The economy continues to take a pounding. There are many variables affecting the Alberta economy at the moment and the real estate industry has not escaped any of them. Office buildings stand empty in Calgary and other areas of the province, and homes that have been on the market for months still aren't seeing any action. Landlords are taking a pounding and analysts can't say when things might change.
There are predictions that more than 30% of office buildings in Calgary's downtown core will be vacant by early next year. Falling rents and declining property values are also on the horizon and all this will spill into other areas including local government. It's a far cry from the boom years ago when office Calgary office space was hard to come by in the downtown area. Four large buildings in Calgary's centre are already completely vacant.
What has been happening in the sickly oil industry compounds the problem. Canada's oil companies continue to struggle with issues from not having enough pipeline to falling crude prices. Add to that a rising unemployment rate and the real estate industry is bound to feel the backlash.
Despite the current struggles in the Alberta real estate industry, deals continue to be inked. Vendors and purchasers still need the assistance of an experienced lawyer prior to closing on any sale. A lawyer may be able to help in many areas such as title searches, insurance and environmental issues as well as preparing leases and other documents and arranging inspections.