Calgary, Alberta, continues to be a dynamic and attractive real estate market in 2024. Known for its vibrant economy, diverse cultural scene, and stunning natural surroundings, Calgary offers numerous investment opportunities for both new and seasoned investors. The latest data from the Calgary Real Estate Board (CREB) and other reputable sources provide valuable insights into the best neighborhoods to consider for real estate investment this year.
1. Beltline: The Urban Investor’s Dream
Why Beltline?
Beltline remains one of Calgary's most desirable neighborhoods for investors, thanks to its central location, high walkability, and vibrant community. In 2024, Beltline has seen a significant uptick in property values, driven by an influx of young professionals and students. The neighborhood offers a mix of modern condos, historic buildings, and new developments, catering to a diverse demographic.
Key Stats
Average Condo Price: $370,000 (up 4% from 2023)
Rental Vacancy Rate: 2.5%
Year-over-Year Appreciation: 7%
Insider Tip
Focus on properties near the 17th Avenue entertainment district. This area continues to see high demand for rentals due to its proximity to shops, restaurants, and nightlife.
2. Killarney/Glengarry: The Suburban Oasis
Why Killarney/Glengarry?
Killarney/Glengarry offers a perfect blend of suburban tranquility and urban convenience, making it a top pick for families and young professionals. The neighborhood has seen steady growth, with a rise in demand for single-family homes and townhouses. Excellent schools, parks, and easy access to downtown Calgary are significant draws.
Key Stats
Average Home Price: $620,000 (up 6% from 2023)
Rental Vacancy Rate: 1.8%
Year-over-Year Appreciation: 5.5%
Insider Tip
Look for older homes with renovation potential. Killarney/Glengarry is seeing a trend of homeowners upgrading properties, which can significantly boost rental income and property value.
3. Bridgeland/Riverside: The Trendy Hub
Why Bridgeland/Riverside?
Bridgeland/Riverside continues to attract attention for its trendy vibe, proximity to downtown, and strong community spirit. This area is popular among young professionals and families seeking a balance of urban living and green spaces. The neighborhood has a variety of housing options, from historic homes to modern condos.
Key Stats
Average Home Price: $540,000 (up 5% from 2023)
Rental Vacancy Rate: 2%
Year-over-Year Appreciation: 6%
Insider Tip
Invest in properties near the newly revitalized Bridgeland Market area. This spot has become a local favorite, boosting nearby property values and rental demand.
4. Altadore: The Family-Friendly Choice
Why Altadore?
Altadore is known for its family-friendly atmosphere, excellent schools, and proximity to the Elbow River parks. The neighborhood has a high demand for single-family homes, making it an ideal area for long-term investment. Altadore’s ongoing community improvements and new developments continue to drive property value appreciation.
Key Stats
Average Home Price: $710,000 (up 7% from 2023)
Rental Vacancy Rate: 1.6%
Year-over-Year Appreciation: 6.5%
Insider Tip
Focus on properties near the River Park and Sandy Beach areas. Homes here are highly sought after for their scenic views and access to recreational activities.
5. Mahogany: The Up-and-Coming Gem
Why Mahogany?
Mahogany is one of Calgary's fastest-growing neighborhoods, attracting both investors and homebuyers with its lakeside lifestyle and modern amenities. The area offers a range of housing options, from condos to luxurious single-family homes. Mahogany’s community-centric design and access to schools and shopping make it a top pick for families.
Key Stats
Average Home Price: $590,000 (up 8% from 2023)
Rental Vacancy Rate: 1.4%
Year-over-Year Appreciation: 7%
Insider Tip
Consider investing in pre-construction properties. Mahogany's ongoing development projects promise strong future returns as the area continues to expand.
6. Downtown East Village: The Rejuvenated Hotspot
Why Downtown East Village?
Downtown East Village has undergone a significant transformation, evolving into one of Calgary's most exciting and modern neighborhoods. With new residential developments, cultural attractions, and a thriving arts scene, this area is a magnet for young professionals and investors.
Key Stats
Average Condo Price: $420,000 (up 5% from 2023)
Rental Vacancy Rate: 2.3%
Year-over-Year Appreciation: 6.5%
Insider Tip
Invest in condos near the new Central Library and National Music Centre. These landmarks are attracting more visitors and residents, boosting local property values.
7. Marda Loop: The Trendsetter’s Haven
Why Marda Loop?
Marda Loop is a trendy neighborhood known for its eclectic mix of boutiques, cafes, and restaurants. It attracts a diverse crowd, from young professionals to families, and has a strong sense of community. The area’s ongoing development and community enhancements make it a prime spot for real estate investment.
Key Stats
Average Home Price: $640,000 (up 6% from 2023)
Rental Vacancy Rate: 2%
Year-over-Year Appreciation: 5.8%
Insider Tip
Focus on townhouses and duplexes. Marda Loop’s appeal lies in its walkability and local amenities, making multi-family properties particularly attractive for renters.
Conclusion
Calgary’s real estate market in 2024 offers a wealth of opportunities across diverse neighborhoods. Whether you’re looking for a bustling urban environment, a serene suburban community, or an up-and-coming area with strong growth potential, there’s something for every investor in Calgary. With its robust economy and high quality of life, Calgary continues to be a top choice for real estate investment.
For more insights and detailed market reports, always refer to the latest data from the Calgary Real Estate Board (CREB) and stay updated with local real estate news to make informed investment decisions.