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Real estate transactions: Condo buildings rise up in Alberta

Real estate market developments in western Canada point to many likely positives in 2019.  Condo buildings are going up in both Edmonton and Calgary and in other areas in the west and that points to increased real estate transactions despite a still relatively slow economy in Alberta. A Calgary builder is erecting a 19-storey condo building in the Beltline with an aim of enticing investors.

Even though the market is sluggish, the developers of this tower, known as Nude, have already sold 20 of 177 units. Building is expected to be completed by 2021. One pull for investors in Alberta is that the province doesn't have rent controls nor does it have foreign buyer or speculations taxes. Another selling point of the building is that units start at less than $200,000.

As a further incentive, purchasers can lay down 10 per cent of the purchase price which can be paid over a year as the building takes shape. Similar buildings are going up in Edmonton. One particular twin tower building will have condo units, despite signs of overbuilding, according to the Canada Mortgage and Housing Corporation (CMHC). But CMHC also says the Alberta market continues to rally.

Real estate transactions continue despite what the economy is doing. Investors continue to have faith in the market and Alberta residents are seeing light at the end of a bleak economic tunnel. Many people are choosing to buy and sell property since prices in Wild Rose Country are basically still affordable. A real estate lawyer keeps abreast of market fluctuations and may be able to advise a client on potential deals whether purchasing a condo, a single family home, a commercial building or an investment property.

 

 

 

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