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Real estate transactions: Alberta market is pot on

The real estate market has been buzzing with activity ever since the legalization of cannabis on Oct. 17. Investors and business people are snapping up property in western Canada, particularly in Alberta, which has seen an uptick in real estate transactions in the last few months. Developers have been looking for both office spaces and industrial lands for marijuana production facilities and dispensaries.

Edmonton and its surrounding areas are particularly favoured for being hot spots for cannabis businesses. In fact, one of the world's largest cannabis manufacturers, Aurora Cannabis, recently built an 800,000 square-foot production facility in Leduc, just outside Edmonton. Aurora Sky, as the facility is called, expects to churn out more than 100,000 kilos of cannabis a year from its new digs. Aurora also plans to have its footprint in Medicine Hat.

The law of supply and demand does rule since the value of building and commercial land sales in Alberta's capital city is up 50 per cent over last year. Industrial sales in the Edmonton area have also doubled since last year. Aurora Cannabis recently leased office space in downtown Edmonton where it plans on putting 400 people to work.

An Alberta lawyer can assist both a seller and buyer with various types of real estate transactions. He or she is prepared to review any documents relating to real estate deals such as purchase agreements, or mortgage and title and transfer documents. Real estate lawyers often handle closings and the necessary legalities associated with them. He or she will ensure transfers are legal, binding and in the best interests of the clients he or she are representing.

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