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.
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.