Calgary has escaped the stereotype of being known only for Oil & Gas, Stampede and Conservative values. The emergence of a technology hub, an enterprising and innovative workforce and a diverse mix of cultures have catapulted Calgary into one the most livable cities within North America and the world. The economic downturn has allowed Calgary to prioritize and focus on how to revitalize and diversify our economy. One major area of focus is a burgeoning IT sector where start-ups and innovation labs are now taking the place of energy companies.
So, what does that mean for Real Estate?
It means a lot of people will be looking to move here if IT companies are setting up headquarters or satellite offices. These companies are tapping into the highly skilled marketplace, competitive business marketplace and attractive commercial property vacancies. We already have an insurgence of out of country IT workers that have been coming for short term work from abroad within the Oil and Gas industry. If more IT start-ups look to set up shop in Calgary, it is expected that an influx of IT workers will also follow suit. SAIT (Southern Alberta’s Institute of Technology) has started programs dedicated to different types of IT/technology specializations.
This is a great opportunity for investors (especially out East) to look at buying affordable investment properties especially in the condominium sector. The condo market in Calgary is full of desirable properties with prices that are very attractive to Ontario investors, especially in comparison to rapidly rising Ontario Real Estate prices . Currently an average 2 bedroom Downtown Calgary condo with our current market conditions is being sold around the price range of $250,000-$350,000. A comparable condo in Downtown Toronto would most likely sell for over $800,000 plus.
It is forecasted that by 2031, Calgary will create 45,000 new jobs from approximately 1,000 core tech companies. With interest rates being historically low and affordable property prices, it’s a great time to consider investing in Calgary.
Give me a call today so we can discuss how I can help you find your dream investment property!
Want some more information regarding how Calgary is aiding entrepreneurs and tech developer?
Check out more info below:
Technology Alberta https://technologyalberta.com
Platform Calgary https://www.platformcalgary.com
The A100 https://www.thea100.org
Alberta Innovates https://albertainnovates.ca