Purchasing a home as a rental property can be a valuable investment that can pay for your mortgage and generate income while also building equity. A crucial component of a successful real estate investment is keeping rent low enough to be attractive while renting at a price that will meet and exceed your expenses. This can be very difficult to accomplish in some Canadian cities where the cost of real estate has risen exponentially, but Calgary offers the perfect option for those looking to get into real estate investment. The desirability of Calgary coupled with the low prices in comparison to other major cities makes Calgary an ideal investment opportunity.
Why Calgary Is The Hottest Spot For Housing Investment
People Are Leaving Other Large Canadian Cities
While cities like Vancouver and Toronto have been long thought of as the most popular cities in Canada, these areas are no longer affordable. The home prices in Toronto hit an all-time high in January of 2022, with an average price of $1.3 million, while Vancouver has experienced 12 consecutive months of record-breaking benchmark home prices that have also reached an average of $1.3 million as of April 2022. Beyond these high initial prices, the average Vancouver and Toronto home is often smaller and older than a home in Calgary, and many home buyers are assessing the value and the repair costs of an expensive home in one of these major cities versus the larger homes available for lower rates in Calgary.
Calgary Homes Are Affordable
Even though the housing prices in Calgary are rising and are expected to continue rising, Calgary remains one of the most affordable places to live in Canada. Calgary prices could continue to increase for some time and they would still be well below other major cities and remain affordable for many Canadians. This affordability is amplified by the average income in Calgary which is higher than in other Canadian cities, making the homes more respectively affordable to the population.
Expected Continued Migration To Calgary
While the pandemic seems to be slowing down, it has left an impact on many people and companies. While some companies have chosen to go back to the office, other companies have realized the benefits of working from home and have allowed staff to continue working remotely. This has given workers more freedom to move to areas they desire. The pandemic has also inspired many people to move to less densely populated areas as they crave space.
Low Interest Rates
Although the Calgary housing market is a seller's market at the moment, buyers have the current benefit of low interest rates. These rates are expected to go up shortly, which is why so many people are scrambling to get their property now, and they’re right to. These low interest rates can help make homes much more affordable and are a great way for first-time homebuyers to enter the housing market.
Perks And Amenities
Although the population of Calgary is nearly half of the population of Metro Vancouver and nearly one-third the population of the Greater Toronto Area, the city still boasts a captivating culture with all of the luxuries of larger cities. Calgary is home to its own renowned football and hockey teams, several museums and art galleries, the famous Calgary Zoo, various post-secondary institutions, and more. The city of Calgary retains its charm and quintessential Western roots by keeping up the nickname “Cowtown” and hosting the Calgary Stampede annually, but the city is also growing into a modern metropolitan city that attracts residents for the same reasons that Vancouver and Toronto have attracted so many. Despite the Alberta location, the Calgary climate is far less harsh than other large prairie cities such as Edmonton. And we would be remiss not to mention the proximity of Calgary to the foothills and majestic Rocky Mountains of Kananaskis and Banff National Park just an hour’s drive away.
Invest In The Calgary Real Estate Market With An Expert Calgary Realtor®
Take advantage of the current low interest rates and benefit as Calgary continues to increase in popularity. While it is a great opportunity to buy now, the current market dictates fast and smart real estate decisions. To get the best deals you can and to find properties that will be great investments, partner with a Calgary Realtor® from the Mel Star team. Homebuyers can benefit from the years of experience and intricate knowledge of the Calgary real estate market offered by the Mel Star team. To speak with a Mel Star team Realtor®, call 1-403-861-9944 or fill out the online contact form. For home buyers trying to find the absolute best deals on home prices, consider looking at foreclosure listings and contact the Mel Star team about bank foreclosures in Calgary.
FAQ
A good Realtor® will represent you during the home buying process. A real estate agent should do the following for you when buying a home:
- Book showings
- Provide you with search tools or search for properties on your behalf
- Represent you well in possible multiple offer scenarios
- Keep a calm head during negotiations
- Diligently navigate contracts and closing
View featured Calgary listings here.
The bank wishes to sell the property as fast as it can to recuperate the lost money from the missed mortgage payments by the previous homeowner. This is often why foreclosure properties are listed at lower prices to attract buyers.
A Star Team Working For You
The Mel Star team combines experience, insight, influence, connections, and access to the most cutting-edge marketing technologies to deliver results to buyers and sellers in Calgary’s Real Estates market. Our award-winning team will guide you through the process of buying or selling with smart strategies, skilled negotiations, and a customer-focused approach. Connect with us today to begin your journey to a successful Real Estate close. Call us at 1-403-861-9944.
CONTACT US
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