Despite the beating the economy has been taking, the housing market is slowly rallying. For the second consecutive month, real estate sales have improved in Alberta. That's partly due to numbers coming out of Calgary and Edmonton. Even with those gains, however, activity is nearly 3% lower than at the same point last year.
Larger centres are seeing some growth in demand, helping to reduce a large oversupply in the market. Analysts are cautiously optimistic that prices will become more stable again and conditions, more balanced in the overall market. For the first time since 2017, listings have declined in most parts of the province. But these only dropped in Calgary, Edmonton and the central and south eastern parts of Alberta.
In the Calgary area, improvement in sales helped to offset a glut of properties on the market. It's still a buyer's market in Cow Town, but the ratio of inventory to sales should enhance stability in prices causing a more balanced climate in the real estate market. Inventory in the Edmonton are still remains elevated. Sales activity continues to remain stable in other parts of the province.
Alberta buyers and sellers of real estate need to hear a little good news about the market, which has been floundering for some time. Deals continue to be inked and both purchasers and vendors need the assistance of an experienced lawyer to close these deals. A lawyer is an integral part of the real estate landscape and assists in everything from contracts to title searches and to eventual closings.