Calgary’s housing market continuing slow descent
CALGARY – Housing prices in the city are continuing to drop as Calgary’s real estate market remains stagnant, according to the latest numbers from Stats Canada.
The new housing price index shows the downward trend in both prices and in demand continued throughout September.
The month over month change was only 0.2 per cent lower, but year over year, the figures are more concerning. During the last 12 months, prices declined 2.2 per cent in the city.
The index also points to a major lull in housing starts. "Canada Mortgage and Housing Corporation reported that year to date (January to September) housing starts for single-detached homes were down in Calgary by -15.8%."
Some realtors think they're dips that are here to stay.
"We should all get comfortable in the market we're in," said Tanya Eklund. "We'll likely be in a very similar situation into 2020 and possibly into 2021 unless we start to see some huge migration numbers of people who are employed."
Others agree 2019 will continue the downward trend, but are more optimistic about what happens after that.
The latest outlook from the Canada Mortgage and Housing Corporation predicts the next two years could see a modest recovery.
But the CMHC says it wasn't only new home prices that dropped. The existing home market also saw a decline -- this one of 4.4 per cent.
Senior Analyst Taylor Pardy believes an influx of new Calgarians could fuel the demand, and in turn, the housing market. He says in-migration is a sure way the city can see sales gains.