Calgary is a great city on the rise. As an investment option, it has all the right conditions. Calgary has been attracting working professionals from all around the globe and it continues to grow. It offers an array of economic advantages and opportunities for growth, giving both first-time investors and experienced property owners the chance to build their investment portfolios with confidence. The city has a lot to offer, and so does its real estate market. In this blog post, we’ll discuss why you should invest in Calgary real estate right now and what makes it so unique.
Booming Economy
According to the Conference Board of Canada, Calgary is the number one major economy in the country, and it has one of the most diverse economies in the country. Its economy is based on multiple industries like energy, agriculture, tourism, IT, and healthcare, among others. The oil and gas sector, always a core part of the economy, has been very strong, but the local tech industry is also growing rapidly and attracting top talents from all over the country.Due to its strong economy, there’s always a high demand for rental properties in the city, and real estate investors can benefit from it. Alberta has no rent controls and the rental market is a free market that allows rents to rise with a lack of supply. Rents can increase at higher percentages when market conditions are in a supply shortage.
Government Support
The government of Alberta offers several real estate investment incentives, such as tax cuts, rebates, and grants, to attract more investors. Additionally, the city government offers various development grants, such as Solar Panel Grant and Secondary Suites Grant, which can help you to make your property energy efficient and profitable in the long run.
Increasing Population
Another reason why Calgary is a great place to invest in real estate is its increasing population. According to the Calgary Real Estate Board, the city’s population is expected to grow by 1 million people by 2046, and it could reach a total of 2.8 million residents. This population growth ensures that the demand for housing will continue to increase, providing investors with a stable source of rental income.
Low Property Prices
Real estate market in Calgary is currently experiencing low property prices and high rental demand due to the current economic climate. This presents an excellent opportunity for real estate investors to buy property at a lower price and potentially earn a higher ROI in the future as prices continue to go up. In terms of cost of living, residents of Alberta benefit from the sole federal sales tax of 5%, which is a big saving from the 13-15% HST in other provinces. Even better, there is no land transfer tax in Alberta which means selling a home is less expensive than in other areas in the country.With the right investment strategy, Calgary’s real estate market can provide you with a steady and stable passive income stream.
Great Quality of Life
Calgary also has a great quality of life due to its proximity to the Rocky Mountains and its beautiful parks and trails. The city has a vibrant cultural scene and is home to several museums, galleries, and festivals. Additionally, Calgary offers a great lifestyle, with a lower cost of living compared to other major cities in Canada, making it an attractive place for people to live and work, which is also a critical factor in the long term success of any real estate investment.
Calgary is a city that offers a lot to real estate investors. With its strong economy, government support, increasing population, low property prices, and great quality of life, investing in Calgary real estate right now can be a fantastic opportunity for working professionals. So if you’re looking for a stable and profitable investment opportunity, consider investing in Calgary real estate today.