According to experts at a recent Calgary conference, it appears that millennials are leading the charge in the movement for affordable housing. The generation born between 1982 and 2004 has a great deal of buying power in Alberta and the rest of the country, with over three million now in the age bracket between 25 and 30. With less of this demographic purchasing residential real estate than in previous years, experts are looking to better understand their patterns, needs and financial situations.
Purchasing a home for the first time can be a daunting task. From establishing a budget to finding the right professional to work with, Alberta individuals and families often have a lot of questions when jumping into the residential real estate market. Here are a few tips that can help in the process.
The practicality of home ownership has been a much-discussed topic across the country. Statistics Canada's new report on housing in Canada offers a new perspective on how Alberta's residential real estate market stacks up against other provinces. These statistics show that despite an overall decrease in home ownership across the country, Calgary was the fastest growing census metropolitan area between 2011 and 2016.
Downtown Calgary has been searching for ways to manage a high office vacancy rate. In an effort to attract tenants, one property owner has transitioned his office building into residential real estate. The move comes after a thorough investigation of the Alberta real estate market and the growth in residential versus business leases.
Regulation changes and economic factors can have a major impact on the housing market. In Alberta and throughout Canada, incoming federal regulations may make December a busy season for residential real estate. This is because of regulations taking effect on Jan. 1, 2018 that will impact resellers.