Calgary Market Update
2020 CREB Forecast
Compliments of Mary-Ann Mears
 
Media release: 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.
 
Source: CREB®
 
 
Mary-Ann Mears
Broker / Team Member

Sotheby's International Realty Canada
290, 815 - 17 Avenue SW
Calgary, Alberta T2T 0A1
Cell 403.607.0100   Office 403.254.5315
Email mmears@sothebysrealty.ca
Web www.sothebysrealty.ca
Sotheby's International Realty Canada is a licensed real estate brokerage. A Realtor® is a real estate professional who is a member of the National Association of Realtors®. E&O.E: Not intended to solicit properties already under agreement. Sotheby’s International Realty Canada, Brokerage. Independently Owned & Operated.