The future looks bright for the real estate market over the next few years. Analysts say Alberta has a sunny future where residential real estate transactions are concerned and things will really start to roll in the housing market come next year. A Canada Mortgage and Housing Corporation (CMHC) senior analyst said the market was left listless due to low investment levels and unemployment since 2015, but that is all changing.
It may have the word "cold" in its name, but Cold Lake is pretty hot where real estate is concerned. In fact, the northern Alberta town is one of the top places in the country for affordable residential real estate. A leading real estate website in Canada figured out home prices to income ratios for all significant Alberta markets and used that data in a comparison to single or dual median household incomes in that area.
Western Canada seems to be where it's at in terms of investment real estate. Two of the top five areas for investment real estate transactions are located in Alberta. Okotoks and Leduc round out the top five communities and are on the rise population-wise as well.
The court has the authority to reduce the six-month period of redemption for payments owed on a mortgage. An Alberta property owner has that amount of time to bring the mortgage up to date before foreclosure proceedings begin. That time can be reduced if there is very little or no equity in the property.