Commercial real estate sales have been wavering the last few months in Edmonton. The number of commercial real estate transactions in Alberta's capital have dropped in the first quarter of this year compared to the same time last year – a 22% drop to be exact. The number of retail sales is now at its lowest point in three years. However, there is good news since the multi-family and office sectors are showing strong sales volumes.
The real estate industry can be as changeable as the wind. In today's market, many Alberta would-be sellers are waiting to put their homes on the market. As a result, those decisions are affecting the numbers of real estate transactions around the province. This is especially true since some analysts are predicting a market crash in the coming months.
The federal stress tests when it comes to mortgages still continues to make news. When it comes to real estate transactions in Alberta, the mortgage stress test can be the difference between buyers being able to look for homes and having to wait until their financial picture becomes more promising. Essentially, the stress test means that a buyer must be able to afford to pay a mortgage at the current Bank of Canada interest rate even if he or she qualifies for a rate that is lower.
It seems homeowners in Wild Rose Country who have been thinking of putting their homes on the market are moving like sloths. Real estate transactions in Alberta have slowed down since prospective vendors are waiting to see what the market will do in the coming months. This has caused a shortage of inventory and has kept prices higher than normal and made it difficult for the market to adjust, according to realtors.
The capital of Wild Rose Country is currently leading the way in real estate investments. Edmonton is Alberta's reigning leader in real estate transactions lately, according to a recent report on residential property deals in the province. The report suggests Edmonton is ahead in sales since it is entering a market recovery period, which makes prices more attractive for homebuyers.
Having a minimum downpayment to buy a home is necessary. But, would it benefit Alberta residents in their real estate transactions to have as much saved as possible when purchasing property? More importantly, should people postpone buying until they have as much saved as possible? There are financial considerations for buying sooner and for buying later and much has to do with saving for eventual retirement.
When an individual sells a property, there are some tax breaks of which he or she can take advantage. When it comes to real estate transactions in Alberta, residents can claim a principal residence exemption (PRE) on the sale of their properties. But there are some things they should know before doing so such as being aware of any changes to the Canada Revenue Agency's requirements.
It's been more than half a year since the country legalized cannabis. Making cannabis legal has had a positive effect on real estate transactions in Canada -- both agriculturally and commercially. It has also had an effect on real estate prices in general, according to a recent study. Smaller communities are benefiting from the increased demand for agricultural lands.
The real estate sales slump continues in Wild Rose Country -- particularly in the capital area. Real estate transactions across Alberta, as in most of the rest of the country, have been slower than usual. However, the Canadian Mortgage and Housing Corporation (CMHC) has hope that people's disposable incomes will help the market slump and lessen the gap between the now buyer's market and seller's market.
It seems conditional on sale of property (SOP) offers are becoming passé. More homeowners in Canada are waiting to sell their listed properties before making an offer on another. Much of this can be pinned on a slow-moving market across the country in which fewer real estate transactions are taking place. Sales across larger urban centres in Canada have continued to plummet -- down nearly 2% from last year.