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.
Alberta residents who are looking to buy a house have different options, and it may be a challenge to know which choice is best. When purchasing residential real estate, is it best to buy a new or used home? For various reasons, the decision might depend on whether the prospective buyers are gamblers or not. Used homes may come with hidden -- often unpleasant -- surprises while new homes have warranties.
When an Alberta couple becomes a family, a natural concern is where they will live. As the family grows, the possibility of purchasing residential real estate may arise. Of course, buying a home requires careful consideration, and relying upon experienced legal counsel is typically an invaluable asset.
When couples in Alberta file for divorce, one of the most challenging decisions they must make involves the family home. While it is natural to feel the emotional need to keep the house, it usually makes more financial sense to sell it and share the profit. When selling real estate in divorce, it can be tricky to make sure the transaction benefits both spouses, and it may help to consider some matters.
Purchasing a home is an exciting life event for many people. While Alberta residential real estate buyers will likely make sure they have experienced lawyers to guide them through the legal processes, some non-legal aspects might deserve to be mentioned. First-time homebuyers are sometimes overwhelmed by anticipation and emotion that could cloud their minds.
A recent survey of homeowners indicated that large numbers of Canadians, including some in Alberta, regret buying property when they did. With the rise in residential real estate prices over recent years, the majority of the responders said they would not be interested in selling their properties due to the high replacement cost. There are even some who feel they would have been better off renting from the start because of rising interest rates.
Rising property prices have changed the homeownership demographics across the country, including in Alberta. However, first-time residential real estate buyers still find ways to finance their first homes -- even if it happens a few years later in order to save for a down payment. Many young families choose to settle for condos until they start families -- which is also later than in previous years. Once children enter the equation, many parents start looking for houses.