The housing market in Calgary is continuing to face downward pressure from a range of economic and housing factors.
The challenges of 2018 are set to remain in 2019 according to Calgary Real Estate Board as the province contends with easing global oil prices, concerns regarding market access and easing investment activity.
"Slowing growth, weak job prospects and lack of confidence are all factors that are contributing to the expected easing in sales activity this year," said Ann-Marie Lurie, CREB Chief Economist. "At the same time, our market continues to struggle with high inventory levels and further potential rate hikes, all of which is expected to cause additional price declines this year."
Buyers in control
Calgary will stay as a buyers’ market with only a slow reduction in the elevated inventory expected. However, a more stable position for the market is seen for 2020.
While prices and sales will be impacted by market conditions, CREB is forecasting that more affordable price points could see stronger activity due to shifts in lending requirements and adjustments in expectations.
"In this market, buyers have the advantage of choice," said Alan Tennant, CREB CEO. "For home sellers, knowing all the data and facts surrounding their home is critical to maximize their selling price. Working with a real estate professional can take the guess work out of the process."
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