Five-month-old baby James gurgles and smiles sweetly as he poses for a photo in his living room on the 26th floor of the Guardian residential tower. The downtown skyline full of skyscrapers serves as the backdrop, the streets bursting with life far below.

No, this isn't New York, Paris or even Toronto, where it is common for families to live in inner-city apartments. James lives in Calgary, a city where families rarely seek out the downtown lifestyle.

The master-planned vision for Calgary's East Village revitalization, launched in the mid-2000s, is becoming a living, breathing reality, now more than ever.

Alain Dupere has lived in East Village since 2011. He's watching the transformation happen one day at a time, observing the changes while he walks to and from work. Dupere, who is also president of the East Village Neighbourhood Association, says that although the area is still under construction, its vibrancy is increasing as more buildings become move-in ready and amenities continue to pop up.

"It's a great place to live and to visit. Anyone can use the amenities in our neighbourhood," he said. "It's becoming a destination for the greater Calgary (area) and beyond, and that's a nice thing."

Some might believe that the excitement around this developing community, and the desire to live and work there, are new phenomena. But according to Harry Sanders, Calgary's former historian laureate, it's not far off from the activities of the space over a century ago, when non-indigenous people first arrived in the area often referred to as the "birthplace of Calgary."

The construction machinery sprawled across a whole city block in Calgary's East Village tells a retail success story.

The 5th and Third development (named for its location at Fifth Avenue and Third Street S.E.) is being constructed and leased by RioCan. The project is two-thirds of the way towards completion and on schedule to open in 2020, says Terri Andrianopoulos, RioCan's national vice-president of marketing and communications.

We've probably all heard someone say they'd love to buy a condominium, but they don't like the idea of paying condo fees.

"We see that $500 condo fee and ask, 'what do I get?' " said Bernice Winter, CEO of Condo Check, a Calgary company that provides condominium services, including document reviews.

Condo owners, sellers and buyers will have more information at their fingertips – and it will be less cumbersome and expensive to access – under new provincial guidelines slated to take effect this July.

So, you've decided a condo is right for your lifestyle and you're pre-approved for a mortgage, but what's the next step?

Viki Fairbairn, a REALTOR® and certified condominium specialist with Royal LePage Benchmark in Calgary, says buying a condo differs from buying a house, so it's important to find the right Realtor to take you through the process.

With Calgary's condo market experiencing a period of oversupply, determining how to make the best deal, whether you're a seller or a buyer, is crucial. That starts with assessing the many factors that can affect a condo's resale value, says Vijay Thankey, a REALTOR® with RE/MAX Realty Professionals.

As Calgary's real estate market continues its recovery from an extended period of recession, there is at least one niche segment that has weathered the storm: lofts.