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New residential real estate coming to Alberta

It's no secret that the economy of Alberta has been in a slump in recent years. There are many who believe that is about to change. In fact, one major property developer is so certain the turn around is coming, he plans to begin construction of two major new residential real estate projects in the province this year.

A developer from Toronto, expects to begin work on a pair of residential towers in Edmonton, starting with a 37-storey luxury building this summer or fall. The site is on 106 Street north of Jasper Avenue. Set for completion in 2020, the structure will contain 240 condominium units, ranging in size from one to three bedrooms. The completion date has already been pushed back a year because of the economic climate, but the developer believes the time is now and that the market for the units will be there.

On Jan. 25, a public meeting will be held to discuss amending the zoning of an adjacent property. This is where a second tower is planned, this one 40-storeys in height with 320 residential units. Rezoning is expected to cost around $1.5 million. 

Buying residential real estate that does not actually exist yet can seem risky. The truth is, it happens all the time in Alberta with new developments of houses and condominiums. For a boost in confidence, and to be sure one's investment is secure, it may be wise to make such a purchase with the assistance of a real estate lawyer. A lawyer's experience with all manner of contracts and legalities can help ensure a safe and smart deal is made. 

Source: Edmonton Sun, "Toronto developer moving ahead with downtown Edmonton luxury high rise", Gordon Kent, Jan. 20, 2017

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