In the wake of the past two years of uncertainty, real estate investors are looking to the future. In fact, this may be the perfect time to leap into the housing market as interest rates are still recovering, but demand is skyrocketing. If you’re a brand new investor, or even one who has been in the game for a while, you may be wondering what your next steps are. In this week’s article, we are going to look at housing trends and the hottest investment opportunities on this side of the country to get you started.
While similarly populated metropolitans in Canada average at a million dollars a home, Calgary has been able to stay under the radar with houses at half that cost. Not only that, but the wealth of amenities, clean neighbourhoods, and picturesque views draw hundreds of new residents each year to our beautiful city and surrounding areas. This combination of affordability and convenient living makes Calgary a highly desirable place to invest in real estate.
Within Calgary, there are select areas where investors are chomping at the bit to get in. Most obviously, the inner city and downtown core are always hot spots due to their prime location. In these areas, condominiums haven’t quite caught up with the rising cost of detached homes. For new investors, this presents a great entry-level opportunity, as condos are available for an average of an affordable $250,000. Alternatively, the suburbs and new builds have exploded in popularity right now. The Northeast portion of the city boasts incredibly hot markets with waitlists for lots.
Semi-detached homes with multiple units are the perfect chance for experienced investors with a little more money in the bank to make big moves. For example, purchasing an older side-by-side duplex and converting it into a legal fourplex can end up doubling, if not tripling your investment income. As the home ages, the lot will increase in value and become a great asset years down the line for new builds. This is even more relevant for inner-city properties where less and less inventory is available over time.
Calgary and its surrounding areas are proving to offer great opportunities to real estate investors, both new and experienced. At GIL Property Management and Sales, we can help set you up with an investment property that will complement and help build your portfolio for years to come! Give us a call today at 587-318-4198 or send us a message here.