Close X
Byron Company

Barristers Solicitors Notaries

Free 30-Minute Consultations Schedule Your Appointment
780-715-1002

Byron & Company Blog

Things to know about real estate transactions in 2018

There's always a lot going on in the world of wheeling and dealing real estate. In Alberta, real estate transactions are indeed healthy as they are for most places in Canada with more local deals than ever. These transactions are different depending upon what has happened recently in their markets. For instance, deals in markets that have been hotter like Toronto and Vancouver are different from deals going down in recovering markets like those in Alberta.

The stress test that was initiated by the federal government at the beginning of this year has not quelled the market. Even though purchasing power may have been reduced somewhat, people are still buying homes. Even rising interest rates aren't putting the brakes on deals.

Calgary’s Housing Market Benefits Young Buyers

In Canadian cities like Toronto and Vancouver, the dream of home ownership is likely to remain just that. Even following the introduction of stricter federal mortgage rules, the cost of buying a house in one of these cities remains decidedly out of reach. So how are young Canadians finding their footing in the real estate market? Calgary condos and homes appear to be the answer.

 

Calgary’s Drowsy Housing Market

It’s hard to ignore the fact that the real estate market has been off to a slow start in 2018. For the first time since 2010, the sales-to-new-listings ratio dropped below 50%. Despite some cautious optimism that things would pick up come spring time, all signs are pointing to a continued sense of stagnancy. So what does this mean for Calgarians and other Albertans hoping to take enter or stay in the market? It depends.

 

What You Need To Know About Mortgage Fraud

Purchasing a home is stressful enough without having to contend with concerns about fraud. When it comes to residential real estate transactions, the focus is typically on affordability, location, and the real estate market. Would-be buyers rarely stop to think about criminal complications.

Unfortunately, fraudsters prey on unsuspecting victims, making awareness and vigilance critical. Understanding the types of mortgage fraud and how to recognize them is a key step in protecting your most important assets.

Cannabis Culture Lighting Up Commercial Real Estate In Alberta

With the legalization of marijuana across Canada just around the corner, entrepreneurs and business owners are moving quickly to secure their spot in the market. From dispensaries to accessory shops, cannabis culture is positioned to create waves across the Canadian retail and commercial real estate landscapes.

So how does Alberta fare in this rush to snap up prime commercial real estate? If industry experts are to believed, the future is looking very bright indeed.

Understanding Calgary’s Condo Boom

Calgary may be experiencing a recession complete with high unemployment and slow growth but that isn’t stopping developers from going full-steam ahead with new condominium projects. There are currently 88 condo construction sites spread out between the city centre, developed communities, and developing communities which will result in 6,522 new places for people to live.

So why all the new condos when current prospects don’t seem particularly strong? As it turns out, developers have their eyes on the future and according to them, it might be brighter than one would think.

The Importance Of A Home Inspection

Buying a home is often one of the most significant financial transactions a person will ever make. So how do you protect your investment? Do your homework from the start.

Whether you find yourself in a bidding war or have your sights set on a fixer-upper, there is never a good excuse to skip a home inspection. A stager may have done a spectacular job at making the house look picture-perfect but there are often problems hiding beneath the surface that could lead to headache and financial stress down the road. Enter the home inspector, an individual who has the professional expertise needed to help uncover potential problems with the property.

Calgary Luxury Residential Real Estate Sales On The Rise

When it comes to the luxury real estate market, Vancouver and Toronto seem to have secured their respective spots at the top but according to an industry report from Sotheby’s featured in the National Post, Calgary is poised to take over. Partly attributed to the province’s gross domestic product surpassing expectations as well as to increased manufacturing exports and oil prices, consumers appear to be willing to translate their newfound confidence into sizable real estate transactions.

Real estate transactions: Alberta city hopes to lure buyers back

British Columbia has seen its share of real estate deals from Wild Rose Country residents. But if Canmore has any say in the matter, more Alberta residents will stay in their home province to ink real estate transactions. With B.C.'s speculation tax that penalizes nonresident buyers, Albertans may look to their own province to purchase seasonal real estate. The resort town may look more appealing than ever.

Beginning next year, nonresidents of B.C. -- and that includes Canadians from other provinces -- will have to pay tax on their seasonal properties like cottages. They will have to shell out 1 per cent of the assessed property value if the home is unoccupied for six or more months each year. In the Okanagan Valley, where real estate is at a prime value, these types of dwellings can have an assessed value in excess of $1 million, which translates into a $10,000 speculation tax if the property is vacant for half the year. 

Real estate transactions: Coffee company buzz about pot lounges

A prominent Canadian company is looking at setting up cannabis lounges in its western outlets. These potential real estate transactions in Alberta give a new meaning to having a mellow cup of Joe. The company hopes to team up with National Access Cannabis Corp. (NAC) to roll out the plan where it's legal to do so. NAC has basically been focusing on the medical marijuana industry so far, but this would give it an inroad to the retail market.

The next step is for NAC to become licensed to sell cannabis products in partnership with Second Cup's retail outlets in Alberta -- paving the way for other retail opportunities. The company aims to sell leading cannabis products from reputable companies like CannaRoyalty Corp. out of Ottawa in some Second Cup stores. The CEO of Second Cup said the opportunity is a win-win for both company franchise partners and shareholders.

Let Us Review Your Legal Issue

Serving Fort McMurray And Surrounding Communities
10011 Fraser Ave.
Fort McMurray, AB T9H 2C8

Phone: 780-715-1002
Fax: 780-715-1099
Map & Directions

View Full Map View Full Map
Back To Top