The senior analyst with the Real Estate Investment Network says Calgary remains among the hottest real estate markets in North America.
Don Campbell tells 660News, thanks to strong migration and job creation numbers, people continue to look to buy property here.
Campbell admits there are some dark economic clouds on the horizon thanks to depressed energy returns, but that problem won’t last forever.
“Let’s be realistic,” says Campbell. “You’ve got billions and billions and billions of dollars invested in the oilsands. You’re going to find a way to get that oil, somehow, someway.”
Campbell points out the Calgary real estate market is also affordable, despite an increase in pricing in the last couple of years, especially compared to a market like Toronto.
“Talk about unaffordable, you’re paying $600,000 for a 600 – 650 square foot condo — a box in the sky — in Toronto, and true Calgary is much more expensive than it used to be,” says Campbell. “But so is every other city. It’s just that Calgary is supported by the economics, not by the speculation.”
Campbell adds retirees can take advantage of the increasing values in the local real estate market. He says it makes economic season for them to sell their Calgary homes and move elsewhere, adding they can use the growth in value to help pay for trips.
“Because economies are so poor everywhere else,” he says. “Rent! Go to Hawaii and rent for two weeks. Go to Panama and rent for two weeks. And then you get all the experiences without all the economic risks.”
Campbell is the author of “The Little Book of Real Estate Investing in Canada,” the proceeds of which benefit Habitat for Humanity.