The ripple effect of the Alberta economy is making a path through every industry and the housing market has felt the brunt of it, but there are some bright spots when looking at buying your first home or investing.

Local realtor Jay Magnussen says the current housing market is a good opportunity for those interested in owning a home.

"As far as a first time buyer goes this is a great time to buy a house or invest in property," he says. "Whether somebody is looking at a revenue property or land they want to buy as a long-term investment, with prices down and interest rates low, it's a very good time for those people."

Magnussen says homes have seen a drop in price.

"Things have gone down and I've heard anywhere from five to some people say eight to nine percent, but that's something that's based on individual things. Different homes and different price points are affected in different ways, you can't paint real estate with one big brush unfortunately."

Magnussen also says whether you're in the planning process of buying or selling a home is to not rush into things as the investment and dedication in real estate is vital.

"This is a very significant investment on everybody's part and it's usually most people's single largest investment. So they need to do their homework and keep track of things, and if they're thinking of selling, watch the market and get the proper information. Talk to their realtor and follow the information, not just what people are asking what things are selling for, because you have to have a plan when you're doing something like this."

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