Alberta’s major markets have been hard-hit in the wake of economic turmoil in that province, but one investor says many are taking advantage – and those who wait just a bit longer may find the steal of a lifetime.
“I’m waiting for another 5-10% decrease in residential prices, but I haven’t seen it yet,” Tim Mangat, a Calgary-based investor, told Canadian Real Estate Wealth. “There is opportunity here for investors.”
Mangat says many investors are honing in on multi-family properties and those prices haven’t been as affected as single-family homes by the impact of layoffs in the oil industry.
The opportunity may have passed for those, but Mangat argues residential prices will fall a little further in the near future.
According to the Canadian Real Estate Association’s most recent stats, the average Alberta home price fell by 1.7% year-over-year to $392,145 in March.
Prices in Calgary fell 0.5% to $455,220 and the average Edmonton home actually increased 0.7% to $372,990.
However, Mangat expects prices in both those markets to soften after the summer.
“Layoffs are likely coming in September, and due to the typical real estate cycle (that will be the time to buy),” he said.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Saint-Édouard, Barrhead, Upper Woods Harbour, Pinette, Philips Harbour
Investors who properly time this market will likely find a lucrative steal. But is that easier said than done?