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Taking a look at the multi-family residential real estate market

A lot of time is devoted in the media to the housing situation in Alberta. Most of the attention, however, seems to be focused on single-family homes, both new and resale. But thisn't the only option for singles, couples and families looking for residential real estate. The multi-family market is also worth having a look at.

The market for townhomes, apartments and duplexes is improving right now, particularly in Calgary. Townhome sales jumped by 30 percent in Jan. 2017 as compared to the same month last year. Apartments and duplexes saw an increase of 17 percent over the same time. The downtown core, in particular, showed notable growth.

A statement from the Calgary Real Estate Board, however, tempers the results slightly. As part of the statement, a reminder went out that last year was one of the worst on record for the local market, so any improvements should be viewed in that light. They caution that the reversal of fortune on the market is a slow process. And while sales may have improved, new listings are still hard to come by, with all three market segments showing declines versus last year.

For many people in Alberta, multi-family residential real estate properties have a lot of appeal. Buying and selling them, though, is a slightly different ballgame from single-family homes. It is important to know exactly what one is getting into and that all contracts and documents are thoroughly inspected. Doing so with the assistance of a real estate lawyer may make the process much simpler and safer. 

Source: Calgary Herald, "6 Things: Calgary's multi-family real estate market", Josh Skapin, Feb. 7, 2017

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