Are you planning to invest in Grand Prairie, Alberta properties?
Every single property investment carries a future potential. Under favourable circumstances, monthly rental income isn’t the only benefit. You may be able to reap the benefits of home value appreciation rates as well.
Finding the right real estate market for a lucrative purchase is challenging. However, Grand Prairie, Alberta has a promising real estate market. The local economy and the rental demand makes this area a solid option for investors.
In the following paragraphs, we are going to list the top reasons to invest in the Grand Prairie area properties. You’ll learn about the major contributing factors to high-ROI investments in this part of the province.
1. Solid Economy
One of the top reasons to invest in Grand Prairie is its dynamic economy.
The City of Grande Prairie is the hub for a regional service centre that covers a population of close to 280,000 people. Moreover, this city is part of the CANAMEX trade route that links Canada, the U.S., and Mexico.
The strongest economic markets in Grande Prairie include forestry, oil, agriculture, and gas. Since the locals embrace innovation and entrepreneurship, new companies get established and begin hiring all the time.
A major part of the economy relies on the region’s rich natural resources. From agricultural land to natural gas, the reservoirs show no sign of depletion in the coming times. The circumstances create a favourable economic climate for real estate investors.
2. Retail Hub
The city of Grand Prairie has undergone a major retail spending boom and overall growth.
Grand Prairie has shown an outstanding boost in the retail sector. These developments provide a solid pillar for real estate investments.
3. Long-Term Potential of Continuing Rental Demand
Entering the market at the right time is important. Grande Prairie has become quite an affordable market for renters in recent times. However, combining the decreased average monthly rent with economic strength signifies long-term potential.
You may enter the market when the real estate is a bit cheaper and the rent income is satisfactory, but it’s highly likely that you’ll see considerable growth in the long run.
4. Shopping Destination
Many people appreciate living in areas that don’t require long commutes for shopping. Grand Prairie provides ideal conditions for such demographics. The local mix of shopping opportunities has it all!
The shopping experience is on such a level that people from neighbouring province’s make their way to Grand Prairie. After people have finished their purchases, they’ll want to spend more time in the city and explore its surroundings.
This is exactly why you won’t be restricted to regular long-term lease agreements. Executing a smart strategy means that you’ll be able to capitalize on the potentially lucrative approach of marketing a short-term rental property.
5. Outdoor Recreation
Grande Prairie is an attractive place to live in terms of outdoor recreation opportunities as there are many things to do. The city has a number of parks, trails, and playgrounds. There’s something for everyone, including families with children.
Here are some of things to see:
- South Bear Creek Park: This park has many attractions and amenities. The off-leash dog park is perfect for your four-legged family members. Beach volleyball courts, disc golf course, and the Bear Paw Par 3 golf course provide excellent options for a sporty time off. Additionally, there is a beautiful pavilion on the premises.
- Muskoseepi Park: The Muskoseepi Park is located in the heart of this city. Covering an area of over 1100 acres, the park offers a variety of things to do. For instance, you can enjoy lawn bowling, fishing, basketball, mini-golf, hiking trails, and spray park. You can also find the Grande Prairie Museum & Heritage Village.
6. Wide Variety of Areas
As an investor, there are many areas you can invest in in Grand Prairie. Here are some of the top neighbourhoods you may consider investing in:
The community of Trumpeter Village is a stellar neighbourhood in Grand Prairie. While residents are never far from urban amenities, they can also enjoy the family-friendly lifestyle in the quieter area. Trumpeter Village has everything near-by, including theatres, shopping malls, and recreation centres.
Located on the city’s booming east side, the master-planned community of Crystal Landing has tree-lined streets and several parks. The quiet location offers a chance to walk around and enjoy the 8-acre wetland in the area. The community isn’t far away from numerous excellent public schools.
If you are considering Westpointe as a neighbourhood to invest in, keep in mind that townhouses and single detached homes are the main housing types in the area. Around one-third of the community’s dwellings are renter-occupied. Most of the primary and secondary schools in Westpointe can easily be reached on foot.
Grand Prairie has gained significant investors’ interest in recent years. The city has a successful and diversified economy. All of that financial activity creates new jobs and demand for rental properties.
You also have many communities to choose from, such as Crystal Landing, Westpointe, and Trumpeter Village. Etch out your investment plans and evaluate the potential cash flow of different Grande Prairie areas to find the right match for your financial goals.
For more information, contact Real Canadian Property Management today.