Alberta Real Estate

The boom in the Alberta real estate market started in 2006, when prices went up and buying was in frenzy. Although some analysts say that the Canadian province’s market is cooling off a bit this year, indicators point to continued growth.

* The Alberta boom continues.

According to the Canadian Real Estate Association, by the end of 2007, total residential MLS sales were up by 19.9% from the previous year at $25.5 billion. While total number of sales was lower by about 4%, compared with those in 2006 and 2007, the average sales price was up by about 25%.

Alberta’s economic growth for 2007 was at 6.8%, which is way above the national average. Forecasts for 2008 say this will likely go on, owing to the province’s low taxes and its oil industry.

This forecast is also true for Alberta’s real estate market. Although they say the boom of 2006 and 2007 will dip a little this year, the projected increase in the number of buyers and several new development plans will help keep the market strong.

* Top real estate players remain active in and positive about the Alberta market.

These industry leaders include Genesis Land Development Corp., Boardwalk, and Mainstreet Equity Corp., all of which are considered prime stock picks, buoyed by their good performance in the Alberta province.

* The announced 20-year infrastructure spending in Alberta is also expected to boost its real estate market.

The plan will build new roads, schools, hospitals and other urban structures in 20 years; it will also create 11,000 additional housing units within 5 years. This move is expected to secure Alberta’s future and create further opportunities.

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