New Opportunties in Southern Alberta
Calgary Real Estate and Rental Market Update
August 1, 2024 - Written by Jamie Palmer, President & Broker of Power Properties
Calgary’s prices continue to see year-over-year and month-over-month increases. The average detached house in Calgary is now $801,000 for July up 9.5% from July 2023.
Rental increases have started to slow https://rentals.ca/national-rent-report with Calgary’s rents increasing by approximately 3.0% from July 2023. It is important to remember that while vacancy is extremely low in Calgary (<1.5%), pricing is still important, and the market does not reflect what your costs are, but rather what tenants are willing to pay for your property. A well-priced property should have multiple inquiries a week, if this is not happening in the current market, it is most likely due to an uncompetitive price. To discuss pricing your property, schedule a free rental evaluation with one of our property managers today.
Investment Opportunities in Southern Alberta
As Calgary's market becomes increasingly competitive, Southern Alberta offers attractive alternatives for investors and homebuyers and Power Properties is excited to announce we will be offering our award-winning property management and real estate services in Southern Alberta. With two new Property Managers and Realtors in the cities of Lethbridge and Medicine Hat!
Tony Leahy will be heading up our Medicine Hat expansion. Tony brings a wealth of hands-on knowledge about property maintenance and has a strong commercial real estate background, you can learn all about Tony by clicking here
Ross Jacobs will be leading our Lethbridge expansion. Ross has made the Top Forty Under Forty and has been building lifelong relationships as a Realtor® for just shy of a decade. To learn more about Ross click here
Why Medicine Hat and Lethbridge?
Medicine Hat and Lethbridge both provide excellent investment opportunities to existing Power Properties clients as the prices are significantly lower than Calgary, with an average house in Medicine Hat at $388,000 and $429,000 in Lethbridge, with respective year-over-year increases of 12.8% and 14.5%. So while prices are close to half of Calgary’s sale prices, the rents are only 25% lower than Calgary’s for comparable properties. If you are interested in diversifying your real estate investments reach out to Tony or Ross and they will be happy to extoll the advantages of southern Alberta real estate!