There are plenty of pros and cons to weigh for someone considering entering or re-entering the real estate market. For those who are looking at this as a purely financial decision, often this means comparing the overall cost of purchasing a property to how that same investment might perform if invested elsewhere. When doing this math, it is important that prospective buyers in Alberta consider the costs associated with real estate transactions outside of the sticker price of the home.
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.
Cyptocurrency has led to debates and discussions in a variety of industries. Across Canada, real estate professionals have begun discussing whether real estate transactions will ever be done using bitcoin or other cryptocurrencies. In response, a renovation company in Calgary has made an unprecedented move by allowing customers to pay for services using cryptocurrencies.
Real estate is not typically bought and sold by auction in Canada. However, a luxury family home in Calgary, Alberta is becoming an exception to the rule. The home has been listed for $3.88 million but has had no buyers come forth over the past two years, sparking the idea for a bidding war. Auctioning properties, while rare, can instigate real estate transactions which may otherwise be difficult to come by through traditional means.
When purchasing real estate, payment can come in many different forms. Unfortunately, even some of the most secure Alberta real estate transactions can be subject to problems once a seller shows up to the bank. A Calgary real estate investor recently faced this issue when the bank misplaced a certified cheque worth $415,000.
As the Alberta real estate market continues to shift, new trends are emerging across the country. In Edmonton, downtown condominiums are becoming increasingly popular choices downtown buyers. Experts say that proximity to amenities and a downsized living space are among the reason they foresee an increase in real estate transactions involving condos in 2018.
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.
Mortgages are frequently used by people to purchase residential real estate. Some Alberta residents may wonder what options are available to them to pay off their mortgages more quickly following residential real estate transactions. However, many families may be balancing the desire to make extra payments with other financial priorities. While paying off a mortgage as quickly as possible can be a good idea, there may be some drawbacks worth considering.
As older Canadians move towards retirement age, many are considering how best to invest inside their RRSPs. One of the options available for Alberta savers is to invest in real estate. However, those seeking to use their RRSP to support real estate transactions and property investments should know some of the legal restrictions and regulations related to these holdings.