Compare Listings

Calgary’s housing market expected to support more stable conditions in 2020

Calgary’s housing market expected to support more stable conditions in 2020
Since the oil price crash, Calgary has faced job losses, wage reductions and tightening national housing policy. These factors have all contributed to the slower sales environment, excess supply and citywide price adjustments of more than 10 per cent.

However, as Calgary moves into the sixth year of this cycle, there are indications of adjustments to these conditions throughout the housing market.

“Job growth, combined with recent easing in mortgage rates and price declines, is starting to bring some purchasers back into the lower end of the market,” said Ann-Marie Lurie, CREB® chief economist.

“We are seeing more transactions in the $500,000-and-below price point for residential homes.”

The shifts in consumers’ preference toward lower-priced product is expected to continue at the cost of persistent weakness in the higher end of the market. However, as the under-$500,000 market reflects a larger share of total activity, the gains in this sector will outweigh the losses from the higher end, resulting in modest growth in sales and a reduction in downward pressure in prices.

The current housing market conditions are different from what was recorded prior to 2014. We are settling into a new normal of slower sales, supply choice, limited price growth and a cautious consumer.

“Whether you are a buyer or seller, having all the facts, strategies and data is critical to ensuring you get into the right home, or sell your existing home, in an appropriate time frame,” said Alan Tennant, CREB® CEO.

“A REALTOR® can guide a homebuyer or seller through the process and help avoid the guess work.”

Click here for the full CREB® 2020 Forecast Calgary and Region Yearly Outlook report.

img

Kelly Heintz

Kelly started her career in Real Estate in 2008 working as a Legal Assistant for a small law firm. In 2011 she started working with a top producing Realtor, and over the next 7 years turned that business into one of the highest performing teams in Calgary. Kelly’s passion, commitment and dedication for what she does makes her the right agent for her clients – regardless of whether they are buying, selling or investing in real estate.

Related posts

Jan 2020 CREB Stats

Housing market conditions continue to follow similar trends to last year, with gains in...

Continue reading
Kelly Heintz
by Kelly Heintz

Dec 2019 CREB Stats

December sales improved to levels more consistent with activity recorded over the past five years....

Continue reading
Kelly Heintz
by Kelly Heintz

Nov 2019 CREB Stats

Year-to-date residential sales in the city remain just above last year’s levels due to...

Continue reading
Kelly Heintz
by Kelly Heintz

Join The Discussion