CREB®: Downward Pressure on Home Prices Expected in 2016

CREB® Predicts Further Price Drops in Calgary During 2016

With little suggesting that big economic change is coming to Alberta, the demand for homes in Calgary is expected to be weak throughout 2016. See more at our Calgary Real Estate Market Update for December 2015.

The Calgary Real Estate Board predicts specifically:

• there will be a drop of 2.2 percent in sales activity by years end to a total of 18,416 units,

• while the annual benchmark price is expected to drop by just over 3.4 percent to $438,652.

Furthermore, a combination of weak demand for homes and more supply gains will add to already high levels of inventory. Calgary’s residential market will likely struggle to deal with increased inventory levels in 2016, leading towards more downward pressure on benchmark prices across all sectors.

Declines in prices for the apartment, attached and detached markets are predicted, although more substantially hit will be the higher density markets which have already felt a blow in the last few months of 2015. This is associated with the high amount of multi-family units currently in pre-construction or underway.

Navigating Today’s Market

Having knowledge of today’s market is extremely important for those planning on buying and selling real estate as prices have and will continue to change depending on several factors such as location, property type and price range.

Sellers especially who are looking to relocate should definitely have a good grasp on what current market conditions are like for their specific property type and how to maximize the chance of selling their home.

This is where the experience, knowledge and service of a professional real estate agent can really help accelerate the process and help them achieve their goals in as timely a manner as possible. Why Use Cody Battershill to Sell Your Home in Calgary?

Don’t be mistaken; with oil prices continuing to plunge, Alberta’s economy is being hit hard with employment losses and the true effect of that to not only the oil industry, but also sectors is yet to be seen throughout 2016.

More Market Updates

See our complete list of Calgary Real Estate Market Updates for month-to-month statistics, trends and analysis today.

Are you thinking of buying or selling your home soon? If so, consider Why You Should Use a REMAX Agent to Make Your Next Move in Real Estate.

Questions About Calgary Real Estate?

As a top-producing REMAX real estate agent in Canada (2013, 2014) with over a decade of experience, I promise to deliver only the best level of service and advice the industry has to offer.

Call me anytime at 403-370-4180 or message me below. I am looking forward to helping you accomplish you real estate goals!

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