What Investing in Calgary Looks Like for Out of Province Investors
With the recent pattern in prices in Ontario, many investors are asking the same question. “Is there any affordable option for me to invest out there?” And the answer is a definite YES! However, you need to know the right place in the current scenario. I am sure most of you have heard that investors from Ontario and British Columbia are diving into Calgary. Now, investing in real estate comes with so many questions even when you are investing in another city in your province, so I am sure there must be several questions and concerns when it comes to an out of province investment! So, let’s cover those questions here today!
First, let’s talk about the city itself. Calgary is the largest city in Alberta and the 4th largest in Canada. Calgary has been attracting many immigrants around the world, because of a surge in the record high oil prices, thus adding to the city’s value. The city is continuously developing, and it is not just the real estate market that is on fire, but the health, education and business sectors are growing as well. Calgary is very near to Toronto when it comes to headquarter offices, being the second highest! The city of Calgary has an appreciable number of musical theatres, museums, restaurants, Canada’s Sports Hall of Fame along with plenty of annual festivals, expansive parks and wetlands, the Bow River and the nearby Canadian Rockies! (Kennedy, 2021)
One of the positive outcomes of COVID-19 is the easy access of online platforms. People are realizing that it is easy to buy and sell property online and limited in-person contact. Therefore, you do not need to worry about taking time off from work and buying tickets to fly over. Besides, we have already done that part of the work; I flew over myself, checked out all the different locations and met with the builders, so that I can offer my clients the best of the best investment projects with full confidence! With this advantage, the buyer and seller confidence is up.
If we talk about the real estate market, even though the pandemic continues to be an issue, sellers who had delayed listing their homes have taken the plunge in 2021 and the buyers are taking advantage of the low mortgage rates. I am sure you have looked at the amazing prices in Calgary now, which are also on the rise. Therefore, if you are a real estate investor or looking to become one, now is the time to stop the shopping process and start investing. There are many affordable deals from Condos to Single Family Homes that not only pay off later down the road but will give you a positive cash flow in hand. (Kennedy, 2021)
Many builders are offering incentive programs like rental guarantee, rental assurance etc. It is very important to talk to your realtor about these programs, get an in-depth clarity on them, along with any other fees that may be involved. There are several property management companies out there that will help you with every bit of your rental needs, to offer you a simple and hassle free landlord experience in the comfort of your own home! Having said that, the best deals don’t last for long, and with the high influx of investors from all over Canada coming into Calgary, we have been seeing a constant increase in prices and fast movement in availability.
Besides these benfits, here is a brief summary of some other profitable benefits of investing in Calgary:
1. There are no land transfer taxes and Closing costs of only a couple thousand dollars!
2. No development charges.
3. No foreign buyer taxes.
4. For the 2nd year in a row, Calgary has been voted #1 Most Livable City in Canada and the #1 Most Livable City in North America!
5. Calgary has the most affordable living costs of any major metropolitan center in Canada!
6. Calgary is also ranked as the 5th most Livable City in the World! Alberta now has one of the lowest tax rates in North America, with no provincial sales tax, & zero property purchase or foreign buyer’s tax in Calgary!
7. No Rent Control and there has been a 5% increase in rental rates from 2019 to 2020.
8. Positive Net Migration: the population is expected to increase by 95,000 in the next 4 years!
9. Increase in sales constantly going up.
10. Alberta favours the landlord and the investor by having favourable.