CIBC released a poll this past Monday that showed that of Albertans between the ages of 45 to 64, only 18 percent considered themselves debt free. That is a long time goal for many across Canada. In Alberta, younger residents are confident enough in their financial planning that they will be debt free by the time they reach the age of 52.
Downtown Edmonton is proving to be a profitable venture for those interested in investing in student rental housing. The market has softened somewhat, offering more choice for investors at relatively low prices for both properties and mortgage rates. The light rail system, or LRT, has also been recently extended, opening up more opportunities along the new rail lines.
Consumer debt in Canada is not rising as fast as in the recent past, and is no longer climbing faster than income rates. It you exclude mortgages, the borrowing of money in the nation for what is called consumer debt is almost in the negative, according to a report released this past Thursday by CIBC.
TD Bank is predicting that housing markets across Canada will see a ten percent decrease in prices over the next couple of years. They are calling this a moderate correction. A further prediction is that resales will also slow, due to predicted rising interest rates and a slow growth in household income. Fewer first time buyers will be getting into the market because of stiffer mortgage rules. But Sonya Gulati and Derek Burlton, who co-authored the report, believe that the market and demand for homes will remain positive through the end of 2011.
Cpl Mark Fuchko walks with two artificial limbs. In 2008 he lost both legs while serving in Afghanistan. The vehicle he was riding in exploded after hitting an IED. After three years of recovery and rehab, the plucky Calgarian has decided that it would be fun to climb Mount Kilimanjaro in Tanzania. Fuchko is determined to get to the summit, even if he has to climb up on his hands and knees.
June sales in Edmonton’s home real estate market improved in June, perhaps spurred on by the lower home prices now being seen. The Realtors Association of Edmonton released a report this past Tuesday noting that sales for June of 2011 were 7.6 percent higher than during the same month in 2010. The total amount sold was $584 million.
The snow has melted, the sun is out, well, usually, and its time to fix up that backyard, build that deck or create a new doggie condo for your four-legged best friend. The Saturday crowds at the local building stores are evidence enough that Edmontonians are tackling those do-it-yourself projects.
Edmonton’s Rossdale neighbourhood is about to get bigger. Plans are underway to build four urban villages within the borders, creating four times the number of homes that now exist. Still in the proposal stages, and called West Rossdale, the idea is for a pedestrian friendly community with 12 storey condo buildings, ground level shops and an underground parkade. This will boost the number of homes from the current 460 up to 2,200 units.
Alberta needs people. Period. There is a labour shortage and the pinch is being felt in several industries, but most of all in the oil sands. It has happened before, most recently right before the recession in the latter part of 2008. Albertans had to deal with long lines for service, and higher costs for items and those services. The difference this time around is the baby boom factor, and the fact that the rest of Canada is in better shape job-wise than in years past.
So many retailers are finding Edmonton a profitable place to do business that it is hard to find space to rent. With a 2.65 percent vacancy rate that has held steady for at least a year, it was inevitable that new shopping developments would be needed. The better shopping malls and retail centers are closer to zero percent vacancy.
