Would-be homebuyers who put off purchases in Alberta due to uncertainty earlier in the year may be dipping their toes back into the luxury real estate market. Between July and Aug. 2017, 112 homes were purchased in Calgary for more than $1 million. This is on par with similar residential real estate purchases in 2016. However, the city's luxury condominium market took a hit in this same period with only two $1-million plus purchases over the summer months.
Purchasing a home can be challenging for even the most experienced investor. For first time home buyers, navigating the Alberta residential real estate market can raise even more questions. As lenders become more conservative and the market becomes increasingly competitive, there are a few things purchasers should know before buying their first home.
Across the country, people often look to property as a key investment opportunity. Alberta residents who are new to this unique kind of investing should first establish their strategy and understand the laws involved in real estate transactions. Some of the most popular ways people go about purchasing real estate for the purpose of a financial return include "flipping" homes, running rental properties, and "wholesaling."
The purchase of Canadian property by investors in Asia and other parts of the world has been a much-discussed topic in recent years. However, many Canadians are also involved in the oft-discussed foreign real estate investment. Residents of Alberta who have purchased residential real estate in the United States should take a close look at their purchases to ensure they are compliant with U.S. tax laws.