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Real estate transactions: Rentals move into top spot

The real estate market is in transition. In Alberta where the oil industry has been sluggish, unemployment rates are escalating and the federal mortgage stress test has been a nemesis to many would-be homebuyers, real estate transactions have also been fewer. Alberta residents -- especially those in urban centres like Calgary -- are choosing to rent, rather than to buy, at least for the time being.

The latest report from the Canada Mortgage and Housing Corporation (CMHC) indicates that Calgary is most profoundly affected by the issues surrounding the real estate market. The unemployment rate in Cow Town is higher than in most areas of Alberta. In fact, builders have been pulling back on new builds since many new homes are sitting vacant.

However, more Canadians view Alberta as the place to be, so rental demands are rising in Calgary as in other areas of the province. So the overbuilding of rental units in Calgary has been downgraded by CMHC to moderate from high. Not only has national migration to Alberta been high, CMHC also notes that more international immigrants are choosing Alberta in which to settle.

With more Alberta residents choosing to rent, rather than to buy homes, it's the perfect opportunity for investors to consider purchasing rental units. An Alberta lawyer can assist his or her client in making these deals by reviewing contracts to ensure they meet required legalities. All real estate transactions in the province must adhere to the letter of the law that governs them. A lawyer can make certain of that.

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