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When a “nothing-special” bungalow recently sold to a Chinese university student for a million dollars in the north end of Toronto, people started taking a harder look at how foreign investment in Canada’s real estate market is affecting the market in general and their personal chances of obtaining reasonable access to affordable property in specific. Apartments and condos are being snapped up left and right in our cities, often by foreign investors, and the prices are being driven up in a real estate buying market that’s fairly unlimited to those from outside Canada.
What’s ironic is that many of these foreign investors in condos and apartments are from Mainland China – an environment where the real estate prices are soaring and have prompted the Chinese government to set new limitations on foreign buyers obtaining commercial or residential properties there. Limits have already been put in place in Australia, where the same type of scenario exists.
New Limits on Foreign Real Estate Investment in Alberta?
While Canadians debate the merits of creating statutory limitations on real estate purchases by foreign investors, the time seems ripe for those currently in a position to invest in commercial real estate such as apartments and apartment buildings here in Alberta. As the largest independent property management company in the province, Magnum York has its proverbial ear to the ground when it comes to apartments and condo properties here in the Province. And, we’ve got the systems in place to be capable of providing owners of commercial properties whatever level of property management they require.
Whether you’re interested in properties in our home-base city of Calgary or in Edmonton, Fort McMurray or Red Deer, we have an office nearby and property managers on staff handling in excess of two billion dollars worth of real estate assets province wide. We’ve found that many would-be commercial property investors are held back from actively entering the market because they simply don’t want to be bothered with all the necessary details and activities required to operate this type of enterprise. This is especially true of foreign, absentee commercial property owners who require loyal, trustworthy assistance in their quest to become Canadian real estate investors.
What We Can Do For You
We’ve been providing high quality rental and condominium management services across Alberta for more than two decades and, as testimony to the level of satisfaction shown by our clients, a large percentage stay with us long term – for 10 years and more. We’re licensed through the Real Estate Council of Alberta and stringently adhere to the strict requirements regarding trust funds and trust accounts.
We command a high volume-client presence in the marketplace, meaning we can obtain the very best services and most attractive prices for those services. Our bank currently pays an industry-leading interest on clients’ idle operating funds and, with almost all of our properties insured by one insurance broker, we’re able to obtain the most attractive insurance rates for our clients. And just to make signing up for our services as risk free as possible for new clients, we extend a one-year, 100% service guarantee.
Management Services Offered
Magnum York’s specialty areas include property management services for single unit rentals as well as multiple unit apartment rentals. We also provide service to residential condo communities and, unique to our offerings, we have Rental Pool Management, which is a low risk investment that allows you to pool resources, both expenses and income, with other unit owners in your building or community. Like our single unit rental management services, the rental pool program is a full service program.
By allowing clients the time to more fully enjoy their lives by relieving them of the day-to-day responsibilities involved in running a residential rental enterprise, Magnum York makes it easier to get involved in this type of business. We can help you too. Give us a call for more information.