Some landlords are stepping up to the plate to try to help the economy in Wild Rose Country. Some property owners in Alberta are taking commercial properties like office buildings and turning them into residential real estate units -- particularly in the Calgary area. When agencies or companies leave these buildings, some landlords are opting to shell out big bucks to refurbish them into apartment or condo units. It's a way landlords are getting through the rough spots of a sickly oil industry which affects all areas of the economy.
There is one municipality in Wild Rose Country to which people are turning for rest, relaxation and recreation. Residential real estate sales in Canmore have continued on an upswing despite the recent downturn in overall provincial sales. When it comes to recreational home sales, Canmore is leading the pack. Recent statistics show that the average price of a home in Alberta is expected to rise to more than $838,000 -- an increase of more than 10% and that hike is largely attributed to expected sales in the mountain community.
Albertans are feeling positive about the future. There are many things that fuel increases in residential real estate sales and one of them is a positive economic outlook. For many in Alberta, particularly in Cow Town, growth in many sectors is reason for celebration. Analysts say the next five years are looking bright for infrastructure in general and for the real estate industry, in particular.
The positive way the commercial real estate sector has been performing in Cow Town may mean single family homes aren't far behind. Residential real estate sales in Alberta have been cool at best lately, but commercial sales in Calgary have been steadily on the rise, which make some analysts believe residential sales might start to do the same. These deals, analysts add, show faith in the economy, so it may be likely homeowners will take heart.
The Western Canada real estate market is in the doldrums. Residential real estate transactions in Alberta have fallen significantly and if experts are right, they'll continue in a downward trend. But a real estate investment adviser believes the month-over-month downward trend is indicative of a market correction and even so, most homes remain unaffordable for many Albertans, especially those wishing to buy their first homes.
Alberta's Conservative Opposition Leader Jason Kenney wants Alberta residents to be able to opt out of the federal government's mortgage stress test. Kenney took Alberta NDP Premier Rachel Notley to task for not being more outspoken against the test, which makes it difficult for many Alberta residents to buy residential real estate. The stress test means that potential homebuyers must qualify for mortgages at interest rates offered by the Bank of Canada even if they are able to secure a lower interest loan.
The economy has been a bit dramatic over the past few months. The residential real estate market has weathered the storm and by all accounts is rallying across the country. The average price of a home in Canada in the last quarter of last year rose 4 per cent compared to the same time in 2017. That puts that average home in the $631,000 range.
It is amazing what can pique the interest of a potential purchaser of a home. Take for instance a residential real estate listing in St. Albert that wasn't getting a lot of action -- that is until a dinosaur parked itself outside the Alberta residence. The home was listed for months and hadn't really received much attention, until the realtor came up with a genius marketing scheme of dressing in a Tyrannosaurus Rex costume and posing next to the for sale sign and making himself at home in various areas of the residence.
Chinese investors are showing keen interest in Calgary. They are apparently making increased inquiries regarding the residential real estate market in Alberta's Cow Town. Some Calgary realtors have said that they have made significant sales to some Chinese investors.
The Beverley Hillbillies didn't have it this good. The residential real estate market in Alberta just got a little richer with a $15.5 million estate in Lacombe County recently put up for sale. The Gadsby Lake estate, tucked away in the Shorthills, is one of the province's most elaborate properties.