Calgarys Top 5 Best Neighbourhoods For Resale Value

Calgary Real Estate: Where to Buy Now

Calgary's Top 5 Neighbourhoods for Resale Value


There’s no doubt about it: Calgarians love to talk about real estate.


In fact, property investment is a city-wide sport, with somebody being heard at almost every cocktail party telling a tale of their spectacular success. But in the current climate real estate is not necessarily a sure thing, so are there still areas in the city that are a slam-dunk when it comes to making money on real estate investment? Or, better yet, what neighbourhoods in the past few years have had the highest resale value?


To answer that question, Avenue turned to Leger Marketing to crunch some serious numbers. It looked at the median tax assessment increase for condos and single-family homes in every Calgary community from 2008 to 2009, then weighted those with the largest number of properties whose value increased against Avenue’s city-wide survey that asked residents to rate the resale potential and value in their neighbourhoods. The end result from that mind-boggling mathematical equation was a shortlist of five neighbourhoods that stood out as money-makers.


“When it come to our methodology, it’s about as close as you can get,” says Leger Marketing associate vice-president Barry Davis. “What we’re saying is there is recent momentum on property value in these areas.”

Here are the top five.

1. McKenzie Lake

McKenzie Lake stands alone, bucking the trend as the only community in Avenue’s list of top neighbourhoods for resale value that isn’t located smack-dab in the inner city.

“It’s probably one of the best lake neighbourhoods in Calgary,” says Lina Horner, a realtor with Re/Max House of Real Estate. “Its amenities are incredible.”

Indeed, McKenzie Lake is just east of Fish Creek Provincial Park, giving residents access to a wooded area of parks and pathways three times the size of Vancouver’s Stanley Park. It’s also next to McKenzie Meadows Golf Club, and has a man-made lake and island in the centre of the community that are hotspots for fishing and swimming, with a beach that gives the entire area a lake country vibe.

McKenzie Lake is bordered by Deerfoot Trail to the east and Highway 22X to the south, which you’d think would keep people away, fearing the nasty commute that comes from being on the outskirts of the city. But the Shawnessy C-Train station is only a short drive away, along with the accompanying Park and Ride lot, which has 206 parking stalls. That means residents who work in the core can chill out and read the paper as they travel to and from work everyday. “You can be on the C-Train in a matter of 10 minutes,” Horner says.

Top that off with a killer view of the mountains and the Bow River and it’s easy to see why McKenzie Lake is one of the hottest neighbourhoods in Calgary for resale value.

2. Elboya

Elboya has the best of both worlds: it’s close to the hustle and bustle of the inner city, while maintaining a quiet community feeling.

Elbow Drive — one of the community’s main traffic arteries — ushers residents to and from the downtown within 10 minutes.

“It’s a fun street,” says Jim Sparrow, a realtor with Royal LePage. “There’s a lot of traffic, but it’s still only two lanes either way and most people don’t abuse it, speed-wise — and certainly nobody is cutting through Elboya to get anywhere.”

That’s because Macleod Trail, which forms Elboya’s eastern boundary, siphons away most of the traffic, leaving residents in the community with a neighbourhood that is quiet, yet close to the core. That unique street setup has also made Elboya a popular spot for families, who in the past few years have targeted the area as a place where they can buy and renovate the 1950s-style homes that dominate the area to suit their needs.

“Elboya is a mature, older neighbourhood, but a lot of younger families are moving in, which has seen them renovating all of these older homes,” says Michael O’Hara, president of the Elboya Community Association.

3. Lower Mount Royal

Even today, Lower Mount Royal’s historical roots as one of Calgary’s most exclusive residential neighbourhoods can be felt throughout the community.
In the early 1900s, when Calgary was just starting off as a city, the area carved out a name for itself as one of the ideal places for wealthy businessmen to put down roots — it was, after all, close to the downtown. Today, that legacy continues — albeit, in a different way — with a new generation of downtown workers calling the area home, thanks to the number of high-density condos and townhouses.

“It’s mostly a place for younger people,” says Sparrow, referring to the fact 42 percent of the residents in the area are ages 20 to 29. (Other neighbourhoods throughout Calgary average 20 percent in this age range.) But with more than 200 locally owned boutiques and 435 total shops only a short walk away on 17th Avenue, it’s easy to see why Lower Mount Royal is a bustling hub of activity.

“You’re close to all the action. You’ve got all the amenities. It’s just a great place to be,” says Sparrow.

4. Mission

Mission has a message for other communities in Calgary: size doesn’t matter.

As the smallest community on Avenue’s list of neighbourhoods with the highest resale value, Mission stretches only 13 blocks at its outmost boundary, which starts at 17th Avenue and ends when you head south and hit the Elbow River. At the centre of this neighbourhood is 4th Street S.W., a street lined on either side with more than 35 restaurants, as well as a number of trendy pubs, clothing boutiques and specialty retailers.

“For young professionals who work downtown, there’s simply no better place to be,” says Sparrow. “Most people don’t like to work and live in the same area, yet Mission is far enough away, but still close enough to the downtown that you can walk to work, while also being able to enjoy all the shops and boutiques along 4th Street on your off time.”

For this reason, Mission is a haven for condo development, which appeal to upwardly mobile, 30-something urbanites. “The properties in Mission tend to be more expensive than what most first-time buyers can afford to pick up,” Sparrow says.

5. Elbow Park

Elbow Park is home to Calgary’s well heeled, with most homes in the area fetching between the high six-figures to more than $10 million. At that price it’s not an area for property flipping. but if you’ve got the capital it’s a great investment.

“It’s a gorgeous neighbourhood,” says Sparrow. “You’ve got some really spectacular, newer homes and, as the city continues to grow, it’s an area that’s going to become nothing but more desirable.”

Just three kilometres from downtown, and nuzzled between the banks of the Elbow River and 14th Street S.W., it’s easy to see why Elbow Park is a hotspot for high-end property. Heritage homes line the banks of the river, seven parks are smattered throughout the community and the trendy shops and restaurants of nearby Mission are only a leisurely walk away.

But perhaps the greatest quality of Elbow Park is that it’s close to downtown, but still manages to maintain a quiet, forest-like feeling, thanks in part to the 100-year-old trees the line the neighbourhood’s streets.

“That mature vegetation is everywhere, which is something a lot of communities are totally lacking,” Sparrow says.  

Sound advice for property investors

For Don Campbell, author of the best-selling book, Real Estate Investment in Canada, property investment comes down to scouring the market for areas with the perfect combination of economic fundamentals. Here’s what he looks for:

• Target areas where migration, jobs and income will be strong
  When you buy an investment property, you need people to move in and pay down the mortgage until you’re ready to sell. An area known for long-term job and migration growth will give you what you need: renters and buyers.
• Look for areas with transportation upgrades
  Transportation changes often pay off, big time. If you buy within 800 metres of a new LRT line, you’ll traditionally see a 10 to 15 percent increase in value over the rest of the market.
• Take a long-term view
  Never look at an investment from under the lens of a microscope, which means you’re emotionally responding to every headline you read every single day. Instead, you have to look at it through the lens of a telescope — with a five-to-10-year window before you expect to get a return.