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Real estate transactions affected by Alberta oil production

A softening economy in Alberta is affecting various sectors, including the housing market. Real estate transactions in Alberta have slowed since oil prices have dropped. A report recently released by one of the country's main banking institutions said the housing market remains weak in the wake of oil production cuts in the province. In fact, the bank stated that oil output will be about 1 per cent less in 2019.

Housing starts seem to be solid, but the vacancy rate is higher than it has been in a decade. Commercial transactions are even more bleak with a 25 per cent vacancy rate in downtown Calgary. But it's not all gloom and doom for the Alberta economy. The labour market is on steady feet with a 2 per cent growth in employment from the same time last year.

The report also indicates that when the year comes to an end, the province will have seen an almost 2 per cent employment growth. It forecasts a growth of 0.8 per cent next year. The unemployment rate doesn't fare so will with a forecast 7 per cent rise in 2019 from 6.8 per cent this year.

Even during times when the economy is sluggish, real estate transactions continue. An Alberta lawyer can assist either a buying or selling client in a myriad of ways. One of the most important of these is reviewing the purchase and sale agreement to make sure it is in the best interests of his or her client along with ensuring that all legal and financial conditions have been met.  

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