The future looks bright for the real estate market over the next few years. Analysts say Alberta has a sunny future where residential real estate transactions are concerned and things will really start to roll in the housing market come next year. A Canada Mortgage and Housing Corporation (CMHC) senior analyst said the market was left listless due to low investment levels and unemployment since 2015, but that is all changing.
New housing starts are beginning to rally and will really see an upswing by 2020. This year the forecast for startups is estimated at 18,500 at the low end and 19,300 at the high end. Supply and demand are starting to be better balanced and inventory plays a large role in the overall market outlook.
The CMHC analyst said as the Alberta economy continues to rally and some of housing units become absorbed, in about 2020 activity will increase in the new homes sector. Home prices on average have dropped 1.5 per cent from Sept. 2017. Prices are estimated to be lower at year-end compared to the same time last year.
The real estate market is forever changing and real estate transactions in Alberta are reflective of those changes. Whatever is happening in the market, a lawyer experienced in real estate law can assist both buying and selling clients with the legalities that accompany contractual obligations. A lawyer will always have the best interests of his or her clients in mind and focus on ensuring all is in order in any contracts with respect to the law.