For those who are looking to buy their home or for investment property, buy in Alberta.

See my post when I said "Invest in Alberta" in Jun 04
http://www.canadiandesi.ca/read.php?TID=9736&page=1#63900
Those who have invested in Alberta they have doubled their home/investment value in less than two years

I did not take action in June 04 but I did take action in Jun 05 and brought a property in Edmonton and I have doubled my investment in 9 months.

I sold my home in Mississauga( after loosing my job- thanks for loosing, I sold it for loss and I know I will make it here in Alberta) and moved to Alberta and brought home for 5% down last Oct when there was a fear in the market. See how the market has turned. There is a long way to go for another 5 years.

Alberta is now the biggest exporter (over taken Ontario). It has the biggest employment growth. It will take over the biggest supplier of oil for US from SA

No better place to buy your own property with 5% down in Alberta and don’t miss this opportunity to get into the boom market.

CHMC predicts 38% raise in house prices in Calgary - I don’t buy that, but will be happy with Don Campbell prediction of 15% growth

So if you buy your own home for 400,000 with 5% down i.e. 25K with 15% growth , you will make 60K by end of this year. That is more than 200% of your investment. It is the power of leverage.

I am not a real estate agent but consider myself a real estate investor. For those who are new to real estate please read Don R. Campbell book "Real Estate Investing in Canada”.

Best of luck for those who want to make money this year

Jayaram,

Congrats on your success in real estate and listening to good advise from an expert real estate investor, Don R. Cambell.

The housing affordabilty index definitely supports your point ( Alberta 33% and 21% compared with Toronto 44% and 30 % for detached home and standard condo respectively). There is still enough room for affordability in Alberta in comparison to Toronto.

However, there are more than 600,000 desis in GTA out of 1 million desis in Canada . GTA will always remain the most popular destination in terms of home, job or real estate investment. As per Stats Canada figures, Ontario is still Canada's most populous province by far in 2006. The 2006 Census enumerated 12,160,282 people, who accounted for nearly 38.5% of Canada's population.

I don't fully agree with Cambell's theory of buying property that equals gross yearly rent of atleast 10% of property value. With current low mortage rates of 5% or so, I feel comfortable even if the rent is 7-8%. as long as other calculations/due deligence is done right (e.g. vacancy rate, condo fees, taxes, utilities, repairs, propery management etc.)

And there are many condos in GTA that might fit into the above criteria. Now more than ever, since the vacany rates are very low. The golden rule is that the rental property should be close to one's home, occupied by a good tenant, something that can be managed and rented with ease. Investment property should also be in good well managed building.

Real estate is great tool to financial freedom and there are markets/neighbourhoods in every Province (not just Alberta) where one can make money. I also agree that on an AVERAGE some cities will perform better than others.

Similarly by investing in wrong neighbourhood/ building in any city, one can loose one's shirt in every market.

Local conditions are more important than overall statistics. Some GTA areas/neighbourhoods/properties experience overall increase of 4-5 times more than the average increase in a year, while others have less activity. Just as an average increase in area or regional prices does not add equal value to every property in the area concerned, an average decrease in prices does not forecast downfall for every property/market.

In my opinion making money on one's own home has no value, until one sells it and moves into a lower value property. One lives in it. The investment vehicle should be a secondary property.

It is the local information and market intelligence that is prime. And then one's own gut feeling, risk taking/ actions (Karma) and luck plays an important role.

Cheers,

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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/

While it is good for you that things worked out nicely, there is no need to create an overdue excitement to buy in Alberta right now. Alberta is ripe for a correction in real estate, just like most of Canada.
Check out some of these blogs for a fresh perspective:

AB real estate
http://albertabubble.blogspot.com/

BC Real Estate
http://www.vancouvercondo.info/

To late to buy now for investment as the prices have peaked out and are undergoing correction.

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You know you are a desi when ........ You spew forth the virtues of India, but don't want to live there...............You've never had a tanning salon membership

Yes for some the excitement is over. They have made the money and leaving Alberta.
For me the excitement has just started. The employment growth has not even peaked. 2008-2009 will be the peak of employment growth. Its economic growth is 7-8% only comparable to China. Foreign investors from Ireland, US, China etc are pumping money.

For all you, please do research; don’t go by what I say. I am taking the risk. It is just like investing in shares (but with less risk - my real estate can’t be worth less)