2026 Calgary Olympics: Container Homes Feasibility Pitch Book

2026 Calgary
Olympics:
Container Homes
Feasibility Pitch Book

Entrepreneurship & Innovation 401
Instructor: Kris Hans
Date of Submission: Nov 20, 2018
Prepared By:
Akbar Ali
Kyle Huang
Karthi Karunakaran
Pouyan Shojaei
Corey Yang-Smith
Baiqian Zhong

Executive Summary
3
To tackle growing concerns surrounding the lack of affordable housing in Calgary, while also attempting to
combat the lack of sustainable practices in the housing industry, an idea to utilize shipping containers to
build cheaper and multi-purpose homes was investigated.
Initially serving as hospitality hubs for the 2026 Winter Olympics in Calgary and later as affordable housing,
it was established that there is a dire need for such homes, as The City not only has the lowest amount of
purpose-built rental housing across all major Canadian cities. Simply to meet the average, the number of
affordable homes would need to double. Thus, containers would drastically reduce the costs of meeting
this demand surplus, and furthermore, can be leveraged to foster the mission of making life better through
housing.
Financially speaking, we are forecasting that to build 2,000 container homes by 2025, we will breakeven in
2031 with profits reaching $39.6 million by 2036. The greatest risk for our project would be the initial capital
requirements, but with funding help from other levels of government and the IOC, we are confident that this
would be an excellent investment. The financial feasibility is further reinforced by the fact that many of these
costs would be covered by tourists and athletes during the games, as well as, rental income thereafter.
With low competitors, and a society increasingly demanding environmentally friendly and socially beneficial
alternatives, our idea is feasible from a market standpoint. We have thus concluded that executing this
project would fulfil social and financial aims for the City of Calgary, and is therefore feasible.

Table of Contents
4
Project Overview 05
Market Overview 07
Business Model 14
Financial Analysis 21
Critical Risks 25
Conclusion 28
Appendices & References 30

Introduction
6
In the 2018 Citizen Satisfaction Spring Pulse Survey, affordable housing was Calgarians' top priority for investment, with 93% of
residents supporting the case. This demand is reinforced by the fact that Calgary is far behind other Canadian cities in total number of
such housing units, but has recently made it a top priority. To facilitate this mission, our group has envisioned the beginning of a new,
sustainable Calgary by using shipping containers and turning them into hotels, and eventually affordable, social housing.
The following is a thorough analysis
that concludes that our idea is indeed
feasible from every perspective and
could greatly benefit the City of
Calgary in fostering its vision and
goals.
It cannot be denied that sustainability
has become a fueling demand of
citizens worldwide, and a city that is
ranked as the most livable city in
North America, should capitalize on
this opportunity at a time when all
eyes would set on Calgary, the
proposed 2026 Winter Olympics.
A new take on the Olympic
Village…

Overview of the Olympics
History
The Olympics is a global event that has been going on for over 120 years. It comes with a rich history and carries nationalistic pride to
each participating country. In the most recent PyeongChang 2018 Winter Olympics, almost 3,000 athletes participated from over 92
countries.
There are typically dozens of different events at the Olympics, with new events being added and exchanged frequently.
1988 Calgary Winter Olympics
Calgary has previous hosted the 1988 Winter Olympics, at which time, it was one of the most expensive Olympic Games ever hosted;
however, Calgary managed to turn a net profit with its record television and sponsorship revenue, which helped catapult Calgary to
become the elite winter sports capital of Canada.
Apart from the construction of various infrastructure and generating a net profit, Calgary also received a wealth of social and economic
benefits that have lasted long past the duration of the Olympics. It was found that because of the facilities that were created for the
Calgary Winter Olympic Games, over 200 events were able to be hosted in Calgary since 1988.
8

Overview of the Olympics
Cost Overruns
Traditionally, the Olympics has seen cost overruns, since indirect costs are seldom considered during the planning phase of the games.
9
Event Percentage (of Overrun)
Average Overrun of Olympic Games 109%
1988 Calgary Winter Olympics 59%
2010 Vancouver Olympics 17%
When Calgary hosted the Olympics in 1988, the cost overrun was below the significantly below the average. It can be argued that this
overrun was attributed to the new infrastructure that was required to host the games. For the proposed 2026 Olympics, the overrun can
be mitigated, since we can reuse existing infrastructure for the games.
However, cost overruns can affect the long-term legacy of the games, as the tax payers will have to cover the costs beyond 2026.

Overview of the Olympic Village
Housing Budget
As per the Bid Corporation, $490M CAD is allocated in the current budget for housing. This housing will be for
the athletes and officials, which will subsequently be converted to affordable housing after the Olympics.
Olympic Village & Affordable Housing
When it comes to housing options for the Olympics, it is unclear as to what options are available for the City of
Calgary from which to choose. Since it is still early in the bid development process, it is likely that the
information and numbers provided are budgetary. Accurate information, including detailed costs, is still yet to
come.
The current Calgary Bid plans to convert aspects of the housing to ~600 affordable housing units and ~200
seniors housing units, post 2026 Olympics.
10

Target Market
11
Olympics Phase
During the Olympics, the proposed container homes will serve as the temporary housing for approximately 2,900 Olympic athletes and
team members from over 92 nations that will compete in the 2026 Olympic Games.
Operating like a hotel, our service would provide a comfortable residence, offering daily amenities like cleaning and laundry services during
their stay.
Post-Olympics Phase
After the Olympics are finished, we will convert these units into affordable homes options for Calgarians.
During this phase, there are two options that our company could pursue:
1. Sell the units directly to Calgarians seeking affordable housing, or through real estate firms.
2. Maintain ownership of the units and rent it to out to low-income Calgarians.
With well over 1.2 million individuals residing in the City of Calgary and a 1.2% population growth rate annually, the income needed to
afford average rent for a two-bedroom apartment is approximately $53,000. Affordable housing is in high demand, since (1) there are more
than 3,200 Calgarians who are homeless and (2) less than 50% of Calgary communities have affordable housing. Therefore, we will be
targeting individuals who are making less than $60,000 per annum and pay more than 30% of gross income on shelter cost.
Ideally, we would like to pursue Option #2 to ensure the long-term profitability of our venture.

Competition
12
Olympics Phase
There are three known container home builders in Alberta, but many worldwide. Honomobo, Blocks Container Structures, and 3Leafs
operate in Alberta and manufacture modular homes to consumers, as an alternative to conventional property structures for residential,
commercial, and industrial use.
By entering the industry, we pose as a potential threat to the three respective companies, as these companies will be competing with us
for market shares. Potential entrants must be licensed to demonstrate that they are in good financial standing, as well as, prove the
necessary competencies and skills to work in construction of homes.
Post-Olympics Phase
There are a few competitors in the affordable housing market. Our primary competitors include the Calgary Housing Company (CHC), a
subsidiary of the City of Calgary that provides affordable housing options, as well as, private tenants that rent their homes for an extra
stream of income.
It is unknown how many individual tenants exist in the City of Calgary, but upon research, we have concluded that the CHC manages
homes for over 10,000 household and 25,000 tenants. Potential entrants like us will be a threat to other businesses, due to the possibility
of forcing the rental prices to go down.
This industry is relatively easy to enter, but for failing companies, it is also easy to exit the industry by selling off the assets.

Market Trends
13
Affordable
Housing
Simple Living
Tiny Homes
Environmental
Consciousness
Tiny Homes Movement
One of the market trends is the movement towards living in smaller homes. The
benefits include a low cost of living, simplicity, sustainability, with an emphasis on
environmental consciousness. Since the houses are smaller, they are significantly
cheaper and more affordable. About 68% of tiny home owners have no mortgage,
compared to only 29.3% of US Homeowners who are mortgage free.
Demographics
Approximately 2/5 of every time homeowner is over the age of 50. This falls in line
with the expected ~200 subsidized senior housing. With a rising percentage of
seniors in Canada, this type of housing may be beneficial, both economically and
environmentally.
City of Clovis
The City of Clovis (California) is implementing a plan to construct 1,000 efficient tiny
homes over the next two years. The houses planned for construction are less than
400 sqft. One of their strategies with this form of housing is to create a more age-
inclusive city.

Business
Model
Proposal &
Value
Proposition
Operating
Model
Customer
Segmentation
Revenue
Streams
Cost
Structure
Stakeholders
15

Proposal & Value Proposition
Proposal
Our proposal is to use reuse shipping containers and construct the Olympic
Village for the proposed 2026 Winter Olympics in Calgary.
The business model for this idea is centred on two key phases that will be
implemented before and after the Olympics:
1. The first phase would consist of using shipping containers to construct the
Olympic Village for the athletes in Victoria Park.
2. The second phase would be to rent or sell the units, as part of an affordable
housing initiative to Calgarians.
Value Proposition
The primary value proposition for this idea is the fact that the Olympic Village
can leave a lasting legacy in the City. Not only can the Village be constructed in
an eco-friendly and sustainable manner, the homes can be used after the
games for social housing. This is a win-win for all stakeholders.
The reason this business idea tends to create more value than other affordable
housing options is that with container homes, upfront costs are lower and
buildings have the flexibility of being modular. This means that the homes could
be modified to meet the needs of the end-users.
Lastly, the relocation ability of the homes should be taken into account. Given
that the base structure of these houses are containers, the homes can be
relocated within the City if and when required.
16

Operating Model
2026 Winter Olympic Games
During the Olympics, these housing units will serve as the temporary residence for
the athletes that will participate in the games.
During the Olympic-phase, the business model for container homes would be very
similar to hotel apartments. Essentially, the athletes would specify the length of their
stay and would reserve an unit using our website. Some may opt to leave as soon
as their games are finished, while others may want to stay for the entire duration of
the games.
As part of our operating model, we will offer daily amenities like cleaning and
laundry services for the duration of the games.
Post Olympics
Once the Olympics are over, these housing units
will be converted to affordable homes for
Calgarians.
Two potential operating models exist during this
phase:
1. The company maintains ownership of the homes
and rents them out to low-income tenants.
2. The company sells each individual unit to potential
home buyers or real estate firms.
Ideal Scenario
Maintaining ownership would be the most ideal
path forward, as it would generate fixed rental
income; however depending on market
conditions, selling the properties could also be a
strategic move. The ultimate decision on which
path to take would depend on economic climate
in Calgary.
For simplicity, it is assumed that the Post-Olympic
strategy would be to rent out the homes, rather
than selling them.
17

Customer Segmentation & Revenue Streams
During Olympics Post Olympics
Customer
Segmentation
During the Olympics, the target market would
be segmented into three different categories:
athletes, teams, and fans travelling from other
cities or countries. Since the number of
container homes would be limited, priority will
be given to athletes and teams.
After the Olympics, the target market for these
housing units would be low-income Calgarians
who are seeking affordable housing. A potential
strategy could be to target the City of Calgary and
sell these homes as housing options for the
homeless.
Revenue
Streams
During the Olympics, the container homes will
be treated as temporary hotels; therefore, the
source of revenue would be from the nightly
hotel fees, paid by each visiting nation. A
single housing unit is expected to
accommodate two individuals, and so, the
nightly fees per room would be $53.49 / night.
Once the games are finished, the revenue
structure would depend on rental income.
Therefore, the source of revenue would be fixed,
with monthly rental income flowing into our
company. The profit margin would be around 70%,
with the monthly revenue around $802.40 / unit /
month.
18

Cost Structure
Foundation Insulation
External
Cladding
Utilities & Other
Services
The primary cost breakdown of implementing this business idea includes the following: purchasing the
containers, foundation cost, insulation cost, external cladding cost, and the cost of municipal tie-ins (electricity,
gas, water, and wastewater). The purchasing cost of the container would depend on the type of container and
the condition of the container (new or used). Container types breakdown to four main categories: 20-foot
Standard Container, 20-foot High Cube Container, 40-foot Standard Container, and 40-foot High Cube
Container. Prices vary depending on the type and condition.
The insulation cost would
mainly depend on the type
of insulating material used.
Given that the weather is
unpredictable in Calgary,
polyurethane foam spray
insulation is ideal, which
would cost around $3.00
per square foot.
The foundation cost would be highly
dependent on the type of the land and less
so on the construction techniques. There
are three main choices for foundation of
container housing, which are pier, strip,
and slab. Based on the Calgary’s soil
conditions and the structure of these
containers, a slab foundation would be the
ideal choice as it would provide a fixed
connection. The cost of implementing the
slab foundation would be $5,900 for 40-
foot and $2,950 for 20-foot container
design.
External cladding cost would
depend on the material used. In
general, there are two options
available for external cladding of
container homes, which are
stucco and timber. Based on
Calgary’s weather, stucco would
be the ideal option, as it provides
the necessary protection against
the elements. Implementation
cost of stucco cladding would be
around $10 per square foot.
During the Olympics, utilities and other
services (cable, internet) would be
required, and therefore, there would be a
variable cost associated with this offering.
Post Olympics, the homes will be rented.
Thus, the cost of utilities and other
services will be rolled into the monthly
rental cost and charged accordingly.
Aside from utilities, garbage and recycling
would also have to be considered.
19

Stakeholders
International
Olympic
Committee
City of
Calgary
Bid
Corporation
Construction
Contractors
20
It is our hopes to secure the
initial funding from the
International Olympic
Committee (IOC) to construct
the Olympic Village. Therefore,
cooperation with the IOC is
required to ensure the
successful implementation of
the Project.
The City of Calgary will
provide the land for the
development of the Olympic
Village. Consultation with
The City is essential before
and after the games.
The Bid Corporation will
distribute the funding for the
games and oversee the
logistics and schedule for
the deployment of the 2026
Olympics. Therefore, the
Olympic Village will have to
be delivered to them on-
budget and on-time.
We will need to have sound
working relationships with
construction contractors to
ensure that the container
homes are built according
to specifications, especially
on-budget and on-time, to
meet the deadlines of the
games.

Pricing Strategy
Cash
Flow
Risks
Ten Year
Projection
22

Pricing Strategy & Cash Flow Risks
Pricing Strategy
The most applicable pricing strategy for this business model is cost-based pricing. Essentially, we will assess the total direct costs of each
housing unit and add a certain percentage as the profit margin.
With this strategy, the primary method of ensuring profitability would be by adjusting the price to a level which ensures a fair and
sustainable profit margin. Based on the financial models used to assess the feasibility of this idea, a profit margin of 70% would be suitable
(Appendix A - Financials). Not only will this ensure the financial viability of the project, but it will also allow for affordable housing once the
games are finished.
Based on this profit margin, the price of accommodation during the Olympics would be $53.49 per night. Using the same pricing strategy,
the monthly rent was calculated to be $802.40 per housing unit.
Cash Flow Risks
The primary risk that will affect cash flow would be the initial capital requirements.
According to the CBC (2018), Calgary is in need of 4,000 affordable housing units. Assuming that two people could comfortably live in a
40-foot High Cube Container, it would mean that 2,000 container homes would be able to fulfill the affordable housing needs of Calgary.
Based on our cost estimation model, this would cost roughly around $47.2M CAD to construct 2,000 container homes. Given that the
initial capital investment is quite substantial, the significant cash flow risk would be the financing of this project.
As per the Bid Corporation, the assigned budget for housing during the Olympics is $490M. The implementation of this project would only
require 9.6% of the assigned funding. Therefore, if the $47.2M can be secured for this project, it will be viable for implementation.
23

Ten Year Projection
If the funding is unavailable for the project from the Bid Corporation
for unforeseeable reasons, upon completion of the Olympic Village,
our company will be in debt by $47.2M CAD due to financing.
It is assumed that the project will be completed by the end of 2025
and ready for the Olympics in 2026. During the Olympics, the
projected revenue from using the housing units as temporary
residences would be around $2.3M CAD. Once the games are
finished, assuming that it will take 3 months to rent out the homes,
the projected revenue from rental income for the remainder of 2026
is $5.3M CAD.
Starting in 2027, the annual revenue would remain constant, which
is projected to be $7.9M CAD from the 2,000 container units. Based
on this figure, our company is expected to breakeven by middle of
2031. By the end of 2036, our company is projected to make
$39.6M CAD in profit.
24

Cost Overruns
26
Although container homes were chosen for their cost effectiveness and environmental considerations, there are five factors that lead to cost
overruns during the implementation of the project.
Structural – Although the containers are made of steel, only the corners are strong and the roof is considered to be weak. Therefore, sufficient
reinforcement that meets building codes is required when stacking containers and/or to support snow loads. Similarly, any modifications to the
walls, such as the installation of doors and/or windows require reinforcement, since the corrugated steel walls are important to the structural
integrity of the container. Lastly, a proper foundation needs to be poured, such as a shallow basement, to prevent frost heaving in Calgary. With
these considerations, the true construction cost can exceed projected financial models.
Interior Insulation – To ensure that these homes can withstand Calgary’s winters, sufficient insulation is required. If exterior walls are
constructed, this would defeat the natural aesthetics of container homes. Conversely, if interior walls are framed, this would minimize the living
space. Therefore, a thin layer of insulation, with an high insulation capacity, such as polyurethane foam spray, is a potential solution that can
maximize space and minimize heat loss. This, however, is expensive.
Municipal Utilities - Connections to Calgary’s water and wastewater tie-ins will be required for each unit. Not only will tie-in fees have to be
considered during implementation, piloting holes in the corrugated steel for tie-ins will require reinforcement. Likewise, internal HVAC systems
for heating and cooling are required to support the summer and winter months in Calgary. Not only will this minimize headspace due to ceiling
ductwork, this introduces costs that are typical of traditional homes.
Environmental Hazards – Reusing containers to construct homes is the environmentally-conscious solution; however, there may be
environmental hazards within these containers that may need to be cleaned, prior to human habitation. Therefore, the cost of sanitizing the
containers may exceed the cost of purchasing new containers, at which point, this will defeat the objective of the environmental sustainability.
Stacking & Height Restrictions - It has been proven that containers can only be stacked 9 stories high. While this can provide density and
minimize land requirements, significant welding will be required, which can be expensive. Stacking would also require a proper foundation to be
built, to ensure that the loads can be transferred from the structure to the ground. Cranes that can lift containers will also have to be sourced
during construction.

Calgary Plebiscite
27
Background
One of the fundamental critical risks that can undermine the viability of this project is the Calgary Plebiscite.
If Calgarians vote against the 2026 Winter Olympics, the bid will be cancelled by the City Council, which will eliminate Calgary as one of the
three contenders to host the Olympics. For this project in particular, this would pull the necessary start-up funding to construct the Olympic
Village using container homes.
Plebiscite Update
A non-binding plebiscite was held on November 13, 2018, in the
City of Calgary. Approximately 56% of voters opted to vote
against hosting the 2026 Winter Olympics in Calgary, citing lack
of transparency with the bid process and stagnant economic
conditions. Following the plebiscite, City Council voted
unanimously on November 19, 2018, to kill the Olympic bid.
Due to this plebiscite, the viability of this project is uncertain.
Although container homes can be built based on the financial
models, regardless of the Olympics, support from The City is
uncertain.
At best, this may delay the project, and our company will have to
lobby The City to ensure that these homes can be built to serve
purely as affordable housing units; however, financing must be
sought to make this project viable.

Conclusion & Recommendations
29
Upon completing our analysis, we have concluded that our proposed idea is not only feasible, but promising,
considering the financial projections. Although the recent plebiscite has effectively ended the City of Calgary’s bid to
host the 2026 Winter Olympics, we believe that this project can still be viable, if we can lobby the varying levels of
government to support this initiative to meet the demand for affordable housing.
At this point, the critical factors to the success of the business are financing, technical feasibility, and stakeholder
relations. Our 10 Year Projection indicates that we can breakeven in 7 years even with 100% debt financing. If we
can secure part of the capital investment from the municipal and provincial governments, we are confident that we
can breakeven sooner, given that this project can deliver turnkey units competitively than traditional residential
construction.
To address some of the technical challenges surrounding structural reinforcement and insulation requirements, a
detailed engineering study can be undertaken, which can allow us to develop a Class 3 Estimate that can be used
to seek initial funding. This analysis can preemptively address any technical hurdles that may arise during
construction. Ultimately, it will ensure that the project is delivered on-budget and on-schedule.
Though the dreams of the 2026 Winter Olympics may be over, this project could drastically reduce the costs of
meeting the existing demand for affordable housing, and furthermore, can be leveraged to foster the mission of
making life better through housing.

Appendix A – Cost Breakdown
31
Cost Breakdown
Shipping Container Type Cost ($) (New) Cost ($) (Used)
20-foot Standard $3,000.00 $2,100.00
20-foot High Cube $3,200.00 $2,200.00
40-foot Standard $5,600.00 $2,850.00
40-foot High Cube $5,800.00 $2,950.00
Insulation Cost ($/sqft) (High-End) Cost ($/sqft) (Low-End)
Spray Foam Insulation $3.00 $1.75
Panel Insulation $1.45 $0.75
Blanket Insulation $0.30 $0.30
Foundation Cost ($) (40-foot Container) Cost ($) (20-foot Container)
Pier Foundation $550.00 $275.00
Strip (Trench) Foundation $5,400.00 $2,700.00
Slab Foundation $5,900.00 $2,950.00
External Cladding Cost Cost ($/sqft) (High-End) Cost ($/sqft) (Low-End)
Stucco $10.00 $6.00
Timber $3.00 $2.00

Appendix A – Construction Cost
32
Construction Costs
Shipping
Container Type
Square Footage
(sqft)
Spray Foam
Insulation
Slab
Foundation
External Cladding
Stucco
Home
Furnishing
Purchasing
Cost
Total
Cost
20-foot
Standard
150.0 $450.00 $2,950.00 $1,500.00 $5,000.00 $3,000.00 $12,900.00
20-foot
High Cube
150.0 $450.00 $2,950.00 $1,500.00 $5,000.00 $3,200.00 $13,100.00
40-foot
Standard
300.0 $900.00 $5,900.00 $3,000.00 $8,000.00 $5,600.00 $23,400.00
40-foot
High Cube
300.0 $900.00 $5,900.00 $3,000.00 $8,000.00 $5,800.00 $23,600.00

Appendix A – Operating Financials & Expenses
33
Utilities & Other
Services
Cost
($/Month/Unit)
Electricity $183.00
Natural Gas $82.00
Water $40.00
Garbage / Sewer / Recycling $20.00
Internet $47.00
Cable TV $100.00
Total Monthly Cost $472.00
Olympics Phase Financials
Cost of Utilities & Other Services Per Day ($ / Day) $15.73
Profit Margin 70%
Number of People Per Room 2
Cost of Stay Per Night / Per Unit ($ / Night) $53.49
Number of Days for Olympics & Paralympics 30
Revenue from One Unit during the Olympics ($) $1,604.80
Operating Profit from One Housing Unit ($) $1,132.80
Post Olympics Financials
Profit Margin 70%
Rent for One Month ($) $802.40
Number of Individuals / Unit $2.00
Rent ($) / Person / Month $401.20
Annual Revenue from One Unit $9,628.80
Operating Profit ($ / Month) $330.40

Appendix A – Capital Investment Estimation
34
Total Cost of Constructing the Olympic Village
Number of Athletes & Officials 1200
Number of People in Need of Affordable Housing in Calgary 4000
Number of People per Housing Unit 2
Number of Container Housing Units Needed 2000
Number of 20-foot (High Cube) Container Housing Units 0
Number of 40-foot (High Cube) Container Housing Units 2000
Total Cost of Constructing a 40-foot (High Cube) Container House $23,600.00
Total Cost of Constructing the Olympic Village $47,200,000.00

Appendix A – Revenue Projection
35
Projected Revenue (2026 - 2036)
During the Olympics ($) $2,265,600.00
Revenue Post Olympics Year 2026 (8 months of rent) $5,286,400.00
Total Revenue in 2036 ($) $55,507,200.00

Appendix A – Break Even / Cash Flow Projection
36
Year Revenue Cash Flow
2025 0 -$47,200,000.00
2026 $7,552,000.00 -$39,648,000.00
2027 $7,929,600.00 -$31,718,400.00
2028 $7,929,600.00 -$23,788,800.00
2029 $7,929,600.00 -$15,859,200.00
2030 $7,929,600.00 -$7,929,600.00
2031 $7,929,600.00 $-
2032 $7,929,600.00 $7,929,600.00
2033 $7,929,600.00 $15,859,200.00
2034 $7,929,600.00 $23,788,800.00
2035 $7,929,600.00 $31,718,400.00
2036 $7,929,600.00 $39,648,000.00

Appendix A – Break Even / Cash Flow Projection
37

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38
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