A Veritable Gold Mine

The market for Rental property in Calgary, Alberta is a great place for investment right now. With the average price of a single family dwelling at $365,732 (August 2006) to own homes can be a tall order. With the incredible Alberta economy showing no signs of slowing down for some time, more and more rental housing will be needed.

An average of 25,000 people (net migration) move to Calgary each year coming from all over the country. These are workers coming to fill the copious amount of jobs available and they need somewhere to live. While many will be able to afford to own with the high price of homes available, others will not. Even though they are gainfully employed and making the highest average wage in Canada, they will still not be in a position for investment in real estate property. This is where your property investment will shine as you offer rental accommodations to them.

The real estate rental market shows an average vacancy rate of 1.73% in 2006 according to the City of Calgary statistics which means that your real estate investment in property will show great returns for this next while. Unlike Ontario, Alberta has no rent control so you are able to charge what the rental market will bear. Add to this that there are almost no new rental properties being built and the demand will continue to increase, leaving you and your smart investment in a very profitable position.

Keep in mind that rental property isn't limited to apartments or condos. With the lack of new rental buildings going up, the demand for secondary suites will increase as well so those who own homes have another alternative.

Rhonda Hoffman

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