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Real estate transactions: Prices continue downward correction

It looks as though house prices in Canada could drop even further according to the International Money Fund (IMF). Real estate transactions in Canada -- especially in larger, urban centres -- have been thwarted by a number of things such as a volatile economy and the country's mortgage stress test -- making it more difficult for players to get into the game. Calgary is among those major cities poised for an even further correction in market pricing. 

A correction market pricing could open up the playing field for many prospective first-time buyers, especially since the federal government included incentives for first-time buyers in its recent federal budget. Homes stateside saw this type of correction a few years ago, whereas prices escalated in Canada. It seems that the tables have turned and real estate in Canada is now on a more even keel. 

The Alberta market had been especially susceptible to economic factors influencing sales. House prices almost tripled in the province over the last 40 years. But they are coming into line as well partly due to fluctuations in oil prices. The industry can drive home prices and Alberta could continue to see real estate prices drop.

With the continuing market correction, some buyers and sellers may decide to purchase and list homes. Those involved in real estate transactions in Canada will need the assistance of an experienced real estate lawyer who knows not only about market fluctuations, but about what it legally entails to close a deal. It may be wise to have a lawyer involved in every step of a transaction -- from looking over an offer to handing over the keys on closing day.

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