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More than $1 billion in real estate transactions in AB capital

Things are looking rosy on the real estate front in Wild Rose Country. Alberta's capital city has seen an increase in real estate transactions in the industrial, commercial and investment (ICI) sector along with increased sales in the office, multi-residential, retail and industrial areas. In fact, sales from these sectors totalled more than $1 billion from January to June this year. That figure is up from just over $712 million during the same period in 2016.

Statistics show that investment overall is strong. However, some areas are selling more aggressively than others, depending upon where they're located within Edmonton. Investors are feeling more comfortable putting their money into the retail sector. In fact, there have been three recent sales worth more than $30 million each.

The most challenging aspect of the market has been in office real estate transactions. Office deals in the first half of this year are $149 million in total. That's an increase from $45.5 million the same time in 2016. There was a 35 percent year-over-year increase in ICI land investment and a 23 percent year-over-year increase in industrial investments. 

The only sector to see a marked decline in year-over-years numbers was in residential land. This year so far sales in this area have totalled over $43 million. That's a drop from last year's $126 million. Experts say it could be because developers want to make sure they will get the price they need for their land and are waiting out market trends.

Alberta real estate transactions can be incredibly complicated. Investors -- whether they be purchasers or sellers -- would be wise to consult with an Alberta lawyer well-heeled in real estate law. A lawyer will make sure his or her client's interests are well looked after in terms of any contractual agreements.

Source: rent.ca, "Edmonton CRE investment tops $1B so far in 2017", Kathy Kerr, Aug. 29, 2017

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