Calgary Home Resales Drop Along with Prices in 2015

Home sales in Calgary declined along with Calgary's troubled economy in 2015, dropping 25% from 2014 according to data released on Monday by the Calgary Real Estate Board (CREB). Ann-Marie Lurie, CREB chief economist said the pattern is likely continue this year. She mentioned that economic conditions will influence the market this year as well.

The number of total house sales in 2014 reached 25,543 and last year the total house sales dropped to 18,830 which is a decrease of about 7,000 homes. Lurie stated that every month in 2015, there was a decline in sales compared to 2014. According to CREB, the average home price was only down 2.6% from $482,072 to $469,337.

Lurie mentioned that much of that decrease was caused by the higher-end market, which saw a sharp decline in sales. She stated that there were a lot less $600,000 - plus sales and Calgary became a buyer's market towards the end of 2015.

Reference: Calgary Sun

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