"Too many of us are not living our dreams because we are living our fears." Les Brown
As I write this article the headlines in the paper are screaming bad news. Oil is up to $147, then down to $115, war in Afghanistan, Russia, your backyard wherever threatens us. Hurricanes, earthquakes and tidal waves all add to the turmoil. South American and Middle Eastern leaders turn on and off the oil tap at their whim, playing with the economy as they would a spoiled child. Healthcare is bankrupt, layoffs are eminent. Riots erupt in protest for cheaper medicines. Food prices are soaring as we turn to making bio-fuels because our planet is dying; global warming is cooking the penguins alive - but no-one will eat them because they're all vegetarians.
America slips into a recession, or a depression if you’re feeling especially gloomy. The U.S. housing market is so bad that bankers in Detroit can barely give a house a way for a dollar- then when they finally do, half of the derelict property has been stolen; metals melted down for money, wood burned for fuel...
It is enough to make you scared isn't it? There is a lot more to be pessimistic about too, especially if you watch TV or read the papers regularly. But, that's not the only story. As overwhelming as it all seems sometimes, it's not so bad.
One of the scariest things I see people doing these days is sitting on their money, frozen in fear. Afraid to lose their fragile nest egg by making a bad investment all the while it erodes away, slipping into the hungry mouth of inflation. Read More
REIN (Real Estate Investment Network) has released it's Alberta Top Ten Towns and once again Edmonton is the best place to invest in Alberta. A market full of fear and banks tightening up on lending due to the sub prime mess in the states doesn't negate the fact that some markets in Alberta will perform better than others.
Edmonton's economic fundamentals, excellent future and continuous infrastructure improvement will keep the city at the top this year. If the current plateau scares you, it's only been a year, look further at the many billion dollar projects planned for the next 15 years. They will keep the economy vibrant and growing.
"If there were no strong economic fundamentals supporting the market, it would be a good thing to be afraid," However, when you study the long-term strength you will be able to relax and not let those from outside the country take up all of the good deals and look like geniuses five years from now." REIN Alberta Top Ten Towns Report
TOP ALBERTA RESIDENTIAL REAL ESTATE INVESTMENT TOWNS
1. Edmonton
2. Calgary
3. Red Deer
4. St. Albert
5. Grande Prairie
6a. Lethbridge
6b. Fort McMurray
7. Airdrie
8a. Cochrane
8b. Sylvan Lake
9a. Lacombe
9b. Devon
10. Sturgeon & Strathcona Counties
For the detailed report with specifics on each town click here
As a whole the recent cooling has balanced out the market of course as an investor your investment area should not focus on the national market but on one specific area.
"The property market in Canada is well balanced and prices should rise in line with general inflation, according to economists.
The market has moved from a strong sellers market but it is unlikely to suffer a serious downturn, economists from Scotia Economics say in a new report.
But there are significant regional differences. Former hot locations like Calgary, Saskatoon and Vancouver are now favouring buyers." Read Article
Thank goodness I realized my money skills weren't up to par when I was young enough to make the significant changes necessary to ensure I wouldn't be worried about money at retirement. For the 35% percent of Canadians that are losing sleep at night it's time to take a course, read a book and make the changes necessary.
One thing seriously lacking is a foundation in money management for kids. Although I can still spell antidisestablishmentarianism thanks to Ms. Carroll in grade 4 - one thing I never learned in school was how to make a budget or even balance my cheque book. Now kids have more options as parents are themselves seeing what is missing in their own financial education.
"We teach the kids that money makes you more of what you already are," "You as a person determine how the money will show up in your life and how you use it." Kim Deep president of Kidz Make Cents a company providing youth with financial education
The government of Alberta has a series of courses you can take to improve your financial savvy, like Money 101 for teens and there are many private organizations that can help you or your children learn how to make money not waste it.
Find a course near you!
Condominiums are a great alternative to home ownership. If you're looking to buy your first home, or want to downsize, chances you are considering buying a condominium. There are a few things that you should know first before signing on the dotted line. It's often said that buying a condominium is buying a lifestyle. What does that mean? Condominium living is different from owning or renting a detached house because condominiums have a dual nature. Condominium owners hold title to their units and share responsibility for the operating costs of the balance of the property (common elements such as lobbies) that makes up the condominium (or Strata Property as known in BC). There are many advantages to condominium ownership. It may be less expensive than other types of home ownership. It can provide an "instant" sense of community. While someone else is shovelling the snow, you could be enjoying a swim in the shared warm water swimming pool. However, condominiums are not everyone's cup of tea. Condominium corporations (or Strata Corporation) may set restrictions on things such as owning pets or having an outdoor barbeque. How is the condominium managed?
As a potential condominium owner, you should be comfortable living within the rules and restrictions of the condominium association and living in close proximity to others. Condo Fees (or Strata Fees) Every condo owner pays fees to help maintain the building, pay the salaries of concierges, handymen or groundskeepers, and provide facilities such as a pool, gym or gardens. The fees are paid monthly and are subject to change. Special assessments could be made when an unexpected repair or planned modification exceeds the cost of the condo fees collected.
Request copies of minutes from the past two years from the Board of Directors' meetings. If there are any major problems with the condominium association, this is where you'll find it. The association is required to have regular meetings and make the minutes available. Be absolutely sure to do this so that you are aware of any major problems with the bureaucracy of the condominium association that would make living in the condo undesirable. Ask owners for comments or complaints about the association's (or council's) activities and reputation. Find out if there any plans to add to the facilities, such as a swimming pool or gym? Such projects can mean a rise in fees. The minutes of the condo association meetings should reveal any such plans.
The den on your floor plans may become a walk-in closet by the time you move in. And the fantastic view you see in the building model, may soon get distracted by the following phases of the project. Your dream condo may turn out to be "Dog Suite" and you may not get what you paid for. Click here to watch a recent CBC report on new Condos Market On the other hand, if you get a "Prime Suite", you could make a few thousand dollars in profit by the time you receive your condo keys. Your real estate agent can help you avoid the pre-construction sale pitfalls and help you make the right decision. P.S In the province of British Columbia, Condominiums are called Strata Property and are governed by the Strata Property Act of BC, they are managed by Strata Corporation which is elected by Strata Council. |
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