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Alberta real estate transactions: Land transfer tax positives

Alberta seems to be one of Canada's favourite spots in which to settle down. One of the reasons for Alberta's popularity in terms of real estate transactions has to do with land transfer taxes. Most buyers tend to overlook land transfer taxes, but many are becoming more aware of the hidden costs of real estate.

A real estate web company did an analysis of 25 different areas in Canada, comparing land transfer taxes. In hot spots like Toronto and Vancouver, land transfer taxes could go as high as a little more than 2 per cent, which could increase closing costs by about $20,000 in certain instances. These amounts cannot be part of the mortgage loan. 

Real estate transactions: AIMCo buys Edmonton Tower

Edmonton Tower has been sold to an investment management company. In one of many real estate transactions in Alberta, the particulars of the deal haven't been disclosed. The first phase of 27-storey, LEED-Gold office tower in Edmonton's ICE district has more than $2 billion of assets invested, and a similar amount is set for Phase Two. This particular area in downtown Edmonton has been earmarked for mixed use, sports and entertainment.

Edmonton Tower was sold to Alberta Investment Management Corporation (AIMCo). The company's senior vice president of real estate said AIMCo's acquisition is a clear affirmation of the company's confidence of the real estate market in Edmonton's downtown core. AIMCo has a $13.6 billion real estate portfolio, which includes investments in office, retail, industrial and multi-unit residential properties in Canada's major cities and abroad.

Real estate transactions: Lethbridge leading in industrial sales

Lethbridge is on the move. The Alberta city is having a particularly good year when it comes to industrial-related real estate transactions. In fact, it has been touted as an industrial real estate hot spot.  The second largest city in southern Alberta -- Calgary is the first -- is Agriculture and Agri-Food Canada's home. It is the largest agricultural research facility in the country.

Cavendish Farms has chosen Lethbridge for its head office and frozen potato processing plant. At $360 million, it's the city's largest manufacturing investor to date. About 400 people will be employed by the company once the plant is up and running and will need about 9,000 acres of potatoes. 

Real estate transactions: Lots still empty along Elbow River

It has been five years since much of Calgary saw horrendous flooding. There are some areas along the Elbow River with signage telling people to stay off the land that is owned by the province. Those six lots in that particular area are among dozens of real estate transactions since Alberta bought these properties for its floodway relocation program.

In fact, the province spent more than $99 million to buy 94 homes that were damaged or at risk from the flood waters and that were located in an area prone to flooding. The province offered to purchase all the homes located on the floodway. Those who declined the offer had to floodproof their properties or risk not getting disaster help should flooding happen again.

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.

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