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Alberta residential real estate: Edmonton prices fall flat

A recent survey by a leading Canadian real estate company shows that the real estate market is changing around the country. In Alberta, particularly Edmonton, residential real estate prices are flat. The market trend is being blamed on the lack of economic security in Wild Rose Country.

The first quarter of 2017 saw the average home price in Alberta's capital steady at around $381,000 -- a rise of 0.3 per cent from the same time in 2016. Any changes in prices were minimal, including the condo market, where they declined slightly. In terms of national trends, Ontario elevated those figures overall. With Ontario figured into the national residential real estate mix, there was a 12.6 per cent first quarter growth in 2017 from 2016. Taking Ontario out of the equation, that growth would have been 6.4 per cent for the same time factor.

Real estate professionals are predicting a sunny outlook for the residential real estate market in Alberta as 2018 approaches. There is optimism for the province's economic outlook which experts say will translate positively to the real estate market. The province is adjusting to the $50 a barrel oil prices as the economic mood lightens up.

Alberta real estate lawyers are always on top of economic trends -- including those affecting residential real estate. Those thinking of inking a deal would be wise to consult with a lawyer who will ensure that the client's best interests are at the forefront of any contractual agreements. Getting a lawyer's advice from the get-go of a deal may save financial mistakes in the long run.

Source: hibusiness.ca, "House Prices Go Flat In Edmonton And Soar In Ontario", Mary Edem, Dec. 13, 2017

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