The year looks golden for those thinking of selling their homes in Wild Rose Country. A recent market survey regarding real estate in Alberta shows that home prices are expected to rise, especially in two major markets -- Calgary and Edmonton. Home prices in Cow Town are expected to increase by 1.5% in 2020 over last year, bringing the median price for a single family home to about $477,000.
Meanwhile, in Edmonton, home prices are expected to increase by 1% putting a single family home at a little more than $383,000. Analysts says most of those increases will not happen until the second quarter of 2020. That's good news for sellers, but buyers also have good news with continued low interest rates and positive migration.
Realtors are saying this will put the market in a more balanced position where buyers and sellers will actually be negotiating. Sales activity should also see a healthy gain in 2020. Experts also say provincial government corporate tax cuts, are creating a more business-friendly climate which could entice more entrepreneurs to move to the province, which would positively impact the real estate industry.
Whether buying or selling real estate, Alberta residents who are part of any real estate deals might do well to sit down with a lawyer to discuss closing those deals. A lawyer can look over any contracts to ensure the best interests of his or her client is being addressed. Real estate law can be complex and it is essential that all contracts adhere to the letter of the law.