The Calgary Real Estate Board had their economic outlook for 2015. Housing sales are forecasted to ease by 4% this year, due to market uncertainty and changes in economic climate, while prices are expected to remain relatively stable with a modest increase of 1.58% on an annual basis. With more supply in the market expected this year, buyers will likely have more alternatives in all price ranges," said 2015 CREB® president Corinne Lyall. It's a nice scenario for buyers, but it also means that sellers will likely have to adjust their price expectations and be realistic about the amount of time their home will be on the market. Previously tight conditions throughout 2014 indicate that rising supply would push the market into more balanced conditions, supporting price stability in 2015.
The single-family benchmark price for January is $518,600 a 7.97% increase year over year. The Condominium apartment benchmark price is $298,700 a 6.37% increase. The townhouse benchmark price is $356,000 a 7.52% increase. Overall sales for the month totaled 880 units, compared with 1,439 during the same period last year down 38.85%.
If supply levels continue to rise at the levels that exceed the pace of demand, we can expect this will start to impact prices in the city.
Call Jeff Campbell 403-275-3331