One of the largest and most important purchases someone can make is buying a house. Purchasing real estate means making a substantial investment that will likely affect one’s life for decades. Nevertheless, it can be an exciting time for an individual or family to find the perfect home and make it uniquely theirs. Those in Alberta looking to buy a home may be pleased with the current market trends.
Most of Canada recently witnessed an increase in home prices as high as 12.5%. Even those provinces where home prices dropped saw only slight decreases. This is positive news for sellers in those provinces, but someone trying to sell a home in Alberta may not be so fortunate.
While the housing market in the rest of Canada seems to be favouring sellers, Alberta’s home prices stand alone in favour of buyers. Those living in this province may find real estate prices have dropped over 2% from last year. Some economists speculate that the delay of the Trans Mountain pipeline project has lowered the confidence of some consumers, making them hesitate to take big steps such as putting their homes on the market or buying a house.
Nevertheless, those who are ready to take advantage of this market by purchasing real estate will have many legal matters to deal with. No matter if Alberta is experiencing a trend in favour of buyers or sellers, the process can be complex with much at stake. This is why many seek sound advice from a legal professional with experience in real estate transactions.