According to a Calgary Sun article in their Homes Extra section, Calgary has been named the top residential real estate investment city in Canada, in a report from the Real Estate Investment Network (REIN). In an article written by Myke Thomas, the city ranks on top due to the positive answers to 13 different questions that astute investors should ask before buying in an area.The questions cover many economic indicators, such as population growth versus the rest of the province, number of major employers, infrastructure spending, transportation improvements, and it’s affordability index. a couple of the more intriguing questions ask if the area is attractive to Baby Boomer lifestyles, and if a short term problem is occurring that will disappear in the future. I would speculate that the question implies that the economy has taken a hit, but is headed for a recovery locally. REIN doesn’t advocate a fix and flip approach to real estate. Their members are  focussed on buying and holding properties in markets that have value and good rental statistics.

What’s interesting is the article’s belief that Calgary is poised to allow astute buyers to take advantage of higher than normal inventories and a softening of the first-time buyer market. As Diane Scott, the President of the Calgary Real Estate Board was quoted, we’re in a buyer’s market without enough buyers right now’. For more information about REIN, have a look at their website, http://www.reincanada.com/ . With inventory currently sitting at just under 9,000 listings, the article is welcome news to anyone trying to sell.  I would look for a gradual reduction in this number, with first timers taking a while longer to get used to the mortgage rules brought in in mid- April. One common myth I have heard is that buyers now have to come up with 20% down payment. That is NOT the truth, and only applies to investors buying non-principal residences. Buyers can still qualify for 5% down, and there are a number of good options, depending upon credit ratings. I’m only a call away if you need more information.