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Mon 5 Jan 2009

Airdrie's Housing Market on Top

Airdrie's residential market shows strong future

BY ALEX FRAZER-HARRISON | PHOTO BY SERGEI BELSKI

Airdrie gained another accolade this summer, being named one of the top real estate investment towns in Alberta by a national organization.

For the first time, Airdrie cracked the Top Ten Towns Alberta ranking by the Real Estate Investment Network (REIN), coming in seventh. The ranking is based on long-term investment potential, and compares factors ranging from income growth and employment base, to the cost of labour and materials.

c1"This report comes out every couple of years, depending on the economy," says REIN president Don R. Campbell. "For [current] homeowners, it shows they can expect for the next five years for Airdrie to be outperforming most of the rest of the province. For investors, they're going to see investments be less volatile than in other regions of the province."

Campbell says the report takes into account the ebbs and flows in the Alberta the real estate market. "Real estate is not a short-term investment," he says. "Current market conditions can never predict what the future market holds."

Campbell says major development just outside of Airdrie - the CrossIron Mills mall and a $2-billion development in the north end of Calgary - "will have a ripple effect on real estate demand in Airdrie," as well.

To tie in with Airdrie making its top 10, REIN organized a visit by 400 real estate investors in August. "We filled seven buses with investors from North America and around the world," says Campbell. "Our job was to get beyond perceptions and show people what's real," he says, noting, "They loved Airdrie."

The REIN standings add to Airdrie's growing reputation as an investment powerhouse, says City of Airdrie economic development team leader Kent Rupert.

"When you get on any type of top-10 list, it recognizes where you're at in the marketplace," Rupert says. "Three years ago, we weren't even on the list. It recognizes there's a lot going on in this city."

Alan Tennant of Re/Max Rocky View Realtor, says the only surprise with the report is that Airdrie didn't make the top 10 sooner. "It's a confirmation of something people have known for a long time, and it's surprising it didn't happen sooner and we didn't rank higher," he says. "Obviously, it's great news [that] will be repeated in many presentations for years to come."

Meanwhile, Airdrie's building market shows signs of catching its breath after several years of frantic growth.

By the end of August 2008, the year-to-date building permit construction value registered by the City totalled just over $1.3 million, down from the nearly $2.3 million registered in 2007 for the same period. A total of 428 residential building permits were issued for January-August 2008, compared to 1,197 for the same period last year.

This doesn't mean Airdrie's housing market is entering a time of doom and gloom, says Darryl Poburan, team leader for building inspections at the City.

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