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Residential real estate continues to fight tough times in Alberta

There are times when the real estate market gets pummelled because of general economic woes. For a while now,  residential real estate in Alberta has been suffering the backlash of difficult times in the oil sector. That is expected to continue into 2019, but there is positive change in the air, too, according to some experts. A spokesperson for a major Alberta construction company estimates the spring will see construction increase with demand on the heels of recovering economy.

Much of the positive real estate numbers hail from Fort McMurray, which saw significant rebuilding efforts in 2017 after a massive wildfire. A recent report suggests new residential builds and increased jobs due to real estate renovations will add about 4,500 jobs to Alberta's construction sector within three years, which will bring  jobs in the residential sector to around 2014 levels. In fact, it's the residential real estate and renovations sectors that are likely to recoup any potential losses in other construction areas.

The housing market will be sure and steady in 2018 with about 11,000 new builds predicted to take place. Recovery will steadily continue and the new builds will likely have a positive push on construction costs as well. All these changes, experts say, point to a positive transition to a more busy real estate market.

With the economy taking a slight upswing, unemployment rates will continue to fall, putting more Albertans to work again and ultimately in the homebuying market. Those who either buy or sell residential real estate in Alberta should enlist the help of a real estate lawyer who knows the ins and outs of the legal aspects of a complex industry. It may bode well for those intent on making real estate deals to get the guidance and advice of lawyer, especially in a recovering market.

Source:, "Construction, housing industries challenged during economic recovery", Ryan Rumbolt, Jan. 31, 2018

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