There are times when the real estate market gets pummelled because of general economic woes. For a while now, residential real estate in Alberta has been suffering the backlash of difficult times in the oil sector. That is expected to continue into 2019, but there is positive change in the air, too, according to some experts. A spokesperson for a major Alberta construction company estimates the spring will see construction increase with demand on the heels of recovering economy.
Edmonton's condo market is is expected to come up against some difficult times, according to a real estate expert. In terms of residential real estate in Alberta, the condo sector has always been a pretty strong contender, but is apparently on life support in the Edmonton area according to the expert who recently spoke to a panel of developers. In fact, the man said that an investor market is basically nonexistent in the area, and condos are mainly purchased by first time purchasers or those who are downsizing.
Potential property purchasers may not be able to afford as much house as they initially thought thanks to a looming mortgage stress test. The demand for residential real estate is expected to drop in Alberta, particularly in the Calgary area. This is thanks to the federal government's new mortgage rules that raises the bar in terms of the amount of loan for which purchasers will be able to qualify.
Homebuyers in the west can weigh their options between Alberta and British Columbia, but chances are there's no contest when it comes to what money can buy in Edmonton versus Vancouver. For those who are qualified for a couple million when it comes to a residential real estate purchase, Alberta will definitely get them more house for their dollars. Shelling out $3 million for a property in Vancouver will maybe get a purchaser an old fixer upper, while for the same price, a purchaser can buy a bungalow in the foothills in Alberta with a stunning mountain vista view.
A recent survey by a leading Canadian real estate company shows that the real estate market is changing around the country. In Alberta, particularly Edmonton, residential real estate prices are flat. The market trend is being blamed on the lack of economic security in Wild Rose Country.
Finding data regarding real estate sale prices in Alberta isn't a piece of cake, but with a little persistence, it is doable. Alberta is unlike Toronto where a recent Supreme Court ruling gave Toronto Real Estate Board (TREB) members the green light to publicly post sale prices of residential real estate. In fact, there are websites now where bulk information about home sales can be found in the Toronto area.
One of the biggest home developers in Wild Rose Country has closed its doors, leaving many unfinished homes in a neighbourhood outside Calgary. The Alberta residential real estate developer lost a court request recently for the restructuring of its debt and went into receivership to the tune of $64.6 million. Some buyers have already taken possession of the homes that were completed, but are having some issues the builder said it would take care of.
Alberta's capital city seems to be the best place in the province to invest in a home. The residential real estate market in Edmonton is both stable and affordable when compared to other markets in the country. According to a report by the Real Estate Investment Network, Edmonton is set to outshine other markets in Alberta, including Calgary's.
Those people who believe their homes are haunted and who are thinking of selling them are in luck. When it comes to residential real estate transactions in Alberta, homeowners aren't obligated to divulge the history of their homes. So, if a homeowner believes he or she is sharing a home with otherworldly guests, it isn't necessary to divulge that belief to potential buyers.
There are a number of unclaimed properties in Alberta. Some of those properties belong to the residential real estate sector. The province is proposing changes to the Unclaimed Personal Property and Vested Property Act to make it easier for Alberta residents to be reunited with their assets that have been lost or forgotten.