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Rent to Own a Home in Calgary, Alberta
Calgary is the most populous city in Alberta and the third most densely populated metropolis in Canada. This cosmopolitan, southern Alberta city lies at the junction of the Bow and Elbow rivers between the Rocky Mountain Foothills and the Canadian Prairies. Its proximity to the mountains makes it a great place to live for avid skiers and outdoor enthusiasts.
Calgary enjoys the most sun of any major Canadian city. It experiences low humidity year-round, and the Chinook winds from the Pacific Ocean can warm things up for pleasant breaks in the cold weather.
With its beautiful location and thriving economy, the population continues to grow. As a result, the housing market has seen a steady rise in home prices over the last ten years.
Real Estate Trends
According to the Canadian Real Estate Association (CREA), the average house price in Calgary reached $463,900 in December 2021, representing a year-over-year increase of over 10%.
An inventory shortage has been partly responsible for driving home prices higher. Home sales in Calgary were up over 71% from this time last year, with inflation fears and rising lending rates creating a sense of urgency with buyers.
The chart below illustrates the average home price increases over the past decade. Calgary homes are becoming progressively more expensive with the steady upward trend. This continued growth makes rent-to-own homes a more attractive option.
Transportation
Even with over 1.3 million residents, Calgary boasts the second-lowest traffic congestion and lowest commute time of all major cities in Canada. The extensive public transport system offers buses and light rail for commuters. According to surveys, approximately half of downtown Calgary workers take the light rail trains to work.
It’s also easy to get around by car, bike, or on foot. Calgary has one of the most extensive bike path and bikeway networks in North America which provide access to all areas of the city. When winter weather makes cycling impractical, you can get around town by car on the extensive road network and freeway system.
Economy
The thriving Calgary economy provides opportunities in a variety of industries, including aerospace, agribusiness, technology, energy, life sciences, and financial services. Its relatively low taxes and cost of living make it an attractive place to live and do business. This explains why Calgary has the highest concentration of head offices in Canada.
With so much booming business activity at play, it’s not surprising that the economy in this area is expected to see more than 4% growth in 2022. Making a move to Calgary makes perfect sense for those looking for professional opportunities.
Culture
Calgary has something to offer everyone. The city boasts a world-class selection of theaters, music venues, and museums. Sports fans can cheer on the Flames NHL franchise and the Stampeders CFL team. The city's long country music tradition and annual Calgary Stampede rodeo draw tourists from around the world.
Education
The Calgary Board of Education runs an excellent public school system with a curriculum overseen by the state of Alberta. The government-funded Calgary Roman Catholic Separate School District is an option open to children who have at least one parent who is a practicing Roman Catholic. Many private school options are available throughout the city.
For post-secondary education, there are five universities in the Calgary area, including the
- University of Calgary,
- Mount Royal University,
- Southern Alberta Institute of Technology,
- Ambrose University, and
- St. Mary's University.
These institutions offer a variety of degree programs. Calgary provides abundant job opportunities for students as they pursue their degrees and enter the professional workforce.
How Rent to Own Could be Beneficial
Renting to own a home in Calgary is an opportunity to progress towards homeownership while potentially hedging against rising home prices during your time as a tenant. Are you interested in a house with a $460,000 price tag in today’s market but are not currently in a position to take on a mortgage? You have two options:
Option 1: Rent Now, Purchase Later
Using the 10% home value increase that Calgary experienced in the last year, the same home will probably have a price tag of $556,600 in 2 years.
Option 2: Rent-to-own with Requity Homes
You can’t see into the future, but with our rent-to-own program, you know what you'll be paying for your home in advance. Requity Homes assumes a modest 5% yearly price increase, which is a significant saving over the 10% growth Calgary home prices saw in 2021. This fixed growth factor allows you, as a renter, to benefit in a climate of rising home values. In this example, you will buy back the home at $507,150 at the end of the two years (versus $556,600 in option 1). That is over $49,000 in savings.
Taking advantage of the rent-to-own structure can be a better choice down the line than trying to save for a down payment while paying rent in a rising housing market.
Requity is Your Home Ownership Partner
Requity Homes offers a fresh approach to homeownership. We empower you to live in the home you dreamed of while comfortably saving up for your down payment and building your credit to increase your score.
Our innovative rent-to-own program allows you to prepare for the responsibility of a mortgage while enjoying the home you always wanted. With our low fixed price growth factor, getting to homeownership has gotten a lot more affordable than you ever expected.
Don’t let your current circumstances discourage your goal of owning a home. Choosing Requity as your partner on your homeownership journey can put your dream home within reach.
If you would like to know more about how rent-to-own works, check the following articles: Rent-to-Own: A Beginner's Guide to How It Works
