Are you planning on moving to Okotoks but are finding that houses are selling before you can arrange a trip to view? With a  bit of preparation and the right agent  (me!) , buying a home is  entirely feasible. Whether you're relocating for work, moving to be closer to family, or simply drawn to the Foothills of Southern Alberta, here's a comprehensive guide on how to navigate the process of buying a house in Okotoks when you live in a different province.

 1. Research and Planning

The foundation of any successful house purchase begins with thorough research. Start by familiarizing yourself with the real estate market in the area where you wish to buy. Online resources such as real estate websites and community facebook groups can give you insights into property prices, market trends, and neighborhood information. If you're unfamiliar with the area, consider exploring the neighborhood virtually or during a visit to get acquainted with essential facilities like schools, healthcare providers, and shopping centers. 

 If you’re currently working with an agent to sell your property, they may be able to refer you to an agent in the town or city that you’d like to move to. 

Identify your priorities: What type of property are you looking for? What amenities or features are non-negotiable? Understanding your needs will streamline your search and help you focus on properties that align with those needs. The 2024 market is tight and you may need to compromise on your wants. 

2. Engage a Local Real Estate Professional

Having a reliable team on the ground is crucial when buying property remotely. Having lived in the Okotoks area for over 20 years, I can help you choose a community and find a property that will fit your needs. I also work closely with other agents and often know of properties coming on the market well before they hit the MLS.  I’ve even had success “doorknocking” communities to find a house for my buyers. 

3. Utilize Technology for Virtual Viewings

Thanks to advancements in technology, virtual viewings have become a practical solution for remote homebuyers. I’ve been doing virtual showings long before it was necessary during covid! Virtual showings are more than just visual- I can tell you what I hear outside and what I smell. If there’s a farmer spreading manure on the field…you will know. There are also home inspectors that provide detailed reports in case you can’t attend the home inspection.

4. Planning your trip to Okotoks.

I get it. You’re excited. You want to jump on a plane and come and check out Okotoks. Here’s a hint- most new listings come on the market Thursdays and Friday. On Thursdays we have a realtor only tour where we check out new listings so there’s always a rush to have the property ready for Thursdays viewings. While this tour is not open to the public, as your agent I am checking out these properties on your behalf. Sometimes this headstart is just what is needed to secure you a property.

If you’re planning on staying in Okotoks, there are 4 main hotels. 

Best Western Plus Inn and Suites: This hotel is pet friendly, has a pool and has suites with kitchenettes. Perfect if you’re going to be in town for a week or more. 

Lakeview Inns and Suites: This hotel is also pet friendly, has a fitness centre and offers a free breakfast.

The EconoLodge: Also pet friendly, free breakfast  and more affordable than the others. 

The Royal Duke Hotel: Located downtown Okotoks, this boutique hotel sits above a restaurant/pub.

5. Navigate Legal and Administrative Requirements

Buying property across provincial borders introduces specific legal and administrative considerations. Each province in Canada, for example, has its own regulations regarding property purchases, land transfer taxes, and residency requirements. As of now, in Alberta, we don’t have land transfer taxes but we do have a fee that your lawyer will collect  based on the amount of your mortgage.

Additionally, you’ll also need a real estate lawyer who is well-versed in provincial laws and regulations. Your own local lawyer may not be licensed to do real estate in Alberta. If you're unable to attend the closing in person, there are several good local lawyers that can handle your purchase long distance so you don’t need to make a special trip. However the closing is handled, whether remote or in person, be prepared to provide identification documents, proof of insurance, and other paperwork as required by your lender and legal advisor.

Coordinate with your real estate agent and lawyer to schedule the closing date and arrange for the transfer of funds. I strongly recommend not having the sale of your current home and purchase of your new home close on the same day.

Conclusion

Buying a house remotely requires careful planning, thorough research, and the support of local professionals. By leveraging technology for virtual viewings, engaging a local real estate agent and other local professionals, you can navigate the process confidently and secure your dream home from afar. With the right preparation and guidance,your move to Okotoks can be relatively stress free.

Introduction

Investing in real estate can be both rewarding and challenging, especially for beginners. Okotoks, a charming town just south of Calgary, offers unique opportunities for real estate investors due to its growing population, vibrant community, and proximity to a major city. This comprehensive guide will introduce you to essential real estate investment strategies, helping you navigate the Okotoks market and make informed decisions.

Understanding the Okotoks Real Estate Market

Market Trends and Dynamics

Staying informed about the current market trends in Okotoks is crucial for any real estate investor. Regularly review local real estate reports and news to understand property values, rental rates, and occupancy rates. According to recent reports, Okotoks has seen a steady increase in property values over the past five years, driven by its attractive lifestyle and community development. This knowledge will help you identify profitable investment opportunities and make data-driven decisions.

Population Growth and Development

Okotoks is experiencing steady population growth, driven by its attractive lifestyle and ongoing community development. The town's population has grown by approximately 3% annually, increasing the demand for housing and making Okotoks a promising market for real estate investments. Keep an eye on new developments, infrastructure projects, and local amenities that can influence property values.

Economic Factors

The local economy plays a significant role in real estate investment success. Okotoks benefits from a robust local economy, supported by diverse industries and its proximity to Calgary. Understanding economic factors such as employment rates and major local employers can help you assess the stability and growth potential of your investment.

Investment Strategies for Beginners

With a solid understanding of the Okotoks market, you can explore various investment strategies tailored to your goals and risk tolerance. Here are some effective strategies for beginners:

Buy and Hold

The buy-and-hold strategy involves purchasing a property and holding onto it for an extended period, allowing its value to appreciate over time. This strategy is ideal for long-term investors seeking capital growth and passive income.

• Residential Rentals: Invest in single-family homes, townhouses, or condos to rent out to long-term tenants. This approach provides a steady rental income stream and potential tax benefits.

• Multi-Family Properties: Consider investing in multi-family properties like duplexes or apartment buildings. These properties can generate higher rental income and spread risk across multiple units.

Fix and Flip

The fix-and-flip strategy involves buying undervalued properties, renovating them, and selling them at a profit. This strategy requires a keen eye for properties with potential, effective project management, and knowledge of the local market.

• Identify Profitable Opportunities: Look for properties that need cosmetic or structural improvements but are located in desirable neighborhoods. These properties are usually located in older communities such as Tower Hill, Suntree and Downey.

• Budget Wisely: Create a detailed budget for renovations, including materials, labor, and contingency funds. Ensure your projected selling price covers all expenses and yields a reasonable profit. 

Short-Term Rentals

Short-term rentals, such as vacation homes or Airbnb properties, can generate higher rental income compared to long-term rentals. This strategy is particularly effective in popular tourist destinations or areas with high demand for temporary accommodations.

• Choose the Right Location: Invest in properties near local attractions, recreational areas, or event venues in Okotoks. For example, there are always hockey teams in town playing at the rec centre or centennial arena 

• Optimize for Guests: Furnish and equip the property to meet the needs of short-term guests. Provide amenities like high-speed internet, comfortable furnishings, and a fully stocked kitchen to enhance the guest experience and encourage positive reviews.

Tips for Successful Real Estate Investment in Okotoks

Regardless of the strategy you choose, here are some essential tips to enhance your success in Okotoks real estate investment:

Conduct Thorough Research

• Neighborhood Analysis: Investigate different neighborhoods in Okotoks to understand their potential for growth, rental demand, and property value appreciation. Look for areas with good schools, amenities, and low crime rates.

• Market Conditions: Keep an eye on market conditions, including interest rates, housing supply, and demand. Understanding these factors will help you make informed investment decisions.

Work with Real Estate Professionals

• Real Estate Agent: Partner with a knowledgeable real estate agent who specializes in Okotoks properties. An local agent familiar with Okotoks will know the best communities for you to focus on based on what you are planning on doing. 

• Property Manager: If you're investing in rental properties, consider hiring a property manager such as Prairie Management  to handle tenant relations, maintenance, and rent collection. A local property management company will have established relationships with local contractors which may help keep your costs down. 

Financial Planning and Budgeting

• Financing Options: Explore different financing options, such as mortgages, home equity loans, or private funding. The more unconventional the lender, the higher the interest rate! Compare interest rates, loan terms, and eligibility requirements to find the best option for your investment.

• Budget for Expenses: Account for all expenses associated with your investment, including property taxes, insurance, maintenance, and property management fees. Ensure your rental income or sale price covers these costs and provides a positive cash flow. You will also need to take into account capital gains  and any resulting tax implications when you sell. 

Risk Management

• Diversify Your Investments: Don’t put all your money into one property type or location. Diversify to spread risk.

• Build a Reserve Fund: Set aside funds for unexpected repairs, vacancies, or market downturns. This will help you manage financial setbacks without derailing your investment plans.

• Insure Your Property: Ensure your property is adequately insured to protect against damages and liability issues.

Stay Informed and Adapt

• Continuous Learning: Real estate markets are dynamic, so continuous learning is crucial. Attend real estate seminars, read industry publications, and join local real estate investment groups to stay updated on trends and best practices.

• Adapt to Market Changes: Be prepared to adapt your investment strategy based on market conditions and emerging opportunities. Flexibility and a willingness to pivot can help you navigate challenges and capitalize on new prospects.

Legal and Regulatory Considerations

Understanding the local legal landscape is crucial for any real estate investor. In Okotoks, familiarize yourself with property taxes, zoning laws, and landlord-tenant regulations. The Town of Okotoks website offers up to date information regarding permits. 

Additional Tips for Real Estate Investment

• Networking: Attend investment clubs and networking events to connect with other investors and learn about new opportunities. Building a strong network can significantly impact your investment strategy.

• Business Plan: Create a detailed business plan outlining your goals, investment strategies, and action plan. This will provide a roadmap for your investment journey and help you stay focused on your objectives.

Conclusion

Investing in Okotoks real estate offers numerous opportunities for beginners to build wealth, generate passive income, and achieve financial independence. By understanding the local market, choosing the right investment strategy, and following best practices, you can make informed decisions and maximize your returns. Whether you're buying and holding, fixing and flipping, or exploring short-term rentals, Okotoks provides a promising environment for real estate investment. Start your journey today and unlock the potential of the Okotoks real estate market.

Buying in Okotoks as a 50+ adult

Relocating the 50+ crowd to Okotoks from other parts of Canada is a very exciting part of my business. I am seeing more and more grandparents moving provinces to be close to their grandchildren. This demographic tends to want to avoid stairs and have all their living on one floor. They’re also not interested in snow removal or lawn care. It is often difficult to determine which neighborhood, street or complex is best suited for them. I hope you find this post useful.

Types of properties in Okotoks

Whether a property is suitable for empty nesters/seniors or not depends on 2 things: The type of property and whether there are restrictions due to age. And yes, age restricted condos are still allowed and will continue to be allowed for the 55+ age group. Here’s the most up to date information from Alberta Human Rights commission. Most of the 50+ crowd are looking for single level or bungalow/villa living. Many apartment style condominiums offer single level living with elevators. For those wanting more outside space, there are houses that are better suited to the older crowd. If you’re looking for more of an assisted living type property, there are options! Any costs and prices mentioned are based on sales as of January 2024 and are not guaranteed to be the same in the future.

Apartments

If you’re interested in an overview of all apartments in Okotoks, click here.

Mesa at 92 Crystal Shores Road

The Mesa is not age restricted and therefore anyone of any age can live there. However, the average age of the residents of the complex seems to have increased over the years. This complex does not allow dogs. Prices for a one bedroom unit start at around 250K. Larger units are more expensive.

Calvanna at 200 Community Way

The Calvanna consists of 3, 3-storey buildings, all of them have underground parking. There is also a community room where residents can meet for crafts, cards and coffee. The basement of the community room has some exercise equipment. Expect to pay 250K for a 1 bedroom and closer to 300K for a 2 bedroom.

Heritage Heights at 102 Centre Court

This building is a mixture of single floor units (first and second floor) and 2-st units (third floor). Most units have 2 titled underground parking stalls.

Tower Hill at 280 Banister Drive

Tower Hill Condominiums are located on the north end of Okotoks with fast access to Highway 2A. It is an older, quieter building with outdoor stalls. There are no elevators and very few units have insuite laundry. The common/shared laundry is on the main floor. This is an 18+ building.

7 and 15 Lineham Ave in downtown Okotoks

These 2 apartment buildings are smaller with only 6 units per floor. They have a common room on the main floor for coffee, cards and birthday celebrations. They have covered parking.

Bungalow/Villa style condominiums

Tucker Hill in Westmount

Tucker Hill has a combination of bungalows and 5-level split units. All units have attached garages- mostly single but a few of the larger units have double garages. The bungalows are desirable to the 50+ crowd but the complex doesn’t actually have any age restrictions. The 5-level split units do appeal to young families. If walk-scores were still a thing, this complex would rank highly!

105 Elm Place

Located at the east end of downtown, Elm Place properties were built in the early 1990s and have a 45+ age restriction. They have attached double garages but not direct access from the garage to the house.

Sheep River Villas at 100 Sheep River Drive

If backing onto a park with a view of the Sheep River is on your list- this complex is for you. Twelve of the 18 units are walkouts with the most amazing views! These properties are close to 1400 sf on the main floor and all have double garages.

Sheep River View in Sheep River Cove

You need to be patient if you want to live here! These units don’t seem to come on the market often. Built in 2008, most are over 1400sf and all have double garages. They appeal to the older crowd but I’m not actually sure if there are age restrictions!

Drake Landing Square

If you’re looking for a brand new build in an already established neighbourhood, these might be worth looking at. They’re priced in the high 600s and they are beautiful. They have attached rear garages and most of them back onto a greenspace/park.

Dakotas at Air Ranch

These villas are located on the west side of the runway in the NE community of Air Ranch. They have double attached garages and almost half of them back onto a natural park/pond area. The larger units are almost 1500sf on the main floor. They don’t seem to come up for sale often and currently sell in the 600s

Bungalow/Villa style NON condominium

Sheep River Ridge Villas on Sheep River Mews

These properties are not a condominium and therefore do not have bylaws. They do however have a Home Owners Association of $120 per month that covers lawn care and snow removal. They all have garages and range in size from around 950sf to 1250sf.

Crystalridge Terrace/View

Tucked away in the community of Crystal Ridge, you will find 2 streets of attached homes. A handful are 2-storey units but the majority are bungalows. My favorite ones are the ones that back onto the ravine.

Sandstone Ridge

There is a small collection of villas just off of Sandstone Gate behind the NoFrills grocery store. These properties don’t have an HOA and homeowners are responsible for their own lawn care and snow removal.

Crystal Green Rise

These units all back onto Crystal Ridge golf course. Most are bungalows but the occasional one has a second storey where the primary bedroom is located. They have a HOA fee of $110 per month which covers lawn care and snow removal.

Feel free to reach out to me if you’re interested in learning more about any of these areas. And if you have a property to sell, I can help you find a buyer.

If you’re thinking about making a move to Okotoks (and there are plenty of reasons as Okotoks is a great place to live) and are unsure as to where to live, I hope this helps. 

As single family home prices continue to increase, condominiums such as apartments and townhouses are becoming the choice of many first time home owners but is condo living right for you?. 

Condo living isn’t for everyone.  Some people prefer the privacy of a single family home, need the extra space and aren’t crazy about sharing a common area with their neighbours.  It comes down to deciding what works for you.

If you are on the fence, there are four important advantages to consider:

You don’t need to think twice about leaving town. 

If you travel often, condo living is a great option.  There is no need to worry about who will collect the mail or mow the lawn.  Seniors, in particular, can head down south when the winter strikes without worrying about who will maintain their home while they are away.

Your ideal location is probably within your budget. 

Do you love living near shops and restaurants?  Finding a single family home in a highly sought after neighbourhood is tough for first-time buyers, but condo developments often offer the next best thing.  Developers generally choose areas that are close to transit with easy access to highways and recreation.

You don’t need to worry about costly exterior maintenance.

 Replacing a driveway or roof is a significant cost associated with home ownership.  Condo fees vary by development, but in most cases, they cover all exterior maintenance.  A well-managed condo association will make sure the building is properly cared for.

You get to enjoy the social aspect of condo living.

 Living alone doesn’t have to feel lonely, when you are surrounding by like-minded people.  Certain complexes are ideal for social young professionals, while other buildings cater more towards retiree. The best way to see if condo living is right for you is to go see a few properties for yourself.  An online listing will show you a home’s best features, but seeing a few condos in person will really give you an idea of what the experience is like.

For more information about purchasing a condominium, check out this useful guide by CMHC

Let’s talk about timing and why you should have at least 2 weeks between condition day and possession day. Trust me when I say that having a comfortable two-week gap between these two milestones is an absolute game-changer. Let me break it down for you.

First things first, what exactly do we mean by “condition removal” and “possession”? Well, condition removal is the point in the transaction when all the  conditions outlined in the purchase agreement are met and satisfied. It’s like crossing the finish line – you’re almost there! On the other hand, possession is the magical moment when you officially take ownership of your new property. It’s the key to your dream home being handed over to you, and it’s oh-so-exciting.

Now, here’s why having a two-week gap between condition removal and possession is a stroke of genius. It gives you the breathing room you need to tie up any loose ends, make necessary arrangements, and ensure a smooth transition into your new abode. Let’s break it down further:

1. Time for due diligence: Before you close the deal, you want to make sure that everything is in order. Having those extra two weeks will allow you to conduct a final walkthrough, check for any unexpected issues, and ensure that the property is exactly as it should be before you make it your own.

2. Finalizing finances: The two-week gap provides an excellent opportunity to finalize all financial matters. You can ensure that your down payment and closing costs (check with your lawyer regarding the final fund amount you need before running to the bank to get that final bank draft), coordinate with your lender, and take care of any outstanding paperwork. This way, you can avoid last-minute stress and enjoy a seamless transition into your new home.

3. Scheduling logistics: Moving is no small feat, my friends. It requires planning, coordination, and a touch of strategic genius. Having at least two weeks between condition removal and possession not only gives your lawyer time to gather the documentation for your file and find a convenient time to meet with you, but it also allows you to line up your moving trucks, cleaners, and schedule utility installations. BTW, best practice is to arrange these for mid to late afternoon on possession day. 

4. Contingency cushion: Life happens, vacations happen and sometimes unexpected circumstances can arise. Having at least a two-week buffer between condition removal and possession gives you a safety net. If any surprises pop up, such as last minute document requirements from the lender, you’ll have the flexibility to address them without feeling rushed or pressured.

So, my friends, there you have it – a solid argument for why having at least a  two-week gap between condition removal and possession is a no-brainer. It’s the secret ingredient that ensures a stress-free and seamless transition into your new home. Remember, timing is everything in real estate, and this strategic move will undoubtedly give you the upper hand.

As always, if you have any questions or need guidance through your real estate journey, don’t hesitate to reach out. I’m here to help you ace this game and make your dreams a reality.