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Residential real estate weathering economic trends in Canada

The economy has been a bit dramatic over the past few months. The residential real estate market has weathered the storm and by all accounts is rallying across the country. The average price of a home in Canada in the last quarter of last year rose 4 per cent compared to the same time in 2017. That puts that average home in the $631,000 range.

The only place in Alberta where real estate prices dipped is in the Fort McMurray area – down more than 9 per cent. The strained oil industry and lower oil prices didn't seen to affect the rest of the province. Experts don't think oil prices will much affect the Alberta market in 2019 either. But it's true that the industry is undergoing a correction in all areas.

A major Canadian real estate company believes there will be modest home price increases this year with condominiums leading the pack in terms of sales. As well, condo prices rose more than 7 per cent last year to nearly $448,000. New federal government mortgage guidelines also affected homebuying last year and will continue to do so in 2019. That, coupled with rising interest rates, have put some potential homebuyers out of the ball park, at least for now.

Real estate transactions in Canada are affected by all kinds of outside happenings. Those who feel they're ready to either purchase or sell residential real estate may receive a wealth of guidance and advice from an experienced real estate lawyer. A lawyer can be a part of the buying and selling process from the get go to ensure his or her clients not only adhere to the laws governing the industry, but that they may the best transactions possible.

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