As of July 4, 2016, the Calgary Real Estate Board announced that Calgary home prices continue to slide in most areas of the market, but not at the rate many might expect.
The increasing rate of sales for single-family & semi-detached homes has brought about a balance in the market. This is helping to prevent prices from declining at the fast pace the city has seen recently.
“While this is welcomed news for sellers, it’s very likely that pricing challenges will persist in the housing market until economic conditions start to improve,” said CREB® chief economist Ann-Marie Lurie. CREB also says that the number of attached homes and apartments/condos have grown approximately 30%. CREB President Cliff Stevenson says, “The price adjustments that we’ve seen in the past year have allowed some buyers to get into homes that were previously unattainable.” “This is especially true for homeowners with financial stability and a good amount of equity in their home. With so much choice out there, it’s giving consumers an opportunity to find their ideal home at a price they can afford.”