A lot of people from British Columbia are moving to Alberta and at least one Vancouver developer is following them, hoping to capture investors for a rental condo play in Calgary.
Allure Properties notes that Calgary’s rental vacancy rate is around 1.2% and that “this summer’s horrific floods forced thousands to leave their homes in Calgary’s downtown core and surrounding areas.”
Allure is building a 57-unit investment condo building in Midnapore, a suburb 25 minutes south of Calgary close to the LRT. All units are priced under $300,000 with one-bedroom suites starting at $173,900 and 2 bedrooms from $260,000. Each unit “will generate positive cash flow,” according to Allure Properties president Peter Cheung. The project will be launched during an event from 10 a.m. November 23 at the Pan Pacific Hotel in Vancouver.
