Land Lord: Calgary’s Mainstreet Equity gambles on Edmonton

On its own, it was a simple real estate transaction between buyer and seller. But the purchase of City Square Tower, a 28-storey residential building on 104 Avenue in downtown Edmonton, by Calgary’s Mainstreet Equity for $40 million in early June, wasn’t on its own. Instead, it was the culmination of a strategy that the company has been pursuing since 2007– one that saw it scoop up 77 properties containing 2,218 units in an area bounded by the airport lands to the north, Jasper Avenue to the south, 124 Street to the west and 97 Street to the east. And it’s about to pay off in a big, big way.

Read more:

Rising Mortgage Rates Narrowing Buy vs. Rent Gap

Homeownership remains cheaper than renting nationally and in all of the 100 largest metro areas. But rising mortgage rates have narrowed the gap between the cost of buying and the cost of renting. The 30-year fixed rate is now 4.80%, compared with 3.75% one year ago (according to the Mortgage Bankers Association, or MBA). This jump in rates has raised the cost of buying relative to renting. As a result, buying is 35% cheaper than renting today, versus being 45% cheaper than renting one year ago.

Read more:

Renters complain of price hikes in wake of Calgary flood

CALGARY- The city has been dealing with a low vacancy rate for months—and it’s gotten much worse in light of the devastating June flood.

Renters looking for affordable housing say not only are properties being snapped up within hours of the listing being published, but they are also being gouged by greedy landlords.

Read more: