Interest is largely driven by the relative affordability of Calgary compared with major centers like Toronto.
The situation garnered national attention this past month after the Bank of Canada raised concerns about speculative buying driving up prices. One-quarter of all purchasers in Ontario had previously purchased a home, implying that they are speculative investors.
Over the same period, the market share for first-time buyers has been flat, as has that of buyers moving from one home to another. The report notes the shift could be caused by a reduction in foreign investors because of a speculation tax for non-residents.
The benchmark resale price for an apartment condominium in Calgary is about $252,000, compared with $700,000 in Toronto.
Developers and architects in Calgary such as MODA are creating some very compelling condo's like we've never seen. We can't show you these exclusive posted but can you link you to the source HERE
Institutional investors are aiming to diversify their portfolios beyond Vancouver, Toronto, and Montreal by investing in Alberta's booming multi-family properties. He claims that buying condominiums in Calgary would result in more rentals in the market and assist to alleviate the glut of inner-city condos.
How can local Calgarians compete with these investors? We've seen some legislation that serves to open up a portion of units to local buyers. Realtors are often also able to negotiate with developers when they open up the first phases of pre-sales.
You can also follow us on YouTube for our upcoming special on Real Estate Investment, we will explain how anyone can get in on property investment, not just huge companies!
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