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.
While there is no way to know the future of any industry with complete certainty, many groups still do their best to predict how the real estate market will unfold in the new year. According to a real estate forecast from Calgary Real Estate Board, 2018 is expected to look much like the year prior in the Alberta City. That said, new laws and economic changes could have some influence on residential real estate pricing.
Much of the news surrounding home ownership amongst younger Canadians suggests that they are not buying due to financial constraints. However, some young professionals in Calgary, Alberta have shared that they are renting despite having the ability to buy a house. They say the low cost of renting in the area and the unsure returns on residential real estate investments have led to this decision.
There are a multitude of trends developers consider when deciding on the type and location of homes to build. In Calgary, Alberta, a proposed condominium development raised the question of whether three-bedroom condos were feasible to add on 16th Avenue NW. However, the managing principal of the development company shared that the demand is too low to justify the high price of building this type of residential real estate.
For those looking to buy a home, there are many options available. As the value of single-family houses rebound in Calgary, Alberta, the assessed value of condos has gone down in the city. These trends may influence those who are looking to purchase residential real estate in the area.
There are many questions about whether younger Canadians will be able to purchase and own a home. While many Alberta millennials continue to rent, others are looking at home ownership as a way to invest in their future. Those who are considering entering the residential real estate market should take a few steps before making this major purchase.