Calgary Home Prices Expected to Stabilize in 2016 & 2017
- May 24, 2016
- By Cody Battershill
CMHC Forecast Some Good News for Calgary Home Owners
With the current economic climate, many are concerned about how much value they will lose on their home in the months to come.
Fortunately, the Canadian Mortgage and Housing Corporation’s (CMHC) latest market forecast has shed some light - and some comfort - on the foreseeable future. It predicts that property owners in both Calgary and Edmonton face little risk of a substantial collapse in home prices.
Predictions
Back in 2014, the average selling price of MLS® listings (attached, detached, multi-family, etc.) peaked at $460,584. The CMHC predicts that the worst case scenario for 2016 in Calgary would see that benchmark drop nearly $15,000 – to $444,500 – while the best case scenario predicts a bit less of a decrease to $449,500.
Considering the worst case scenario, the average MLS® listing sale price in Calgary decreases only 3.5 percent compared to that in 2014.
Edmonton property owners should be even better off than those in Calgary. After peaking in price at $369,536 in 2015, the CMHC forecast predicts a worst case scenario average price drop of only 0.5 percent – to $360,900 in 2016
It is predicted that both of Alberta’s largest cities will see home prices stabilize and see moderate benchmark gains throughout 2017.
Keep in Mind…
While these forecasts from the CMHC are a positive for home owners, it is important to note that they are based on averages. Some residential sectors could see larger price gains or drops, or perhaps none at all.
However, given the current challenges that Alberta’s economy faces, we can expect to see some kind of price dip or another.
Calgary Home Buyer / Seller Tips
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