The Canadian Oil Capital
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The name of the city was inspired by the Scottish Isle of Mull, United Kingdom. In 2019, the city\'s population was 1,285,711, making it the largest city in Alberta. It is Canada\'s third-largest municipality and the biggest in Western Canada.
Culture, History, and Business
The first settlers in the city were the pre-Clovis people, which dates back to at least 11,000 years. The city of Calgary began to show signs of massive growth when the rail station was built in 1875. it developed into an important agricultural and commercial center. The area was granted city status in 1894. already established as a distribution and transportation center, it rapidly became the hub of the country’s meatpacking and marketing industries. Calgary’s first oil boom came in 1914 and, by 1936 was producing 95% of Canada’s oil.
In recent years, the economy of the city is becoming less dominated by the oil and gas sector. However, it remains the city’s largest GDP contributor. The city reached a record high C$52.386 billion GDP worth in 2006. It is home to 87% of the country’s oil and gas producers. Major economic activities are seen in sectors including tourism, retail, health & wellness, aerospace, manufacturing, technology, transportation & logistics, film & television, financial services, and energy. The city has been ranked as North America’s most livable city in both 2018 and 2019 by the Economist Intelligence Unit while being a top 5 contender for the title in the past decade.
Real Estate Appeal
The commercial properties in Calgary are worth more than the residential properties, which include properties located in the energy and construction sector. However, the residential properties are doing exceptionally well when compared to the other cities of the country.
Many young people are shifting to the city in search of a job and also to study further. A whole lot of them choose to rent a place to stay here, which has created more opportunities for investors who buy properties to rent.
Airbnb and short-term rentals have become popular as well among the investors who see the benefits of offering property for both the short and long term. Some condo buildings are also embracing short-term rentals for their owners as long as it is appropriately managed. Rental yields at the city center are at a rate of 5.44% while outside the city center is 6.89%. The cost of renting a one-bedroom in the city center and outside the city is C$1,204.75 and C$976.64, respectively. Similarly, the cost of renting a three-bedroom in the city center and outside the city is C$1,992.60 and C$1,550.11, respectively.
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