Is it incumbent upon a real estate agent in Canada to divulge information about a property that could make the difference between a sale and a property sitting on the market for a while? That actually depends upon what that information entails. Disclosure rules around real estate transactions in Canada are definitive.
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.
A softening economy in Alberta is affecting various sectors, including the housing market. Real estate transactions in Alberta have slowed since oil prices have dropped. A report recently released by one of the country's main banking institutions said the housing market remains weak in the wake of oil production cuts in the province. In fact, the bank stated that oil output will be about 1 per cent less in 2019.
The cost of borrowing is rising in the country. No doubt real estate transactions in Alberta will be affected by the hike in interest rates. The Bank of Canada rate is hovering just below 4 per cent -- that's up almost 16 per cent from the same time last year and 32 per cent from two years ago. That change may affect a person's decision about whether to buy at this time.
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.
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.
Buying a home or property should be exciting even though it may be stressful at times. Having the right salesperson can make the difference between having a positive or negative experience when it comes to real estate transactions in Canada. Those who find that they're just not working with the right person for them may have a few options when it comes to finding the right agent, and it can also work the other way, too. Sometimes, it just isn't the right fit between people.
A recent Supreme Court decision is expected to change the face of real estate in the country. Certain information -- like the selling price -- regarding sold properties in real estate transactions in Canada will now be made public. The high court chose not to hear an appeal regarding the ruling of a lower court, which decided that the Toronto Real Estate Board (TREB) must allow certain information about homes for sale to be made public, including what a home sold for previously.
Many people do not realize that there are actually two CN Towers in Canada. The other is in Edmonton, Alberta and when it comes to real estate transactions, the 27-storey building in the city's downtown core, which CN vacated in 2008, is set to get a new lease on life. The new owner is turning the building into an office complex and has already updated the elevator, mechanical and building security systems.
Alberta seems to be one of Canada's favourite spots in which to settle down. One of the reasons for Alberta's popularity in terms of real estate transactions has to do with land transfer taxes. Most buyers tend to overlook land transfer taxes, but many are becoming more aware of the hidden costs of real estate.