The past couple of years have been particularly depressing for the real estate market in Calgary as oil industry came under pressure and jobs were lost in fairly large numbers. Toward the end of last year, vacancy for rental property fell around 40%, indicating better growth in this market segment. This has been pushing up rents as the availability of rental houses has decreased. In this situation, the rental home-seekers will look more closely at a trade-off between renting properties or buying them. AM/PM Properties, offering the best property management in Calgary is ideally suited to meet the needs of home-seekers, both renters and buyers.
Calgary’s growth is a little different this timeThe property market in Calgary is finally showing some signs of recovery riding on the growth in the job market. The economy has begun recovering but interestingly the recovery is not driven by the oil industry. Rather, Calgary is experiencing pretty good growth in manufacturing, wholesale trade, real estate and financial services among other industries. These non-oil industries have together created over 45,000 new jobs in Alberta over the last one year, of which, many are in Calgary. This brought in substantial numbers of migrant workers from other places into Calgary and other parts of Alberta. They will look up to the real estate management companies in Calgary to help them find the right home that fits their budget and taste.
Diversified economic growthFor the first time since Calgary became an oil industry hub, the city’s growth appears to be driven more by non-oil industries although oil production has picked up pace in Alberta, overall. What’s intriguing about this increased oil production is that it is happening with a lot less labour than was the case before as better technology and automation replaces many redundant functions. Looking at the brighter side, this has opened up scores of opportunities in the software industry that is enabling the technological upgrade. Hence, the oil industry along with manufacturing, trade, real estate, finance and others, is ushering in the much-needed industrial diversification in Calgary.
As an agency that offers the best property management in Calgary AM/PM Properties is ideally suited to find the right homes for migrant workers coming into the city to propel its economic growth.