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Job slumps put damper on North Alberta real estate transactions

When jobs are scarce, it stands to reason that the housing market will take a beating. The slump in jobs in the Alberta oil sector may be harming a possible renewal in real estate transactions in the northern part of the province. Unemployed people have trouble making ends meet. Stagnant cash flow equals a thwarted real estate market.

The Fort McMurray wildfire last year didn't help the housing market in that region of Alberta either. Oil production came to a complete halt for about a month. A recent analysis of the situation showed that oil companies have no new projects or expansions earmarked for the next year. Companies don't see a pickup of work for two to three years.

Skilled workers have been leaving the province in droves -- as many as 5,000 have packed their bags, municipal population figures show. The first five months of 2017 saw real estate transactions on the rise in Fort McMurray. But prices began to slump after the oil price downturn, according to the Fort McMurray Real Estate Board.

However, the oil sector usually always rebounds positively and real estate transactions may once again rise if new workers flock to the area for jobs. Even though some people affected by the Fort McMurray fire rebuilt their homes, sold them and left, there may be more prospective buyers heading to this Northern Alberta town in the next few years. Hopefully, it can continue to rebuild and the oil industry start to boom once again.

A lawyer's knowledge regarding all Alberta real estate transactions is of the utmost importance. His or her knowledge of real estate will help ensure worry-free selling and buying experiences. Using a firm practicing real estate law in Alberta can help to facilitate smooth real estate transactions.

Source: mortgagebrokernews.ca, "Jobs slump hurting Alberta real estate market's prospects", Ephraim Vecina, July 4, 2017

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