Calgary Home Sales and Prices to Drop Even Further in 2016

According to the Calgary Real Estate Board, fewer homes will sell this year in comparison to last year for less money. President of CREB, Cliff Stevenson mentioned that this is a bona fide buyer’s market and he doesn’t see this changing in this calendar year.

The real estate board predicts that total sales activities will drop to 18,416 units, a 2.2 per cent from the already low market set last year and forecasts no change on the horizon for the local economy. CREB also forecasts price declines in 2016 compared to 2015 with its annual benchmark price anticipated to fall by 3.44 per cent to $438,652. In 2015, Calgary home sales declined 26.3 per cent from 2014.

The real estate board’s chief economist, Ann-Marie Lurie stated that additional housing supply and further price declines are expected in the second year of this environment.

The energy sector is weak and it is affecting all aspects of the economy. More individuals are searching for work and with fewer activities, there could be more families making adjustments to their housing situation.

Reference: CBC News

http://www.cbc.ca/…/calgary-home-prices-sales-decline-2016-…