Calgary Real Estate Prices Stable Despite Decline in Sales

According to a recent survey conducted by a real estate firm, Calgary's real estate market has fallen with the price of oil but the prices of homes are still holding their own.

The results of the survey was released on April 7th. The survey indicated that that housing inventory of all home types remained low in the city which has helped maintain stable prices year over year, despite noticeable declines in sales activity.

Many potential buyers are anxious about entering the market and are remaining on the sidelines due to reduced employment and growing economic uncertainty.

According to the survey, the composite price of a home in Calgary dropped 0.6% year-over-year to $466,184 in the first quarter of 2016.

The median price of a two-storey home declined 1 per cent year-over-year to $518,478. The median price of a bungalow declined 0.2 per cent to $463,693. The composite price of condominiums increased, up 0.3 per cent year-over-year to $307,864.

The survey also analyzed Vancouver and Greater Toronto Area real estate markets. These real estate markets lead the country in home price appreciation. The impact of low interest rates, low Canadian dollar and rapidly expanding U.S. workforce are influencing economic growth and housing demand in Canada's largest metropolitan regions.

Reference: Calgary Sun

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