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| Calgary May be Next |
Calgary Next Hot Spot
for Foreign Buyers? Maybe!
To Foreigners Calgary
Real Estate Looks Like a Good Buy
The Real Estate Market in Alberta and that of Calgary’s in
particular, could soon see an upswing. Foreigners do not face an extra
15 per cent tax unlike non-residents who buy homes in Vancouver
and Toronto. Calvin Buss, President of Buss Marketing in Calgary says. "I
do think that foreign investors who want to invest in Canada will shift to
Calgary, lured by the most attractive returns in the country."
The Economy is Slow
to Climb – But...
Alberta's economic health after a steep downturn is still
crawling its way back up. As a result, property prices are cheap compared
to other regions in Canada. Unlike in Toronto and Vancouver, where foreign
investment is seen by some as a malicious influence driving up house prices, some
in the real estate business believe that a few more offshore buyers could be
beneficial.
Surprise! - Calgary
Up Over All
An oil price crash and an unemployment rate that rose to
nine per cent last year has not caused the residential real estate market
to collapse, as some thought. Sales in Calgary and Edmonton have dropped and
prices are somewhat soft yet, year-over-year, the Teranet-National Bank House
Price Index confirms that Calgary is up one per cent over-all.
Foreign Investment
Welcome
When speaking about foreign buyers, Todd Hirsch, chief
economist at ATB Financial has stated that, "They’d actually be welcomed
here in Alberta." It's not only cheap prices compared to Toronto and
Vancouver. Studies show that, $300,000 will buy you 926
square feet in Calgary but only 520 and 339 square-feet in Toronto and
Vancouver respectively. But it's also about the dollar. Foreign investors usually
deal in U.S. currency, and the low Canadian dollar makes that cash stretch even
further.
Foreigners May Boost
up the Real Estate Sector
Hong Wang, a real estate agent in Calgary has said that,
"Our market needs support from foreign money." After Vancouver's
off-shore tax, Toronto's housing market shot up. This demonstrates how fluid
foreign investment can be. Toronto's offshore buyer tax shows how it has cooled
house prices. What's next? Will Calgary's house prices shoot into the stratosphere
over the ensuing months or years?
Give Real Estate
Professionals a call. Talk to Chris @ 403-680-4479
