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Residential real estate prices continue their downward trend

The Western Canada real estate market is in the doldrums. Residential real estate transactions in Alberta have fallen significantly and if experts are right, they'll continue in a downward trend. But a real estate investment adviser believes the month-over-month downward trend is indicative of a market correction and even so, most homes remain unaffordable for many Albertans, especially those wishing to buy their first homes.

The expert believes that prices will continue to fall before the correction comes to a standstill. A primary indicator of this downward movement are mortgage loans. Prior to 2017, they were at 7 per cent, while that number is between 2 and 3 per cent currently. Home prices are down in Calgary by 2.8 per cent and down in Edmonton by 2.4 per cent.

Prices aren't expected to reach the levels they once were in Alberta, at least not in the foreseeable future. Much of the blame has been shoved on to dropping oil prices. The oil industry, it seems, is continuing to take a toll on the province's entire real estate landscape.

The business of real estate is forever changeable. Residential real estate prices are prone to a myriad of economic conditions. No matter what is taking place on the economic front, real estate deals are still being inked in Alberta and the advice of a lawyer, especially when the industry is weak, can be invaluable. Whether a client is a purchaser or a vendor, a lawyer experienced in real estate law will be able to answer questions regarding contractual obligations and how they affect individual situations.

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