What Should you Expect from the Calgary Real Estate Market
The Calgary real estate market has been through the ringer over the past year.
The sudden collapse of the oil industry left the Albertan economy with a gaping wound and it showed itself in the amount of people that all but fled the struggling province leaving a previously strong real estate market to die behind them.
Home construction has appropriately slowed down in the city, although prices are still above average according to last month’s average price of $526,758. For those concerned with the Calgary market it’s probably fairly confusing to figure out exactly what’s going on and what it means for them. Thankfully the CBC has some answers for you.
Check out the original CBC article for all the questions and their respective answers, but here are some highlights.
“Q: If the price of oil continues to remain low, what expectations do you have for the Calgary market in 2016.
If oil stays at these low rates, the housing market will suffer from a lack of buyers willing to pay at or near asking price, thus driving average sale prices down. Home sales and prices to fall even further in 2016, Calgary Real Estate Board projects.”
Those that are worried about the market might be worried about what they should be doing. Thr truth is that now may not be the best time to buy a home in Calgary. There’s a real possibility that prices may begin to drop in some areas of the city and it will be worth it to watch the market to see when to invest in it. That being said, if you just need a place to live, it may still be worth it to look for a home in Calgary because despite the current dire market, the city has all the potential to become Canada’s next world city and experience growth in the future.