Calgary Investors Buying Edmonton Real Estate
Hot market drives Calgary investors to Edmonton
Calgary real estate investors are buying up houses, townhomes and condos in Edmonton — a market one real estate analyst is calling the top place in Canada to invest.
Calgary residents are taking advantage of lower prices in Edmonton and travelling north to buy.
Dan Heon, a Calgary mortgage broker who is in the process of buying Edmonton apartments, said the low rental-vacancy rate means it is easy to get tenants.
"I think there is an $80,000 housing price difference, but yet the incomes are relatively the same. What that tells me is Edmonton has a lot more room to grow and so that's where I am taking my investment dollars."
Sharon Trenaman took possession of three properties in Edmonton last week. The Calgary resident has been buying single-family homes and duplexes in the Alberta capital for about five years.
Trenaman said that Edmonton real estate is moving more quickly than in the past, but she says it's worthwhile, with properties she bought in August in the $170,000 range now being worth between $225,000 to $235,000.
The jobs they are creating up in the northeast region where they are thinking of building some new refineries that are $7 billion each — that will increase the demand for Edmonton.
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