Lintott Law
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Calgary Real Estate Law Blog

Why would a landlord sell rental residential real estate?

Knowing when to purchase a rental property can be difficult, but choosing when to sell it can be just as challenging if not more so. There are many different reasons why Alberta landlords might choose to put a rental property back on the residential real estate market. Here are just a few of the factors that may make it worth selling a rental property.

Since rental properties are purchased for investment purposes, the most common reasons for selling are financial. For example, a landlord whose property has gone up in value since purchasing it may choose to sell in order to "cash in" on the investment. This can be a particularly good idea if the rental market compared to the cost of ownership make it difficult to turn a profit on the home, though long-term gains should be considered if this issue is faced on a new buy.

Considerations for residential real estate buyers with pets

Many people are know that they need extra space and friendly neighbourhoods when buying a home for a family with children. But what should Alberta homebuyers with pets consider when purchasing a place to live? Here are a few questions residential real estate buyers should ask when seeking a space for themselves and their furry friends.

Location is important when it comes to buying a home for pets. Not only are spaces to walk or proximity to the vet worth considering, but bylaws and other regulations may have an impact. Those buying condos or properties associated with a housing association may find that their furry friend is not welcome at their new home. Additionally, reviewing the municipality's regulations regarding issues like licensing, noise from barking and registration of pets is a good idea before committing to a home in the area.

Residential real estate research shows affordable Alberta areas

Prospective homebuyers and sellers can often benefit from paying attention to trends in their local markets. Recently, research was released showing the least and more affordable residential real estate markets in Alberta. The figures were calculated using the price-to-income ratio in each major market in the province.

According to the research, the least affordable housing markets in the province of Alberta are Canmore, Camrose, Calgary, Okotoks and Edmonton. Fort McMurray topped the list of most affordable markets, followed by Cold Lake, Grande Prairie, Fort Saskatchewan and Airdrie. In Fort McMurray, the median dual income is $221,425 and the median single income is $106,912 while the average housing price is just $439,664. This makes the price-to-income ratio only 2:1 for a dual income household.

Questions to ask when buying residential real estate

When it comes to buying a house, it's almost impossible to be too careful. It's far better for residential real estate buyers in Alberta to ask too many questions than it is for them to not ask enough. Here are a few things buyers should look into before signing off on a new home.

The first thing a buyer should clarify is who actually owns the property. Developers and investors will sometimes try to "sell" a property without actually changing over the ownership from the people who previously held the property. This can be an be a big disappointment should the investor fail to finalize the paperwork with the actual owner.

Survey reveals residential real estate trends among Alberta boom

As people grow older, they face critical decisions regarding their homes. Should they downsize to fund their retirement, or stay in their long time home? Trends in the Alberta residential real estate market along with personal preference are impacting the decisions baby boomers are making with regard to their homes.

Royal LePage recently published a Boomer Trends Survey to dig into some of the ways this demographic is choosing to live as they near retirement. The survey found that 58 percent of people in the this age bracket would prefer renovating their current home to moving to another location. However, 44 percent say this will change as they age and that they plan to move to a smaller home when they get older.

Things to consider before buying a foreclosure

Many real estate investors are drawn to forecloures due to their lower list price. However, before taking the risk of purchasing, Alberta buyers should do their homework. Here are a few considerations that can help a buyer decide whether a foreclosure is worth buying, or whether it could end up being more trouble than it's worth.

Buying property sight unseen is rarely a good idea. Some people will rush to make an offer on a low-priced foreclosure for fear of missing out on a deal. But seeing a property can offer a lot of information, not only about the home but also about the neighbourhood. Those who wish to purchase the property to rent it out should also look into typical rents in the area.

Things every first-time residential real estate buyer should do

Purchasing a first home can be overwhelming for many people. Even though Alberta real estate markets are not as competitive as other parts of Canada, hidden costs and uncomfortable surprises can greet those who do not carefully research the process. Here are a few things all first-time home buyers should consider doing in order to land the right residential real estate.

The most important thing to do on an ongoing basis is to clarify finances. Prospective buyers should first calculate whether it makes financial sense to buy or rent in their area. They should also calculate their budget for a home with an awareness of things like maintenance costs, property taxes and the mortgage amount for which they are approved.

What to consider when buying residential real estate this year

The real estate market and even the process of buying a home changes year to year. From laws governing the purchase of residential real estate to housing costs to mortgages and interest rates, there are many things Alberta homebuyers should consider when buying a house in 2018. Here are a few of the top things current buyers should think about when it comes to residential real estate.

The first major consideration is budget and mortgage access. As interest rates and laws around lending shift, the importance of mortgage preapproval is more important than ever before. Preapproval can also show a seller that a buyer is serious, giving the prospective buyer an edge in a competitive market. 

How to privately buy and sell residential real estate

With so many online tools available today, an increasing number buyers and sellers are entering the private real estate market. Purchasing or selling residential real estate without needing to pay commissions to an agent or brokerage is an enticing prospect for many. While it can save people money, doing thorough research and protecting one's own interests is critical when undergoing a private real estate transaction in Alberta.

For sellers, carefully considering an asking price is an important step to take when not using an agent. Without the guidance of a realtor, some Alberta sellers may advertise a price that doesn't align with the current market. Researching listing prices for comparable homes nearby is a good step to take before landing on an asking price.

How to protect from fraud in real estate transactions

When transferring a large amount of money, it is important to be diligent. Many online criminals specialize in defrauding wire transfers, targeting real estate transactions due to the high amount of money exchanging hands. Here are a few things Alberta buyers can do to protect themselves from this growing threat.

According to the FBI, the most common type of fraud related to real estate transactions was email accounts compromise. In this type of attack, an online criminal will assume the identity of the person handling the sale, sending the buyer an email with fraudulent wire instructions. One way to protect from it is to verify email requests by calling a verified phone number. This phone number should be independently verified and not just calling the number on the email as this could be faked as well.

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