Calgary's Resale Housing Market on Track For Lower Sales, Prices This Year

Prices and number of homes sales in Calgary's resale market are anticipated to fall short this year from figures from last year.

The Calgary Real Estate Board prediction projects 17,321 sales for all home types in the city at the end of this year. This number represents an 8 per cent decrease from 2015.

In 2015, there were 18,837 home sale transactions. During the year 2014, there were 25,551 transactions and in 2013, there were 23,371 transactions.

Calgary Real Estate Board president Cliff Stevenson stated that the highest price declines are typically in the neighbourhoods and regions where the biggest amount of supply has built up. The market as a whole continues to be challenging for home sellers.

CREB president, Cliff Stevenson also added that both buyers and sellers continue to be forced to change their expectations in this type of market.

CREB also predicts that apartment prices will experience a 5.6 decline. Attached home prices are expected to decline by 4.2 per cent. In 2015, apartment home prices dropped 0.5 per cent while attached home prices increased by 2.5 per cent.

The number of sales of single-famiy homes are expected to drop to 10,943 this year. Last year, there was a total of 11,519 sales of single-family homes in the city.

Reference:

Calgary Herald

http://calgaryherald.com/…/calgarys-resale-housing-market-o…