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Real estate transactions: Stress test an election issue

There are two major issues when it comes to the federal election next year. One of them has to do with real estate transactions and how the federal government's stress test is affecting the market overall in Alberta and in Canada. Experts say it will hold a lot of water with voters who were primed to purchase their first home, but had to put plans on the back burner due to this new means of qualifying purchasers.

The stress test -- known as B20 in the House -- has been written about and talked about by so many for so long now that a Calgary Conservative incumbent MP wants to put it on his campaign platform. He said he wants to see the numbers and how the test has affected the market and wants to know why the government initiated the test in the first place if it is having an adverse effect all around. In fact, he has twice tabled motions in the House to have the impacts of the test reviewed.

The MP's  motions have been shelved without even being read. He said in all fairness Canadians should have some information on the stress test backed up by numbers. He also said he is not 100 per cent in favour of getting rid of the test, but has to have some evidence of how it is functioning overall.

There are a number of things that could affect real estate transactions in Alberta -- the stress test being one. A lawyer may be able to offer guidance to home buyers as well as sellers as to how different laws may affect them personally when it comes inking deals. It is better to have some knowledge when venturing into an area in which laws may be confusing and complex.

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