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Real estate transactions: Edmonton rallies despite ongoing slump

The real estate sales slump continues in Wild Rose Country -- particularly in the capital area. Real estate transactions across Alberta, as in most of the rest of the country, have been slower than usual. However, the Canadian Mortgage and Housing Corporation (CMHC) has hope that people's disposable incomes will help the market slump and lessen the gap between the now buyer's market and seller's market.

In its recently quarterly report, CMHC indicted that the real estate industry is still in a delicate state around the country, especially in urban centres including Edmonton and Calgary. Edmonton, however, is faring better than most places and vulnerability there is mainly due to overbuilding in a still listless market. Demand in new housing isn't as lively as new builds have been and it has been tough on the capital city trying to recoup from the 2014 recession which affected real estate transactions.

Edmonton has about 61% of the inventory in the province when it comes to new single family and semi-detached homes. Population growth in the city combined with income growth, however modest, gives hope for the market. Changes may be on the horizon to the federally-imposed mortgage stress test, which shines an even brighter light down the tunnel.

Real estate transactions take place in Alberta no matter what the economic climate. Buyers and sellers alike can benefit from the legal advice of their own lawyers when it comes to agreements of purchase and sale. A lawyer will ensure any contracts are in the best interests of his or her client and adhere to the laws of the province. 

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