The Wild Rose Country has only received about 20 per cent of the cannabis it ordered because there seems to be a shortage of the herb. Since the legalization of marijuana on Oct. 17, many entrepreneurs have been wanting to get on the bandwagon to set up cannabis shops. But Alberta has put a stop to issuing store licences because there's nothing to sell, which is affecting commercial real estate transactions.
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.
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.
There are plenty of pros and cons to weigh for someone considering entering or re-entering the real estate market. For those who are looking at this as a purely financial decision, often this means comparing the overall cost of purchasing a property to how that same investment might perform if invested elsewhere. When doing this math, it is important that prospective buyers in Alberta consider the costs associated with real estate transactions outside of the sticker price of the home.
When transferring a large amount of money, it is important to be diligent. Many online criminals specialize in defrauding wire transfers, targeting real estate transactions due to the high amount of money exchanging hands. Here are a few things Alberta buyers can do to protect themselves from this growing threat.
Cyptocurrency has led to debates and discussions in a variety of industries. Across Canada, real estate professionals have begun discussing whether real estate transactions will ever be done using bitcoin or other cryptocurrencies. In response, a renovation company in Calgary has made an unprecedented move by allowing customers to pay for services using cryptocurrencies.
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.
As the Alberta real estate market continues to shift, new trends are emerging across the country. In Edmonton, downtown condominiums are becoming increasingly popular choices downtown buyers. Experts say that proximity to amenities and a downsized living space are among the reason they foresee an increase in real estate transactions involving condos in 2018.