The resale home market in Calgary was hard hit in 2018. Residential real estate sales dropped but so did prices. In fact, Cow Town was one of the hardest hit Alberta city's when it came to resale properties last year. The Calgary Real Estate Board (CREB) said home sales were more than 14 per cent lower in 2018 than they were in 2017. Sales in December were even worse with a 21 per cent drop from the same time in 2017.
Last year was definitely a buyer's market with some purchasers inking great deals. But times weren't so great for sellers intent on listing at asking prices more than the market could bear. Contributing to the real estate market climate were stagnant job growth, problems in the oil sector, higher interest rates and the federally imposed mortgage stress test.
Some homeowners are facing such tough financial times that they're choosing to rent their homes out and move into rentals themselves or doing a remodel to include an apartment in their main home. Having some money coming in is better than nothing at all. Many homeowners are struggling to make mortgage payments, not to mention paying taxes and utilities.
When it comes to residential real estate in Alberta, a lawyer can assist with contracts whether a client is on the buying or selling end of the spectrum. If a homeowner wishes to lease a property, a lawyer can help to draft a lease, ensuring everything in the document is legally binding. It is necessary to ensure that all real estate transactions adhere to the laws by which they're governed.