Addy continues to invest in the Alberta region—and, as a result, so do Canadian investors.
The Vancouver-based real estate investing platform, which launched in BC in 2020, dropped its first Alberta project last year.
The timing was good: As the province’s key hubs Calgary and Edmonton grapple with Canada’s highest rates of office vacancy, addy collaborated with regional developers to convert office space into residential units.
In addition to another Calgary project in October, The Isaac in Inglewood, addy has hosted events in the area, such as a January Meetup at Aroma Cafe with company cofounder Stephen Jagger.
Among addy’s latest opportunities is the Harrison Marda Loop in Calgary.
The property comprises 51 residential units and 12 commercial units in a single five-storey mid-rise apartment building.
The plan, according to addy, is to invest and hold the property for eight years as an income-producing asset, allowing for monthly distributions, and then sell the property.
Developers are accepting up to $1 million from Canadians toward the project.
So far, more than 800 Canadians have invested over $500,000 since late January.
Addy is optimistic about the current and future Calgary real estate market, at least from a landlord’s perspective.
Rental demand is “strong and sustained,” the company says, “driven by a rapid increase in population”—the province of Alberta saw 100,000 new residents in the first half of 2023—with a further influx of immigrants and domestic migration expected to continue to fuel future demand.
Consequently, rents are expected to increase by double digits, with “an annual rent increase potentially surpassing 10%.”
Construction activity has improved since 2020, addy adds, citing a record-high level of completions in 2022. In 2023, new supply is “expected to remain elevated.”
Since launching its first investment opportunity in 2020, addy has enabled tens of thousands of Canadians to invest in dozens of properties—representing more than 100,000 transactions with a total asset value north of $700 million, according to Michael Stephenson, who cofounded the fintech alongside Jagger in 2018.
In 2023, the platform opened up to all Canadians for the first time.
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