Calgary is one of the major cities in Canada. It is a diverse city with people from many ethnicities, situated in the foothills of Rocky Mountain near the convergence of Bow River and Elbow River. Together with the beautiful landscape, the city also provides great opportunities for employment and settlement. Calgary is considered the capital of the Canadian Oil and Gas Company due to the large reserves in the province. Being the third most popular city in Canada, it attracts a lot of tourism and is increasingly getting more popular. Many major companies and organizations have set roots in the town. One of the major discussion topics is the Real Estate Market in Calgary. People are showing a lot of interest in properties in Calgary for both investing and living purposes mainly because the other two major cities are more expensive to live in or invest in.
Surely everyone is questioning if Calgary Real Estate is safe to invest in. Wondering if it is a good place to purchase or rent out a home. This article covers all the important details about Calgary Real Estate. It will help you in making your decision.
Properties in Calgary are more on the affordable side if you are purchasing. Banks and the Government have kept low interest and lending rates due to covid. This, in turn, is an advantage for first-time buyers. However, if you rent out a property, the rentals prices are through the roof, which is beneficial for a homeowner. Further discussed are the different factors to consider while deciding whether to buy or not. Before stepping into the market, the following things are very important to know for a first-time buyer.
The main factor to consider is the location of the property. Compared to other major cities of Canada like Toronto and Vancouver, Calgary properties are lower priced. However, they are still pretty expensive. Like any other city, some areas are on the pricey side and some on the cheaper side. If you consider it from a purchasing point of view, there are both expensive and affordable areas depending on your budget. Mostly areas like Bayview, Parkdale, Roxboro, and Elbow Park are more expensive. Sites such as Deer Ridge, Renfrew, Evanston, Rocky Ridge, and Coach Hill are more on the affordable side. So depending on how much you intend on investing, you can surely find a property that fits your range. However, if you intend to purchase a living space, it is better to consider the area factor.
If you plan on settling in Calgary, it is better to select an area where you can have endless opportunities. From employment opportunities to necessities, you need to consider all factors. Many global chains are setting up in the city, providing more work opportunities even after the pandemic. So not only will you have plenty of employment opportunities, but all your daily needs will be fulfilled. If you plan on renting out your property, you should make sure it is in an area with growing employment. If the employment demand is there in the area, you will surely find tenants in no time.
A property in an area with all the necessities and luxuries nearby is great to live in overtime. A property in a place where there is ongoing development is beneficial as it’ll make living easier in the future.
Type of Property
To make a living in a new city least problematic, the type of property you choose is essential. There are already many things to look after, such as taxes, insurance, etc. For example, choosing a newly built house or apartment will require less to be looked after. You won’t be burdened with constant maintenance with a newer property. If you buy an older building, you would constantly spend more money on repairs.
So a newer building in an area with all resources should be what you look for in the market. Safety is definitely an important factor to consider. Pick a relatively safer location with a low crime rate – as potential buyers and tenants always look for a safe and secure place. This way, you would not have to worry about more things.
Find a Good Agent
Finding yourself a trustworthy and skilful agent is extremely important. If you are new to buying a new home, you need to find a good agent. Make sure they show you properties that will only benefit you over time. Do your research and work with an agent who has good reviews.
When buying an expensive home, you need to ensure you are being guided in the right direction. Do your research about the market and trends. Talk to multiple agents and then go with the one you feel offers you the best service. Use online resources to study trends. Look up what type of properties or what areas are more popular. Stay updated with the market trends and network with other investors; you are good to go.
Canada is surely a place everyone wants to move to. Vancouver and Toronto properties are more on the expensive side but the affordability of Calgary properties compared to these cities makes it so popular right now.
The Real Estate Market in Calgary is worth a living right now. The city has the potential to grow and has good resources. Keep all the major factors in mind and do thorough research. Find a good agent and go through with the buying process. Surely you will find this a good idea as there is a big opportunity for every individual to grow and make a happy living.