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Alberta real estate an investor's dream$ ]2 d* t+ d9 m# b5 ]7 N
Report ranks Edmonton No. 1 in nation; Calgary third* q/ X* S! `& s4 `
Mario Toneguzzi, with files from Shaun Polczer, Calgary Herald, Calgary Herald
W0 J1 Y- |) tPublished: Wednesday, October 18, 2006
2 u8 N3 e# \3 Z' O. [6 s! w1 wIf you want to invest and make money in residential real estate, Alberta is the place to do it.
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The Real Estate Investment Network released its top 10 Alberta investment towns report on Tuesday, with Edmonton heading the list -- Calgary was third overall.8 E- K6 Z' x/ p/ v2 j" B' q0 W( V
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The report noted the top investment opportunities in Ontario and British Columbia would only rank eighth on Alberta's list.7 H! Z; q6 D0 u1 Y" m: o
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0 W6 e) ]2 B* f; R) ~: b h# mFont:****"Alberta is the place right now to be putting your money for long term. Yes. Absolutely," said Don Campbell, president of the network and co-author of the report.! \% N" r+ K6 W# n Z8 \) O$ O
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The report says Alberta's strong economy makes it the obvious place to invest in real estate in the country, despite recent large increases in values.4 t0 x) Y- [5 h4 d X6 M6 Z1 u3 P) V6 j
, L0 E8 X3 b/ E# I* Q5 c$ T"Fundamentally speaking, Alberta's economy is as good as it gets," says the report.$ h4 A4 J, Y) R: w- N
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"High energy prices, rapid population growth, low unemployment, an abundance of jobs, improved infrastructure and affordable housing costs translate into Alberta being the No. 1 region in Canada -- if not the world -- in which to invest."& B. ?) b4 ?: ^- Z
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Edmonton topped the list again this year followed by Grande Prairie and Calgary, with Red Deer, Sturgeon County and Strathcona County tied in fourth.
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Calgary was third in the previous list as well, while Grande Prairie jumped from eighth place.. x e. r; T! h5 m' I
* F* T$ B& G0 K0 o! ~The report analyzes the current and future prospects for real estate investment and identifies the best towns for long-term real estate investing.
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3 `/ @- a/ n p/ x* |"Edmonton is No. 1 again due to the marketplace fundamentals all being in place for a strong, long run," said Campbell.4 z+ M: M8 e, o ^
! s( {6 r6 j. A"Up in Edmonton, the potential for positive cash flow is still there for investors," said Campbell. "It means rents can still cover all of the operating costs of property. In Calgary, that is getting much, much more difficult from an investor's point of view.
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% v6 m: K' C* p8 f( G/ }; \$ V"From a homeowner's point of view, Calgary and Edmonton homeowners are going to do incredibly well over the next five to eight years. The only reason Edmonton is a little ahead of Calgary is that Edmonton always follows Calgary 18 to 24 months behind. So, generally, whatever is happening in the Calgary region economically, housing market, etc., generally ripples up to Edmonton in the next 18 or 24 months. We've seen what's happened in the last crazy 15 months in Calgary and we expect a strong ripple from that to hit Edmonton in the next 18 months or so."
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N) L' `1 u1 ]: u+ JIn September, the average residential MLS sale price in Calgary was $369,928 -- an increase of 45.7 per cent from September 2005. In Edmonton, the average residential MLS sale price was $278,732 -- an increase of 46.3 per cent from September 2005.
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Alan Tennant, president of the Canadian Real Estate Association, said Alberta realtors and investors have known for some time that the province is a great place to invest in real estate.. `2 G- y5 z6 s0 e1 x, |7 C; [
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"I guess this last several months has been our coming out party," said Tennant. "It's no secret that there's lots of great places to invest in Canada, but for Alberta to elbow its way up the line is very interesting.", {0 Z2 O8 l1 A8 L
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He said the national residential MLS average sale price in major Canadian markets was $294,245 in the third quarter of this year -- a 10.1 per cent increase from the third quarter in 2005.
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* J6 \+ @9 n* u, A9 L2 |http://www.canada.com/calgaryher ... 6-8a5a-2f4e4b61682a |
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