As a part of their top neighborhoods to invest reports Throndson and Associates present another top pick for investment neighborhoods in the Calgary Area. Throndson says “Mayland Heights can get overlooked because of its overall size but some key variables that make Mayland Heights a winner, its accessibility to downtown and major transportation routes, large mature lots, RC-2 zoning and affordability”.
General Information: Mayland Heights is a mature neighborhood that was established officially as a community in 1962 but the land that encompasses Mayland Heights was annexed into the City of Calgary in 1910. Mayland Heights is a generally small neighborhood with a footprint of only 2 square km’s but is filled with residential, multi-family and commercials properties. In addition, Mayland Heights has schools and parks that anchor the community and provide a great balance for residents in this inner-city neighborhood.
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Prices: Within the last year 59 properties have sold in Mayland Heights ranging in price from $1.32 Million to $148,000. This past year Mayland Heights showcased a median sold price of $427,500, average days on market of only 24 and at an average of 97.5% of their list price. Please note that the average home price is influenced by larger multi-family buildings that sold and once removed brings the areas average sold price to $391,557.
Mayland Heights is appealing to many demographics because of its affordability, diversity in housing sizes, access to amenities, schools and transportation routes. In our opinion this makes Mayland Heights an easy sell to potential tenants and for future resale.
Zoning: Mayland Heights features a lot of RC-2 zoning and features a large diversity in housing density throughout the community. In Mayland Heights you can find ample amounts of detached homes, attached homes and multi-family type properties.
The density of Mayland Heights and its appeal for future residents was acknowledged very early in the community’s development and as such you can find full streets filled with duplex and fourplex type properties. For example, of the 59 homes sold last year 21 were either multi-family or attached properties.
Throndson asks; “So why is this good?” For one the tenant profile has been determined for the area and many future tenants who want the benefit of affordable inner city living know that Mayland Heights is a great solution. Secondly good RC-2 zoned properties are becoming hard to find, especially at a decent price, and this makes Mayland Heights a great place to consider your next investment property.
Look at our MLS listings here: https://calgaryarearealestate.info/
Rental Demand: Currently Mayland Heights has about 44% of it’s housing being used as rentals. Single family homes in the area usually rent between $1600-2000/month and basement suites and apartments rent for between $800-1300/month.
Mayland Heights is starting to see a revitalization and investment into the area and properties with updated finishing are snapped up quickly and provide great rental stability for the investors portfolio.
As of 2014, 68% of the residents in Mayland Heights were between the ages of 20-64 which is a strong indicator that the rental market will remain constant as young people and those still working will continue to have adequate income potential to afford living in the area.
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