A natural disaster coupled with economic challenges has led to difficult times for many Fort McMurray homeowners. Courts in the Alberta oil town saw 105 foreclosure claims between April and Oct. 2017. This sharp increase amounts to nearly double the claims compared to the prior fiscal year.
Many factors can impact the performance of the housing market in Canada. While Alberta residents typically look to the economy to determine the outlook of the residential real estate market, legal changes may be having the biggest impact in the new year. The new mortgage stress test, which comes into law in Jan. 2018, has caused the Canadian Real Estate Association to forecast a 5.3 percent drop in national sales in 2018.
Economic factors can have a big impact on property and development in Canada. This can be seen in Alberta, where residential real estate development grew 22 percent in the last quarter. This is led primarily by 37 percent growth in single-family homes. The increase comes after two years of decline in the residential construction sector.
Technology plays a significant role in many industries now, and when that technology stops working, it can have a major impact. This is the case in Alberta, where the land titles portal was knocked offline during an update over a late November weekend. Buyers are advised pay close attention to any real estate transactions that take place while the land portal is down.