Calgary Real Estate Market Update: Spring 2016 Predictions
- March 28, 2016
- By Cody Battershill
Spring 2016 Market Predictions for Calgary's Residential Market
Are you thinking about making a move in the Calgary real estate market sometime in spring?
If you have been keeping track of what has been happening in the city’s housing sector, you probably know already that it is currently sitting well into buyers’ territory.
As a result, there have been price declines across the board for all types of real estate which is predicted to continue throughout the 2016 spring season.
Here are some key predictions for the spring season:
General Market Predictions
- Continued economic uncertainty related to low energy prices is expected to keep inventory levels high for all sectors of the housing market and will challenge consumer confidence in Calgary
- Benchmark prices are also expected to decline over the spring, although that may be only a fraction of a percent as Calgary’s residential market has shown resilience in the past during economic downturns
- Calgary’s unemployment rate, which rose to 7.7% as a result of job cuts in the energy sector, will continue to hamper luxury and other high-end sales
- As a result of market conditions, sellers will need to adopt special pricing and marketing strategies with their real estate agents
- Continued reductions of prices in the attached, detached, condominium and single-family home segments should encourage sales activity despite shaky consumer confidence in the market
- The weak Canadian dollar has made the Calgary residential market appealing to foreign investors
Luxury Market Predictions
- $1 million plus real estate market is expected to continue to favor buyers throughout spring and has potential to see an increase in sales activity during the spring
- Top-tier real estate in Calgary has experienced an increased interest in domestic, out-of-province and USA investment, a trend that could continue throughout 2016
- Total residential sales over $1 million during January and February of 2016 showed a 26 percent year-over-year increase to 63 units
- Single-family home sales over $1 million during the same two months increased 31 percent year-over-year to 55 units
Market Updates
See all out month-to-month Calgary Real Estate Market Updates today for in-depth statistics, analysis and predictions all sourced from the Calgary Real Estate Board (CREB®).
Questions About Calgary Real Estate?
As a REMAX agent with over a decade of experience in the Calgary market, I promise to provide only the best level of service and expertise the industry has to offer.
Call me anytime at 403-370-4180 or message me below. I am looking forward to your call!
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