There is perhaps no other Canadian city like Calgary, a consistent leader in lists of the world’s most liveable cities. Straddling the line between the Rocky Mountains and Alberta’s prairie grasslands, Calgary is a multi-faceted city on the verge of true cosmopolitan status. The adventures are attainable, the people are friendly, and the steak is to die for. The near-constant hit of sunshine is a welcome antidote to winter flurries and a cheerful addition to the big sky backdrops framing the downtown core and outer suburbs.
And now, a crop of new entrepreneurs, forward-thinking politicos, and burgeoning creatives has turned the city once colloquially known as “Cow Town” into not only one to watch, but also one to invest in. Here’s what to keep in mind when considering a real estate buy in this foothills gem:
1. Transactional Costs Are Low
The discovery of mass amounts of petroleum in the 1930s has left Alberta without a provincial sales tax for over 70 years. Residents pay just 5% total sales tax compared to the national average of 10.99%. The province also boasts no land transfer tax and no tax for foreign investors, giving property investors a huge incentive in value.
2. It’s a Buyer’s Market in 2017
Calgary real estate prices have been falling over the past two years, leaving stunning properties in desirable neighbourhoods listed at advantageous prices. The 2017 calendar year, however, is showing signs of economic improvement, and home and property prices in Alberta are likely to rise as a result. At this particular time in the market, prospective buyers have the potential to enter the market very close to, if not at, the bottom of this market bell curve.
3. Try the Condo Market
The luxury home market in Calgary was once equated with single-family homes in the beltline and outer suburbs, but today, the city’s luxury condo market is booming. The Mission neighbourhood set a record recently thanks to a $9 million dollar penthouse sale.
The condo market has a large amount of new and resale. Condos are regularly valued over the $1 million mark and the selection of properties in desirable neighbourhoods has never been better.
4. There Are Many Luxury Neighbourhoods to Choose From
If generous lots, scenic views, complete privacy and beautiful architectural landscaping is what you’re after, you’ll find it in one of Calgary’s luxury neighbourhoods. Much of the city’s beltline district and near-downtown neighbourhoods are listing luxury high-rise apartments, recent renovations, new infills, and even first- and second-owner lots to support a new build. Find rich history in Mission, ultimate walkability and park access in Hillhurst, peaceful seclusion in Elbow Park, a bustling business strip in Marda Loop, and immediate downtown access in Eau Claire.
When to get in? Now. Value and opportunity are knocking, with some of the best prices of any metro area in Canada. Wherever you look in Calgary, you can be sure you’ll find a neighbourhood with eclectic shops, popular restaurants and lounges, boutique fitness studios, and gorgeous homes that offer sweeping views of the downtown core, mountains to the west, or painterly prairie skies. An all around solid investment.