This is exactly the outcome we predicted for Alberta if our government instituted rent controls.  As rent controls are instituted, investment companies sell their units and exit the rental market.  There is no reason to invest in a market where costs are ever-increasing yet revenues cannot keep pace.

Supply and demand is - and always will be - the basic principle of economics. Rent control is ineffective in the long run.

Tenants love the idea of rent controls but what happens when there is nowhere left to rent?

"1,000 planned rental units convert to condos in wake of Ontario rent-control expansion."

This shortly after TD also predicted a rebound for our provincial economy.  Alberta is poised to be Canada's economic powerhouse once again!

"Another major Canadian bank is predicting Alberta's economy will return to growth in 2017, after two years of recession.

"The BMO Blue Book report for October says Alberta's real GDP shrank by four per cent in 2015 and is expected to contract by another 2.3 per cent by the end of this year, before rebounding in 2017.

"The report forecasts 2.3 per cent growth in Alberta next year — second only to B.C.'s mark of 2.5 per cent."

Read CBC News' full article here.

This week we took possession of the frustrated landlord's property. After starting some of the required repairs, I reported our findings to the seller because she is considering suing the tenants for damages.

Although the carpets seemed to have been shampooed, they were beyond disgusting.  As we pulled up the carpet (which we had planned to replace regardless), the smell of urine became overwhelming.  Our staff was gagging and dry-heaving because of the intense odour.  There were several locations that were obviously the favorites of the pets (at least we hope it was the pets); these spots were completed saturated and the subfloor was heavily stained.  

A few bottles of environmentally-friendly disinfectant, and we are ready to install new flooring.

The seller was appauled, and yet relieved...relieved this house was no longer her problem and she could wash her hands of it.  

And I'm sure our staff washed their hands repeatedly.  ;)

Last week I met a frustrated landlord.  Actually, frustrated doesn't even describe it...she was devastated and downhearted that her tenants had "destroyed" her property.  She realized she wasn't cut out to be a landlord.  She wanted out, and she wanted out NOW.

Because we buy properties in any condition anywhere in Edmonton and area, we were able to make an offer on her house whereby we closed whenever she wanted and she didn't need to clean or make repairs.  This was a huge relief for her.

Had she been selling the conventional way, she would have had to sink about $40000 in to the property for repairs and cleaning.  This also would have meant it would be at least a month before she could even list the property for sale.  Then it would likely take a few months before the property was purchased and ownership changed hands, and all the while she would have carrying costs and no rent to cover those costs.

By selling to QD, she avoided all the hassle, worry, and expense of selling the traditional way.

As we signed the contracts, she said, "I wish I had known about you years ago."

It brings me immense satisfaction to know the service we provide is appreciated.  We look forward to helping many more sellers.  

What about you?

We settled a lovely Fort McMurray couple in one of our properties today. My PM assistant said by the time they were done the inspection, it looked like the husband was going to hug her.

All they left Fort Mac with was the clothes on their backs, their cat, and a photo of the the wife's parents. A lifetime of memories in ashes.

We hope they enjoy their new home and build a new life there.

And thanks, Michelle, for helping to make their transition easier.

 
 

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