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Things to know about real estate transactions in 2018

There's always a lot going on in the world of wheeling and dealing real estate. In Alberta, real estate transactions are indeed healthy as they are for most places in Canada with more local deals than ever. These transactions are different depending upon what has happened recently in their markets. For instance, deals in markets that have been hotter like Toronto and Vancouver are different from deals going down in recovering markets like those in Alberta.

The stress test that was initiated by the federal government at the beginning of this year has not quelled the market. Even though purchasing power may have been reduced somewhat, people are still buying homes. Even rising interest rates aren't putting the brakes on deals.

The Canada Mortgage and Housing Corporation (CMHC) expects interest rates to climb into 2019 and could reach as high as 6.2 per cent. It seems, though, that all these things in the same box are swaying people to one particular type of dwelling -- the condominium. Condo sales are leading the way this year and the growth in that sector is expected to cool down. They also appreciate in price over any other type of dwelling.

So, with real estate transactions continuing to look healthy this year, some Alberta residents may be thinking it's time either to sell or to buy. Before making a decision, it might be a good idea to talk to an Alberta real estate lawyer who knows the market, its volatility and the legalities that go hand-in-hand with any contractual agreements. It's better to be armed with knowledge before making the real estate plunge and a lawyer may be able to provide prudent advice regarding what may be the largest transaction of a person's life.

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