The glut of homes for sale in Cow Town is easing, experts say. That's good news on the horizon for prospective real estate deals in general in Calgary. The market is starting to move again with sales up by about 7% in July as compared to the same time last year. According to the Alberta Real Estate Association (AREA), the uptick was more than likely due to a rosier employment picture, lower home prices and stable interest rates.
Fewer new listings on the market -- nearly 8% fewer than the same time last year -- also plays a role in more balanced market conditions, AREA says. It still continues to be a buyer's market even with depleted inventory. The areas -- along with Calgary -- which are most affected by fewer listings are Edmonton and central Alberta.
With the Alberta economy continuing to finally rally, the market will see a marked recovery by this time next year, according to analysts. The average price for a home in Alberta now is $376,363 -- down nearly 2% per cent from a year ago. The average Calgary home is selling for a little better than $439,000 today -- down about 5% from a year ago.
The real estate market is forever changeable and there are many variables that affect what is happening in any given moment. Alberta lawyers experienced in real estate law understand how those changes can affect deal-making in the province. It may be wise for those who are considering buying or selling a property to seek the advice of a lawyer as well as other professionals who understand those conditions and who understand the laws that govern the industry.