Airdrie sales stable as price slightly drop
According to statistics released by the Calgary Real Estate Board, the Airdrie real estate market had a decent month in January with 66 MLS sales. It's not all bad for housing markets in Alberta with the low price of oil affecting sales in the short-term. Sales remained stable but the price did drop a tad.
Airdrie’s average sale price also took a dip to $376,000 compared to $396,000 in December.
Much of the decrease, however, can be attributed to 20 condos selling, which will bring the average price down.
Oilpatch affecting Okanagan sales
A booming Okanagan real estate market powered in part by buyers from oil-rich Alberta is now sputtering in the face of the downturn in the Canadian oilpatch.
While the B.C. Real Estate Association is forecasting increased home sales for most of B.C., sales in the Okanagan and the Kootenays are expected to decrease 7.5 per cent for the first quarter of 2015, largely because of low energy prices and Alberta’s flailing economy, according to an article in The Province online. Realtors are expecting a dive in the amount of Albertans coming to B.C. to buy recreational homes as uncertainty continues to plague Western markets.
Crude prices affecting Prairie home sales
Low crude oil prices are hammering once hot markets in Alberta and Saskatchewan which are now mired in slumping sales and falling prices, while markets outside of oil-producing regions gear up for a strong year. According to an article in the Globe and Mail, sales of existing homes fell three per cent in January compared with a month earlier and were two per cent lower than January of last year, the Canadian Real Estate Association reported. With an annualized 457,000 homes sold across Canada in January, sales have fallen below the country’s 10-year average of 469,200, said Royal Bank of Canada senior economist Robert Hogue.