Rising property prices have changed the homeownership demographics across the country, including in Alberta. However, first-time residential real estate buyers still find ways to finance their first homes -- even if it happens a few years later in order to save for a down payment. Many young families choose to settle for condos until they start families -- which is also later than in previous years. Once children enter the equation, many parents start looking for houses.
As the prices of property escalate in the cities of Canada, including those in Alberta, more and more people look at the possibilities of moving to the suburbs and even more remote surrounding areas. Residential real estate prices in the cities have reached a level in which the price of a one-bedroom condo could buy a house in the suburbs. However, some find the cost of living higher than anticipated on the outskirts.
Purchasing a house is naturally an exciting event, and the enthusiasm may prevent Alberta buyers from reading what is typically referred to as the small print. Several expenses are often unanticipated and may put the overall cost of real estate transactions in higher price brackets. Think of home inspections, land transfer taxes, moving services, legal fees and miscellaneous closing costs. If this is not the forever home, those expenses may be excessive.
Many consumers in Alberta have likely experienced impulsive buying that comes back to haunt them a day or two later. This happens to so many people that the law allows cooling off periods, during which time consumers can cancel certain types of deals. Although this does not apply to all real estate transactions, Alberta consumers have a chance to call off a condominium purchase they made without proper consideration or for any other reason.