THE ALBERTA ADVANTAGE - Alberta still prevails when it comes to investing in real estate
BY Cindy Stephen
Whether single or multi-family, residential real estate sales in Calgary, the fourth largest city in Canada, remains robust due in part to affordability and reasonable taxes. Alberta was the first Canadian province to fully re-open, post-COVID and has also possessed a can-do attiBtude.
June statistics from the Calgary Real Estate Board (CREB) show that the average price of apartment-style condominiums in Calgary is sitting at $260,000 while the average single-family home price is hovering at just under $500,000. These prices are before GST and of course, part of the Alberta Advantage is that there is no Provincial Sales Tax (PST).
One can only speculate how far out from Toronto or Vancouver one would need to go to find equally affordable opportunities.
Out-of-province investors will save on the purchase price, which in turn translates to lower mortgage payments, which can be offset by a tenant. Calgary is currently enjoying falling vacancy rates. The average monthly rent in Calgary in July 2021 was $2.30 per square foot (rentals.ca).
The city’s population has increased the first six months of 2021 due in part to international immigration and the arrival of new Canadians. All looking for homes.
Despite the ups-and-downs of recent years, Calgarians still have the largest household income in the country at well over $90,000 annually. Calgary also boasts one of the youngest populations among Canada’s major urban centres, with 70.2% of residents ages 15 to 64 (according to the 2016 Census).
The city is a major distribution hub in Western Canada for a large number of corporations with access to regional and global markets. Like Alberta itself, Calgary’s economy is diversifying and rapidly adapting to market conditions, emerging energy fields and high-tech industries.
The recent announcement of the high-speed rail line linking Calgary to the provincial capital in Edmonton gives rise to renewed optimism in Calgary.
For information on investment opportunities in Calgary, contact: Ross PAVL ELITE Group www.rosspavl.com
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