTIPLYING THE RESIDENTIAL TAX RATE BY 1000 TO GIVE THE TAXES PAID PER $1,000 OF ASSESSMENT. WHERE MILL RATES ARE APPLICABLE, THE MILL RATE IS MULTIPLIED BY THE MILL RATE FACTOR BEFORE CALCULATING THE RATIO. $10.68 $9.88 Lower residential property taxes than other markets in Canada $8.51 $8.48 $8.00 $6.50 $6.62 $6.00 $4.00 $2.55 $2.00 $0.00 Vancouver Edmonton Calgary Saskatoon Toronto Ottawa Montreal Source: Altus REALpac, 2017 123

Year-to-Date Housing Starts Across Canada and their Five-Year Averages 25,000 22,103 20,000 18,237 15,000 13,714 11,816 12,863 10,000 9,097 5,000 0 6,349 5,401 5,067 5,369 3,429 3,885 4,405 3,466 3,804 3,099 2,716 3,653 1,972 3,062 3,315 772 1,643 478 443 1,432 1,752 853 Vancouver Edmonton Calgary Saskatoon Toronto Ottawa Montreal Detached Housing Starts YTD Multi-Family Housing Starts YTD Detached 5-Year Average (2013-2017) Multi-Family 5-Year Average (2013-2017) Source: Canada Mortgage and Housing Corporation, August 2018 124

$225,100 $201,200 $382,400 $297,100 $257,100 $312,200 $225,200 $174,100 $330,000 $293,900 $256,600 $283,200 $477,500 $429,400 $364,400 $283,100 $426,800 $410,500 $563,000 $505,500 $391,100 $345,600 Benchmark Resale Price $501,900 $472,500 $695,500 $678,600 $625,400 $846,100 $863,900 $764,800 $1,083,400 $1,564,100 Current Benchmark Resale Housing Prices $1,800,000 Across Canada Affordable housing prices $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 Vancouver Edmonton Calgary Saskatoon Toronto Ottawa Montreal Canada Single Detached Townhouse Apartment All Housing Types Source: Canadian Real Estate Association, August 2018 125

Growth Rate Year-Over-Year Growth in Benchmark Resale 20% Housing Prices Across Canada Balanced housing market 14.4% 15% 10% 5% 8.7% 11.0% 9.7% 5.2% 7.8% 5.2% 5.7% 7.1% 5.9% 5.9% 5.8% 8.5% 5.2% 0.4% 1.2% 1.0% 3.8% 0% -5% -3.2% -2.2% -1.3% -2.4% -2.3% -2.1% -3.1% -3.0% -1.9% -5.8% -7.2% -1.6% -10% -15% -12.3% -14.1% Vancouver Edmonton Calgary Saskatoon Toronto Ottawa Montreal Canada Single Detached Townhouse Apartment All Housing Types Source: Canadian Real Estate Association, August 2018 126

Average Price / Qualifying Income $260,400 $290,500 $302,800 $436,200 $562,500 $516,300 $474,700 $407,200 $331,300 $454,800 $662,600 $620,700 $1,044,600 $1,582,200 Housing Affordability Across Canada $1,800,000 $1,600,000 $1,400,000 Average Price - Single-Family Detached Average Price - Standard Condominium Single-Family Detached Affordability Measure Standard Condominium Affordability Measure 140% 120% 100% $1,200,000 $1,000,000 $800,000 $600,000 80% 60% Affordability Measure 40% $400,000 $200,000 20% $0 Vancouver Edmonton Calgary Toronto Ottawa Montreal Canada 0% Source: RBC Economics, Q2 2018 127

Average Rental Rate Average Two-Bedroom Apartment Rent & $2,000 Vacancy Rates Across Canada 12.0% Calgary is 19.3% more affordable than Vancouver and 11.2% more affordable than Toronto. 9.6% 10.0% $1,600 $1,552 Affordable and higher vacancy rates than other CMAs $1,404 $1,200 $800 $1,215 7.0% $1,247 6.3% $1,082 $1,232 $782 $1,021 8.0% 6.0% Vacancy Rate 4.0% 2.8% 2.7% $400 1.7% 2.0% 0.9% 1.0% $0 Vancouver Edmonton Calgary Saskatoon Toronto Ottawa Montreal Canada CMAs 0.0% Average Two-Bedroom Apartment Rental Rate Overall Apartment Vacancy Rate Source: Canada Mortgage and Housing Corporation, Fall 2017 (Updated Annually) 128

Average Rental Rate $3,000 Average Two-Bedroom Condo Rent & Vacancy Rates Across Canada Calgary is 19.7% more affordable than Vancouver and 34.3% more affordable than Toronto. 8.0% $2,500 6.9% $2,301 $2,301 7.0% 9.0% More affordable and higher vacancy rates than most other CMAs $2,000 $1,874 6.0% $1,500 $1,000 $1,346 $1,512 3.8% $1,566 2.9% $1,180 $1,421 5.0% 4.0% 3.0% Vacancy Rate 1.8% 1.6% 2.0% $500 0.6% 0.7% 0.7% 1.0% $0 Vancouver Edmonton Calgary Saskatoon Toronto Ottawa Montreal Canada CMAs 0.0% Average Two-Bedroom Condominium Rental Rate Overall Condominium Vacancy Rate Source: Canada Mortgage and Housing Corporation, Fall 2017 (Updated Annually) 129

Calgary LEED Buildings Canada ranked 2 nd globally in LEED-certified projects. Since 2003 all new City of Calgary buildings meet or exceed the LEED silver level rating. 448 12 79 80 LEED LEED LEED LEED Buildings Platinum Gold Silver Source: The City of Calgary, 2018; Canada Green Building Council (CaGBC), 2018; U.S. Green Building Council (USGBC), 2018 130

Calgary Major Projects September 2018 Developer Project Description Project Cost $ Millions Timing Status City of Calgary Green Line LRT $4,650.0 2020-2026 Proposed WAM Development Group / AIMCo StoneGate Landing $3,000.0 2010-2021 Under Construction Calgary Sport and Entertainment Corp. CalgaryNEXT Multisport Fieldhouse Stadium $1,800.0 Commencing 2021 Proposed City of Calgary Crowchild Trail Project $1,550.0 Commencing 2017 Under Construction Government of Alberta / Alberta Cancer Foundation Calgary Cancer Centre $1,400.0 2017-2023 Under Construction Maple Projects Inc. Highland Park Redevelopment $1,000.0 Proposed Oxford Properties Oxford Airport Business Park $500.0 2011-2019 Under Construction Shepard Development Corp. Shepard Suburban Office Campus $500.0 2014-2019 Under Construction ATCO Pipelines Calgary Urban Pipeline Replacement Project $450.0 2017-2018 Under Construction Telus / Westbank / Allied Properties Telus Sky Mixed-Use Tower $440.0 2014-2018 Under Construction Source: Alberta Major Projects, Government of Alberta 131

Alberta Major Projects September 2018 Sector Number of Projects Total Value of Projects $ Millions Agriculture and Related 13 $907.8 Biofuels 3 $1,970.8 Chemical 2 $7,500.0 Commercial 48 $2,655.6 Forestry and Related 0 $0.0 Industrial 14 $2,281.8 Infrastructure 175 $21,510.3 Institutional 135 $9,572.7 Metals 4 $875.0 Mixed-Use 28 $13,613.1 Oil and Gas 11 $9,998.5 Oil Sands 21 $54,713.0 Pipelines 13 $32,745.0 Power 19 $11,535.5 Residential 79 $5,355.1 Retail 15 $374.4 Telecommunications 7 $1,264.4 Tourism / Recreation 93 $5,495.1 Total 680 $182,368.1 Source: Alberta Major Projects, Government of Alberta 132

Why Calgary Built-in Incentives, Favourable High Enviable Competitive Real Estate Quality Lifestyle Tax Rates Market Talent 133

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