There’s good news on the home front in Cow Town. Sales of residential real estate in Calgary are better than predicted, and that is something about which Realtors are excited. The latest statistics from the Calgary Real Estate Board (CREB) indicate that home sales have improved by 12% over the same third quarter last year. That is encouraging since numbers didn’t look so promising in the first half of this year.
Because of the current situation and its effects on the economy, the real estate market just started to gain a little strength again. Even though numbers are moving in the right direction and may be cause for optimism, there is still a high rate of unemployment in Calgary and throughout the province. Analysts predict employment numbers to be back to normal by 2022.
Many homeowners have been struggling to make ends meet, but those looking to purchase real estate are in a good position since there are many homes on the market currently that are likely more affordable for some. The current median price for a single family home in the city of Calgary sits at $487,567. CREB also indicates that migration is playing a part in the real estate market since more people are leaving the province rather than moving to it.
There are many things that come into play that affect the real estate industry in Calgary and, indeed, the entire country. Those people who are looking to purchase or to sell real estate should have some idea of those laws that could affect them, particularly those dealing with contracts. Looking to a lawyer experienced in real estate law may be the first place to seek the answers to confusing or complex issues.