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Experts make residential real estate predictions for 2017

The only thing consistent about the Canadian real estate market recently has been its inconsistency. While prices soar in Toronto and Vancouver and experts waffle on whether or not there's a bubble about to burst, here in Alberta, it's a very different story. For anyone considering buying or selling residential real estate in 2017, it may be helpful to see what those in the know are calling for in the New Year.

The Canadian Real Estate Association has released its predictions for the future of the market in 2017. In what should be good news for potential buyers, the group is not expecting a rise in resale home prices in Alberta next year. In fact, they expect the average price to drop by nearly one percent.

More good news is that, despite the sagging economy in the province, people are keeping their homes. Resales are expected to climb by 3.5 percent in 2017. This will prevent a clogging of the market with listings, which is why prices may hold steady. 

With prices leveling off, 2017 may be a good year for first-time homebuyers, despite new federal mortgage regulations. A decent supply of homes should be on the market, and hopes of a rebounding economy bode well for those who want to put down roots in Alberta. One thing that hasn't changed, however, is the value of a lawyer with a focus on real estate law to anyone making a residential real estate purchase. His or her past experience can help smooth the path toward owning real estate, whether it's a first house or a forever home.

Source: CBC News - Calgary, "Alberta home sales to rise 3.5% next year, real estate group predicts", Dec. 16, 2016

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