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Calgary real estate transactions on the rise, along with prices

It is said that what goes up must come down. Depending on the current mood of the economy in Alberta, the opposite can also be true when it comes to real estate transactions. The slowly moving Calgary real estate yo-yo seems to be creeping its way back up, according to new data from the Calgary Real Estate Board.

The CREB numbers show a 13 percent increase in sales in May 2017 versus the same month last year, climbing from 1,213 a year ago to 1,378 last month. The number of new listings also went up year over year in May by 14 percent. More than 3,800 homes came to market in May 2017, well up from the 3,317 new offerings the previous May.

Will all the activity, it is not a big surprise that home prices, on average, also increased. The benchmark price, a dollar figure derived from a special formula to represent a "typical" home, crept up by 1 percent to $509,000 compared to last May. The current benchmark price is the highest it has been since Jan. 2016, and it is the first month in which the benchmark has increased versus the same month the previous year since June 2015. Industry analysts credit an increased demand for detached homes coupled with balanced supply for helping to stabilize the market.

A rebounding housing market is as welcome as the first blooms of spring after a harsh winter. For anyone who has decided that the time is right to make a move on the housing market, it's important not to let spring fever spur on a hasty decision. Working with a lawyer during any real estate transactions adds a layer of protection to a purchase or sale. A lawyer's knowledge of Alberta law could help prevent an unwise deal and help buyers and sellers avoid legal complications.

Source: Calgary Herald, "Single-family home prices rise in Calgary's resale market", Josh Skapin, June 10, 2017

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