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.
Buying a home can be an exciting venture. For some Alberta couples it is the next step in a relationship. But there are certain things unmarried couples should know when it comes to residential real estate -- there are some differences when a couple isn't legally married.
Edmonton may soon turn into the land of pork chops. Residents living in the Alberta capital have received the green light to subdivide their land into lots that resemble pork chops. Indeed, pork chop lots -- also known as battle axe, hammerhead or flag lots -- take one larger lot and turn it into two smaller ones. This is a residential real estate experiment by the city of Edmonton to get new builds started in inner city neighbourhoods that are sparsely populated.
It seems that Fort McMurray tops the list of the most affordable housing in Alberta. Residential real estate is on the upswing in this Alberta community that has seen its share of problems in the last few years -- especially from devastating forest fires that nearly razed the entire population centre. Using the home price-to-income ratio, Fort McMurray wins the top prize for affordability.
When a homeowner says he or she will be downsizing, it usually means moving into smaller digs. In Alberta, that's not always the case when it comes to residential real estate. In Alberta, downsizing may not mean leaving a home at all. Alberta baby boomers may consider downsizing to mean staying put and revamping what's already been in the family for years.
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.