Cold Lake, Alberta Has Landlords and Investors Excited
Landlords and real estate investors across Canada know Alberta landlords have one of the fairest rental regulatory systems in the nation.
To the west of us, British Columbia landlords are fuming over the 2014 rent increase guideline that doesn’t even cover their increased costs.
-British Columbia landlords can only raise the rent by 2.2% next year.
-Meanwhile, Ontario landlords can’t even charge a damage deposit to their tenants.
In Ontario, tenants have no ‘skin in the game’ and often leave the rental property with garbage, lots to clean up, and even thousands of dollars in damages.
Challenges for Alberta Landlords
One of the biggest challenges for landlords in Alberta is the prices of rental properties.
If you want to buy a house in Calgary or Edmonton, the high prices can create real challenges in your attempt to get monthly cash-flow.
Opportunities to Invest In Alberta Rental Property
According to a recent story in Canadian Real Estate magazine, the city of Cold Lake, Alberta is going to become a new hotspot for savvy investors.
The story says the city’s real estate market is already hot, and it’s just the beginning.
Cold Lake has received the approval to be the new place for manufacturing a new commercial airplane.
Cold Lake Mayor Craig Copeland
Mayor Copeland said he and Canadian Minister of Transportation Lisa Raitt worked together and the new airline project will be ready by early 2014.
This will just be another boost for the city.
Cold Lake already has important gas and oil industries and this new investment will lead to more hard working people come to the area for all the new jobs.
How’s the Rental Market in Cold Lake Now?
Ryan Lefebvre is a Realtor from Cold Lakes Coldwell Banker Team.
He says the vacancy rate in Cold Lake is already zero and the rent for a simple 2 bedroom apartment is around $2,500 per month.
According to Lefebvre Cold Lake has a huge demand for rental properties and a limited supply.
Investing in Alberta
People interested in investing in residential rental properties are targeting Alberta.
No matter where you are, make sure you do proper Tenant Screening.