Happy new year’s everyone! (yes I am aware that it’s Jan 18th already!) There is so much activity in Calgary Real estate right now, despite what you may hear in the news overall the market is VERY active right now. I got outbid on a foreclosure for on of my realtor clients by over 30K!
There are segments of the market that are having a rough time for sure, higher priced homes have taken a hit – 1.5M+ buyers are well aware that it is a sellers market, and when those owners need to sell….well they NEED to sell due to financial changes in their world and they need to slow the burn so their mortgage doesn’t eat up all their savings
I mentioned “one of my clients” – that is because we now offer Realtor services through real estate professionals inc. I am the “investor first realtor” because I was an investor for over a decade before I started the realtor gig, as an addition to our other services. This allows me to have both conversations with private sellers because frankly, a lot of clients just need to sell and not get creative and do an investor style deal such as agreement for sale. (we also just won #1 last month in our brokerage!)
I get asked all the time how the market is doing, well based on demand and the amount of inquiries we are getting from investors/sellers/buyers fueled by the low rates and buyers market – I tell them that the market is very busy overall. Now, condos sales and investors looking for condo investments has certainly shifted, AirBNB was a hot topic in 2019/early 2020 now that demand has greatly reduced (not gone) and inventory is high so sales will be lower but everything sells for market value…what someone is willing to pay for it.
Those who are new to the game of flipping houses would do well to stick to ARV up to 525K that way you will get a quick sale and not have all your profit eaten up by holding costs. Those with more experience and can keep the time/budget for construction under control, then there are a few projects here and there that could be taken on up to he 700-800K ARV range – now the higher the price for the home the pickier the end user who is going to live there so keep that in mind for your flip project and budget accordingly.
The question we hear is should I invest in real estate in Calgary? Well that depends on your goals, certain things work here in this part of the market cycle. When you are getting used to the game of real estate, it’s best to do it in your back yard – if your looking to expand there are better markets for certain strategies contact us for a discovery call if you are looking to branch out of Calgary real estate into other centers.
To your success,
Tim Reid
#respectthehustle
