While real estate continues to be a hot investment trend in Toronto and Vancouver, things were not very rosy for Calgary in the previous 3 years (2015, 2016 & 2017). Some of the best real estate property lost value by over 10% including popular or high-end areas like Elbow Park. Overall, the city saw a 3% loss of value. But real estate experts say this trough is over and the market will start to turn around. Prices recovered in 2017 and are expected to continue rising in 2018.
Real estate experts in the city say that the east and the northeastern regions show good promise although realtors are not yet hot about these areas. The areas that have long been shown as desired to live are lagging a bit behind in price momentum. What are the top neighborhoods to put in your money?
Martindale was one of the very few neighbourhoods that didn’t see a loss of value when prices were going down elsewhere in Calgary. Prices in this neighbourhood surged an average 35% since 2010. This area has newer houses that are suitable for families. Real estate activity has picked up in the last year.
This area also saw over 30% appreciation in prices in the period 2010-2015. When prices started dropping, the drop here was a modest 3%. It is one of the more affordable areas in Calgary, with homes going for as little as $350,000. The houses here are bungalows that were built in the 1970s and 1980s. It is popular for its close proximity to the LRT and strip malls.
The neighbourhood of Southview is popular with working-class families for its amenities and easy access to downtown. Houses here are bungalows suitable for families. It holds a promise of a rise in value because prices here are still some of the cheapest in Calgary.
This neighbourhood is favoured by those who want a short commute to the city centre. It is seeing a regeneration with the older bungalows being pulled down in exchange for two-story family houses. The newer homes are a pull, and value will surely rise fast.
Falconridge is the third cheapest neighbourhood in Calgary. While prices were going down, the average prices in this neighbourhood rose by 36%. This is an attractive option if you are looking for low-priced property for speculation. If you are looking to rent an apartment in Falconridge consider renting at our Falconcrest Village apartments.
Calgary still holds good promise for real estate investment. Putting your money in one of these neighbourhood promises good returns. If you are looking to rent a Calgary apartment or find your perfect Calgary rental property contact us.