If there is proof that the Canadian real estate market is improving, look no further than Alberta. For the year 2012/2013, the province registered a demographic growth rate nearly three times higher than the national average as a result of sustained economic growth and job creation. According to the Calgary Herald:
“This was mostly because of Alberta’s gains in interprovincial and international migration, which were concentrated in large part at these ages,” said Statistics Canada.
“The favourable economic context of Alberta can explain in large part these gains, which contributed to the working-age population growth. The oil and gas industry has led Alberta’s economic growth and job creation, which has translated into a marked increase in the demand for workers. In 2012/2013, Alberta’s employment and job vacancy rates were among the highest in the country. The continued economic boom has also generated growth in a number of energy-related sectors, service industries and other sectors of the economy in Alberta.”
Those who wish to take part in Alberta’s continued success can shop for Alberta real estate by working with reliable REALTORS® who primarily serve the Calgary area and are affiliated with trusted industry groups like CREB®now. Such professional expertise can help interested buyers keep abreast of market conditions, especially in light of growing interest from foreign and domestic investors that drives retail prices to be competitive.
Interestingly, Canadian citizenship isn’t a requirement for people to buy a house, or even live, in the country, while property taxes are generally tax deductible. Care should be observed when selling Canadian property, however, because the government claims half of the proceeds from any real estate sale as withholding tax. The sale of real estate also requires a Real Property Report from a certified land surveyor, which contains the necessary information such as mortgages, restrictive covenants, and existing liens.
Buyers, on the other hand, need to sort out an Agreement of Purchase through their REALTOR® of choice in such a way that the purchase complies with provincial laws. For example, a person who wishes to buy Calgary, Alberta real estate must first contact a reputable lawyer who can facilitate the transfer of title and file the transaction with the Alberta Land Titles office. Certified REALTORS® should be quick to remind their clients of these things, in case they forget.
Anybody who wishes to cash in on the current growth in Alberta’s real estate market should keep the above factors in mind. Given the right conditions, Alberta will continue to be a real estate hot spot.
(Article Excerpt and Image from Alberta economy attracting more people, The Calgary Herald, November 25, 2013)