There’s a lot of doom and gloom out there when it comes to real estate these days, with higher mortgage rates and falling home prices. With the holidays approaching, we wanted to focus on a good news story.
Interest rates may be higher, but home prices are lower as a result. This means that you can buy homes at a discount in most markets these days. A market worth looking into is Alberta.
Let’s look at all the reason why Alberta is a great place to invest in real estate right now.
Homes in Alberta are about half the price of Ontario and B.C.
For anyone looking for a market with plenty of job opportunities and a more affordable cost of living, look no further than Alberta.
Since the start of COVID, we have seen home prices grow exponentially in Ontario and B.C. Home prices are also up in Alberta, but since homes prices started at a much lower point, they still remain affordable for the vast majority of Canadians.
If you are struggling to afford a home in Ontario or B.C., you might consider relocating to Alberta. Home prices tend to be half the price there. That means you can afford your dream home, without needing to move out somewhere in the middle of nowhere.
Affordable home prices make Alberta great for real estate investors. Rents in Alberta tend to be just as good as Ontario and B.C. This makes it a lot easier to achieve a positive cash flow as an investor.
As a real estate investor, you’re also able to raise the rent a lot more in Alberta than Ontario and B.C. In Ontario and B.C., you’re barely able to raise the rent 1% or 2%, nowhere near the rate of inflation. But in Alberta, you can essentially raise the rent to whatever you want, making it easier to cover your overhead costs.
Better protection for landlords in Alberta
Speaking of real estate investors, Alberta tends to have rules that better protect landlords.
In Ontario and B.C., tenants have a lot of power here. As a landlord you really must do your due diligence ahead of time to make sure that you’re renting to tenants who are likely to pay their rent on time and take good care of your home.
If you choose the wrong tenants, it could take you a year or longer to evict them from your property. In the meantime, you won’t receive any rent and the tenants can do damage to your property.
This differs vastly from Alberta, where it’s a lot easier to evict a tenant. You could have them out in a matter of a month or two.
This provides you with a lot more peace of mind as a landlord. There’s no better time than today to make the jump into real estate. Alberta is a great place to start.
A. Summary of Alberta’s real estate market
The real estate market in Alberta is booming, with low vacancy rates, low-interest rates, high rental demand, and rising home prices. This makes it an attractive place to invest in real estate.
B. Overview of government incentives
The government of Alberta offers various incentives to investors, such as tax credits, grants and subsidies, and low-interest loans, which can help to reduce the cost of investing in real estate.
C. Benefits of investing in Alberta real estate
Investing in real estate in Alberta can be a great way to generate wealth, due to the province’s strong economy, low unemployment rate, high wages, and booming energy sector. In addition, the government offers various incentives to investors, which further make it an attractive investment opportunity.