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Residential real estate construction keeping pace with 2016 level

The housing market in this country may have replaced the weather as the conversation subject of choice for many people. Soaring prices in some cities, and sagging inventory levels in others, have made the residential real estate market a constantly evolving topic. Recently released numbers give an idea of what the situation is here in Alberta.

According to the Canada Mortgage and Housing Corp., construction began on 221 new single-family homes in the Calgary area in January. That is down only marginally from last year's total of 224. Within the city limits, new home starts are actually up from 147 to 162. CMHC reports this trend began during the summer of 2016 as new construction gradually began to heat up. New home starts across all urban areas of Alberta have increased from 630 in Jan. 2016, to 661 in Jan. 2017.

The reasons behind the increased levels have to do with the current housing inventory in and around the city. The supply of resale homes has been in decline of late, and the number of new homes on the market has been holding steady. Total listings in Calgary currently number approximately 1,850, which is down 27 percent compared to the same time last year.

For those people thinking about purchasing a home in Alberta, a new build could be a smart choice. The lack of options in the resale market might make a new house worth a look in 2017. Before going ahead with any residential real estate purchase, however, it is always a good idea to engage the services of a real estate law firm to ensure a smooth transition of ownership.

Source: Calgary Herald, "Calgary's single-family home construction starts stable", Josh Skapin, Feb. 10, 2017

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