Homebuyers will be happy to know that they have lot of homes from which to choose this summer. Alberta's inventory when it comes to residential real estate is looking healthier than it has in a while. In fact, a local realtor says he has never seen so many homes on the market in the 15 years he has been in real estate.
Summer is a time in many parts of Canada when the risk of forest fires is at its highest. There are parts of Alberta, like the Fort McMurray area, that are especially susceptible. When it comes to residential real estate in certain parts of the province that are more apt to experience fires, mortgages can be affected, especially if homeowners have been evacuated, the home has suffered damage or is completely razed by fire or if a fire causes a person' employment situation to change.
The oil industry has had its ups and downs, but oil has always been one of the primary commodities in Alberta. It's not surprising that this has had some effect on other areas, including residential real estate sales. The economy works like a machine -- when all parts are oiled, the entire system runs smoothly. So, when the oil industry took a few major punches, the entire province felt the pain.
In Canadian cities like Toronto and Vancouver, the dream of home ownership is likely to remain just that. Even following the introduction of stricter federal mortgage rules, the cost of buying a house in one of these cities remains decidedly out of reach. So how are young Canadians finding their footing in the real estate market? Calgary condos and homes appear to be the answer.
It’s hard to ignore the fact that the real estate market has been off to a slow start in 2018. For the first time since 2010, the sales-to-new-listings ratio dropped below 50%. Despite some cautious optimism that things would pick up come spring time, all signs are pointing to a continued sense of stagnancy. So what does this mean for Calgarians and other Albertans hoping to take enter or stay in the market? It depends.
Purchasing a home is stressful enough without having to contend with concerns about fraud. When it comes to residential real estate transactions, the focus is typically on affordability, location, and the real estate market. Would-be buyers rarely stop to think about criminal complications.
Calgary may be experiencing a recession complete with high unemployment and slow growth but that isn’t stopping developers from going full-steam ahead with new condominium projects. There are currently 88 condo construction sites spread out between the city centre, developed communities, and developing communities which will result in 6,522 new places for people to live.
Buying a home is often one of the most significant financial transactions a person will ever make. So how do you protect your investment? Do your homework from the start.
When it comes to the luxury real estate market, Vancouver and Toronto seem to have secured their respective spots at the top but according to an industry report from Sotheby’s featured in the National Post, Calgary is poised to take over. Partly attributed to the province’s gross domestic product surpassing expectations as well as to increased manufacturing exports and oil prices, consumers appear to be willing to translate their newfound confidence into sizable real estate transactions.
Toronto and Vancouver aren't the only cities that will shine this year for real estate deals. According to experts in residential real estate in Canada, Calgary and Montreal will also be in the list of star cities. Calgary is expected to make an immense recovery this year and has already seen a 45 per cent increase in sales from this point last year, especially in the luxury market.