Are you a Reluctant Landlord?

What is that? You may be asking.

A reluctant landlord is someone who didn’t purchase their property with the intentions of renting it out.

A common scenario we are seeing is homeowners who purchased a property that met their needs when they bought it have since outgrown the property or their life circumstances changed meaning that it no longer met their needs.

Many homeowners who purchased condos around 2014 find themselves as reluctant landlords. This is because Calgary saw peak condo prices in 2014. Unfortunately, Calgary then saw a rapid decline in condo prices around 2015.

This meant that individuals who had purchased condos that worked great for them when they first moved in had most likely lost equity when it was time for them to be moving to a larger property or a different location. For some renting out their property made more sense than selling; turning them into reluctant landlords.

If this is a scenario that you have found yourself in you may be tired of re-renting your property annually, negotiating lease agreements, handling emergency repairs, tenant complaints or even complaints about your tenants.

I have good news!

Prices are finally starting to recover. We are seeing monthly price gains in the apartment condo sector. Meaning that now may be the perfect time to remove landlord from your job title.

Calgary has had persistent low inventory in apartment condominiums. This decrease in supply means an increase in the benchmark price making now a fantastic time to be selling condominiums.

With higher interest rates home buyers are looking for more affordable housing options, apartment condominiums and townhomes are a great place for buyers to enter the real estate market. Calgary also has a strong rental market which is attracting investors from all across Canada due to our relatively affordable prices.

Even if you are in the middle of a lease term feel free to reach out as I have strategies to help you capitalize on this current market.