In today's property market, investors and home buyers are using creative solutions to find great places to live and lease. In Calgary, Alberta, bylaws have now changed to allow landlords to convert office buildings into residential real estate. This has prompted the repurposing of four downtown Calgary offices into residential buildings, as well as plans to convert a surplus office land site into a 300-unit development near Stampede Station.
The next generation is often said to be changing the economy and investing differently than their parents. However, a new survey finds that millennials in Calgary are investing in residential real estate at a high rate. In fact, more of the city's younger population are homeowners than their counterparts in any other part of Canada.
Alberta residents might have noticed media reports that the real estate is about to become a buyer's market. But what does this mean for those considering buying or selling residential real estate? It basically means that the market is a bit easier for buyers and tougher for sellers. Although it is a matter of supply and demand, government regulations also play a role.
Residents of Alberta who are in the market for buying a house will likely have many aspects of such a purchase to consider. Residential real estate prices are high, and careful thought must be put into the available options. It is never easy to choose between buying a home and renting one because there are so many pros and cons attached to both.
Almost all consumer products are available on the internet, and the online shopping facilities offered by many have changed the way people in Alberta and elsewhere do business. There is talk that even residential real estate deals will be done online in the not too distant future. A recent study determined that 90 per cent of recent home purchasers in Canada searched for houses online. Many of those people might also have researched financing options online and then made online contacts with the agents.