Things are looking up for Calgary's home market. Alberta's Cow Town has had some good news recently regarding the real estate sector which is now poised to come out of a yearslong downturn. In fact, the market in the entire province is rallying due to overall increased economic growth and a more lively gross domestic product sector.
Recent forecasts expect Calgary's GDP to grow by 2% next year and by 2.8% moving into 2021. Other good news is that more people have moved into the province compared to the same time last year -- 40% more. Edmonton and Calgary rank first and second, respectively, when it comes to real estate deals in the province. These numbers, experts suggest, are enticing investors to look again at Alberta -- particularly Calgary and the capital.
The Calgary Real Estate Board (CREB) showed 2.8% increases in the median prices of homes compared to the same time last year. Up until these numbers were released, the trend continued downward. Analysts believe the economic outlook will remain positive. Those living in Calgary earn the best wages in the province, which also bodes well for the real estate industry.
With the economy finally taking a U-turn in a positive direction in Alberta, real estate sales are likely to increase. Those deals come with the need for an experienced lawyer's help when it comes to the legal aspects of purchases and sales. It is crucial to have a lawyer involved in the process to see to things like adjustments, surveys, looking over contracts and closing deals, to name a few.