Calgary A Possible Real Estate Hot Spot For International Buyers
In order to raise interest in high-rise building in Calgary, a real estate developer tapped buss marketing in the city. Connections were made by real estate markets and sales company hired brokers in the cities of Toronto and Vancouver to network with overseas buyers.
Ceaseless efforts were made by President Calvin Buss and his team of brokers including the hiring of an Asian real estate agent who had offshore connections and later sent him to Hong Kong for the period of four months to prospect for buyers.
However, these efforts yielded little or no results; foreign buyers preferred rather to invest in Toronto and Vancouver than Calgary.
“I do think that foreign investors who want to invest in Canada will shift to Calgary, lured by the most attractive returns in the country,” said Buss because of the 15 percent tax of non resident buyers who buy homes in Toronto and Vancouver and this has given the real estate industry in Calgary reasons to hope for a change in the market.
In comparison to Toronto and Vancouver, Calgary could be applauded for cheaper prices because a study proved that a 926 square feet property could be bought for $300,000 in Calgary while the same amount can only be used to purchase a property of 339 and 520 in Vancouver and Toronto.
Local real estate agent Kirby Cox said “for the investors who don’t have as much money, they’ll probably come and look at Calgary as an alternative” because foreign investors tend to pay in U.S. dollars but the Canadian dollars makes cash stretches more.
Calgary is claimed to be leagues behind because it is not as well-known internationally as Toronto and Vancouver though prices are cheap and it is been overshadowed by the cities despite the foreign investors tax and this has disheartened the local industry as there is a need for the municipal government to advance Calgary’s profile with international buyers.
Discussions of application for hosting another winter Olympics are on table to boost Calgary’s profile.
