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Real estate transactions: Investment sales up in parts of Alberta

Alberta's two major cities saw increases in investment sales in the third quarter of this year. Some investment real estate transactions in both Calgary and Edmonton have been pretty large scale in 2018 with corporate investors making some pretty impressive purchases. In fact, a recent real estate report indicates that investments in the province exceeded $1 billion for two back-to-back quarters.

There were 16 office sales in the province in the third quarter with an overall value of more than $455 million. That figure is up by 165 per cent over the same time in 2017.  Forty per cent of investment purchases in Alberta's capital was in the office sector with a $400 million sale of the city's famous Edmonton Tower. 

While the investment market is heating up overall sales figures, there were modest decreases in retail and residential purchases in the third quarter. They declined by 3 and 15 per cent, respectively. Sales of apartment buildings increased by 35 per cent over the same time last year, coming in at a total of more than $570 million. The multi-family sector saw the highest drop in sales -- 33 per cent during 2018.

So, Alberta continues to be one of the hot spots for investment real estate transactions in the country. A real estate lawyer can offer advice to potential investors about the legalities involved in making property investments. It is wise to obtain legal counsel before moving ahead in any costly real estate purchase, whether purchasing or selling. A lawyer will always have the best interests of his or her client in mind when assessing any contractual agreements or helping to close a potential deal. 

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