Calgary’s 2020 Real Estate Market Expected To See More Stable Conditions
Calgary has endured job losses, wage decreases, and toughening national housing policy since the crash of oil prices. All these factors have added to the more moderate sales environment, excess supply, and citywide price adjustments of more than 10 percent.
As Calgary goes into the sixth year of this cycle, there are signs of adjustments to these conditions in the housing market.
"Job growth, combined with recent easing in mortgage rates and price declines, is starting to bring some purchasers back into the lower end of the market," said Ann-Marie Lurie, CREB® chief economist.
"We are seeing more transactions in the $500,000-and-below price point for residential homes."
Preference for consumers toward the lower-priced product is expected to remain at the cost of continued vulnerability in the higher end of the market. Nevertheless, as the under-$500,000 market, indicates a more significant percentage of total activity, the increases in this sector will...